Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Jul. 31, 2015 | |
Document and Entity Information | ||
Entity Registrant Name | Mirati Therapeutics, Inc. | |
Entity Central Index Key | 1,576,263 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2015 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 16,414,592 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Current assets | ||
Cash and cash equivalents | $ 13,379 | $ 6,593 |
Short-term investments | 45,498 | 22,710 |
Other current assets | 2,016 | 3,354 |
Total current assets | 60,893 | 32,657 |
Property and equipment, net | 693 | 496 |
Other long-term assets | 288 | 326 |
Total assets | 61,874 | 33,479 |
Current liabilities | ||
Accounts payable and accrued liabilities | 7,096 | 5,396 |
Total current liabilities | 7,096 | 5,396 |
Other liability | 58 | 21 |
Total liabilities | 7,154 | 5,417 |
Stockholders’ equity | ||
Preferred stock, $0.001 par value, 10,000,000 shares authorized; none issued and outstanding at both June 30, 2015 and December 31, 2014 | 0 | 0 |
Common stock, $0.001 par value; 100,000,000 authorized; 16,347,948 and 13,566,726 issued and outstanding at June 30, 2015 and December 31, 2014, respectively | 16 | 14 |
Additional paid-in capital | 314,664 | 260,616 |
Accumulated other comprehensive income | 9,515 | 9,521 |
Accumulated deficit | (269,475) | (242,089) |
Total stockholders’ equity | 54,720 | 28,062 |
Total liabilities and stockholders’ equity | $ 61,874 | $ 33,479 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 16,347,948 | 13,566,726 |
Common stock, shares outstanding (in shares) | 16,347,948 | 13,566,726 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Expenses | ||||
Research and development | $ 11,276 | $ 7,149 | $ 19,483 | $ 12,109 |
General and administrative | 4,240 | 2,986 | 8,019 | 5,671 |
Restructuring costs | 0 | 0 | 0 | 334 |
Total operating expenses | 15,516 | 10,135 | 27,502 | 18,114 |
Loss from operations | (15,516) | (10,135) | (27,502) | (18,114) |
Other income (expense), net | 70 | 73 | 116 | (129) |
Change in fair value of warrant liability | 0 | (976) | 0 | (6,451) |
Net loss | (15,446) | (11,038) | (27,386) | (24,694) |
Unrealized gain (loss) on available-for-sale investments | (9) | 24 | (4) | 34 |
Comprehensive loss | $ (15,455) | $ (11,014) | $ (27,390) | $ (24,660) |
Basic and diluted net loss per share | $ (0.95) | $ (0.82) | $ (1.74) | $ (1.83) |
Weighted average number of shares used in computing net loss per share, basic and diluted | 16,235,261 | 13,498,828 | 15,727,891 | 13,467,420 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Operating activities: | ||
Net loss | $ (27,386) | $ (24,694) |
Non-cash adjustments reconciling net loss to operating cash flows: | ||
Depreciation of property and equipment | 100 | 116 |
Amortization of premium on investments | 251 | 313 |
Share-based compensation expense | 5,108 | 2,231 |
Change in fair value of warrant liability | 0 | 6,451 |
Restructuring costs | 0 | 13 |
Changes in operating assets and liabilities: | ||
Other current assets | 1,338 | 401 |
Other long-term assets | 38 | (24) |
Accounts payable, accrued liabilities and other long-term liabilities | 1,737 | 649 |
Cash flows used for operating activities | (18,814) | (14,544) |
Investing activities: | ||
Purchases of property and equipment | (297) | (264) |
Purchases of short-term investments | (41,024) | (5,941) |
Disposal and maturities of short-term investments | 17,980 | 14,593 |
Cash flows (used for) provided by investing activities | (23,341) | 8,388 |
Financing activities: | ||
Proceeds from sale of common stock, net | 48,361 | 0 |
Proceeds from exercise of common stock options | 330 | 436 |
Proceeds from stock issuances under employee stock purchase plan | 250 | 0 |
Cash flows provided by financing activities | 48,941 | 436 |
Increase (decrease) in cash and cash equivalents | 6,786 | (5,720) |
Cash and cash equivalents, beginning of period | 6,593 | 14,235 |
Cash and cash equivalents, end of period | 13,379 | 8,515 |
Fixed asset additions included within accounts payable | $ 0 | $ 21 |
Description of Business
Description of Business | 6 Months Ended |
Jun. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | Description of Business Mirati Therapeutics, Inc. (“Mirati” or the “Company”) is a clinical-stage biopharmaceutical company focused on developing a pipeline of targeted oncology products. The Company focuses its development programs on drugs intended to treat specific genetically and epigenetically defined and selected subsets of cancer patients with unmet needs. The Company's common stock has been listed on the NASDAQ Capital Market since July 15, 2013 under the ticker symbol "MRTX." The Company has a wholly owned subsidiary in Canada, MethylGene, Inc. (“MethylGene”). MethylGene’s common stock was listed on the Toronto Stock Exchange from June 29, 2004 until July 26, 2013 under the ticker symbol “MYG”. Refer to Note 2 for further discussion of the Company’s corporate structure. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The unaudited condensed consolidated financial statements contained in this Quarterly Report on Form 10-Q have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission ("SEC") and, therefore, certain information and disclosures normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles ("GAAP") have been omitted. In the opinion of management, the information reflects all adjustments necessary to make the results of operations for the interim periods a fair statement of such operations. All such adjustments are of a normal recurring nature. Interim results are not necessarily indicative of results for the full year. The consolidated balance sheet at December 31, 2014 has been derived from the audited consolidated financial statements at that date, but does not include all information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2014 filed with the SEC on March 11, 2015. Mirati was incorporated under the laws of the State of Delaware on April 29, 2013. The Company was created to enter into an arrangement agreement