Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 26, 2016 | Jun. 30, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | AIMT | ||
Entity Registrant Name | AIMMUNE THERAPEUTICS, INC. | ||
Entity Central Index Key | 1,631,650 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 42,238,900 | ||
Entity Public Float | $ 0 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 76,677 | $ 2,269 |
Short-term investments | 115,158 | |
Prepaid expenses and other current assets | 5,622 | 106 |
Total current assets | 197,457 | 2,375 |
Long-term investments | 7,992 | |
Property and equipment, net | 2,702 | 87 |
Restricted cash | 40 | |
Prepaid expenses and other assets | 4,210 | 29 |
Total assets | 212,361 | 2,531 |
Current liabilities: | ||
Accounts payable | 1,863 | 478 |
Accrued liabilities | 3,118 | 1,259 |
Other current liabilities | 117 | 67 |
Total current liabilities | 5,098 | 1,804 |
Other liabilities | 1,012 | 56 |
Total liabilities | $ 6,110 | $ 1,860 |
Commitments and contingencies (Note 5) | ||
Stockholders’ equity: | ||
Convertible preferred stock | ||
Common stock, par value $0.0001 per share—290,000,000 and 32,925,000 shares authorized as of December 31, 2015 and 2014, respectively; 42,238,900 and 4,252,248 shares issued and outstanding as of December 31, 2015 and 2014, respectively (including 599,242 and 788,873 shares subject to repurchase, legally issued and outstanding as of December 31, 2015 and 2014, respectively) | $ 4 | |
Additional paid-in capital | 259,668 | $ 1,260 |
Accumulated other comprehensive loss | (88) | |
Accumulated deficit | (53,333) | (17,517) |
Total stockholders’ equity | 206,251 | 671 |
Total liabilities and stockholders’ equity | $ 212,361 | 2,531 |
Series A Convertible Preferred Stock | ||
Stockholders’ equity: | ||
Convertible preferred stock | 16,928 | |
Total stockholders’ equity | $ 16,928 | |
Series B Convertible Preferred Stock | ||
Stockholders’ equity: | ||
Convertible preferred stock |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 10,000,000 | 0 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 290,000,000 | 32,925,000 |
Common stock, shares issued | 42,238,900 | 4,252,248 |
Common stock, shares outstanding | 42,238,900 | 4,252,248 |
Series A Convertible Preferred Stock | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 0 | 13,263,967 |
Preferred stock, shares issued | 0 | 13,263,967 |
Preferred stock, shares outstanding | 0 | 13,263,967 |
Preferred stock, liquidation preference | $ 0 | $ 16,989 |
Series B Convertible Preferred Stock | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 0 | 0 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Preferred stock, liquidation preference | $ 0 | $ 0 |
Common Stock Subject to Repurchase | ||
Common stock, shares issued | 599,242 | 788,873 |
Common stock, shares outstanding | 599,242 | 788,873 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating expenses | |||
Research and development | $ 19,816 | $ 8,181 | $ 3,495 |
General and administrative | 16,181 | 2,951 | 1,263 |
Total operating expenses | 35,997 | 11,132 | 4,758 |
Loss from operations | (35,997) | (11,132) | (4,758) |
Interest income | 217 | 12 | 24 |
Interest expense | (36) | (91) | |
Loss before provision for income taxes | (35,816) | (11,120) | (4,825) |
Net loss | (35,816) | (11,120) | (4,825) |
Other comprehensive loss, net of tax: | |||
Unrealized losses on investments | (88) | ||
Comprehensive loss | $ (35,904) | $ (11,120) | $ (4,825) |
Net loss per common share, basic and diluted | $ (1.88) | $ (3.80) | $ (1.65) |
Weighted average shares used in computing net loss per share, basic and diluted | 19,041,124 | 2,928,896 | 2,926,665 |
STATEMENTS OF STOCKHOLDERS' EQU
STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Series A Convertible Preferred Stock | Series B Convertible Preferred Stock | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Loss | Accumulated deficit |
Beginning balance at Dec. 31, 2012 | $ (547) | $ 1,025 | $ (1,572) | ||||
Beginning balances (in shares) at Dec. 31, 2012 | 2,926,665 | ||||||
Issuance of convertible preferred stock | 16,164 | $ 16,164 | |||||
Issuance of convertible preferred stock (in shares) | 12,569,603 | ||||||
Conversion of convertible promissory note, convertible preferred stock | 764 | $ 764 | |||||
Conversion of convertible promissory note, convertible preferred stock (in shares) | 694,364 | ||||||
Stock-based compensation | 81 | 81 | |||||
Net loss | (4,825) | (4,825) | |||||
Ending balances at Dec. 31, 2013 | 11,637 | $ 16,928 | 1,106 | (6,397) | |||
Ending balances (in shares) at Dec. 31, 2013 | 13,263,967 | 2,926,665 | |||||
Issuance of common stock upon exercise of vested options | 77 | 77 | |||||
Issuance of common stock upon exercise of vested options (in shares) | 1,325,583 | ||||||
Stock-based compensation | 77 | 77 | |||||
Net loss | (11,120) | (11,120) | |||||
Ending balances at Dec. 31, 2014 | 671 | $ 16,928 | 1,260 | (17,517) | |||
Ending balances (in shares) at Dec. 31, 2014 | 13,263,967 | 4,252,248 | |||||
Issuance of convertible preferred stock | 79,779 | $ 79,779 | |||||
Issuance of convertible preferred stock (in shares) | 14,047,996 | ||||||
Issuance of common stock upon exercise of vested options | 303 | 303 | |||||
Issuance of common stock upon exercise of vested options (in shares) | 1,435,396 | ||||||
Issuance common stock upon initial public offering | 168,119 | $ 1 | 168,118 | ||||
Issuance common stock upon initial public offering (in shares) | 11,499,999 | ||||||
Repurchase of convertible preferred stock | (12,874) | $ (12,874) | |||||
Repurchase of convertible preferred stock (in shares) | (2,260,706) | ||||||
Conversion of preferred stock to common stock | $ (4,054) | $ (79,779) | $ 3 | 83,830 | |||
Conversion of preferred stock to common stock (in shares) | (11,003,261) | (14,047,996) | 25,051,257 | ||||
