Zosano Pharma (ZSANQ) 10-Q 12 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	May. 02, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Trading Symbol	ZSAN
Entity Registrant Name	Zosano Pharma Corp
Entity Central Index Key	1,587,221
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		12,012,548

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 6,561	$ 6,646
Interest receivable	73	101
Short-term investments in marketable securities	21,807	30,287
Prepaid expenses and other current assets	1,456	237
Total current assets	29,897	37,271
Restricted cash	35	35
Property and equipment, net	7,242	7,660
Other long-term assets	373	371
Total assets	37,547	45,337
Current liabilities:
Accounts payable	1,403	1,209
Accrued compensation	1,402	1,275
Secured promissory note, current portion (net of issuance cost and including accrued interest)	4,793	3,360
Other accrued liabilities	637	1,036
Total current liabilities	8,235	6,880
Deferred rent	50	45
Secured promissory note, net of issuance cost (including accrued interest)	10,522	11,910
Total liabilities	$ 18,807	$ 18,835
Commitments and contingencies
Stockholders' equity (deficit):
Common stock, $0.0001 par value; 100,000 shares authorized as of March 31, 2016 and December 31, 2015; 11,968 shares and 11,967 shares issued and outstanding as of March 31, 2016 and December 31, 2015, respectively	$ 1	$ 1
Additional paid-in capital	193,752	193,438
Accumulated deficit	(175,006)	(166,891)
Accumulated other comprehensive loss	(7)	(46)
Stockholders' equity (deficit)	18,740	26,502
Total liabilities and stockholders' equity	$ 37,547	$ 45,337

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	11,968,000	11,967,000
Common stock, shares outstanding	11,968,000	11,967,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenue:
License fees revenue	$ 0	$ 102
Collaborative development support services	0	116
Total revenue	0	218
Operating expenses:
Research and development	5,622	3,070
General and administrative	2,176	1,299
Total operating expenses	7,798	4,369
Loss from operations	(7,798)	(4,151)
Other income (expense):
Interest expense, net	(316)	(492)
Other income (expense)	(1)	12
Warrant revaluation income	0	48
Net loss	(8,115)	(4,583)
Other comprehensive gain:
Unrealized holding gain on marketable securities, net of tax effect	39	0
Comprehensive loss	$ (8,076)	$ (4,583)
Net loss per common share - basic and diluted	$ (0.68)	$ (0.47)
Weighted-average shares used in computing net loss per common share - basic and diluted	11,967	9,786

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flow - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities:
Net loss	$ (8,115)	$ (4,583)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation	622	633
Stock-based compensation	312	29
Amortization of debt (premium) issuance cost	(8)	25
Accretion of interest payment	112	351
Revaluation of warrants to fair value	0	(48)
Deferred rent	5	(68)
Change in operating assets and liabilities:
Accounts receivable	0	(31)
Interest receivable	28	0
Prepaid expenses and other assets	(1,219)	(422)
Accounts payable	195	135
Accrued compensation and other accrued liabilities	(272)	(1,346)
Deferred revenue		(102)
Net cash flow used in operating activities	(8,340)	(5,427)
Cash flow from investing activities:
Purchase of property and equipment	(204)	(59)
Proceeds from maturities of investments in marketable securities	8,460	0
Increase in other investment	(2)	(8)
Net cash flow provided by (used in) investing activities	8,254	(67)
Cash flow from financing activities:
Proceeds from initial public offering of securities, net of underwriting commissions and discounts	0	47,140
Payment of deferred offering costs	0	(1,072)
Proceeds from a private placement concurrent with the initial public offering, net of private placement fee	0	14,475
Proceeds from exercise of stock options and issuance of common stock	1	2
Repayment of loan principal	0	(348)
Net cash flow provided by financing activities	1	60,197
Net (decrease) increase in cash and cash equivalents	(85)	54,703
Cash and cash equivalents at beginning of period	6,646	1,214
Cash and cash equivalents at end of period	6,561	55,917
Supplemental cash flow information:
Interest paid	301	118
Non-cash investing and financing activities:
Conversion of debt to common stock	0	7,407
Accrued deferred offering cost	0	290
Reclassification of warrant liability to equity	$ 0	$ 252

