Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 18-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 | |
Entity Registrant Name | CIDARA THERAPEUTICS, INC. | |
Entity Central Index Key | 1610618 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 13,510,946 |
Condensed_Balance_Sheets
Condensed Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $58,124,000 | $22,796,000 |
Prepaid expenses and other current assets | 278,000 | 217,000 |
Total current assets | 58,402,000 | 23,013,000 |
Property and equipment, net | 814,000 | 863,000 |
Other assets | 1,567,000 | 474,000 |
Total assets | 60,783,000 | 24,350,000 |
Current liabilities: | ||
Accounts payable | 1,696,000 | 1,177,000 |
Accrued liabilities | 1,740,000 | 1,622,000 |
Accrued compensation and benefits | 373,000 | 414,000 |
Total current liabilities | 3,809,000 | 3,213,000 |
Other long-term liabilities | 31,000 | 34,000 |
Total liabilities | 3,840,000 | 3,247,000 |
Commitments and contingencies | ||
Stockholders' deficit: | ||
Common stock, $0.0001 par value; 275,000,000 and 185,000,000 shares authorized at March 31, 2015 and December 31, 2014, respectively; 1,542,155 and 1,147,068 shares issued and outstanding, respectively, at March 31, 2015; 1,494,506 and 1,132,738 shares issued and outstanding, respectively, at December 31, 2014 | 3,000 | 3,000 |
Additional paid-in capital | 2,512,000 | 1,856,000 |
Accumulated deficit | -20,041,000 | -13,304,000 |
Total stockholders' deficit | -17,526,000 | -11,445,000 |
Total liabilities, convertible preferred stock, and stockholders' deficit | 60,783,000 | 24,350,000 |
Series A Convertible Preferred Stock | ||
Convertible preferred stock | ||
Convertible preferred stock | 32,548,000 | 32,548,000 |
Series B Convertible Preferred Stock | ||
Convertible preferred stock | ||
Convertible preferred stock | $41,921,000 |
Condensed_Balance_Sheets_Paren
Condensed Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Common stock, par value | $0.00 | 0.0001 |
Common stock, shares authorized | 275,000,000 | 185,000,000 |
Common stock, shares issued | 1,542,155 | 1,494,506 |
Common stock, shares outstanding | 1,147,068 | 1,132,738 |
Series A Convertible Preferred Stock | ||
Convertible preferred stock, par value | $0.00 | 0.0001 |
Convertible preferred stock, shares authorized | 97,972,510 | 127,214,000 |
Convertible preferred stock, shares issued | 97,526,081 | 97,526,081 |
Convertible preferred stock, shares outstanding | 97,526,081 | 97,526,081 |
Liquidation preference | $32,769 | |
Series B Convertible Preferred Stock | ||
Convertible preferred stock, par value | $0.00 | |
Convertible preferred stock, shares authorized | 94,600,000 | 0 |
Convertible preferred stock, shares issued | 94,533,183 | 0 |
Convertible preferred stock, shares outstanding | 94,533,183 | 0 |
Liquidation preference | $42,020 |
Condensed_Statements_of_Operat
Condensed Statements of Operations (unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Operating expenses: | ||
Research and development | $4,935 | $278 |
General and administrative | 1,797 | 281 |
Total operating expenses | 6,732 | 559 |
Loss from operations | -6,732 | -559 |
Other expense: | ||
Interest expense, net | -5 | -45 |
Change in fair value of convertible notes payable | -103 | |
Total other expense | -5 | -148 |
Net loss | ($6,737) | ($707) |
Net loss per common share, basic and diluted | ($5.92) | ($1.81) |
Weighted average shares outstanding used to compute net loss per share, basic and diluted | 1,138,911 | 389,839 |
Condensed_Statements_of_Cash_F
Condensed Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Operating activities: | ||
Net loss | ($6,737) | ($707) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 91 | |
Stock-based compensation | 639 | 2 |
Non-cash interest expense | 35 | |
Change in fair value of convertible notes payable | 103 | |
Amortization of debt issue costs | 6 | 10 |
Changes in assets and liabilities: | ||
Prepaid expenses and other current assets | -44 | -24 |
Accounts payable and accrued liabilities | 34 | 156 |
Accrued compensation | -41 | 15 |
Net cash used in operating activities | -6,052 | -410 |
Investing activities: | ||
Purchases of property and equipment | -31 | -1 |
Net cash used in investing activities | -31 | -1 |
Financing activities: | ||
Proceeds from sales of Series B convertible preferred stock, net of issuance costs | 41,921 | |
Proceeds from exercise of stock options | 116 | 10 |
Deferred initial public offering costs | -626 | |
Proceeds from issuance of convertible notes payable, net of issuance costs | 930 | |
Net cash provided by financing activities | 41,411 | 940 |
Net increase in cash and cash equivalents | 35,328 | 529 |
Cash and cash equivalents at beginning of period | 22,796 | 185 |
Cash and cash equivalents at end of period | 58,124 | 714 |
Non-cash investing activity: | ||
Property and equipment acquired but not yet paid | 22 | |
Non-cash financing activities: | ||
Deferred initial public offering costs incurred but not yet paid | $490 |
The_Company_and_Basis_of_Prese
The Company and Basis of Presentation | 3 Months Ended |
Mar. 31, 2015 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
The Company and Basis of Presentation | 1. THE COMPANY AND BASIS OF PRESENTATION |
Description of Business | |
Cidara Therapeutics, Inc., or the Company, was originally incorporated in Delaware in December 2012 as K2 Therapeutics, Inc., and its name was changed to Cidara Therapeutics, Inc. in July 2014. The Company is a biotechnology company focused on the discovery, development and commercialization of novel anti-infectives. The Company’s initial product portfolio is comprised of proprietary product candidates for the treatment of serious fungal infections. | |
Initial Public Offering | |
On April 20, 2015, the Company completed its initial public offering (“IPO”) whereby the Company sold 4,800,000 shares of common stock at a price of $16.00 per share. Proceeds from the IPO were approximately $69.4 million, net of underwriting discounts and commissions and offering costs. In connection with the IPO, the outstanding shares of the Company’s Series A convertible preferred stock (“Series A preferred”) and Series B convertible preferred stock (“Series B preferred”) automatically converted into 7,561,380 shares of common stock. | |
Basis of Presentation | |
The Company has a limited operating history and the sales and income potential of the Company’s business and market are unproven. The accompanying financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has experienced net losses and negative cash flows from operating activities since its inception. At March 31, 2015, the Company had an accumulated deficit of $20.0 million. The Company expects to continue to incur net losses into the foreseeable future. Successful transition to attaining profitable operations is dependent upon achieving a level of revenues adequate to support the Company’s cost structure. The Company plans to continue to fund its losses from operations and capital funding needs through debt and equity financing or through collaborations or partnerships with other companies. Debt or equity financing may not be available on a timely basis on terms acceptable to the Company, or at all. If the Company is not able to secure adequate additional funding, the Company may be forced to make reductions in spending, extend payment terms with suppliers, liquidate assets where possible, or suspend or curtail planned programs. Any of these actions could materially harm the Company’s business, results of operations and future prospects. | |
Use of Estimates—The preparation of financial statements in conformity with U.S. generally accepted accounting principles, or GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. The Company evaluates its estimates and assumptions on an ongoing basis. The most significant estimates in the Company’s financial statements relate to estimating the fair value of the Company’s common shares used to account for share-based compensation, accounting for certain accruals and the fair value of the Company’s convertible notes payable. Although the estimates are based on the Company’s knowledge of current events, comparable companies, and actions it may undertake in the future, actual results may ultimately materially differ from these estimates and assumptions. | |
Segment Information—Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker, the Chief Executive Officer, in making decisions regarding resource allocation and assessing performance. The Company views its operations and manages its business as one operating segment. |