Stock-based compensation | 6,157 | 6,157 | |||||
Accumulated other comprehensive loss | (88) | $ (88) | |||||
Net loss | (35,816) | (35,816) | |||||
Ending balances at Dec. 31, 2015 | $ 206,251 | $ 4 | $ 259,668 | $ (88) | $ (53,333) | ||
Ending balances (in shares) at Dec. 31, 2015 | 42,238,900 |
STATEMENTS OF STOCKHOLDERS' EQ6
STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2013 | Feb. 28, 2015 | Apr. 30, 2013 | Feb. 28, 2013 | |
Series A Convertible Preferred Stock | |||||
Share price (per share) | $ 1.29 | $ 1.29 | |||
Stock issuance costs | $ 61 | ||||
Series A Convertible Preferred Stock | Convertible Promissory Note | |||||
Convertible promissory note conversion price (per share) | $ 1.10 | $ 1.10 | |||
Series B Convertible Preferred Stock | |||||
Share price (per share) | $ 5.69 | $ 5.69 | |||
Stock issuance costs | $ 221 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities: | |||
Net loss | $ (35,816) | $ (11,120) | $ (4,825) |
Adjustments to reconcile net loss to net cash used in operating activities | |||
Depreciation | 115 | 29 | 9 |
Stock-based compensation | 6,157 | 77 | 81 |
Non-cash interest expense on convertible note | 90 | ||
Investment premium amortization, net | 324 | ||
Changes in operating assets and liabilities: | |||
Prepaid expenses | (8,829) | 14 | (117) |
Other assets | (869) | (4) | (26) |
Accounts payable | 1,072 | 206 | 208 |
Accrued liabilities | 1,859 | 1,021 | 208 |
Other liabilities | 297 | 10 | |
Net cash used in operating activities | (35,690) | (9,777) | (4,362) |
Cash flows from investing activities: | |||
Purchase of property and equipment | (1,708) | (56) | (69) |
Purchase of investments | (152,811) | ||
Maturities of investments | 29,250 | ||
Change in restricted cash | 40 | (40) | |
Net cash used in investing activities | (125,229) | (96) | (69) |
Cash flows from financing activities: | |||
Proceeds from issuance of common stock, net of issuance costs | 168,119 | ||
Net cash proceeds from exercise of stock options, including early exercise | 303 | 191 | |
Net cash provided by financing activities | 235,327 | 191 | 16,164 |
Net increase (decrease) in cash and cash equivalents | 74,408 | (9,682) | 11,733 |
Cash and cash equivalents at the beginning of the period | 2,269 | 11,951 | 218 |
Cash and cash equivalents at the end of the period | 76,677 | $ 2,269 | 11,951 |
Supplemental schedule of non-cash investing and financing activities: | |||
Capital expenditures and interest funded through long term lease obligation | 710 | ||
Series A Convertible Preferred Stock | |||
Cash flows from financing activities: | |||
Proceeds from issuance, net of issuance costs | 16,164 | ||
Repurchase of preferred stock | (12,874) | ||
Supplemental schedule of non-cash investing and financing activities: | |||
Conversion of convertible promissory note and accrued interest into Series A convertible preferred stock | $ 764 | ||
Series B Convertible Preferred Stock | |||
Cash flows from financing activities: | |||
Proceeds from issuance, net of issuance costs | 79,779 | ||
Initial Public Offering | |||
Supplemental schedule of non-cash investing and financing activities: | |||
Conversion of convertible preferred stock to common stock at closing of initial public offering | $ 83,833 |
Formation and Business of the C
Formation and Business of the Company | 12 Months Ended |
Dec. 31, 2015 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Formation and Business of the Company | 1. Formation and Business of the Company Aimmune Therapeutics, Inc., or the Company, formerly known as Allergen Research Corporation, is a clinical-stage biopharmaceutical company advancing a new therapeutic approach, including the development of proprietary product candidates, for the treatment of peanut and other food allergies. Our therapeutic approach, which we refer to as Characterized Oral Desensitization Immunotherapy, or CODIT TM Since inception, we have incurred net losses and negative cash flows from operations. During the year ended December 31, 2015, we incurred a net loss of $35.8 million and used $35.7 million of cash in operations. As of December 31, 2015, we had an accumulated deficit of $53.3 million and we do not expect to experience positive cash flows in the near future. We have financed our operations to date primarily through private placements of equity securities and our initial public offering, or IPO, of common stock in August 2015. Our ability to continue to meet our obligations and to achieve our business objectives is dependent upon a number of factors, which include raising additional capital, obtaining U.S. Food and Drug Administration, or FDA, and European Medicines Agency, or EMA, approval and commercializing in the United States and Europe, generating sufficient revenue and its ability to continue to control expenses, if necessary, to meet our obligations as they become due for the foreseeable future. Failure to obtain FDA and EMA approval, commercialize our lead product candidate, manage discretionary expenditures or raise additional financing, as required, may adversely impact our ability to achieve our intended business objectives. Initial Public Offering On August 5, 2015, our registration statement on Form S-1 (File No. 333-205501) relating to the IPO of our common stock became effective. The IPO closed on August 11, 2015 at which time we issued 11,499,999 shares of our common stock at a price of $16.00 per share, which included 1,499,999 shares sold pursuant to the exercise in full of the underwriters’ option to purchase additional shares. We received proceeds of approximately $168.1 million, net of underwriting discounts and commissions, and offering expenses. In addition, upon our IPO, all outstanding shares of convertible preferred stock converted by their terms into approximately 25.1 million shares of common