Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Aug. 10, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | CDTX | |
Entity Registrant Name | CIDARA THERAPEUTICS, INC. | |
Entity Central Index Key | 1,610,618 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 13,674,291 |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 122,301 | $ 22,796 |
Prepaid expenses and other current assets | 749 | 217 |
Total current assets | 123,050 | 23,013 |
Property and equipment, net | 831 | 863 |
Other assets | 72 | 474 |
Total assets | 123,953 | 24,350 |
Current liabilities: | ||
Accounts payable | 854 | 1,177 |
Accrued liabilities | 1,459 | 1,622 |
Accrued compensation and benefits | 755 | 414 |
Total current liabilities | 3,068 | 3,213 |
Other long-term liabilities | 28 | 34 |
Total liabilities | $ 3,096 | $ 3,247 |
Commitments and contingencies | ||
Stockholders' equity (deficit): | ||
Preferred stock, $0.0001 par value; 10,000,000 shares authorized at June 30, 2015; no shares authorized at December 31, 2014; no shares issued or outstanding at June 30, 2015 and December 31, 2014 | ||
Common stock, $0.0001 par value; 200,000,000 and 185,000,000 shares authorized at June 30, 2015 and December 31, 2014, respectively; 13,903,536 and 13,598,693 shares issued and outstanding, respectively, at June 30, 2015; 1,494,506 and 1,132,738 shares issued and outstanding, respectively, at December 31, 2014 | $ 4 | $ 3 |
Additional paid-in capital | 147,308 | 1,856 |
Accumulated deficit | (26,455) | (13,304) |
Total stockholders' equity (deficit) | 120,857 | (11,445) |
Total liabilities, convertible preferred stock, and stockholders' equity (deficit) | $ 123,953 | 24,350 |
Series A Convertible Preferred Stock | ||
Convertible preferred stock | ||
Convertible preferred stock | $ 32,548 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2015 | Dec. 31, 2014 |
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 10,000,000 | 0 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 200,000,000 | 185,000,000 |
Common stock, shares issued | 13,903,536 | 1,494,506 |
Common stock, shares outstanding | 13,598,693 | 1,132,738 |
Series A Convertible Preferred Stock | ||
Convertible preferred stock, par value | $ 0.0001 | $ 0.0001 |
Convertible preferred stock, shares authorized | 0 | 127,214,000 |
Convertible preferred stock, shares issued | 0 | 97,526,081 |
Convertible preferred stock, shares outstanding | 0 | 97,526,081 |
Condensed Statements of Operati
Condensed Statements of Operations (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Operating expenses: | ||||
Research and development | $ 4,210 | $ 966 | $ 9,145 | $ 1,244 |
Cost of in-process research and development acquired | 1,607 | 1,607 | ||
General and administrative | 2,236 | 522 | 4,033 | 803 |
Total operating expenses | 6,446 | 3,095 | 13,178 | 3,654 |
Loss from operations | (6,446) | (3,095) | (13,178) | (3,654) |
Other income (expense): | ||||
Interest income (expense), net | 32 | (44) | 27 | (89) |
Change in fair value of convertible notes payable | (80) | (183) | ||
Total other income (expense) | 32 | (124) | 27 | (272) |
Net loss | $ (6,414) | $ (3,219) | $ (13,151) | $ (3,926) |
Net loss per common share, basic and diluted | $ (0.59) | $ (5.04) | $ (2.16) | $ (7.63) |
Weighted average shares outstanding used to compute net loss per share, basic and diluted | 10,957,150 | 638,272 | 6,075,134 | 514,736 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Operating activities: | ||
Net loss | $ (13,151) | $ (3,926) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 189 | 19 |
Stock-based compensation | 1,479 | 8 |
Non-cash interest expense | 66 | |
Change in fair value of convertible notes payable | 183 | |
Amortization of debt issue costs | 11 | 23 |
Purchase of in-process research and development | 1,607 | |
Changes in assets and liabilities: | ||
Prepaid expenses and other current assets | (520) | (83) |
Accounts payable and accrued liabilities | (267) | 763 |
Accrued compensation | 341 | 26 |
Net cash used in operating activities | (11,918) | (1,314) |
Investing activities: | ||
Purchases of property and equipment | (157) | (678) |
Net cash used in investing activities | (157) | (678) |
Financing activities: | ||
Proceeds from initial public offering, net of offering costs | 69,543 | |
Proceeds from exercise of stock options | 116 | 18 |
Proceeds from issuance of convertible notes payable, net of offering costs | 930 | |
Net cash provided by financing activities | 111,580 | 30,814 |
Net increase in cash and cash equivalents | 99,505 | 28,822 |