with MethylGene, which was consummated on June 28, 2013. Upon completion of the agreement, MethylGene became the Company’s wholly-owned subsidiary. These condensed interim consolidated financial statements are presented in U.S. dollars, which effective January 1, 2013, is also the functional currency of the Company. Use of Estimates The preparation of the Company's unaudited condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Reported amounts and note disclosures reflect the overall economic conditions that are most likely to occur and anticipated measures management intends to take. Actual results could differ materially from those estimates. Estimates and assumptions are reviewed quarterly. Any revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. Cash, Cash Equivalents and Short-term Investments Cash and cash equivalents consist of cash and highly liquid securities with original maturities at the date of acquisition of ninety days or less. Investments with an original maturity of more than ninety days are considered short-term investments and have been classified by management as available-for-sale. These investments are classified as current assets, even though the stated maturity date may be one year or more beyond the current balance sheet date, which reflects management’s intention to use the proceeds from sales of these securities to fund its operations, as necessary. Such investments are carried at fair value, with unrealized gains and losses included as a separate component of stockholders’ equity. Realized gains and losses from the sale of available-for-sale securities or the amounts, net of tax, reclassified out of accumulated other comprehensive income, if any, are determined on a specific identification basis. Concentration of Credit Risk The Company invests its excess cash in accordance with its investment policy. The Company's investments are comprised primarily of commercial paper and debt instruments of financial institutions, corporations, U.S. government-sponsored agencies and the U.S. Treasury. The Company mitigates credit risk by maintaining a diversified portfolio and limiting the amount of investment exposure as to institution, maturity and investment type. Financial instruments that potentially subject the Company to significant credit risk consist principally of cash equivalents and short-term investments. Foreign Currency Transactions Foreign currency transactions are initially recorded by the Company using the exchange rates prevailing at the date of the transaction. At the balance sheet date, monetary assets and liabilities denominated in foreign currencies are translated at the period-end rates of exchange. Non-monetary assets and liabilities are translated at the historical exchange rates. Exchange gains and losses arising from the translation of foreign currency items are included in other income (expense), net in the condensed consolidated statements of operations and comprehensive loss. Reclassification of Warrants In 2011 and 2012, MethylGene issued common stock warrants in connection with the issuance of common stock through private placements (referred to as the 2011 Warrants and the 2012 Warrants). The exercise prices of the 2011 and 2012 Warrants were denominated in Canadian dollars. Upon the issuance of the 2011 and 2012 Warrants, the net proceeds were allocated to common stock and warrants based on their relative fair values, and the fair value of the issued common stock warrants was calculated utilizing the Black-Scholes option-pricing model. The allocated fair value was then recorded as warrants within stockholders’ equity on the consolidated balance sheet. Effective January 1, 2013, the Company changed its functional currency to the U.S. dollar which changed how the 2011 and 2012 warrants are accounted for as they continued to have exercise prices denominated in Canadian dollars. Upon the change in functional currency, a warrant liability was recorded which represented the fair market value of the warrants at that date in accordance with accounting standards. At each reporting period subsequent to January 1, 2013, the fair value of the warrant liability was recalculated and any corresponding increase or decrease to the warrant liability was recorded as change in fair value of warrant liability on the consolidated statement of operations and comprehensive loss. The estimated fair value was determined using the Black-Scholes option-pricing model based on the estimated value of the underlying common stock at the valuation measurement date, the remaining contractual term of the warrants, risk-free interest rates, expected dividends and expected volatility of the price of the underlying common stock. During the second half of 2014, the Company amended all of its outstanding warrant agreements to allow for the warrants to be denominated in U.S. Dollars. As a result of this amendment, the amended warrants qualified for equity classification and were reclassified into stockholders’ equity at their fair value as of the amendment date and revaluations of fair value are no longer required. For the six months ended June 30, 2014, the Company recorded warrant valuation expense of $6.5 million , which is reported as change in fair value of warrant liability in the condensed consolidated statement of operations and comprehensive loss. Restructuring Restructuring activities relate to the 2013 consolidation of the Company’s operations to the Company’s San Diego, California facility and were reported as a separate line item in the accompanying condensed consolidated statement of operations and comprehensive loss. The restructuring activities were completed as of March 31, 2014, with all restructuring costs incurred paid as of March 31, 2014. Segment Reporting Operating segments are components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision-maker for purposes of making decisions regarding resource allocation and assessing performance. To date, the Company has viewed its operations and managed its business as one segment operating primarily in the United