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 | |||||||
Comprehensive Loss—Net loss and comprehensive loss were the same for all periods presented; therefore, a separate statement of comprehensive loss is not included in the accompanying financial statements. | ||||||||
Cash and Cash Equivalents—The Company considers all short-term investments purchased with a maturity of three months or less when acquired to be cash equivalents. At times, the Company has cash and cash equivalents deposited at financial institutions in excess of federally insured deposit limits. However, cash is held on deposit in major financial institutions and is considered subject to minimal credit risk. Cash and cash equivalents are readily available in checking and money market accounts. | ||||||||
Fair Value of Financial Instruments—Financial instruments including cash and cash equivalents, prepaid expenses and other current assets, accounts payable and accrued liabilities approximate their fair value based on the short maturities of those instruments. | ||||||||
Concentration of Credit Risk—The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents. Periodically, the Company maintains deposits in government insured financial institutions in excess of government insured limits. The Company invests its cash balances in financial institutions that it believes have high credit quality and has not experienced any losses on such accounts and does not believe it is exposed to any significant credit risk. | ||||||||
Deferred Initial Public Offering Costs—As of March 31, 2015, the Company had capitalized approximately $1.5 million of costs directly associated with the Company’s IPO. The Company will offset deferred IPO costs against IPO proceeds upon the consummation of the offering. Deferred IPO costs are included as a component of other long-term assets on the balance sheet. | ||||||||
Patent Costs—The legal and professional costs incurred by the Company to acquire patent rights have been recorded as general and administrative expense since recoverability of such expenditures is uncertain. | ||||||||
Convertible Preferred Stock—The Company’s Series A preferred and Series B preferred are classified as temporary equity instead of stockholders’ deficit in accordance with authoritative guidance for the classification and measurement of potentially redeemable securities, as the stock is conditionally redeemable at the holder’s option and upon certain change in control events that are outside the Company’s control, including the liquidation, sale, or transfer of control of the Company. Upon such change in control events, holders of the convertible preferred stock can cause its redemption. | ||||||||
Income Taxes—The Company follows the FASB Accounting Standards Codification, or ASC, 740 Income Taxes, or ASC 740, in reporting deferred income taxes. The ASC 740 requires a company to recognize deferred tax liabilities and assets for expected future income tax consequences of events that have been recognized in the Company’s financial statements. Under this method, deferred tax assets and liabilities are determined based on temporary differences between financial statement carrying amounts and the tax basis of assets and liabilities using enacted tax rates in the years in which the temporary differences are expected to reverse. Valuation allowances are provided if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. | ||||||||
The Company accounts for uncertain tax positions pursuant to ASC 740, which prescribes a recognition threshold and measurement process for financial statement recognition of uncertain tax positions taken or expected to be taken in a tax return. If the tax position meets this threshold, the benefit to be recognized is measured as the tax benefit having the highest likelihood of being realized upon ultimate settlement with the taxing authority. The Company recognizes interest accrued related to unrecognized tax benefits and penalties in the provision for income taxes. | ||||||||
Research and Development Costs—To date, research and development expenses have related primarily to research and preclinical development of CD101 IV, CD101 topical, and the Cloudbreak immunotherapy platform. Research and development expenses include compensation and benefits for research and development employees, and consultants, facilities expenses, overhead expenses, cost of laboratory supplies, manufacturing expenses, fees paid to third parties and other outside expenses. | ||||||||
Costs incurred in purchasing technology assets and intellectual property are charged to research and development expense if the technology has not been conclusively proven to be feasible and has no alternative future use. | ||||||||
Stock-based Compensation—Stock-based compensation expense represents the cost of the grant date fair value of employee stock option and restricted stock grants recognized over the requisite service period of the awards (usually the vesting period) on a straight-line basis, net of estimated forfeitures. The Company accounts for stock options granted to non-employees using the fair value approach. These option grants are subject to periodic revaluation over their vesting terms. The Company estimates the fair value of employee and non-employee stock option grants using the Black-Scholes option pricing model, or Black-Scholes. | ||||||||
Net Loss Per Share—Basic net loss per share is computed by dividing the net loss by the weighted-average number of common shares outstanding for the period, without consideration for potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of common shares and dilutive common stock equivalents outstanding for the period determined using the treasury-stock and if-converted methods. Dilutive common stock equivalents are comprised of convertible preferred stock, convertible notes payable, unvested restricted common stock subject to repurchase, and options outstanding under the Company’s stock option plan. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding due to the Company’s net loss position. | ||||||||
The following table sets forth the outstanding potentially dilutive securities that have been excluded in the calculation of diluted net loss per share because to do so would be anti-dilutive (in common stock equivalent shares): | ||||||||
Three months ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Convertible preferred stock | 7,561,380 | - | ||||||
Common stock options | 1,416,779 | - | ||||||
Common stock subject to repurchase | 395,087 | 56,822 | ||||||
Total | 9,373,246 | 56,822 | ||||||
Fair Value of Financial Instruments—The Company follows authoritative guidance with respect to fair value reporting issued by the FASB for financial assets and liabilities, which defines fair value, provides guidance for measuring fair value and requires certain disclosures. The guidance does not apply to measurements related to share-based payments. The guidance discusses valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost). The guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. | ||||||||
Recently Issued Accounting Standards—The Company has evaluated the recent accounting pronouncements through the date of this filing, and management does not expect adoption of such pronouncements to have a material impact on the Company’s financial statements. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Fair Value Measurements | 3. FAIR VALUE MEASUREMENTS | |||||||||||||||
The Company follows ASC 820-10, Fair Value Measurements and Disclosures, which among other things, defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. | ||||||||||||||||
As a basis for considering such assumptions, a three-tier fair value hierarchy has been established, which prioritizes the inputs used in measuring fair value as follows: | ||||||||||||||||
Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities; | ||||||||||||||||
Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and | ||||||||||||||||
Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumption, which reflect those that a market participant would use. | ||||||||||||||||
At March 31, 2015 and December 31, 2014, the Company held securities of a money market fund which invests in short-term U.S. Treasury securities, the prices of which are available from quoted prices in active markets. The carrying amounts of the Company’s financial instruments, including accounts payable, and accrued liabilities, approximate fair value due to their short maturities. | ||||||||||||||||