Cash and cash equivalents at beginning of period | 22,796 | 185 |
Cash and cash equivalents at end of period | 122,301 | 29,007 |
Non-cash investing activity: | ||
Property and equipment acquired but not yet paid | 39 | |
Non-cash financing activities: | ||
Initial public offering costs incurred but not yet paid | 13 | 11 |
Deferred initial public offering costs paid in 2014 | 233 | |
Vesting of early exercised stock options | 192 | |
Series A Convertible Preferred Stock | ||
Financing activities: | ||
Proceeds from issuance convertible preferred stock, net of offering costs | 29,866 | |
Non-cash financing activities: | ||
Conversion convertible preferred stock to common upon initial public offering | 32,548 | |
Conversion of convertible notes payable and accrued interest to Series A convertible preferred shares | $ 2,682 | |
Series B Convertible Preferred Stock | ||
Financing activities: | ||
Proceeds from issuance convertible preferred stock, net of offering costs | 41,921 | |
Non-cash financing activities: | ||
Conversion convertible preferred stock to common upon initial public offering | $ 41,921 |
The Company and Basis of Presen
The Company and Basis of Presentation | 6 Months Ended |
Jun. 30, 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. O n 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 accompanying financial statements and notes to the financial statements give retroactive effect to the reverse stock split for all periods presented. 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 $69.3 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 condensed 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 June 30, 2015, the Company had an accumulated deficit of $26.5 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 and certain accruals, including those related to preclinical and clinical activities. 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 Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 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 condensed 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. 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 were classified as temporary equity instead of stockholders’ equity (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 — The Company accounts for stock-based compensation expense related to employee stock options, restricted stock grants, and employee stock purchase plan rights by estimating the fair value on the date of grant using the Black-Scholes option pricing model. For awards subject to time-based vesting conditions, stock-based compensation expense is recognized using the straight-line method over the requisite service period of the awards, 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. 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, options outstanding under the Company’s stock option plan, and shares to be purchased under the Company’s employee stock purchase 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): June 30, 2015 2014 Convertible preferred stock (in common stock equivalent shares) - 3,839,604 Common stock options issued and outstanding 1,479,578 - Common stock subject to repurchase 304,843 67,989 Total 1,784,421 3,907,593 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 | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 3. FAIR VALUE MEASUREMENTS The Company follows ASC 820-10, Fair Value Measurements and Disclosures 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 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 PRICES IN ACTIVE MARKETS FOR IDENTICAL SECURITIES SIGNIFICANT OTHER OBSERVABLE INPUTS SIGNIFNCANT UNOBSERVABLE INPUTS December 31, 2014 Assets: Money market funds, included in cash and cash equivalents $ 20,769 $ 20,769 $ - $ - Total assets at fair value $ 20,769 $ 20,769 $ - $ - At June 30, 2015, the Company had no financial instruments measured at fair value on a recurring basis. |
Debt
Debt | 6 Months Ended |
