Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Oct. 31, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | GBT | |
Entity Registrant Name | Global Blood Therapeutics, Inc. | |
Entity Central Index Key | 1,629,137 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 43,699,339 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 84,149 | $ 92,072 |
Short-term marketable securities | 135,206 | 55,202 |
Prepaid expenses and other current assets | 10,415 | 2,495 |
Total current assets | 229,770 | 149,769 |
Property and equipment, net | 13,169 | 2,420 |
Long-term marketable securities | 40,073 | 50,058 |
Restricted cash | 1,046 | 140 |
Total assets | 284,058 | 202,387 |
Current liabilities: | ||
Accounts payable | 3,382 | 4,320 |
Accrued liabilities | 6,317 | 5,319 |
Accrued compensation | 5,521 | 4,967 |
Other liabilities, current | 1,137 | 909 |
Total current liabilities | 16,357 | 15,515 |
Other liabilities, noncurrent | 9,434 | 563 |
Total liabilities | 25,791 | 16,078 |
Commitments and contingencies (Note 8) | ||
Stockholders' equity: | ||
Preferred stock, $0.001 par value, 5,000,000 shares authorized as of September 30, 2017 and December 31, 2016 | ||
Common stock, $0.001 par value, 150,000,000 shares authorized as of September 30, 2017 (unaudited) and December 31, 2016, respectively; 43,375,814 and 36,638,156 shares issued and outstanding as of September 30, 2017 (unaudited) and December 31, 2016, respectively | 43 | 37 |
Additional paid-in capital | 515,126 | 367,371 |
Accumulated other comprehensive loss | (197) | (166) |
Accumulated deficit | (256,705) | (180,933) |
Total stockholders' equity | 258,267 | 186,309 |
Total liabilities and stockholders' equity | $ 284,058 | $ 202,387 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 43,375,814 | 36,638,156 |
Common stock, shares outstanding | 43,375,814 | 36,638,156 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Operating expenses: | ||||
Research and development | $ 20,952 | $ 15,413 | $ 56,513 | $ 41,256 |
General and administrative | 8,228 | 5,731 | 20,817 | 14,412 |
Total operating expenses | 29,180 | 21,144 | 77,330 | 55,668 |
Loss from operations | (29,180) | (21,144) | (77,330) | (55,668) |
Other income (expense): | ||||
Interest income, net | 727 | 159 | 1,856 | 407 |
Other expenses, net | (104) | (298) | ||
Total other income, net | 623 | 159 | 1,558 | 407 |
Net loss | (28,557) | (20,985) | (75,772) | (55,261) |
Other comprehensive loss: | ||||
Net unrealized gain (loss) on marketable securities, net of tax | 71 | (31) | ||
Comprehensive loss | $ (28,486) | $ (20,985) | $ (75,803) | $ (55,261) |
Basic and diluted net loss per common share | $ (0.66) | $ (0.58) | $ (1.81) | $ (1.72) |
Weighted-average number of shares used in computing basic and diluted net loss per common share | 43,259,145 | 36,353,958 | 41,832,273 | 32,074,779 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (75,772) | $ (55,261) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 1,008 | 841 |
Amortization of premium on marketable securities | 561 | |
Stock-based compensation | 8,941 | 5,884 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | (2,873) | (487) |
Accounts payable | (939) | (1,478) |
Accrued liabilities | 900 | 1,746 |
Accrued compensation | 554 | 1,109 |
Other liabilities | (45) | (25) |
Net cash used in operating activities | (67,665) | (47,671) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of property and equipment | (1,773) | (1,106) |
Purchase of marketable securities | (127,721) | |
Maturities of marketable securities | 52,109 | |
Increase in restricted cash | (906) | |
Net cash used in investing activities | (78,291) | (1,106) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from issuance of common stock in public offering, net | 135,625 | 116,995 |
Proceeds from issuance of common stock in settlement of employee stock purchase plan and exercise of stock options | 3,066 | 1,117 |
Repurchases of unvested restricted stock | (421) | |
Repurchases of shares to satisfy tax withholding | (237) | |
Net cash provided by financing activities | 138,033 | 118,112 |
Net (decrease) increase in cash and cash equivalents | (7,923) | 69,335 |
Cash and cash equivalents at beginning of period | 92,072 | 148,502 |
Cash and cash equivalents at end of period | 84,149 | 217,837 |
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING INFORMATION: | ||
Leasehold improvements paid for by landlord | 9,885 | |
Accrued purchase of property and equipment | $ 98 | $ 247 |
Organization and Basis of Prese
Organization and Basis of Presentation | 9 Months Ended |
Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis of Presentation | 1. Organization and Basis of Presentation Global Blood Therapeutics, Inc. (the “Company”, “we”, “us”, and “our”) was incorporated in Delaware in February 2011 and commenced operations in May 2012. We are a clinical-stage biopharmaceutical company dedicated to discovering, developing and commercializing novel therapeutics to treat grievous blood-based disorders with significant unmet needs. Our primary activities have been establishing our facilities, recruiting personnel, conducting development of our product candidates, including clinical trials, and raising capital. Our principal operations are based in South San Francisco, California, and we operate in one segment. Follow-on In February 2017, we completed a follow-on Common Stock Sales Agreement In August 2017, we entered into a sales agreement with Cowen and Company, LLC (“Cowen”) to create an at-the-market 10-Q, Need for Additional Capital In the course of our development activities, we have sustained operating losses and we expect such losses to continue over the next several years. Our ultimate success depends on the outcome of our research and development activities. Since inception through September 30, 2017, we have incurred cumulative net losses of $256.7 million. We expect to incur additional losses in the future to conduct product research and development and we recognize the need to raise additional capital to fully implement our business plan. We intend to raise such capital through the issuance of additional equity, and potentially through borrowings, and strategic alliances with partner companies. However, if such financing is not available at adequate levels, we will need to re-evaluate |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Preparation The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP have been condensed or omitted, and accordingly the balance sheet as of December 31, 2016 has been derived from audited consolidated financial statements at that date but does not include all of