Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Dec. 17, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | WVE | |
Entity Registrant Name | WAVE LIFE SCIENCES LTD. | |
Entity Central Index Key | 1,631,574 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 21,551,423 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Current Assets: | ||
Cash | $ 66,040,000 | $ 1,048,000 |
Accounts receivable | 200,000 | |
Prepaid expenses and other current assets | 147,000 | 103,000 |
Deferred tax assets | 64,000 | 64,000 |
Deferred offering costs | 1,736,000 | 72,000 |
Total current assets | 67,987,000 | 1,487,000 |
Property and equipment, net | 1,954,000 | 1,269,000 |
Deferred tax assets | 182,000 | |
Restricted cash | 1,055,000 | 0 |
Total assets | 70,996,000 | 2,938,000 |
Current Liabilities: | ||
Accounts payable | 2,875,000 | 125,000 |
Accrued expenses and other current liabilities | 537,000 | 605,000 |
Deferred revenue | 152,000 | |
Current portion of capital lease obligation | 62,000 | |
Total current liabilities | 3,474,000 | 882,000 |
Long-term liabilities: | ||
Capital lease obligation, net of current portion | 94,000 | |
Other liabilities | 31,000 | 29,000 |
Total long-term liabilities | 125,000 | 29,000 |
Total liabilities | 3,599,000 | 911,000 |
Shareholders' (deficit) equity: | ||
Series A preferred shares, no par value; 3,901,348 shares issued and outstanding at December 31, 2014 | 7,874,000 | |
Ordinary shares, no par value; 9,223,405 and 4,263,472 shares issued and outstanding at September 30, 2015 and December 31, 2014, respectively | 22,446,000 | 9,973,000 |
Additional paid-in capital | 2,368,000 | |
Accumulated other comprehensive income | 43,000 | 56,000 |
Accumulated deficit | (27,977,000) | (15,876,000) |
Total shareholders' (deficit) equity | (3,120,000) | 2,027,000 |
Total liabilities, Series A and B preferred shares, and shareholders' (deficit) equity | 70,996,000 | 2,938,000 |
Series A Preferred Shares [Member] | ||
Long-term liabilities: | ||
Preferred stock value | 7,874,000 | |
Shareholders' (deficit) equity: | ||
Total shareholders' (deficit) equity | $ 7,874,000 | |
Series B Preferred Shares [Member] | ||
Long-term liabilities: | ||
Preferred stock value | $ 62,643,000 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2015 | Dec. 31, 2014 |
Preferred stock, par value | ||
Preferred stock, shares issued | 3,901,348 | |
Preferred stock, shares outstanding | 3,901,348 | |
Common stock, par value | ||
Common stock, shares issued | 9,223,405 | 4,263,472 |
Common stock, shares outstanding | 9,223,405 | 4,263,472 |
Series A Preferred Shares [Member] | ||
Preferred stock, par value | $ 0 | |
Preferred stock, shares issued | 3,901,348 | |
Preferred stock, shares outstanding | 3,901,348 | |
Series B Preferred Shares [Member] | ||
Preferred stock, par value | $ 0 | $ 0 |
Preferred stock, shares issued | 5,334,892 | 0 |
Preferred stock, shares outstanding | 5,334,892 | 0 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Income Statement [Abstract] | ||||
Revenue | $ 152 | |||
Operating expenses: | ||||
Research and development | $ 2,132 | $ 585 | 5,589 | $ 1,672 |
General and administrative | 2,858 | 769 | 6,647 | 1,942 |
Total operating expenses | 4,990 | 1,354 | 12,236 | 3,614 |
Loss from operations | (4,990) | (1,354) | (12,084) | (3,614) |
Other income (expense): | ||||
Interest income (expense), net | 25 | 10 | (12) | |
Other, net | 112 | 25 | 155 | 240 |
Total other income (expense), net | 137 | 25 | 165 | 228 |
Loss before income tax provision | (4,853) | (1,329) | (11,919) | (3,386) |
Income tax provision | (83) | (34) | (182) | (94) |
Net loss | $ (4,936) | $ (1,363) | $ (12,101) | $ (3,480) |
Net loss per share attributable to ordinary shareholders-basic and diluted | $ (0.54) | $ (0.32) | $ (1.36) | $ (0.92) |
Weighted-average ordinary shares used in computing net loss per share attributable to ordinary shareholders-basic and diluted | 9,223,405 | 4,263,472 | 8,895,660 | 3,792,841 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (4,936) | $ (1,363) | $ (12,101) | $ (3,480) |
Other comprehensive income (loss) | ||||
Foreign currency translation | 9 | (50) | (13) | (136) |
Comprehensive loss | $ (4,927) | $ (1,413) | $ (12,114) | $ (3,616) |
Condensed Consolidated Stateme6
Condensed Consolidated Statement of Series A and B Preferred Shares and Shareholders' (Deficit) Equity - 9 months ended Sep. 30, 2015 - USD ($) $ in Thousands | Total | Ordinary Shares [Member] | Additional Paid-In-Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Deficit [Member] | Series A Preferred Shares [Member] | Series A Preferred Shares [Member]Temporary Equity [Member] | Series B Preferred Shares [Member]Temporary Equity [Member] |
Beginning balance at Dec. 31, 2014 | $ 2,027 | $ 9,973 | $ 56 | $ (15,876) | $ 7,874 | |||
Beginning balance, shares at Dec. 31, 2014 | 4,263,472 | 3,901,348 | ||||||
Issuance of ordinary shares, net of issuance costs | 11,631 | $ 11,631 | ||||||
Issuance of ordinary shares, net of issuance costs, shares | 4,769,077 | |||||||
Stock-based compensation | 3,210 | $ 842 | $ 2,368 | |||||
Stock-based compensation, shares | 190,856 | |||||||
Issuance of Series B preferred, net of issuance costs | $ 62,643 | |||||||
Issuance of Series B preferred, net of issuance costs, shares | 5,334,892 | |||||||
Reclassification of Series A preferred shares | (7,874) | $ (7,874) | $ 7,874 | |||||
Reclassification of Series A preferred shares, shares | (3,901,348) | 3,901,348 | ||||||
Other comprehensive income (loss) | (13) | (13) | ||||||
Net loss | (12,101) | (12,101) | ||||||
Ending balance at Sep. 30, 2015 | $ (3,120) | $ 22,446 | $ 2,368 | $ 43 | $ (27,977) | $ 7,874 | $ 62,643 | |
Ending balance, shares at Sep. 30, 2015 | 9,223,405 | 3,901,348 | 5,334,892 |
Condensed Consolidated Stateme7
Condensed Consolidated Statement of Series A and B Preferred Shares and Shareholders' (Deficit) Equity (Parenthetical) $ in Thousands | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Ordinary Shares [Member] | |
Net of issuance costs | $ 169 |
Series B Preferred Shares [Member] | Temporary Equity [Member] | |
Net of issuance costs | $ 3,357 |
Condensed Consolidated Stateme8
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Cash flows from operating activities | ||
Net loss | $ (12,101) | $ (3,480) |
Adjustments to reconcile net loss to net cash flows used in operating activities: | ||
Depreciation and amortization | 462 | 195 |
Share-based compensation expense | 3,210 | |
Deferred rent | (4) | (4) |
Loss on disposal of property and equipment | 7 | |
Deferred income taxes | 182 | 94 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 193 | 68 |
Prepaid expenses and other current assets | (40) | 5 |
Accounts payable | 2,464 | 57 |
Accrued expenses and other current liabilities | (73) | (136) |
Deferred revenue | (152) | |
Net cash used in operating activities | (5,859) | (3,194) |
Cash flows from investing activities | ||
Increase in restricted cash | (1,055) | |
Proceeds from government grant reimbursements for property and equipment | 3 | 314 |
Purchase of property and equipment | (887) | (562) |
Net cash used in investing activities | (1,939) | (248) |
Cash flows from financing activities | ||
Proceeds from issuance of ordinary shares, net of offering costs | 11,631 | 5,585 |
Proceeds from issuance of Series B preferred shares, net of offering costs | 62,643 | |
Proceeds from government grant | 112 | 34 |
Costs associated with initial public offering | (1,417) | |
Payments on capital lease obligation | (112) | |
Net cash provided by financing activities | 72,857 | 5,619 |
Effect of foreign exchange rates on cash | (67) | (127) |
Net increase in cash | 64,992 | 2,050 |
Cash at beginning of period | 1,048 | 439 |
Cash at end of period | 66,040 | 2,489 |
Supplemental disclosure of cash flow information: | ||
Conversion of related party notes payable into ordinary and Series A preferred shares | $ 9,602 | |
Reclassification of Series A preferred shares from permanent equity to temporary equity | 7,874 | |
Equipment acquired for capital lease obligation | 268 | |
Increase in accounts payable for initial public offering costs | $ 319 |
The Company
The Company | 9 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