Jun. 30, 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. Due to the conversion of the Series A preferred upon closing of the IPO, if advances are made on the Comerica Loan, the warrant will become exercisable for the purchase of common stock 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 June 30, 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 and six months ended June 30, 2015, $5,000 and $11,000, respectively, of debt issue costs were amortized and recognized as interest expense in the condensed statement of operations. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Stockholders' Equity | 5. STOCKHOLDERS’ EQUITY Common Stock Subject to Repurchase The Company’s equity incentive plans allow for early exercise of certain option awards issued under the plan. At June 30, 2015, 282,926 shares of common stock were unvested and subject to repurchase. Under the authoritative guidance, early exercise is not considered an exercise for accounting purposes and, therefore, any payment for unvested shares is recognized as a liability at the original exercise price. 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 June 30, 2015, the Company had recorded an early exercise liability of $649,000 and no shares had been repurchased by the Company. Common Stock Reserved for Future Issuance Common stock reserved for future issuance is as follows: June 30, 2015 December 31, 2014 Conversion of Series A preferred (in common stock equivalent shares) - 3,839,604 Stock options issued and outstanding 1,479,578 709,136 Authorized for future stock awards or option grants 1,763,270 12,062 Authorized for future issuance under employee stock purchase plan 245,168 - Total 3,488,016 4,560,802 |
Stock Incentive Plan
Stock Incentive Plan | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Incentive Plan | 6. STOCK INCENTIVE PLANS 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”). Under the 2015 Plan, the Company may grant stock options, stock appreciation rights, restricted stock, restricted stock units, and other awards to individuals who are employees, officers, directors, or consultants of the Company. A total of 1,634,456 shares of common stock were reserved for issuance under the 2015 Plan. The shares reserved exclude shares of common stock reserved for issuance under the 2013 Equity Incentive Plan, or 2013 Plan. Shares totaling Terms of stock award agreements, including vesting requirements, are determined by the board of directors, subject to the provisions of the 2015 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 2015 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 June 30, 2015, the Company had 1,763,270 shares available for future issuance to employees, nonemployee directors, and consultants of the Company under the 2015 Plan. 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”). A total of 245,168 shares of common stock were 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. The ESPP allows substantially all employees to purchase the Company’s common stock through a payroll deduction at a price equal to 85% of the lower of the fair market values of the stock as of the beginning or the end of each offering period. An employee’s payroll deductions under the under the ESPP are limited to 15% of the employee’s compensation and employees may not purchase more than $25,000 of stock during any calendar year. As of June 30, 2015, no shares had been issued from the ESPP. 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 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 June 30, 2015, 249,412 shares were vested and 21,917 shares were subject to repurchase by the Company. Stock Options The following table summarizes stock option activity during the six months ended June 30, 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 821,041 8.05 Options exercised (47,648 ) 2.44 Options canceled (2,951 ) 12.45 Outstanding at June 30, 2015 1,479,578 5.46 9.48 12,668 Vested and expected to vest at June 30, 2015 1,479,578 5.46 9.48 12,668 Vested at June 30, 2015 119,828 6.51 9.54 900 Exercisable at June 30, 2015 1,403,882 $ 5.36 9.50 $ 12,156 Stock-based compensation expense recognized for restricted shares, stock options, and the ESPP has been reported in the statements of operations as follows (in thousands): Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Research and development $ 494 $ 2 $ 936 $ 4 General and administrative 346 4 543 4 Total $ 840 $ 6 $ 1,479 $ 8 The weighted-average grant date fair value of stock options granted by the Company during the six months ended June 30, 2015 was $5.61 per share. The total grant date fair value of stock options that vested during the six months ended June 30, 2015 was $0.6 million. As of June 30, 2015, total unrecognized share-based compensation expense related to unvested employee stock options of the Company was approximately $5.1 million. This unrecognized compensation cost is expected to be recognized over a weighted-average period of approximately 2.4 years on a straight-line basis. As of June 30, 2015, total unrecognized compensation expense related to the Company’s ESPP was approximately $0.4 million. This unrecognized compensation cost is expected to be recognized over approximately 1.9 years. |