the information required by U.S. GAAP for complete financial statements. These unaudited interim condensed consolidated financial statements have been prepared on the same basis as our annual consolidated financial statements and, in the opinion of management, reflect all adjustments (consisting only of normal recurring adjustments) that are necessary for a fair presentation of our financial information. The results of operations for the three and nine months ended September 30, 2017 are not necessarily indicative of the results to be expected for the year ending December 31, 2017 or for any other interim period or for any other future year. The accompanying unaudited interim condensed consolidated financial statements and related financial information should be read in conjunction with the audited financial statements and the related notes thereto for the year ended December 31, 2016 included in our Annual Report on Form 10-K, Reclassification Certain prior year amounts in the condensed consolidated statements of operations and comprehensive loss have been reclassified to conform to the current year’s presentation. This reclassification did not have an impact on our results of operations or financial condition as of September 30, 2016. Use of Estimates The preparation of the accompanying unaudited interim condensed consolidated financial statements in accordance with U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of costs and expenses during the reporting period. We base our estimates and assumptions on historical experience when available and on various factors that we believe to be reasonable under the circumstances. We evaluate our estimates and assumptions on an ongoing basis. Our actual results could differ from these estimates under different assumptions or conditions. Principles of Consolidation The accompanying unaudited interim condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated upon consolidation. Significant Accounting Policies Except as noted below, there have been no material revisions in our significant accounting policies described in Note 2 to the consolidated financial statements included in our Annual Report on Form 10-K Stock-based Compensation We measure and recognize stock-based compensation expense, including employee and non-employee non-employees, Recent Accounting Pronouncements In May 2017, the FASB issued ASU No. 2017-09, Compensation – Stock Compensation (Topic 718) Accounting Pronouncements Adopted In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting 2016-09), 2016-09 2016-09 The impact of adopting ASU 2016-09 • Classification of excess income tax benefits from stock-based compensation arrangement as a discrete item within income tax expense, rather than recognizing such excess income tax benefits in additional paid-in • Recognition of forfeitures as they occur. The cumulative effect adjustment as a result of the adoption of ASU 2016-09 • A change in classification of cash flows resulting from excess tax benefits and cash paid by us when directly withholding shares for tax-withholding There were no other material impacts to our condensed consolidated financial statements as a result of adopting this updated standard. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 3. Fair Value Measurements Fair value accounting is applied for all financial assets and liabilities that are recognized or disclosed at fair value in the consolidated financial statements on a recurring basis (at least annually). Our financial instruments consist of cash and cash equivalents, marketable securities, other receivable as included in prepaid expenses and other current assets, restricted cash, accounts payable and accrued liabilities. Cash and cash equivalents, marketable securities and restricted cash are reported at their respective fair values on our condensed consolidated balance sheets. The remaining financial instruments are reported on our condensed consolidated balance sheets at cost that approximate current fair values due to their relatively short maturities. Assets and liabilities recorded at fair value on a recurring basis in the condensed consolidated balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Fair value is defined as the exchange price that would be received for an asset or an exit price that would be paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The authoritative guidance on fair value measurements establishes a three-tier fair value hierarchy for disclosure of fair value measurements as follows: Level 1 Level 2 Level 3 The following table summarizes our financial assets measured at fair value on a recurring basis (in thousands): September 30, 2017 Total Level 1 Level 2 Level 3 Financial Assets: Money market funds $ 72,405 $ 72,405 $ — $ — Corporate debt securities 58,210 — 58,210 — U.S. government agency securities 66,649 — 66,649 — Certificates of deposits 15,409 — 15,409 — U.S. government securities 35,011 — 35,011 — Total financial assets $ 247,684 $ 72,405 $ 175,279 $ — December 31, 2016 Total Level 1 Level 2 Level 3 Financial Assets: Money market funds $ 72,597 $ 72,597 $ — $ — Corporate debt securities 48,531 — 48,531 — U.S. government agency securities 39,712 — 39,712 — Certificates of deposits 19,117 — 19,117 — U.S. government securities 7,999 — 7,999 — Total financial assets $ 187,956 $ 72,597 $ 115,359 $ — We estimate the fair values of our investments in corporate debt securities, government and government related securities and certificates of deposits by taking into consideration valuations obtained from third-party pricing services. The fair value of our marketable securities classified within Level 2 is based upon observable inputs that may include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided A-1/P-1/F1 |
Available-for-Sale Securities
Available-for-Sale Securities | 9 Months Ended |