Organization

Organization	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	1. Organization The Company Zosano Pharma Corporation and subsidiaries (the Company) is a clinical stage specialty pharmaceutical company with proprietary technology for dermal delivery of drugs for the treatment of a variety of indications. Our transdermal technology offers rapid onset, consistent drug delivery, improved ease of use and room-temperature stability, benefits that we believe would provide a potentially favorable alternative to using oral formulations or injections. The Company was incorporated in Delaware as ZP Holdings, Inc. in January 2012 and changed its name to Zosano Pharma Corporation in June 2014. The Company was spun out of ALZA Corporation, a subsidiary of Johnson & Johnson, in October 2006 originally incorporated under the name The Macroflux Corporation, and changed its name to Zosano Pharma, Inc. in 2007 following the spin-off from Johnson & Johnson. In April 2012, in a transaction to recapitalize the business, a wholly-owned subsidiary of Zosano Pharma Corporation was merged with and into Zosano Pharma, Inc., whereby Zosano Pharma, Inc. was the surviving entity and became a wholly-owned subsidiary of Zosano Pharma Corporation. In June 2014, Zosano Pharma, Inc. changed its name to ZP Opco, Inc. The Company has two wholly owned subsidiaries as of March 31, 2016: ZP Opco, Inc. (Opco), through which the Company conducts its primary research and development activities, and ZP Group LLC, originally a joint venture with Asahi Kasei Pharmaceuticals USA (Asahi). The joint venture ceased operations in December 2013. Initial Public Offering On January 30, 2015, the Company completed an initial public offering (“IPO”) of its common stock on the NASDAQ Capital Market. The Company sold an aggregate of 4,500,000 shares of common stock under a registration statement on Form S-1, declared effective on January 27, 2015, at a public offering price of $11.00 per share. Net proceeds to the Company were approximately $44.2 million, after deducting underwriting commissions and expenses. On February 27, 2015, the underwriters exercised the overallotment option resulting in the Company’s issuing an additional 110,000 shares of its common stock at $11.00 per share, resulting in additional net proceeds of approximately $1.1 million after underwriting discounts. Concurrent Private Placement On January 30, 2015, the Company issued and sold 1,363,636 shares of its common stock to Eli Lilly and Company (Lilly) in a private placement pursuant to a common stock purchase agreement dated November 21, 2014 between the Company and Lilly and received net proceeds of $14.5 million, after underwriting discounts. The closing of this private placement took place concurrently with the Company’s initial public offering. As of March 31, 2016, Lilly beneficially owned more than 11% of the Company’s outstanding common stock.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation and Use of Estimates The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) and as required by Regulation S-X, Rule 10-01 for interim financial reporting. The preparation of the accompanying condensed consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements, and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates. Unaudited Interim Financial Information The condensed consolidated balance sheet as of March 31, 2016, and the condensed consolidated statements of operations and comprehensive loss and condensed consolidated statements of cash flows for the three months ended March 31, 2016 and 2015 are unaudited. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual audited consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to state fairly the Company’s financial position as of March 31, 2016, and the results of operations and cash flows for the three months ended March 31, 2016 and 2015. The financial data and other information disclosed in these notes to the interim condensed consolidated financial statements as of March 31, 2016 and for the three month periods ended March 31, 2016 and 2015 are also unaudited. The results for the three months ended March 31, 2016 are not necessarily indicative of the results to be expected for the year ending December 31, 2016 or for any other interim period or for any future year. These financial statements should be read in conjunction with the Company’s audited financial statements for the year ended December 31, 2015 included in the Company’s annual report on Form 10-K filed with the Securities and Exchange Commission. Liquidity The Company has incurred significant operating losses and had an accumulated deficit of $175.0 million as of March 31, 2016. The Company has financed its operations primarily through sale of equity securities, debt financing and payments received under its former licensing and collaboration agreements with pharmaceutical companies. To date, none of the Company’s product candidates have been approved for sale. The Company will continue to require additional financing to develop our product candidates and fund operating losses. Management intends to seek funds through equity or debt financings, collaborative or other arrangements with corporate partners, or through other sources of financing. However, if such financing is not available at adequate levels or on acceptable terms, the Company could be required to significantly reduce its operating expenses and delay, reduce the scope of, or eliminate some of its development programs, out-license intellectual property rights, or a combination of the above, which may have a material adverse effect on the Company’s business, results of operations, financial condition and/or its ability to meet its scheduled obligations on a timely basis, if at all. There can be no assurance that the Company will be successful in raising capital, or that any needed financing will be available in the future at terms acceptable to the Company. Consolidation The consolidated financial statements include the accounts of Zosano Pharma Corporation, ZP Opco, Inc., and ZP Group LLC post-termination of the joint venture. Intercompany balances and transactions have been eliminated in consolidation. Significant Accounting Policies There have been no material changes to the Company’s significant accounting policies during the three months ended March 31, 2016, as compared to the significant accounting policies described in Note 2 of the “Notes to Consolidated Financial Statements” in the Company’ s Annual Report on Form 10-K for the year ended December 31, 2015. Below are those policies with current period updates: Research and Development Expenses Research and development costs are charged to expense as incurred and consist of costs related to (i) servicing the Company’s collaborative development efforts with other pharmaceutical companies, (ii) furthering the Company’s research and development efforts, and (iii) designing and manufacturing the Company’s transdermal microneedle patch and applicator for the Company’s clinical and nonclinical studies. For the three months ended March 31, 2016, the Company incurred research and development costs of approximately $2.7 million in connection with the Company’s research and development efforts and approximately $2.9 million in the manufacturing of the Company’s microneedle patch system for the development of the Company’s product candidates. For the three months ended March 31, 2015, the Company incurred research and development costs of approximately $0.1 million in support of the Company’s collaborative development services, approximately $1.4 million in connection with the Company’s research and development efforts, and approximately $1.6 million in the manufacturing of the Company’s microneedle patch system for the development of the Company’s product candidates. Comprehensive Income (Loss) Comprehensive loss is comprised of net loss and other comprehensive loss. The only component of the Company’s other comprehensive loss is the unrealized losses on the Company’s marketable securities. Comprehensive loss is included in the Company’s consolidated statements of operations and comprehensive loss for all periods presented. Net Loss Per Common Share Basic net income (loss) per common share is calculated by dividing the net income (loss) by the weighted- average number of common shares outstanding during the period, without consideration for potential dilutive common stock equivalents. Diluted net income (loss) per common share is computed by giving effect to all potential dilutive common stock equivalents outstanding for the period. For purposes of this calculation, convertible promissory notes, warrants and options to purchase common stock are considered potential dilutive common stock equivalents. For the three months ended March 31, 2016 and 2015, diluted net loss per common share was the same as basic net loss per common share since the effect of inclusion of potentially dilutive common stock equivalents would have an antidilutive effect due to the loss reported. The following outstanding common stock equivalents were excluded from the computations of diluted net loss per common share for the periods presented as the effect of including such securities would be antidilutive: March 31, 2016 2015 (unaudited; in shares) Warrants to purchase common stock 72,379 31,674 Options to purchase common stock 1,383,319 496,659 1,455,698 528,333 Recent Accounting Pronouncements In March 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-09, Compensation—Stock Compensation Improvements to Employee Share-Based Payment.

Cash, Cash Equivalents and Inve

Cash, Cash Equivalents and Investments	3 Months Ended
	Mar. 31, 2016
Cash and Cash Equivalents [Abstract]
Cash, Cash Equivalents and Investments	3. Cash, Cash Equivalents and Investments The following is a summary of the Company’s cash, cash equivalents, and marketable securities investments for each of the periods presented: March 31, 2016 Amortized Cost Gross Unrealized Gross Unrealized Estimated (unaudited; in thousands) Cash in bank $ 3,335 $ — $ — $ 3,335 Money market funds 3,226 — — 3,226 Certificates of deposit (restricted) 35 — — 35 Certificates of deposit 4,080 — — 4,080 Corporate bonds 9,206 — (3 ) 9,203 U.S. government agency bonds 8,527 — (3 ) 8,524 $ 28,409 $ — $ (6 ) $ 28,403 Classified as: Cash and cash equivalent $ 6,561 Restricted cash 35 Short-term investments in marketable securities 21,807 $ 28,403 December 31, 2015 Amortized Cost Gross Unrealized Gross Unrealized Estimated (unaudited; in thousands) Cash in bank $ 2,997 $ — $ — $ 2,997 Money market funds 3,649 — — 3,649 Certificates of deposit (restricted) 35 — — 35 Certificates of deposit 5,040 — (4 ) 5,036 Corporate bonds 11,749 — (22 ) 11,727 U.S. government agency bonds 13,544 — (20 ) 13,524 $ 37,014 $ — $ (46 ) $ 36,968 Classified as: Cash and cash equivalent $ 6,646 Restricted cash 35 Short-term investments in marketable securities 30,287 $ 36,968 For the three months ended March 31, 2016, there were no realized gains and losses on available-for-sale securities. As of March 31, 2016, the maximum contractual maturity of the Company’s available-for-sale investments was within 9 months. The Company does not intend to sell the investments that are in an unrealized loss position, and it is unlikely that the Company will be required to sell the investments before recovery of their amortized cost basis, which may be at maturity. The Company has determined that the gross unrealized losses on its available-for-sale investments as of March 31, 2016 were temporary in nature.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	4. Fair Value of Financial Instruments The Company records its financial assets and liabilities at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The accounting guidance establishes a three-tiered hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value as follows: • Level 1: Inputs which include quoted prices in active markets for identical assets and liabilities. • Level 2: Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The carrying values of certain assets and liabilities of the Company, such as cash and cash equivalents, accounts receivable, prepaid expenses and other current assets, accounts payable and accrued liabilities, approximate fair value due to their relatively short maturities. The carrying value of the Company’s short-term notes payable approximates their fair value as the terms of the borrowing are consistent with current market rates and the duration to maturity is short. The carrying value of the Company’s long-term notes payable approximates fair value because the interest rates approximate market rates that the Company could obtain for debt with similar terms and maturities. The following tables set forth the fair value of the Company’s financial instruments as of March 31, 2016 and December 31, 2015: March 31, 2016 Level I Level II Level III Total (unaudited; in thousands) Financial Assets: Certificates of deposit (restricted cash) $ 35 $ — $ — $ 35 Money market funds 3,226 — — 3,226 Certificates of deposit — 4,080 — 4,080 Corporate bonds — 9,203 — 9,203 U.S. government agency bonds — 8,524 — 8,524 Total financial assets $ 3,261 $ 21,807 $ — $ 25,068 December 31, 2015 Level I Level II Level III Total (in thousands) Financial Assets: Certificates of deposit (restricted cash) $ 35 $ — $ — $ 35 Money market funds 3,649 — — 3,649 Certificates of deposit — 5,036 — 5,036 Corporate bonds — 11,727 — 11,727 U.S. government agency bonds — 13,524 — 13,524 Total financial assets $ 3,684 $ 30,287 $ — $ 33,971

Property and Equipment

Property and Equipment	3 Months Ended
	Mar. 31, 2016
Property, Plant and Equipment [Abstract]
Property and Equipment	5. Property and Equipment The following summarizes the Company’s property and equipment as of March 31, 2016 and December 31, 2015: March 31, December 31, (unaudited) (in thousands) Laboratory and office equipment $ 1,112 $ 1,112 Manufacturing equipment 10,838 10,730 Computer equipment and software 297 229 Leasehold improvements 15,541 15,534 Construction in progress 2,087 2,066 29,875 29,671 Less: accumulated depreciation (22,633 ) (22,011 ) $ 7,242 $ 7,660 Depreciation and amortization expense was approximately $0.6 million and $0.6 million for the three months ended March 31, 2016 and 2015, respectively.

