Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 1-May-15 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | SAGE | |
Entity Registrant Name | Sage Therapeutics, Inc. | |
Entity Central Index Key | 1597553 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 28,366,696 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $113,162 | $127,766 |
Prepaid expenses and other current assets | 1,367 | 1,056 |
Total current assets | 114,529 | 128,822 |
Property and equipment, net | 269 | 163 |
Restricted cash | 39 | 39 |
Deferred tax assets | 641 | 641 |
Total assets | 115,478 | 129,665 |
Current liabilities: | ||
Accounts payable | 2,782 | 2,429 |
Accrued expenses | 5,522 | 4,687 |
Deferred tax liabilities | 641 | 641 |
Total current liabilities | 8,945 | 7,757 |
Other liabilities | 23 | 23 |
Total liabilities | 8,968 | 7,780 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred stock, $0.0001 par value; 5,000,000 shares authorized at March 31, 2015 and December 31, 2014, respectively; no shares issued or outstanding at March 31, 2015 and December 31, 2014, respectively | ||
Common stock, $0.0001 par value; 120,000,000 shares authorized at March 31, 2015 and December 31, 2014, respectively; 25,694,560 and 25,621,791 shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively | 3 | 3 |
Additional paid-in capital | 190,223 | 188,727 |
Accumulated deficit | -83,716 | -66,845 |
Total stockholders' equity | 106,510 | 121,885 |
Total liabilities and stockholders' equity | $115,478 | $129,665 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 120,000,000 | 120,000,000 |
Common stock, shares issued | 25,694,560 | 25,621,791 |
Common stock, shares outstanding | 25,694,560 | 25,621,791 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations and Comprehensive Loss (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Operating expenses: | ||
Research and development | $12,900 | $4,173 |
General and administrative | 3,997 | 1,617 |
Total operating expenses | 16,897 | 5,790 |
Loss from operations | -16,897 | -5,790 |
Interest income (expense), net | 21 | |
Other income (expense), net | 5 | |
Net loss and comprehensive loss | -16,871 | -5,790 |
Accretion of redeemable convertible preferred stock to redemption value | -326 | |
Net loss attributable to common stockholders | ($16,871) | ($6,116) |
Net loss per share attributable to common stockholders-basic and diluted | ($0.66) | ($3.70) |
Weighted average number of common shares used in net loss per share attributable to common stockholders-basic and diluted | 25,655,883 | 1,652,726 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash flows from operating activities | ||
Net loss | ($16,871) | ($5,790) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation expense | 1,349 | 160 |
Non-cash licensing and consulting fees | 424 | 127 |
Depreciation and amortization | 22 | 11 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | -134 | -52 |
Accounts payable | 343 | -471 |
Accrued expenses and other | 261 | 399 |
Net cash used in operating activities | -14,606 | -5,616 |
Cash flows from investing activities | ||
Purchase of property and equipment | -110 | -3 |
Net cash used in investing activities | -110 | -3 |
Cash flows from financing activities | ||
Proceeds from the issuance of common stock and restricted stock, net | 147 | 2 |
Payment of offering costs | -35 | |
Net cash provided by financing activities | 112 | 52,978 |
Net increase (decrease) in cash and cash equivalents | -14,604 | 47,359 |
Cash and cash equivalents at beginning of period | 127,766 | 8,066 |
Cash and cash equivalents at end of period | 113,162 | 55,425 |
Supplemental disclosure of non-cash investing and financing activities | ||
Accretion of redeemable convertible preferred stock to redemption value | 326 | |
Deferred public offering costs included in accounts payable or accrued expenses | 151 | 842 |
Series B Preferred Stock [Member] | ||
Cash flows from financing activities | ||
Proceeds from the issuance of preferred stock, net of issuance costs | 14,995 | |
Series C Preferred Stock [Member] | ||
Cash flows from financing activities | ||
Proceeds from the issuance of preferred stock, net of issuance costs | $37,981 |
Nature_of_the_Business
Nature of the Business | 3 Months Ended | |
Mar. 31, 2015 | ||
Accounting Policies [Abstract] | ||
Nature of the Business | 1 | Nature of the Business |
Sage Therapeutics, Inc. (“Sage” or the “Company”) is a biopharmaceutical company committed to developing and commercializing novel medicines to treat life-threatening, rare central nervous system (“CNS”) disorders, where there are inadequate or no approved existing therapies. The Company is targeting CNS indications where patient populations are easily identified, acute treatment is typically initiated in the hospital setting, clinical endpoints are well-defined, and development pathways are feasible. This focus allows the Company to make highly informed decisions when advancing its product candidates through the development process. The Company’s initial product candidates are aimed at treating different stages of status epilepticus, a life-threatening condition in which the brain is in a state of persistent seizure. | ||
The Company was incorporated under the laws of the state of Delaware on April 16, 2010 and commenced operations on January 19, 2011 as Sterogen Biopharma, Inc. On September 13, 2011, the Company changed its name to Sage Therapeutics, Inc. under its Second Amended and Restated Certificate of Incorporation. | ||
The Company is subject to risks and uncertainties common to early-stage companies in the biotech industry, including, but not limited to, development by competitors of new technological innovations, dependence on key personnel protection of proprietary technology, compliance with government regulations, and ability to secure additional capital to fund operations. | ||
We have incurred losses and negative cash flows from operations since our inception. As of March 31, 2015, we had an accumulated deficit of $83.7 million. From our inception through March 31, 2014, we raised aggregate net proceeds of $90.6 million from the issuance of Series A, Series B and Series C redeemable convertible preferred stock. In July 2014, we raised net proceeds of $94.0 million from the sale of common stock in our initial public offering. In April 2015, we raised net proceeds of approximately $129.2 million from the sale of common stock in our underwritten public offering. We believe our cash balance of $113.2 million as of March 31, 2015 will be sufficient to fund our anticipated level of operations for at least the next 12 months. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Accounting Policies [Abstract] | |||||
Summary of Significant Accounting Policies | 2 | Summary of Significant Accounting Policies | |||
Basis of Presentation | |||||
The unaudited interim consolidated financial statements of the Company included herein have been prepared, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted from this report, as is permitted by such rules and regulations. Accordingly, these consolidated financial statements should be read in conjunction with the consolidated financial statements as of and for the year ended December 31, 2014. | |||||
The unaudited interim consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements. In the opinion of the Company’s management, the accompanying unaudited interim consolidated financial statements contain all adjustments which are necessary to present fairly the Company’s financial position as of March 31, 2015, the results of its operations for the three months ended March 31, 2015 and 2014, and its cash flows for the three months ended March 31, 2015 and 2014. Such adjustments are of a normal and recurring nature. The results for the three months ended March 31, 2015 are not indicative of the results for the year ending December 31, 2015, or for any future period. | |||||
