Zosano Pharma (ZSANQ) 10-Q 15 May 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2018	May 04, 2018
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2,018
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		11,973,039

Condensed Balance Sheets

Condensed Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017
Current assets:
Cash and cash equivalents	$ 3,537	$ 11,651	$ 37,341
Prepaid expenses and other current assets	1,970	1,742
Total current assets	5,507	13,393
Restricted cash	35	35	$ 35
Property and equipment, net	4,410	4,152
Other long-term assets	420	420
Total assets	10,372	18,000
Current liabilities:
Accounts payable	2,421	1,511
Accrued compensation	2,099	1,571
Secured promissory note (including accrued interest), net of issuance costs	5,160	6,687
Other accrued liabilities	995	688
Total current liabilities	10,675	10,457
Deferred rent	716	495
Total liabilities	11,391	10,952
Commitments and contingencies (note 7)
Stockholders' (deficit) equity:
Preferred Stock, $0.0001 par value; 5,000,000 shares and none authorized; none issued and outstanding as of March 31, 2018 and December 31, 2017, respectively	0	0
Common stock, $0.0001 par value; 250,000,000 and 100,000,000 shares authorized as of March 31, 2018 and December 31, 2017, respectively; 1,973,039 shares issued and outstanding as of March 31, 2018 and December 31, 2017	0	0
Additional paid-in capital	233,061	232,922
Accumulated deficit	(234,080)	(225,874)
Stockholders' (deficit) equity	(1,019)	7,048
Total liabilities and stockholders' (deficit) equity	$ 10,372	$ 18,000

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2018	Jan. 25, 2018	Jan. 24, 2018	Jan. 23, 2018	Jan. 22, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.0001					$ 0.0001
Preferred stock, shares authorized	5,000,000					0
Preferred stock, shares issued	0					0
Preferred stock, shares outstanding	0					0
Common stock, par value	$ 0.0001			$ 0.0001	$ 0.0001	$ 0.0001
Common stock, shares authorized	250,000,000	250,000,000	100,000,000	250,000,000	100,000,000	100,000,000
Common stock, shares issued	1,973,039					1,973,039
Common stock, shares outstanding	1,973,039					1,973,039

Condensed Statements of Operati

Condensed Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Income Statement [Abstract]
Revenue	$ 0	$ 0
Operating expenses:
Research and development	5,806	4,626
General and administrative	2,260	2,122
Total operating expenses	8,066	6,748
Loss from operations	(8,066)	(6,748)
Other expense:
Interest expense, net	(141)	(247)
Other income (expense), net	1	(2)
Loss before provision for income taxes	(8,206)	(6,997)
Provision for income taxes	0	0
Net loss	$ (8,206)	$ (6,997)
Net loss per common share - basic and diluted	$ (4.16)	$ (6.89)
Weighted-average shares used in computing net loss per common share - basic and diluted	1,973	1,016

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities:
Net loss	$ (8,206)	$ (6,997)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	194	628
Stock-based compensation	139	233
Amortization of debt discount	(3)	(6)
Accretion of interest	44	30
Deferred rent	314	0
Change in operating assets and liabilities:
Prepaid expenses and other assets	(362)	(489)
Accounts payable	909	(538)
Accrued compensation and other accrued liabilities	835	163
Net cash used in operating activities	(6,136)	(6,976)
Cash flows from investing activities:
Purchases of property and equipment	(451)	(77)
Purchase of marketable securities	(650)
Proceeds from maturities in marketable securities	650
Net cash used in investing activities	(451)	(77)
Cash flows from financing activities:
Proceeds from public offering of securities, net of underwriting commissions, discounts and other offering costs	0	26,623
Proceeds from exercise of warrants and issuance of common stock	0	4,041
Principal payment of secured promissory note	(1,527)	(1,410)
Proceeds from exercise of stock options	0	137
Net cash (used in) provided by financing activities	(1,527)	29,391
Net (decrease) increase in cash, cash equivalents, and restricted cash	(8,114)	22,338
Cash, cash equivalents and restricted cash at beginning of period	11,686	15,038
Cash, cash equivalents and restricted cash at end of period	3,572	37,376
Supplemental cash flow information:
Interest paid	116	231
Acquisition of property and equipment under accounts payable	340	16
Offering costs accrued but not yet paid	$ 561	$ 0

Condensed Statements of Cash F6

Condensed Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2018	Mar. 31, 2017
Statement of Cash Flows [Abstract]
Cash and cash equivalents	$ 3,537	$ 37,341
Restricted cash	35	35
Cash, cash equivalents and restricted cash at end of period	3,572	37,376
Restricted cash	$ 35	$ 35

Organization and Basis of Prese

Organization and Basis of Presentation	3 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	1. Organization and Basis of Presentation The Company Zosano Pharma Corporation (the “Company” or “We”) is a clinical stage biopharmaceutical company focused on providing rapid systemic administration of therapeutics to patients using our proprietary Adhesive Dermally-Applied Microarray, or ADAM™, technology. In February 2017, we announced positive results from our ZOTRIP pivotal efficacy trial, or ZOTRIP trial, that evaluated M207, which is our proprietary formulation of zolmitriptan delivered via our ADAM technology, as an acute treatment for migraine. We are focused on developing products where rapid administration of established molecules with known safety and efficacy profiles provides an increased benefit to patients, for markets where patients remain underserved by existing therapies. We anticipate that many of our current and future development programs may enable us to utilize a regulatory pathway that would streamline clinical development and accelerate the path towards commercialization. Basis of Presentation The condensed financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) for interim financial information, the instructions to Form 10-Q S-X. 10-K On January 23, 2018, our stockholders approved an increase to the number of authorized shares of the Company’s common stock from 100,000,000 to 250,000,000 shares. On January 23, 2018, our board of directors approved a 1-for-20 (pre-split) The reverse stock split did not affect the number of authorized shares of common stock, which, after giving effect to the authorized share increase, is 250,000,000 shares. Liquidity The accompanying condensed financial statements have been prepared in conformity with U.S. GAAP. As of March 31, 2018, the Company has an accumulated deficit of $234.1 million, as well as recurring operating losses and negative cash flows from operating activities. Our cash and cash equivalents at March 31, 2018 were approximately $3.5 million. On April 3, 2018, the Company closed a public offering of 10,000,000 shares of common stock at a public offering price of $5.00 per share. We received gross proceeds of $50.0 million and approximately $45.7 million of net proceeds from this offering. As a result of this offering, we alleviated substantial doubt about our ability to continue as a going concern as we expect cash and cash equivalents will be sufficient to enable us to fund our anticipated level of operations based on our current operating plans beyond twelve months following the date of issuance of this Quarterly Report on Form 10-Q. The Company has financed its operations primarily through the sale of equity securities, debt financing and payments received under licensing and collaboration agreements with pharmaceutical companies. To date, none of the Company’s product candidates have been approved by the United States Food and Drug Administration for sale. The Company will continue to require additional financing to develop its product candidate, develop additional product candidates and fund operating losses. Management intends to seek capital to support the Company’s initiatives through equity or debt financing, collaboration or other arrangements with corporate partners, and/or 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 We will continue to evaluate our time lines, strategic needs, and balance sheet requirements. There can be no assurance that if we attempt to raise additional capital, we will be successful in doing so on terms acceptable to the Company, or at all. Further there can be no assurance that we will be able to gain access and/or be able to execute on securing new sources of funding, new development opportunities, successfully obtain regulatory approvals for and commercialize new products, achieve significant product revenues from our products, or achieve or sustain profitability in the future.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Significant Accounting Policies There have been no material changes to the Company’s significant accounting policies during the three months ended March 31, 2018, as compared to the significant accounting policies described in Note 2 of the “Notes to Financial Statements” in the Company’s Annual Report on Form 10-K Use of Estimates The preparation of the accompanying condensed financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the condensed financial statements, and the reported amounts of revenue and expenses during the periods reported. Actual results could differ from those estimates. Deferred Offering Costs Deferred offering costs are costs incurred in filings of registration statements with the Securities and Exchange Commission. Deferred costs of $618,901 as of March 31, 2018, include legal, accounting, printer and filing fees associated with the Company’s registration of common shares April 2018 public offering. These costs are deferred until the completion of the applicable offering, at which time such costs are reclassified to additional paid-in-capital Research and Development Expenses Research and development costs are charged to expense as incurred and consist of costs related to (i) furthering the Company’s research and development efforts, and (ii) designing and manufacturing products that incorporate the Company’s ADAM technology for the Company’s clinical and nonclinical studies. Net Loss Per Common 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 common stock equivalents. Diluted earnings per common share is computed by giving effect to all potentially dilutive common stock equivalents outstanding for the period. For purposes of this calculation, warrants and options to purchase common stock are considered potentially dilutive common stock equivalents. For the three months ended March 31, 2018 and 2017, 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 (unaudited; shares in thousands): For the three months ended 2018 2017 Warrants to purchase common stock 199,524 347,315 Options to purchase common stock 124,379 122,763 323,903 470,078 Recent Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases right-of-use