Research and Development Collab

Research and Development Collaboration and License Agreements	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Research and Development Collaboration and License Agreements	6. Research and Development Collaboration and License Agreements Former Collaboration Agreement with Novo Nordisk Pursuant to a collaboration agreement with Novo Nordisk dated January 31, 2014 related to the development of a transdermal presentation of select Novo Nordisk glucagon-like peptide-1 (GLP-1) analogues, the Company received a non-refundable upfront payment of $1.0 million. The Company evaluated the upfront payment for the license of its technology under the collaboration agreement and determined that the license does not have standalone value apart from the development support services. Accordingly, the license and the development support services are combined as one unit of accounting, and the upfront payment is recorded as deferred revenue in the consolidated balance sheet and recognized as revenue over the performance period that is consistent with the term of performance obligations under the specified feasibility study plan. As of December 31, 2015, all deferred revenue related to the non-refundable upfront payment has been recognized as license fees revenue. In July 2015, the Company announced that Novo Nordisk had notified the Company of its intention to discontinue the collaboration agreement. The termination became effective on October 27, 2015, and all technology rights licensed to Novo Nordisk related to the field of GLP-1 products reverted to the Company. The collaboration with Novo Nordisk is no longer a source of revenue for the Company. Revenue from the reimbursement of research and development and out-of-pocket expenses was recognized as the related services were performed under the collaboration agreement on a time and material basis. For the three months ended March 31, 2016, no service revenue pursuant to the Novo Nordisk collaboration agreement was recognized. For the three months ended March 31, 2015, the Company recognized $46,000 as service revenue pursuant to the Novo Nordisk collaboration agreement. The corresponding cost of service revenue was recorded as research and development expense in the consolidated statements of operations. The Company did not record cost of collaboration service revenue for the three months ended March 31, 2016 in connection with the Novo Nordisk collaboration agreement. For the three months ended March 31, 2015, the Company recorded $53,000 as cost of collaboration service revenue in connection with the Novo Nordisk collaboration agreement.

Debt Financing

Debt Financing	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Debt Financing	7. Debt Financing Conversion of Related Parties Convertible Promissory Notes On January 30, 2015, upon the closing of the Company’s initial public offering, the principal and all unpaid and accrued interest on the September 2013, and the February and December 2014 convertible promissory notes outstanding as of January 30, 2015, totaling $7.4 million, automatically converted into an aggregate of 792,182 shares of common stock at a price equal to 85% of the initial public offering price, resulting in the liability for such notes being reclassified to permanent equity. Senior Secured Term Loan with Hercules In June 2014, the Company entered into a loan and security agreement with Hercules Technology Growth Capital, Inc. (Hercules) which provided the Company $4.0 million in debt financing. In June 2015, the Company entered into a first amendment to the loan and security agreement with Hercules to increase the aggregate principal amount of the loan to $15.0 million (the Hercules Term Loan). Upon the execution of the first amendment to the loan and security agreement, the Company used approximately $11.4 million of the Hercules Term Loan to prepay all amounts owing under the secured promissory note held by BMV Direct SOTRS LP, an affiliate of BioMed Realty Holdings, Inc. The first amendment to the loan and security agreement with Hercules provides that the $15.0 million principal balance will be subject to a 12-month interest-only period beginning July 1, 2015, followed by equal monthly installment payments of principal and interest, with all outstanding amounts due and payable on December 1, 2018. The outstanding principal balance bears interest at a variable rate of the greater of (i) 7.95%, or (ii) 7.95% plus the prime rate as quoted in the Wall Street Journal minus 5.25%. In addition, the Company will be obligated to pay a $100,000 legacy end of term charge on the earlier of June 1, 2017 or the date the Company prepays the Hercules Term Loan and a $351,135 end of term charge on the earlier of loan maturity or at the date the Company prepays the Hercules Term Loan. The Company may prepay all, but not less than all, of the Hercules Term Loan subject to a prepayment charge of 1.0% of the then outstanding principal if prepaid prior to June 23, 2016, or 0.5% of the then outstanding principal if prepaid on or after June 23, 2016 but prior to June 23, 2017, with no prepayment charge if prepaid thereafter. The Hercules Term Loan is secured by a first priority security interest and lien in and to all of the Company’s tangible and intangible properties and assets, including intellectual properties. In connection with the first amendment to the loan and security agreement with Hercules, the Company issued Hercules a warrant to purchase 40,705 shares of the Company’s common stock at an exercise price of $7.37 per share. The warrant was recorded at fair value on the date of issuance and treated as a debt discount which is being amortized to interest expense over the term of the loan using the effective interest method. (See Note 8 for a discussion of warrants to purchase common stock.) The following is a summary of the Company’s long-term debt, net of unamortized debt discount and issuance costs, as of March 31, 2016 and December 31, 2015: March 31, December 31, 2016 2015 (unaudited) (in thousands) Principal amount $ 15,000 $ 15,000 Less: unamortized debt issuance costs (78 ) (91 ) unamortized fair value of free standing warrant (140 ) (163 ) Plus: unamortized fair value debt premium 266 310 accrued terminal interest 164 111 accrued interest 103 103 Long-term debt, net of unamortized debt issuance cost and premium $ 15,315 $ 15,270 Previous Secured Financing with BMR In connection with the recapitalization of the Company in April 2012, the Company renegotiated its lease agreement with its landlord, BioMed Realty Holdings, Inc. and affiliates (BMR Holdings), to include reduced rent obligations. In connection with the rent reduction, the Company issued a secured promissory note (the BMR Note) for the principal amount of approximately $8.6 million to BMR Holdings in 2012, which was subsequently assigned to its affiliate BMV Direct SOTRS LP, and all previously accrued interest, unpaid rent, future rent obligations and other fees due to BMR Holdings were either rolled into the BMR Note or eliminated. In June 2015, the Company terminated the BMR Note by prepaying the outstanding principal and all accrued interest totaling $11.4 million. As of March 31, 2016 and December 31, 2015, the Company does not have any debt outstanding with BMR. For the three months ended March 31, 2016 and 2015, interest expense on the Company’s related party note payable and long-term secured promissory notes was $0.3 million and $0.4 million, respectively.