On July 23, 2014, the Company completed the sale of 5,750,000 shares of its common stock in its initial public offering (the “IPO”), at a price to the public of $18.00 per share, resulting in net proceeds to the Company of $94.0 million after deducting underwriting discounts and commissions and offering costs paid by the Company. The shares began trading on the Nasdaq Global Market on July 18, 2014. | |||||
In connection with preparing for the IPO, the Company’s board of directors and stockholders approved a 1-for-3.15 reverse stock split of the Company’s common stock effective July 2, 2014. All share and per share amounts in the unaudited consolidated financial statements contained herein and notes thereto have been retroactively adjusted, where necessary, to give effect to this reverse stock split. In connection with the closing of the IPO, all of the Company’s outstanding redeemable convertible preferred stock automatically converted into shares of common stock as of July 23, 2014, resulting in the issuance by the Company of an additional 18,007,575 shares of common stock. The significant increase in common stock outstanding in July 2014 will impact the year-over-year comparability of the Company’s net loss per share calculations over the next year. | |||||
On April 20, 2015, the Company completed the sale of 2,628,571 shares of common stock in its underwritten public offering of its common stock at a price to the public of $52.50 per share, resulting in net proceeds to the Company of approximately $129.2 million after deducting underwriting discounts and commissions and offering costs paid by the Company. | |||||
Principles of Consolidation | |||||
The consolidated financial statements include the accounts of the Company and its wholly owned subsidiary as disclosed in Note 2, Summary of Significant Accounting Policies, within the “Notes to Consolidated Financial Statements” accompanying its Annual Report on Form 10-K. Intercompany accounts and transactions have been eliminated. | |||||
Recently Issued Accounting Pronouncements | |||||
In May 2014, the Financial Accounting Standards Board (“FASB”), issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606), (“ASU 2014-09”). ASU 2014-09 outlines a new, single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. This new revenue recognition model provides a five-step analysis in determining when and how revenue is recognized. The new model will require revenue recognition to depict the transfer of promised goods or services to customers in an amount that reflects the consideration a company expects to receive in exchange for those goods or services. In April 2015, the FASB proposed a one year delay in the effective date of ASU 2014-09, which was originally effective for public entities for annual reporting periods beginning after December 15, 2016 and interim periods within those periods. Early adoption is not permitted. Companies may use either a full retrospective or a modified retrospective approach to adopt ASU 2014-09. The Company is currently assessing the method of adoption and the impact of this new accounting guidance will have on its consolidated financial statements and footnote disclosures. | |||||
In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements — Going Concern (Subtopic 205-40). The new guidance addresses management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. Management’s evaluation should be based on relevant conditions and events that are known and reasonably knowable at the date that the financial statements are issued. The standard will be effective for the first interim period within annual reporting periods beginning after December 15, 2016. Early adoption is permitted. The Company is evaluating the effect that this guidance will have on its consolidated financial statements. | |||||
In April 2015, the FASB issued guidance simplifying the presentation of debt issuance costs. To simplify presentation of debt issue costs, the amendments require that debt issue costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The guidance becomes effective for the Company in its year ending December 31, 2016, and early adoption is permitted. The Company is currently assessing the impact that this standard will have on its consolidated financial statements. | |||||
Use of Estimates | |||||
The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||
Fair Value Measurements | |||||
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three categories: | |||||
Level 1 | - | Quoted market prices in active markets for identical assets or liabilities. At March 31, 2015 and December 31, 2014, the Company’s Level 1 assets consisted of money market funds totaling $113,162 and $127,766 respectively. | |||
Level 2 | - | Observable inputs other than Level 1 prices, 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. At March 31, 2015 and December 31, 2014, the Company had no Level 2 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. At March 31, 2015 and December 31, 2014, the Company had no Level 3 assets or liabilities. | |||
The Company’s financial instruments generally consist of cash equivalents, accounts payable and accrued expenses. The carrying amounts for the applicable financial instruments reported in the balance sheets approximate their fair values at March 31, 2015 (unaudited) and December 31, 2014. | |||||
Deferred Offering Costs | |||||
The Company capitalizes certain legal, accounting and other third-party fees that are directly associated with in-process equity financings as other assets until such financings are consummated. After consummation of the equity financing in July 2014, $2,285 of these costs were recorded in stockholders’ equity (deficit) as a reduction of additional paid-in capital generated as a result of the initial public offering. As of March 31, 2015 and December 31, 2014, the Company had recorded $186 and $10, respectively, of deferred offering costs, which are included in prepaid expenses and other current assets in the accompanying consolidated balance sheet. These costs were in contemplation of the Company’s public offering of common stock which closed in April 2015. | |||||
Segment Data | |||||
The company manages its operations as a single segment for the purposes of assessing performance and making operating decisions. The Company’s singular focus is on advancing medicines to treat central nervous system disorders, where there are inadequate or no approved existing therapies, including status epilepticus. All tangible assets are held within the U.S. |
Accrued_Expenses
Accrued Expenses | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Text Block [Abstract] | |||||||||
Accrued Expenses | 3 | Accrued Expenses | |||||||
Accrued expenses consist of the following: | |||||||||
March 31, 2015 | December 31, 2014 | ||||||||
Employee-related expenses | $ | 619 | $ | 1,279 | |||||
Development costs | 4,290 | 2,788 | |||||||
Professional services | 432 | 574 | |||||||
Other accrued expenses | 181 | 46 | |||||||
$ | 5,522 | $ | 4,687 | ||||||
Commitments_and_contingencies
Commitments and contingencies | 3 Months Ended | |
Mar. 31, 2015 | ||
Commitments and Contingencies Disclosure [Abstract] | ||
Commitments and contingencies | 4 | Commitments and contingencies |
CyDex License Agreement | ||
In October 2011, the Company entered into a research and development license with CyDex Pharmaceuticals, Inc. (“CyDex”) for the development of drug product using licensed technology for a period of one year. Under the terms of the license agreement, the Company paid an initial licensing fee of $200 and an additional fee of $100 for CyDex to perform research and development services to evaluate the licensed technology for formulation with the Company’s developmental product. | ||