Purchase of Intellectual Proper
Purchase of Intellectual Property from Seachaid Pharmaceuticals, Inc | 6 Months Ended |
Jun. 30, 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 | 6 Months Ended |
Jun. 30, 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 June 30, 2015 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 June 30, 2015 for the years ended December 31 are as follows (in thousands): 2015 $ 234 2016 253 Total minimum lease payments $ 487 Rent expense was $215,000 and $29,000 for the six months ended June 30, 2015 and 2014, respectively. 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. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | 9. SUBSEQUENT EVENTS Amendment to Lease Agreement In August 2015, the Company entered into an amendment to its lease agreement for office space. The lease amendment extends the term for an additional 30 months to December 31, 2018 and increases the space by approximately 11,000 square feet to a total of approximately 30,000 square feet. Commencing October 1, 2015, the base monthly rent will be adjusted to approximately $58,000. |
Summary of Significant Accoun15
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 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. O n 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 accompanying financial statements and notes to the financial statements give retroactive effect to the reverse stock split for all periods presented. 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 $69.3 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 condensed 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 June 30, 2015, the Company had an accumulated deficit of $26.5 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 and certain accruals, including those related to preclinical and clinical activities. 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 condensed 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. |
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 were classified as temporary equity instead of stockholders’ equity (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 — The Company accounts for stock-based compensation expense related to employee stock options, restricted stock grants, and employee stock purchase plan rights by estimating the fair value on the date of grant using the Black-Scholes option pricing model. For awards subject to time-based vesting conditions, stock-based compensation expense is recognized using the straight-line method over the requisite service period of the awards, 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. |
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, options outstanding under the Company’s stock option plan, and shares to be purchased under the Company’s employee stock purchase 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): June 30, 2015 2014 Convertible preferred stock (in common stock equivalent shares) - 3,839,604 Common stock options issued and outstanding 1,479,578 - Common stock subject to repurchase 304,843 67,989 Total 1,784,421 3,907,593 |
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 Accoun16
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 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): June 30, 2015 2014 Convertible preferred stock (in common stock equivalent shares) - 3,839,604 Common stock options issued and outstanding 1,479,578 - Common stock subject to repurchase 304,843 67,989 Total 1,784,421 3,907,593 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 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 PRICES IN ACTIVE MARKETS FOR IDENTICAL SECURITIES SIGNIFICANT OTHER OBSERVABLE INPUTS SIGNIFNCANT UNOBSERVABLE INPUTS December 31, 2014 Assets: Money market funds, included in cash and cash equivalents $ 20,769 $ 20,769 $ - $ - Total assets at fair value $ 20,769 $ 20,769 $ - $ - |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Summary of Common Stock Reserved for Future Issuance | Common stock reserved for future issuance is as follows: June 30, 2015 December 31, 2014 Conversion of Series A preferred (in common stock equivalent shares) - 3,839,604 Stock options issued and outstanding 1,479,578 709,136 Authorized for future stock awards or option grants 1,763,270 12,062 Authorized for future issuance under employee stock purchase plan 245,168 - Total 3,488,016 4,560,802 |