Warrant to Purchase Common Stoc

Warrant to Purchase Common Stock	3 Months Ended
	Mar. 31, 2016
Text Block [Abstract]
Warrant to Purchase Common Stock	8. Warrant to Purchase Common Stock In connection with the Company’s entry into the loan and security agreement with Hercules in June 2014, the Company issued Hercules a warrant to purchase $280,000 worth of the Company’s stock at a price per share equal to the lower of (i) lowest price per share of stock sold in the Company’s next round of private equity financing resulting in gross proceeds of at least $3.0 million prior to the closing of the Company’s initial public offering, and (ii) $8.84 per share. The warrant was initially recorded on the Company’s consolidated balance sheet at fair value on the date of issuance and treated as a debt discount that is being amortized to interest expense over the debt repayment period using the effective interest method. As a result of the pricing of the Company’s initial public offering on January 27, 2015, the settlement adjustment to the exercise price was effectively fixed, resulting in the warrant being exercisable for 31,674 shares (warrant amount of $280,000 divided by $8.84 per share) of the Company’s common stock. Accordingly, management concluded that the requirements for equity classification under ASC 815-40-25-10 have been met and effected a reclassification of the warrant liability of $0.3 million to equity. The warrant is exercisable at any time, in whole or in part, until five years from the date of the Company’s IPO. For the three months ended March 31, 2015, the Company recorded other income of $48,000 related to the change in fair value of the warrant before equity reclassification, which was determined by using the Black-Scholes option valuation model with the following assumptions: expected term of 5.00 years; volatility of 89%; risk free interest rate of 1.32%; and no dividend yield. In connection with the Company’s entry into the first amendment to loan and security agreement with Hercules in June 2015, the Company issued Hercules a warrant to purchase 40,705 shares of the Company’s common stock at an exercise price of $7.37 per share. Hercules can exercise its purchase right under the warrant, in whole or in part, at any time until June 23, 2020. The warrant was recorded at fair value on the date of issuance and treated as a debt discount that is being amortized to interest expense over the term of the loan using the effective interest method. The Company classified the warrant as an equity instrument in accordance with ASC 815-40-25-10 and recorded the fair value of the warrant of $212,000 to additional paid-in capital in its consolidated balance sheet. The warrant fair value was determined by using the Black-Scholes option valuation model with the following assumptions: expected term of 5.00 years; volatility of 89%; risk free interest rate of 1.73% and no dividend yield.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	9. Commitments and Contingencies The Company has an operating lease with BMR-34790 Ardentech Court LP, an affiliate of BMR Holdings, for its office, research and development, and manufacturing facilities in Fremont, California. In April 2012, the Company amended the lease agreement to reduce future rent obligations with a new lease term of seven years in exchange for a potential reduction of premises from a recapturable premises clause. In June 2015, the Company entered into another amendment to the lease, pursuant to which BMR-34790 Ardentech Court LP’s option to recapture a specified portion of the leased premises (comprising approximately 29,348 square feet of the approximate total 55,588 square feet of leased premises) has been suspended. The Company had the option until December 31, 2015 to extend the term of the lease. As of December 31, 2015, the Company did not exercise this option and as a result, the terms of the previous amendment entered in April 2012 remain in effect. For the three months ended March 31, 2016 and 2015, rental expense under operating leases was $0.2 million and $0.2 million, respectively. As of March 31, 2016 future minimum payments under non-cancelable operating leases for each year ending December 31 are as follows (in thousands): Total 2016 $ 476 2017 634 2018 650 2019 164 $ 1,924

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	10. Stock-Based Compensation The Company has reserved 1.4 million shares of common stock for issuance under the Company’s 2014 Equity and Incentive Plan (the 2014 Plan). In connection with the Company’s initial public offering of its common stock in January 2015, the Company’s board of directors terminated the Company’s 2012 Stock Incentive Plan (the 2012 Plan) effective as of January 27, 2015 and no further awards may be issued under the 2012 Plan. However, the awards outstanding under the 2012 Plan at January 27, 2015 continue to be governed by the terms of the 2012 Plan. The following table summarizes option and award activity and related information under the 2012 Plan and 2014 Plan combined: Shares Outstanding Weighted- Weighted- (In Years) Aggregate (in thousands) Balance at December 31, 2015 858,606 972,951 $ 2.35 7.40 Granted (unaudited) (523,650 ) 523,650 $ 2.48 Options exercised (unaudited) — (937 ) $ 1.28 Cancelled/forfeited (unaudited) 112,345 (112,345 ) $ 2.98 Shares expired under 2012 Plan (unaudited) (9,596 ) — $ — Balance at March 31, 2016 (unaudited) 437,705 1,383,319 $ 2.35 7.44 $ 366 Exercisable at March 31, 2016 (unaudited) 368,008 $ — 2.89 $ 292 Vested and expected to vest at March 31, 2016 (unaudited) 1,294,189 $ — 7.34 $ 364 The aggregate intrinsic values of options outstanding and exercisable, vested and expected to vest were calculated as the difference between the exercise price of the options and the closing market value of the Company’s common stock as reported on NASDAQ as of March 31, 2016. The following summarizes the composition of stock options outstanding and exercisable as of March 31, 2016 (unaudited): Options Outstanding and Exercisable Exercise Price Number of Weighted- $1.28 - $1.54 401,723 1.43 $2.26 - $4.52 943,346 2.46 $9.05 - $9.29 38,250 9.26 1,383,319 On March 29, 2016, the Board of Directors of the Company approved the grant of certain performance-based stock options to employees of the Company for a total of 165,400 option shares with an aggregate grant date fair value of approximately $0.3 million. The company accounted for these performance-based stock options in accordance with the provisions under ASC 718 and recognized compensation expense when the performance conditions are probable of achievement. Stock-Based Compensation Expense Total stock-based compensation expense recognized was as follows: Three Months Ended March 31, 2016 2015 (unaudited; in thousands) Research and development $ 139 $ 11 General and administrative 173 18 Total stock-based compensation expense $ 312 $ 29 As of March 31, 2016, the Company had $3.1 million of total unrecognized stock-based compensation, net of estimated forfeitures, related to outstanding stock options that will be recognized over a weighted-average period of 3.77 years. The Company uses the Black-Scholes model for valuing its options and awards granted to employees and non-employees. Stock-based compensation in connection with non-employee grants was immaterial for the three months ended March 31, 2016 and 2015. The following table illustrates the input assumptions used to value employee stock option grants for the three months ended March 31, 2016 and 2015 (unaudited): For three months ended March 31, 2016 2015(1) Dividend yield 0% — Risk-free interest rate 1.97% — Expected volatility 89% — Expected term (years) 6.08 — (1) No options were granted in the three months ended March 31, 2015.

Termination and Restructuring C

Termination and Restructuring Charges	3 Months Ended
	Mar. 31, 2016
Text Block [Abstract]
Termination and Restructuring Charges	11. Termination and Restructuring Charges In January 2016, the Company terminated the employment of its Chief Executive Officer (CEO). Pursuant to the terms of his employment agreement, the Company is obligated to its former CEO for certain severance payments, continuation of benefits, and acceleration of vesting of all of his outstanding unvested stock options. The Company recorded a liability and an expense of approximately $0.4 million for the postemployment benefits provided to its former CEO during the three months ended March 31, 2016. In addition, the Company recorded a stock-based compensation expense of approximately $16,000 in the three months period ended March 31, 2016 related to the acceleration of vesting of the former CEO’s stock options. In March 2016, the Company consolidated its operations with the primary focus on continued development of ZP-Triptan. The restructuring included a workforce reduction of 24 employees, representing approximately 38% of the Company’s total workforce. In accordance with ASC 420, Exit or Disposal Cost Obligations