The Company | 1. THE COMPANY Organization WAVE Life Sciences Ltd. (together with its subsidiaries, “WAVE” or the “Company”) is a preclinical biopharmaceutical company with an innovative and proprietary synthetic chemistry drug development platform that the Company is using to design, develop and commercialize a broad pipeline of first-in-class or best-in-class nucleic acid therapeutic candidates. The Company is initially developing nucleic acid therapeutics that target genetic defects to either reduce the expression of disease-promoting proteins or transform the production of dysfunctional mutant proteins into the production of functional proteins. The Company was incorporated in Singapore on July 23, 2012 and has its principal office in Boston, Massachusetts. The Company was incorporated with the purpose of combining two commonly held companies, WAVE Life Sciences USA, Inc. (“WAVE USA”), a Delaware corporation (formerly Ontorii, Inc.), and WAVE Life Sciences (Japan) (“WAVE Japan”), a company organized under the laws of Japan (formerly Chiralgen., Ltd.), which occurred on September 12, 2012. The Company was created through the combination of entities that were under the common control of Shin Nippon Biomedical Laboratories Ltd. (“SNBL”) both prior to and immediately following the Company’s incorporation. Since the entities represent the combination of entities under common control, generally accepted accounting principles in the United States (“U.S. GAAP”) require the presentation of the combined companies as if they have always been combined entities. Therefore, on the date of incorporation, the Company recognized the assets and liabilities of WAVE USA and WAVE Japan at the carrying amounts of the assets and liabilities as recorded in the standalone financial statements of the respective companies on that date. The Company’s primary activities since inception have been conducting research and experimental development of biotechnology and chemicals, conducting preclinical testing, recruiting personnel, and raising capital to support development activities. Initial Public Offering On November 16, 2015, the Company completed an initial public offering of its ordinary shares, in which the Company issued and sold 6,375,000 ordinary shares at a price to the public of $16.00 per share. On December 4, 2015, the Company issued an additional 618,126 ordinary shares at a price of $16.00 per share pursuant to a partial exercise of the underwriters’ over-allotment option. The aggregate net proceeds to the Company from the initial public offering, inclusive of the over-allotment exercise, were approximately $100,458 after deducting underwriting discounts and commissions and estimated offering expenses payable by the Company. Upon the listing of the Company’s ordinary shares on the NASDAQ Global Market on November 11, 2015, all of the outstanding Series B preferred shares of the Company automatically converted into 5,334,892 of the Company’s ordinary shares. Risks and Uncertainties The Company is subject to risks common to companies in the biotechnology industry including, but not limited to, new technological innovations, protection of proprietary technology, dependence on key personnel, compliance with government regulations and the need to obtain additional financing. The Company’s therapeutic programs will require significant additional research and development efforts, including extensive pre-clinical and clinical testing and regulatory approval, prior to commercialization of any product candidates. These efforts require significant amounts of additional capital, adequate personnel infrastructure and extensive compliance-reporting capabilities. The Company’s therapeutic programs are currently in the development or discovery stage. There can be no assurance that the Company’s research and development will be successfully completed, that adequate protection for the Company’s intellectual property will be obtained, that any products developed will obtain necessary government regulatory approval or that any approved products will be commercially viable. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will generate significant revenue from product sales. The Company operates in an environment of rapid change in technology and substantial competition from pharmaceutical and biotechnology companies. In addition, the Company is dependent upon the services of its employees and consultants. Basis of Presentation The Company has prepared the accompanying consolidated financial statements in conformity with U.S. GAAP and in U.S. dollars. |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. SIGNIFICANT ACCOUNTING POLICIES The significant accounting policies described in the Company’s audited financial statements as of and for the year ended December 31, 2014, and the notes thereto, which are included in the Company’s final prospectus for the Company’s initial public offering filed pursuant to Rule 424(b) under the Securities Act with the Securities and Exchange Commission on November 12, 2015, have had no material changes during the nine months ended September 30, 2015, except as noted below. Unaudited Interim Financial Data The accompanying interim condensed consolidated balance sheet as of September 30, 2015, the related interim condensed consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2015 and 2014, the related interim condensed consolidated statement of Series A and B preferred shares and shareholders’ (deficit) equity for the nine months ended September 30, 2015, the related interim condensed consolidated cash flows for the nine months ended September 30, 2015 and 2014 and the related interim information contained within the notes to the consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission for interim financial information. Accordingly, they do not include all of the information and the notes required by U.S. GAAP for complete financial statements. The financial data and other information disclosed in these notes related to the three and nine months ended September 30, 2015 and 2014 are unaudited. In the opinion of management, the unaudited interim consolidated financial statements reflect all adjustments, consisting of normal and recurring adjustments, necessary for the fair presentation of the Company’s financial position at September 30, 2015 and the consolidated results of its operations, and comprehensive loss for the three and nine months ended September 30, 2015 and 2014 and the consolidated results of its cash flows for the nine months ended September 30, 2015 and 2014 are not necessarily indicative of the results to be expected for the year ending December 31, 2015 or any other interim period or future year or period. Share Splits The Company’s board of directors and shareholders approved a 50-for-1 forward share split of the Company’s outstanding ordinary and Series A preferred shares effective November 18, 2014. Additionally, on November 1, 2015, the Company’s board of directors and shareholders approved a 4.0415917-for-1 forward share split of the Company’s issued and outstanding ordinary shares, Series A preferred shares and Series B preferred shares. All share and per share amounts in the consolidated financial statements and notes thereto have been retroactively adjusted for all periods presented to give effect to the share splits. Principles of Consolidation The Company’s consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management 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 consolidated financial statements and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to the valuation of its Series A preferred shares on conversion of the related party notes payable, the valuation of the Company’s ordinary shares, the assumptions used to determine the fair value share-based awards, the valuation allowance required for the Company’s deferred tax assets, and determining uncertain tax positions and the related liabilities. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Actual results could differ from the Company’s estimates. Segment Data The Company manages its operations as a single segment for the purposes of assessing performance and making operating decisions. The Company’s singular focus is on developing its proprietary synthetic chemistry platform to develop and commercialize a broad pipeline of nucleic acid-based therapeutics. Foreign Currency Translation The functional currency of the Company’s Japanese subsidiary is the Japanese Yen and the Company’s Singapore entity is the U.S. dollar. Assets and liabilities of WAVE Japan are translated at period end exchange rates while revenues and expenses are translated at average exchange rates for the period. Intercompany loans that are not expected to be settled in the foreseeable future are translated at the historical rate for the date of each capital transaction. Net unrealized gains and losses from foreign currency translation are reflected as accumulated other comprehensive income within shareholders’ (deficit) equity. Gains and losses on foreign currency transactions are included in the consolidated statements of operations within other, net. Fair Value of Financial Instruments The Company is required to disclose information on all assets and liabilities reported at fair value that enables an assessment of the inputs used in determining the reported fair values. The fair value hierarchy is a hierarchy of inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the financial instrument based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing the financial instrument and are developed based on the information available in the circumstances. The fair value hierarchy applies only to the valuation inputs used in determining the reported fair value of the investments and is not a measure of the investment credit quality. The hierarchy defines three levels of valuation inputs: Level 1—Unadjusted quoted prices in active markets that are accessible at the measurement date of identical, unrestricted assets. Level 2—Quoted prices for similar assets, or inputs that are observable, either directly or indirectly, for substantially the full term through corroboration with observable market data. Level 2 includes investments valued at quoted prices adjusted for legal or contractual restrictions specific to the security. Level 3—Pricing inputs are unobservable for the asset, that is, inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset. Level 3 includes private investments that are supported by little or no market activity. There were no financial instruments recorded at fair value as of September 30, 2015 and December 31, 2014. The carrying amounts of accounts receivable, accounts payable, and accrued expenses approximate their fair values due to their short-term maturities. Concentration of Credit Risk Cash is a financial instrument that potentially subjects the Company to concentration of credit risk. The