States. Fair value measurements The Company has certain financial assets and liabilities recorded at fair value which have been classified as Level 1, 2 or 3 within the fair value hierarchy as described in the accounting standards for fair value measurements. The authoritative guidance for fair value measurements defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or the most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Market participants are buyers and sellers in the principal market that are (i) independent, (ii) knowledgeable, (iii) able to transact, and (iv) willing to transact. The guidance prioritizes the inputs used in measuring fair value into the following hierarchy: • Level 1- Quoted prices (unadjusted) in active markets for identical assets or liabilities; • Level 2- Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable; and • Level 3- Unobservable inputs in which little or no market activity exists, therefore requiring an entity to develop its own assumptions about the assumptions that market participants would use in pricing. The following table summarizes the assets and liabilities measured at fair value on a recurring basis (in thousands): June 30, Level 1 Level 2 Level 3 Assets Cash and cash equivalents: Cash $ 3,676 $ 3,676 $ — $ — Money market funds 7,923 7,923 — — Corporate debt securities 1,780 — 1,780 — Total cash and cash equivalents 13,379 11,599 1,780 — Short-term investments: Corporate debt securities 36,999 — 36,999 — Commercial paper 8,499 — 8,499 — Total short-term investments 45,498 — 45,498 — Total $ 58,877 $ 11,599 $ 47,278 $ — December 31, Level 1 Level 2 Level 3 Assets Cash and cash equivalents: Cash $ 1,025 $ 1,025 $ — $ — Money market funds 3,565 3,565 — — Corporate debt securities 2,003 — 2,003 — Total cash and cash equivalents 6,593 4,590 2,003 — Short-term investments: Corporate debt securities 21,210 — 21,210 — Commercial paper 1,500 — 1,500 — Total short-term investments 22,710 — 22,710 — Total $ 29,303 $ 4,590 $ 24,713 $ — The Company’s investments in Level 1 assets are valued based on publicly available quoted market prices for identical securities as of June 30, 2015 and December 31, 2014. The Company determines the fair value of Level 2 related securities with the aid of valuations provided by third parties using proprietary valuation models and analytical tools. These valuation models and analytical tools use market pricing or prices for similar instruments that are both objective and publicly available, including matrix pricing or reported trades, benchmark yields, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids and/or offers. There were no transfers between fair value measurement levels during the three and six months ended June 30, 2015 or the year ended December 31, 2014. Net loss per share Basic net loss per common share is calculated by dividing the net loss by the weighted-average number of common shares outstanding during the period, without consideration for potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of common shares and potentially dilutive securities outstanding for the period. Common share equivalents outstanding, determined using the treasury stock method, are comprised of shares that may be issued under the Company’s stock option and warrant agreements. The following table presents the weighted average number of potentially dilutive securities not included in the calculation of diluted net loss per share due to the anti-dilutive effect of the securities: Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Common stock options 554,689 272,538 470,934 281,955 Common stock warrants 1,792,069 1,558,801 1,765,511 1,606,067 Total 2,346,758 1,831,339 2,236,445 1,888,022 |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board ("FASB") or other standard setting bodies that are adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its consolidated financial position or results of operations upon adoption. In May 2014, the FASB issued Accounting Standard Update ("ASU") 2014-09, Revenue from Contracts with Customers (Topic 606), which will replace numerous requirements in U.S. GAAP, including industry-specific requirements, and provide companies with a single revenue recognition model for recognizing revenue from contracts with customers. The core principle of the new standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In July 2015, the FASB approved a proposal to defer the effective date of the guidance until annual and interim reporting periods beginning after December 15, 2017. The Company is currently evaluating the impact that this standard will have on its consolidated financial statements. In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. Under the new guidance, management will be required to assess an entity’s ability to continue as a going concern, and to provide related footnote disclosures in certain circumstances. The provisions of this ASU are effective for annual periods beginning after December 15, 2016, and for annual and interim periods thereafter, early adoption is permitted. The Company has not elected to early adopt and is currently evaluating the potential changes from this ASU to its future financial reporting and disclosures. In January 2015, the FASB issued an ASU, which eliminates the concept of extraordinary items. Extraordinary items are events and transactions that are distinguished by their unusual nature and by the infrequency of their occurrence. Eliminating the extraordinary classification simplifies income statement presentation by altogether removing the concept of extraordinary items from consideration. The standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The Company does not believe the adoption of this standard will have a material impact on its financial position, results of operations or related financial statement disclosures. |
Investments
Investments | 6 Months Ended |