Summary of Significant Accoun17

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Basis of Presentation and Use of Estimates	Basis of Presentation and Use of Estimates The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) and as required by Regulation S-X, Rule 10-01 for interim financial reporting. The preparation of the accompanying condensed consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements, and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates.
Unaudited Interim Financial Information	The condensed consolidated balance sheet as of March 31, 2016, and the condensed consolidated statements of operations and comprehensive loss and condensed consolidated statements of cash flows for the three months ended March 31, 2016 and 2015 are unaudited. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual audited consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to state fairly the Company’s financial position as of March 31, 2016, and the results of operations and cash flows for the three months ended March 31, 2016 and 2015. The financial data and other information disclosed in these notes to the interim condensed consolidated financial statements as of March 31, 2016 and for the three month periods ended March 31, 2016 and 2015 are also unaudited. The results for the three months ended March 31, 2016 are not necessarily indicative of the results to be expected for the year ending December 31, 2016 or for any other interim period or for any future year. These financial statements should be read in conjunction with the Company’s audited financial statements for the year ended December 31, 2015 included in the Company’s annual report on Form 10-K filed with the Securities and Exchange Commission.
Liquidity	Liquidity The Company has incurred significant operating losses and had an accumulated deficit of $175.0 million as of March 31, 2016. The Company has financed its operations primarily through sale of equity securities, debt financing and payments received under its former licensing and collaboration agreements with pharmaceutical companies. To date, none of the Company’s product candidates have been approved for sale. The Company will continue to require additional financing to develop our product candidates and fund operating losses. Management intends to seek funds through equity or debt financings, collaborative or other arrangements with corporate partners, or through other sources of financing. However, if such financing is not available at adequate levels or on acceptable terms, the Company could be required to significantly reduce its operating expenses and delay, reduce the scope of, or eliminate some of its development programs, out-license intellectual property rights, or a combination of the above, which may have a material adverse effect on the Company’s business, results of operations, financial condition and/or its ability to meet its scheduled obligations on a timely basis, if at all. There can be no assurance that the Company will be successful in raising capital, or that any needed financing will be available in the future at terms acceptable to the Company.
Consolidation	Consolidation The consolidated financial statements include the accounts of Zosano Pharma Corporation, ZP Opco, Inc., and ZP Group LLC post-termination of the joint venture. Intercompany balances and transactions have been eliminated in consolidation.
Research and Development Expenses	Research and Development Expenses Research and development costs are charged to expense as incurred and consist of costs related to (i) servicing the Company’s collaborative development efforts with other pharmaceutical companies, (ii) furthering the Company’s research and development efforts, and (iii) designing and manufacturing the Company’s transdermal microneedle patch and applicator for the Company’s clinical and nonclinical studies. For the three months ended March 31, 2016, the Company incurred research and development costs of approximately $2.7 million in connection with the Company’s research and development efforts and approximately $2.9 million in the manufacturing of the Company’s microneedle patch system for the development of the Company’s product candidates. For the three months ended March 31, 2015, the Company incurred research and development costs of approximately $0.1 million in support of the Company’s collaborative development services, approximately $1.4 million in connection with the Company’s research and development efforts, and approximately $1.6 million in the manufacturing of the Company’s microneedle patch system for the development of the Company’s product candidates.
Comprehensive Income (Loss)	Comprehensive Income (Loss) Comprehensive loss is comprised of net loss and other comprehensive loss. The only component of the Company’s other comprehensive loss is the unrealized losses on the Company’s marketable securities. Comprehensive loss is included in the Company’s consolidated statements of operations and comprehensive loss for all periods presented.
Net Loss Per Common Share	Net Loss Per Common Share Basic net income (loss) per common share is calculated by dividing the net income (loss) by the weighted- average number of common shares outstanding during the period, without consideration for potential dilutive common stock equivalents. Diluted net income (loss) per common share is computed by giving effect to all potential dilutive common stock equivalents outstanding for the period. For purposes of this calculation, convertible promissory notes, warrants and options to purchase common stock are considered potential dilutive common stock equivalents. For the three months ended March 31, 2016 and 2015, diluted net loss per common share was the same as basic net loss per common share since the effect of inclusion of potentially dilutive common stock equivalents would have an antidilutive effect due to the loss reported. The following outstanding common stock equivalents were excluded from the computations of diluted net loss per common share for the periods presented as the effect of including such securities would be antidilutive: March 31, 2016 2015 (unaudited; in shares) Warrants to purchase common stock 72,379 31,674 Options to purchase common stock 1,383,319 496,659 1,455,698 528,333
Recent Accounting Pronouncements	Recent Accounting Pronouncements In March 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-09, Compensation—Stock Compensation Improvements to Employee Share-Based Payment.

Summary of Significant Accoun18

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Schedule of Outstanding Common Stock Equivalents Excluded From Computations of Diluted Net Loss per Common Share	The following outstanding common stock equivalents were excluded from the computations of diluted net loss per common share for the periods presented as the effect of including such securities would be antidilutive: March 31, 2016 2015 (unaudited; in shares) Warrants to purchase common stock 72,379 31,674 Options to purchase common stock 1,383,319 496,659 1,455,698 528,333

Cash, Cash Equivalents and In19

Cash, Cash Equivalents and Investments (Tables)	3 Months Ended
	Mar. 31, 2016
Cash and Cash Equivalents [Abstract]
Summary of Cash, Cash Equivalents, and Marketable Securities Investments	The following is a summary of the Company’s cash, cash equivalents, and marketable securities investments for each of the periods presented: March 31, 2016 Amortized Cost Gross Unrealized Gross Unrealized Estimated (unaudited; in thousands) Cash in bank $ 3,335 $ — $ — $ 3,335 Money market funds 3,226 — — 3,226 Certificates of deposit (restricted) 35 — — 35 Certificates of deposit 4,080 — — 4,080 Corporate bonds 9,206 — (3 ) 9,203 U.S. government agency bonds 8,527 — (3 ) 8,524 $ 28,409 $ — $ (6 ) $ 28,403 Classified as: Cash and cash equivalent $ 6,561 Restricted cash 35 Short-term investments in marketable securities 21,807 $ 28,403 December 31, 2015 Amortized Cost Gross Unrealized Gross Unrealized Estimated (unaudited; in thousands) Cash in bank $ 2,997 $ — $ — $ 2,997 Money market funds 3,649 — — 3,649 Certificates of deposit (restricted) 35 — — 35 Certificates of deposit 5,040 — (4 ) 5,036 Corporate bonds 11,749 — (22 ) 11,727 U.S. government agency bonds 13,544 — (20 ) 13,524 $ 37,014 $ — $ (46 ) $ 36,968 Classified as: Cash and cash equivalent $ 6,646 Restricted cash 35 Short-term investments in marketable securities 30,287 $ 36,968

Fair Value of Financial Instr20

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Financial Instruments	The following tables set forth the fair value of the Company’s financial instruments as of March 31, 2016 and December 31, 2015: March 31, 2016 Level I Level II Level III Total (unaudited; in thousands) Financial Assets: Certificates of deposit (restricted cash) $ 35 $ — $ — $ 35 Money market funds 3,226 — — 3,226 Certificates of deposit — 4,080 — 4,080 Corporate bonds — 9,203 — 9,203 U.S. government agency bonds — 8,524 — 8,524 Total financial assets $ 3,261 $ 21,807 $ — $ 25,068 December 31, 2015 Level I Level II Level III Total (in thousands) Financial Assets: Certificates of deposit (restricted cash) $ 35 $ — $ — $ 35 Money market funds 3,649 — — 3,649 Certificates of deposit — 5,036 — 5,036 Corporate bonds — 11,727 — 11,727 U.S. government agency bonds — 13,524 — 13,524 Total financial assets $ 3,684 $ 30,287 $ — $ 33,971

Property and Equipment (Tables)

Property and Equipment (Tables)	3 Months Ended
	Mar. 31, 2016
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	The following summarizes the Company’s property and equipment as of March 31, 2016 and December 31, 2015: March 31, December 31, (unaudited) (in thousands) Laboratory and office equipment $ 1,112 $ 1,112 Manufacturing equipment 10,838 10,730 Computer equipment and software 297 229 Leasehold improvements 15,541 15,534 Construction in progress 2,087 2,066 29,875 29,671 Less: accumulated depreciation (22,633 ) (22,011 ) $ 7,242 $ 7,660

Debt Financing (Tables)

Debt Financing (Tables)	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Summary of Long-Term Debt, Net of Unamortized Debt Discount and Issuance Costs	The following is a summary of the Company’s long-term debt, net of unamortized debt discount and issuance costs, as of March 31, 2016 and December 31, 2015: March 31, December 31, 2016 2015 (unaudited) (in thousands) Principal amount $ 15,000 $ 15,000 Less: unamortized debt issuance costs (78 ) (91 ) unamortized fair value of free standing warrant (140 ) (163 ) Plus: unamortized fair value debt premium 266 310 accrued terminal interest 164 111 accrued interest 103 103 Long-term debt, net of unamortized debt issuance cost and premium $ 15,315 $ 15,270