Company uses eight financial institutions to maintain its cash, all of which are high quality, accredited financial institutions and, accordingly, such funds are subject to minimal credit risk. The Company has not experienced any losses in such accounts and management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. The Company has no financial instruments with off-balance sheet risk of loss. Restricted Cash Restricted cash consists primarily of cash placed in a separate restricted bank account as required under the terms of the Company’s lease arrangement for its Cambridge, Massachusetts facility. There was no restricted cash as of December 31, 2014. Deferred Offering Costs The Company capitalizes certain legal, professional, accounting and other third party fees that are directly associated with in-process equity financings as deferred offering costs until such financings are consummated. After consummation of the equity financing, these costs are recorded in shareholders’ equity as a reduction to the carrying value of the shares issued. As of September 30, 2015 and December 31, 2014 the Company had recorded $1,736 and $72, respectively, of deferred offering costs in contemplation of the initial public offering. On November 16, 2015, the Company reclassified all of its deferred offering costs to additional paid in capital as a reduction of the proceeds from the initial public offering. Revenue Recognition Collaboration Agreement The Company had a collaboration agreement with a third party, which was entered into in late 2014 and terminated in May 2015. The Company was entitled to a non-refundable upfront amount of $152 related to research and development services performed under the agreement. The upfront fee was billed in 2014 and collected in early 2015. The Company recorded its right to the upfront payment as accounts receivable and deferred revenue at December 31, 2014. Upon receipt of the non-refundable payment, the Company began recognizing the upfront fee on a straight-line basis over the service period. Upon termination of the agreement, the Company recognized the remainder of the upfront fee. Revenue recognized under the agreement was $0 for the three months ended September 30, 2015 and 2014, and $152 and $0 for the nine months ended September 30, 2015 and 2014, respectively. There have been no other revenue generating activities from collaboration or license agreements entered into by the Company since its formation and through the three and nine months ended September 30, 2015 and the year ended December 31, 2014. Product Revenue The Company has had no product revenue to date. Research and Development Costs Research and development costs are expensed as incurred. Research and development costs include salaries, share-based compensation and benefits of employees, third-party license fees and other operational costs related to the Company’s research and development activities, including allocated facility-related expenses and external costs of outside vendors engaged to conduct preclinical studies and other research and development activities. Costs associated with licenses of technology and patent costs are expensed as incurred and are generally included in research and development expense in the consolidated statement of operations. Government Grants The Company has applied for reimbursement of expenditures with the Japanese government for certain qualified operating or capital expenditures. The Company recognizes government grants when there is reasonable assurance that the Company will comply with the conditions attached to the grant arrangement and the grant will be received. Government grants for research and development efforts are recorded as grant income and classified in other, net in the consolidated statements of operations. Government grants related to reimbursements of capital expenditures are recognized as a reduction of the basis of the asset and recognized in the consolidated statements of operations over the estimated useful life of the depreciable asset as reduced depreciation expense. The Company recognized other income of $111 and $26 for the three months ended September 30, 2015 and 2014, respectively, and $155 and $134 for the nine months ended September 30, 2015 and 2014, respectively, which is included in the consolidated statements of operations. The Company recorded reimbursable capital expenditures of $0 for the three months ended September 30, 2014 and 2014, respectively, and $3 and $249 for the nine months ended September 30, 2015 and 2014 respectively, for which a reduction in the basis of the assets purchased was recorded in the consolidated balance sheets. Recently Adopted Accounting Pronouncements In July 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists In June 2014, the FASB issued ASU 2014-10, Development Stage Entities Recently Issued Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09— Revenue from Contracts with Customers (Topic 606) Revenue Recognition In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements—Going Concern In February 2015, the FASB issued ASU 2015-02, Consolidation In April 2015, the FASB issued ASU 2015-03, Interest—Imputation of Interest (Subtopic 835-30) In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes Income Taxes Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company’s consolidated financial statements upon adoption. |
Property and Equipment
Property and Equipment | 9 Months Ended |
Sep. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | 3. PROPERTY AND EQUIPMENT Property and equipment, net, consists of the following: September 30, 2015 December 31, 2014 Furniture and equipment $ 2,862 $ 2,331 Leasehold improvements 859 147 Total 3,721 2,478 Less accumulated depreciation and amortization (1,767 ) (1,209 ) Property and equipment, net $ 1,954 $ 1,269 Leasehold improvements made during the nine months ended September 30, 2015 consisted primarily of costs related to the Company’s newly leased office space in Cambridge, Massachusetts. Depreciation and amortization expense was $284 and $91 for the three months ended September 30, 2015 and 2014, respectively, and $462 and $195 for the nine months ended September 30, 2015 and 2014, respectively. Through September 30, 2015, the Company has not recognized any impairment charges. |
Accrued Expenses
Accrued Expenses | 9 Months Ended |
Sep. 30, 2015 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | 4. ACCRUED EXPENSES Accrued expenses and other current liabilities consist of the following: September 30, December 31, Accrued compensation $ 131 $ 428 Other 406 177 Total accrued expenses and other current liabilities $ 537 $ 605 |
Share Capital
Share Capital | 9 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
Share Capital | 5. SHARE CAPITAL Ordinary Shares The following represent the historical ordinary share transactions of the Company from January 1, 2014 through September 30, 2015: • In February 2014, the Company issued 2,263,291 ordinary shares to a third-party investor at $2.47 per share for net proceeds of $5,585. • In February 2014, holders of $9,602 of related party notes payable agreed to convert such notes into 2,365,139 Series A preferred shares and 1,515,596 ordinary shares. • In January 2015, the Company issued 4,769,077 ordinary shares to a third-party investor and an existing investor at $2.47 per share for net proceeds of $11,631. • In March 2015, the Company granted 190,856 fully-vested ordinary shares to an executive of the Company. Series A Preferred Shares The following represent the Series A preferred share transactions of the Company from January 1, 2014 through September 30, 2015: • In February 2014, holders of $9,602 of related party notes payable agreed to convert such notes into 2,365,139 Series A preferred shares and 1,515,596 ordinary shares. • In connection with the private placement of Series B preferred shares on August 14, 2015, holders of the Company’s preference shares agreed to rename the existing “preference shares” as “Series A preferred shares.” In addition, as further described below, the terms of the Series A preferred shares were amended to remove their right of first refusal and to provide for their right to convert on a one-for-one basis into an aggregate of 3,901,348 ordinary shares at any time at the election of the holder. The rights of the Series A preferred shares are identical to the ordinary shares other than: (1) no voting rights other than in limited circumstances, (2) the right to a non-cumulative dividend if and when declared by our board of directors and (3) the right to convert the Series A preferred shares at any time on a one-for-one basis into ordinary shares at the discretion of the holder. The Company’s shareholders, including holders of Series A preferred shares, entered into an investors’ rights agreement and a voting agreement with the Company in connection with the private placement. Pursuant to the terms of the voting agreement, investors who hold at least 1,212,477 shares of registerable securities, including holders of Series A preferred shares and Series B preferred shares, have a right to purchase certain new securities offered by the Company. Additionally, in the event of the sale of 50% or more of the voting power of the company or a deemed liquidation event, if the holders of at least a majority of the ordinary shares and the holders of 56% of the Series B preferred shares vote to a sale of the Company, they have the right to force the other shareholders, including the holders of Series A preferred shares, to agree to such a sale. • On September 