Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Oct. 31, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | ATRA | |
Entity Registrant Name | Atara Biotherapeutics, Inc. | |
Entity Central Index Key | 1,604,464 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 28,860,635 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 46,013 | $ 23,746 |
Short-term investments | 232,134 | 296,736 |
Restricted cash | 194 | 194 |
Prepaid expenses and other current assets | 3,889 | 3,921 |
Total current assets | 282,230 | 324,597 |
Property and equipment, net | 2,085 | 270 |
Other assets | 102 | 108 |
Total assets | 284,417 | 324,975 |
Current liabilities: | ||
Accounts payable | 4,463 | 1,445 |
Accrued compensation | 3,156 | 2,624 |
Accrued research and development expenses | 5,109 | 5,112 |
Other accrued liabilities | 960 | 528 |
Total current liabilities | 13,688 | 9,709 |
Long-term liabilities | 527 | 166 |
Total liabilities | 14,215 | 9,875 |
Commitments and contingencies (Note 6) | ||
Stockholders’ equity: | ||
Common stock—$0.0001 par value, 500,000,000 shares authorized as of September 30, 2016 and December 31, 2015; 28,842,125 and 28,458,807 shares issued and outstanding as of September 30, 2016 and December 31, 2015, respectively | 3 | 3 |
Additional paid-in capital | 429,088 | 413,725 |
Accumulated other comprehensive income (loss) | 35 | (518) |
Accumulated deficit | (158,924) | (98,110) |
Total stockholders’ equity | 270,202 | 315,100 |
Total liabilities and stockholders’ equity | $ 284,417 | $ 324,975 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2016 | Dec. 31, 2015 |
Statement Of Financial Position [Abstract] | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 28,842,125 | 28,458,807 |
Common stock, shares outstanding | 28,842,125 | 28,458,807 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Operating expenses: | ||||
Research and development | $ 18,802 | $ 8,113 | $ 43,040 | $ 25,387 |
General and administrative | 7,140 | 4,146 | 19,448 | 11,291 |
Total operating expenses | 25,942 | 12,259 | 62,488 | 36,678 |
Loss from operations | (25,942) | (12,259) | (62,488) | (36,678) |
Interest and other income, net | 576 | 380 | 1,684 | 696 |
Loss before provision (benefit) for income taxes | (25,366) | (11,879) | (60,804) | (35,982) |
Provision (benefit) for income taxes | 7 | (11) | 10 | (9) |
Net loss | (25,373) | (11,868) | (60,814) | (35,973) |
Other comprehensive gain (loss): | ||||
Unrealized gain (loss) on available-for-sale securities | (158) | 117 | 553 | 151 |
Comprehensive loss | $ (25,531) | $ (11,751) | $ (60,261) | $ (35,822) |
Net loss per common share: | ||||
Basic and diluted net loss per common share | $ (0.88) | $ (0.43) | $ (2.12) | $ (1.46) |
Weighted-average common shares outstanding used to calculate basic and diluted net loss per common share | 28,801 | 27,675 | 28,670 | 24,628 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Operating activities | ||
Net loss | $ (60,814) | $ (35,973) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation expense | 15,128 | 7,287 |
Amortization of investment premiums and discounts | 2,811 | 1,714 |
Depreciation expense | 210 | 21 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | (602) | (2,514) |
Other assets | 6 | (50) |
Accounts payable | 3,018 | 1,413 |
Accrued compensation | 532 | 337 |
Accrued research and development expenses | (3) | 1,713 |
Other accrued liabilities | 433 | 263 |
Long-term liabilities | 420 | 25 |
Net cash used in operating activities | (38,861) | (25,764) |
Investing activities | ||
Purchases of short-term investments | (252,279) | (285,390) |
Sales of short-term investments | 187,508 | 34,349 |
Maturities of short-term investments | 127,749 | 50,352 |
Purchases of property and equipment | (2,025) | (19) |
Net cash provided by (used in) investing activities | 60,953 | (200,708) |
Financing activities | ||
Proceeds from sale of common stock, net of offering costs | 0 | 263,434 |
Taxes paid related to net share settlement of restricted stock units | (75) | (4,588) |
Proceeds from exercise of stock options | 250 | 195 |
Net cash provided by financing activities | 175 | 259,041 |
Increase in cash and cash equivalents | 22,267 | 32,569 |
Cash and cash equivalents at beginning of period | 23,746 | 21,897 |
Cash and cash equivalents at end of period | 46,013 | 54,466 |
Non-cash investing and financing activities | ||
Issuance of common stock upon vesting of stock awards | 60 | 60 |
Change in long-term liabilities related to non-vested stock awards | (60) | (60) |
Property and equipment purchases included in liabilities | 129 | 0 |
Supplemental cash flow disclosure | ||
Cash paid for taxes | $ 10 | $ 2 |
Description of Business
Description of Business | 9 Months Ended |
Sep. 30, 2016 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Description of Business | 1. Description of Business Atara Biotherapeutics, Inc. (“Atara”, “we”, “our” or “the Company”) was incorporated in August 2012 in Delaware. Atara is a clinical-stage biopharmaceutical company focused on developing meaningful therapies for patients with . Our T-cell programs were acquired through licensing arrangements with Memorial Sloan Kettering Cancer Center (“MSK”) and Queensland Institute of Medical Research (“QIMR Berghofer”). Our molecularly targeted biologics programs were acquired through licensing arrangements with Amgen Inc. (“Amgen”). See Note 5 for further information. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) and following the requirements of the Securities and Exchange Commission (SEC) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP can be condensed or omitted. These condensed consolidated financial statements have been prepared on the same basis as the Company’s annual consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015, and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for a fair statement of the Company’s consolidated financial information. The results of operations for the nine month period ended September 30, 2016 are not necessarily indicative of the results to be expected for the full year or any other future period. The condensed balance sheet as of December 31, 2015 has been derived from audited consolidated financial statements at that date but does not include all of the information required by U.S. GAAP for complete consolidated financial statements. Significant Risks and Uncertainties We have incurred significant operating losses since inception and have relied on public and private equity financings to fund our operations. As of September 30, 2016, we had an accumulated deficit of $158.9 million. As we continue to incur losses, our transition to profitability will depend on the successful development, approval and commercialization of product candidates and on the achievement of sufficient revenues to support our cost structure. We may never achieve profitability, and unless and until we do, we will need to continue to raise additional capital. Management expects that our cash, cash equivalents and