Cash, Cash Equivalents and Inve

Cash, Cash Equivalents and Investments	3 Months Ended
	Mar. 31, 2018
Cash and Cash Equivalents [Abstract]
Cash, Cash Equivalents and Investments	3. Cash, Cash Equivalents and Investments The Company classifies all highly liquid investments with maturities of three months or less at the date of purchase as cash equivalents. The following is a summary of the Company’s cash, cash equivalents, and marketable securities investments for each of the periods presented (in thousands): March 31, 2018 Cost Gross Unrealized Gross Unrealized Fair Value (unaudited; in thousands) Cash in bank $ 1,462 $ — $ — $ 1,462 Money market funds 2,075 — — 2,075 Certificate of deposits (restricted) 35 — — 35 $ 3,572 $ — $ — $ 3,572 Classified as: Cash and cash equivalents $ 3,537 Restricted cash 35 $ 3,572 December 31, 2017 Cost Gross Unrealized Gross Unrealized Fair Value (in thousands) Cash in bank $ 4,587 $ — $ — $ 4,587 Money market funds 6,414 — — 6,414 Certificates of deposit (restricted) 35 — — 35 U.S. government agency bonds 650 — — 650 $ 11,686 $ — $ — $ 11,686 Classified as: Cash and cash equivalents $ 11,651 Restricted cash 35 $ 11,686

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2018
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 for each of the periods presented (in thousands): March 31, 2018 Level I Level II Level III Total (unaudited; in thousands) Financial Assets: Money market funds $ 2,075 $ — $ — $ 2,075 Total financial assets $ 2,075 $ — $ — $ 2,075 December 31, 2017 Level I Level II Level III Total (in thousands) Financial Assets: Money market funds $ 6,414 $ — $ — $ 6,414 U.S. government agency bonds — 650 — 650 Total financial assets $ 6,414 $ 650 $ — $ 7,064

Property and Equipment

Property and Equipment	3 Months Ended
	Mar. 31, 2018
Property, Plant and Equipment [Abstract]
Property and Equipment	5. Property and Equipment The following summarizes the Company’s property and equipment for each of the periods presented (in thousands): March 31, 2018 December 31, 2017 (unaudited) Laboratory and office equipment $ 1,273 $ 1,159 Manufacturing equipment 10,433 10,387 Computer equipment and software 223 209 Leasehold improvements 15,660 15,660 Construction in progress 2,596 2,351 30,185 29,766 Less: accumulated depreciation (25,775 ) (25,614 ) $ 4,410 $ 4,152 Depreciation and amortization expense was approximately $0.2 million and $0.6 million for the three months ended March 31, 2018 and 2017, respectively.

Debt Financing

Debt Financing	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Debt Financing	6. Debt Financing Senior Secured Term Loan with Hercules The Company has a loan and security agreement with Hercules Capital Inc, (“Hercules”), whereby Hercules provides the Company the aggregate principal amount of a $15 million loan (“Hercules Term Loan”) of which equal installment payments of principal and interest are due monthly, with all outstanding amounts due and payable on December 1, 2018. The Hercules Term Loan 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%. The interest rate on the secured term loan with Hercules was 7.95% as of March 31, 2018 and December 31, 2017. On June 1, 2017, the Company paid a $100,000 legacy end of term charge and is required to pay 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 with no prepayment charge. 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. The following is a summary of the Company’s long-term debt, net of unamortized debt discount and issuance costs for the periods presented (in thousands): March 31, December 31, 2018 2017 (unaudited) Principal amount $ 4,790 $ 6,316 Less: unamortized debt issuance costs (6 ) (10 ) unamortized fair value of free standing warrant (10 ) (18 ) Plus: unamortized fair value debt premium 19 35 accrued terminal interest 334 320 accrued interest 33 44 Secured promissory note, net of unamortized debt issuance cost and premium, current portion $ 5,160 $ 6,687 Interest expense on the Company’s secured promissory note was $0.2 million and $0.3 million for the three months ended March 31, 2018 and 2017, respectively.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	7. Commitments and Contingencies The Company is not party to any material pending legal proceedings. However, the Company may from time to time become involved in litigation relating to claims arising in the ordinary course of business. The Company has an operating lease with BMR-34790 Under the Seventh Amendment, the Company extended the term of the lease for the Company’s headquarters in Fremont, California through August 31, 2024, with an option to further extend the lease for an additional 65 months, subject to certain terms and conditions. The Company has agreed to pay a monthly base rent of $136,191 for the period commencing September 1, 2017, and ending on August 31, 2018, with an increase on September 1, 2018, and annual increases on September 1 of each subsequent year until the lease year beginning September 1, 2023. The Seventh Amendment also provides for rent abatements, subject to certain conditions, totaling $275,552 and certain tenant improvements to be completed at the Landlord’s expense (not to exceed $975,000 or, under certain conditions, $1,100,000). The Company will incur additional expense of approximately $0.4 million under the lease in connection with roof repairs that will be treated as additional rent and paid over the term of the lease. Rental expense under the related party operating lease was $0.3 million and $0.2 million for the three months ended March 31, 2018 and 2017, respectively. As of March 31, 2018, future minimum payments under the Company’s non-cancelable Total (unaudited; in thousands) Remaining of 2018 $ 1,213 2019 1,754 2020 1,807 2021 1,861 2022 1,914 2023 and thereafter 3,310 $ 11,859