Stock Incentive Plans (Tables)
Stock Incentive Plans (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Text Block [Abstract] | |
Schedule of Stock Option Activity | The following table summarizes stock option activity during the six months ended June 30, 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 821,041 8.05 Options exercised (47,648 ) 2.44 Options canceled (2,951 ) 12.45 Outstanding at June 30, 2015 1,479,578 5.46 9.48 12,668 Vested and expected to vest at June 30, 2015 1,479,578 5.46 9.48 12,668 Vested at June 30, 2015 119,828 6.51 9.54 900 Exercisable at June 30, 2015 1,403,882 $ 5.36 9.50 $ 12,156 |
Summary of Stock-based compensation expense recognized for restricted shares stock options and ESPP | Stock-based compensation expense recognized for restricted shares, stock options, and the ESPP has been reported in the statements of operations as follows (in thousands): Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Research and development $ 494 $ 2 $ 936 $ 4 General and administrative 346 4 543 4 Total $ 840 $ 6 $ 1,479 $ 8 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | Future minimum payments required under the lease as of June 30, 2015 for the years ended December 31 are as follows (in thousands): 2015 $ 234 2016 253 Total minimum lease payments $ 487 |
The Company and Basis of Pres21
The Company and Basis of Presentation - Additional Information (Detail) $ / shares in Units, $ in Thousands | Apr. 20, 2015USD ($)$ / sharesshares | Apr. 02, 2015 | Jun. 30, 2015USD ($)Segmentshares | Dec. 31, 2014USD ($)shares |
Business Description And Basis Of Presentation [Line Items] | ||||
Reverse split of common stock | Company’s board of directors and stockholders approved a 1-for-25.4 reverse stock split | |||
Reverse stock split ratio | 0.039370 | |||
Common stock, shares issued | 13,903,536 | 1,494,506 | ||
Accumulated deficit | $ | $ (26,455) | $ (13,304) | ||
Number of Operating Segments | Segment | 1 | |||
Common Stock | ||||
Business Description And Basis Of Presentation [Line Items] | ||||
Convertible preferred stock in to shares of common stock | 7,561,380 | |||
Initial Public Offering | ||||
Business Description And Basis Of Presentation [Line Items] | ||||
Common stock, shares issued | 4,800,000 | |||
Sale of common stock, price per share | $ / shares | $ 16 | |||
Net proceeds from sale of common stock | $ | $ 69,300 |
Summary of Significant Accoun22
Summary of Significant Accounting Policies - Summary of Outstanding Potentially Dilutive Securities Excluded from Calculation of Diluted Net Loss Per Share (Details) - shares | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 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 | 1,784,421 | 3,907,593 |
Convertible preferred stock (in common stock equivalent shares) | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded in the calculation of diluted net loss per share | 3,839,604 | |
Common Stock Options Issued and Outstanding | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded in the calculation of diluted net loss per share | 1,479,578 | |
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 | 304,843 | 67,989 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
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 Recurring Basis | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair value of assets | $ 0 | $ 20,769 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Financial Instruments Measured at Fair Value on Recurring Basis (Details) - Fair Value Measurements Recurring Basis - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Assets: | ||
Total assets at fair value | $ 0 | $ 20,769 |
Money Market Funds Included in Cash and Cash Equivalents | ||
Assets: | ||
Total assets at fair value | 20,769 | |
Level 1 | ||
Assets: | ||
Total assets at fair value | 20,769 | |
Level 1 | Money Market Funds Included in Cash and Cash Equivalents | ||
Assets: | ||
Total assets at fair value | $ 20,769 |
Debt - Additional Information (
Debt - Additional Information (Details) | May. 30, 2014shares | Dec. 31, 2013USD ($) | Feb. 28, 2014USD ($) | Jun. 30, 2015USD ($)Installment$ / shares | Jun. 30, 2015USD ($)Installment$ / shares | Jun. 30, 2014USD ($) | Jan. 31, 2014USD ($) |
Debt Instrument [Line Items] | |||||||
Amortization of debt issue costs | $ 5,000 | $ 11,000 | $ 23,000 | ||||
Comerica Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Warrant purchase price | $ / shares | $ 8.5344 | $ 8.5344 | |||||
Warrant expiration date | Dec. 29, 2015 | ||||||