28, 2015, the terms of the Series A preferred shares were further amended to provide that, upon the mandatory conversion of Series B preferred shares, the existing right of Series A preferred shares to a non-cumulative dividend if and when declared by our board of directors shall cease and be replaced by a liquidation preference consisting of $0.0024743 per Series A preferred share, or an aggregate of $10 based on the number of Series A preferred shares outstanding at the date of the amendment. The Company has accounted for the September 28, 2015 amendment to the Series A preferred shares as a modification of the preferred shares based on upon a qualitative assessment of the amendment. The Company has not adjusted the carrying value of the Series A preferred shares since the fair value of the Series A preferred shares immediately prior and subsequent to the modification date resulted in an immaterial change in fair value. The addition of the liquidation preference to the Series A preferred shares, however, resulted in the reclassification of the Series A preferred shares from permanent shareholders’ equity to temporary shareholders’ equity since the holders of the Series A preferred shares are entitled to a liquidation preference upon a deemed liquidation event, which is outside the control of the Company. In the event a deemed liquidation event were to occur, the Company would adjust the carrying value of the Series A preferred shares to their liquidation value, which amounts to $10 in the aggregate. Series B Preferred Shares The following represents the historical Series B preferred share transactions of the Company from January 1, 2015 through September 30, 2015: • On August 14, 2015, the Company issued an aggregate of 5,334,892 Series B preferred shares at a purchase price of $12.37 per share to certain third-party investors for $62,643 of net proceeds. Features of the Series B Preferred Shares The Series B preferred shares have no par value and there is no authorized share capital under Singapore law. In the event of a liquidation, dissolution or winding up of, or a return of capital by the Company, the Series B preferred shares will rank above the holders of Series A preferred shares and ordinary shares and are therefore, entitled to a liquidation preference in the amount of the original per share amount paid of $12.37 per share, plus any declared plus unpaid dividends, if any. Since the redemption of the Series B preferred shares is outside the control of the Company, the Company has presented the Series B preferred shares as temporary equity. The rights, preferences, and privileges of the Series B preferred shares are as follows: Dividends Holders of Series B preferred shares are not entitled to any preferential dividends. Liquidation In the event of a liquidation, dissolution or winding up of, or a return of capital by the Company, the Series B preferred shares will rank above the holders of Series A preferred shares and ordinary shares and are therefore, entitled to a liquidation preference in the amount of the original per share amount paid of $12.37 per share, plus any declared plus unpaid dividends, if any. Voting Holders of the Series B preferred shares are entitled to vote at any general meeting. Conversion The Series B preferred shares are convertible on a one-for-one basis, subject to adjustment, into ordinary shares at the discretion of the holder and are mandatorily convertible upon the closing of the sale of Ordinary Shares to the public at a price per share of at least the Series B issue amount, in a firm-commitment Redemption The Series B preferred shares are not redeemable. Right of First Refusal The Series B preferred shareholders are entitled to exercise a right of first refusal, a feature that dictates that in the case of a transfer by a specific shareholder (i) the Company, then (ii) the non-selling shareholder, and then (iii) any third party identified by the Company shall be entitled within a period of 60 days to serve a purchase notice to the selling shareholder requesting to sell to the Company or to the non-selling shareholder at the same price and terms as those offered by the prospective purchaser. |
Share-Based Compensation
Share-Based Compensation | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation | 6. SHARE-BASED COMPENSATION Adoption of Equity Incentive Plan In December 2014, the Company’s board of directors adopted the WAVE Life Sciences Ltd. 2014 Equity Incentive Plan (the “2014 Plan”), and reserved 1,763,714 ordinary shares for issuance under this plan. 2014 Plan Activity In March and August 2015, the Company’s board of directors approved an increase in the number of ordinary shares issuable under the 2014 Plan to 2,498,597 and 3,555,774 shares, respectively. The 2014 Plan authorizes the board of directors or a committee of the board to grant incentive share options, non-qualified share options, or NQSOs, share appreciation rights and restricted awards to eligible employees, outside directors and consultants of the Company. As of September 30, 2015, 1,421,537 ordinary shares remained available for future grant. During the nine months ended September 30, 2015, the Company granted options to purchase 1,943,381 ordinary shares to employees, directors and non-employees. The Company did not grant any share options as of December 31, 2014. The Company recorded share-based compensation expense of $725 and $3,210, during the three and nine months ended September 30, 2015, respectively, of which $278 and $1,171 related to equity-classified options granted to non-employees. The Company did not have any share-based compensation expenses in 2014. Options generally vest over a period of three or four years, and options that lapse or are forfeited are available to be granted again. The contractual life of all options is ten years. The Company measures and records the value of options granted to non-employees over the period of time services are provided and, as such, unvested portions are subject to re-measurement at subsequent reporting periods. Share option activity under the 2014 Plan is summarized as follows: Number of (1) Weighted- Weighted- (in years) Aggregate Intrinsic Value (2) Outstanding as of January 1, 2015 — $ — Granted 1,943,381 $ 2.65 Outstanding as of September 30, 2015 1,943,381 $ 2.65 9.47 $ 75,106 Options exercisable as of September 30, 2015 587,170 $ 2.47 9.45 $ 22,797 Options vested and expected to vest as of September 30, 2015 1,904,609 $ 2.65 9.47 $ 73,618 (1) Includes 547,502 options granted to non-employees during March 2015. (2) The aggregate intrinsic value of options is calculated as the difference between the exercise price of the share options and the fair value of the Company’s ordinary shares for those share options that had exercise prices lower than the fair value of the ordinary shares as of the end of the period. As of September 30, 2015, the unrecognized compensation cost related to outstanding options was $3,396 for employees and $2,639 for non-employees and is expected to be recognized as expense over a weighted-average period of approximately 2.57 years. For the nine months ended September 30, 2015 and 2014, the weighted-average grant date fair value per granted option was $5.02 and $0. In March 2015, the Company granted 190,856 fully-vested ordinary shares to an executive of the Company, and the Company recorded compensation expense in the amount of $842. Share-based compensation expense for the three and nine months ended September 30, 2015 was classified in the consolidated statements of operations as follows: Three Months Ended Nine Months Ended Research and development expenses $ 476 $ 1,657 General and administrative expenses 242 1,553 Total share-based compensation $ 718 $ 3,210 |
Operating Leases
Operating Leases | 9 Months Ended |
Sep. 30, 2015 | |
Leases [Abstract] | |
Operating Leases | 7. OPERATING LEASES 2015 Cambridge, MA Lease In April 2015, the Company entered into a lease agreement for an office and laboratory facility in Cambridge, Massachusetts. The lease term commenced in October 2015 and has a term of 7.5 years with a five year renewal option to extend the lease. In connection with signing the lease, the Company issued the lessor a letter of credit in the amount of $1,000, which is recorded as restricted cash on the consolidated balance sheets at September 30, 2015. Future minimum lease payments as of September 30, 2015 amounted to $200 in 2015, $834 in 2016, $1,030 in 2017, $1,321 in 2018, $1,360 in 2019 and $4,711 thereafter. 2015 Boston, MA Lease Termination On September 22, 2015, the Company terminated its sublease with SNBL for duplicate corporate office space, and exited the premises on October 2, 2015. In connection with the termination, the Company agreed to guarantee SNBL certain obligations of the unrelated third party (sub-lessee) who entered into a sublease agreement with SNBL effective October 2, 2015. The guarantee provides that in the event the sub-lessee does not meet its lease obligations to SNBL, then the Company will make the required payments. The guarantee agreement is effective through August 2019, when the final lease payments are due. The Company simultaneously entered into an indemnification agreement with the sub-lessee to indemnify the Company for any costs incurred under the guaranty made by the Company to SNBL. The maximum amount of the guarantee over the three year and six month sublease period would be $600, exclusive of any indemnification from the sub-lessee. The Company recorded approximately $190 of additional depreciation during the third quarter ended September 30, 2015 in connection with the termination of the agreement and expects to recognize approximately $91 of additional costs in connection with the exit from the premises in the fourth quarter of 2015. |