The $200 payment was recorded as research and development expense as the acquired technology was in-process research and development, and the $100 payment was recorded to research and development expense in 2011 and 2012 as services were performed. | ||
In December 2012, the Company exercised its option to enter into a commercial license and supply agreement for CyDex’s proprietary technology and paid $100 for the perpetual license, which was recorded as research and development expense. | ||
In August 2013, the Company entered into a commercial license agreement as a result of which the December 2012 license was terminated and the December 2012 supply agreement was amended. Specifically, CyDex granted the Company an exclusive license to the CyDex technology for use in the fields of status epilepticus and traumatic brain injury. In exchange, the Company is required to pay upfront, milestone and royalty-based compensation. In addition, CyDex granted the Company a research license to Captisol for allopregnanolone for use in proof of concept studies. The August 2013 agreement will continue in effect unless and until terminated. In consideration for the amended license rights, the Company paid $300. The Company is obligated to make milestone payments based on achievement of clinical development and regulatory milestones of $900 and $3,750, respectively. Also under this agreement, the Company is required to pay royalties in the low single digits based on levels of net sales. | ||
Under the amended supply agreement with CyDex, the Company is required to purchase all of its supply of Captisol from CyDex and CyDex is required to supply the Company with Captisol, subject to certain limitations. | ||
In April 2014, the Company amended its commercial license and supply agreements with CyDex to expand the fields of use to include the treatment, prevention or diagnosis of any disease or symptom in humans or animals. In consideration for the amended terms, the Company paid $200 upfront and is obligated to make milestone payments, once per field, based on the achievement of clinical development and regulatory milestones for the development of SAGE-547 in the fields of status epilepticus and traumatic brain injury of $750 and $3,750, respectively. For the development in two additional fields, the Company is obligated to make milestone payments, once per field, based on the achievement of clinical development and regulatory milestones of $1,250 and $8,500, respectively. | ||
In March 2015, a clinical development milestone was met for one of the programs. Accordingly, the Company recorded research and development expense for the three months ended March 31, 2015 of $250. | ||
In April 2015, an additional clinical development milestone was met for one of the programs. Accordingly, the Company will record research and development expense for the three months ended June 30, 2015 of $500. | ||
University of California License Agreement | ||
In October 2013, the Company entered into a non-exclusive license agreement with The Regents of the University of California whereby the Company was granted a non-exclusive license to certain clinical data and clinical material for use in the development and commercialization of biopharmaceutical products in the licensed field, including status epilepticus and post-partum depression. In May 2014, the license agreement was amended to add the treatment of essential tremor to the licensed field of use, materials and milestone fee provisions of the agreement. | ||
The Company will be required to pay clinical development milestones of up to $100 and pay royalties of less than 1% on net sales for a period of fifteen years following the sale of the first commercial product. | ||
The license will terminate on the earlier to occur of (i) 27 years after the effective date or (ii) 15 years after the last-derived product is first commercially sold. | ||
In March 2015, a clinical development milestone was met. Accordingly, the Company recorded research and development expenses for the three months ended March 31, 2015 totaling $75. | ||
Consulting Agreement | ||
In January 2014, the Company entered into a consulting agreement with a nonemployee advisor whereby the Company is obligated to make cash payments of up to $2,000 and to issue up to 126,984 shares of common stock upon attainment of certain clinical development and regulatory milestones. | ||
In January and March 2014, the first clinical development milestones for each of two programs included in the consulting agreement were met. Accordingly, the Company recorded research and development expense for the year ended December 31, 2014 of $177, comprised of $50 in cash and $127 related to the issuance of 15,872 shares of the Company’s common stock. | ||
In March 2015, the second clinical development milestone for one of the programs included in the consulting agreement was met. Accordingly, the Company recorded research and development expense for the three months ended March 31, 2015 of $574, comprised of $150 in cash and $424 related to the issuance of 7,936 shares of the Company’s common stock. | ||
In April 2015, the third clinical development milestone for one of the programs included in the consulting agreement was met. Accordingly, the Company will record research and development expense for the three months ended June 30, 2015 of $1,087, comprised of $300 in cash and $787 related to the issuance of 15,873 shares of the Company’s common stock. |
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Stock-Based Compensation | 5 | Stock-Based Compensation | |||||||||||||||
2014 Stock Option Plan | |||||||||||||||||
On July 2, 2014, the Company’s stockholders approved the 2014 Stock Option and Incentive Plan (the “2014 Stock Option Plan”), which became effective upon the completion of the IPO. The 2014 Stock Option Plan provides for the grant of restricted stock awards, incentive stock options, non-statutory stock options, among others. The 2014 Stock Option Plan replaced the Company’s 2011 Stock Option and Grant Plan (the “2011 Stock Option Plan”). The Company will grant no further stock options or other awards under the 2011 Stock Option Plan. Any options or awards outstanding under the 2011 Stock Option Plan remained outstanding and effective. As of March 31, 2015, the total number of shares reserved under all equity plans is 4,240,053 and the Company had 1,459,354 shares available for future issuance under such plans. | |||||||||||||||||
The 2014 Stock Option Plan provides for an annual increase, to be added on the first day of each fiscal year, by up to 4% of the Company’s issued and outstanding shares of common stock on the immediately preceding December 31. On January 1, 2015, 773,779 shares of common stock, representing 3% of the Company’s issued and outstanding shares of common stock as of December 31, 2014, were added to the 2014 Stock Option Plan. Such shares are included in the equity plan totals specified in the paragraph above. | |||||||||||||||||
2014 Employee Stock Purchase Plan | |||||||||||||||||
On July 2, 2014, the Company’s stockholders approved the 2014 Employee Stock Purchase Plan. A total of 282,000 shares of common stock were initially authorized for issuance under this plan. The 2014 Employee Stock Purchase Plan became effective upon the completion of the IPO. As of March 31, 2015, no shares have been issued under this plan. | |||||||||||||||||
Stock-Based Compensation | |||||||||||||||||