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2018
Equity [Abstract]
Stockholders' Equity	8. Stockholders’ Equity On January 24, 2018, the Company amended its certificate of incorporation to increase the number of shares of common stock authorized for issuance from 100,000,000 to 250,000,000. On January 25, 2018, we effected a 1-for-20 Public Offering – March 2017 On March 22, 2017, the Company completed a registered public offering of 977,500 shares of common stock at a price of $30.00 per share, which included the exercise in full by the underwriters of their over-allotment option to purchase up to 127,500 additional shares of common stock. The total proceeds from the offering were $26.6 million, net of underwriter’s discounts and commissions and offering expenses. Equity Line of Credit On October 20, 2017, the Company entered into a purchase agreement and a registration rights agreement with an accredited investor, Lincoln Park Capital Fund, LLC (“Lincoln Park”), providing for the purchase of up to $35.0 million worth of the Company’s common stock over the term of the purchase agreement (the “Equity Line of Credit). Under the terms and subject to the conditions of the Equity Line of Credit, the Company has the right, but not the obligation, to sell to Lincoln Park, and Lincoln Park is obligated to purchase, up to $35.0 million worth of shares of the Company’s common stock. The Company’s board of directors reserved 392,104 shares for issuance pursuant to the Equity Line of Credit (inclusive of commitment shares). On October 20, 2017, the Company issued 11,375 shares of its common stock, as initial commitment shares, to Lincoln Park with a fair value of $15.30 which was recorded as deferred financing costs and is included within other current assets in the accompanying balance sheet as of March 31, 2018. The deferred financing costs are amortized as interest expense using the effective interest rate method over the term of the Equity Line of Credit as there is no guaranty that additional shares will be sold under the Equity Line of Credit. Additionally, the Company will issue, pro rata, up to an additional 11,375 shares of its common stock as additional commitment shares to Lincoln Park in connection with any additional purchases. Such future sales of common stock by the Company, if any, will be subject to certain limitations, and may occur from time to time, at the Company’s option, over the 30-month period Warrants Below is a table summarizing the warrants issued and outstanding for each of the periods presented: Warrants As of December 31, 2017 Warrants Exercised Warrants Expired Warrants Outstanding As of March 31, 2018 Exercise Expiration PIPE Financing - Series B 195,906 — — 195,906 $ 31.00 8/19/2021 Hercules - June 2014 1,583 — — 1,583 $ 176.80 1/27/2020 Hercules - June 2015 2,035 — — 2,035 $ 147.40 6/23/2020 Total 199,524 — — 199,524 As of March 31, 2018, the Company had 199,524 warrants outstanding classified as equity warrants. Each warrant grants the holder the right to purchase one share of common stock. Equity warrants are recorded at their relative fair market value in the stockholders’ equity section of the balance sheet. The Company’s equity warrants can only be settled through the issuance of shares and do not have any anti-dilution or price reset provision.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	9. Stock-Based Compensation The Amended and Restated 2014 Equity and Incentive Plan The Amended and Restated 2014 Equity and Incentive Plan (the “2014 Plan”) provides for the issuance of (i) cash awards and (ii) equity-based awards, denominated in shares of the Company’s common stock, including incentive stock options, non-statutory The following table summarizes option and award activity, excluding inducement grants, for the three months ended March 31, 2018 (unaudited): Shares Available for Grant Outstanding Number of Shares Weighted- Average Exercise Price per Share Weighted- Average Remaining Contractual Term Aggregate Intrinsic Value Balance at January 1, 2018 29,571 99,029 $ 25.33 Additional shares reserved 25,223 — $ — Options granted (6,000 ) 6,000 $ 10.60 Balance at March 31, 2018 48,794 105,029 $ 24.49 8.30 $ — Exercisable at March 31, 2018 39,536 $ 34.13 7.15 $ — Vested or expected to vest at March 31, 2018 100,081 $ 24.84 8.27 $ — The aggregate intrinsic value is calculated as the difference between the exercise price of the option and the estimated fair value of the Company’s common stock for in-the-money Inducement Grants The Company has also awarded inducement grants to purchase common stock to new employees outside the existing equity compensation plans in accordance with Nasdaq listing rule 5635(c)(4). Such options vest at a rate of 25% of the shares on the first anniversary of the commencement of such employee’s employment with the Company, and then one forty-eighth (1/48) of the shares monthly thereafter subject to such employee’s continued service. The following table summarizes the Company’s inducement grant stock option activities: Shares Available for Grant Outstanding Number of Shares Weighted- Average Exercise Price per Share Remaining Contractual Term Aggregate Intrinsic Balance at January 1, 2018 19,350 19,350 $ 19.12 Options granted — — $ — Balance at March 31, 2018 19,350 19,350 $ 19.12 8.67 $ — Exercisable at March 31, 2018 5,860 $ 17.30 8.55 $ — Vested or expected to vest at March 31, 2018 18,250 $ 19.06 8.67 $ — The following summarizes the composition of stock options outstanding and exercisable within the approved stock options plans, which excludes inducement grants, as of March 31, 2018: Options Outstanding Options Exercisable Weighted- Average Weighted Weighted Remaining Average Average Number of Contractual Exercise Number of Exercise Exercise Price Shares Life (in years) Price Shares Price $10.60 - $10.60 6,000 9.76 $ 10.60 — $ — $11.40 - $11.40 28,000 8.59 $ 11.40 12,333 $ 11.40 $11.80 - $17.00 29,230 9.04 $ 15.72 5,983 $ 17.00 $19.80 - $28.00 23,023 7.68 $ 22.09 7,336 $ 26.68 $40.80 - $185.80 18,776 7.03 $ 65.04 13,884 $ 65.65 Stock-Based Compensation Expense Total stock-based compensation expense recognized was as follows: Three months ended March 31, 2018 2017 (in thousands) Research and development $ 67 $ 61 General and administrative 72 172 $ 139 $ 233 As of March 31, 2018, the Company had $1.0 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 2.7 years. The Company’s stock-based compensation expense for stock options is estimated at the grant date based on the award’s fair value as calculated by the Black-Scholes option pricing model and is recognized as expense over the requisite service period. The Black-Scholes option pricing model requires various highly judgmental assumptions including expected volatility and expected term. The expected volatility is based on the historical stock volatilities of several of the Company’s publicly listed peers over a period equal to the expected terms of the options as the Company does not have sufficient trading history to use the volatility of its own common stock. To estimate the expected term, the Company has opted to use the simplified method which is the use of the midpoint of the vesting term and the contractual term. If any of the assumptions used in the Black-Scholes option pricing model changes significantly, stock-based compensation expense may differ materially in the future from that recorded in the current period. In addition, the Company estimates the forfeiture rate based on historical experience and its expectations regarding future pre-vesting The following table presents the weighted-average assumptions for the Black-Scholes option-pricing model used in determining the fair value of options granted: For the three months ended March 31, 2018 2017 Dividend yield 0% 0% Risk-free interest rate 2.46% 2.13% Expected volatility 89% 89% Expected term (years) 10 6.08