Sep. 30, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Available-for-Sale Securities | 4. Available-for-Sale Estimated fair values of available-for-sale available-for-sale September 30, 2017 December 31, 2016 Amortized Unrealized Unrealized Estimated Fair Amortized Unrealized Unrealized Estimated Fair Financial Assets: Money market funds $ 72,405 $ — $ — $ 72,405 $ 72,597 $ — $ — $ 72,597 Corporate debt securities 58,276 — (66 ) 58,210 48,594 2 (65 ) 48,531 U.S. government agency securities 66,751 1 (103 ) 66,649 39,763 1 (52 ) 39,712 Certificates of deposits 15,424 1 (16 ) 15,409 19,169 — (52 ) 19,117 U.S. government securities 35,025 — (14 ) 35,011 7,999 — — 7,999 Total $ 247,881 $ 2 $ (199 ) $ 247,684 $ 188,122 $ 3 $ (169 ) $ 187,956 The following table summarizes the classification of the available-for-sale September 30, 2017 December 31, 2016 Cash and cash equivalents $ 72,405 $ 82,696 Short-term marketable securities 135,206 55,202 Long-term marketable securities 40,073 50,058 Total $ 247,684 $ 187,956 Gross unrealized gains or losses were not significant at either September 30, 2017 or December 31, 2016. We do not intend to sell the investments that are in an unrealized loss position, and it is unlikely that we will be required to sell the investments before recovery of their amortized cost basis, which may be maturity. We have determined that the gross unrealized losses on our marketable securities were temporary in nature during the periods presented. All marketable securities with unrealized losses have been in a loss position for less than twelve months and the loss is not material as of September 30, 2017 and December 31, 2016. |
Balance Sheet Components
Balance Sheet Components | 9 Months Ended |
Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Balance Sheet Components | 5. Balance Sheet Components Property and Equipment Property and equipment consists of the following (in thousands): September 30, 2017 December 31, 2016 Laboratory equipment $ 4,478 $ 3,895 Computer equipment 998 972 Leasehold improvements 685 678 Construction-in-progress 11,278 137 Total property and equipment 17,439 5,682 Less: accumulated depreciation and amortization (4,270 ) (3,262 ) Property and equipment, net $ 13,169 $ 2,420 Accrued liabilities Accrued liabilities consist of the following (in thousands): September 30, 2017 December 31, 2016 Accrued clinical and manufacturing expenses $ 5,362 $ 4,759 Accrued professional and consulting services 784 507 Other 171 53 Total accrued liabilities $ 6,317 $ 5,319 Other liabilities, current and noncurrent Other liabilities consist of the following (in thousands): September 30, 2017 December 31, 2016 Restricted shares subject to repurchase, current $ 397 $ 846 Deferred rent, current 740 61 Other taxes payable — 2 Total other liabilities, current $ 1,137 $ 909 Restricted shares subject to repurchase, noncurrent $ 243 $ 534 Deferred rent, noncurrent 9,191 29 Total other liabilities, noncurrent $ 9,434 $ 563 |
Stock Based Compensation
Stock Based Compensation | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Based Compensation | 6. Stock Based Compensation In January 2017, we adopted the 2017 Inducement Equity Plan (the “2017 Inducement Plan”). Under the 2017 Inducement Plan, 300,000 shares of our common stock were initially reserved for the issuance of non-qualified We have two additional stock-based compensation plans – the 2015 Stock Option and Incentive Plan (the “2015 Plan”) and the 2012 Stock Option and Grant Plan (the “2012 Plan”). As of September 30, 2017, there were 1,646,485 shares reserved for the future issuance of equity awards under the 2015 Plan. Upon adoption of the 2015 Plan in July 2015, no new awards or grants are permitted under the 2012 Plan. See Note 7 to the Consolidated Financial Statements included in our Annual Report on Form 10-K Stock Options The following summarizes option activity under the 2012 Plan, 2015 Plan and 2017 Inducement Plan: Number of Weighted- Outstanding — December 31, 2016 2,769,702 $ 11.99 Options granted 894,365 23.58 Options exercised (528,050 ) 3.91 Options canceled (246,586 ) 16.12 Outstanding — September 30, 2017 2,889,431 $ 16.70 The fair values of stock options granted to employees were calculated using the following assumptions: Three Months Ended Nine Months Ended 2017 2016 2017 2016 Expected term (in years) 6.0-6.1 6.0-6.1 5.3-6.1 5.3-6.1 Volatility 72.0%-73.1% 70.6%-70.9% 70.9%-75.6% 70.6%-82.3% Risk-free interest rate 1.9%-2.1% 1.3%-1.5% 1.8%-2.3% 1.1%-1.9% Dividend yield — — — — Restricted Stock Units In January 2017, the Compensation Committee of our Board of Directors approved the commencement of granting restricted stock units (“RSUs”) to our employees. RSUs are share awards that entitle the holder to receive freely tradable shares of our common stock upon the completion of a specific period of continued service. RSUs are generally subject to forfeiture if employment terminates prior to the release of vesting restrictions. RSUs granted are valued at the market price of our common stock on the date of grant. We recognize noncash compensation expense for the fair value of RSUs on a straight-line basis over the requisite service period of these awards. The following table summarizes activity of RSUs granted to employees with service-based vesting under the 2015 Plan and 2017 Inducement Plan and related information (in thousands, except share, per share amounts and vesting period): Number Weighted- Weighted- Aggregate Non-vested — $ — — RSUs granted 469,510 23.38 RSUs vested (42,679 ) 21.48 RSUs forfeited (10,298 ) 29.88 Non-vested 416,533 $ 23.41 1.91 $ 12,933 Performance-Contingent Awards On April 9, 2015, our Board of Directors granted a total of 326,424 performance-contingent awards to members of our senior management team under the 2012 Plan. Of the total performance-contingent awards granted, 227,139 were performance-contingent options and 99,285 were performance-contingent shares of restricted common stock. The exercise price of each performance-contingent option and the purchase price for the performance-contingent restricted shares was $3.40 per share, which the Board of Directors determined was the fair market value on the grant date. The awards had dual triggers of vesting based upon the successful achievement of four corporate operating milestones within specified timelines, as well as a requirement for continued employment. During the year ended December 31, 2016, the Compensation Committee of our Board of Directors modified one of the corporate operating milestones, which resulted in two of the corporate operating milestones being achieved; accordingly, an aggregate of 94,502 shares underlying options and 49,643 shares of restricted stock associated with these two milestones vested. One of the remaining two corporate operating milestones was not met within the timeframe required for achievement during the year ended December 31, 2016; accordingly, 47,500 shares underlying options were forfeited and 24,821 shares of restricted stock associated with the milestone were repurchased by us upon forfeiture. During the quarter ended September 30, 2017, the final remaining corporate milestone was not met within the timeframe required for achievement; accordingly, 30,710 shares underlying options were forfeited and 24,821 shares of restricted stock associated with the milestone were repurchased by us. Market-Condition Awards Granted