Terms of restricted stock awards and stock option agreements, including vesting requirements, are determined by the Compensation Committee of the Board of Directors or the Board of Directors, subject to the provisions of the applicable stock option plan. Options and restricted stock awards granted by the Company generally vest based on the grantee’s continued service with the Company during a specified period following grant. Awards generally vest ratably over four years, with a 25% cliff vesting at the one year anniversary for new employee awards. During 2013, the Company also granted a pool of option awards which vest ratably over one year. During the three months ended March 31, 2015, the Company granted options to purchase 497,100 shares of common stock to employees, which contain performance-based vesting criteria. Performance-based vesting criteria for these options primarily relate to milestone events specific to the Company’s corporate goals, including but not limited to certain clinical and regulatory development milestones related to the Company’s product candidates. Recognition of stock-based compensation expense associated with these performance-based stock options commences when the performance condition is considered probable of achievement using management’s best estimates. As of March 31, 2015, no performance-based milestones had been achieved, achievement of the milestones was not deemed probable and no expense has been recognized related to these awards. | |||||||||||||||||
All awards are exercisable from the date of grant for a period of ten years. | |||||||||||||||||
The stock-based compensation expense recognized during the three months ended March 31, 2015 and 2014 was as follows: | |||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Stock compensation expense: | |||||||||||||||||
Research and development | $ | 523 | $ | 106 | |||||||||||||
General and administrative | 826 | 54 | |||||||||||||||
$ | 1,349 | $ | 160 | ||||||||||||||
For stock option awards, the fair value of the options is estimated at the grant date using the Black-Scholes option-pricing model, taking into account the terms and conditions upon which options are granted. The fair value of the options is amortized on a straight-line basis over the requisite service period of the awards. The weighted average grant date exercise price per share relating to outstanding stock options granted under the Company’s stock option plans during the three months ended March 31, 2015 and 2014 was $38.28 and $4.64, respectively. The weighted average Black-Scholes value per share relating to outstanding stock options granted under the Company’s stock option plans during the three months ended March 31, 2015 was $28.76. | |||||||||||||||||
The fair value of each option granted to employees and directors during the three months ended March 31, 2015 and 2014 under the Company’s stock option plans has been calculated on the date of grant using the following weighted average assumptions: | |||||||||||||||||
Black-Scholes Assumptions: | |||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||
31-Mar-15 | 31-Mar-14 | ||||||||||||||||
Expected dividend yield | 0 | % | 0 | % | |||||||||||||
Expected volatility | 93 | % | 99.85 | % | |||||||||||||
Risk free interest rate | 1.46 | % | 1.98 | % | |||||||||||||
Expected term | 5.89 years | 5.98 years | |||||||||||||||
Expected dividend yield: The Company has not paid and does not anticipate paying any dividends in the foreseeable future. | |||||||||||||||||
Risk-free interest rate: The Company determined the risk-free interest rate by using a weighted average equivalent to the expected term based on the U.S. Treasury yield curve in effect as of the date of grant. | |||||||||||||||||
Expected volatility: As the Company has only been a public company since July 2014, there is not sufficient historical volatility for the expected term of the options. Therefore, the Company used an average historical share price volatility based on an analysis of reported data for a peer group of comparable companies. | |||||||||||||||||
Expected term (in years): Expected term represents the period that the Company’s share option grants are expected to be outstanding. As the Company has only been a public company since July 2014, there is not sufficient historical term data to calculate the expected term of the options. Therefore, the Company elected to utilize the “simplified” method to estimate the expected term of option grants issued to employees. Under this approach, the weighted average expected life is presumed to be the average of the vesting term and the contractual term of the option. | |||||||||||||||||
Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from estimates. The Company estimates forfeitures based on historical termination behavior. For the three months ended March 31, 2015 and 2014, a forfeiture rate of 10% was applied. | |||||||||||||||||
For options granted to nonemployees, the expected life of the option used is ten years, which is the contractual term of each such option. All other assumptions used to calculate the grant date fair value are generally consistent with the assumptions used for options granted to employees. | |||||||||||||||||
The table below summarizes activity related to stock options: | |||||||||||||||||
Shares | Weighted-Average | Weighted-Average | Aggregate Intrinsic | ||||||||||||||
Exercise Price | Remaining Life | Value | |||||||||||||||
(in years) | |||||||||||||||||
Outstanding as of December 31, 2014 | 1,996,615 | $ | 7.01 | 8.98 | $ | 59,362 | |||||||||||
Granted | 904,475 | 38.28 | |||||||||||||||
Exercised | (39,594 | ) | 3.72 | 1,756 | |||||||||||||
Forfeited | (80,797 | ) | 26.01 | 1,595 | |||||||||||||
Outstanding as of March 31, 2015 | 2,780,699 | $ | 16.67 | 9.07 | $ | 93,152 | |||||||||||
Vested or expected to vest as of March 31, 2015 | 2,462,001 | $ | 15.89 | 9.04 | $ | 84,546 | |||||||||||
Exercisable as of March 31, 2015 | 458,113 | $ | 1.06 | 8.44 | $ | 22,370 | |||||||||||
As of March 31, 2015, the Company had unrecognized stock-based compensation expense related to its unvested stock option awards of $17,223, which is expected to be recognized over the remaining weighted average vesting period of 3.01 years. The total fair value of shares vested for the three months ended March 31, 2015 and 2014 was $380 and 81, respectively. During the three months ended March 31, 2015 and 2014, stock option exercises resulted in proceeds of $147 and $2, respectively. The intrinsic value of stock options exercised during the three months ended March 31, 2015 and 2014 was $1,756 and $30, respectively. | |||||||||||||||||
Restricted Stock Awards | |||||||||||||||||
The Company granted restricted stock awards to certain officers, employees, directors, and consultants of the Company. During the three months ended March 31, 2015 and 2014, the Company recorded $82 and $22, respectively, of stock-based compensation expense related to its restricted stock. | |||||||||||||||||
The table below summarizes activity relating to restricted stock: | |||||||||||||||||
Shares | Weighted Average | ||||||||||||||||
Grant Date Fair | |||||||||||||||||
Value Per Share | |||||||||||||||||
Outstanding as of December 31, 2014 | 170,832 | $ | — | ||||||||||||||
Issued | — | — | |||||||||||||||
Vested | (33,175 | ) | — | ||||||||||||||
Forfeited | — | — | |||||||||||||||
Repurchased | — | — | |||||||||||||||
Outstanding as of March 31, 2015 | 137,657 | — | |||||||||||||||
As of March 31, 2015 and 2014, the Company had unrecognized stock-based compensation expense related to its unvested restricted stock awards of $266 and $123, respectively, which is expected to be recognized over the remaining weighted average vesting period of 0.91 years and 1.9 years, respectively. | |||||||||||||||||
Unvested shares are subject to repurchase by the Company, at the issuance price, upon the employee’s termination at the Company’s sole discretion. No shares of restricted stock were repurchased in the three months ended March 31, 2015. |