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2018
Subsequent Events [Abstract]
Subsequent Events	10. Subsequent Events Public Offering – April 2018 On April 3, 2018, the Company closed a public offering of 10,000,000 shares of common stock at a public offering price of $5.00 per share. We received gross proceeds of $50.0 million and approximately $45.7 million of net proceeds from this offering. The offering was made by Zosano pursuant to a registration statement on Form S-1 The pro forma information set forth below is illustrative only and represents the effect of the public offering on the balance sheet, as if the proceeds had been received as of March 31, 2018 (in thousands): Pro Forma March 31, March 31, 2018 2018 (unaudited) (unaudited) ASSETS Current assets: Cash and cash equivalents $ 3,537 $ 49,172 Prepaid expenses and other current assets 1,970 1,352 Total current assets 5,507 50,524 Restricted cash 35 35 Property and equipment, net 4,410 4,410 Other long-term assets 420 420 Total assets $ 10,372 $ 55,389 LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY Current liabilities: Accounts payable $ 2,421 $ 2,421 Accrued compensation 2,099 2,099 Secured promissory note, (including accrued interest), net of issuance costs 5,160 5,160 Other accrued liabilities 995 995 Total current liabilities 10,675 10,675 Deferred rent 716 716 Total liabilities 11,391 11,391 Commitments and contingencies (note 7) Stockholders’ (deficit) equity: Preferred Stock, $0.0001 par value; 5,000,000 shares and none authorized; none issued and outstanding as of March 31, 2018 — — Common stock, $0.0001 par value; 250,000,000 shares authorized as of March 31, 2018 and 1,973,039 and 11,973,039 pro forma shares issued and outstanding as of March 31, 2018 — 1 Additional paid-in 233,061 278,077 Accumulated deficit (234,080 ) (234,080 ) Stockholders’ (deficit) equity (1,019 ) 43,998 Total liabilities and stockholders’ (deficit) equity $ 10,372 $ 55,389 Departure of Officer On April 16, 2018, in connection with a planned reorganization of internal reporting responsibilities for the business development and human resources groups, Georgia Erbez, Chief Financial Officer, informed that Company that she will resign for good reason pursuant to the terms of her Employment Letter Agreement with the Company dated as of September 7, 2016 (the “Employment Agreement”) effective on the later to occur of (i) the date that the Company files with the Securities and Exchange Commission a report on Form 10-Q for and non-revocation of

Organization and Basis of Pre17

Organization and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The condensed financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) for interim financial information, the instructions to Form 10-Q S-X. 10-K On January 23, 2018, our stockholders approved an increase to the number of authorized shares of the Company’s common stock from 100,000,000 to 250,000,000 shares. On January 23, 2018, our board of directors approved a 1-for-20 (pre-split) The reverse stock split did not affect the number of authorized shares of common stock, which, after giving effect to the authorized share increase, is 250,000,000 shares.
Liquidity	Liquidity The accompanying condensed financial statements have been prepared in conformity with U.S. GAAP. As of March 31, 2018, the Company has an accumulated deficit of $234.1 million, as well as recurring operating losses and negative cash flows from operating activities. Our cash and cash equivalents at March 31, 2018 were approximately $3.5 million. On April 3, 2018, the Company closed a public offering of 10,000,000 shares of common stock at a public offering price of $5.00 per share. We received gross proceeds of $50.0 million and approximately $45.7 million of net proceeds from this offering. As a result of this offering, we alleviated substantial doubt about our ability to continue as a going concern as we expect cash and cash equivalents will be sufficient to enable us to fund our anticipated level of operations based on our current operating plans beyond twelve months following the date of issuance of this Quarterly Report on Form 10-Q. The Company has financed its operations primarily through the sale of equity securities, debt financing and payments received under licensing and collaboration agreements with pharmaceutical companies. To date, none of the Company’s product candidates have been approved by the United States Food and Drug Administration for sale. The Company will continue to require additional financing to develop its product candidate, develop additional product candidates and fund operating losses. Management intends to seek capital to support the Company’s initiatives through equity or debt financing, collaboration or other arrangements with corporate partners, and/or 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 We will continue to evaluate our time lines, strategic needs, and balance sheet requirements. There can be no assurance that if we attempt to raise additional capital, we will be successful in doing so on terms acceptable to the Company, or at all. Further there can be no assurance that we will be able to gain access and/or be able to execute on securing new sources of funding, new development opportunities, successfully obtain regulatory approvals for and commercialize new products, achieve significant product revenues from our products, or achieve or sustain profitability in the future.
Use of Estimates	Use of Estimates The preparation of the accompanying condensed financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the condensed financial statements, and the reported amounts of revenue and expenses during the periods reported. Actual results could differ from those estimates.
Deferred Offering Costs	Deferred Offering Costs Deferred offering costs are costs incurred in filings of registration statements with the Securities and Exchange Commission. Deferred costs of $618,901 as of March 31, 2018, include legal, accounting, printer and filing fees associated with the Company’s registration of common shares April 2018 public offering. These costs are deferred until the completion of the applicable offering, at which time such costs are reclassified to additional paid-in-capital
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) furthering the Company’s research and development efforts, and (ii) designing and manufacturing products that incorporate the Company’s ADAM technology for the Company’s clinical and nonclinical studies.
Net Loss Per Common Share	Net Loss Per Common 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 common stock equivalents. Diluted earnings per common share is computed by giving effect to all potentially dilutive common stock equivalents outstanding for the period. For purposes of this calculation, warrants and options to purchase common stock are considered potentially dilutive common stock equivalents. For the three months ended March 31, 2018 and 2017, 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 (unaudited; shares in thousands): For the three months ended 2018 2017 Warrants to purchase common stock 199,524 347,315 Options to purchase common stock 124,379 122,763 323,903 470,078
Recent Accounting Pronouncements	Recent Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases right-of-use

Summary of Significant Accoun18

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2018
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 (unaudited; shares in thousands): For the three months ended 2018 2017 Warrants to purchase common stock 199,524 347,315 Options to purchase common stock 124,379 122,763 323,903 470,078

Cash, Cash Equivalents and In19

Cash, Cash Equivalents and Investments (Tables)	3 Months Ended
	Mar. 31, 2018
Cash and Cash Equivalents [Abstract]
Summary of Cash and Cash Equivalents	The Company classifies all highly liquid investments with maturities of three months or less at the date of purchase as cash equivalents. The following is a summary of the Company’s cash, cash equivalents, and marketable securities investments for each of the periods presented (in thousands): March 31, 2018 Cost Gross Unrealized Gross Unrealized Fair Value (unaudited; in thousands) Cash in bank $ 1,462 $ — $ — $ 1,462 Money market funds 2,075 — — 2,075 Certificate of deposits (restricted) 35 — — 35 $ 3,572 $ — $ — $ 3,572 Classified as: Cash and cash equivalents $ 3,537 Restricted cash 35 $ 3,572 December 31, 2017 Cost Gross Unrealized Gross Unrealized Fair Value (in thousands) Cash in bank $ 4,587 $ — $ — $ 4,587 Money market funds 6,414 — — 6,414 Certificates of deposit (restricted) 35 — — 35 U.S. government agency bonds 650 — — 650 $ 11,686 $ — $ — $ 11,686 Classified as: Cash and cash equivalents $ 11,651 Restricted cash 35 $ 11,686

Fair Value of Financial Instr20

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2018
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 for each of the periods presented (in thousands): March 31, 2018 Level I Level II Level III Total (unaudited; in thousands) Financial Assets: Money market funds $ 2,075 $ — $ — $ 2,075 Total financial assets $ 2,075 $ — $ — $ 2,075 December 31, 2017 Level I Level II Level III Total (in thousands) Financial Assets: Money market funds $ 6,414 $ — $ — $ 6,414 U.S. government agency bonds — 650 — 650 Total financial assets $ 6,414 $ 650 $ — $ 7,064

Property and Equipment (Tables)