None of the Company’s non-financial assets or liabilities are recorded at fair value on a non-recurring basis. No transfers between levels have occurred during the periods presented. | ||||||||||||||||
The following tables summarize the Company’s financial instruments measured at fair value on a recurring basis: | ||||||||||||||||
LEVEL 1 | LEVEL 2 | LEVEL 3 | ||||||||||||||
TOTAL | QUOTED | SIGNIFICANT | SIGNIFNCANT | |||||||||||||
PRICES IN | OTHER | UNOBSERVABLE | ||||||||||||||
ACTIVE | OBSERVABLE | INPUTS | ||||||||||||||
MARKETS | INPUTS | |||||||||||||||
FOR IDENTICAL | ||||||||||||||||
SECURITIES | ||||||||||||||||
31-Dec-14 | ||||||||||||||||
Assets: | ||||||||||||||||
Money market funds, included in cash and cash equivalents | $ | 20,769 | $ | 20,769 | $ | - | $ | - | ||||||||
Total assets at fair value | $ | 20,769 | $ | 20,769 | $ | - | $ | - | ||||||||
31-Mar-15 | ||||||||||||||||
Assets: | ||||||||||||||||
Money market funds, included in cash and cash equivalents | $ | 56,372 | $ | 56,372 | $ | - | $ | - | ||||||||
Total assets at fair value | $ | 56,372 | $ | 56,372 | $ | - | $ | - | ||||||||
Debt
Debt | 3 Months Ended |
Mar. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt | 4. DEBT |
2013 Convertible Notes Payable | |
During 2013, the Company issued convertible notes (the 2013 Notes) to a major shareholder of the Company, 5AM Ventures, for an aggregate of $1,250,000. The 2013 Notes bore interest at 8% which compounded annually. The 2013 Notes were convertible into preferred shares of the Company’s equity securities at a 15% discount to the sales price of the equity securities sold at the next financing or a series of related transactions yielding gross proceeds to the Company of at least $13,750,000 (defined as a Qualified Financing). The 2013 Notes were to mature on the earlier of a Qualified Financing, a change in control, or February 8, 2014, or such later date as provided for by the written consent of the note holders. In January 2014, the holders of the 2013 Notes executed a written consent to extend the maturity date of the 2013 Notes to July 30, 2014. | |
2014 Convertible Notes Payable | |
In January and February 2014, the Company issued convertible notes (the 2014 Notes) to 5AM Ventures and certain non-affiliated investors for $500,000 and $450,000, respectively. The 2014 Notes bore interest at 8%, which compounded annually. The 2014 Notes were convertible into preferred shares of the Company’s equity securities at a 15% discount to the sales price of the equity securities sold in a Qualified Financing. The 2014 Notes were to mature on the earlier of a Qualified Financing, a change in control, or July 30, 2014, or such later date as provided for by the written consent of the note holders | |
On May 30, 2014, the outstanding principal balance of both the 2013 Notes and the 2014 Notes plus all accrued interest thereon converted into 321,492 shares of Series A preferred. | |
Comerica Loan | |
In December 2014, the Company entered into a Loan and Security Agreement with Comerica Bank, or the Comerica Loan, to borrow up to $10 million. The Comerica Loan is secured by substantially all of the Company’s assets other than intellectual property (except rights to payment from the sale, licensing, or disposition of such intellectual property). The Comerica Loan may be drawn upon by the Company through December 2015. The Comerica Loan bears interest at either Comerica’s Prime Reference Rate or LIBOR plus Comerica’s LIBOR Spread Rate, as defined in the Comerica Loan. The terms allow for a 12-month interest-only period and all outstanding term loans under the credit facility will begin amortizing at the end of the interest-only period, with monthly payments of principal and interest to be made in 36 consecutive installments following the interest-only period. Any advances made on the Comerica Loan would become due in December 2018. The Company has the right to repay any borrowings on the Comerica Loan in full without prepayment penalty. The Company issued a warrant for the purchase of Series A preferred equal to 1.5% of the total borrowings under the Comerica Loan divided by the warrant purchase price of $8.5344 per share. If advances are made on the Comerica Loan, the warrant will become exercisable on the earlier to occur of (1) the date on which the aggregate amount of advances under the Comerica Loan equals $10 million or (2) December 29, 2015. If no advances are made on the Comerica Loan by December 29, 2015, the warrant will terminate. As of March 31, 2015, the Company has not drawn any advances on the Comerica Loan. The Company incurred $22,000 in costs associated with the execution of the Comerica Loan. During the three months ended March 31, 2015, $6,000 of debt issue costs were amortized and recognized as interest expense in the statement of operations. |
Stockholders_Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2015 | |
Equity [Abstract] | |
Stockholders' Equity | 5. STOCKHOLDERS’ EQUITY |
Convertible Preferred Stock—As of March 31, 2015, the Company had authorized 97,972,510 shares of Series A preferred and 94,600,000 shares of Series B preferred. | |
In February 2015, the Company issued 94,533,183 shares of Series B preferred stock resulting in $42.0 million in gross proceeds. The original issue price of Series B preferred was $0.4445 (the Series B Original Issue Price) which was subject to adjustment in the event of certain corporate events, such as stock dividends, combinations, splits, or recapitalizations. | |
The key terms of the Series A preferred and Series B preferred (collectively, Preferred) are as follows: | |
Conversion: Each share of Preferred is optionally convertible at any time at the discretion of the holder. All shares of Preferred are convertible upon the election of the holders of at least 60% of the Preferred. The number of shares of common stock into which the Preferred convert (the Preferred Conversion Rate) is calculated by dividing the Original Issue Price by the applicable Conversion Price, which is initially equal to the Original Issue Price but will be adjusted for any splits, combinations, stock dividends or distributions, reclassifications, exchanges, substitutions, reorganizations, mergers or consolidations. Additionally, subject to customary exceptions, if the Company issues additional securities at an effective price below the current applicable Conversion Price, the applicable Conversion Price will be adjusted pursuant to a broad-based antidilution calculation. In the event of an IPO at an effective price per common share greater than three times the Original Issue Price, the Preferred will automatically convert into common stock, and all declared and unpaid dividends on the Series A preferred shall be paid. | |
Dividends: The Preferred has a dividend preference that is equal to 8% of the Original Issue Price. Dividends will be paid only on declaration by the board of directors and shall be non-cumulative. If dividends are paid on shares of common stock, the holders of Preferred will receive an additional dividend equal to the amount paid or set aside for each share of common stock, on an as-if-converted to common stock basis. | |
Liquidation: Upon the liquidation, dissolution, or winding up of the company, each holder of Series A convertible preferred stock shall receive a preferential payment from the assets available for distribution equal to the Original Issue Price and any outstanding and declared and unpaid dividends. After the full preference amount is paid, each holder of Preferred shall receive, for each share of Preferred, an additional payment equal to the amount paid for each share of common stock until the Preferred shareholders have received a total distribution amount equal to three times the applicable Original Issue Price, plus any declared and unpaid dividends. An asset transfer or acquisition of the Company shall be treated as a liquidation. | |
Stock_Incentive_Plan
Stock Incentive Plan | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||||||||||||||||
Stock Incentive Plan | 6. STOCK INCENTIVE PLAN | |||||||||||||||
2013 Equity Incentive Plan | ||||||||||||||||
The 2013 Option and Grant Plan, or the 2013 Plan, provides for granting stock options and restricted stock awards to certain employees, directors and consultants of the Company. | ||||||||||||||||