Net_Loss_Per_Share
Net Loss Per Share | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Net Loss Per Share | 6 | Net Loss Per Share | |||||||
Basic and diluted net loss per share attributable to common stockholders was calculated as follows for the three months ended March 31, 2015 and 2014: | |||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Basic net loss per share attributable to common stockholders: | |||||||||
Numerator: | |||||||||
Net loss | $ | (16,871 | ) | $ | (6,116 | ) | |||
Denominator: | |||||||||
Weighted average common shares outstanding—basic | 25,655,883 | 1,652,726 | |||||||
Dilutive effect of common share equivalents resulting from common share options and preferred common shares (as converted) | — | — | |||||||
Weighted average common shares outstanding—diluted | 25,655,883 | 1,652,726 | |||||||
Net loss per share attributable to common stockholders—basic and diluted | $ | (0.66 | ) | $ | (3.70 | ) | |||
The following common stock equivalents outstanding as of March 31, 2015 and 2014 were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been anti-dilutive: | |||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Options to purchase common stock | 1,736,871 | 1,269,418 | |||||||
Restricted stock | 137,184 | 268,960 | |||||||
Redeemable convertible preferred stock (presented on a weighted average basis) | — | 15,121,600 | |||||||
1,874,055 | 16,659,978 | ||||||||
Income_Taxes
Income Taxes | 3 Months Ended | |
Mar. 31, 2015 | ||
Income Tax Disclosure [Abstract] | ||
Income Taxes | 7 | Income Taxes |
The Company did not record a federal or state income tax benefit for the Company’s losses for the three months ended March 31, 2015 and 2014 due to the Company’s conclusion that a valuation allowance is required. |
Related_Party_Transactions
Related Party Transactions | 3 Months Ended | |
Mar. 31, 2015 | ||
Related Party Transactions [Abstract] | ||
Related Party Transactions | 8 | Related Party Transactions |
Since inception, the Company has received consulting and management services from Third Rock Ventures LLC, which through its affiliates, owns 37.8% of the Company’s common stock at March 31, 2015. The Company incurred $8 and $99 for these services during the three months ended March 31, 2015 and 2014, respectively. At March 31, 2015, the Company owed Third Rock Ventures LLC $4, which is included in accounts payable. At December 31, 2014, the Company owed Third Rock Ventures LLC $5, which is included in accrued expenses. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Accounting Policies [Abstract] | |||||
Basis of Presentation | Basis of Presentation | ||||
The unaudited interim consolidated financial statements of the Company included herein have been prepared, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted from this report, as is permitted by such rules and regulations. Accordingly, these consolidated financial statements should be read in conjunction with the consolidated financial statements as of and for the year ended December 31, 2014. | |||||
The unaudited interim consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements. In the opinion of the Company’s management, the accompanying unaudited interim consolidated financial statements contain all adjustments which are necessary to present fairly the Company’s financial position as of March 31, 2015, the results of its operations for the three months ended March 31, 2015 and 2014, and its cash flows for the three months ended March 31, 2015 and 2014. Such adjustments are of a normal and recurring nature. The results for the three months ended March 31, 2015 are not indicative of the results for the year ending December 31, 2015, or for any future period. | |||||
On July 23, 2014, the Company completed the sale of 5,750,000 shares of its common stock in its initial public offering (the “IPO”), at a price to the public of $18.00 per share, resulting in net proceeds to the Company of $94.0 million after deducting underwriting discounts and commissions and offering costs paid by the Company. The shares began trading on the Nasdaq Global Market on July 18, 2014. | |||||
In connection with preparing for the IPO, the Company’s board of directors and stockholders approved a 1-for-3.15 reverse stock split of the Company’s common stock effective July 2, 2014. All share and per share amounts in the unaudited consolidated financial statements contained herein and notes thereto have been retroactively adjusted, where necessary, to give effect to this reverse stock split. In connection with the closing of the IPO, all of the Company’s outstanding redeemable convertible preferred stock automatically converted into shares of common stock as of July 23, 2014, resulting in the issuance by the Company of an additional 18,007,575 shares of common stock. The significant increase in common stock outstanding in July 2014 will impact the year-over-year comparability of the Company’s net loss per share calculations over the next year. | |||||
On April 20, 2015, the Company completed the sale of 2,628,571 shares of common stock in its underwritten public offering of its common stock at a price to the public of $52.50 per share, resulting in net proceeds to the Company of approximately $129.2 million after deducting underwriting discounts and commissions and offering costs paid by the Company. | |||||
Principles of Consolidation | Principles of Consolidation | ||||
The consolidated financial statements include the accounts of the Company and its wholly owned subsidiary as disclosed in Note 2, Summary of Significant Accounting Policies, within the “Notes to Consolidated Financial Statements” accompanying its Annual Report on Form 10-K. Intercompany accounts and transactions have been eliminated. | |||||
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements | ||||
In May 2014, the Financial Accounting Standards Board (“FASB”), issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606), (“ASU 2014-09”). ASU 2014-09 outlines a new, single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. This new revenue recognition model provides a five-step analysis in determining when and how revenue is recognized. The new model will require revenue recognition to depict the transfer of promised goods or services to customers in an amount that reflects the consideration a company expects to receive in exchange for those goods or services. In April 2015, the FASB proposed a one year delay in the effective date of ASU 2014-09, which was originally effective for public entities for annual reporting periods beginning after December 15, 2016 and interim periods within those periods. Early adoption is not permitted. Companies may use either a full retrospective or a modified retrospective approach to adopt ASU 2014-09. The Company is currently assessing the method of adoption and the impact of this new accounting guidance will have on its consolidated financial statements and footnote disclosures. | |||||
In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements — Going Concern (Subtopic 205-40). The new guidance addresses management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. Management’s evaluation should be based on relevant conditions and events that are known and reasonably knowable at the date that the financial statements are issued. The standard will be effective for the first interim period within annual reporting periods beginning after December 15, 2016. Early adoption is permitted. The Company is evaluating the effect that this guidance will have on its consolidated financial statements. | |||||