stock. As of December 31, 2015, we had 42,238,900 shares of common stock outstanding. See Note 7, “Stock-Based Awards,” for further details. Stock Split On July 30, 2015, we effected a 1-for-1.317 stock split of our common stock and convertible preferred stock. The par value of the authorized stock was not adjusted as a result of the stock split. In addition, we increased the number of authorized shares of common stock to 55,051,264 and the number of authorized shares of preferred stock to 25,051,264. All issued and outstanding common stock, convertible preferred stock, stock options and per share amounts contained in the accompanying consolidated financial statements and accompanying notes have been retroactively adjusted to give effect to the stock split for all periods presented. In conjunction with the our IPO, we filed our amended and restated certificate of incorporation that authorized 290,000,000 shares of common stock, $0.0001 par value per share, and 10,000,000 shares of preferred stock, $0.0001 par value per share. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Preparation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United State of America, or U.S. GAAP, and include the accounts of our wholly-owned subsidiaries. All significant intercompany transactions have been eliminated. We operate in one reportable segment in the United States of America. Foreign Currency Translation The functional currency of the Company and all its subsidiaries is the United States dollar. Accordingly, monetary assets and liabilities in the non-functional currency of these subsidiaries are remeasured using exchange rates in effect at the end of the period. Costs in local currency are remeasured using average exchange rates for the period, except for costs related to those balance sheet items that are remeasured using historical exchange rates. The resulting remeasurement gains and losses are included in the consolidated statements of operations and comprehensive loss as incurred and have not been material for all periods presented. Use of Estimates The preparation of the accompanying 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 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. Cash and Cash Equivalents We consider all highly liquid investments with original maturities of three months or less from the date of purchase to be cash equivalents. Cash equivalents, which are carried at estimated fair value, consist primarily of money market funds and certain available-for-sale investments with maturities of three months or less. Concentration of Credit Risk Financial instruments that potentially subject us to a concentration of credit risk consist of cash and cash equivalents and certain investments in money market funds, agency securities, corporate securities, U.S. government securities and commercial paper. Bank deposits are primarily held by a single financial institution and these deposits may exceed insured limits. We are exposed to credit risk in the event of default by the financial institution holding its cash and cash equivalents and issuers of investments that are recorded on the consolidated balance sheets. We mitigate our risk by investing in high-grade instruments and limiting the concentration in any one issuer, which limits our exposure. Investments Our investments consist of available-for-sale securities and certificate of deposits. Investments with original maturities of greater than 90 days but less than one (1) year are classified as short-term on the consolidated balance sheets. Investments with original maturities greater than one (1) year are classified as long-term on the consolidated balance sheets. Our investments in available-for-sale securities are reported at estimated fair value. Available-for-sale securities consist primarily of agency securities, corporate securities, U.S. government securities and commercial paper. Unrealized gains and losses related to changes in the fair value of securities are recognized in accumulated other comprehensive loss, net of tax, on our consolidated balance sheets. Changes in the fair value of available-for-sale securities impact the consolidated statements of operations and comprehensive loss only when such securities are sold or an other-than-temporary impairment is recognized. Realized gains and losses on the sale of securities are determined by specific identification of each security’s cost basis. We regularly review our investment portfolio to determine if any security is other-than-temporarily impaired, which would require us to record an impairment charge in the period any such determination is made. We consider factors such as the duration, severity and the reason for the decline in value, the financial condition of the issuer and any changes thereto, the potential recovery period and our intent to sell. For debt securities, we also consider whether (i) it is more likely than not that we will be required to sell the debt securities before recovery of their amortized cost basis, and (ii) the amortized cost basis cannot be recovered as a result of credit losses. Our assessment on whether a security is other-than-temporarily impaired could change in the future due to new developments or changes in assumptions related to any particular security. Property and Equipment Property and equipment are stated at cost, less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the respective assets. Maintenance and repairs are charged to the consolidated statements of operations and comprehensive loss as incurred. Upon sale or retirement of assets, the cost and related accumulated depreciation are removed from the balance sheet and the resulting gain or loss, if any, is reflected in the consolidated statements of operations and comprehensive loss. The useful lives of property and equipment are