Net Loss Per Ordinary Share
Net Loss Per Ordinary Share | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Net Loss Per Ordinary Share | 8. NET LOSS PER ORDINARY SHARE The Company applies the two-class method to calculate its basic and diluted net loss per share attributable to ordinary shareholders, as its Series A preferred shares are participating securities. The two-class method is an earnings allocation formula that treats a participating security as having rights to earnings that otherwise would have been available to ordinary shareholders. However, for the periods presented, the two-class method does not impact the net loss per ordinary share as the Company was in a net loss position for each of the periods presented and holders of Series A preferred shares and Series B preferred shares do not participate in losses. Basic loss per share is computed by dividing net loss attributable to ordinary shareholders by the weighted-average number of ordinary shares used in computing net loss per share attributable to ordinary shareholders. The Company’s potentially dilutive shares, which include outstanding share options to purchase ordinary shares, Series A preferred shares, and Series B preferred shares, are considered to be ordinary share equivalents and are only included in the calculation of diluted net loss per share when their effect is dilutive. The following potential ordinary shares, presented based on amounts outstanding at each period end, were excluded from the calculation of diluted net loss per share attributable to ordinary shareholders for the periods indicated because including them would have had an anti-dilutive effect: As of September 30, 2015 2014 Options to purchase ordinary shares 1,943,381 — Series A preferred shares 3,901,348 — Series B preferred shares 5,334,892 — |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 9. INCOME TAXES The Company is a multi-national company subject to taxation in the United States, Japan and Singapore. During the three months ended September 30, 2015 and 2014, the Company recorded a tax provision of $83 and $34, respectively. During the nine months ended September 30, 2015 and 2014, the Company recorded a tax provision of $182, and $94, respectively, all of which are a result of income taxed in the United States for each respective period. During the three and nine months ended September 30, 2015 and 2014, the Company recorded no income tax benefits for the net operating losses incurred in Japan, due to its uncertainty of realizing a benefit from those items. The Company’s reserves related to taxes and its accounting for uncertain tax positions are based on a determination of whether and how much of a tax benefit taken by the Company in its tax filings or positions is more-likely-than-not to be realized following resolution of any potential contingencies present related to the tax benefit. As discussed in Note 2, the Company early adopted ASU 2013-11 and therefore unrecognized tax benefits related to net operating losses are netted against the related deferred tax asset. The Company believes it is reasonably possible that approximately $700 of its unrecognized tax benefits may decrease by the end of 2015 as a result of the Company’s intention to amend its tax filings for transfer pricing in prior years. The impact of the reversal of the uncertain tax benefit will reduce the net operating loss carryforwards in the United States. |
Related Parties
Related Parties | 9 Months Ended |
Sep. 30, 2015 | |
Related Party Transactions [Abstract] | |
Related Parties | 10. RELATED PARTIES The Company had the following related party transactions for the periods presented in the accompanying consolidated financial statements, which have not otherwise been discussed in these notes to the consolidated financial statements: • The Company had cash of $100 and $17 at September 30, 2015 and December 31, 2014, respectively, in depository accounts with one of its investors, who became an investor in February 2014. • Pursuant to the terms of a service agreement previously held with SNBL, a related party, the Company paid SNBL $3 and $26 in the three months ended September 30, 2015 and 2014, respectively, and $12 and $71 in the nine months ended September 30, 2015 and 2014, respectively, for accounting and administrative services provided to the Company and its affiliates. • In February 2014 and in connection with the issuance of 2,263,291 ordinary shares to a third party investor, SNBL agreed to convert the outstanding principal and accrued interest due under the notes payable in the amount of $9,602 into 1,515,596 ordinary shares and 2,365,139 Series A preferred shares. No gain or loss was recognized on the transaction due to the related party nature of the transaction and because the fair value of the Series A preferred shares and ordinary shares was equal to the carrying value of the related party notes payable • In 2012, the Company entered into a consulting agreement with a shareholder for services in the capacity as a scientific advisor. The consulting agreement does not have a certain term and may be terminated by either party upon 14 days’ prior written notice. The Company pays the shareholder $13 per month and reimbursement for certain expenses. • The Company also has an informal consulting arrangement with a shareholder in the amount of 250 Japanese yen, or $2, per month, plus reimbursement of certain expenses, for scientific advisory services. |
Geographic Data
Geographic Data | 9 Months Ended |
Sep. 30, 2015 | |
Text Block [Abstract] | |
Geographic Data | 11. GEOGRAPHIC DATA The Company’s long-lived assets consist of property and equipment and are located in the following geographical areas: September 30, December 31, Asia $ 620 $ 745 United States 1,334 524 Total long-lived assets $ 1,954 $ 1,269 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | 12. SUBSEQUENT EVENTS In October 2015, the Company’s board of directors approved an increase in the number of ordinary shares issuable under the 2014 Equity Incentive Plan by 1,508,770 shares to 5,064,544. On November 5, 2015, the Company converted from a Singapore private limited company to a Singapore public limited company. In connection with this conversion, the Company changed its name from WAVE Life Sciences Pte. Ltd. to WAVE Life Sciences Ltd. All references to the Company have been changed to WAVE Sciences Ltd. in the accompanying consolidated financial statements and notes thereto. |
Significant Accounting Polici21
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Unaudited Interim Financial Data | Unaudited Interim Financial Data The accompanying interim condensed consolidated balance sheet as of September 30, 2015, the related interim condensed consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2015 and 2014, the related interim condensed consolidated statement of Series A and B preferred shares and shareholders’ (deficit) equity for the nine months ended September 30, 2015, the related interim condensed consolidated cash flows for the nine months ended September 30, 2015 and 2014 and the related interim information contained within the notes to the consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission for interim financial information. Accordingly, they do not include all of the information and the notes required by U.S. GAAP for complete financial statements. The financial data and other information disclosed in these notes related to the three and nine months ended September 30, 2015 and 2014 are unaudited. In the opinion of management, the unaudited interim consolidated financial statements reflect all adjustments, consisting of normal and recurring adjustments, necessary for the fair presentation of the Company’s financial position at September 30, 2015 and the consolidated results of its operations, and comprehensive loss for the three and nine months ended September 30, 2015 and 2014 and the consolidated results of its cash flows for the nine months ended September 30, 2015 and 2014 are not necessarily indicative of the results to be expected for the year ending December 31, 2015 or any other interim period or future year or period. |
Share Splits | Share Splits The Company’s board of directors and shareholders approved a 50-for-1 forward share split of the Company’s outstanding ordinary and Series A preferred shares effective November 18, 2014. Additionally, on November 1, 2015, the Company’s board of directors and shareholders approved a 4.0415917-for-1 forward share split of the Company’s issued and outstanding ordinary shares, Series A preferred shares and Series B preferred shares. All share and per share amounts in the consolidated financial statements and notes thereto have been retroactively adjusted for all periods presented to give effect to the share splits. |
Principles of Consolidation | Principles of Consolidation The Company’s consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management 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 consolidated financial statements and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to the valuation of its Series A preferred shares on conversion of the related party notes payable, the valuation of the Company’s ordinary shares, the assumptions used to determine the fair value share-based awards, the valuation allowance required for the Company’s deferred tax assets, and determining uncertain tax positions and the related liabilities. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Actual results could differ from the Company’s estimates. |