In April 2015, the FASB issued guidance simplifying the presentation of debt issuance costs. To simplify presentation of debt issue costs, the amendments require that debt issue costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The guidance becomes effective for the Company in its year ending December 31, 2016, and early adoption is permitted. The Company is currently assessing the impact that this standard will have on its consolidated financial statements. | |||||
Use of Estimates | Use of Estimates | ||||
The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||
Fair Value Measurements | Fair Value Measurements | ||||
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three categories: | |||||
Level 1 | - | Quoted market prices in active markets for identical assets or liabilities. At March 31, 2015 and December 31, 2014, the Company’s Level 1 assets consisted of money market funds totaling $113,162 and $127,766 respectively. | |||
Level 2 | - | Observable inputs other than Level 1 prices, 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. At March 31, 2015 and December 31, 2014, the Company had no Level 2 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. At March 31, 2015 and December 31, 2014, the Company had no Level 3 assets or liabilities. | |||
The Company’s financial instruments generally consist of cash equivalents, accounts payable and accrued expenses. The carrying amounts for the applicable financial instruments reported in the balance sheets approximate their fair values at March 31, 2015 (unaudited) and December 31, 2014. | |||||
Deferred Offering Costs | Deferred Offering Costs | ||||
The Company capitalizes certain legal, accounting and other third-party fees that are directly associated with in-process equity financings as other assets until such financings are consummated. After consummation of the equity financing in July 2014, $2,285 of these costs were recorded in stockholders’ equity (deficit) as a reduction of additional paid-in capital generated as a result of the initial public offering. As of March 31, 2015 and December 31, 2014, the Company had recorded $186 and $10, respectively, of deferred offering costs, which are included in prepaid expenses and other current assets in the accompanying consolidated balance sheet. These costs were in contemplation of the Company’s public offering of common stock which closed in April 2015. | |||||
Segment Data | Segment Data | ||||
The company manages its operations as a single segment for the purposes of assessing performance and making operating decisions. The Company’s singular focus is on advancing medicines to treat central nervous system disorders, where there are inadequate or no approved existing therapies, including status epilepticus. All tangible assets are held within the U.S. |
Accrued_Expenses_Tables
Accrued Expenses (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Text Block [Abstract] | |||||||||
Summary of Accrued Expenses | Accrued expenses consist of the following: | ||||||||
March 31, 2015 | December 31, 2014 | ||||||||
Employee-related expenses | $ | 619 | $ | 1,279 | |||||
Development costs | 4,290 | 2,788 | |||||||
Professional services | 432 | 574 | |||||||
Other accrued expenses | 181 | 46 | |||||||
$ | 5,522 | $ | 4,687 | ||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Summary of Recognized Stock-Based Compensation Expense | The stock-based compensation expense recognized during the three months ended March 31, 2015 and 2014 was as follows: | ||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Stock compensation expense: | |||||||||||||||||
Research and development | $ | 523 | $ | 106 | |||||||||||||
General and administrative | 826 | 54 | |||||||||||||||
$ | 1,349 | $ | 160 | ||||||||||||||
Summary of Weighted Average Assumptions Used to Compute Fair Value of Option Granted | The fair value of each option granted to employees and directors during the three months ended March 31, 2015 and 2014 under the Company’s stock option plans has been calculated on the date of grant using the following weighted average assumptions: | ||||||||||||||||
Black-Scholes Assumptions: | |||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||
31-Mar-15 | 31-Mar-14 | ||||||||||||||||
Expected dividend yield | 0 | % | 0 | % | |||||||||||||
Expected volatility | 93 | % | 99.85 | % | |||||||||||||
Risk free interest rate | 1.46 | % | 1.98 | % | |||||||||||||
Expected term | 5.89 years | 5.98 years | |||||||||||||||
Summary of Activity Relating to Stock Options | The table below summarizes activity related to stock options: | ||||||||||||||||
Shares | Weighted-Average | Weighted-Average | Aggregate Intrinsic | ||||||||||||||
Exercise Price | Remaining Life | Value | |||||||||||||||
(in years) | |||||||||||||||||
Outstanding as of December 31, 2014 | 1,996,615 | $ | 7.01 | 8.98 | $ | 59,362 | |||||||||||
Granted | 904,475 | 38.28 | |||||||||||||||
Exercised | (39,594 | ) | 3.72 | 1,756 | |||||||||||||
Forfeited | (80,797 | ) | 26.01 | 1,595 | |||||||||||||
Outstanding as of March 31, 2015 | 2,780,699 | $ | 16.67 | 9.07 | $ | 93,152 | |||||||||||
Vested or expected to vest as of March 31, 2015 | 2,462,001 | $ | 15.89 | 9.04 | $ | 84,546 | |||||||||||
Exercisable as of March 31, 2015 | 458,113 | $ | 1.06 | 8.44 | $ | 22,370 | |||||||||||
Summary of Activity Relating to Restricted Stock | The table below summarizes activity relating to restricted stock: | ||||||||||||||||
Shares | Weighted Average | ||||||||||||||||
Grant Date Fair | |||||||||||||||||
Value Per Share | |||||||||||||||||
Outstanding as of December 31, 2014 | 170,832 | $ | — | ||||||||||||||
Issued | — | — | |||||||||||||||
Vested | (33,175 | ) | — | ||||||||||||||
Forfeited | — | — | |||||||||||||||
Repurchased | — | — | |||||||||||||||
Outstanding as of March 31, 2015 | 137,657 | — | |||||||||||||||
Net_Loss_Per_Share_Tables
Net Loss Per Share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Summary of Basic and Diluted Net Income (Loss) Per Share Attributable to Common Stockholders | Basic and diluted net loss per share attributable to common stockholders was calculated as follows for the three months ended March 31, 2015 and 2014: | ||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Basic net loss per share attributable to common stockholders: | |||||||||
Numerator: | |||||||||
Net loss | $ | (16,871 | ) | $ | (6,116 | ) | |||
Denominator: | |||||||||
Weighted average common shares outstanding—basic | 25,655,883 | 1,652,726 | |||||||
Dilutive effect of common share equivalents resulting from common share options and preferred common shares (as converted) | — | — | |||||||
Weighted average common shares outstanding—diluted | 25,655,883 | 1,652,726 | |||||||
Net loss per share attributable to common stockholders—basic and diluted | $ | (0.66 | ) | $ | (3.70 | ) | |||
Summary of Common Stock Equivalents Outstanding | The following common stock equivalents outstanding as of March 31, 2015 and 2014 were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been anti-dilutive: | ||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Options to purchase common stock | 1,736,871 | 1,269,418 | |||||||
Restricted stock | 137,184 | 268,960 | |||||||
Redeemable convertible preferred stock (presented on a weighted average basis) | — | 15,121,600 | |||||||
1,874,055 | 16,659,978 | ||||||||
Nature_of_the_Business_Additio
Nature of the Business - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 0 Months Ended | 1 Months Ended | |||
Jul. 31, 2014 | Mar. 31, 2015 | Apr. 20, 2015 | Apr. 30, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | |
Nature Of Business [Line Items] | |||||||
Accumulated deficit | ($83,716,000) | ($66,845,000) | |||||
Net proceeds from sale of common stock | 94,000,000 | ||||||
Cash balance | 113,162,000 | 127,766,000 | 55,425,000 | 8,066,000 | |||
Redeemable Convertible Preferred Stock [Member] | |||||||
Nature Of Business [Line Items] | |||||||