as follows: Furniture and office equipment 4 years Computer equipment 3 years Buildings 25 years Fixtures 10 years Impairment of Long-Lived Assets We evaluate our long-lived assets, including property and equipment, for impairment whenever events or changes in circumstances indicate that the carrying value of these assets may not be recoverable. Recoverability of these assets is measured by comparison of the carrying amount of each asset to the future undiscounted cash flows expected to result from the use of the asset and its eventual disposition. If the asset is considered to be impaired, the amount of any impairment is measured as the difference between the carrying value and the fair value of the impaired assets. We have not recorded impairment of any long-lived assets in the periods presented. Leases Leases related to our corporate headquarters are classified as operating leases. Rent expense is recognized on a straight-line basis over the terms of the leases and, accordingly, we record the difference between cash rent payments and the recognition of rent expense as a deferred rent liability. Incentives granted under facilities leases are deferred and recognized as adjustments to rental expense on a straight-line basis over the term of the lease. In June 2015, we signed a lease for a manufacturing facility in Clearwater, Florida. We were considered the deemed owner for accounting purposes. See Note 5, “Commitments and Contingencies,” for further details. Research and Development We expense research and development costs as incurred. We record accrued liabilities for estimated costs of research and development activities conducted by third-party service providers, which include the conduct of pre-clinical studies and clinical trials and contract manufacturing activities. These costs are a significant component of our research and development expenses. We accrue for these costs based on factors such as estimates of the work completed and in accordance with agreements established with our third-party service providers under the service agreements. We make significant judgments and estimates in determining the accrued liabilities balance in each reporting period. As actual costs become known, we adjust our accrued liabilities. We have not experienced any material differences between accrued costs and actual costs incurred. However, the status and timing of actual services performed, number of patients enrolled and the rate of patient enrollments may vary from our estimates, resulting in adjustments to expense in future periods. Changes in these estimates that result in material changes to our accruals could materially affect our results of operations. Stock-Based Compensation Stock-based awards issued to employees, including stock options, are measured at fair value on the grant date using the Black-Scholes option-pricing model and recognized as expense on a straight-line basis over the employee’s requisite service period (generally the vesting period). Because noncash stock compensation expense is based on awards ultimately expected to vest, it is reduced by an estimate for future forfeitures. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from estimates. There were 4,192,485 and 1,635,681 stock options granted during the years ended December 31, 2015 and 2014, respectively. Income Taxes We use the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and the tax bases of reported assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. We must then assess the likelihood that the resulting deferred tax assets will be realized. A valuation allowance is provided when it is more likely than not that some portion or all of a deferred tax asset will not be realized. Due to our lack of earnings history, the net deferred tax assets have been fully offset by a valuation allowance. As of December 31, 2015 and 2014, we do not have any unrecognized tax benefits. Comprehensive Income or Loss Comprehensive income or loss is defined as the change in equity during a period from transactions and other events, excluding changes resulting from investments from owners and distributions to owners. Other comprehensive loss includes net loss and unrealized gains and losses on available-for-sale investments. Net Loss per Share The following common stock equivalents were excluded from the computation of diluted net loss per share for the periods presented because their inclusion would have been antidilutive: Year Ended December 31, 2015 2014 2013 Series A convertible preferred stock — 13,263,967 10,769,030 Stock options 4,814,892 2,566,559 2,247,212 Offering Costs Offering costs represent underwriting, legal, accounting and other direct costs related to our IPO. These costs were deferred until completion of the IPO, at which time they were reclassified to additional paid-in capital as a reduction of the proceeds. Fair Value Measurements We define fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Our valuation techniques are based on observable and unobservable inputs. Observable inputs reflect readily obtainable data from independent sources, while unobservable inputs reflect our market assumptions. We classify these inputs into the following hierarchy: Level 1 —Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date; Level 2 —Inputs are observable, unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities; and Level 3 —Unobservable inputs that are significant to the measurement of the fair value of the assets or liabilities that are supported by little or no market data. Financial instruments include cash equivalents, investments, accounts payable, and accrued liabilities. Our cash equivalents and investments are carried at estimated fair value and remeasured on a recurring basis. The carrying value of accounts payable and accrued liabilities approximate their