to Employees On August 11, 2017, our Board of Directors approved awards up to an aggregate of 365,250 RSUs to certain of our senior management team under the 2015 Plan, the vesting of which are contingent upon a combination of continued employment and achieving certain market capitalization milestones. The market-condition awards do not vest until the achievement of their respective market capitalization milestones, which must occur on or before December 31, 2019. The grant date fair value of these market-condition awards was estimated using a Monte Carlo simulation model. The derived service periods, which are the estimated periods of time that would be required to satisfy the market conditions, are also determined at the grant date. We record expense on a straight-line basis over the applicable derived service periods. The following table summarizes activity of the market-condition awards under the 2015 Plan and related information (in thousands, except share, per share amounts and vesting period): Number Weighted- Weighted- Aggregate Non-vested — $ — — Granted 365,250 15.15 Vested — — Forfeited (12,000 ) 15.15 Non-vested 353,250 $ 15.15 0.98 $ 10,968 The following table summarizes the assumptions used to estimate the fair value of the market-condition awards during the nine months ended September 30, 2017: Valuation date stock price $ 28.55 Volatility 65.6 % Risk-free interest rate 1.4 % Dividend yield — At September 30, 2017, total unrecognized compensation expense related to non-vested On April 9, 2015, our Board of Directors granted a market-condition award to our Chief Executive Officer of 99,285 shares of restricted common stock under the 2012 Plan, with a purchase price of $3.40 per share, which the Board of Directors determined was the fair market value on the grant date. The market-condition award did not vest until our market capitalization (determined based on the number of shares of common stock outstanding multiplied by the closing market price for our common stock as reported on NASDAQ) exceeded at least $2.0 billion for 20 consecutive trading days on or before the date twenty-four (24) months after the closing of our IPO. During the quarter ended September 30, 2017, the market capitalization goal was not met within the timeframe required for achievement; accordingly, 99,285 shares of restricted stock associated with the market condition award were repurchased by us. The compensation cost for the awards with a market condition is not reversed when the market condition is not satisfied. Stock-Based Compensation Expense Total stock-based compensation recognized by function was as follows (in thousands): Three Months Ended Nine Months Ended 2017 2016 2017 2016 Research and development $ 1,564 $ 1,135 $ 4,077 $ 2,283 General and administrative 2,143 2,017 4,864 3,601 Total stock-based compensation expense $ 3,707 $ 3,152 $ 8,941 $ 5,884 |
Net Loss per Share
Net Loss per Share | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Net Loss per Share | 7. Net Loss per Share Basic net loss per share is computed by dividing net loss by the weighted-average number of common shares outstanding for the period. Since we were in a loss position for all periods presented, diluted net loss per share is the same as basic net loss per share for all periods as the inclusion of all potential common shares outstanding would have been anti-dilutive. The following securities were not included in the diluted net loss per share calculations because their effect was anti-dilutive: Three Months Ended Nine Months Ended 2017 2016 2017 2016 Options to purchase common stock 2,889,431 2,703,252 2,889,431 2,703,252 Restricted stock subject to future vesting 315,542 752,220 315,542 752,220 Restricted stock units 416,533 — 416,533 — Market-condition awards 353,250 — 353,250 — Total 3,974,756 3,455,472 3,974,756 3,455,472 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 8. Commitments and Contingencies Facilities In March 2017, we entered into a noncancelable operating lease (the “Lease”) for approximately 67,185 square feet of space in South San Francisco, California (the “New Facility”). The date on which we will become responsible for paying rent under the Lease (the “Rent Commencement Date”) will be the later of December 15, 2017 or the date the New Facility is ready for occupancy. The Lease expires 10 years after the Rent Commencement Date. The Lease grants us an option to extend the Lease for an additional 10-year 10-year construction-in-progress We provided a standby letter of credit of $0.9 million as security for our obligations under the Lease which was issued in March 2017. This standby letter of credit is classified as restricted cash. We currently lease approximately 36,740 square feet of office and lab space located in South San Francisco, California (the “Existing Facility”). All of our lease agreements associated with the Existing Facility expire on or before April 2018. We do not plan to cancel the existing lease agreements for our Existing Facility prior to their respective expiration dates. Future annual minimum lease payments due under the new and existing operating leases at December 31 of each year are as follows (in thousands): Year ending December 31, Amount 1 2017 (three months) $ 474 2018 3,462 2019 4,134 2020 4,279 2021 4,428 Thereafter 29,787 Total $ 46,564 (1) The table above is prepared under the assumption that the Rent Commencement Date at the New Facility starts on December 15, 2017. Rent expense for the three months ended September 30, 2017 and 2016 was $0.4 million and $0.3 million, respectively, and for the nine months ended September 30, 2017 and 2016 was $1.1 million and $0.9 million, respectively. The operating leases require us to share in prorated operating expenses and property taxes based upon actual amounts incurred; those amounts are not fixed for future periods and, therefore, are not included in the future commitments listed above. |
Summary of Significant Accoun14
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Basis of Preparation | Basis of Preparation The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP have been condensed or omitted, and accordingly the balance sheet as of December 31, 2016 has been derived from audited consolidated financial statements at that date but does not include all of the information required by U.S. GAAP for complete financial statements. These unaudited interim condensed consolidated financial statements have been prepared on the same basis as our annual consolidated financial statements and, in the opinion of management, reflect all adjustments (consisting only of normal recurring adjustments) that are necessary for a fair presentation of our financial information. The results of operations for the three and nine months ended September 30, 2017 are not necessarily indicative of the results to be expected for the year ending December 31, 2017 or for any other interim period or for any other future year. The accompanying unaudited interim condensed consolidated financial statements and related financial information should be read in conjunction with the audited financial statements and the related notes thereto for the year ended December 31, 2016 included in our Annual Report on Form 10-K, |