Convertible preferred stock proceeds raised | 90,600,000 | ||||||
Subsequent Events [Member] | Underwritten Public Offering [Member] | |||||||
Nature Of Business [Line Items] | |||||||
Proceeds from underwritten initial public offering of common stock, net proceeds | $129,200,000 | $129,200,000 |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 0 Months Ended | 1 Months Ended | 3 Months Ended | 0 Months Ended | 1 Months Ended | ||
Jul. 23, 2014 | Jul. 02, 2014 | Jul. 31, 2014 | Mar. 31, 2015 | Apr. 20, 2015 | Apr. 30, 2015 | Dec. 31, 2014 | |
Summary Of Significant Accounting Policies [Line Items] | |||||||
Proceeds from initial public offering of common stock, net of commissions and underwriting discounts | $94,000,000 | ||||||
Reverse stock split description | In connection with preparing for the IPO, the Company's board of directors and stockholders approved a 1-for-3.15 reverse stock split of the Company's common stock | ||||||
Reverse stock split effective date | 2-Jul-14 | ||||||
Reverse stock split ratio | 0.3175 | ||||||
Issuance of additional shares of common stock upon conversion | 18,007,575 | ||||||
Payment of offering costs | 2,285,000 | 35,000 | |||||
Deferred offering cots | 186,000 | 10,000 | |||||
Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Assets fair value | 113,162,000 | 127,766,000 | |||||
Fair Value, Inputs, Level 2 [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Assets fair value | 0 | 0 | |||||
Liabilities fair value | 0 | 0 | |||||
Fair Value, Inputs, Level 3 [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Assets fair value | 0 | 0 | |||||
Liabilities fair value | 0 | 0 | |||||
Initial Public Offering [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Issuance of common stock, shares | 5,750,000 | ||||||
Common stock price per share | 18 | ||||||
Proceeds from initial public offering of common stock, net of commissions and underwriting discounts | 94,000,000 | ||||||
Underwritten Public Offering [Member] | Subsequent Events [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Issuance of common stock, shares | 2,628,571 | ||||||
Common stock price per share | $52.50 | ||||||
Proceeds from underwritten initial public offering of common stock, net proceeds | $129,200,000 | $129,200,000 |
Accrued_Expenses_Summary_of_Ac
Accrued Expenses - Summary of Accrued Expenses (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Abstract] | ||
Employee related expenses | $619 | $1,279 |
Development costs | 4,290 | 2,788 |
Professional services | 432 | 574 |
Other accrued expenses | 181 | 46 |
Total accrued expenses | $5,522 | $4,687 |
Commitments_and_contingencies_
Commitments and contingencies - Additional Information (Detail) (USD $) | 3 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Jun. 30, 2015 | Jan. 31, 2014 | Dec. 31, 2014 | Oct. 31, 2011 | Dec. 31, 2012 | Aug. 31, 2013 | Apr. 30, 2014 | Oct. 31, 2013 |
Commitments And Contingencies [Line Items] | ||||||||||
Research and development expense | $12,900 | $4,173 | ||||||||
Clinical Development [Member] | ||||||||||
Commitments And Contingencies [Line Items] | ||||||||||
Research and development expense | 250 | |||||||||
Clinical Development [Member] | Scenario, Forecast [Member] | ||||||||||
Commitments And Contingencies [Line Items] | ||||||||||
Research and development expense | 500 | |||||||||
University of California License Agreement [Member] | ||||||||||
Commitments And Contingencies [Line Items] | ||||||||||
License payment description | The Company will be required to pay clinical development milestones of up to $100 and pay royalties of less than 1% on net sales for a period of fifteen years following the sale of the first commercial product. | |||||||||
Percentage of net sales | 1.00% | |||||||||
University of California License Agreement [Member] | Maximum [Member] | ||||||||||
Commitments And Contingencies [Line Items] | ||||||||||
Licenses Expiration period | 27 years | |||||||||
University of California License Agreement [Member] | Minimum [Member] | ||||||||||
Commitments And Contingencies [Line Items] | ||||||||||
Licenses Expiration period | 15 years | |||||||||
University of California License Agreement [Member] | Clinical Development [Member] | ||||||||||
Commitments And Contingencies [Line Items] | ||||||||||
Research and development expense | 75 | |||||||||
Expected milestone payments | 100 | |||||||||
Consulting Agreement [Member] | Clinical Development And Regulatory Milestones [Member] | ||||||||||
Commitments And Contingencies [Line Items] | ||||||||||
Milestone payment | 2,000 | |||||||||
Issuance of common stock, shares | 126,984 | |||||||||
Consulting Agreement [Member] | First Clinical Development Milestones [Member] | ||||||||||
Commitments And Contingencies [Line Items] | ||||||||||
Research and development expense | 177 | |||||||||
Issuance of common stock, shares | 15,872 | |||||||||
Milestone payments | 50 | |||||||||
Payments of common stock issuance costs | 127 | |||||||||
Consulting Agreement [Member] | Second Clinical Development Milestones [Member] | ||||||||||
Commitments And Contingencies [Line Items] | ||||||||||
Research and development expense | 574 | |||||||||
Issuance of common stock, shares | 7,936 | |||||||||
Milestone payments | 150 | |||||||||
Payments of common stock issuance costs | 424 | |||||||||
Consulting Agreement [Member] | Third Clinical Development Milestones [Member] | Scenario, Forecast [Member] | ||||||||||
Commitments And Contingencies [Line Items] | ||||||||||
Research and development expense | 1,087 | |||||||||
Issuance of common stock, shares | 15,873 | |||||||||
Milestone payments | 300 | |||||||||
Payments of common stock issuance costs | 787 | |||||||||
CyDex License Agreement [Member] | ||||||||||
Commitments And Contingencies [Line Items] | ||||||||||
License agreement term | 1 year | |||||||||
Initial licensing fee | 200 | |||||||||
Additional license fee | 100 | |||||||||
Research and development expense | 200 | 100 | ||||||||
Commercial License and Supply Agreements [Member] | Research and Development [Member] | ||||||||||
Commitments And Contingencies [Line Items] | ||||||||||
Perpetual license fee | 100 | |||||||||
License Agreement Terms [Member] | ||||||||||
Commitments And Contingencies [Line Items] | ||||||||||
Upfront payment | 300 | |||||||||
License Agreement Terms [Member] | Clinical Development [Member] | ||||||||||
Commitments And Contingencies [Line Items] | ||||||||||
Expected milestone payments | 900 | |||||||||
License Agreement Terms [Member] | Regulatory Milestones [Member] | ||||||||||
Commitments And Contingencies [Line Items] | ||||||||||
Expected milestone payments | 3,750 | |||||||||
Amended and Restated License Agreement [Member] | ||||||||||
Commitments And Contingencies [Line Items] | ||||||||||
Upfront payment | 200 | |||||||||
Amended and Restated License Agreement [Member] | Clinical Development [Member] | ||||||||||
Commitments And Contingencies [Line Items] | ||||||||||
Expected milestone payments | 1,250 | |||||||||
Amended and Restated License Agreement [Member] | Clinical Development And Regulatory Milestones [Member] | ||||||||||
Commitments And Contingencies [Line Items] | ||||||||||
Expected milestone payments | 750 | 3,750 | ||||||||
Amended and Restated License Agreement [Member] | Regulatory Milestones [Member] | ||||||||||
Commitments And Contingencies [Line Items] | ||||||||||
Expected milestone payments | $8,500 |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2013 | Jan. 01, 2015 | Jul. 02, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation expense | $1,349,000 | $160,000 | |||
Share option, forfeiture rate | 10.00% | 10.00% | |||
Contractual term, option | 10 years | ||||
2014 Employee Stock Purchase Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares authorized under the plan | 282,000 | ||||