estimated fair value due to the relatively short-term nature of these instruments. Our valuation techniques used to measure the fair value of money market funds were derived from quoted prices in active markets for identical assets. The valuation techniques used to measure the fair value of investments, all of which have counterparties with high credit ratings, were valued based on quoted market prices or model driven valuations using significant inputs derived from or corroborated by observable market data. In accordance with fair value accounting requirements, companies may choose to measure eligible financial instruments and certain other items at fair value. We have not elected the fair value option for any eligible financial instruments. Recently Issued Accounting Pronouncements Not Yet Adopted In February 2016, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, No. 2016-02, Leases (Topic 842) |
Available-for-Sale Securities a
Available-for-Sale Securities and Fair Value Measurements | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Available-for-Sale Securities and Fair Value Measurements | 3. Available-for-Sale Securities and Fair Value Measurements The following table sets forth our financial instruments that were measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands): December 31, 2015 Level 1 Level 2 Level 3 Total Cash and cash equivalents: Cash and money market funds $ 61,477 $ — $ — $ 61,477 Agency securities — 9,701 — 9,701 Corporate securities — 2,000 — 2,000 Commercial paper — 3,499 — 3,499 Total cash and cash equivalents $ 61,477 $ 15,200 $ — $ 76,677 Investments: Certificates of deposit $ 100 $ — $ — $ 100 Agency securities — 43,325 — 43,325 Corporate securities — 49,596 — 49,596 Commercial paper — 17,843 — 17,843 US government securities — 12,286 — 12,286 Total investments $ 100 $ 123,050 $ — $ 123,150 December 31, 2014 Level 1 Level 2 Level 3 Total Cash and cash equivalents: Cash and money market funds $ 2,269 $ — $ — $ 2,269 Agency securities — — — — Corporate securities — — — — Commercial paper — — — — Total cash and cash equivalents $ 2,269 $ — $ — $ 2,269 Investments: Agency securities $ — $ — $ — $ — Corporate securities — — — — Commercial paper — — — — US government securities — — — — Total investments $ — $ — $ — $ — Available-for-sale investments are carried at fair value and are included in the tables above. The aggregate market value, cost basis, and gross unrealized gains and losses of available-for-sale investments by security type, classified in cash equivalents and investments, as of December 31, 2015 are as follows (in thousands): Amortized Cost Gross unrealized gains Gross unrealized losses Total fair value Agency securities $ 53,062 $ 2 $ (38 ) $ 53,026 Corporate securities 51,626 28 (58 ) 51,596 Commercial paper 21,342 — — 21,342 US government securities 12,308 — (22 ) 12,286 Total available-for-sale investments $ 138,338 $ 30 $ (118 ) $ 138,250 There were no gross realized gains or losses on sales of available-for-sale securities for the year ended December 31, 2015. Expected maturities will differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties. We did not identify any other-than-temporary losses for the year ended December 31, 2015. We do not consider unrealized losses on our other debt securities to be credit-related. These unrealized losses relate to changes in interest rates and market spreads subsequent to purchase. A substantial portion of securities that have unrealized losses are US corporate securities that are highly-rated. We have not made a decision to sell securities with unrealized losses and believe it is more likely than not we would not be required to sell such securities before recovery of its amortized cost. |
Balance Sheet Components
Balance Sheet Components | 12 Months Ended |
Dec. 31, 2015 | |
Balance Sheet Related Disclosures [Abstract] | |
Balance Sheet Components | 4. Balance Sheet Components Property and Equipment, Net Property and equipment, net consists of the following (in thousands): Year Ended December 31, 2015 2014 Furniture and equipment $ 220 $ 58 Computer equipment 324 67 Manufacturing equipment 458 — Construction in progress 1,853 — Property and equipment, gross 2,855 125 Less: accumulated depreciation (153 ) (38 ) Property and equipment, net $ 2,702 $ 87 Depreciation expense for the years ended December 31, 2015, 2014 and 2013 was $115,000, $29,000 and $9,000, respectively. Accrued Liabilities Accrued liabilities consist of the following (in thousands): Year Ended December 31, 2015 2014 Compensation and benefits $ 1,645 $ 645 Research and development 972 542 Professional and consulting 381 71 Other 120 1 Total accrued liabilities $ 3,118 $ 1,259 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 5. Commitments and Contingencies Facility Leases In March 2015, we entered into a new lease for our corporate headquarters in Brisbane, California for 11,665 square feet of office space. Upon the commencement of the new lease in May 2015, we ceased use of our previous corporate headquarters. In August 2015, we entered into an amendment to the Brisbane, California facility lease. Pursuant to the amendment, we leased an additional 26,355 square feet of office space. The term for the new space is 72 months from the delivery of the premises to us, which took place December 2015. In addition, the term of the existing office space has been extended so that it is coterminous with the new space. The amendment required a total security deposit of approximately $304,000. We are responsible for operating expenses over base operating expenses as defined in the headquarters lease agreement. In June 2015, we signed a facility lease for a manufacturing facility for approximately 20,000 square feet of manufacturing space in Clearwater, Florida. The initial term of the lease is for 