Terms of stock award agreements, including vesting requirements, are determined by the board of directors, subject to the provisions of the 2013 Plan. Stock options granted by the Company typically vest over a four year period. Certain stock options are subject to acceleration of vesting in the event of certain change of control transactions. The stock options may be granted for a term of up to ten years from the date of grant. The exercise price for stock options granted under the 2013 Plan must be at a price no less than 100% of the estimated fair value of the shares on the date of grant as determined by the board of directors, provided that for an incentive stock option granted to an employee who at the time of grant owns stock representing more than 10% of the voting power of all classes of stock of the Company, the exercise price shall be no less than 110% of the estimated value on the date of grant. As of March 31, 2015 and December 31, 2014, the Company had 2,064,624 shares and 1,126,813 shares, respectively, authorized for issuance to employees, nonemployee directors, and consultants of the Company under the 2013 Plan. | ||||||||||||||||
At March 31, 2015, there remained 194,564 shares available for future grants or awards under the 2013 Plan. | ||||||||||||||||
2015 Equity Incentive Plan | ||||||||||||||||
In March 2015, the Company’s board of directors and stockholders approved and adopted the 2015 Equity Incentive Plan (“2015 Plan”). The 2015 Plan became effective on April 14, 2015, the date of execution and delivery of the underwriting agreement for the Company’s IPO. Under the 2015 Plan, the Company may grant stock options, stock appreciation rights, restricted stock, restricted stock units, and other wards to individuals who are then employees, officers, directors, or consultants of the Company. A total of 1,634,456 shares of common stock were approved to be reserved for issuance under the 2015 Plan. The shares reserved exclude shares of common stock reserved for issuance under the 2013 Plan. The number of shares reserved that are remaining under the 2013 Plan will be added to the shares initially reserved under the 2015 Plan upon its effectiveness. In addition, the number of shares of stock available for issuance under the 2015 Plan will be automatically increased each January 1, beginning on January 1, 2016, by 4% of the outstanding number of shares of the Company’s common stock on the immediately preceding December 31 or such lesser number as determined by the Company’s board of directors. | ||||||||||||||||
Employee Stock Purchase Plan | ||||||||||||||||
In March 2015, the Company’s board of directors and stockholders approved and adopted the 2015 Employee Stock Purchase Plan (“ESPP”). The ESPP became effective on April 14, 2015. A total of 245,168 shares of common stock were approved to be initially reserved for issuance under the ESPP. In addition, the number of shares of stock available for issuance under the ESPP will be automatically increased each January 1, beginning on January 1, 2016, by the lesser of (i) 1% of the outstanding number of shares of the Company’s common stock on the immediately preceding December 31, or (ii) 490,336 shares. | ||||||||||||||||
Restricted Stock | ||||||||||||||||
Upon inception of the Company in December 2012, 385,825 shares of common stock were issued for $980. Of these shares, 196,849 were issued to 5AM Ventures and the remaining 188,976 were issued to two of the Company’s founders. In February 2013, vesting restrictions were placed on 118,110 shares of the 188,976 shares issued to the two founders. Given there was no change in fair value of the common stock, the modification of the founders’ stock agreements did not result in any incremental expense on the date of modification. The shares purchased by 5AM Ventures contained no vesting provisions. | ||||||||||||||||
The Company did not issue any shares of common stock to employees or consultants during the three months ended March 31, 2015. During the three months ended March 31, 2014, 75,860 shares of common stock were issued to employees and consultants of the Company at a price of $0.13 per share. | ||||||||||||||||
Except for the shares purchased by 5AM Ventures, all shares issued since inception were subject to service-based vesting terms and the vesting of certain shares will accelerate on changes of control or termination of employment. At March 31, 2015, 242,273 shares were vested and 29,054 shares were subject to repurchase by the Company. At December 31, 2014, 231,669 were vested and 39,686 shares were subject to repurchase by the Company. | ||||||||||||||||
Stock Options | ||||||||||||||||
During the three months ended March 31, 2015, options to purchase 755,291 shares of common stock were granted to employees and non-employees. No options to purchase shares of common stock were granted during the three months ended March 31, 2014. | ||||||||||||||||
The following table summarizes stock option activity during the three months ended March 31, 2015: | ||||||||||||||||
Number of Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life in Years | Total Aggregate Intrinsic Value | |||||||||||||
Outstanding at December 31, 2014 | 709,136 | $ | 2.29 | 9.73 | $ | 2,522 | ||||||||||
Options granted | 755,291 | 7.37 | ||||||||||||||
Options exercised | (47,648 | ) | 2.44 | |||||||||||||
Outstanding at March 31, 2015 | 1,416,779 | 4.99 | 9.71 | 14,199 | ||||||||||||
Vested and expected to vest at March 31, 2015 | 1,416,779 | 4.99 | 9.71 | 14,199 | ||||||||||||
Vested at March 31, 2015 | 41,067 | 4.39 | 9.67 | 436 | ||||||||||||
Exercisable at March 31, 2015 | 1,209,806 | $ | 5 | 9.72 | $ | 12,113 | ||||||||||
The Company’s stock option plan allows for the early exercise of awards subject to the right of repurchase by the Company at the lower of original exercise price or fair market value for unvested awards. At March 31, 2015, the Company recorded a liability for the cash received from the early exercise of stock options in the amount of $840,000 which is classified in accrued liabilities on the balance sheet. The Company reduces the liability as the underlying shares vest in accordance with the vesting terms outlined in the stock option agreements which, generally, is 4 years. At March 31, 2015, 365,982 shares of common stock were issued as a result of exercises of stock options that were unvested. | ||||||||||||||||
Stock-based compensation expense recognized for restricted shares and stock options granted to employees and consultants has been reported in the statements of operations as follows (in thousands): | ||||||||||||||||
Three months ended | ||||||||||||||||
March 31, | ||||||||||||||||
2015 | 2014 | |||||||||||||||
Research and development | $ | 442 | $ | 2 | ||||||||||||
General and administrative | 197 | - | ||||||||||||||
Total | $ | 639 | $ | 2 | ||||||||||||
The weighted-average grant date fair value of stock options granted by the Company during the three months ended March 31, 2015 was $7.37 per share. The total grant date fair value of stock options that vested during the three months ended March 31, 2015 was $0.4 million. As of March 31, 2015, total unrecognized share-based compensation costs related to unvested employee stock options of the Company were approximately $4.9 million. This unrecognized cost is expected to be recognized over a weighted-average period of approximately 2.9 years on a straight-line basis. | ||||||||||||||||
Common stock reserved for issuance is as follows: | ||||||||||||||||
31-Mar-15 | 31-Dec-14 | |||||||||||||||
Conversion of Series A preferred | 3,839,604 | 3,839,604 | ||||||||||||||
Conversion of Series B preferred | 3,721,776 | - | ||||||||||||||
Stock options issued and outstanding | 1,416,779 | 709,136 | ||||||||||||||
Authorized for future stock awards or option grants | 194,564 | 12,062 | ||||||||||||||
Total | 9,172,723 | 4,560,802 | ||||||||||||||
Purchase_of_Intellectual_Prope
Purchase of Intellectual Property from Seachaid Pharmaceuticals, Inc | 3 Months Ended |
Mar. 31, 2015 | |
Purchase Of Intellectual Property [Abstract] | |
Purchase of Intellectual Property from Seachaid Pharmaceuticals, Inc | 7. PURCHASE OF INTELLECTUAL PROPERTY FROM SEACHAID PHARMACEUTICALS, INC. |