Property and Equipment (Tables)	3 Months Ended
	Mar. 31, 2018
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	The following summarizes the Company’s property and equipment for each of the periods presented (in thousands): March 31, 2018 December 31, 2017 (unaudited) Laboratory and office equipment $ 1,273 $ 1,159 Manufacturing equipment 10,433 10,387 Computer equipment and software 223 209 Leasehold improvements 15,660 15,660 Construction in progress 2,596 2,351 30,185 29,766 Less: accumulated depreciation (25,775 ) (25,614 ) $ 4,410 $ 4,152

Debt Financing (Tables)

Debt Financing (Tables)	3 Months Ended
	Mar. 31, 2018
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 for the periods presented (in thousands): March 31, December 31, 2018 2017 (unaudited) Principal amount $ 4,790 $ 6,316 Less: unamortized debt issuance costs (6 ) (10 ) unamortized fair value of free standing warrant (10 ) (18 ) Plus: unamortized fair value debt premium 19 35 accrued terminal interest 334 320 accrued interest 33 44 Secured promissory note, net of unamortized debt issuance cost and premium, current portion $ 5,160 $ 6,687

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Payments under Non-Cancellable Related Party Operating Lease	As of March 31, 2018, future minimum payments under the Company’s non-cancelable Total (unaudited; in thousands) Remaining of 2018 $ 1,213 2019 1,754 2020 1,807 2021 1,861 2022 1,914 2023 and thereafter 3,310 $ 11,859

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2018
Equity [Abstract]
Summary of Warrants Issued and Outstanding	Below is a table summarizing the warrants issued and outstanding for each of the periods presented: Warrants As of December 31, 2017 Warrants Exercised Warrants Expired Warrants Outstanding As of March 31, 2018 Exercise Expiration PIPE Financing - Series B 195,906 — — 195,906 $ 31.00 8/19/2021 Hercules - June 2014 1,583 — — 1,583 $ 176.80 1/27/2020 Hercules - June 2015 2,035 — — 2,035 $ 147.40 6/23/2020 Total 199,524 — — 199,524

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of Stock Option and Award Activity Excluding Inducement Grants	The following table summarizes option and award activity, excluding inducement grants, for the three months ended March 31, 2018 (unaudited): Shares Available for Grant Outstanding Number of Shares Weighted- Average Exercise Price per Share Weighted- Average Remaining Contractual Term Aggregate Intrinsic Value Balance at January 1, 2018 29,571 99,029 $ 25.33 Additional shares reserved 25,223 — $ — Options granted (6,000 ) 6,000 $ 10.60 Balance at March 31, 2018 48,794 105,029 $ 24.49 8.30 $ — Exercisable at March 31, 2018 39,536 $ 34.13 7.15 $ — Vested or expected to vest at March 31, 2018 100,081 $ 24.84 8.27 $ —
Summary of Company's Inducement Grant Stock Option Activities	The following table summarizes the Company’s inducement grant stock option activities: Shares Available for Grant Outstanding Number of Shares Weighted- Average Exercise Price per Share Remaining Contractual Term Aggregate Intrinsic Balance at January 1, 2018 19,350 19,350 $ 19.12 Options granted — — $ — Balance at March 31, 2018 19,350 19,350 $ 19.12 8.67 $ — Exercisable at March 31, 2018 5,860 $ 17.30 8.55 $ — Vested or expected to vest at March 31, 2018 18,250 $ 19.06 8.67 $ —
Summary of Stock Options Outstanding and Exercisable within the Approved Stock Options Plans, Excludes Inducement Grants	The following summarizes the composition of stock options outstanding and exercisable within the approved stock options plans, which excludes inducement grants, as of March 31, 2018: Options Outstanding Options Exercisable Weighted- Average Weighted Weighted Remaining Average Average Number of Contractual Exercise Number of Exercise Exercise Price Shares Life (in years) Price Shares Price $10.60 - $10.60 6,000 9.76 $ 10.60 — $ — $11.40 - $11.40 28,000 8.59 $ 11.40 12,333 $ 11.40 $11.80 - $17.00 29,230 9.04 $ 15.72 5,983 $ 17.00 $19.80 - $28.00 23,023 7.68 $ 22.09 7,336 $ 26.68 $40.80 - $185.80 18,776 7.03 $ 65.04 13,884 $ 65.65
Summary of Stock-Based Compensation Expense	Total stock-based compensation expense recognized was as follows: Three months ended March 31, 2018 2017 (in thousands) Research and development $ 67 $ 61 General and administrative 72 172 $ 139 $ 233
Schedule of Weighted-Average Assumptions for the Black-Scholes Option-Pricing Model Used in Determining the Fair Value of Options Granted	The following table presents the weighted-average assumptions for the Black-Scholes option-pricing model used in determining the fair value of options granted: For the three months ended March 31, 2018 2017 Dividend yield 0% 0% Risk-free interest rate 2.46% 2.13% Expected volatility 89% 89% Expected term (years) 10 6.08

Subsequent Events (Tables)

Subsequent Events (Tables)	3 Months Ended
	Mar. 31, 2018
Pro Forma [Member]
Pro Forma Information Represents Effect of Public Offering on Balance Sheet	The pro forma information set forth below is illustrative only and represents the effect of the public offering on the balance sheet, as if the proceeds had been received as of March 31, 2018 (in thousands): Pro Forma March 31, March 31, 2018 2018 (unaudited) (unaudited) ASSETS Current assets: Cash and cash equivalents $ 3,537 $ 49,172 Prepaid expenses and other current assets 1,970 1,352 Total current assets 5,507 50,524 Restricted cash 35 35 Property and equipment, net 4,410 4,410 Other long-term assets 420 420 Total assets $ 10,372 $ 55,389 LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY Current liabilities: Accounts payable $ 2,421 $ 2,421 Accrued compensation 2,099 2,099 Secured promissory note, (including accrued interest), net of issuance costs 5,160 5,160 Other accrued liabilities 995 995 Total current liabilities 10,675 10,675 Deferred rent 716 716 Total liabilities 11,391 11,391 Commitments and contingencies (note 7) Stockholders’ (deficit) equity: Preferred Stock, $0.0001 par value; 5,000,000 shares and none authorized; none issued and outstanding as of March 31, 2018 — — Common stock, $0.0001 par value; 250,000,000 shares authorized as of March 31, 2018 and 1,973,039 and 11,973,039 pro forma shares issued and outstanding as of March 31, 2018 — 1 Additional paid-in 233,061 278,077 Accumulated deficit (234,080 ) (234,080 ) Stockholders’ (deficit) equity (1,019 ) 43,998 Total liabilities and stockholders’ (deficit) equity $ 10,372 $ 55,389

Organization and Basis of Pre27

Organization and Basis of Presentation - Additional Information (Detail) $ / shares in Units, $ in Thousands	Apr. 03, 2018USD ($)$ / sharesshares	Jan. 25, 2018shares	Jan. 23, 2018$ / sharesshares	Jan. 22, 2018$ / sharesshares	Mar. 22, 2017$ / sharesshares	Mar. 31, 2018USD ($)$ / sharesshares	Mar. 31, 2017USD ($)	Jan. 24, 2018shares	Dec. 31, 2017USD ($)$ / sharesshares
Organization And Basis Of Presentation [Line Items]
Common stock shares authorized | shares		250,000,000	250,000,000	100,000,000		250,000,000		100,000,000	100,000,000
Stockholders equity reverse stock split			1-for-20			1-for-20
Stock split ratio		0.05	0.05
Common stock par value | $ / shares			$ 0.0001	$ 0.0001		$ 0.0001			$ 0.0001
Common shares outstanding change due to split | shares			1,973,039	39,460,931
Accumulated deficit						$ (234,080)			$ (225,874)
Cash and cash equivalents						3,537	$ 37,341		$ 11,651
Common stock shares issued | shares					977,500
Offering price per share | $ / shares					$ 30
Proceeds from issuance of stock						$ 0	$ 26,623
Subsequent Event [Member]
Organization And Basis Of Presentation [Line Items]
Common stock shares issued | shares	10,000,000
Offering price per share | $ / shares	$ 5
Gross proceeds from issuance of stock	$ 50,000
Proceeds from issuance of stock	$ 45,700