Reclassification | Reclassification Certain prior year amounts in the condensed consolidated statements of operations and comprehensive loss have been reclassified to conform to the current year’s presentation. This reclassification did not have an impact on our results of operations or financial condition as of September 30, 2016. |
Use of Estimates | Use of Estimates The preparation of the accompanying unaudited interim condensed consolidated financial statements in accordance with U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of costs and expenses during the reporting period. We base our estimates and assumptions on historical experience when available and on various factors that we believe to be reasonable under the circumstances. We evaluate our estimates and assumptions on an ongoing basis. Our actual results could differ from these estimates under different assumptions or conditions. |
Principles of Consolidation | Principles of Consolidation The accompanying unaudited interim condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated upon consolidation. |
Significant Accounting Policies | Significant Accounting Policies Except as noted below, there have been no material revisions in our significant accounting policies described in Note 2 to the consolidated financial statements included in our Annual Report on Form 10-K |
Stock-based Compensation | Stock-based Compensation We measure and recognize stock-based compensation expense, including employee and non-employee non-employees, |
Recent Accounting Pronouncements/Accounting Pronouncements Adopted | Recent Accounting Pronouncements In May 2017, the FASB issued ASU No. 2017-09, Compensation – Stock Compensation (Topic 718) Accounting Pronouncements Adopted In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting 2016-09), 2016-09 2016-09 The impact of adopting ASU 2016-09 • Classification of excess income tax benefits from stock-based compensation arrangement as a discrete item within income tax expense, rather than recognizing such excess income tax benefits in additional paid-in • Recognition of forfeitures as they occur. The cumulative effect adjustment as a result of the adoption of ASU 2016-09 • A change in classification of cash flows resulting from excess tax benefits and cash paid by us when directly withholding shares for tax-withholding There were no other material impacts to our condensed consolidated financial statements as a result of adopting this updated standard. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets Measured on Recurring Basis | The following table summarizes our financial assets measured at fair value on a recurring basis (in thousands): September 30, 2017 Total Level 1 Level 2 Level 3 Financial Assets: Money market funds $ 72,405 $ 72,405 $ — $ — Corporate debt securities 58,210 — 58,210 — U.S. government agency securities 66,649 — 66,649 — Certificates of deposits 15,409 — 15,409 — U.S. government securities 35,011 — 35,011 — Total financial assets $ 247,684 $ 72,405 $ 175,279 $ — December 31, 2016 Total Level 1 Level 2 Level 3 Financial Assets: Money market funds $ 72,597 $ 72,597 $ — $ — Corporate debt securities 48,531 — 48,531 — U.S. government agency securities 39,712 — 39,712 — Certificates of deposits 19,117 — 19,117 — U.S. government securities 7,999 — 7,999 — Total financial assets $ 187,956 $ 72,597 $ 115,359 $ — |
Available-for-Sale Securities (
Available-for-Sale Securities (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Available-for-Sale Securities | The following table is a summary of available-for-sale September 30, 2017 December 31, 2016 Amortized Unrealized Unrealized Estimated Fair Amortized Unrealized Unrealized Estimated Fair Financial Assets: Money market funds $ 72,405 $ — $ — $ 72,405 $ 72,597 $ — $ — $ 72,597 Corporate debt securities 58,276 — (66 ) 58,210 48,594 2 (65 ) 48,531 U.S. government agency securities 66,751 1 (103 ) 66,649 39,763 1 (52 ) 39,712 Certificates of deposits 15,424 1 (16 ) 15,409 19,169 — (52 ) 19,117 U.S. government securities 35,025 — (14 ) 35,011 7,999 — — 7,999 Total $ 247,881 $ 2 $ (199 ) $ 247,684 $ 188,122 $ 3 $ (169 ) $ 187,956 |
Summary of Classification of Available-for-Sale Securities on Consolidated Balance Sheets | The following table summarizes the classification of the available-for-sale September 30, 2017 December 31, 2016 Cash and cash equivalents $ 72,405 $ 82,696 Short-term marketable securities 135,206 55,202 Long-term marketable securities 40,073 50,058 Total $ 247,684 $ 187,956 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Property and Equipment | Property and equipment consists of the following (in thousands): September 30, 2017 December 31, 2016 Laboratory equipment $ 4,478 $ 3,895 Computer equipment 998 972 Leasehold improvements 685 678 Construction-in-progress 11,278 137 Total property and equipment 17,439 5,682 Less: accumulated depreciation and amortization (4,270 ) (3,262 ) Property and equipment, net $ 13,169 $ 2,420 |
Accrued Liabilities | Accrued liabilities consist of the following (in thousands): September 30, 2017 December 31, 2016 Accrued clinical and manufacturing expenses $ 5,362 $ 4,759 Accrued professional and consulting services 784 507 Other 171 53 Total accrued liabilities $ 6,317 $ 5,319 |
Other Liabilities | Other liabilities consist of the following (in thousands): September 30, 2017 December 31, 2016 Restricted shares subject to repurchase, current $ 397 $ 846 Deferred rent, current 740 61 Other taxes payable — 2 Total other liabilities, current $ 1,137 $ 909 Restricted shares subject to repurchase, noncurrent $ 243 $ 534 Deferred rent, noncurrent 9,191 29 Total other liabilities, noncurrent $ 9,434 $ 563 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Stock Option Activity | The following summarizes option activity under the 2012 Plan, 2015 Plan and 2017 Inducement Plan: Number of Weighted- Outstanding — December 31, 2016 2,769,702 $ 11.99 Options granted 894,365 23.58 Options exercised (528,050 ) 3.91 Options canceled (246,586 ) 16.12 Outstanding — September 30, 2017 2,889,431 $ 16.70 |