Jun. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Investments The following tables summarize our short-term investments (dollars in thousands): As of June 30, 2015 Maturity (in years) Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Corporate debt securities 1 year or less $ 37,010 $ 1 $ (12 ) $ 36,999 Commercial paper 1 year or less 8,492 7 — 8,499 $ 45,502 $ 8 $ (12 ) $ 45,498 As of December 31, 2014 Maturity (in years) Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Corporate debt securities 1 year or less $ 21,208 $ 3 $ (1 ) $ 21,210 Commercial paper 1 year or less 1,500 — — 1,500 $ 22,708 $ 3 $ (1 ) $ 22,710 Unrealized gains and losses on available-for-sale securities are included as a component of comprehensive loss. At June 30, 2015 , the Company did not have any securities in material unrealized loss positions. The Company reviews its investments to identify and evaluate investments that have an indication of possible other-than-temporary impairment. Factors considered in determining whether a loss is other-than-temporary include the length of time and extent to which fair value has been less than the cost basis, the financial condition and near-term prospects of the investee, and the Company’s intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value. The Company does not intend to sell any investments prior to recovery of their amortized cost basis for any investments in an unrealized loss position. |
Other current assets
Other current assets | 6 Months Ended |
Jun. 30, 2015 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other current assets | Other current assets Other current assets consisted of the following (in thousands): June 30 December 31 Prepaid expenses $ 1,203 $ 1,827 Refundable research and development tax credits — 809 Security deposits and other receivables 634 622 Interest receivables 179 96 $ 2,016 $ 3,354 |
Property and equipment, net
Property and equipment, net | 6 Months Ended |
Jun. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property and equipment, net | Property and equipment, net Property and equipment consisted of the following (in thousands): June 30 December 31 Computer equipment $ 328 $ 329 Office and other equipment 222 56 Laboratory equipment 427 346 Leasehold improvements 51 — $ 1,028 $ 731 Less: Accumulated depreciation (335 ) (235 ) $ 693 $ 496 The Company incurred depreciation expense of $ 56,000 and $ 38,000 for the three months ended June 30, 2015 and 2014, respectively, and $0.1 million for both of the six months ended June 30, 2015 and 2014. |
Accounts payable and accrued li
Accounts payable and accrued liabilities | 6 Months Ended |
Jun. 30, 2015 | |
Payables and Accruals [Abstract] | |
Accounts payable and accrued liabilities | Accounts payable and accrued liabilities Accounts payable and accrued liabilities consisted of the following (in thousands): June 30 December 31 Accounts payable $ 1,813 $ 1,655 Accrued expenses 3,568 2,327 Accrued compensation and benefits 1,702 1,414 Current portion of deferred rent 13 — $ 7,096 $ 5,396 |
Warrants
Warrants | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Warrants | Warrants As of June 30, 2015 the following warrants for common stock were issued and outstanding: Issue date Expiration date Exercise price Number of warrants outstanding April 4, 2011 April 4, 2016 $ 6.74 1,288,107 November 21, 2012 November 21, 2017 $ 7.86 985,036 2,273,143 On April 4, 2011 and November 21, 2012 the Company's wholly owned subsidiary, MethylGene, completed private placement financing transactions which resulted in the issuance of common stock warrants. The April 4, 2011 common stock warrants were issued with an exercise price of CND $7.46 (USD $6.74 as amended) and the November 21, 2012 common stock warrants were issued with an exercise price of CND $8.70 (USD $7.86 as amended). During the last half of 2014, the Company amended all of these outstanding warrant agreements to allow for the warrants to be denominated in U.S. Dollars. During the three and six months ended June 30, 2015 , warrants for 179,296 and 192,570 shares, respectively, of the Company's common stock were exercised via cashless exercises and the Company issued a total of 139,503 and 148,818 shares, respectively, of common stock. Stockholders' Equity Sale of Common Stock In February 2015, the Company completed a follow-on offering whereby it issued an aggregate 2,587,500 shares of common stock at $20.00 per share. Proceeds from the follow-on offering, net of underwriting discounts, commissions and offering expenses, were $48.4 million . Share-based Compensation Total share-based compensation expense by operating statement classification is presented below (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Research and development expense $ 931 $ 582 $ 1,739 $ 1,070 General and administrative expense 1,861 703 3,369 1,161 $ 2,792 $ 1,285 $ 5,108 $ 2,231 During the three and six months ended June 30, 2015 , 4,750 and 26,916 shares, respectively, were issued pursuant to stock option exercises generating net proceeds of $0.1 million and $0.3 million , respectively, for each period. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2015 | |
Leases [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies On June 24, 2014, the Company entered into a lease agreement for approximately 18,000 square feet of completed office and laboratory space located in San Diego, California. The office space under the lease is the Company's new corporate headquarters, replacing the previous facilities. The lease commenced in phases, 2,300 square feet of space which commenced on July 1, 2014 at an initial monthly rent of $5,900 per month and 15,600 square feet of space which commenced on March 27, 2015 at an initial monthly rent of $18,200 per month. The leased property is subject to a 3% annual rent increase following availability. In addition to such base monthly rent, the Company is obligated to pay certain customary amounts for its share of operating expenses and facility amenities. The lease will expire on January 31, 2018. Future minimum payments required under the lease are summarized as follows (in thousands): Year Ending December 31: 2015 $ 130 2016 296 2017 305 2018 25 Total minimum lease payments $ 