In May 2014, the Company entered into an asset purchase agreement with Seachaid Pharmaceuticals, Inc., or Seachaid, whereby the Company purchased intellectual property related to its antifungal product candidates, CD101 IV and CD101 topical. The Company issued 703,092 shares of common stock to Seachaid, with an estimated fair value of $1.6 million, as consideration for the assets acquired. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended | |||
Mar. 31, 2015 | ||||
Commitments And Contingencies Disclosure [Abstract] | ||||
Commitments and Contingencies | 8. COMMITMENTS AND CONTINGENCIES | |||
Litigation—From time to time, the Company may be involved in various lawsuits, legal proceedings, or claims that arise in the ordinary course of business. Management believes there are no claims or actions pending against the Company as of March 31, 2015 or 2014 which will have, individually or in the aggregate, a material adverse effect on its business, liquidity, financial position, or results of operations. Litigation, however, is subject to inherent uncertainties, and an adverse result in such matters may arise from time to time that may harm the Company’s business. | ||||
Lease Obligations—In June 2014, the Company entered into an operating lease agreement for laboratory and office space in San Diego, California. Amendments for additional space were entered into in February and March 2014. The lease expires in July 2016 with two individual two-year extension option rights. The lease is subject to charges for common area maintenance and other costs. Rent expense is being recorded on a straight-line basis over the life of the lease. Future minimum payments required under the lease as of March 31, 2015 are summarized as follows (in thousands): | ||||
2015 (Three quarters remaining) | $ | 347 | ||
2016 | 253 | |||
Total minimum lease payments | $ | 600 | ||
The Company enters into contracts in the normal course of business with vendors for research and development activities, manufacturing, and professional services. These contracts generally provide for termination either on or within 30 days of notice. | ||||
The Company did not occupy any facilities prior to establishing itself in San Diego in July 2014. Rent expense was $104,000 and $0 for the three months ended March 31, 2015 and 2014, respectively. | ||||
Subsequent_Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | 9. SUBSEQUENT EVENTS |
Reverse Stock Split | |
On April 2, 2015, the Company’s board of directors and stockholders approved a 1-for-25.4 reverse stock split of its outstanding common stock. The reverse stock split resulted in an adjustment to the conversion prices of the Series A preferred and Series B preferred to reflect a proportional decrease in the number of shares of common stock to be issued upon conversion, which occurred in connection with the closing of the Company’s IPO. The accompanying financial statements and notes to the financial statements give retroactive effect to the reverse stock split for all periods presented. | |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Accounting Policies [Abstract] | ||||||||
Description of Business | Description of Business | |||||||
Cidara Therapeutics, Inc., or the Company, was originally incorporated in Delaware in December 2012 as K2 Therapeutics, Inc., and its name was changed to Cidara Therapeutics, Inc. in July 2014. The Company is a biotechnology company focused on the discovery, development and commercialization of novel anti-infectives. The Company’s initial product portfolio is comprised of proprietary product candidates for the treatment of serious fungal infections. | ||||||||
Initial Public Offering | Initial Public Offering | |||||||
On April 20, 2015, the Company completed its initial public offering (“IPO”) whereby the Company sold 4,800,000 shares of common stock at a price of $16.00 per share. Proceeds from the IPO were approximately $69.4 million, net of underwriting discounts and commissions and offering costs. In connection with the IPO, the outstanding shares of the Company’s Series A convertible preferred stock (“Series A preferred”) and Series B convertible preferred stock (“Series B preferred”) automatically converted into 7,561,380 shares of common stock. | ||||||||
Basic of Presentation | Basis of Presentation | |||||||
The Company has a limited operating history and the sales and income potential of the Company’s business and market are unproven. The accompanying financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has experienced net losses and negative cash flows from operating activities since its inception. At March 31, 2015, the Company had an accumulated deficit of $20.0 million. The Company expects to continue to incur net losses into the foreseeable future. Successful transition to attaining profitable operations is dependent upon achieving a level of revenues adequate to support the Company’s cost structure. The Company plans to continue to fund its losses from operations and capital funding needs through debt and equity financing or through collaborations or partnerships with other companies. Debt or equity financing may not be available on a timely basis on terms acceptable to the Company, or at all. If the Company is not able to secure adequate additional funding, the Company may be forced to make reductions in spending, extend payment terms with suppliers, liquidate assets where possible, or suspend or curtail planned programs. Any of these actions could materially harm the Company’s business, results of operations and future prospects. | ||||||||
Use of Estimates | Use of Estimates—The preparation of financial statements in conformity with U.S. generally accepted accounting principles, or GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. The Company evaluates its estimates and assumptions on an ongoing basis. The most significant estimates in the Company’s financial statements relate to estimating the fair value of the Company’s common shares used to account for share-based compensation, accounting for certain accruals and the fair value of the Company’s convertible notes payable. Although the estimates are based on the Company’s knowledge of current events, comparable companies, and actions it may undertake in the future, actual results may ultimately materially differ from these estimates and assumptions. | |||||||
Segment Information | Segment Information—Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker, the Chief Executive Officer, in making decisions regarding resource allocation and assessing performance. The Company views its operations and manages its business as one operating segment. | |||||||
Comprehensive Loss | Comprehensive Loss—Net loss and comprehensive loss were the same for all periods presented; therefore, a separate statement of comprehensive loss is not included in the accompanying financial statements. | |||||||
Cash and Cash Equivalents | Cash and Cash Equivalents—The Company considers all short-term investments purchased with a maturity of three months or less when acquired to be cash equivalents. At times, the Company has cash and cash equivalents deposited at financial institutions in excess of federally insured deposit limits. However, cash is held on deposit in major financial institutions and is considered subject to minimal credit risk. Cash and cash equivalents are readily available in checking and money market accounts. | |||||||
Fair Value of Financial Instruments | Fair Value of Financial Instruments—Financial instruments including cash and cash equivalents, prepaid expenses and other current assets, accounts payable and accrued liabilities approximate their fair value based on the short maturities of those instruments. | |||||||
Concentration of Credit Risk | Concentration of Credit Risk—The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents. Periodically, the Company maintains deposits in government insured financial institutions in excess of government insured limits. The Company invests its cash balances in financial institutions that it believes have high credit quality and has not experienced any losses on such accounts and does not believe it is exposed to any significant credit risk. | |||||||
Deferred Initial Public Offering Costs | Deferred Initial Public Offering Costs—As of March 31, 2015, the Company had capitalized approximately $1.5 million of costs directly associated with the Company’s IPO. The Company will offset deferred IPO costs against IPO proceeds upon the consummation of the offering. Deferred IPO costs are included as a component of other long-term assets on the balance sheet. | |||||||