Valuation Assumptions for Stock Awards | The fair values of stock options granted to employees were calculated using the following assumptions: Three Months Ended Nine Months Ended 2017 2016 2017 2016 Expected term (in years) 6.0-6.1 6.0-6.1 5.3-6.1 5.3-6.1 Volatility 72.0%-73.1% 70.6%-70.9% 70.9%-75.6% 70.6%-82.3% Risk-free interest rate 1.9%-2.1% 1.3%-1.5% 1.8%-2.3% 1.1%-1.9% Dividend yield — — — — |
Summary of RSU Activity Granted to Employees with Service-Based Vesting | The following table summarizes activity of RSUs granted to employees with service-based vesting under the 2015 Plan and 2017 Inducement Plan and related information (in thousands, except share, per share amounts and vesting period): Number Weighted- Weighted- Aggregate Non-vested — $ — — RSUs granted 469,510 23.38 RSUs vested (42,679 ) 21.48 RSUs forfeited (10,298 ) 29.88 Non-vested 416,533 $ 23.41 1.91 $ 12,933 |
Stock-based Compensation Expense Recognized | Total stock-based compensation recognized by function was as follows (in thousands): Three Months Ended Nine Months Ended 2017 2016 2017 2016 Research and development $ 1,564 $ 1,135 $ 4,077 $ 2,283 General and administrative 2,143 2,017 4,864 3,601 Total stock-based compensation expense $ 3,707 $ 3,152 $ 8,941 $ 5,884 |
Market Condition Awards Granted to Employees [Member] | |
Summary of Activity of Market-Condition Awards | The following table summarizes activity of the market-condition awards under the 2015 Plan and related information (in thousands, except share, per share amounts and vesting period): Number Weighted- Weighted- Aggregate Non-vested — $ — — Granted 365,250 15.15 Vested — — Forfeited (12,000 ) 15.15 Non-vested 353,250 $ 15.15 0.98 $ 10,968 |
Valuation Assumptions of Market-Condition Awards | The following table summarizes the assumptions used to estimate the fair value of the market-condition awards during the nine months ended September 30, 2017: Valuation date stock price $ 28.55 Volatility 65.6 % Risk-free interest rate 1.4 % Dividend yield — |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Potentially Dilutive Securities that were Not Included in Diluted Net Loss per Share Calculations | The following securities were not included in the diluted net loss per share calculations because their effect was anti-dilutive: Three Months Ended Nine Months Ended 2017 2016 2017 2016 Options to purchase common stock 2,889,431 2,703,252 2,889,431 2,703,252 Restricted stock subject to future vesting 315,542 752,220 315,542 752,220 Restricted stock units 416,533 — 416,533 — Market-condition awards 353,250 — 353,250 — Total 3,974,756 3,455,472 3,974,756 3,455,472 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future Aggregate Minimum Lease Payments | Future annual minimum lease payments due under the new and existing operating leases at December 31 of each year are as follows (in thousands): Year ending December 31, Amount 1 2017 (three months) $ 474 2018 3,462 2019 4,134 2020 4,279 2021 4,428 Thereafter 29,787 Total $ 46,564 (1) The table above is prepared under the assumption that the Rent Commencement Date at the New Facility starts on December 15, 2017. |
Organization and Basis of Pre21
Organization and Basis of Presentation - Additional Information (Detail) | 1 Months Ended | 9 Months Ended | 80 Months Ended | ||
Aug. 31, 2017USD ($) | Feb. 28, 2017USD ($)$ / sharesshares | Sep. 30, 2017USD ($)Segmentshares | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($) | |
Class of Stock [Line Items] | |||||
Number of operating segments | Segment | 1 | ||||
Proceeds from issuance of common stock, net of issuance costs | $ 135,625,000 | $ 116,995,000 | |||
Cumulative net losses incurred | $ 256,700,000 | ||||
Cowen and Company, LLC [Member] | Maximum [Member] | |||||
Class of Stock [Line Items] | |||||
Common stock sales offering price | $ 125,000,000 | ||||
Common stock sales agreement commission percentage of gross proceeds per share sold | 3.00% | ||||
Common Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Common stock shares sold | shares | 5,867,347 | ||||
Share price per share | $ / shares | $ 24.50 | ||||
Common Stock [Member] | Cowen and Company, LLC [Member] | |||||
Class of Stock [Line Items] | |||||
Common stock shares sold | shares | 0 | ||||
Common Stock [Member] | Over-Allotment Option [Member] | |||||
Class of Stock [Line Items] | |||||
Common stock shares sold | shares | 765,306 | ||||
Share price per share | $ / shares | $ 24.50 | ||||
Proceeds from issuance of common stock, net of issuance costs | $ 135,600,000 |
Summary of Significant Accoun22
Summary of Significant Accounting Policies - Additional Information (Detail) $ in Millions | 9 Months Ended |
Sep. 30, 2017USD ($) | |
Accounting Policies [Abstract] | |
Increase in net operating loss carryforwards | $ 1.1 |
Deferred tax assets | $ 0.4 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value Assets Measured on Recurring Basis (Detail) - Fair Value Measurements, Recurring [Member] - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets, fair value | $ 247,684 | $ 187,956 |
U.S. Government Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets, fair value | 35,011 | 7,999 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets, fair value | 72,405 | 72,597 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets, fair value | 175,279 | 115,359 |
Level 2 [Member] | U.S. Government Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets, fair value | 35,011 | 7,999 |
Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets, fair value | 72,405 | 72,597 |
Money Market Funds [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets, fair value | 72,405 | 72,597 |
Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets, fair value | 58,210 | 48,531 |
Corporate Debt Securities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets, fair value | 58,210 | 48,531 |
U.S. Government Agency Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets, fair value | 66,649 | 39,712 |
U.S. Government Agency Securities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets, fair value | 66,649 | 39,712 |
Certificates of Deposits [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets, fair value | 15,409 | 19,117 |
Certificates of Deposits [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets, fair value | $ 15,409 | $ 19,117 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Fair Value Disclosures [Abstract] | ||
Fair value assets amount transfer from level 1 to level 2 | $ 0 | $ 0 |
Fair value assets amount transfer from level 2 to level 1 | $ 0 | $ 0 |
Available-for-Sale Securities -