120 months. For accounting purposes, due to the nature and extent of our involvement with the construction of this manufacturing facility, we were considered to be the owner of the assets during the construction period through the lease commencement date, even though the lessor is responsible for funding and repairing components of the building shell and constructing a portion of the related building infrastructure. Construction to this building commenced in July 2015 and as of December 31, 2015, we have incurred approximately $280,000 of construction and equipment costs related to the building, which is recorded in construction in progress. We also recorded $687,500 to Construction in progress for costs incurred by the lessor and recognized a corresponding amount included within other liabilities within the consolidated balance sheet. The agreement calls for a security deposit of $35,000. We are responsible for operating expenses including real estate taxes as defined in the manufacturing facility lease agreement. Total future aggregate minimum lease payments under our operating leases are as follows (in thousands): Year Ended December 31, 2016 $ 1,624 2017 2,184 2018 1,886 2019 1,871 2020 1,945 and after 2,537 Total $ 12,047 Rent expense under operating leases for the years ended December 31, 2015, 2014 and 2013 was $551,000, $131,000 and $42,000, respectively. Purchase Commitments We purchase peanut flour, the source material for AR101, from the Golden Peanut Company pursuant to a long term exclusive commercial supply agreement. Pursuant to the agreement, our purchase obligation commences with the first delivery of peanut flour for commercial use, which we currently anticipate will not occur prior to 2018. Assuming that our first delivery for commercial use occurs in 2018, which is not assured, the aggregate purchase commitment under this agreement would be $1.2 million over a term of five years. Indemnifications We indemnify each of our officers and directors for certain events or occurrences, subject to certain limits, while the officer or director is or was serving at the Company’s request in such capacity, as permitted under Delaware law and in accordance with its certificate of incorporation and bylaws. The term of the indemnification period lasts as long as an officer or a director may be subject to any proceeding arising out of acts or omissions of such officer or director in such capacity. The maximum amount of potential future indemnification is unlimited; however, we currently holds director and officer liability insurance. This insurance allows the transfer of risk associated with our exposure and may enable us to recover a portion of any future amounts paid. We believe that the fair value of these indemnification obligations is minimal. Accordingly, we have not recognized any liabilities relating to these obligations for any period. Legal During the normal course of business, we may be a party to legal claims that may not be covered by insurance. We do not believe that any such claims would have a material impact on our consolidated financial statements. |
Convertible Preferred Stock
Convertible Preferred Stock | 12 Months Ended |
Dec. 31, 2015 | |
Temporary Equity Disclosure [Abstract] | |
Convertible Preferred Stock | 6. Convertible Preferred Stock As of December 31, 2015 and December 31, 2014, we had authorized no shares of Series B convertible preferred stock, and no and 13,263,967 shares of Series A convertible preferred stock, respectively. In February 2013, we issued 7,046,953 shares of Series A convertible preferred stock, $0.0001 par value, original issue price of $1.29 in the case of cash proceeds and $1.10 in the case of an outstanding note and accrued interest converted into the Series A convertible preferred stock. In April 2013, we issued an additional 6,217,014 shares of Series A convertible preferred stock, $0.0001 par value, original issue price of $1.29. In January and February 2015, we issued 14,047,996 shares of Series B convertible preferred stock, $0.0001 par value, original issue price of $5.69 per share, for gross cash proceeds of $80.0 million and, in January 2015, we repurchased 2,260,706 shares of Series A convertible preferred stock from certain investors. The purchase price of the Series A convertible preferred stock was $5.69 per share, the same as the issue price of the Series B convertible stock, and was at an aggregate cost of $12.9 million. The offering costs for the issuance and sale of Series B convertible preferred stock was $221,000. As of December 31, 2014, the convertible preferred stock consisted of the following (in thousands, except share amounts): Convertible preferred stock Shares Authorized Shares Issued and Outstanding Proceeds Net of Issuance Costs Aggregate Liquidation Preference Series A 13,263,967 13,263,967 $ 16,928 $ 16,989 As of December 31, 2015, there were no outstanding shares of convertible preferred stock. Upon our IPO, all outstanding shares of convertible preferred stock were converted by their terms into common stock. Prior to their conversion of our convertible preferred stock upon our IPO, the significant provisions of each series of convertible preferred stock were as follows: Dividends —Holders of convertible preferred stock, in preference to common stockholders, shall be entitled to receive when, as and if declared by the Board of Directors, non-cumulative cash dividends at the rate of 8% of the original issue price of such series of convertible preferred stock per annum on each outstanding share of convertible preferred stock. No convertible preferred stock dividends were declared or paid as of the conversion upon our IPO. Liquidation —In the event of any liquidation, dissolution, or winding up of the Company, the holders of Series B convertible preferred stock shall be entitled