short-term investments as of September 30, 2016 will be sufficient to fund our planned operations through 2018. Concentration of Credit Risk and Other Uncertainties We place cash and cash equivalents in the custody of financial institutions that management believes are of high credit quality, the amount of which at times, may be in excess of the amount insured by the Federal Deposit Insurance Corporation. We also have short-term investments in money market funds, U.S. Treasury, government agency and corporate debt obligations, commercial paper and asset-backed securities, which can be subject to certain credit risk. However, we mitigate the risks by investing in high-grade instruments, limiting our exposure to any one issuer, and monitoring the ongoing creditworthiness of the financial institutions and issuers. We are subject to certain risks and uncertainties and believe that changes in any of the following areas could have a material adverse effect on future financial position or results of operations: our ability to obtain future financing; regulatory approval and market acceptance of, and reimbursement for, our product candidates, if approved; performance of third-party clinical research organizations and manufacturers upon which we rely; development of sales channels; protection of our intellectual property; litigation or claims against us based on intellectual property, patent, product, regulatory or other factors; and our ability to attract and retain employees necessary to support our growth. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates, assumptions, and judgments that affect the amounts reported in the financial statements and accompanying notes. Significant estimates relied upon in preparing these financial statements include estimates related to clinical trial and other accruals, stock-based compensation expense, fair values of investments and income taxes. Actual results could differ materially from those estimates. Recent Accounting Pronouncements In January 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities (Subtopic 825-20) In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting (Topic 718) In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Loss (Topic 326): Measurement of Credit Losses on Financial Instruments In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments |
Net Loss per Common Share
Net Loss per Common Share | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Net Loss per Common Share | 3. Basic net loss per common share is calculated by dividing net loss by the weighted-average number of shares of common stock outstanding during the period, without consideration of common share equivalents. Diluted net loss per common share is computed by dividing net loss by the weighted-average number of shares of common stock and common share equivalents outstanding for the period. Common share equivalents are only included in the calculation of diluted net loss per common share when their effect is dilutive. Potential dilutive securities, which include unvested restricted stock awards (“RSAs”), unvested restricted stock units (“RSUs”), vested and unvested options to purchase common stock (“options”) and shares to be issued under our employee stock purchase plan (“ESPP”) have been excluded from the computation of diluted net loss per share as the effect is antidilutive. Therefore, the denominator used to calculate both basic and diluted net loss per common share is the same in all periods presented. The following table represents the potential common shares issuable pursuant to outstanding securities as of the related period end dates that were excluded from the computation of diluted net loss per common share as their inclusion would have an antidilutive effect: As of September 30, 2016 2015 Unvested RSAs 18,510 333,652 Unvested RSUs 1,371,269 453,449 Vested and unvested options 3,744,176 543,990 ESPP share purchase rights 15,888 — |
Financial Instruments
Financial Instruments | 9 Months Ended |
Sep. 30, 2016 | |
Financial Instruments Disclosure [Abstract] | |
Financial Instruments | 4. Our financial assets are measured at fair value on a recurring basis using the following hierarchy to prioritize valuation inputs, Level 1: Quoted prices in active markets for identical assets or liabilities that we have the ability to access Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data such as quoted prices, interest rates and yield curves Level 3: Inputs that are unobservable data points that are not corroborated by market data We review the fair value hierarchy classification on a quarterly basis. Changes in the ability to observe valuation inputs may result in a reclassification of levels of certain securities within the fair value hierarchy. We recognize transfers into and out of levels within the fair value hierarchy in the period in which the actual event or change in circumstances that caused the transfer occurs. There have been no transfers between Level 1, Level 2, and Level 3 in any periods presented. The following tables summarize the estimated fair value and related valuation input hierarchy of our financial assets measured on a recurring basis, which were comprised solely of available-for-sale securities as of each period end: Total Total Total Total Amortized Unrealized Unrealized Estimated As of September 30, 2016: Input Level Cost Gain Loss Fair Value (in thousands) Money market funds Level 1 $ 37,397 $ — $ — $ 37,397 U.S. Treasury obligations Level 2 75,107 42 (5 ) 75,144 Government agency obligations Level 2 24,834 19 (6 ) 24,847 Corporate debt obligations Level 2 126,587 31 (66 ) 126,552 Commercial paper Level 2 900 — — 900 Asset-backed securities Level 2 13,262 18 — 13,280 Total available-for-sale securities 278,087 110 (77 ) 278,120 Less amounts classified as cash equivalents (45,988 ) — 2 (45,986 ) Amounts classified as short-term securities $ 232,099 $ 110 $ (75 ) $ 232,134 Total Total Total Total Amortized Unrealized Unrealized Estimated As of December 31, 2015: Input Level Cost Gain Loss Fair Value (in thousands) Money market funds Level 1 $ 16,364 $ — $ — $ 16,364 U.S. Treasury obligations Level 2 599 — (1 ) 598 Government agency obligations Level 2 36,480 1 (88 ) 36,393 Corporate debt obligations Level 2 203,767 8 (339 ) 203,436 Commercial paper Level 2 999 — — 999 Asset-backed securities Level 2 61,304 2 (102 ) 61,204 Total available-for-sale securities 319,513 11 (530 ) 318,994 Less amounts classified as cash equivalents (22,259 ) — 1 (22,258 ) Amounts classified as short-term securities $ 297,254 $ 11 $ (529 ) $ 296,736 The amortized cost and fair value of our available-for-sale securities by contractual maturity were as follows: As of September 30, 2016 As of December 31, 2015 Amortized Estimated Amortized Estimated Cost Fair Value Cost Fair Value (in thousands) (in thousands) Maturing within one year $ 225,940 $ 225,953 $ 211,311 $ 211,059 Maturing in one to five years 52,147 52,167 108,202 107,935 Total available-for-sale securities $ 278,087 $ 278,120 $ 319,513 $ 318,994 As of September 30, 2016, certain available-for-sale securities had been in a continuous unrealized loss position, each for less than twelve months. As of this date, no significant facts or circumstances were present to indicate a deterioration in the creditworthiness of the respective issuers, and the Company has no requirement or intention to sell these securities before maturity or recovery of their amortized cost basis. During , we did not recognize any other-than-temporary impairment loss. |