756 |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stockholders' Equity | Warrants As of June 30, 2015 the following warrants for common stock were issued and outstanding: Issue date Expiration date Exercise price Number of warrants outstanding April 4, 2011 April 4, 2016 $ 6.74 1,288,107 November 21, 2012 November 21, 2017 $ 7.86 985,036 2,273,143 On April 4, 2011 and November 21, 2012 the Company's wholly owned subsidiary, MethylGene, completed private placement financing transactions which resulted in the issuance of common stock warrants. The April 4, 2011 common stock warrants were issued with an exercise price of CND $7.46 (USD $6.74 as amended) and the November 21, 2012 common stock warrants were issued with an exercise price of CND $8.70 (USD $7.86 as amended). During the last half of 2014, the Company amended all of these outstanding warrant agreements to allow for the warrants to be denominated in U.S. Dollars. During the three and six months ended June 30, 2015 , warrants for 179,296 and 192,570 shares, respectively, of the Company's common stock were exercised via cashless exercises and the Company issued a total of 139,503 and 148,818 shares, respectively, of common stock. Stockholders' Equity Sale of Common Stock In February 2015, the Company completed a follow-on offering whereby it issued an aggregate 2,587,500 shares of common stock at $20.00 per share. Proceeds from the follow-on offering, net of underwriting discounts, commissions and offering expenses, were $48.4 million . Share-based Compensation Total share-based compensation expense by operating statement classification is presented below (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Research and development expense $ 931 $ 582 $ 1,739 $ 1,070 General and administrative expense 1,861 703 3,369 1,161 $ 2,792 $ 1,285 $ 5,108 $ 2,231 During the three and six months ended June 30, 2015 , 4,750 and 26,916 shares, respectively, were issued pursuant to stock option exercises generating net proceeds of $0.1 million and $0.3 million , respectively, for each period. |
Summary of Significant Accoun16
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The unaudited condensed consolidated financial statements contained in this Quarterly Report on Form 10-Q have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission ("SEC") and, therefore, certain information and disclosures normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles ("GAAP") have been omitted. In the opinion of management, the information reflects all adjustments necessary to make the results of operations for the interim periods a fair statement of such operations. All such adjustments are of a normal recurring nature. Interim results are not necessarily indicative of results for the full year. The consolidated balance sheet at December 31, 2014 has been derived from the audited consolidated financial statements at that date, but does not include all information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2014 filed with the SEC on March 11, 2015. Mirati was incorporated under the laws of the State of Delaware on April 29, 2013. The Company was created to enter into an arrangement agreement with MethylGene, which was consummated on June 28, 2013. Upon completion of the agreement, MethylGene became the Company’s wholly-owned subsidiary. These condensed interim consolidated financial statements are presented in U.S. dollars, which effective January 1, 2013, is also the functional currency of the Company. |
Use of Estimates | Use of Estimates The preparation of the Company's unaudited condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Reported amounts and note disclosures reflect the overall economic conditions that are most likely to occur and anticipated measures management intends to take. Actual results could differ materially from those estimates. Estimates and assumptions are reviewed quarterly. Any revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. |
Cash and Cash Equivalents | Cash, Cash Equivalents and Short-term Investments Cash and cash equivalents consist of cash and highly liquid securities with original maturities at the date of acquisition of ninety days or less. |
Short-term Investments | Investments with an original maturity of more than ninety days are considered short-term investments and have been classified by management as available-for-sale. These investments are classified as current assets, even though the stated maturity date may be one year or more beyond the current balance sheet date, which reflects management’s intention to use the proceeds from sales of these securities to fund its operations, as necessary. Such investments are carried at fair value, with unrealized gains and losses included as a separate component of stockholders’ equity. Realized gains and losses from the sale of available-for-sale securities or the amounts, net of tax, reclassified out of accumulated other comprehensive income, if any, are determined on a specific identification basis. |
Concentration of Credit Risk | Concentration of Credit Risk The Company invests its excess cash in accordance with its investment policy. The Company's investments are comprised primarily of commercial paper and debt instruments of financial institutions, corporations, U.S. government-sponsored agencies and the U.S. Treasury. The Company mitigates credit risk by maintaining a diversified portfolio and limiting the amount of investment exposure as to institution, maturity and investment type. Financial instruments that potentially subject the Company to significant credit risk consist principally of cash equivalents and short-term investments. |
Foreign Currency Transactions | Foreign Currency Transactions Foreign currency transactions are initially recorded by the Company using the exchange rates prevailing at the date of the transaction. At the balance sheet date, monetary assets and liabilities denominated in foreign currencies are translated at the period-end rates of exchange. Non-monetary assets and liabilities are translated at the historical exchange rates. Exchange gains and losses arising from the translation of foreign currency items are included in other income (expense), net in the condensed consolidated statements of operations and comprehensive loss. |