to be paid out of the assets of the Company available for distribution to its stockholders, before any payment shall be made to holders of common stock, an amount equal to $5.69 per share of Series B convertible preferred stock plus any declared but unpaid dividends. In the event of any liquidation, dissolution, or winding up of the Company, the holders of Series A convertible preferred stock shall be entitled to be paid out of the assets of the Company available for distribution to its stockholders, before any payment shall be made to holders of common stock, an amount equal to $1.29 per share of Series A convertible preferred stock plus any declared but unpaid dividends. If upon such liquidation, dissolution, or winding up of the Company, the assets available for distribution to stockholders are insufficient to pay in full holders of the convertible preferred stock amounts to which they are entitled, the holders of convertible preferred stock shall share ratably in any assets available for distribution in proportion to the respective amounts which would otherwise be payable in respect to the shares held by them. Following payment in full to the holders of convertible preferred stock, the remaining assets and funds of the Company, if any, shall be divided among and paid ratably to the holders of Common Stock in proportion to the number of shares held by them. A consolidation or merger of the Company with or into any other corporation or corporations, acquisition by any other corporation or corporations, or a sale of all or substantially all of the assets or voting control of the Company in which the prior stockholders of the Company do not own a majority of the outstanding shares of the surviving corporation is deemed to be a liquidation. Conversion —Each share of convertible preferred stock is convertible into shares of common stock at the option of the holder at any time. Conversion is automatic upon either (a) the written consent of not less than (i) a majority of the holders of the Series A convertible preferred stock outstanding and (ii) a majority of the holders of the Series B convertible preferred stock outstanding or (b) the effective date of a firm commitment underwritten public offering that yields net proceeds to the Company of not less than $40,000,000 at an equivalent price per share of common stock of not less than $8.54. Each share of convertible preferred stock is convertible into the number of shares of which results from dividing the original issue price of the such series of convertible preferred stock by the conversion price for such series of convertible preferred stock that is in effect at the time of conversion. As of December 31, 2014, the conversion price of the Series A convertible preferred stock and Series B convertible preferred stock was $1.29 and $5.69, respectively. As such, all outstanding shares of convertible preferred stock had a conversion ratio of 1-to-1. Voting —Each holder of share of convertible preferred stock shall be entitled to the number of votes equal to the number of shares of common stock into which such shares of convertible preferred stock could be converted and shall have voting rights and powers equal to the voting rights and powers of the holders of common stock. The holders of Series A convertible preferred stock shall be entitled to elect one director of the Company. The holders of Series B convertible preferred stock shall be entitled to elect two directors of the Company. Redemption —The convertible preferred stock is not redeemable at the option of the holders and there is no event in which the holders of convertible preferred stock can require liquidation in which the common shareholders would not participate in the liquidation proceeds in accordance with their relative liquidation rights as described above. Conversion of Convertible Note Payable In June 2012, we entered into an unsecured convertible promissory note in the amount of $750,000 with an existing stockholder. The note provided for an annual interest rate of 3% and a due date of December 31, 2013, but could be extended by mutual agreement for an additional year. Under the terms of the note, under certain circumstances, the balance of the note, including any accrued interest, would convert into preferred stock upon the closing of a future preferred stock financing that met specified criteria. Such conversion would be at a 15% discount to the per share price of the preferred stock sold in the financing. In February 2013, as part of the issuance of Series A convertible preferred stock, the note, plus $14,000 of accrued interest converted into 694,364 shares of Series A convertible preferred stock at a rate of $1.10 per share in full payment for the note and accrued interest. The discount of $112,000 was recorded at the time of issuance of the note as an offset to the note on the balance sheet and was amortized as additional interest expense over the original term of the note. At the conversion date, the remaining unamortized discount of $88,000 was recorded as interest expense. |
Stock-based Awards