Summary of Significant Accoun28

Summary of Significant Accounting Policies - Additional Information (Detail)	Mar. 31, 2018USD ($)
Accounting Policies [Abstract]
Deferred offering costs	$ 618,901

Summary of Significant Accoun29

Summary of Significant Accounting Policies - Schedule of Outstanding Common Stock Equivalents Excluded From Computations of Diluted Net Loss per Common Share (Detail) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock excluded from computation of diluted net loss per share	323,903	470,078
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	199,524	347,315
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	124,379	122,763

Cash, Cash Equivalents and In30

Cash, Cash Equivalents and Investments - Summary of Cash and Cash Equivalents (Detail) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017
Classified as:
Cash and cash equivalents	$ 3,537	$ 11,651	$ 37,341
Restricted cash	35	35	$ 35
Total	3,572	11,686
Cost	3,572	11,686
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	3,572	11,686
Cash in Bank [Member]
Classified as:
Total	1,462	4,587
Cost	1,462	4,587
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	1,462	4,587
Money Market Funds [Member]
Classified as:
Total	2,075	6,414
Cost	2,075	6,414
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	2,075	6,414
Certificates of Deposit (Restricted) [Member]
Classified as:
Total	35	35
Cost	35	35
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	$ 35	35
U.S Government Agency Bonds [Member]
Classified as:
Total		650
Cost		650
Gross Unrealized Gains		0
Gross Unrealized Losses		0
Estimated Fair Value		$ 650

Fair Value of Financial Instr31

Fair Value of Financial Instruments - Schedule of Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Financial Assets:
Financial assets fair value	$ 2,075	$ 650
Money Market Funds [Member]
Financial Assets:
Financial assets fair value	2,075	6,414
U.S Government Agency Bonds [Member]
Financial Assets:
Financial assets fair value		7,064
Level I [Member]
Financial Assets:
Financial assets fair value	2,075	0
Level I [Member] | Money Market Funds [Member]
Financial Assets:
Financial assets fair value	2,075	6,414
Level I [Member] | U.S Government Agency Bonds [Member]
Financial Assets:
Financial assets fair value		6,414
Level II [Member]
Financial Assets:
Financial assets fair value	0	650
Level II [Member] | Money Market Funds [Member]
Financial Assets:
Financial assets fair value	0	0
Level II [Member] | U.S Government Agency Bonds [Member]
Financial Assets:
Financial assets fair value		650
Level III [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] | U.S Government Agency Bonds [Member]
Financial Assets:
Financial assets fair value		$ 0

Property and Equipment - Schedu

Property and Equipment - Schedule of Property and Equipment (Detail) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 30,185	$ 29,766
Less: accumulated depreciation	(25,775)	(25,614)
Property and equipment, net	4,410	4,152
Laboratory and Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,273	1,159
Manufacturing Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	10,433	10,387
Computer Equipment and Software [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	223	209
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	15,660	15,660
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 2,596	$ 2,351

Property and Equipment - Additi

Property and Equipment - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 194	$ 628

Debt Financing - Additional Inf

Debt Financing - Additional Information (Detail) - USD ($)	1 Months Ended	3 Months Ended
	Jun. 30, 2014	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017	Jun. 01, 2017
Debt Instrument [Line Items]
Interest expense		$ 200,000	$ 300,000
Senior Secured Term Loan with Hercules [Member]
Debt Instrument [Line Items]
Debt interest rate				7.95%
Senior Subordinated Notes [Member] | Senior Secured Term Loan with Hercules [Member]
Debt Instrument [Line Items]
Debt payment terms		equal installment payments of principal and interest are due monthly, with all outstanding amounts due and payable on December 1, 2018.
Debt face amount		$ 15,000,000
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 charge					$ 100,000
Debt prepayment penalty description		The Company may prepay all, but not less than all, of the Hercules Term Loan with no prepayment charge.
Additional debt end of term charge		$ 351,135
Debt interest rate		7.95%
Senior Subordinated Notes [Member] | Senior Secured Term Loan with Hercules [Member] | After June 23, 2017 [Member]
Debt Instrument [Line Items]
Prepayment penalty charge on outstanding principal after lock-in period	$ 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, 2018	Dec. 31, 2017
Debt
Principal amount	$ 4,790	$ 6,316
Less: unamortized debt issuance costs	(6)	(10)
unamortized fair value of free standing warrant	(10)	(18)
Plus: unamortized fair value debt premium	19	35
accrued terminal interest	334	320
accrued interest	33	44
Secured promissory note, net of unamortized debt issuance cost and premium, current portion	$ 5,160	$ 6,687

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($)	Jun. 06, 2017	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Other Commitments [Line Items]
Rental expense		$ 300,000	$ 200,000
Seventh Amendment to Lease Agreement [Member]
Other Commitments [Line Items]
Operating lease amendment description				Under the Seventh Amendment, the Company extended the term of the lease for the Company’s headquarters in Fremont, California through August 31, 2024, with an option to further extend the lease for an additional 65 months, subject to certain terms and conditions. The Company has agreed to pay a monthly base rent of $136,191 for the period commencing September 1, 2017, and ending on August 31, 2018, with an increase on September 1, 2018, and annual increases on September 1 of each subsequent year until the lease year beginning September 1, 2023. The Seventh Amendment also provides for rent abatements, subject to certain conditions, totaling $275,552 and certain tenant improvements to be completed at the Landlord’s expense (not to exceed $975,000 or, under certain conditions, $1,100,000). The Company will incur additional expense of approximately $0.4 million under the lease in connection with roof repairs that will be treated as additional rent and paid over the term of the lease.
Extended lease term	65 months
Monthly base rent payable	$ 136,191
Rent abatements	275,552
Tenant improvements	975,000
Tenant improvements under certain conditions	1,100,000
Additional expense incurred under operating lease	$ 400,000

Commitments and Contingencies37

Commitments and Contingencies - Schedule of Future Minimum Payments under Non-Cancellable Related Party Operating Lease (Detail) $ in Thousands	Mar. 31, 2018USD ($)
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
Operating lease future minimum payments due, remaining of 2018	$ 1,213
Operating lease future minimum payments due, 2019	1,754
Operating lease future minimum payments due, 2020	1,807
Operating lease future minimum payments due, 2021	1,861
Operating lease future minimum payments due, 2022	1,914
2023 and thereafter	3,310
Operating lease future minimum payments due	$ 11,859