Number of shares issued under the plan | 0 | ||||
Share based compensation granted under plan vest period | 4 years | 1 year | |||
Share based compensation, vest period | 1 year | ||||
Share based compensation, vesting percentage | 25.00% | ||||
Share based compensation, term of plan | 10 years | ||||
Weighted average grant date fair value per share | $38.28 | $4.64 | |||
2014 Employee Stock Purchase Plan [Member] | Black Scholes Stock Price Valuation Model [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Weighted average grant date fair value per share | $28.76 | ||||
2014 Stock Option Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total number of shares reserved under equity plan | 4,240,053 | ||||
Number of shares available for future issuance under the plan | 1,459,354 | ||||
Percentage of increase on issued and outstanding shares of Common stock | 3.00% | ||||
Common stock available for issuance under 2014 Stock Option Plan | 773,779 | ||||
2014 Stock Option Plan [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Percentage of increase on issued and outstanding shares of Common stock | 4.00% | ||||
2011 Stock Option Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock option grant | 0 | ||||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation expense | 82,000 | 22,000 | |||
Unrecognized stock-based compensation expense | 266,000 | 123,000 | |||
Weighted average period of unrecognized compensation costs | 10 months 28 days | 1 year 10 months 24 days | |||
Stock repurchased, shares | 0 | ||||
Stock Options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock option grant | 904,475 | ||||
Unrecognized stock-based compensation expense | 17,223,000 | ||||
Weighted average period of unrecognized compensation costs | 3 years 4 days | ||||
Total fair value of shares vested | 380,000 | 81,000 | |||
Proceeds from stock options exercised | 147,000 | 2,000 | |||
Intrinsic value of options exercised | 1,756,000 | 30,000 | |||
Performance Milestone [Member] | 2014 Stock Option Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares authorized under the plan | 497,100 | ||||
Stock-based compensation expense | $0 |
StockBased_Compensation_Summar
Stock-Based Compensation - Summary of Recognized Stock-Based Compensation Expense (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total Stock-based compensation expense | $1,349,000 | $160,000 |
Research and Development [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total Stock-based compensation expense | 523,000 | 106,000 |
General and Administrative [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total Stock-based compensation expense | $826,000 | $54,000 |
StockBased_Compensation_Summar1
Stock-Based Compensation - Summary of Weighted Average Assumptions Used to Compute Fair Value of Option Granted (Detail) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Expected dividend yield | 0.00% | 0.00% |
Expected volatility | 93.00% | 99.85% |
Risk free interest rate | 1.46% | 1.98% |
Expected term | 5 years 10 months 21 days | 5 years 11 months 23 days |
StockBased_Compensation_Summar2
Stock-Based Compensation - Summary of Activity Relating to Stock Options (Detail) (Stock Options [Member], USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Beginning balance, Shares-Stock options | 1,996,615 | ||
Granted, Shares-Stock options | 904,475 | ||
Exercised, Shares-Stock options | -39,594 | ||
Forfeited, Shares-Stock options | -80,797 | ||
Ending balance, Outstanding Shares-Stock options | 2,780,699 | 1,996,615 | |
Vested or expected to vest, Shares-Stock options | 2,462,001 | ||
Exercisable, Shares-Stock options | 458,113 | ||
Beginning balance, Weighted Average Exercise Price-Stock options | $7.01 | ||
Granted, Weighted Average Exercise Price-Stock options | $38.28 | ||
Exercised, Weighted Average Exercise Price-Stock options | $3.72 | ||
Forfeited, Weighted Average Exercise Price-Stock options | $26.01 | ||
Ending balance, Outstanding Weighted Average Exercise Price-Stock options | $16.67 | $7.01 | |
Vested or expected to vest, Weighted Average Exercise Price-Stock options | $15.89 | ||
Exercisable, Weighted Average Exercise Price-Stock options | $1.06 | ||
Outstanding, Weighted Average Remaining Life-Stock options | 9 years 26 days | 8 years 11 months 23 days | |
Vested or expected to vest, Weighted Average Remaining Life-Stock options | 9 years 15 days | ||
Exercisable, Weighted Average Remaining Life-Stock options | 8 years 5 months 9 days | ||
Exercised, Aggregate Intrinsic Value-Stock options | $1,756 | $30 | |
Forfeited, Aggregate Intrinsic Value-Stock options | 1,595 | ||
Outstanding, Aggregate Intrinsic Value-Stock options | 93,152 | 59,362 | |
Vested or expected to vest, Aggregate Intrinsic Value-Stock options | 84,546 | ||
Exercisable, Aggregate Intrinsic Value-Stock options | $22,370 |
StockBased_Compensation_Summar3
Stock-Based Compensation - Summary of Activity Relating to Restricted Stock (Detail) (Restricted Stock [Member], USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unvested restricted common stock, Shares at beginning balance-Restricted stock | 170,832 |
Issued, Shares-Restricted stock | 0 |
Vested, Shares-Restricted stock | -33,175 |
Forfeited, Shares-Restricted stock | 0 |
Repurchased, Shares-Restricted stock | 0 |
Unvested restricted common stock, Shares at ending balance-Restricted stock | 137,657 |
Unvested restricted common stock , Weighted Average Grant Date Fair Value Per Share, beginning balance-Restricted stock | $0 |
Issued, Weighted Average Grant Date Fair Value Per Share-Restricted stock | $0 |
Vested, Weighted Average Grant Date Fair Value Per Share-Restricted stock | $0 |
Forfeited, Weighted Average Grant Date Fair Value Per Share-Restricted stock | $0 |
Repurchased, Weighted Average Grant Date Fair Value Per Share-Restricted stock | $0 |
Unvested restricted common stock, Weighted Average Grant Date Fair Value Per Share, ending balance-Restricted stock | $0 |
Net_Loss_Per_Share_Schedule_of
Net Loss Per Share - Schedule of Basic and Diluted Net Income (Loss) Per Share Attributable to Common Stockholders (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Numerator: | ||
Net loss | ($16,871) | ($6,116) |
Denominator: | ||
Weighted average common shares outstanding-basic | 25,655,883 | 1,652,726 |
Dilutive effect of common share equivalents resulting from common share options and preferred common shares (as converted) | 0 | 0 |
Weighted average common shares outstanding-diluted | 25,655,883 | 1,652,726 |
Net loss per share attributable to common stockholders-basic and diluted | ($0.66) | ($3.70) |
Net_Loss_Per_Share_Summary_of_
Net Loss Per Share - Summary of Common Stock Equivalents Outstanding (Detail) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive common stock equivalents | 1,874,055 | 16,659,978 |
Options to Purchase Common Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive common stock equivalents | 1,736,871 | 1,269,418 |
Restricted Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive common stock equivalents | 137,184 | 268,960 |
Redeemable Convertible Preferred Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive common stock equivalents | 15,121,600 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | ||
State income tax benefit | $0 | $0 |
Federal income tax benefit | $0 | $0 |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (Third Rock Ventures LLC [Member], USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Third Rock Ventures LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Payment for consulting and management services | $8 | $99 | |
Accrued expenses to related parties | 5 | ||
Accounts payable to related parties | $4 | ||
Percentage of ownership held with related party transactions | 37.80% |