Reclassification of Warrants | Reclassification of Warrants In 2011 and 2012, MethylGene issued common stock warrants in connection with the issuance of common stock through private placements (referred to as the 2011 Warrants and the 2012 Warrants). The exercise prices of the 2011 and 2012 Warrants were denominated in Canadian dollars. Upon the issuance of the 2011 and 2012 Warrants, the net proceeds were allocated to common stock and warrants based on their relative fair values, and the fair value of the issued common stock warrants was calculated utilizing the Black-Scholes option-pricing model. The allocated fair value was then recorded as warrants within stockholders’ equity on the consolidated balance sheet. Effective January 1, 2013, the Company changed its functional currency to the U.S. dollar which changed how the 2011 and 2012 warrants are accounted for as they continued to have exercise prices denominated in Canadian dollars. Upon the change in functional currency, a warrant liability was recorded which represented the fair market value of the warrants at that date in accordance with accounting standards. At each reporting period subsequent to January 1, 2013, the fair value of the warrant liability was recalculated and any corresponding increase or decrease to the warrant liability was recorded as change in fair value of warrant liability on the consolidated statement of operations and comprehensive loss. The estimated fair value was determined using the Black-Scholes option-pricing model based on the estimated value of the underlying common stock at the valuation measurement date, the remaining contractual term of the warrants, risk-free interest rates, expected dividends and expected volatility of the price of the underlying common stock. During the second half of 2014, the Company amended all of its outstanding warrant agreements to allow for the warrants to be denominated in U.S. Dollars. As a result of this amendment, the amended warrants qualified for equity classification and were reclassified into stockholders’ equity at their fair value as of the amendment date and revaluations of fair value are no longer required. For the six months ended June 30, 2014, the Company recorded warrant valuation expense of $6.5 million , which is reported as change in fair value of warrant liability in the condensed consolidated statement of operations and comprehensive loss. |
Segment Reporting | Segment Reporting Operating segments are components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision-maker for purposes of making decisions regarding resource allocation and assessing performance. To date, the Company has viewed its operations and managed its business as one segment operating primarily in the United States. |
Fair value measurements | The Company’s investments in Level 1 assets are valued based on publicly available quoted market prices for identical securities as of June 30, 2015 and December 31, 2014. The Company determines the fair value of Level 2 related securities with the aid of valuations provided by third parties using proprietary valuation models and analytical tools. These valuation models and analytical tools use market pricing or prices for similar instruments that are both objective and publicly available, including matrix pricing or reported trades, benchmark yields, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids and/or offers. There were no transfers between fair value measurement levels during the three and six months ended June 30, 2015 or the year ended December 31, 2014. Fair value measurements The Company has certain financial assets and liabilities recorded at fair value which have been classified as Level 1, 2 or 3 within the fair value hierarchy as described in the accounting standards for fair value measurements. The authoritative guidance for fair value measurements defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or the most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Market participants are buyers and sellers in the principal market that are (i) independent, (ii) knowledgeable, (iii) able to transact, and (iv) willing to transact. The guidance prioritizes the inputs used in measuring fair value into the following hierarchy: • Level 1- Quoted prices (unadjusted) in active markets for identical assets or liabilities; • Level 2- Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable; and • Level 3- Unobservable inputs in which little or no market activity exists, therefore requiring an entity to develop its own assumptions about the assumptions that market participants would use in pricing. |
Net loss per share | Net loss per share Basic net loss per common share is calculated by dividing the net loss by the weighted-average number of common shares outstanding during the period, without consideration for potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of common shares and potentially dilutive securities outstanding for the period. Common share equivalents outstanding, determined using the treasury stock method, are comprised of shares that may be issued under the Company’s stock option and warrant agreements. |
Summary of Significant Accoun17
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Schedule of assets and liabilities that are measured at fair value on a recurring basis | The following table summarizes the assets and liabilities measured at fair value on a recurring basis (in thousands): June 30, Level 1 Level 2 Level 3 Assets Cash and cash equivalents: Cash $ 3,676 $ 3,676 $ — $ — Money market funds 7,923 7,923 — — Corporate debt securities 1,780 — 1,780 — Total cash and cash equivalents 13,379 11,599 1,780 — Short-term investments: Corporate debt securities 36,999 — 36,999 — Commercial paper 8,499 — 8,499 — Total short-term investments 45,498 — 45,498 — Total $ 58,877 $ 11,599 $ 47,278 $ — December 31, Level 1 Level 2 Level 3 Assets Cash and cash equivalents: Cash $ 1,025 $ 1,025 $ — $ — Money market funds 3,565 3,565 — — Corporate debt securities 2,003 — 2,003 — Total cash and cash equivalents 6,593 4,590 2,003 — Short-term investments: Corporate debt securities 21,210 — 21,210 — Commercial paper 1,500 — 1,500 — Total short-term investments 22,710 — 22,710 — Total $ 29,303 $ 4,590 $ 24,713 $ — |