License and Collaboration Agree
License and Collaboration Agreements | 9 Months Ended |
Sep. 30, 2016 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
License and Collaboration Agreements | 5. License and Collaboration Agreements MSK Agreements – In September 2014, we entered into an exclusive option agreement with MSK under which we had the right to acquire the exclusive worldwide license rights to three clinical stage T-cell therapies from MSK. In exchange for the option, we paid $1.25 million in cash and issued 59,761 shares of our common stock to MSK, which at the time of issuance had an estimated fair value of $0.75 million. The total of $2.0 million was recorded as research and development expense in our statements of operations and comprehensive loss. In June 2015, we exercised our option and entered into an exclusive license agreement with MSK. In connection with the execution of the license agreement, we paid was recorded as research and development expense in our statement of operations and comprehensive loss. We are required to make additional payments of up to $33.0 million to MSK based on achievement of specified regulatory and sales-related milestones, mid-single-digit percentage tiered royalty payments based on In addition, under certain circumstances, we are required to make certain minimum annual royalty payments to MSK, which are creditable against earned royalties owed for the same annual period. We are also required to pay a low double-digit percentage of any consideration we receive for sublicensing the licensed rights. Amgen License - In September 2012, we entered into three license agreements with Amgen. In accordance with terms of the agreements with Amgen, we use commercially reasonable efforts to prepare, file, prosecute, defend and maintain the patents covered by the license agreements. During the three months ended September 30, 2016 and 2015, we incurred expenses of $0.3 million and $0.5 million, respectively, related to these activities. During the nine months ended September 30, 2016 and 2015, we incurred expenses of $0.8 million and $1.3 million, respectively, related to these activities. In December 2015, we announced that we would be suspending further development of PINTA 745 and in June 2016, we returned the rights related to this and the ATA 842 program to Amgen. Under the remaining license agreements, potential payments of up to $58.0 million are due to Amgen upon the achievement of development and regulatory approval milestones and payments of up to $104.0 million are due upon the achievement of sales-based milestones. We are also required to pay mid-single-digit percentage tiered royalties on future net sales of products which are developed and approved as defined by the agreements, if any. Our royalty obligations as to a particular licensed product will be payable, on a country-by-country and product-by-product basis, until the later of (a) the date of expiration of the last to expire valid claim within the licensed patents that covers the manufacture, use or sale, offer to sell, or import of such licensed product by us or a sublicense in such country, (b) loss of regulatory exclusivity, or (c) 10 years after the first commercial sale of the applicable licensed product in the applicable country. These agreements expire at the end of all royalty obligations to Amgen and, upon expiration, the licenses will be fully paid, royalty-free, irrevocable and non-exclusive. QIMR Berghofer Agreements – In October 2015, we entered into an exclusive license agreement and a research and development collaboration agreement with QIMR Berghofer. Under the terms of the license agreement, we obtained an exclusive, worldwide license to develop and commercialize allogeneic cytotoxic T-lymphocyte (“CTL”) therapy programs utilizing technology and know-how developed by QIMR Berghofer. In consideration for the exclusive license, we paid $3.0 million in cash to QIMR Berghofer, which was recorded as research and development expense in our statement of operations and comprehensive loss in the fourth quarter of 2015. In September 2016, the exclusive license agreement and research and development collaboration agreement were amended and restated. Under the amended and restated agreements, we obtained an exclusive, worldwide license to develop and commercialize additional CTL programs as well as the option to license additional technology in exchange for $3.3 million in cash, which was recorded as research and development expense in our statement of operations and comprehensive loss in the third quarter of 2016 and paid in October 2016. The amended and restated license agreement also provides for various milestone and royalty payments to QIMR Berghofer based on future product sales, if any. Under the terms of the amended and restated research and development collaboration agreement, we are also required to reimburse the cost of agreed-upon development activities related to programs developed under the collaboration. These payments are expensed on a straight-line basis over the related development periods and resulted in research and development expense of $0.3 million and $0.9 million for the three and nine months ended September 30, 2016, respectively. The agreement also provides for various milestone payments to QIMR Berghofer based on achievement of certain developmental and regulatory milestones. Milestones and royalties under each of the above agreements are contingent upon future events and will be recorded as expense when it is probable that the milestones will be achieved or royalties are due. As of September 30, 2016 and December 31, 2015, there were no outstanding obligations for milestones and royalties to MSK, Amgen and QIMR Berghofer. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 6. Commitments and Contingencies License and Collaboration Agreements Certain potential payments related to our license and collaboration agreements, including milestone and royalty payments, are detailed in Note 5. As the achievement of these milestones and royalties are currently not fixed and determinable, such commitments have not been included in our condensed consolidated balance sheets. Other Research and Development Agreements We may enter into contracts in the normal course of business with clinical research organizations for clinical trials, with contract manufacturing clinical supplies, and with other vendors for pre-clinical studies, supplies and other services for our operating purposes. These contracts generally provide for termination on Operating Leases In December Operating Leases Periods Ending December 31, (in thousands) Remaining 2016 $ 375 2017 1,294 2018 980 2019 732 2020 613 Thereafter 259 Total operating lease commitments $ 4,253 Less income from sublease 70 Net minimum operating lease commitments $ 4,183 Rent expense for the three months ended September 30, 2016 and 2015 was $0.3 million and $0.1 million, respectively. Rent expense for the nine months ended September 30, 2016 and 2015 was $0.9 million and $0.3 million, respectively. Indemnification Agreements In the normal course of business, we enter into contracts and agreements that contain a variety of representations and warranties and provide for indemnification for certain liabilities. The exposure under these agreements is unknown because it involves claims that may be made against us in the future but have not yet been made. To date, we have not paid any claims or been required to defend any action related to our indemnification obligations. However, we may record charges in the future as a result of these indemnification obligations. We also have indemnification obligations to our directors and executive officers for specified events or occurrences, subject to some limits, while they are serving at our request in such capacities. There have been no claims to date and we believe the fair value of these indemnification agreements is minimal. Accordingly, we did not record liabilities for these agreements as of September 30, 2016 and December 31, 2015. Contingencies From time to time, we may be involved in legal proceedings, as well as demands, claims and threatened litigation, which arise in the normal course of our business or otherwise. The ultimate outcome of any litigation is uncertain and unfavorable outcomes could have a negative impact on our results of operations and financial condition. Regardless of outcome, litigation can have an adverse impact on us because of the defense costs, diversion of management resources and other factors. We are not currently involved in any material legal proceedings. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stockholders' Equity | 7. Stockholders’ Equity The following shares of common stock were reserved for future issuance as of September 30, 2016: Total Shares Reserved 2014 Equity Incentive Plan 9,182,558 2014 Employee Stock Purchase Plan 663,667 Total reserved shares of common stock 9,846,225 Restricted Stock Awards In August 2012 and March 2013, our chief executive officer and one other Atara employee purchased RSAs with certain service and performance conditions. As of September 30, 2016, 1,316,875 of these shares had vested and are reported as shares outstanding in the financial statements. The remaining 18,510 shares vest in October 2016. Stock-based compensation expense related to the RSAs is recorded using accelerated graded vesting model and was $32,000 and $0.2 million for the three months ended September 30, 2016 and 2015, respectively, and $0.2 million and $0.8 million for the nine months ended September 30, 2016 and 2015, respectively. There is no unrecognized stock-based compensation expense related to unvested RSAs as of September 30, 2016. The aggregate intrinsic value of unvested RSAs was $0.4 million as of September 30, 2016. 2014 Equity Incentive Plan (“2014 EIP”) Our 2014 EIP permits the issuance of options, RSAs, RSUs and other types of awards to employees, directors and consultants. In June 2016, our stockholders approved an increase of 4,000,000 shares to the shares reserved for issuance under the 2014 EIP. As of September 30, 2016, a total of 9,182,558 shares of common stock were reserved for issuance under the 2014 Plan, of which 5,140,848 were subject to outstanding options and RSUs and 4,041,710 shares were available for future grant. Restricted Stock Awards and Units The following is a summary of RSA and RSU activity under our 2014 EIP: RSAs RSUs Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Unvested as of December 31, 2015 48,317 $ 0.40 427,605 $ 7.86 Granted — 1,142,697 $ 17.83 Forfeited — (44,746 ) $ 11.87 Vested (48,317 ) $ 0.40 (154,287 ) $ 6.33 Unvested as of September 30, 2016 — 1,371,269 $ 16.21 Vested and unreleased 25,403 Outstanding as of September 30, 2016 1,396,672 As of September 30, 2016, there was $17.4 million of unrecognized stock-based compensation expense related to RSUs that is expected to be recognized over a weighted average period of 2.0 years. The aggregate intrinsic value of the RSUs outstanding as of September 30, 2016 was $29.9 million. Under our RSU net settlement procedures, we withhold shares at settlement to cover the minimum payroll withholding tax obligations. During the nine months ended September 30, 2016, we settled 153,719 RSUs, of which 149,468 RSUs were net settled by withholding 4,251 shares. The value of the RSUs withheld was approximately $75,000 based on the closing price of our common stock on the settlement date. These amounts were remitted to the appropriate taxing authorities and have been reflected as a financing activity in our condensed consolidated statements of cash flows. Stock Options The following is a summary of option activity under our 2014 EIP: Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (in thousands) Outstanding as of December 31, 2015 3,137,529 $ 25.81 Granted 804,700 $ 20.39 Exercised (18,947 ) $ 13.15 Forfeited or expired (179,106 ) $ 25.41 Outstanding as of September 30, 2016 3,744,176 $ 24.79 5.90 $ 6,279 Vested and expected to vest as of September 30, 2016 3,744,176 $ 24.79 5.90 $ 6,279 Exercisable as of September 30, 2016 924,752 $ 24.50 5.49 $ 2,369 Aggregate intrinsic value represents the difference between the closing stock price of our common stock on September 30, 2016 and the exercise price of outstanding, in-the-money options. As of September 30, 2016, there was $37.1 million of unrecognized stock-based compensation expense related to stock options that is expected to be recognized over a weighted average period of 2.9 years. Options for 18,947 and 11,844 shares of our common stock were exercised during the nine months ended September 30, 2016 and 2015, with an intrinsic value of $0.2 million and $0.4 million, respectively, as calculated based on the exercise date. The fair value of each option issued was estimated at the date of grant using the Black-Scholes valuation model. The following table summarizes the weighted-average assumptions used as inputs to the Black-Scholes model, and resulting weighted-average grant date fair values of stock options granted during the period indicated: Nine months ended September 30, 2016 Nine months ended September 30, 2015 Employees Consultants Employees Consultants Assumptions: Expected term (years) 4.5 6.9 4.5 7.0 Expected volatility 69.0 % 66.1 % 71.8 % 71.5 % Risk-free interest rate 1.3 % 1.7 % 1.4 % 2.0 % Expected dividend yield 0.0 % 0.0 % 0.0 % 0.0 % Fair Value: Weighted-average estimated grant date fair value per share $ 11.23 $ 11.57 $ 19.15 $ 27.83 Options granted 795,700 9,000 1,106,699 9,000 Total estimated grant date fair value $ 8,935,000 $ 104,000 $ 21,189,000 $ 250,000 The estimated fair value of stock options that vested during the nine months ended September 30, 2016 and 2015 was $10.4 million and $1.9 million, respectively. 