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) $ / shares in Units, $ in Thousands	Jan. 25, 2018shares	Jan. 23, 2018shares	Oct. 20, 2017USD ($)$ / sharesshares	Mar. 22, 2017$ / sharesshares	Mar. 31, 2018USD ($)shares	Mar. 31, 2017USD ($)	Jan. 24, 2018shares	Jan. 22, 2018shares	Dec. 31, 2017shares
Class of Stock [Line Items]
Common stock, shares authorized	250,000,000	250,000,000			250,000,000		100,000,000	100,000,000	100,000,000
Reverse stock split, conversion ratio	0.05	0.05
Reverse stock split description		1-for-20			1-for-20
Common stock shares issued				977,500
Offering price per share | $ / shares				$ 30
Proceeds from issuance of stock | $					$ 0	$ 26,623
Equity warrants outstanding					199,524				199,524
Number of securities called by each warrant									1
Over-Allotment [Member]
Class of Stock [Line Items]
Common stock shares issued					127,500
Equity Lines of Credit [Member] | Lincoln Park Capital Fund Llc [Member]
Class of Stock [Line Items]
Common stock shares issued			11,375
Number of shares obligated to purchase | $			$ 35,000
Fair value of share | $ / shares			$ 15.30
Additional shares committed to issue			11,375
Equity Lines of Credit [Member] | Director [Member] | Lincoln Park Capital Fund Llc [Member]
Class of Stock [Line Items]
Shares reserved for future issuance			392,104

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Warrants Issued and Outstanding (Detail) - $ / shares	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Class of Warrant or Right [Line Items]
Warrants Exercised	0
Warrants Expired	0
Warrants Outstanding	199,524	199,524
Hercules - June 2014 [Member]
Class of Warrant or Right [Line Items]
Warrants Exercised	0
Warrants Expired	0
Warrants Outstanding	1,583	1,583
Exercise Price	$ 176.80
Expiration Date	Jan. 27, 2020
Hercules - June 2015 [Member]
Class of Warrant or Right [Line Items]
Warrants Exercised	0
Warrants Expired	0
Warrants Outstanding	2,035	2,035
Exercise Price	$ 147.40
Expiration Date	Jun. 23, 2020
Private Investment in Public Equity (PIPE) [Member] | Series B [Member]
Class of Warrant or Right [Line Items]
Warrants Exercised	0
Warrants Expired	0
Warrants Outstanding	195,906	195,906
Exercise Price	$ 31
Expiration Date	Aug. 19, 2021

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant	48,794	29,571
Stock option awards granted	6,000
Unrecognized stock-based compensation expense	$ 1
Weighted-average period of unrecognized stock-based compensation expense	2 years 8 months 12 days
New Employee [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	25.00%
Vesting term	Options vest at a rate of 25% of the shares on the first anniversary of the commencement of such employee’s employment with the Company, and then one forty-eighth (1/48) of the shares monthly thereafter subject to such employee’s continued service.
Non Employee Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option awards granted	6,000
Amended and Restated 2014 Equity and Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance	148,173
Options vested period	4 years
Shares available for grant	48,794
Amended and Restated 2014 Equity and Incentive Plan [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options grant period	10 years

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Option and Award Activity Excluding Inducement Grants (Detail) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)$ / sharesshares
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Aggregate Intrinsic Value, Exercisable | $	$ 0
Aggregate Intrinsic Value, Vested or expected to vest | $	$ 0
Shares Available for Grant, Beginning balance	29,571
Shares Available for Grant, Options reserved	25,223
Outstanding Number of Shares, Options granted	(6,000)
Shares Available for Grant, Ending balance	48,794
Outstanding Number of Shares, Beginning balance	99,029
Outstanding Number of Shares, Options granted	6,000
Outstanding Number of Shares, Ending balance	105,029
Outstanding Number of Shares, Exercisable	39,536
Outstanding Number of Shares, Restricted stock vested and released	100,081
Weighted-Average Exercise Price per Share, beginning balance | $ / shares	$ 25.33
Weighted-Average Exercise Price per Share, Options granted | $ / shares	10.60
Weighted-Average Exercise Price per Share, Ending balance | $ / shares	24.49
Weighted-Average Exercise Price per Share, Exercisable | $ / shares	34.13
Weighted-Average Exercise Price per Share, Vested or expected to vest | $ / shares	$ 24.84
Average Remaining Contractual Term	8 years 3 months 19 days
Average Remaining Contractual Term, Exercisable	7 years 1 month 24 days
Average Remaining Contractual Term, Vested or expected to vest	8 years 3 months 8 days

Stock-Based Compensation - Su42

Stock-Based Compensation - Summary of Company's Inducement Grant Stock Option Activities (Detail) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Available for Grant, Beginning balance	29,571
Outstanding Number of Shares, Options granted	6,000
Shares Available for Grant, Ending balance	48,794
Outstanding Number of Shares, Beginning balance	99,029
Outstanding Number of Shares, Options granted	6,000
Outstanding Number of Shares, Ending balance	105,029
Outstanding Number of Shares, Exercisable	39,536
Outstanding Number of Shares, Restricted stock vested and released	100,081
Weighted-Average Exercise Price per Share, beginning balance | $ / shares	$ 25.33
Weighted-Average Exercise Price per Share, Options granted | $ / shares	10.60
Weighted-Average Exercise Price per Share, Ending balance | $ / shares	24.49
Weighted-Average Exercise Price per Share, Exercisable | $ / shares	34.13
Weighted-Average Exercise Price per Share, Vested or expected to vest | $ / shares	$ 24.84
Remaining Contractual Term	8 years 3 months 19 days
Remaining Contractual Term, Exercisable	7 years 1 month 24 days
Remaining Contractual Term, Vested or expected to vest	8 years 3 months 8 days
Aggregate Intrinsic Value, Exercisable | $	$ 0
Aggregate Intrinsic Value, Vested or expected to vest | $	$ 0
Inducement Grant [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Available for Grant, Beginning balance	19,350
Outstanding Number of Shares, Options granted	0
Shares Available for Grant, Ending balance	19,350
Shares Available for Grant, Options exercised	0
Shares Available for Grant, Options Vested or expected to vest	0
Outstanding Number of Shares, Beginning balance	19,350
Outstanding Number of Shares, Options granted	0
Outstanding Number of Shares, Ending balance	19,350
Outstanding Number of Shares, Exercisable	5,860
Outstanding Number of Shares, Restricted stock vested and released	18,250
Weighted-Average Exercise Price per Share, beginning balance | $ / shares	$ 19.12
Weighted-Average Exercise Price per Share, Options granted | $ / shares	0
Weighted-Average Exercise Price per Share, Ending balance | $ / shares	19.12
Weighted-Average Exercise Price per Share, Exercisable | $ / shares	17.30
Weighted-Average Exercise Price per Share, Vested or expected to vest | $ / shares	$ 19.06
Remaining Contractual Term	8 years 8 months 1 day
Remaining Contractual Term, Exercisable	8 years 6 months 18 days
Remaining Contractual Term, Vested or expected to vest	8 years 8 months 1 day
Aggregate Intrinsic Value, Outstanding | $	$ 0
Aggregate Intrinsic Value, Exercisable | $	0
Aggregate Intrinsic Value, Vested or expected to vest | $	$ 0