Costs incurred in execution of loan | $ 22,000 | ||||||
Advances | $ 0 | 0 | |||||
Comerica Loan [Member] | Loan and Security Agreement [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Borrowing capacity | $ 10,000,000 | $ 10,000,000 | |||||
Line of credit facility, term | 12 months | ||||||
Number of installments | Installment | 36 | 36 | |||||
Loan due date | Dec. 31, 2018 | ||||||
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% | 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 | Feb. 8, 2014 | ||||||
Notes extended maturity date | Jul. 30, 2014 | ||||||
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 | Jul. 30, 2014 | ||||||
2014 Convertible Notes Payable [Member] | Series A Convertible Preferred Stock | |||||||
Debt Instrument [Line Items] | |||||||
Debt Conversion, Converted Instrument, Shares Issued | shares | 321,492 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) - Jun. 30, 2015 - USD ($) | Total |
Employee Stock Option | |
Class Of Stock [Line Items] | |
Early exercise liability recorded amount | $ 649,000 |
Equity Incentive Plans | |
Class Of Stock [Line Items] | |
Number of shares unvested and subject to repurchase | 282,926 |
Vesting terms outlined in the stock option agreement | 4 years |
Number of shares repurchased | 0 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Common Stock Reserved for Future Issuance (Details) - shares | Jun. 30, 2015 | Apr. 14, 2015 | Dec. 31, 2014 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Common stock reserved for issuance | 3,488,016 | 4,560,802 | |
Authorized for future stock awards or option grants | 1,763,270 | 12,062 | |
Employee Stock Option | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock options issued and outstanding | 1,479,578 | 709,136 | |
Employee Stock Purchase Plan | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Common stock reserved for issuance | 245,168 | 245,168 | |
Series A Convertible Preferred Stock (in common stock equivalent shares) | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Common stock reserved for issuance | 3,839,604 |
Stock Incentive Plans - Additio
Stock Incentive Plans - Additional Information (Details) - USD ($) | 1 Months Ended | 6 Months Ended | ||||
Feb. 28, 2013 | Jun. 30, 2015 | Apr. 14, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2012 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Common stock reserved for issuance | 3,488,016 | 4,560,802 | ||||
Number of share issued from ESPP | 0 | |||||
Common stock, shares issued | 13,903,536 | 1,494,506 | ||||
Common stock value issued | $ 4,000 | $ 3,000 | ||||
Weighted average grant date fair values of stock options granted | $ 5.61 | |||||
Grant date fair value of stock options, vested | $ 600,000 | |||||
Unrecognized share-based compensation expense of unvested employee stock options | $ 5,100,000 | |||||
Unvested stock options, Unrecognized cost expected to be recognized, Recognition Period | 2 years 4 months 24 days | |||||
Employee Stock Purchase Plan | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Common stock reserved for issuance | 245,168 | 245,168 | ||||
Automatic annual increase in shares authorized for issuance in equity incentive plan | 1.00% | |||||
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 Company’s common stock on the immediately preceding December 31, or (ii) 490,336 shares. | |||||
Price of stock option as percentage of estimated fair value of shares on date of grant | 85.00% | |||||
Common stock shares outstanding | 490,336 | |||||
Percentage of employee payroll deduction under the stock plan | 15.00% | |||||
Maximum common stock purchase value for employee | $ 25,000 | |||||
Unrecognized share-based compensation expense of unvested employee stock options | $ 400,000 | |||||
Unvested stock options, Unrecognized cost expected to be recognized, Recognition Period | 1 year 10 months 24 days | |||||
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 | 249,412 | |||||
Shares subject to repurchase | 21,917 | |||||
Restricted Stock | Employees and consultants | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Common stock, shares issued | 0 | 78,812 | ||||
Common stock shares issued, weighted average purchase 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 | |||||
Vesting shares | 118,110 | |||||
2015 Equity Incentive Plan | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Common stock reserved for issuance | 1,634,456 | |||||
Shares available for future grants or awards | 1,763,270 | |||||