2014 Employee Stock Purchase Plan (“2014 ESPP”) As of September 30, 2016, there were 663,667 shares authorized for issuance under the 2014 ESPP. The 2014 ESPP permits eligible employees to purchase common stock at a discount through payroll deductions during defined offering periods. Eligible employees can purchase shares of the Company’s common stock at 85% of the lower of the fair market value of the common stock at (i) the Stock-based Compensation Expense Total stock-based compensation expense related to all employee and non-employee awards was as follows: Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 (in thousands) (in thousands) Research and development $ 2,551 $ 899 $ 7,231 $ 3,439 General and administrative 2,718 1,335 7,897 3,848 Total stock-based compensation expense $ 5,269 $ 2,234 $ 15,128 $ 7,287 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 8. Income Taxes As of September 30, 2016, the Company had unrecognized tax benefits under ASC 740 Income Taxes During July 2016, the Company licensed certain intellectual property rights to a wholly-owned subsidiary outside the United States. Although the license of intellectual property rights between consolidated entities did not result in any gain in the consolidated statements of operations and comprehensive loss, the transaction generated a taxable gain in the U.S. However, as this gain is offset by current and existing tax losses, there was no cash tax impact from the transaction in the periods presented. As a result of the transaction, there was an increase of $0.3 million in unrecognized tax benefits during the three months ended September 30, 2016. The Company expects to record an uncertain tax benefit of $1.1 million during the next 12 months. The Company’s policy is to account for interest and penalties related to uncertain tax positions as a component of the income tax provision. The amount of accrued interest and penalties as of September 30, 2016 was immaterial. |
Summary of Significant Accoun14
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) and following the requirements of the Securities and Exchange Commission (SEC) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP can be condensed or omitted. These condensed consolidated financial statements have been prepared on the same basis as the Company’s annual consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015, and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for a fair statement of the Company’s consolidated financial information. The results of operations for the nine month period ended September 30, 2016 are not necessarily indicative of the results to be expected for the full year or any other future period. The condensed balance sheet as of December 31, 2015 has been derived from audited consolidated financial statements at that date but does not include all of the information required by U.S. GAAP for complete consolidated financial statements. |
Significant Risks and Uncertainties | Significant Risks and Uncertainties We have incurred significant operating losses since inception and have relied on public and private equity financings to fund our operations. As of September 30, 2016, we had an accumulated deficit of $158.9 million. As we continue to incur losses, our transition to profitability will depend on the successful development, approval and commercialization of product candidates and on the achievement of sufficient revenues to support our cost structure. We may never achieve profitability, and unless and until we do, we will need to continue to raise additional capital. Management expects that our cash, cash equivalents and short-term investments as of September 30, 2016 will be sufficient to fund our planned operations through 2018. |
Concentration of Credit Risk and Other Uncertainties | Concentration of Credit Risk and Other Uncertainties We place cash and cash equivalents in the custody of financial institutions that management believes are of high credit quality, the amount of which at times, may be in excess of the amount insured by the Federal Deposit Insurance Corporation. We also have short-term investments in money market funds, U.S. Treasury, government agency and corporate debt obligations, commercial paper and asset-backed securities, which can be subject to certain credit risk. However, we mitigate the risks by investing in high-grade instruments, limiting our exposure to any one issuer, and monitoring the ongoing creditworthiness of the financial institutions and issuers. We are subject to certain risks and uncertainties and believe that changes in any of the following areas could have a material adverse effect on future financial position or results of operations: our ability to obtain future financing; regulatory approval and market acceptance of, and reimbursement for, our product candidates, if approved; performance of third-party clinical research organizations and manufacturers upon which we rely; development of sales channels; protection of our intellectual property; litigation or claims against us based on intellectual property, patent, product, regulatory or other factors; and our ability to attract and retain employees necessary to support our growth. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates, assumptions, and judgments that affect the amounts reported in the financial statements and accompanying notes. Significant estimates relied upon in preparing these financial statements include estimates related to clinical trial and other accruals, stock-based compensation expense, fair values of investments and income taxes. Actual results could differ materially from those estimates. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In January 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities (Subtopic 825-20) In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting (Topic 718) In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Loss (Topic 326): Measurement of Credit Losses on Financial Instruments In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments |
Net Loss per Common Share (Tabl
Net Loss per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Antidilutive Securities Excluded From Computation of Diluted Net Loss per Common Share | The following table represents the potential common shares issuable pursuant to outstanding securities as of the related period end dates that were excluded from the computation of diluted net loss per common share as their inclusion would have an antidilutive effect: As of September 30, 2016 2015 Unvested RSAs 18,510 333,652 Unvested RSUs 1,371,269 453,449 Vested and unvested options 3,744,176 543,990 ESPP share purchase rights 15,888 — |
Financial Instruments (Tables)
Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Financial Instruments Disclosure [Abstract] | |
Estimated Fair Value and Related Valuation Input Hierarchy of Financial Assets Comprised Solely of Available-for-Sale Securities Measured on Recurring Basis | Our financial assets are measured at fair value on a recurring basis using the following hierarchy to prioritize valuation inputs, Level 1: Quoted prices in active markets for identical assets or liabilities that we have the ability to access Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data such as quoted prices, interest rates and yield curves Level 3: Inputs that are unobservable data points that are not corroborated by market data We review the fair value hierarchy classification on a quarterly basis. Changes in the ability to observe valuation inputs may result in a reclassification of levels of certain securities within the fair value hierarchy. We recognize transfers into and out of levels within the fair value hierarchy in the period in which the actual event or change in circumstances that caused the transfer occurs. There have been no transfers between Level 1, Level 2, and Level 3 in any periods presented. The following tables summarize the estimated fair value and related valuation input hierarchy of our financial assets measured on a recurring basis, which were comprised solely of available-for-sale securities as of each period end: Total Total Total Total Amortized Unrealized Unrealized Estimated As of September 30, 2016: Input Level Cost Gain Loss Fair Value (in thousands) Money market funds Level 1 $ 37,397 $ — $ — $ 37,397 U.S. Treasury obligations Level 2 75,107 42 (5 ) 75,144 Government agency obligations Level 2 24,834 19 (6 ) 24,847 Corporate debt obligations Level 2 126,587 31 (66 ) 126,552 Commercial paper Level 2 900 — — 900 Asset-backed securities Level 2 13,262 18 — 13,280 Total available-for-sale securities 278,087 110 (77 ) 278,120 Less amounts classified as cash equivalents (45,988 ) — 2 (45,986 ) Amounts classified as short-term securities $ 232,099 $ 110 $ (75 ) $ 232,134 Total Total Total Total Amortized Unrealized Unrealized Estimated As of December 31, 2015: Input Level Cost Gain Loss Fair Value (in thousands) Money market funds Level 1 $ 16,364 $ — $ — $ 16,364 U.S. Treasury obligations Level 2 599 — (1 ) 598 Government agency obligations Level 2 36,480 1 (88 ) 36,393 Corporate debt obligations Level 2 203,767 8 (339 ) 203,436 Commercial paper Level 2 999 — — 999 Asset-backed securities Level 2 61,304 2 (102 ) 61,204 Total available-for-sale securities 319,513 11 (530 ) 318,994 Less amounts classified as cash equivalents (22,259 ) — 1 (22,258 ) Amounts classified as short-term securities $ 297,254 $ 11 $ (529 ) $ 296,736 |
Amortized Cost and Fair Value of Available for Sale Securities by Contractual Maturity | The amortized cost and fair value of our available-for-sale securities by contractual maturity were as follows: As of September 30, 2016 As of December 31, 2015 Amortized Estimated Amortized Estimated Cost Fair Value Cost Fair Value (in thousands) (in thousands) Maturing within one year $ 225,940 $ 225,953 $ 211,311 $ 211,059 Maturing in one to five years 52,147 52,167 108,202 107,935 Total available-for-sale securities $ 278,087 $ 278,120 $ 319,513 $ 318,994 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | |
Future Operating Lease Commitments | future minimum commitments for our operating leases were as follows: Operating Leases Periods Ending December 31, (in thousands) Remaining 2016 $ 375 2017 1,294 2018 980 2019 732 2020 613 Thereafter 259 Total operating lease commitments $ 4,253 Less income from sublease 70 Net minimum operating lease commitments $ 4,183 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Schedule of Common Stock Reserved for Future Issuance | The following shares of common stock were reserved for future issuance as of September 30, 2016: Total Shares Reserved 2014 Equity Incentive Plan 9,182,558 2014 Employee Stock Purchase Plan 663,667 Total reserved shares of common stock 9,846,225 |
Summary of RSU Activity and Restricted Stock Award | The following is a summary of RSA and RSU activity under our 2014 EIP: RSAs RSUs Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Unvested as of December 31, 2015 48,317 $ 0.40 427,605 $ 7.86 Granted — 1,142,697 $ 17.83 Forfeited — (44,746 ) $ 11.87 Vested (48,317 ) $ 0.40 (154,287 ) $ 6.33 Unvested as of September 30, 2016 — 1,371,269 $ 16.21 Vested and unreleased 25,403 Outstanding as of September 30, 2016 1,396,672 |
Summary of Stock Option Activity | The following is a summary of option activity under our 2014 EIP: Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (in thousands) Outstanding as of December 31, 2015 3,137,529 $ 25.81 Granted 804,700 $ 20.39 Exercised (18,947 ) $ 13.15 Forfeited or expired (179,106 ) $ 25.41 Outstanding as of September 30, 2016 3,744,176 $ 24.79 5.90 $ 6,279 Vested and expected to vest as of September 30, 2016 3,744,176 $ 24.79 5.90 $ 6,279 Exercisable as of September 30, 2016 924,752 $ 24.50 5.49 $ 2,369 |
Summary of Options Estimated with Weighted Average | The fair value of each option issued was estimated at the date of grant using the Black-Scholes valuation model. The following table summarizes the weighted-average assumptions Nine months ended September 30, 2016 Nine months ended September 30, 2015 Employees Consultants Employees Consultants Assumptions: Expected term (years) 4.5 6.9 4.5 7.0 Expected volatility 69.0 % 66.1 % 71.8 % 71.5 % Risk-free interest rate 1.3 % 1.7 % 1.4 % 2.0 % Expected dividend yield 0.0 % 0.0 % 0.0 % 0.0 % Fair Value: Weighted-average estimated grant date fair value per share $ 11.23 $ 11.57 $ 19.15 $ 27.83 Options granted 795,700 9,000 1,106,699 9,000 Total estimated grant date fair value $ 8,935,000 $ 104,000 $ 21,189,000 $ 250,000 |
Schedule of Stock-based Compensation, Related to Employee and Nonemployee Awards | Total stock-based compensation expense related to all employee and non-employee awards was as follows: Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 (in thousands) (in thousands) Research and development $ 2,551 $ 899 $ 7,231 $ 3,439 General and administrative 2,718 1,335 7,897 3,848 Total stock-based compensation expense $ 5,269 $ 2,234 $ 15,128 $ 7,287 |
Description of Business (Detail
Description of Business (Detail) | 9 Months Ended |
Sep. 30, 2016 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Entity incorporation state | Delaware |
Entity incorporation date | Aug. 1, 2012 |
Summary of Significant Accoun20
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Accounting Policies [Abstract] | ||
Accumulated deficit | $ 158,924 | $ 98,110 |
Net Loss per Common Share - Ant
Net Loss per Common Share - Antidilutive Securities Excluded From Computation of Diluted Net Loss per Common Share (Detail) - shares | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Unvested RSAs | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 18,510 | 333,652 |