Patent Costs | Patent Costs—The legal and professional costs incurred by the Company to acquire patent rights have been recorded as general and administrative expense since recoverability of such expenditures is uncertain. | |||||||
Convertible Preferred Stock | Convertible Preferred Stock—The Company’s Series A preferred and Series B preferred are classified as temporary equity instead of stockholders’ deficit in accordance with authoritative guidance for the classification and measurement of potentially redeemable securities, as the stock is conditionally redeemable at the holder’s option and upon certain change in control events that are outside the Company’s control, including the liquidation, sale, or transfer of control of the Company. Upon such change in control events, holders of the convertible preferred stock can cause its redemption. | |||||||
Income Taxes | Income Taxes—The Company follows the FASB Accounting Standards Codification, or ASC, 740 Income Taxes, or ASC 740, in reporting deferred income taxes. The ASC 740 requires a company to recognize deferred tax liabilities and assets for expected future income tax consequences of events that have been recognized in the Company’s financial statements. Under this method, deferred tax assets and liabilities are determined based on temporary differences between financial statement carrying amounts and the tax basis of assets and liabilities using enacted tax rates in the years in which the temporary differences are expected to reverse. Valuation allowances are provided if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. | |||||||
The Company accounts for uncertain tax positions pursuant to ASC 740, which prescribes a recognition threshold and measurement process for financial statement recognition of uncertain tax positions taken or expected to be taken in a tax return. If the tax position meets this threshold, the benefit to be recognized is measured as the tax benefit having the highest likelihood of being realized upon ultimate settlement with the taxing authority. The Company recognizes interest accrued related to unrecognized tax benefits and penalties in the provision for income taxes. | ||||||||
Research and Development Costs | Research and Development Costs—To date, research and development expenses have related primarily to research and preclinical development of CD101 IV, CD101 topical, and the Cloudbreak immunotherapy platform. Research and development expenses include compensation and benefits for research and development employees, and consultants, facilities expenses, overhead expenses, cost of laboratory supplies, manufacturing expenses, fees paid to third parties and other outside expenses. | |||||||
Costs incurred in purchasing technology assets and intellectual property are charged to research and development expense if the technology has not been conclusively proven to be feasible and has no alternative future use. | ||||||||
Stock-based Compensation | Stock-based Compensation—Stock-based compensation expense represents the cost of the grant date fair value of employee stock option and restricted stock grants recognized over the requisite service period of the awards (usually the vesting period) on a straight-line basis, net of estimated forfeitures. The Company accounts for stock options granted to non-employees using the fair value approach. These option grants are subject to periodic revaluation over their vesting terms. The Company estimates the fair value of employee and non-employee stock option grants using the Black-Scholes option pricing model, or Black-Scholes. | |||||||
Net Loss Per Share | Net Loss Per Share—Basic net loss per share is computed by dividing the net loss by the weighted-average number of common shares outstanding for the period, without consideration for potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of common shares and dilutive common stock equivalents outstanding for the period determined using the treasury-stock and if-converted methods. Dilutive common stock equivalents are comprised of convertible preferred stock, convertible notes payable, unvested restricted common stock subject to repurchase, and options outstanding under the Company’s stock option plan. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding due to the Company’s net loss position. | |||||||
The following table sets forth the outstanding potentially dilutive securities that have been excluded in the calculation of diluted net loss per share because to do so would be anti-dilutive (in common stock equivalent shares): | ||||||||
Three months ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Convertible preferred stock | 7,561,380 | - | ||||||
Common stock options | 1,416,779 | - | ||||||
Common stock subject to repurchase | 395,087 | 56,822 | ||||||
Total | 9,373,246 | 56,822 | ||||||
Fair Value of Financial Instruments | Fair Value of Financial Instruments—The Company follows authoritative guidance with respect to fair value reporting issued by the FASB for financial assets and liabilities, which defines fair value, provides guidance for measuring fair value and requires certain disclosures. The guidance does not apply to measurements related to share-based payments. The guidance discusses valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost). The guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. | |||||||
Recently Issued Accounting Standards | Recently Issued Accounting Standards—The Company has evaluated the recent accounting pronouncements through the date of this filing, and management does not expect adoption of such pronouncements to have a material impact on the Company’s financial statements. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Accounting Policies [Abstract] | ||||||||
Summary of Outstanding Potentially Dilutive Securities Excluded from Calculation of Diluted Net Loss Per Share | The following table sets forth the outstanding potentially dilutive securities that have been excluded in the calculation of diluted net loss per share because to do so would be anti-dilutive (in common stock equivalent shares): | |||||||
Three months ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Convertible preferred stock | 7,561,380 | - | ||||||
Common stock options | 1,416,779 | - | ||||||
Common stock subject to repurchase | 395,087 | 56,822 | ||||||
Total | 9,373,246 | 56,822 | ||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Summary of Financial Instruments Measured at Fair Value on Recurring Basis | The following tables summarize the Company’s financial instruments measured at fair value on a recurring basis: | |||||||||||||||
LEVEL 1 | LEVEL 2 | LEVEL 3 | ||||||||||||||
TOTAL | QUOTED | SIGNIFICANT | SIGNIFNCANT | |||||||||||||
PRICES IN | OTHER | UNOBSERVABLE | ||||||||||||||
ACTIVE | OBSERVABLE | INPUTS | ||||||||||||||
MARKETS | INPUTS | |||||||||||||||
FOR IDENTICAL | ||||||||||||||||
SECURITIES | ||||||||||||||||
31-Dec-14 | ||||||||||||||||
Assets: | ||||||||||||||||
Money market funds, included in cash and cash equivalents | $ | 20,769 | $ | 20,769 | $ | - | $ | - | ||||||||
Total assets at fair value | $ | 20,769 | $ | 20,769 | $ | - | $ | - | ||||||||
31-Mar-15 | ||||||||||||||||
Assets: | ||||||||||||||||
Money market funds, included in cash and cash equivalents | $ | 56,372 | $ | 56,372 | $ | - | $ | - | ||||||||
Total assets at fair value | $ | 56,372 | $ | 56,372 | $ | - | $ | - | ||||||||
Stock_Incentive_Plan_Tables
Stock Incentive Plan (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Text Block [Abstract] | ||||||||||||||||
Schedule of Stock Option Activity | The following table summarizes stock option activity during the three months ended March 31, 2015: | |||||||||||||||
Number of Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life in Years | Total Aggregate Intrinsic Value | |||||||||||||
Outstanding at December 31, 2014 | 709,136 | $ | 2.29 | 9.73 | $ | 2,522 | ||||||||||
Options granted | 755,291 | 7.37 | ||||||||||||||
Options exercised | (47,648 | ) | 2.44 | |||||||||||||
Outstanding at March 31, 2015 | 1,416,779 | 4.99 | 9.71 | 14,199 | ||||||||||||
Vested and expected to vest at March 31, 2015 | 1,416,779 | 4.99 | 9.71 | 14,199 | ||||||||||||
Vested at March 31, 2015 | 41,067 | 4.39 | 9.67 | 436 | ||||||||||||
Exercisable at March 31, 2015 | 1,209,806 | $ | 5 | 9.72 | $ | 12,113 | ||||||||||