Schedule of potentially dilutive securities not included in the calculation of diluted net loss per share because to do so would be anti-dilutive | The following table presents the weighted average number of potentially dilutive securities not included in the calculation of diluted net loss per share due to the anti-dilutive effect of the securities: Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Common stock options 554,689 272,538 470,934 281,955 Common stock warrants 1,792,069 1,558,801 1,765,511 1,606,067 Total 2,346,758 1,831,339 2,236,445 1,888,022 |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Available-for-sale Securities Reconciliation | The following tables summarize our short-term investments (dollars in thousands): As of June 30, 2015 Maturity (in years) Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Corporate debt securities 1 year or less $ 37,010 $ 1 $ (12 ) $ 36,999 Commercial paper 1 year or less 8,492 7 — 8,499 $ 45,502 $ 8 $ (12 ) $ 45,498 As of December 31, 2014 Maturity (in years) Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Corporate debt securities 1 year or less $ 21,208 $ 3 $ (1 ) $ 21,210 Commercial paper 1 year or less 1,500 — — 1,500 $ 22,708 $ 3 $ (1 ) $ 22,710 |
Other current assets (Tables)
Other current assets (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of other current assets | Other current assets consisted of the following (in thousands): June 30 December 31 Prepaid expenses $ 1,203 $ 1,827 Refundable research and development tax credits — 809 Security deposits and other receivables 634 622 Interest receivables 179 96 $ 2,016 $ 3,354 |
Property and Equipment, net (Ta
Property and Equipment, net (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property and equipment | Property and equipment consisted of the following (in thousands): June 30 December 31 Computer equipment $ 328 $ 329 Office and other equipment 222 56 Laboratory equipment 427 346 Leasehold improvements 51 — $ 1,028 $ 731 Less: Accumulated depreciation (335 ) (235 ) $ 693 $ 496 |
Accounts payable and accrued 21
Accounts payable and accrued liabilities (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Payables and Accruals [Abstract] | |
Schedule of accounts payable and accrued liabilities | Accounts payable and accrued liabilities consisted of the following (in thousands): June 30 December 31 Accounts payable $ 1,813 $ 1,655 Accrued expenses 3,568 2,327 Accrued compensation and benefits 1,702 1,414 Current portion of deferred rent 13 — $ 7,096 $ 5,396 |
Warrants (Tables)
Warrants (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Schedule of Warrants Issued and Outstanding | As of June 30, 2015 the following warrants for common stock were issued and outstanding: Issue date Expiration date Exercise price Number of warrants outstanding April 4, 2011 April 4, 2016 $ 6.74 1,288,107 November 21, 2012 November 21, 2017 $ 7.86 985,036 2,273,143 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Leases [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | Future minimum payments required under the lease are summarized as follows (in thousands): Year Ending December 31: 2015 $ 130 2016 296 2017 305 2018 25 Total minimum lease payments $ 756 |
Stock-based compensation (Table
Stock-based compensation (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Employee Service Share-based Compensation Allocation | Total share-based compensation expense by operating statement classification is presented below (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Research and development expense $ 931 $ 582 $ 1,739 $ 1,070 General and administrative expense 1,861 703 3,369 1,161 $ 2,792 $ 1,285 $ 5,108 $ 2,231 |
Summary of Significant Accoun25
Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($)segment | Jun. 30, 2014USD ($) | |
Marketable Securities | ||||
Minimum original maturity period of marketable securities | 90 days | |||
Reclassification of Warrants | ||||
Change in fair value of warrant liability | $ 0 | $ (976) | $ 0 | $ (6,451) |
Number of operating segments | segment | 1 |
Summary of Significant Accoun26
Summary of Significant Accounting Policies - Fair Value Measurements (Details) - Recurring basis - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | $ 13,379 | $ 6,593 |
Short-term investments | 45,498 | 22,710 |
Assets | 58,877 | 29,303 |
Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 36,999 | 21,210 |
Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 8,499 | 1,500 |
Cash | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 3,676 | 1,025 |
Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 7,923 | 3,565 |
Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 1,780 | 2,003 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 11,599 | 4,590 |
Short-term investments | 0 | 0 |
Assets | 11,599 | 4,590 |
Level 1 | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | 0 |
Level 1 | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | 0 |
Level 1 | Cash | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 3,676 | 1,025 |
Level 1 | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 7,923 | 3,565 |
Level 1 | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 1,780 | 2,003 |
Short-term investments | 45,498 | 22,710 |
Assets | 47,278 | 24,713 |
Level 2 | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 36,999 | 21,210 |
Level 2 | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 8,499 | 1,500 |
Level 2 | Cash | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Level 2 | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Level 2 | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 1,780 | 2,003 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Short-term investments | 0 | 0 |