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Payments under Non-cancellable Operating Leases	As of March 31, 2016 future minimum payments under non-cancelable operating leases for each year ending December 31 are as follows (in thousands): Total 2016 $ 476 2017 634 2018 650 2019 164 $ 1,924

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of Stock Option and Award Activity	The following table summarizes option and award activity and related information under the 2012 Plan and 2014 Plan combined: Shares Outstanding Weighted- Weighted- (In Years) Aggregate (in thousands) Balance at December 31, 2015 858,606 972,951 $ 2.35 7.40 Granted (unaudited) (523,650 ) 523,650 $ 2.48 Options exercised (unaudited) — (937 ) $ 1.28 Cancelled/forfeited (unaudited) 112,345 (112,345 ) $ 2.98 Shares expired under 2012 Plan (unaudited) (9,596 ) — $ — Balance at March 31, 2016 (unaudited) 437,705 1,383,319 $ 2.35 7.44 $ 366 Exercisable at March 31, 2016 (unaudited) 368,008 $ — 2.89 $ 292 Vested and expected to vest at March 31, 2016 (unaudited) 1,294,189 $ — 7.34 $ 364
Summary of Stock Options Outstanding and Exercisable	The following summarizes the composition of stock options outstanding and exercisable as of March 31, 2016 (unaudited): Options Outstanding and Exercisable Exercise Price Number of Weighted- $1.28 - $1.54 401,723 1.43 $2.26 - $4.52 943,346 2.46 $9.05 - $9.29 38,250 9.26 1,383,319
Summary of Stock-Based Compensation Expense	Total stock-based compensation expense recognized was as follows: Three Months Ended March 31, 2016 2015 (unaudited; in thousands) Research and development $ 139 $ 11 General and administrative 173 18 Total stock-based compensation expense $ 312 $ 29
Schedule of Weighted-Average Assumptions for the Black-Scholes Option-Pricing Model Used in Determining the Fair Value of Options Granted to Employees	The Company uses the Black-Scholes model for valuing its options and awards granted to employees and non-employees. Stock-based compensation in connection with non-employee grants was immaterial for the three months ended March 31, 2016 and 2015. The following table illustrates the input assumptions used to value employee stock option grants for the three months ended March 31, 2016 and 2015 (unaudited): For three months ended March 31, 2016 2015(1) Dividend yield 0% — Risk-free interest rate 1.97% — Expected volatility 89% — Expected term (years) 6.08 — (1) No options were granted in the three months ended March 31, 2015.

Organization - Additional Infor

Organization - Additional Information (Detail)	Feb. 27, 2015USD ($)$ / sharesshares	Jan. 30, 2015USD ($)$ / sharesshares	Jun. 30, 2014USD ($)	Mar. 31, 2016USD ($)Subsidiaries	Mar. 31, 2015USD ($)
Class of Stock [Line Items]
Number of wholly owned subsidiaries | Subsidiaries				2
Net proceeds from issuance of common stock				$ 0	$ 47,140,000
Proceeds from a private placement concurrent with the initial public offering, net of private placement fee				$ 0	$ 14,475,000
Minimum [Member]
Class of Stock [Line Items]
Proceeds from a private placement concurrent with the initial public offering, net of private placement fee			$ 3,000,000
Lilly Agreement [Member]
Class of Stock [Line Items]
Proceeds from a private placement concurrent with the initial public offering, net of private placement fee		$ 14,500,000
Common stock purchase agreement date		Nov. 21, 2014
Common Stock [Member] | Lilly Agreement [Member] | Minimum [Member]
Class of Stock [Line Items]
Ownership percentage				11.00%
Initial Public Offering [Member]
Class of Stock [Line Items]
Net proceeds from issuance of common stock		$ 44,200,000
Initial Public Offering [Member] | Common Stock [Member]
Class of Stock [Line Items]
Number of common stock, shares issued | shares		4,500,000
Sale of stock, price per share | $ / shares		$ 11
Overallotment Option [Member] | Common Stock [Member]
Class of Stock [Line Items]
Number of common stock, shares issued | shares	110,000
Sale of stock, price per share | $ / shares	$ 11
Net proceeds from issuance of common stock	$ 1,100,000
Private Placement [Member] | Common Stock [Member] | Lilly Agreement [Member]
Class of Stock [Line Items]
Number of common stock, shares issued | shares		1,363,636

Summary of Significant Accoun26

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Summary Of Significant Accounting Policies [Line Items]
Accumulated deficit	$ (175,006)		$ (166,891)
Research and development expense incurred	5,622	$ 3,070
Research and development [Member]
Summary Of Significant Accounting Policies [Line Items]
Research and development expense incurred	2,700	1,400
Microneedle Patch System [Member]
Summary Of Significant Accounting Policies [Line Items]
Research and development expense incurred	$ 2,900	1,600
Collaborative Development Services [Member]
Summary Of Significant Accounting Policies [Line Items]
Research and development expenses incurred under collaborative agreements		$ 100

Summary of Significant Accoun27

Summary of Significant Accounting Policies - Schedule of Outstanding Common Stock Equivalents Excluded From Computations of Diluted Net Loss per Common Share (Detail) - shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock excluded from computation of diluted net loss per share	1,455,698	528,333
Warrants to Purchase Common Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock excluded from computation of diluted net loss per share	72,379	31,674
Options to Purchase Common Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock excluded from computation of diluted net loss per share	1,383,319	496,659

Cash, Cash Equivalents and In28

Cash, Cash Equivalents and Investments - Summary of Cash, Cash Equivalents, and Marketable Securities Investments (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Cash and cash equivalent	$ 6,561	$ 6,646	$ 55,917	$ 1,214
Carrying Cost	28,409	37,014
Restricted cash	35	35
Gross Unrealized Gains	0	0
Short-term investments in marketable securities	21,807	30,287
Gross Unrealized Losses	(6)	(46)
Estimated Fair Value	28,403	36,968
Cash in Bank [Member]
Schedule of Available-for-sale Securities [Line Items]
Carrying Cost	3,335	2,997
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	3,335	2,997
Money Market Funds [Member]
Schedule of Available-for-sale Securities [Line Items]
Carrying Cost	3,226	3,649
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	3,226	3,649
Certificates of Deposit (Restricted) [Member]
Schedule of Available-for-sale Securities [Line Items]
Carrying Cost	35	35
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	35	35
Certificates of Deposit [Member]
Schedule of Available-for-sale Securities [Line Items]
Carrying Cost	4,080	5,040
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	(4)
Estimated Fair Value	4,080	5,036
Corporate Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Carrying Cost	9,206	11,749
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(3)	(22)
Estimated Fair Value	9,203	11,727
U.S Government Agency Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Carrying Cost	8,527	13,544
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(3)	(20)
Estimated Fair Value	$ 8,524	$ 13,524

Cash, Cash Equivalents and In29

Cash, Cash Equivalents and Investments - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2016USD ($)
Schedule of Available-for-sale Securities [Line Items]
Realized gain and losses on available-for-sale securities	$ 0
Maximum [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale investments contractual maturity period	9 months