Available-for-Sale Securities - Summary of Available-for-Sale Securities (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Amortized Cost | $ 247,881 | $ 188,122 |
Available for sale securities, Unrealized Gains | 2 | 3 |
Available for sale securities, Unrealized Losses | (199) | (169) |
Available for sale securities, Estimated Fair Value | 247,684 | 187,956 |
U.S. Government Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Amortized Cost | 35,025 | 7,999 |
Available for sale securities, Unrealized Losses | (14) | |
Available for sale securities, Estimated Fair Value | 35,011 | 7,999 |
Money Market Funds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Amortized Cost | 72,405 | 72,597 |
Available for sale securities, Estimated Fair Value | 72,405 | 72,597 |
Certificates of Deposits [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Amortized Cost | 15,424 | 19,169 |
Available for sale securities, Unrealized Gains | 1 | |
Available for sale securities, Unrealized Losses | (16) | (52) |
Available for sale securities, Estimated Fair Value | 15,409 | 19,117 |
Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Amortized Cost | 58,276 | 48,594 |
Available for sale securities, Unrealized Gains | 2 | |
Available for sale securities, Unrealized Losses | (66) | (65) |
Available for sale securities, Estimated Fair Value | 58,210 | 48,531 |
U.S. Government Agency Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, Amortized Cost | 66,751 | 39,763 |
Available for sale securities, Unrealized Gains | 1 | 1 |
Available for sale securities, Unrealized Losses | (103) | (52) |
Available for sale securities, Estimated Fair Value | $ 66,649 | $ 39,712 |
Available-for-Sale Securities26
Available-for-Sale Securities - Summary of Classification of Available-for-Sale Securities on Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Investments, Debt and Equity Securities [Abstract] | ||
Cash and cash equivalents | $ 72,405 | $ 82,696 |
Short-term marketable securities | 135,206 | 55,202 |
Long-term marketable securities | 40,073 | 50,058 |
Total | $ 247,684 | $ 187,956 |
Balance Sheet Components - Prop
Balance Sheet Components - Property and Equipment (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 17,439 | $ 5,682 |
Less: accumulated depreciation and amortization | (4,270) | (3,262) |
Property and equipment, net | 13,169 | 2,420 |
Laboratory Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 4,478 | 3,895 |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 998 | 972 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 685 | 678 |
Construction-in-Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 11,278 | $ 137 |
Balance Sheet Components - Accr
Balance Sheet Components - Accrued Liabilities (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Balance Sheet Components [Abstract] | ||
Accrued clinical and manufacturing expenses | $ 5,362 | $ 4,759 |
Accrued professional and consulting services | 784 | 507 |
Other | 171 | 53 |
Total accrued liabilities | $ 6,317 | $ 5,319 |
Balance Sheet Components - Othe
Balance Sheet Components - Other Liabilities (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Balance Sheet Components [Abstract] | ||
Restricted shares subject to repurchase, current | $ 397 | $ 846 |
Deferred rent, current | 740 | 61 |
Other taxes payable | 2 | |
Total other liabilities, current | 1,137 | 909 |
Restricted shares subject to repurchase, noncurrent | 243 | 534 |
Deferred rent, noncurrent | 9,191 | 29 |
Total other liabilities, noncurrent | $ 9,434 | $ 563 |
Stock Based Compensation - Plan
Stock Based Compensation - Plan Summary - Additional Information (Detail) | Aug. 11, 2017shares | Apr. 09, 2015USD ($)$ / sharesshares | Sep. 30, 2017USD ($)shares | Sep. 30, 2017USD ($)$ / sharesshares | Sep. 30, 2016USD ($) | Dec. 31, 2016shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Grants in period | 894,365 | |||||
Exercise price of options granted | $ / shares | $ 23.58 | |||||
Stock-based compensation | $ | $ 8,941,000 | $ 5,884,000 | ||||
Senior Management [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of operating milestones for performance vesting | 4 | |||||
Number of operating milestones achieved | 2 | |||||
Performance Contingent Awards Stock Options [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares vested | 94,502 | |||||
Number of shares forfeited | 30,710 | 47,500 | ||||
Performance Contingent Awards Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares vested | 49,643 | |||||
Number of shares repurchased | 24,821 | 24,821 | ||||
Market Condition Awards Granted to Employees [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unrecognized compensation expense | $ | $ 4,600,000 | $ 4,600,000 | ||||
weighted average derived service period | 1 year 1 month 13 days | |||||
Stock-based compensation | $ | $ 700,000 | |||||
Market Condition Awards Granted to Employees [Member] | Chief Executive Officer [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Restricted shares granted in period | 99,285 | |||||
Exercise price of restricted shares granted | $ / shares | $ 3.40 | |||||
Minimum market capitalization | $ | $ 2,000,000,000 | |||||
Minimum consecutive trading days for market capitalization | 20 days | |||||
Expiration period from IPO | 24 months | |||||
2017 Inducement Equity Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares authorized for issuance | 300,000 | 300,000 | ||||
2017 Inducement Equity Plan [Member] | Stock Compensation Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares authorized for issuance | 220,000 | 220,000 | ||||
2015 Plan [Member] | Stock Options [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares authorized for issuance | 1,646,485 | 1,646,485 | ||||
2015 Plan [Member] | Market Condition Awards Granted to Employees [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Restricted shares granted in period | 365,250 | |||||
Number of shares vested | 0 | |||||
Number of shares forfeited | 12,000 | |||||
2015 Plan [Member] | RSU [Member] | Senior Management [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Restricted shares granted in period | 365,250 | |||||
2012 Plan [Member] | Performance Shares [Member] | Senior Management [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Grants in period | 326,424 | |||||
2012 Plan [Member] | Performance Contingent Awards Stock Options [Member] | Senior Management [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Grants in period | 227,139 | |||||
Exercise price of options granted | $ / shares | $ 3.40 | |||||