Unvested RSUs | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 1,371,269 | 453,449 |
Vested and Unvested Options | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 3,744,176 | 543,990 |
ESPP Share Purchase Rights | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 15,888 | 0 |
Financial Instruments - Estimat
Financial Instruments - Estimated Fair Value and Related Valuation Input Hierarchy of Financial Assets Comprised Solely of Available-for-Sale Securities Measured on Recurring Basis (Detail) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Total Amortized Cost | $ 278,087 | $ 319,513 |
Total Unrealized Gain | 110 | 11 |
Total Unrealized Loss | (77) | (530) |
Total Fair Value | 278,120 | 318,994 |
Money Market Funds | Level 1 | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total Amortized Cost | 37,397 | 16,364 |
Total Unrealized Gain | 0 | 0 |
Total Unrealized Loss | 0 | 0 |
Total Fair Value | 37,397 | 16,364 |
U.S. Treasury Obligations | Level 2 | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total Amortized Cost | 75,107 | 599 |
Total Unrealized Gain | 42 | 0 |
Total Unrealized Loss | (5) | (1) |
Total Fair Value | 75,144 | 598 |
Government Agency Obligations | Level 2 | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total Amortized Cost | 24,834 | 36,480 |
Total Unrealized Gain | 19 | 1 |
Total Unrealized Loss | (6) | (88) |
Total Fair Value | 24,847 | 36,393 |
Corporate Debt Obligations | Level 2 | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total Amortized Cost | 126,587 | 203,767 |
Total Unrealized Gain | 31 | 8 |
Total Unrealized Loss | (66) | (339) |
Total Fair Value | 126,552 | 203,436 |
Commercial Paper | Level 2 | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total Amortized Cost | 900 | 999 |
Total Unrealized Gain | 0 | 0 |
Total Unrealized Loss | 0 | 0 |
Total Fair Value | 900 | 999 |
Asset-Backed Securities | Level 2 | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total Amortized Cost | 13,262 | 61,304 |
Total Unrealized Gain | 18 | 2 |
Total Unrealized Loss | 0 | (102) |
Total Fair Value | 13,280 | 61,204 |
Amounts Classified As Cash Equivalents | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total Amortized Cost | 45,988 | 22,259 |
Total Unrealized Gain | 0 | 0 |
Total Unrealized Loss | (2) | (1) |
Total Fair Value | 45,986 | 22,258 |
Amounts Classified As Short-Term Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total Amortized Cost | 232,099 | 297,254 |
Total Unrealized Gain | 110 | 11 |
Total Unrealized Loss | (75) | (529) |
Total Fair Value | $ 232,134 | $ 296,736 |
Financial Instruments - Amortiz
Financial Instruments - Amortized Cost and Fair Value of Available-for-Sale Securities by Contractual Maturity (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Amortized cost | ||
Maturing within one year, Amortized cost | $ 225,940 | $ 211,311 |
Maturing in one to five years, Amortized cost | 52,147 | 108,202 |
Total available-for-sale securities, Amortized cost | 278,087 | 319,513 |
Estimated Fair value | ||
Maturing within one year, Estimated fair value | 225,953 | 211,059 |
Maturing in one to five years, Estimated fair value | 52,167 | 107,935 |
Total available-for-sale securities, Estimated fair value | $ 278,120 | $ 318,994 |
License and Collaboration Agr24
License and Collaboration Agreements - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Related Party Transaction [Line Items] | ||||||
Payments under exclusive option license agreement | $ 1,250,000 | |||||
Share issued under the agreements | 59,761 | |||||
Issuance of common stock related to technology licensing option | $ 750,000 | |||||
Research and development expense | $ 2,000,000 | $ 18,802,000 | $ 8,113,000 | $ 43,040,000 | $ 25,387,000 | |
Payments under license agreement | 4,500,000 | |||||
Potential milestone payments payable | 33,000,000 | 33,000,000 | ||||
Contractual obligations due MSK, Amgen and QIMR | 0 | $ 0 | 0 | |||
QIMR Berghofer | ||||||
Related Party Transaction [Line Items] | ||||||
Research and development expense | 300,000 | 900,000 | ||||
Maximum | ||||||
Related Party Transaction [Line Items] | ||||||
Potential milestone payments upon achievement of milestone | 58,000,000 | 58,000,000 | ||||
Potential milestone payments related to sales | 104,000,000 | 104,000,000 | ||||
License Agreement With Amgen | ||||||
Related Party Transaction [Line Items] | ||||||
Payments under license agreement | 300,000 | $ 500,000 | $ 800,000 | $ 1,300,000 | ||
License Agreement | QIMR Berghofer | ||||||
Related Party Transaction [Line Items] | ||||||
Research and development expense | $ 3,300,000 | |||||
Payments under license agreement | $ 3,000,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Loss Contingencies [Line Items] | |||||
Accrued termination charges | $ 0 | $ 0 | $ 0 | ||
Sublease to third party date | May 31, 2016 | ||||
Rental expense | 300,000 | $ 100,000 | $ 900,000 | $ 300,000 | |
Liabilities related to indemnification agreements | 0 | $ 0 | $ 0 | ||
South San Francisco California Lease | |||||
Loss Contingencies [Line Items] | |||||
Lease expiration date | Apr. 30, 2021 | ||||
Letter of credit expiration date | Dec. 31, 2016 | ||||
South San Francisco California Lease | Restricted Cash | |||||
Loss Contingencies [Line Items] | |||||
Letter of credit issued | $ 200,000 | ||||
South San Francisco Sublease | |||||
Loss Contingencies [Line Items] | |||||
Lease expiration date | Jan. 31, 2017 | ||||
Westlake Village California Lease | |||||
Loss Contingencies [Line Items] | |||||
Lease expiration date | Apr. 30, 2019 |
Commitments and Contingencies26
Commitments and Contingencies - Schedule of Future Minimum Commitments for Operating Leases (Detail) $ in Thousands | Sep. 30, 2016USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
Remaining 2,016 | $ 375 |
2,017 | 1,294 |
2,018 | 980 |
2,019 | 732 |
2,020 | 613 |
Thereafter | 259 |
Total operating lease commitments | 4,253 |
Less income from sublease | 70 |
Net minimum operating lease commitments | $ 4,183 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Common Stock Reserved for Future Issuance (Detail) | Sep. 30, 2016shares |
Class Of Stock [Line Items] | |
Total reserved shares of common stock | 9,846,225 |
2014 Equity Incentive Plan | |
Class Of Stock [Line Items] | |
Total reserved shares of common stock | 9,182,558 |
2014 Employee Stock Purchase Plan | |
Class Of Stock [Line Items] | |
Total reserved shares of common stock | 663,667 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock-based compensation expense | $ 5,269,000 | $ 2,234,000 | $ 15,128,000 | $ 7,287,000 | |
shares of common stock ,reserved for issuance | 9,846,225 | 9,846,225 | |||
Aggregate intrinsic value | $ 6,279,000 | $ 6,279,000 | |||
Common stock, shares exercised | 18,947 | 11,844 | |||
Option intrinsic value, exercised | $ 200,000 | $ 400,000 | |||
Estimated fair value of stock option, vested | $ 10,400,000 | 1,900,000 | |||
2014 Equity Incentive Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Additional Common Stock, Capital Shares Reserved for Future Issuance | 4,000,000 | 4,000,000 | |||