Summary of Stock-based compensation expense recognized for restricted shares and stock options granted to employees and consultants | Stock-based compensation expense recognized for restricted shares and stock options granted to employees and consultants has been reported in the statements of operations as follows (in thousands): | |||||||||||||||
Three months ended | ||||||||||||||||
March 31, | ||||||||||||||||
2015 | 2014 | |||||||||||||||
Research and development | $ | 442 | $ | 2 | ||||||||||||
General and administrative | 197 | - | ||||||||||||||
Total | $ | 639 | $ | 2 | ||||||||||||
Summary of common stock reserved for issuance | Common stock reserved for issuance is as follows: | |||||||||||||||
31-Mar-15 | 31-Dec-14 | |||||||||||||||
Conversion of Series A preferred | 3,839,604 | 3,839,604 | ||||||||||||||
Conversion of Series B preferred | 3,721,776 | - | ||||||||||||||
Stock options issued and outstanding | 1,416,779 | 709,136 | ||||||||||||||
Authorized for future stock awards or option grants | 194,564 | 12,062 | ||||||||||||||
Total | 9,172,723 | 4,560,802 | ||||||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 3 Months Ended | |||
Mar. 31, 2015 | ||||
Commitments And Contingencies Disclosure [Abstract] | ||||
Schedule of Future Minimum Rental Payments for Operating Leases | Future minimum payments required under the lease as of March 31, 2015 are summarized as follows (in thousands): | |||
2015 (Three quarters remaining) | $ | 347 | ||
2016 | 253 | |||
Total minimum lease payments | $ | 600 | ||
The_Company_and_Basis_of_Prese1
The Company and Basis of Presentation - Additional Information (Detail) (USD $) | 3 Months Ended | 0 Months Ended | |
Mar. 31, 2015 | Apr. 20, 2015 | Dec. 31, 2014 | |
Segment | |||
Business Description And Basis Of Presentation [Line Items] | |||
Common stock, shares issued | 1,542,155 | 1,494,506 | |
Accumulated deficit | ($20,041,000) | ($13,304,000) | |
Number of Operating Segments | 1 | ||
Common Stock | Subsequent Events | |||
Business Description And Basis Of Presentation [Line Items] | |||
Convertible preferred stock in to shares of common stock | 7,561,380 | ||
Initial Public Offering | Subsequent Events | |||
Business Description And Basis Of Presentation [Line Items] | |||
Common stock, shares issued | 4,800,000 | ||
Sale of common stock, price per share | $16 | ||
Net proceeds from sale of common stock | $69,400,000 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Details) (USD $) | Mar. 31, 2015 |
In Millions, unless otherwise specified | |
Accounting Policies [Abstract] | |
Capitalized cost associated with initial public offering | $1.50 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Summary of Outstanding Potentially Dilutive Securities Excluded from Calculation of Diluted Net Loss Per Share (Details) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded in the calculation of diluted net loss per share | 9,373,246 | 56,822 |
Convertible Preferred Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded in the calculation of diluted net loss per share | 7,561,380 | |
Common Stock Options | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded in the calculation of diluted net loss per share | 1,416,779 | |
Common Stock Subject to Repurchase | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded in the calculation of diluted net loss per share | 395,087 | 56,822 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Details) (Fair Value, Measurements, Nonrecurring, USD $) | Mar. 31, 2015 |
Fair Value, Measurements, Nonrecurring | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Fair value of assets | $0 |
Fair value of liabilities | $0 |
Fair_Value_Measurements_Summar
Fair Value Measurements - Summary of Financial Instruments Measured at Fair Value on Recurring Basis (Details) (Fair Value Measurements Recurring Basis, USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Assets: | ||
Total assets at fair value | $56,372 | $20,769 |
Money Market Funds Included in Cash and Cash Equivalents | ||
Assets: | ||
Total assets at fair value | 56,372 | 20,769 |
Level 1 | ||
Assets: | ||
Total assets at fair value | 56,372 | 20,769 |
Level 1 | Money Market Funds Included in Cash and Cash Equivalents | ||
Assets: | ||
Total assets at fair value | $56,372 | $20,769 |
Debt_Additional_Information_De
Debt - Additional Information (Details) (USD $) | 3 Months Ended | 1 Months Ended | 2 Months Ended | 0 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2013 | Feb. 28, 2014 | 30-May-14 | Jan. 31, 2014 | |
Debt Instrument [Line Items] | ||||||
Amortization of debt issue costs | $6,000 | $10,000 | ||||
Comerica Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Warrant purchase price | $8.53 | |||||
Warrant expiration date | 29-Dec-15 | |||||
Costs incurred in execution of loan | 22,000 | |||||
Comerica Loan [Member] | Loan and Security Agreement [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Borrowing capacity | 10,000,000 | |||||
Line of credit facility, term | 12 months | |||||
Number of installments | 36 | |||||
Loan due date | 31-Dec-18 | |||||
Series A Convertible Preferred Stock | Comerica Loan [Member] | Loan and Security Agreement [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Warrants issued to purchase preferred stock | 1.50% | |||||
2013 Convertible Notes Payable [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Convertible notes issued | 1,250,000 | |||||
Interest rate | 8.00% | |||||
Conversion discount rate | 15.00% | |||||
Proceeds from sale of equity securities | 13,750,000 | |||||
Notes maturity date | 8-Feb-14 | |||||
Notes extended maturity date | 30-Jul-14 | |||||
2014 Convertible Notes Payable [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Convertible notes issued | $450,000 | $500,000 | ||||
Interest rate | 8.00% | |||||
Conversion discount rate | 15.00% | |||||
Notes maturity date | 30-Jul-14 | |||||
2014 Convertible Notes Payable [Member] | Series A Convertible Preferred Stock | ||||||
Debt Instrument [Line Items] | ||||||
Debt Conversion, Converted Instrument, Shares Issued | 321,492 |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Details) (USD $) | 3 Months Ended | 1 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Feb. 28, 2015 | Dec. 31, 2014 |
Class Of Stock [Line Items] | |||
Proceeds from sales of Series B convertible preferred stock, gross issuance costs | $41,921 | ||
Series A and Series B Convertible Preferred Stock | |||
Class Of Stock [Line Items] | |||
Minimum percentage of votes required for conversion of preferred stock | 60.00% | ||
Convertible preferred stock, terms of conversion | Each share of Preferred is optionally convertible at any time at the discretion of the holder. All shares of Preferred are convertible upon the election of the holders of at least 60% of the Preferred. | ||
Convertible preferred stock, settlement terms | In the event of an IPO at an effective price per common share greater than three times the Original Issue Price, the Preferred will automatically convert into common stock, and all declared and unpaid dividends on the Series A preferred shall be paid. | ||
Preferred stock, dividend rate percentage | 8.00% | ||
Preferred stock, dividend payment terms | Dividends will be paid only on declaration by the board of directors and shall be non-cumulative. | ||
Preferred stock, dividend preference | If dividends are paid on shares of common stock, the holders of Preferred will receive an additional dividend equal to the amount paid or set aside for each share of common stock, on an as-if-converted to common stock basis. | ||
Series A Convertible Preferred Stock | |||
Class Of Stock [Line Items] | |||
Convertible preferred stock, shares authorized | 97,972,510 | 127,214,000 | |
Convertible preferred stock, shares issued | 97,526,081 | 97,526,081 | |
Series B Convertible Preferred Stock | |||
Class Of Stock [Line Items] | |||
Convertible preferred stock, shares authorized | 94,600,000 | 0 | |
Convertible preferred stock, shares issued | 94,533,183 | 94,533,183 | 0 |
Proceeds from sales of Series B convertible preferred stock, gross issuance costs | $42,000 | ||
Preferred stock, original issue price | $0.44 |
Stock_Incentive_Plan_Additiona
Stock Incentive Plan - Additional Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | ||
Mar. 31, 2015 | Dec. 31, 2014 | Feb. 28, 2013 | Mar. 31, 2014 | Dec. 31, 2012 | Apr. 14, 2015 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Shares authorized for issuance to employees, nonemployee directors, and consultants | 194,564 | 12,062 | ||||
Common stock reserved for issuance | 9,172,723 | 4,560,802 | ||||