Stock-Based Compensation - Su43

Stock-Based Compensation - Summary of Stock Options Outstanding and Exercisable within the Approved Stock Options Plans, Excludes Inducement Grants (Detail) - 2012 and 2014 Plan Excluding Inducement Grants [Member]	3 Months Ended
	Mar. 31, 2018$ / sharesshares
$10.60 - $10.60 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options Outstanding, Exercise Price, Minimum	$ 10.60
Options Outstanding, Exercise Price, Maximum	$ 10.60
Options Outstanding, Number of Shares | shares	6,000
Options Outstanding, Weighted Average Remaining Contractual Life (in years)	9 years 9 months 3 days
Options Outstanding, Weighted Average Exercise Price	$ 10.60
Options Exercisable, Number of Shares | shares	0
Options Exercisable,Weighted Average Exercise Price	$ 0
$11.40 - $11.40 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options Outstanding, Exercise Price, Minimum	11.40
Options Outstanding, Exercise Price, Maximum	$ 11.40
Options Outstanding, Number of Shares | shares	28,000
Options Outstanding, Weighted Average Remaining Contractual Life (in years)	8 years 7 months 2 days
Options Outstanding, Weighted Average Exercise Price	$ 11.40
Options Exercisable, Number of Shares | shares	12,333
Options Exercisable,Weighted Average Exercise Price	$ 11.40
$11.80 - $17.00 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options Outstanding, Exercise Price, Minimum	11.80
Options Outstanding, Exercise Price, Maximum	$ 17
Options Outstanding, Number of Shares | shares	29,230
Options Outstanding, Weighted Average Remaining Contractual Life (in years)	9 years 15 days
Options Outstanding, Weighted Average Exercise Price	$ 15.72
Options Exercisable, Number of Shares | shares	5,983
Options Exercisable,Weighted Average Exercise Price	$ 17
$19.80 - $28.00 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options Outstanding, Exercise Price, Minimum	19.80
Options Outstanding, Exercise Price, Maximum	$ 28
Options Outstanding, Number of Shares | shares	23,023
Options Outstanding, Weighted Average Remaining Contractual Life (in years)	7 years 8 months 5 days
Options Outstanding, Weighted Average Exercise Price	$ 22.09
Options Exercisable, Number of Shares | shares	7,336
Options Exercisable,Weighted Average Exercise Price	$ 26.68
$40.80 - $185.80 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options Outstanding, Exercise Price, Minimum	40.80
Options Outstanding, Exercise Price, Maximum	$ 185.80
Options Outstanding, Number of Shares | shares	18,776
Options Outstanding, Weighted Average Remaining Contractual Life (in years)	7 years 11 days
Options Outstanding, Weighted Average Exercise Price	$ 65.04
Options Exercisable, Number of Shares | shares	13,884
Options Exercisable,Weighted Average Exercise Price	$ 65.65

Stock-Based Compensation - Su44

Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	$ 139	$ 233
Research and Development [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	67	61
General and administrative [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	$ 72	$ 172

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 (Detail)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Dividend yield	0.00%	0.00%
Risk-free interest rate	2.46%	2.13%
Expected volatility	89.00%	89.00%
Expected term (years)	10 years	6 years 29 days

Subsequent Event - Additional I

Subsequent Event - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	Apr. 16, 2018	Apr. 03, 2018	Mar. 22, 2017	Mar. 31, 2018	Mar. 31, 2017
Subsequent Event [Line Items]
Common stock shares issued			977,500
Offering price per share			$ 30
Proceeds from issuance of stock				$ 0	$ 26,623
Subsequent Event [Member]
Subsequent Event [Line Items]
Common stock shares issued		10,000,000
Offering price per share		$ 5
Gross proceeds from issuance of stock		$ 50,000
Proceeds from issuance of stock		$ 45,700
Subsequent Event [Member] | Georgia Erbez [Member]
Subsequent Event [Line Items]
Percentage of unvested portion of equity awards at time of resignation	25.00%
Vesting description	Acceleration of vesting of her outstanding equity awards with respect to 25% of the unvested portion of such equity awards at the time of resignation.

Subsequent Events - Pro Forma I

Subsequent Events - Pro Forma Information Represents Effect of Public Offering on Balance Sheet (Detail) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017
Current assets:
Cash and cash equivalents	$ 3,537	$ 11,651	$ 37,341
Prepaid expenses and other current assets	1,970	1,742
Total current assets	5,507	13,393
Restricted cash	35	35	$ 35
Property and equipment, net	4,410	4,152
Other long-term assets	420	420
Total assets	10,372	18,000
Current liabilities:
Accounts payable	2,421	1,511
Accrued compensation	2,099	1,571
Secured promissory note, (including accrued interest), net of issuance costs	5,160	6,687
Other accrued liabilities	995	688
Total current liabilities	10,675	10,457
Deferred rent	716	495
Total liabilities	11,391	10,952
Commitments and contingencies (note 7)
Stockholders' (deficit) equity:
Preferred Stock, $0.0001 par value; 5,000,000 shares and none authorized; none issued and outstanding as of March 31, 2018	0	0
Common stock, $0.0001 par value; 250,000,000 shares authorized as of March 31, 2018 and 1,973,039 and 11,973,039 pro forma shares issued and outstanding as of March 31, 2018	0	0
Additional paid-in capital	233,061	232,922
Accumulated deficit	(234,080)	(225,874)
Stockholders' (deficit) equity	(1,019)	7,048
Total liabilities and stockholders' (deficit) equity	10,372	$ 18,000
Pro Forma [Member]
Current assets:
Cash and cash equivalents	49,172
Prepaid expenses and other current assets	1,352
Total current assets	50,524
Restricted cash	35
Property and equipment, net	4,410
Other long-term assets	420
Total assets	55,389
Current liabilities:
Accounts payable	2,421
Accrued compensation	2,099
Secured promissory note, (including accrued interest), net of issuance costs	5,160
Other accrued liabilities	995
Total current liabilities	10,675
Deferred rent	716
Total liabilities	11,391
Commitments and contingencies (note 7)
Stockholders' (deficit) equity:
Preferred Stock, $0.0001 par value; 5,000,000 shares and none authorized; none issued and outstanding as of March 31, 2018	0
Common stock, $0.0001 par value; 250,000,000 shares authorized as of March 31, 2018 and 1,973,039 and 11,973,039 pro forma shares issued and outstanding as of March 31, 2018	1
Additional paid-in capital	278,077
Accumulated deficit	(234,080)
Stockholders' (deficit) equity	43,998
Total liabilities and stockholders' (deficit) equity	$ 55,389

Subsequent Events - Pro Forma48

Subsequent Events - Pro Forma Information Represents Effect of Public Offering on Balance Sheet (Parenthetical) (Detail) - $ / shares	Mar. 31, 2018	Jan. 25, 2018	Jan. 24, 2018	Jan. 23, 2018	Jan. 22, 2018	Dec. 31, 2017
Condensed Financial Statements, Captions [Line Items]
Preferred stock, par value	$ 0.0001					$ 0.0001
Preferred stock, shares authorized	5,000,000					0
Preferred stock, shares issued	0					0
Preferred stock, shares outstanding	0					0
Common stock, par value	$ 0.0001			$ 0.0001	$ 0.0001	$ 0.0001
Common stock, shares authorized	250,000,000	250,000,000	100,000,000	250,000,000	100,000,000	100,000,000
Common stock, shares issued	1,973,039					1,973,039
Common stock, shares outstanding	1,973,039					1,973,039
Pro Forma [Member]
Condensed Financial Statements, Captions [Line Items]
Common stock, shares issued	11,973,039
Common stock, shares outstanding	11,973,039