Automatic annual increase in shares authorized for issuance in equity incentive plan | 4.00% | |||||
Equity incentive plan, description | Shares totaling 194,564 shares that were remaining under the 2013 Plan were 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 | |||||
Vesting terms outlined in the stock option agreement | 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% | |||||
2015 Equity Incentive 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% | |||||
2013 Option and Grant Plan | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Shares available for future grants or awards | 194,564 |
Stock Incentive Plans - Summary
Stock Incentive Plans - Summary of Stock Option Activity (Details) - Employee Stock Option - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Disclosure Stock Incentive Plans Summary Of Stock Option Activity Details [Line Items] | ||
Number of Shares, Outstanding, beginning balance | 709,136 | |
Number of stock options, granted | 821,041 | |
Number of Shares, Options exercised | (47,648) | |
Number of Shares, Options canceled | (2,951) | |
Number of Shares, Outstanding ending balance | 1,479,578 | 709,136 |
Number of Shares, Vested and expected to vest | 1,479,578 | |
Number of Shares, Vested | 119,828 | |
Number of Shares, Exercisable | 1,403,882 | |
Weighted Average Exercise Price, Outstanding, beginning balance | $ 2.29 | |
Weighted Average Exercise Price, Options granted | 8.05 | |
Weighted Average Exercise Price, Options exercised | 2.44 | |
Weighted Average Exercise Price, Options canceled | 12.45 | |
Weighted Average Exercise Price, Outstanding, ending balance | 5.46 | $ 2.29 |
Weighted Average Exercise Price, Vested and expected to vest | 5.46 | |
Weighted Average Exercise Price, Vested | 6.51 | |
Weighted Average Exercise Price, Exercisable | $ 5.36 | |
Weighted Average Remaining Contractual Life in Years, Outstanding | 9 years 5 months 23 days | 9 years 8 months 23 days |
Weighted Average Remaining Contractual Life in Years, Vested and expected to vest | 9 years 5 months 23 days | |
Weighted Average Remaining Contractual Life in Years, Vested | 9 years 6 months 15 days | |
Weighted Average Remaining Contractual Life in Years, Exercisable | 9 years 6 months | |
Total Aggregate Intrinsic Value, Outstanding, beginning balance | $ 2,522 | |
Total Aggregate Intrinsic Value, Outstanding, ending balance | 12,668 | $ 2,522 |
Total Aggregate Intrinsic Value, Vested and expected to vest | 12,668 | |
Total Aggregate Intrinsic Value, Vested | 900 | |
Total Aggregate Intrinsic Value, Exercisable | $ 12,156 |
Stock Incentive Plans - Summa30
Stock Incentive Plans - Summary of Stock-Based Compensation Expense Recognized for Restricted Shares Stock Options and ESPP (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 840 | $ 6 | $ 1,479 | $ 8 |
Research and development | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 494 | 2 | 936 | 4 |
General and administrative | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 346 | $ 4 | $ 543 | $ 4 |
Purchase of Intellectual Prop31
Purchase of Intellectual Property from Seachaid Pharmaceuticals, Inc - Additional Information (Details) - 1 months ended May. 31, 2014 - USD ($) $ in Millions | Total |
Purchase Of Intellectual Property [Abstract] | |
Common stock shares issued for consideration of assets acquired | 703,092 |
Fair value of assets acquired in purchase agreement | $ 1.6 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) | 6 Months Ended | |
Jun. 30, 2015USD ($)ClaimsOptionRights | Jun. 30, 2014USD ($) | |
Commitments And Contingencies Disclosure [Abstract] | ||
Number of claims and actions pending | 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 | OptionRights | 2 | |
Operating lease expiration date | Jul. 31, 2016 | |
Operating leases renewal term per extension option rights | 2 years | |
Lease rent expense | $ | $ 215,000 | $ 29,000 |
Operating lease contract termination notice period | 30 days |
Commitments and Contingencies33
Commitments and Contingencies - Schedule of Future Minimum Lease Payment (Details) $ in Thousands | Jun. 30, 2015USD ($) |
Operating Leases Future Minimum Payments Due [Abstract] | |
2,015 | $ 234 |
2,016 | 253 |
Total minimum lease payments | $ 487 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - 1 months ended Aug. 31, 2015 - Subsequent Event | USD ($)ft² |
Subsequent Event [Line Items] | |
Lease term extended period | 30 months |
Number of square feet of office space | 30,000 |
Increase in square feet of office space | 11,000 |
Base Monthly Rent | $ | $ 58,000 |