Fair Value of Financial Instr30

Fair Value of Financial Instruments - Schedule of Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Financial Assets:
Financial assets fair value	$ 25,068	$ 33,971
Certificates of Deposit (Restricted) [Member]
Financial Assets:
Financial assets fair value	35	35
Money Market Funds [Member]
Financial Assets:
Financial assets fair value	3,226	3,649
Certificates of Deposit [Member]
Financial Assets:
Financial assets fair value	4,080	5,036
Corporate Bonds [Member]
Financial Assets:
Financial assets fair value	9,203	11,727
U.S Government Agency Bonds [Member]
Financial Assets:
Financial assets fair value	8,524	13,524
Level I [Member]
Financial Assets:
Financial assets fair value	3,261	3,684
Level I [Member] | Certificates of Deposit (Restricted) [Member]
Financial Assets:
Financial assets fair value	35	35
Level I [Member] | Money Market Funds [Member]
Financial Assets:
Financial assets fair value	3,226	3,649
Level I [Member] | Certificates of Deposit [Member]
Financial Assets:
Financial assets fair value	0	0
Level I [Member] | Corporate Bonds [Member]
Financial Assets:
Financial assets fair value	0	0
Level I [Member] | U.S Government Agency Bonds [Member]
Financial Assets:
Financial assets fair value	0	0
Level II [Member]
Financial Assets:
Financial assets fair value	21,807	30,287
Level II [Member] | Certificates of Deposit (Restricted) [Member]
Financial Assets:
Financial assets fair value	0	0
Level II [Member] | Money Market Funds [Member]
Financial Assets:
Financial assets fair value	0	0
Level II [Member] | Certificates of Deposit [Member]
Financial Assets:
Financial assets fair value	4,080	5,036
Level II [Member] | Corporate Bonds [Member]
Financial Assets:
Financial assets fair value	9,203	11,727
Level II [Member] | U.S Government Agency Bonds [Member]
Financial Assets:
Financial assets fair value	8,524	13,524
Level III [Member]
Financial Assets:
Financial assets fair value	0	0
Level III [Member] | Certificates of Deposit (Restricted) [Member]
Financial Assets:
Financial assets fair value	0	0
Level III [Member] | Money Market Funds [Member]
Financial Assets:
Financial assets fair value	0	0
Level III [Member] | Certificates of Deposit [Member]
Financial Assets:
Financial assets fair value	0	0
Level III [Member] | Corporate Bonds [Member]
Financial Assets:
Financial assets fair value	0	0
Level III [Member] | U.S Government Agency Bonds [Member]
Financial Assets:
Financial assets fair value	$ 0	$ 0

Property and Equipment - Schedu

Property and Equipment - Schedule of Property and Equipment (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 29,875	$ 29,671
Less: accumulated depreciation	(22,633)	(22,011)
Property and equipment, net	7,242	7,660
Laboratory and Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,112	1,112
Manufacturing Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	10,838	10,730
Computer Equipment and Software [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	297	229
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	15,541	15,534
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 2,087	$ 2,066

Property and Equipment - Additi

Property and Equipment - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 622	$ 633

Research and Development Coll33

Research and Development Collaboration and License Agreements - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Jan. 31, 2014
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Collaboration agreement, termination effective date	Oct. 27, 2015
Service revenue	$ 0	$ 218,000
Novo Nordisk Agreement [Member] | Former Collaborative Arrangement [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Deferred Revenue, recorded			$ 1,000,000
Service revenue	0	46,000
Novo Nordisk Agreement [Member] | Former Collaborative Arrangement [Member] | Research and development [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Cost of collaboration service revenue	$ 0	$ 53,000

Debt Financing - Additional Inf

Debt Financing - Additional Information (Detail) - USD ($) $ in Thousands	Jan. 30, 2015	Mar. 31, 2016	Mar. 31, 2015
Debt Instrument [Line Items]
Debt value converted to financial instruments		$ 0	$ 7,407
Conversion of Related Parties Convertible Promissory Notes [Member] | December 2014 Promissory Notes [Member]
Debt Instrument [Line Items]
Debt value converted to financial instruments	$ 7,400
Percentage price of common stock	85.00%
Common Stock [Member] | Conversion of Related Parties Convertible Promissory Notes [Member] | December 2014 Promissory Notes [Member]
Debt Instrument [Line Items]
Number of shares issued for conversion	792,182

Debt Financing - Additional I35

Debt Financing - Additional Information 1 (Detail) - USD ($)	1 Months Ended	3 Months Ended
	Jun. 30, 2015	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015	Jun. 30, 2014	Apr. 30, 2012
Debt Instrument [Line Items]
Common stock warrants, exercise price per share					$ 8.84
Amended Hercules Secured Term Loan [Member]
Debt Instrument [Line Items]
Common stock warrants issued	40,705
Common stock warrants, exercise price per share	$ 7.37
BMR Secured Note [Member]
Debt Instrument [Line Items]
Interest expense on long-term debt		$ 300,000	$ 400,000
Senior Subordinated Notes [Member] | Amended Hercules Secured Term Loan [Member]
Debt Instrument [Line Items]
Debt face amount	$ 15,000,000
Debt payment terms		Principal balance will be subject to a 12-month interest-only period beginning July 1, 2015, followed by equal monthly installment payments of principal and interest, with all outstanding amounts due and payable on December 1, 2018.
Debt payment, beginning date		Jul. 1, 2015
Debt payment, due and payable date		Dec. 1, 2018
Debt effective interest rate	7.95%
Debt variable interest rate	7.95%
Debt additional variable interest rate decrease	5.25%
Debt end of term balloon payment	$ 100,000
Debt prepayment penalty description		The Company may prepay all, but not less than all, of the Hercules Term Loan subject to a prepayment charge of 1.0% of the then outstanding principal if prepaid prior to June 23, 2016, or 0.5% of the then outstanding principal if prepaid on or after June 23, 2016 but prior to June 23, 2017, with no prepayment charge if prepaid thereafter.
Debt end of term charge	$ 351,135
Common stock warrants issued	40,705
Common stock warrants, exercise price per share	$ 7.37
Senior Subordinated Notes [Member] | Amended Hercules Secured Term Loan [Member] | Prior to June 23,2016 [Member]
Debt Instrument [Line Items]
Percentage of prepayment penalty on outstanding principal after lock-in period	1.00%
Senior Subordinated Notes [Member] | Amended Hercules Secured Term Loan [Member] | After June 23,2016 but prior to June 23,2017 [Member]
Debt Instrument [Line Items]
Percentage of prepayment penalty on outstanding principal after lock-in period	0.50%
Senior Subordinated Notes [Member] | Amended Hercules Secured Term Loan [Member] | After June 23, 2017 [Member]
Debt Instrument [Line Items]
Prepayment penalty charge on outstanding principal after lock-in period	$ 0
Senior Subordinated Notes [Member] | Senior Secured Term Loan with Hercules [Member]
Debt Instrument [Line Items]
Debt face amount					$ 4,000,000
Convertible Subordinated Debt [Member] | BMR Secured Note [Member]
Debt Instrument [Line Items]
Debt face amount						$ 8,600,000
Prepayment of outstanding principal and all accrued interest	$ 11,400,000
Debt outstanding		$ 0		$ 0

Debt Financing - Summary of Lon

Debt Financing - Summary of Long-Term Debt, Net of Unamortized Debt Discount and Issuance Costs (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Debt Disclosure [Abstract]
Principal amount	$ 15,000	$ 15,000
Less: unamortized debt issuance costs	(78)	(91)
unamortized fair value of free standing warrant	(140)	(163)
Plus: unamortized fair value debt premium	266	310
accrued terminal interest	164	111
accrued interest	103	103
Long-term debt, net of unamortized debt issuance cost and premium	$ 15,315	$ 15,270