shares of common stock ,reserved for issuance | 9,182,558 | 9,182,558 | |||
Outstanding options and RSUs | 5,140,848 | 5,140,848 | |||
Aggregate number of awards available for grant to be issued | 4,041,710 | 4,041,710 | |||
2014 Employee Stock Purchase Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock-based compensation expense | $ 200,000 | $ 300,000 | |||
shares of common stock ,reserved for issuance | 663,667 | 663,667 | |||
Aggregate number of awards available for grant to be issued | 663,667 | 663,667 | |||
Percentage of employees purchase price of common stock | 85.00% | ||||
Employee stock purchase plan description | (i) the beginning of a 12-month offering period, or (ii) at the end of one of the two related 6-month purchase periods | ||||
Employee stock purchase plan offering commenced start date | Jun. 1, 2016 | ||||
Employee stock purchase plan offering commenced end date | May 31, 2017 | ||||
Shares purchased | 0 | ||||
2014 Employee Stock Purchase Plan | Minimum | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock may be issued or transferred, value | $ 25,000 | ||||
Unvested RSAs | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Unvested restricted stock awards | 0 | 0 | 48,317 | ||
Unrecognized stock-based compensation expense | $ 0 | $ 0 | |||
Aggregate intrinsic value | 400,000 | 400,000 | |||
Unvested RSAs | Service And Performance Conditions | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock-based compensation expense | $ 32,000 | $ 200,000 | $ 200,000 | $ 800,000 | |
Unvested RSAs | Prior to Recapitalization | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Vested restricted stock awards | 1,316,875 | ||||
Unvested restricted stock awards | 18,510 | 18,510 | |||
Vesting date | 2016-10 | ||||
Unvested RSUs | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Unvested restricted stock awards | 1,371,269 | 1,371,269 | 427,605 | ||
Unrecognized stock-based compensation expense | $ 17,400,000 | $ 17,400,000 | |||
Aggregate intrinsic value | 29,900,000 | $ 29,900,000 | |||
Unrecognized stock-based compensation weighted average recognition period | 2 years | ||||
Restricted stock units, settled | 153,719 | ||||
Restricted stock units, issued net of tax withholdings | 149,468 | ||||
Restricted stock units withheld for tax obligations | 4,251 | ||||
Restricted stock units withheld for tax obligations, value | $ 75,000 | ||||
Vested and Unvested Options | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Unrecognized stock-based compensation weighted average recognition period | 2 years 10 months 24 days | ||||
Unrecognized stock-based compensation | $ 37,100,000 | $ 37,100,000 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of RSU Activity and Restricted Stock Award (Detail) | 9 Months Ended |
Sep. 30, 2016$ / sharesshares | |
Unvested RSAs | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Unvested as of December 31, 2015 | 48,317 |
Granted | 0 |
Forfeited | 0 |
Vested | (48,317) |
Unvested as of September 30, 2016 | 0 |
Unvested as of December 31, 2015 | $ / shares | $ 0.40 |
Vested | $ / shares | $ 0.40 |
Unvested RSUs | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Unvested as of December 31, 2015 | 427,605 |
Granted | 1,142,697 |
Forfeited | (44,746) |
Vested | (154,287) |
Unvested as of September 30, 2016 | 1,371,269 |
Vested and unreleased | 25,403 |
Outstanding as of September 30, 2016 | 1,396,672 |
Unvested as of December 31, 2015 | $ / shares | $ 7.86 |
Granted | $ / shares | 17.83 |
Forfeited | $ / shares | 11.87 |
Vested | $ / shares | 6.33 |
Unvested as of September 30, 2016 | $ / shares | $ 16.21 |
Stockholders' Equity - Summar30
Stockholders' Equity - Summary of Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Outstanding, Shares, beginning balance | 3,137,529 | |
Granted, Shares | 804,700 | |
Exercised, Shares | (18,947) | (11,844) |
Forfeited or expired, Shares | (179,106) | |
Outstanding, Shares, ending balance | 3,744,176 | |
Vested and expected to vest, Shares | 3,744,176 | |
Exercisable, Shares | 924,752 | |
Outstanding, Weighted Average Exercise Price, beginning balance | $ 25.81 | |
Granted, Weighted Average Exercise Price | 20.39 | |
Exercised, Weighted Average Exercise Price | 13.15 | |
Forfeited or expired, Weighted Average Exercise price | 25.41 | |
Outstanding, Weighted Average Exercise Price, ending balance | 24.79 | |
Stock options vested and expected to vest, Weighted Average Exercise Price | 24.79 | |
Exercisable, Weighted Average Exercise Price | $ 24.50 | |
Outstanding, Weighted Average Remaining Contractual Term | 5 years 10 months 24 days | |
Stock options vested and expected to vest, Weighted Average Remaining Contractual Term | 5 years 10 months 24 days | |
Exercisable, Weighted Average Remaining Contractual Term | 5 years 5 months 27 days | |
Aggregate intrinsic value | $ 6,279 | |
Vested and expected to vest, Aggregate Intrinsic Value | 6,279 | |
Exercisable, Aggregate Intrinsic Value | $ 2,369 |
Stockholders' Equity - Summar31
Stockholders' Equity - Summary of Estimated Weighted-Average Assumptions (Detail) - USD ($) | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Options granted | 804,700 | |
Employees | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected term (years) | 4 years 6 months | 4 years 6 months |
Expected volatility | 69.00% | 71.80% |
Risk-free interest rate | 1.30% | 1.40% |
Expected dividend yield | 0.00% | 0.00% |
Weighted-average estimated grant date fair value per share | $ 11.23 | $ 19.15 |
Options granted | 795,700 | 1,106,699 |
Total estimated grant date fair value | $ 8,935,000 | $ 21,189,000 |
Non Employees | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected term (years) | 6 years 10 months 24 days | 7 years |
Expected volatility | 66.10% | 71.50% |
Risk-free interest rate | 1.70% | 2.00% |
Expected dividend yield | 0.00% | 0.00% |
Weighted-average estimated grant date fair value per share | $ 11.57 | $ 27.83 |
Options granted | 9,000 | 9,000 |
Total estimated grant date fair value | $ 104,000 | $ 250,000 |
Stockholders' Equity - Schedu32
Stockholders' Equity - Schedule of Stock-based Compensation Related to All Employee And Non-employee Awards (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | $ 5,269 | $ 2,234 | $ 15,128 | $ 7,287 |
Research and development | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | 2,551 | 899 | 7,231 | 3,439 |
General and administrative | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | $ 2,718 | $ 1,335 | $ 7,897 | $ 3,848 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended |
Jul. 31, 2016 | Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | ||
Unrecognized tax benefits | $ 4,600,000 | |
Unrecognized tax benefits if recognized would impact effective tax rate | 100,000 | |
Cash tax impact of license of intellectual property rights between consolidated entities | $ 0 | |
Increase in unrecognized tax benefits | 300,000 | |
Expected uncertain tax benefits during next 12 months | $ 1,100,000 |