Common stock, shares issued | 1,542,155 | 1,494,506 | ||||
Common stock value issued | $3,000 | 3,000 | ||||
Vested shares | 41,067 | |||||
Number of stock options, granted | 755,291 | |||||
Weighted average grant date fair values of stock options granted | $7.37 | |||||
Grant date fair value of stock options, vested | 400,000 | |||||
Unrecognized share-based compensation costs of unvested employee stock options | 4,900,000 | |||||
Recognized weighted average period | 2 years 10 months 24 days | |||||
Employee Stock Purchase Plan | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Equity incentive plan effective date | 14-Apr-15 | |||||
Equity incentive plan, description | In addition, the number of shares of stock available for issuance under the ESPP will be automatically increased each January 1, beginning on January 1, 2016, by the lesser of (i) 1% of the outstanding number of shares of the Companybs common stock on the immediately preceding December 31, or (ii) 490,336 shares. | |||||
Automatic annual increase in shares authorized for issuance in equity incentive plan | 1.00% | |||||
Common stock shares outstanding | 490,336 | |||||
Restricted Stock | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Common stock, shares issued | 385,825 | |||||
Common stock value issued | 980 | |||||
Vested shares | 242,273 | 231,669 | ||||
Shares subject to repurchase | 29,054 | 39,686 | ||||
Restricted Stock | Employees and consultants | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Common stock, shares issued | 0 | 75,860 | ||||
Common stock shares issued, price per share | 0.13 | |||||
Restricted Stock | 5AM Ventures | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Common stock, shares issued | 196,849 | |||||
Restricted Stock | Founders | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Common stock, shares issued | 188,976 | |||||
Vested shares | 118,110 | |||||
Employee Stock Option | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Stock options vesting period | 4 years | |||||
Common stock, shares issued | 365,982 | |||||
Number of stock options, granted | 755,291 | 0 | ||||
Cash received on stock options | $840,000 | |||||
Subsequent Events | Employee Stock Purchase Plan | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Common stock reserved for issuance | 245,168 | |||||
2013 Option and Grant Plan | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Stock options vesting period | 4 years | |||||
Stock options grant period from date of grant | 10 years | |||||
Price of stock option as percentage of estimated fair value of shares on date of grant | 100.00% | |||||
Shares authorized for issuance to employees, nonemployee directors, and consultants | 2,064,624 | 1,126,813 | ||||
Shares available for future grants or awards | 194,564 | |||||
2013 Option and Grant Plan | More than 10% of voting power | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Price of stock option as percentage of estimated fair value of shares on date of grant | 110.00% | |||||
2015 Equity Incentive Plan | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Equity incentive plan effective date | 14-Apr-15 | |||||
Common stock reserved for issuance | 1,634,456 | |||||
Equity incentive plan, description | The number of shares reserved that are remaining under the 2013 Plan will be added to the shares initially reserved under the 2015 Plan upon its effectiveness. In addition, the number of shares of stock available for issuance under the 2015 Plan will be automatically increased each January 1, beginning on January 1, 2016, by 4% of the outstanding number of shares of the Companybs common stock on the immediately preceding December 31 or such lesser number as determined by the Companybs board of directors | |||||
Automatic annual increase in shares authorized for issuance in equity incentive plan | 4.00% |
Stock_Incentive_Plan_Summary_o
Stock Incentive Plan - Summary of Stock Option Activity (Details) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Number of Shares, Outstanding, beginning balance | 709,136 | |
Number of stock options, granted | 755,291 | |
Number of Shares, Options exercised | -47,648 | |
Number of Shares, Outstanding ending balance | 1,416,779 | 709,136 |
Number of Shares, Vested and expected to vest | 1,416,779 | |
Number of Shares, Vested | 41,067 | |
Number of Shares, Exercisable | 1,209,806 | |
Weighted Average Exercise Price, Outstanding, beginning balance | $2.29 | |
Weighted Average Exercise Price, Options granted | $7.37 | |
Weighted Average Exercise Price, Options exercised | $2.44 | |
Weighted Average Exercise Price, Outstanding, ending balance | $4.99 | $2.29 |
Weighted Average Exercise Price, Vested and expected to vest | $4.99 | |
Weighted Average Exercise Price, Vested | $4.39 | |
Weighted Average Exercise Price, Exercisable | $5 | |
Weighted Average Remaining Contractual Life in Years, Vested and expected to vest | 9 years 8 months 16 days | 9 years 8 months 23 days |
Weighted Average Remaining Contractual Life in Years, Outstanding | 9 years 8 months 16 days | |
Weighted Average Remaining Contractual Life in Years, Vested and expected to vest | 9 years 8 months 16 days | 9 years 8 months 23 days |
Weighted Average Remaining Contractual Life in Years, Vested | 9 years 8 months 1 day | |
Weighted Average Remaining Contractual Life in Years, Exercisable | 9 years 8 months 19 days | |
Outstanding at December 31, 2014 | $2,522 | |
Total Aggregate Intrinsic Value, Outstanding at March 31, 2015 | 14,199 | 2,522 |
Total Aggregate Intrinsic Value, Vested and expected to vest | 14,199 | |
Total Aggregate Intrinsic Value, Vested | 436 | |
Total Aggregate Intrinsic Value, Exercisable | $12,113 |
Stock_Incentive_Plan_Summary_o1
Stock Incentive Plan - Summary of Stock-Based Compensation Expense Recognized for Restricted Shares and Stock Options Granted to Employees and Consultants (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | $639 | $2 |
Research and development | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | 442 | 2 |
General and administrative | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | $197 |
Recovered_Sheet1
Stock incentive plan - Summary of common stock reserved for issuance (Detail) | Mar. 31, 2015 | Dec. 31, 2014 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Common stock reserved for issuance | 9,172,723 | 4,560,802 |
Stock options issued and outstanding | 1,416,779 | 709,136 |
Shares authorized for issuance to employees, nonemployee directors, and consultants | 194,564 | 12,062 |
Conversion of Series A preferred | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Common stock reserved for issuance | 3,839,604 | 3,839,604 |
Conversion of Series B preferred | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Common stock reserved for issuance | 3,721,776 |
Purchase_of_Intellectual_Prope1
Purchase of Intellectual Property from Seachaid Pharmaceuticals, Inc - Additional Information (Details) (USD $) | 1 Months Ended |
In Millions, except Share data, unless otherwise specified | 31-May-14 |
Purchase Of Intellectual Property [Abstract] | |
Common stock shares issued for consideration of assets acquired | 703,092 |
Fair value of assets acquired in purchase agreement | $1.60 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
OptionRights | Claims | |
Claims | ||
Commitments And Contingencies Disclosure [Abstract] | ||
Number of claims and actions pending | 0 | 0 |
Description of lease arrangements, operating leases | The lease expires in July 2016 with two individual two-year extension option rights. | |
Number Of operating lease extension option rights | 2 | |
Operating lease expiration date | 31-Jul-16 | |
Operating leases renewal term per extension option rights | 2 years | |
Operating lease contract termination notice period | 30 days | |
Lease rent expense | $104,000 | $0 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Schedule of Future Minimum Lease Payment (Details) (USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Operating Leases Future Minimum Payments Due [Abstract] | |
2015 (Three quarters remaining) | $347 |
2016 | 253 |
Total minimum lease payments | $600 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Details) (Subsequent Events) | 0 Months Ended |
Apr. 02, 2015 | |
Subsequent Events | |
Subsequent Event [Line Items] | |
Reverse split of common stock | Companybs board of directors and stockholders approved a 1-for-25.4 reverse stock split |
Reverse stock split ratio | 0.03937 |