Segment Data | Segment Data The Company manages its operations as a single segment for the purposes of assessing performance and making operating decisions. The Company’s singular focus is on developing its proprietary synthetic chemistry platform to develop and commercialize a broad pipeline of nucleic acid-based therapeutics. |
Foreign Currency Translation | Foreign Currency Translation The functional currency of the Company’s Japanese subsidiary is the Japanese Yen and the Company’s Singapore entity is the U.S. dollar. Assets and liabilities of WAVE Japan are translated at period end exchange rates while revenues and expenses are translated at average exchange rates for the period. Intercompany loans that are not expected to be settled in the foreseeable future are translated at the historical rate for the date of each capital transaction. Net unrealized gains and losses from foreign currency translation are reflected as accumulated other comprehensive income within shareholders’ (deficit) equity. Gains and losses on foreign currency transactions are included in the consolidated statements of operations within other, net. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company is required to disclose information on all assets and liabilities reported at fair value that enables an assessment of the inputs used in determining the reported fair values. The fair value hierarchy is a hierarchy of inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the financial instrument based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing the financial instrument and are developed based on the information available in the circumstances. The fair value hierarchy applies only to the valuation inputs used in determining the reported fair value of the investments and is not a measure of the investment credit quality. The hierarchy defines three levels of valuation inputs: Level 1—Unadjusted quoted prices in active markets that are accessible at the measurement date of identical, unrestricted assets. Level 2—Quoted prices for similar assets, or inputs that are observable, either directly or indirectly, for substantially the full term through corroboration with observable market data. Level 2 includes investments valued at quoted prices adjusted for legal or contractual restrictions specific to the security. Level 3—Pricing inputs are unobservable for the asset, that is, inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset. Level 3 includes private investments that are supported by little or no market activity. There were no financial instruments recorded at fair value as of September 30, 2015 and December 31, 2014. The carrying amounts of accounts receivable, accounts payable, and accrued expenses approximate their fair values due to their short-term maturities. |
Concentration of Credit Risk | Concentration of Credit Risk Cash is a financial instrument that potentially subjects the Company to concentration of credit risk. The Company uses eight financial institutions to maintain its cash, all of which are high quality, accredited financial institutions and, accordingly, such funds are subject to minimal credit risk. The Company has not experienced any losses in such accounts and management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. The Company has no financial instruments with off-balance sheet risk of loss. |
Restricted Cash | Restricted Cash Restricted cash consists primarily of cash placed in a separate restricted bank account as required under the terms of the Company’s lease arrangement for its Cambridge, Massachusetts facility. There was no restricted cash as of December 31, 2014. |
Deferred Offering Costs | Deferred Offering Costs The Company capitalizes certain legal, professional, accounting and other third party fees that are directly associated with in-process equity financings as deferred offering costs until such financings are consummated. After consummation of the equity financing, these costs are recorded in shareholders’ equity as a reduction to the carrying value of the shares issued. As of September 30, 2015 and December 31, 2014 the Company had recorded $1,736 and $72, respectively, of deferred offering costs in contemplation of the initial public offering. On November 16, 2015, the Company reclassified all of its deferred offering costs to additional paid in capital as a reduction of the proceeds from the initial public offering. |
Revenue Recognition | Revenue Recognition Collaboration Agreement The Company had a collaboration agreement with a third party, which was entered into in late 2014 and terminated in May 2015. The Company was entitled to a non-refundable upfront amount of $152 related to research and development services performed under the agreement. The upfront fee was billed in 2014 and collected in early 2015. The Company recorded its right to the upfront payment as accounts receivable and deferred revenue at December 31, 2014. Upon receipt of the non-refundable payment, the Company began recognizing the upfront fee on a straight-line basis over the service period. Upon termination of the agreement, the Company recognized the remainder of the upfront fee. Revenue recognized under the agreement was $0 for the three months ended September 30, 2015 and 2014, and $152 and $0 for the nine months ended September 30, 2015 and 2014, respectively. There have been no other revenue generating activities from collaboration or license agreements entered into by the Company since its formation and through the three and nine months ended September 30, 2015 and the year ended December 31, 2014. Product Revenue The Company has had no product revenue to date. |
Research and Development Costs | Research and Development Costs Research and development costs are expensed as incurred. Research and development costs include salaries, share-based compensation and benefits of employees, third-party license fees and other operational costs related to the Company’s research and development activities, including allocated facility-related expenses and external costs of outside vendors engaged to conduct preclinical studies and other research and development activities. Costs associated with licenses of technology and patent costs are expensed as incurred and are generally included in research and development expense in the consolidated statement of operations. |
Government Grants | Government Grants The Company has applied for reimbursement of expenditures with the Japanese government for certain qualified operating or capital expenditures. The Company recognizes government grants when there is reasonable assurance that the Company will comply with the conditions attached to the grant arrangement and the grant will be received. Government grants for research and development efforts are recorded as grant income and classified in other, net in the consolidated statements of operations. Government grants related to reimbursements of capital expenditures are recognized as a reduction of the basis of the asset and recognized in the consolidated statements of operations over the estimated useful life of the depreciable asset as reduced depreciation expense. The Company recognized other income of $111 and $26 for the three months ended September 30, 2015 and 2014, respectively, and $155 and $134 for the nine months ended September 30, 2015 and 2014, respectively, which is included in the consolidated statements of operations. The Company recorded reimbursable capital expenditures of $0 for the three months ended September 30, 2014 and 2014, respectively, and $3 and $249 for the nine months ended September 30, 2015 and 2014 respectively, for which a reduction in the basis of the assets purchased was recorded in the consolidated balance sheets. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In July 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists In June 2014, the FASB issued ASU 2014-10, Development Stage Entities |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09— Revenue from Contracts with Customers (Topic 606) Revenue Recognition In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements—Going Concern In February 2015, the FASB issued ASU 2015-02, Consolidation In April 2015, the FASB issued ASU 2015-03, Interest—Imputation of Interest (Subtopic 835-30) In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes Income Taxes Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company’s consolidated financial statements upon adoption. |
Property and Equipment (Tables)
Property and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net, consists of the following: September 30, 2015 December 31, 2014 Furniture and equipment $ 2,862 $ 2,331 Leasehold improvements 859 147 Total 3,721 2,478 Less accumulated depreciation and amortization (1,767 ) (1,209 ) Property and equipment, net $ 1,954 $ 1,269 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Payables and Accruals [Abstract] | |