Assets | 0 | 0 |
Level 3 | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | 0 |
Level 3 | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | 0 |
Level 3 | Cash | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Level 3 | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Level 3 | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | $ 0 | $ 0 |
Summary of Significant Accoun27
Summary of Significant Accounting Policies - Net Loss per Share (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities | 2,346,758 | 1,831,339 | 2,236,445 | 1,888,022 |
Common stock options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities | 554,689 | 272,538 | 470,934 | 281,955 |
Common stock warrants | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities | 1,792,069 | 1,558,801 | 1,765,511 | 1,606,067 |
Investments (Details)
Investments (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale, Amortized cost | $ 45,502 | $ 22,708 |
Available-for-sale, Gross unrealized gain | 8 | 3 |
Available-for-sale, Gross unrealized losses | (12) | (1) |
Available-for-sale, Estimated fair value | $ 45,498 | $ 22,710 |
Corporate debt securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, maximum maturity period | 1 year | 1 year |
Available-for-sale, Amortized cost | $ 37,010 | $ 21,208 |
Available-for-sale, Gross unrealized gain | 1 | 3 |
Available-for-sale, Gross unrealized losses | (12) | (1) |
Available-for-sale, Estimated fair value | $ 36,999 | $ 21,210 |
Commercial paper | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, maximum maturity period | 1 year | 1 year |
Available-for-sale, Amortized cost | $ 8,492 | $ 1,500 |
Available-for-sale, Gross unrealized gain | 7 | 0 |
Available-for-sale, Gross unrealized losses | 0 | 0 |
Available-for-sale, Estimated fair value | $ 8,499 | $ 1,500 |
Other current assets (Details)
Other current assets (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Prepaid expenses | $ 1,203 | $ 1,827 |
Refundable research and development tax credits | 0 | 809 |
Security deposits and other receivables | 634 | 622 |
Interest receivables | 179 | 96 |
Other current assets | $ 2,016 | $ 3,354 |
Property and Equipment, net (De
Property and Equipment, net (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | |||||
Property and equipment, Gross | $ 1,028 | $ 1,028 | $ 731 | ||
Less: Accumulated depreciation | (335) | (335) | (235) | ||
Property and equipment, Net | 693 | 693 | 496 | ||
Depreciation of property and equipment | 56 | $ 38 | 100 | $ 116 | |
Computer equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment, Gross | 328 | 328 | 329 | ||
Office and other equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment, Gross | 222 | 222 | 56 | ||
Laboratory equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment, Gross | 427 | 427 | 346 | ||
Leasehold improvements | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment, Gross | $ 51 | $ 51 | $ 0 |
Accounts payable and accrued 31
Accounts payable and accrued liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Payables and Accruals [Abstract] | ||
Accounts payable | $ 1,813 | $ 1,655 |
Accrued expenses | 3,568 | 2,327 |
Accrued compensation and benefits | 1,702 | 1,414 |
Current portion of deferred rent | 13 | 0 |
Total accounts payable and accrued liabilities | $ 7,096 | $ 5,396 |
Warrants (Details)
Warrants (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015$ / sharesshares | Jun. 30, 2015$ / sharesshares | Nov. 21, 2012CAD / shares | Apr. 04, 2011CAD / shares | |
Class of Warrant or Right [Line Items] | ||||
Number of warrants outstanding | 2,273,143 | 2,273,143 | ||
April 4, 2011 Warrants | ||||
Class of Warrant or Right [Line Items] | ||||
Exercise price of warrants (in dollars per share) | (per share) | $ 6.74 | $ 6.74 | CAD 7.46 | |
Number of warrants outstanding | 1,288,107 | 1,288,107 | ||
November 21, 2012 Warrants | ||||
Class of Warrant or Right [Line Items] | ||||
Exercise price of warrants (in dollars per share) | (per share) | $ 7.86 | $ 7.86 | CAD 8.70 | |
Number of warrants outstanding | 985,036 | 985,036 | ||
Warrants exercised | 179,296 | 192,570 | ||
Shares of common stock issued | 139,503 | 148,818 |
Commitments and Contingencies N
Commitments and Contingencies Narrative (Details) - Building | 6 Months Ended | |
Jun. 30, 2015USD ($)ft² | Jun. 24, 2014ft² | |
Operating Leased Assets [Line Items] | ||
Square feet of space | 18,000 | |
Annual rent increase (Percentage) | 3.00% | |
Lease Agreement Phase One | ||
Operating Leased Assets [Line Items] | ||
Square feet of space | 2,300 | |
Minimum monthly rental expense | $ | $ 5,900 | |
Lease Agreement Phase Two | ||
Operating Leased Assets [Line Items] | ||
Square feet of space | 15,600 | |
Minimum monthly rental expense | $ | $ 18,200 |
Commitments and Contingencies F
Commitments and Contingencies Future Minimum Payments (Details) $ in Thousands | Jun. 30, 2015USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,015 | $ 130 |
2,016 | 296 |
2,017 | 305 |
2,018 | 25 |
Total minimum lease payments | $ 756 |
Stock-based compensation (Detai
Stock-based compensation (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Feb. 28, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||
Issuance of common stock, net of costs (in shares) | 2,587,500 | ||||
Share price of stock issued (in US$ per share) | $ 20 | ||||
Proceeds from sale of common stock, net | $ 48,400 | $ 48,361 | $ 0 | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||
Allocated share-based compensation expense | $ 2,792 | $ 1,285 | $ 5,108 | 2,231 | |
Shares issued | 4,750 | 26,916 | |||
Cash received from exercise of options | $ 100 | $ 300 | |||
Research and development expense | |||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||
Allocated share-based compensation expense | 931 | 582 | 1,739 | 1,070 | |
General and administrative expense | |||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||
Allocated share-based compensation expense | $ 1,861 | $ 703 | $ 3,369 | $ 1,161 |