Warrants to Purchase Common Sto

Warrants to Purchase Common Stock - Additional Information (Detail) - USD ($)	1 Months Ended		3 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Mar. 31, 2016	Mar. 31, 2015	Jan. 27, 2015
Class of Warrant or Right [Line Items]
Common stock warrants, exercise price per share		$ 8.84
Warrant exercise price description			The Company issued Hercules a warrant to purchase $280,000 worth of the Company's stock at a price per share equal to the lower of (i) lowest price per share of stock sold in the Company's next round of private equity financing resulting in gross proceeds of at least $3.0 million prior to the closing of the Company's initial public offering, and (ii) $8.84 per share.
Initial fair value of warrant issued		$ 280,000
Gross proceeds from private equity financing			$ 0	$ 14,475,000
Warrant exercisable, shares					31,674
Reclassification of warrant liability to equity			$ 0	252,000
Warrants exercisable period from IPO			5 years
Other income related to change in fair value of the warrant			$ 0	$ (48,000)
Amended Hercules Secured Term Loan [Member]
Class of Warrant or Right [Line Items]
Common stock warrants, exercise price per share	$ 7.37
Warrant exercise price description			In connection with the Company's entry into the first amendment to loan and security agreement with Hercules in June 2015, the Company issued Hercules a warrant to purchase 40,705 shares of the Company's common stock at an exercise price of $7.37 per share. Hercules can exercise its purchase right under the warrant, in whole or in part, at any time until June 23, 2020.
Initial fair value of warrant issued	$ 212,000
Common stock warrants issued	40,705
Minimum [Member]
Class of Warrant or Right [Line Items]
Gross proceeds from private equity financing		$ 3,000,000
Common Stock Warrant Liability [Member]
Class of Warrant or Right [Line Items]
Fair value assumptions, expected term				5 years
Fair value assumptions, expected volatility				89.00%
Fair value assumptions, risk free interest rate				1.32%
Fair value assumptions, expected dividend yield				0.00%
Common Stock Warrant Liability [Member] | Amended Hercules Secured Term Loan [Member]
Class of Warrant or Right [Line Items]
Fair value assumptions, expected term	5 years
Fair value assumptions, expected volatility	89.00%
Fair value assumptions, risk free interest rate	1.73%
Fair value assumptions, expected dividend yield	0.00%

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Millions	1 Months Ended	3 Months Ended
	Jun. 30, 2015ft²	Mar. 31, 2016USD ($)	Mar. 31, 2015USD ($)
Other Commitments [Line Items]
Operating lease rental expense | $		$ 0.2	$ 0.2
Amendment to Lease Agreement [Member]
Other Commitments [Line Items]
Operating lease amendment description		In June 2015, the Company entered into another amendment to the lease, pursuant to which BMR-34790 Ardentech Court LP’s option to recapture a specified portion of the leased premises (comprising approximately 29,348 square feet of the approximate total 55,588 square feet of leased premises) has been suspended.
Landlord option to recapture portion of leased premises suspended	29,348
Operating lease area of premises	55,588

Commitments and Contingencies39

Commitments and Contingencies - Schedule of Future Minimum Payments under Non-cancellable Operating Leases (Detail) $ in Thousands	Mar. 31, 2016USD ($)
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
Operating lease future minimum payments due, 2016	$ 476
Operating lease future minimum payments due, 2017	634
Operating lease future minimum payments due, 2018	650
Operating lease future minimum payments due, 2019	164
Operating lease future minimum payments due	$ 1,924

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 29, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares approved for grant	437,705	165,400	858,606
Options, aggregate grant fair value		$ 0.3
Unrecognized stock-based compensation	$ 3.1
Weighted-average period of unrecognized stock-based compensation	3 years 9 months 7 days
2014 Equity and Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance	1,400,000

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Option and Awards Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Available for Grant, Beginning balance	858,606
Shares Available for Grant, Granted	(523,650)
Shares Available for Grant, Options exercised	0
Shares Available for Grant, Cancelled/forfeited	112,345
Shares Available for Grant, Ending balance	437,705		858,606
Outstanding Number of Shares, Beginning balance	972,951
Outstanding Number of Shares, Granted	523,650	0
Outstanding Number of Shares, Option exercised	(937)
Outstanding Number of Shares, Cancelled/forfeited	(112,345)
Outstanding Number of Shares, Ending balance	1,383,319		972,951
Outstanding Number of Shares, Exercisable	368,008
Outstanding Number of Shares, Vested and expected to vest	1,294,189
Weighted-Average Exercise Price per Share, Beginning balance	$ 2.35
Weighted-Average Exercise Price per Share, Granted	2.48
Weighted-Average Exercise Price per Share, Option exercised	1.28
Weighted-Average Exercise Price per Share, Cancelled/forfeited	2.98
Weighted-Average Exercise Price per Share, Ending balance	2.35		$ 2.35
Weighted-Average Exercise Price per Share, Exercisable	0
Weighted-Average Exercise Price per Share, Vested and expected to vest	$ 0
Weighted-Average Remaining Contractual Term	7 years 5 months 9 days		7 years 4 months 24 days
Weighted-Average Remaining Contractual Term, Exercisable	2 years 10 months 21 days
Weighted-Average Remaining Contractual Term, Vested and expected to vest	7 years 4 months 2 days
Aggregate Intrinsic Value	$ 366
Aggregate Intrinsic Value, Exercisable	292
Aggregate Intrinsic Value, Vested and expected to vest	$ 364
2012 Stock Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Available for Grant, Shares expired under 2012 Plan	(9,596)

Stock-Based Compensation - Su42

Stock-Based Compensation - Summary of Stock Options Outstanding and Exercisable (Detail)	3 Months Ended
	Mar. 31, 2016$ / sharesshares
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options Outstanding and Exercisable, Number of Shares | shares	1,383,319
$1.28 - $1.54 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options Outstanding and Exercisable, Exercise Price, Minimum	$ 1.28
Options Outstanding and Exercisable, Exercise Price, Maximum	$ 1.54
Options Outstanding and Exercisable, Number of Shares | shares	401,723
Options Outstanding and Exercisable,Weighted-Average Remaining Contractual Life	1 year 5 months 5 days
$2.26 - $4.52 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options Outstanding and Exercisable, Exercise Price, Minimum	$ 2.26
Options Outstanding and Exercisable, Exercise Price, Maximum	$ 4.52
Options Outstanding and Exercisable, Number of Shares | shares	943,346
Options Outstanding and Exercisable,Weighted-Average Remaining Contractual Life	2 years 5 months 16 days
$9.05 - $9.29 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options Outstanding and Exercisable, Exercise Price, Minimum	$ 9.05
Options Outstanding and Exercisable, Exercise Price, Maximum	$ 9.29
Options Outstanding and Exercisable, Number of Shares | shares	38,250
Options Outstanding and Exercisable,Weighted-Average Remaining Contractual Life	9 years 3 months 4 days

Stock-Based Compensation - Su43

Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	$ 312	$ 29
Research and development [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	139	11
General and administrative [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	$ 173	$ 18

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Weighted-Average Assumptions for the Black-Scholes Option-Pricing Model Used in Determining the Fair Value of Options Granted to Employees (Detail)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Dividend yield	0.00%	0.00%
Risk-free interest rate	1.97%	0.00%
Expected volatility	89.00%	0.00%
Expected term (years)	6 years 29 days	0 years

Stock-Based Compensation - Sc45

Stock-Based Compensation - Schedule of Weighted-Average Assumptions for the Black-Scholes Option-Pricing Model Used in Determining the Fair Value of Options Granted to Employees (Parenthetical) (Detail) - shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Options granted	523,650	0

Termination and Restructuring46

Termination and Restructuring Charges - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2016USD ($)Employees	Mar. 31, 2015USD ($)
Restructuring Cost and Reserve [Line Items]
Postemployment benefits expense	$ 400,000
Stock-based compensation expense	312,000	$ 29,000
Restructuring charges of one-time termination benefits	$ 500,000
Reduction of employee workforce | Employees	24
Percentage reduction of employee workforce	38.00%
Restructuring charges	$ 500,000
Options to Purchase Common Stock [Member]
Restructuring Cost and Reserve [Line Items]
Stock-based compensation expense	5,000
Chief Executive Officer [Member]
Restructuring Cost and Reserve [Line Items]
Stock-based compensation expense	$ 16,000