Summary of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consist of the following: September 30, December 31, Accrued compensation $ 131 $ 428 Other 406 177 Total accrued expenses and other current liabilities $ 537 $ 605 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Share Option Activity | Share option activity under the 2014 Plan is summarized as follows: Number of (1) Weighted- Weighted- (in years) Aggregate Intrinsic Value (2) Outstanding as of January 1, 2015 — $ — Granted 1,943,381 $ 2.65 Outstanding as of September 30, 2015 1,943,381 $ 2.65 9.47 $ 75,106 Options exercisable as of September 30, 2015 587,170 $ 2.47 9.45 $ 22,797 Options vested and expected to vest as of September 30, 2015 1,904,609 $ 2.65 9.47 $ 73,618 (1) Includes 547,502 options granted to non-employees during March 2015. (2) The aggregate intrinsic value of options is calculated as the difference between the exercise price of the share options and the fair value of the Company’s ordinary shares for those share options that had exercise prices lower than the fair value of the ordinary shares as of the end of the period. |
Summary of Share-based Compensation Expense Classified in Consolidated Statements of Operations | Share-based compensation expense for the three and nine months ended September 30, 2015 was classified in the consolidated statements of operations as follows: Three Months Ended Nine Months Ended Research and development expenses $ 476 $ 1,657 General and administrative expenses 242 1,553 Total share-based compensation $ 718 $ 3,210 |
Net Loss Per Ordinary Share (Ta
Net Loss Per Ordinary Share (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Anti-Dilutive Shares Excluded from Calculation of Diluted Net Loss Per Ordinary Share | The following potential ordinary shares, presented based on amounts outstanding at each period end, were excluded from the calculation of diluted net loss per share attributable to ordinary shareholders for the periods indicated because including them would have had an anti-dilutive effect: As of September 30, 2015 2014 Options to purchase ordinary shares 1,943,381 — Series A preferred shares 3,901,348 — Series B preferred shares 5,334,892 — |
Geographic Data (Tables)
Geographic Data (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Text Block [Abstract] | |
Summary of Long-Lived Assets by Geographical Areas | The Company’s long-lived assets consist of property and equipment and are located in the following geographical areas: September 30, December 31, Asia $ 620 $ 745 United States 1,334 524 Total long-lived assets $ 1,954 $ 1,269 |
The Company - Additional Inform
The Company - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Dec. 04, 2015 | Nov. 16, 2015 | Sep. 30, 2015 |
IPO [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Sale of common stock, Date | Nov. 10, 2015 | ||
Subsequent Event [Member] | IPO [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Number of shares issued and sold | 6,375,000 | ||
Shares issued, price per share | $ 16 | ||
Convertible preferred stock converted into common stock | 5,334,892 | ||
Subsequent Event [Member] | Underwriters Over-Allotment Option [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Number of shares issued and sold | 618,126 | ||
Shares issued, price per share | $ 16 | ||
Proceeds from sale of common stock | $ 100,458 |
Significant Accounting Polici28
Significant Accounting Policies - Additional Information (Detail) | Nov. 01, 2015 | Nov. 18, 2014 | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($) |
Significant Accounting Policies [Line Items] | |||||||
Stock split description | The Company's board of directors and shareholders approved a 50-for-1 forward share split of the Company's outstanding ordinary and Series A preferred shares effective November 18, 2014. Additionally, on November 1, 2015, the Company's board of directors and shareholders approved a 4.0415917-for-1 forward share split of the Company's issued and outstanding ordinary shares, Series A preferred shares and Series B preferred shares. | ||||||
Restricted cash | $ 1,055,000 | $ 1,055,000 | $ 0 | ||||
Deferred offering costs | 1,736,000 | 1,736,000 | 72,000 | ||||
Upfront amount related to research and development services | $ 152,000 | ||||||
Product revenue | 0 | ||||||
Other income | 111,000 | $ 26,000 | 155,000 | $ 134,000 | |||
Reimbursable capital expenditures | 0 | 0 | 3,000 | 249,000 | |||
Ordinary Shares and Series A Preferred Shares [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Stock split ratio | 50 | ||||||
Ordinary Shares, Series A Preferred Shares and Series B Preferred Shares [Member] | Subsequent Event [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Stock split ratio | 4.0415917 | ||||||
Collaboration Agreement [Member] | |||||||
Significant Accounting Policies [Line Items] | |||||||
Deferred revenue | $ 0 | $ 0 | $ 152,000 | $ 0 |
Property and Equipment - Schedu
Property and Equipment - Schedule of Property and Equipment, Net (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment gross | $ 3,721 | $ 2,478 |
Less accumulated depreciation and amortization | (1,767) | (1,209) |
Property and equipment, net | 1,954 | 1,269 |
Furniture and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment gross | 2,862 | 2,331 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment gross | $ 859 | $ 147 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation and amortization expense | $ 284,000 | $ 91,000 | $ 462,000 | $ 195,000 |
Impairment charges of long-lived asset | $ 0 |
Accrued Expenses - Summary of A
Accrued Expenses - Summary of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Payables and Accruals [Abstract] | ||
Accrued compensation | $ 131 | $ 428 |
Other | 406 | 177 |
Total accrued expenses and other current liabilities | $ 537 | $ 605 |
Share Capital - Ordinary Shares
Share Capital - Ordinary Shares - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 9 Months Ended | ||||
Mar. 31, 2015 | Jan. 31, 2015 | Feb. 28, 2014 | Sep. 30, 2014 | Sep. 30, 2015 | Dec. 31, 2014 | |
Class of Stock [Line Items] | ||||||
Shares issued | 9,223,405 | 4,263,472 | ||||
Notes payable, related parties | $ 9,602 | $ 9,602 | ||||
Ordinary Shares [Member] | ||||||
Class of Stock [Line Items] | ||||||
Debt conversion, Converted instrument, Shares issued | 1,515,596 | |||||
Executive Officer [Member] | ||||||
Class of Stock [Line Items] | ||||||
Options to purchase common stock granted | 190,856 | |||||
Third-Party Investor [Member] | ||||||
Class of Stock [Line Items] | ||||||
Shares issued | 4,769,077 | 2,263,291 | ||||
Shares issued, Per Share | $ 2.47 | $ 2.47 | ||||
Proceeds from issuance of shares | $ 11,631 | $ 5,585 | ||||
Series A Preferred Shares [Member] | ||||||
Class of Stock [Line Items] | ||||||
Debt conversion, Converted instrument, Shares issued | 2,365,139 |
Share Capital - Series A Prefer
Share Capital - Series A Preferred Shares - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Aug. 14, 2015 | Sep. 30, 2015 | Sep. 28, 2015 |
Class of Stock [Line Items] | |||
Minimum number of shares to be held to receive right to purchase new securities | 1,212,477 | ||
Percentage of voting Right | 50.00% | ||
Preferred stock, aggregate liquidation preference | $ 10 | ||
Series A Preferred Shares [Member] | |||
Class of Stock [Line Items] | |||
Share issued for conversion | 3,901,348 | ||
Preferred stock liquidation preference, per share | $ 0.0024743 | ||
Aggregate preferred stock liquidation preference, per share | $ 10 | ||
Series B Preferred Shares [Member] | |||
Class of Stock [Line Items] | |||
Preferred stock, voting rights | 56.00% | 56.00% | |
Preferred stock liquidation preference, per share | $ 12.37 |
Share Capital - Series B Prefer
Share Capital - Series B Preferred Shares - Additional Information (Detail) - USD ($) | Aug. 14, 2015 | Sep. 30, 2015 | Dec. 31, 2014 |
Class of Stock [Line Items] | |||
Preferred stock, shares issued | 3,901,348 | ||
Proceeds from issuance of preferred shares | $ 62,643,000 | ||
Preferred stock, par value | |||
Series B Preferred Shares [Member] | |||
Class of Stock [Line Items] | |||
Preferred stock, shares issued | 5,334,892 | ||
Preferred shares issued, Per Share | $ 12.37 | ||
Proceeds from issuance of preferred shares | $ 62,643,000 | ||
Preferred stock liquidation preference, per share | $ 12.37 | ||
Preferred stock, conversion basis | The Series B preferred shares are convertible on a one-for-one basis, subject to adjustment, into ordinary shares at the discretion of the holder and are mandatorily convertible upon the closing of the sale of Ordinary Shares to the public at a price per share of at least the Series B issue amount, in a firm-commitment underwritten public offering resulting in at least $50.0 million of gross proceeds to the Company or the date and time, or the occurrence of an event, specified by vote or written consent of the holders of at least 56% of the then issued Series B preferred shares. The Series B preferred shares were converted upon the closing of the Company’s initial public offering. | ||
Preferred stock, voting rights | 56.00% | 56.00% | |
Convertible preferred stock, conversion terms, common stock offering minimum gross proceeds | $ 50,000,000 | ||
Period required to serve purchase notice | 60 days | ||
Series B Preferred Shares [Member] | Singapore [Member] | |||
Class of Stock [Line Items] | |||
Preferred stock, par value | |||
Preferred stock, shares authorized | 0 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) - USD ($) | Dec. 31, 2014 | Aug. 31, 2015 | Mar. 31, 2015 | Sep. 30, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based compensation expense | $ 718,000 | $ 3,210,000 | |||||
Executive Officer [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Options to purchase common stock granted | 190,856 | ||||||
2014 Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Ordinary shares reserved for issuance | 1,763,714 | 1,763,714 | |||||
Ordinary shares issuable | 3,555,774 | 2,498,597 | |||||