2012 Plan [Member] | Performance Contingent Awards Restricted Stock [Member] | Senior Management [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Restricted shares granted in period | 99,285 | |||||
Exercise price of restricted shares granted | $ / shares | $ 3.40 |
Stock Based Compensation - Stoc
Stock Based Compensation - Stock Option Activity (Detail) | 9 Months Ended |
Sep. 30, 2017$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Beginning balance, outstanding, Number of Options | shares | 2,769,702 |
Options granted, Number of Options | shares | 894,365 |
Options exercised, Number of Options | shares | (528,050) |
Options canceled, Number of Options | shares | (246,586) |
Ending balance, outstanding, Number of Options | shares | 2,889,431 |
Weighted- Average Exercise Price | |
Beginning balance, Outstanding, Weighted-Average Exercise Price | $ / shares | $ 11.99 |
Options granted, Weighted-Average Exercise Price | $ / shares | 23.58 |
Options exercised, Weighted-Average Exercise Price | $ / shares | 3.91 |
Options canceled, Weighted-Average Exercise Price | $ / shares | 16.12 |
Ending balance, Outstanding, Weighted-Average Exercise Price | $ / shares | $ 16.70 |
Stock Based Compensation - Valu
Stock Based Compensation - Valuation Assumptions for Stock Options Granted (Detail) - Stock Options [Member] | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Volatility, minimum | 72.00% | 70.60% | 70.90% | 70.60% |
Volatility, maximum | 73.10% | 70.90% | 75.60% | 82.30% |
Risk-free interest rate, minimum | 1.90% | 1.30% | 1.80% | 1.10% |
Risk-free interest rate, maximum | 2.10% | 1.50% | 2.30% | 1.90% |
Dividend yield | 0.00% | 0.00% | 0.00% | 0.00% |
Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected term (in years) | 6 years | 6 years | 5 years 3 months 19 days | 5 years 3 months 19 days |
Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected term (in years) | 6 years 1 month 6 days | 6 years 1 month 6 days | 6 years 1 month 6 days | 6 years 1 month 6 days |
Stock Based Compensation - Summ
Stock Based Compensation - Summary of RSU Activity Granted to Employees with Service-Based Vesting (Detail) - RSU [Member] - 2015 Plan and 2017 Inducement Plan [Member] - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended |
Sep. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
RSUs granted, Number of RSUs | 469,510 |
RSUs vested, Number of RSUs | (42,679) |
RSUs forfeited, Number of RSUs | (10,298) |
Ending Balance - Non-vested market-condition awards | 416,533 |
RSUs granted, Weighted-Average Grant Date Fair Value | $ 23.38 |
RSUs vested, Weighted-Average Grant Date Fair Value | 21.48 |
RSUs forfeited, Weighted-Average Grant Date Fair Value | 29.88 |
Ending Balance - Non-vested units, Weighted-Average Grant Date Fair Value | $ 23.41 |
Non-vested units, Weighted-Average remaining vesting period(years) | 1 year 10 months 28 days |
Non-vested units, Aggregate Intrinsic Value | $ 12,933 |
Stock Based Compensation - Su34
Stock Based Compensation - Summary of Activity of Market-Condition Awards (Detail) - 2015 Plan [Member] - Market Condition Awards Granted to Employees [Member] - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended |
Sep. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of units granted | 365,250 |
Number of units vested | 0 |
Number of units forfeited | (12,000) |
Ending Balance - Non-vested market-condition awards | 353,250 |
Weighted-Average Grant Date Fair Value granted | $ 15.15 |
Weighted-Average Grant Date Fair Value vested | 0 |
Weighted-Average Grant Date Fair Value forfeited | 15.15 |
Ending Balance - Non-vested units, Weighted-Average Grant Date Fair Value | $ 15.15 |
Non-vested units, Weighted-Average remaining vesting period(years) | 11 months 23 days |
Non-vested units, Aggregate Intrinsic Value | $ 10,968 |
Stock Based Compensation - Va35
Stock Based Compensation - Valuation Assumptions of Market-Condition Awards (Detail) - Market Condition Awards Granted to Employees [Member] | 9 Months Ended |
Sep. 30, 2017$ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Valuation date stock price | $ 28.55 |
Volatility | 65.60% |
Risk-free interest rate | 1.40% |
Dividend yield | 0.00% |
Stock Based Compensation - St36
Stock Based Compensation - Stock-based Compensation Expense Recognized (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense | $ 3,707 | $ 3,152 | $ 8,941 | $ 5,884 |
Research and Development Expense [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense | 1,564 | 1,135 | 4,077 | 2,283 |
General and Administrative Expense [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense | $ 2,143 | $ 2,017 | $ 4,864 | $ 3,601 |
Net Loss per Share - Potentiall
Net Loss per Share - Potentially Dilutive Securities that were Not Included in Diluted Net Loss per Share Calculations (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from earnings per share | 3,974,756 | 3,455,472 | 3,974,756 | 3,455,472 |
Stock Options [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from earnings per share | 2,889,431 | 2,703,252 | 2,889,431 | 2,703,252 |
Restricted Stock Subject to Future Vesting [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from earnings per share | 315,542 | 752,220 | 315,542 | 752,220 |
RSU [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from earnings per share | 416,533 | 416,533 | ||
Market Condition Awards Granted to Employees [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from earnings per share | 353,250 | 353,250 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2017USD ($)ft² | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($)ft² | Sep. 30, 2016USD ($) | |
Commitment And Contingencies [Line Items] | |||||
Facility size | ft² | 67,185 | 36,740 | |||
Initial term | 10 years | ||||
Future minimum rental payments under the Lease term | $ 45.8 | ||||
Lease commencement date | Dec. 15, 2017 | ||||
Operating lease term | 10 years | ||||
Operating lease term, optional extension | 10 years | ||||
Construction-in-progress | $ 9.9 | ||||
Operating leases latest expiration date | 2018-04 | ||||
Rent expense | $ 0.4 | $ 0.3 | $ 1.1 | $ 0.9 | |
Standby Letters of Credit [Member] | |||||
Commitment And Contingencies [Line Items] | |||||
Restricted cash | $ 0.9 |
Commitments and Contingencies39
Commitments and Contingencies - Future Aggregate Minimum Lease Payments (Detail) $ in Thousands | Sep. 30, 2017USD ($) | [1] |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||
2017 (three months) | $ 474 | |
2,018 | 3,462 | |
2,019 | 4,134 | |
2,020 | 4,279 | |
2,021 | 4,428 | |
Thereafter | 29,787 | |
Total | $ 46,564 | |
[1] | The table above is prepared under the assumption that the Rent Commencement Date at the New Facility starts on December 15, 2017. |