Ordinary shares available for future grant | 1,421,537 | 1,421,537 | |||||
Options to purchase common stock granted | 0 | 1,943,381 | |||||
Share-based compensation expense | $ 842,000 | $ 725,000 | $ 3,210,000 | $ 0 | |||
Contractual life of options | 10 years | ||||||
Unrecognized stock-based compensation weighted average recognition period | 2 years 6 months 26 days | ||||||
Weighted average grant date fair value per granted option | $ 5.02 | $ 0 | |||||
2014 Plan [Member] | Employee Stock Option [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Unrecognized stock-based compensation expense | 3,396,000 | $ 3,396,000 | |||||
2014 Plan [Member] | Non-Employees Stock Option [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Options to purchase common stock granted | 547,502 | ||||||
Share-based compensation expense | 278,000 | 1,171,000 | |||||
Unrecognized stock-based compensation expense | $ 2,639,000 | $ 2,639,000 | |||||
2014 Plan [Member] | Executive Officer [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Options to purchase common stock granted | 190,856 | ||||||
2014 Plan [Member] | Minimum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Options vesting period | 3 years | ||||||
2014 Plan [Member] | Maximum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Options vesting period | 4 years |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Share Option Activity (Detail) - 2014 Plan [Member] - USD ($) $ / shares in Units, $ in Thousands | Dec. 31, 2014 | Sep. 30, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted, Number of Shares | 0 | 1,943,381 |
Outstanding, Number of Shares, Ending Balance | 1,943,381 | |
Options exercisable, Number of Shares | 587,170 | |
Options vested and expected to vest, Number of Shares | 1,904,609 | |
Granted, Weighted Average Exercise Price | $ 2.65 | |
Outstanding, Weighted Average Exercise Price, Ending Balance | 2.65 | |
Options exercisable, Weighted Average Exercise Price | 2.47 | |
Options vested and expected to vest, Weighted Average Exercise Price | $ 2.65 | |
Outstanding, Weighted Average Remaining Contractual Term | 9 years 5 months 19 days | |
Options exercisable, Weighted Average Remaining Contractual Term | 9 years 5 months 12 days | |
Options vested and expected to vest, Weighted Average Remaining Contractual Term | 9 years 5 months 19 days | |
Outstanding, Aggregate Intrinsic Value, Ending Balance | $ 75,106 | |
Options exercisable, Aggregate Intrinsic Value | 22,797 | |
Options vested and expected to vest, Aggregate Intrinsic Value | $ 73,618 |
Share-Based Compensation - Su37
Share-Based Compensation - Summary of Share Option Activity (Parenthetical) (Detail) - 2014 Plan [Member] - shares | Dec. 31, 2014 | Mar. 31, 2015 | Sep. 30, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options to purchase common stock granted | 0 | 1,943,381 | |
Non-Employees Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options to purchase common stock granted | 547,502 |
Share-Based Compensation - Su38
Share-Based Compensation - Summary of Share-based Compensation Expense Classified in Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2015 | Sep. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total share-based compensation | $ 718 | $ 3,210 |
Research and Development Expenses [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total share-based compensation | 476 | 1,657 |
General and Administrative Expenses [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total share-based compensation | $ 242 | $ 1,553 |
Operating Leases - Additional I
Operating Leases - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2015 | Sep. 30, 2015 | Sep. 30, 2015 | Dec. 31, 2014 | |
Leases, Operating [Abstract] | ||||
Issuance of letter of credit recorded as restricted cash | $ 1,055,000 | $ 1,055,000 | $ 0 | |
2015 Cambridge, MA Lease [Member] | ||||
Leases, Operating [Abstract] | ||||
Lease agreement term | 7 years 6 months | |||
Lease extension period | 5 years | |||
Operating leases, future minimum payments due in remainder of fiscal year | 200,000 | $ 200,000 | ||
Operating leases, future minimum payments due in two years | 834,000 | 834,000 | ||
Operating leases, future minimum payments due in three years | 1,030,000 | 1,030,000 | ||
Operating leases, future minimum payments due in four years | 1,321,000 | 1,321,000 | ||
Operating leases, future minimum payments due in five years | 1,360,000 | 1,360,000 | ||
Operating leases, future minimum payments due thereafter | 4,711,000 | 4,711,000 | ||
2015 Cambridge, MA Lease [Member] | Letter of Credit [Member] | ||||
Leases, Operating [Abstract] | ||||
Issuance of letter of credit recorded as restricted cash | 1,000,000 | $ 1,000,000 | ||
2015 Boston, MA Lease Termination [Member] | ||||
Leases, Operating [Abstract] | ||||
Guarantee agreement termination date | Aug. 31, 2019 | |||
2015 Boston, MA Lease Termination [Member] | Shin Nippon Biomedical Laboratories Ltd. (SNBL) [Member] | ||||
Leases, Operating [Abstract] | ||||
Lease agreement term | 3 years 6 months | |||
Maximum amount of guarantee for sublease | 600,000 | $ 600,000 | ||
Accelerated depreciation | $ 190,000 | |||
2015 Boston, MA Lease Termination [Member] | Shin Nippon Biomedical Laboratories Ltd. (SNBL) [Member] | Scenario, Forecast [Member] | ||||
Leases, Operating [Abstract] | ||||
Additional exit costs related to termination of sublease agreement | $ 91,000 |
Net Loss Per Ordinary Share - A
Net Loss Per Ordinary Share - Anti-Dilutive Shares Excluded from Calculation of Diluted Net Loss Per Ordinary Share (Detail) | 9 Months Ended |
Sep. 30, 2015shares | |
Series A Preferred Shares [Member] | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Anti-dilutive shares excluded from calculation of diluted net loss per share | 3,901,348 |
Series B Preferred Shares [Member] | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Anti-dilutive shares excluded from calculation of diluted net loss per share | 5,334,892 |
Employee Stock Option [Member] | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Anti-dilutive shares excluded from calculation of diluted net loss per share | 1,943,381 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Income Taxes [Line Items] | ||||
Income tax provision | $ 83,000 | $ 34,000 | $ 182,000 | $ 94,000 |
Unrecognized tax benefits related to net operating losses | 700,000 | 700,000 | ||
United States [Member] | ||||
Income Taxes [Line Items] | ||||
Income tax provision | 83,000 | 34,000 | 182,000 | 94,000 |
Japan [Member] | ||||
Income Taxes [Line Items] | ||||
Income tax provision | $ 0 | $ 0 | $ 0 | $ 0 |
Related Parties - Additional In
Related Parties - Additional Information (Detail) ¥ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Feb. 28, 2014USD ($)shares | Sep. 30, 2015USD ($)shares | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)shares | Sep. 30, 2015JPY (¥)shares | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($)shares | Jan. 31, 2015shares | |
Related Party Transaction [Line Items] | ||||||||
Issuance of ordinary shares | 9,223,405 | 9,223,405 | 9,223,405 | 4,263,472 | ||||
Notes payable, related parties | $ | $ 9,602,000 | $ 9,602,000 | ||||||
Series A Preferred Shares [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Debt conversion, Converted instrument, Shares issued | 2,365,139 | |||||||
Ordinary Shares [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Debt conversion, Converted instrument, Shares issued | 1,515,596 | |||||||
Third-Party Investor [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Related party transaction amount | $ | $ 100,000 | $ 17,000 | ||||||
Issuance of ordinary shares | 2,263,291 | 4,769,077 | ||||||
Shin Nippon Biomedical Laboratories Ltd. (SNBL) [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Payment for accounting and administrative services | $ | $ 3,000 | $ 26,000 | $ 12,000 | $ 71,000 | ||||
Gain or loss recognized on transaction due to related party | $ | $ 0 | |||||||
Shin Nippon Biomedical Laboratories Ltd. (SNBL) [Member] | Series A Preferred Shares [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Debt conversion, Converted instrument, Shares issued | 2,365,139 | |||||||
Shin Nippon Biomedical Laboratories Ltd. (SNBL) [Member] | Ordinary Shares [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Debt conversion, Converted instrument, Shares issued | 1,515,596 | |||||||
Scientific Advisor [Member] | Consulting Agreement [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Consulting agreement termination notice period | 14 days | 14 days | ||||||
Consulting service expenses | $ | $ 13,000 | |||||||
Scientific Advisor [Member] | Informal Consulting Arrangement [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Consulting service expenses | $ 2,000 | ¥ 250 |
Geographic Data - Summary of Lo
Geographic Data - Summary of Long-Lived Assets by Geographical Areas (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Geographic Area Information [Line Items] | ||
Property and equipment, net | $ 1,954 | $ 1,269 |
Asia [Member] | ||
Geographic Area Information [Line Items] | ||
Property and equipment, net | 620 | 745 |
United States [Member] | ||
Geographic Area Information [Line Items] | ||
Property and equipment, net | $ 1,334 | $ 524 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - 2014 Plan [Member] - shares | 1 Months Ended | ||
Oct. 31, 2015 | Aug. 31, 2015 | Mar. 31, 2015 | |
Subsequent Event [Line Items] | |||
Ordinary shares issuable | 3,555,774 | 2,498,597 | |
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Ordinary shares issuable | 1,508,770 | ||
Number of shares authorized (in shares) | 5,064,544 |