Stock-based Awards | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Awards | 7. Stock-Based Awards Equity Plans In January 2013, we adopted our Stock Plan, or the 2013 Plan, and in July 2015, we adopted a new Stock Plan, or the 2015 Plan. Under the 2015 Plan, 4,681,544 shares of our common stock were initially reserved for the issuance of stock options and restricted stock to employees, directors, and consultants under terms and provisions established by the Board of Directors, or the Board, and approved by our stockholders. Upon consummation of our IPO, the 2013 Plan was terminated and no further shares are reserved for issuance under the 2013 Plan. As of December 31, 2015 and December 31, 2014 there were 4,443,479 and 639,625 and shares available for future grant, respectively. Under the terms of the 2015 Plan, options may be granted at an exercise price not less than fair market value. For employees holding more than 10% of the voting rights of all classes of stock, the exercise prices for incentive stock options may not be less than 110% of fair market value, as determined by the Board. The terms of options granted under the Plan may not exceed ten years. All options issued to date have had a ten-year life. To date, options granted generally vest in three ways: 1) over four years at a rate of 25% upon the first anniversary of the issuance date and 1/48 th th th The 2013 Plan allowed employees to exercise a stock option in exchange for cash before the requisite service is provided (e.g., before the award is vested under its original terms); however, such arrangements permit us to subsequently repurchase such shares at the exercise price if the vesting conditions are not satisfied. Such an exercise is not substantive for accounting purposes. Therefore, the payment received by us for the exercise price is recognized as an early exercise liability on the consolidated balance sheets and will be transferred to common stock and additional paid-in capital as such shares vest. As of December 31, 2015 and December 31, 2014, 599,242 and 788,873 unvested shares were legally issued and outstanding, respectively. In connection with these unvested shares, we have recorded an early exercise liability as of December 31, 2015 of $221,000, of which $144,000 is included in other current liabilities and $77,000 is included in other liabilities in the consolidated balance sheets. These shares are excluded from basic and diluted net loss per share until our repurchase right lapses and the shares are no longer subject to the repurchase feature. Activity under the 2015 Plan and 2013 Plan is set forth below: Options Outstanding Shares Available for Grant Number Options and Unvested Shares Weighted- Average Exercise Price Weighted Average Remaining Contractual Life (in years) Aggregate Intrinsic Value (in thousands) Balance, December 31, 2014 639,625 2,566,559 $ 0.14 9.19 Additional shares authorized 7,908,194 — Shares retired upon adoption of 2015 Plan (230,978 ) — Options granted (4,192,485 ) 4,192,485 $ 6.11 Options exercised and shares vested — (1,625,029 ) $ 0.17 Options repurchased 222,324 (222,324 ) $ 0.14 Options cancelled 96,799 (96,799 ) $ 6.29 Balances – December 31, 2015 4,443,479 4,814,892 $ 5.20 9.23 $ 64,211 Options vested and expected to vest as of December 31, 2015 4,366,507 $ 5.56 9.06 $ 56,274 Options exercisable as of December 31, 2015 4,469,492 $ 4.19 9.18 $ 63,723 The aggregate intrinsic values of options outstanding, exercisable, and vested and expected to vest were calculated as the difference between the exercise price of the options and the market price for shares of our common stock as of December 31, 2015. The 2013 Plan provided for early exercise, therefore, all the Company’s outstanding stock options issued under that plan are exercisable. The total intrinsic value of options exercised during the year ended December 31, 2015 was $0.4 million. Stock Options Granted Stock options granted during the years ended December 31, 2015 and 2014 had a weighted-average grant-date fair value of $6.11 and $0.09, respectively. The fair value is being expensed over the vesting period of the options, which is either four years or two years on a straight-line basis as the services are being provided. No tax benefits were realized from options during the periods. We issued one grant totaling 213,354 options to a non-employee during the year ended December 31, 2015. The fair value of the non-employee options was measured using the Black-Scholes option-pricing model reflecting the same assumptions as applied to employee options, other than the expected life, which is assumed to be the remaining contractual life of the option. As of December 31, 2015 and 2014 total unrecognized stock-based compensation expense was $17.2 million and $0.1 million, which is expected to be recognized over the weighted-average remaining vesting period of 3.23 years and 2.43 years, respectively. Determining Fair Value of Stock Options Prior to our IPO, the fair value of our shares of common stock underlying the stock options was the responsibility of and determined by our Board. Because there was no public market for our common stock, the Board determined the fair value of common stock at the time of grant of the option by considering a number of objective and subjective factors, including independent third-party valuations of our common stock, sales of convertible preferred stock to unrelated third parties, operating and financial performance, the lack of liquidity of capital stock and general and industry specific economic outlook, amongst other factors. Following the IPO, the market traded price of the shares of common stock underlying the stock options is the fair value of our stock as reported on The NASDAQ Global Select Market on the grant date. In determining the fair value of the stock-based awards used to calculate stock-based compensation expense, we use the Black-Scholes option-pricing model and assumptions discussed below. Each of these inputs is subjective and generally requires significant judgment to determine. · Expected Term. The expected term of stock options represents the weighted average period the stock options are expected to be outstanding. We have opted to use the simplified method for estimating the expected term as provided by the Securities and Exchange Commission Staff Accounting Bulletin, SAB, 110 as our options grants are considered “plain vanilla”. The simplified method calculates the expected term as the average time- to-vesting and the contractual life of the options. We plan to continue to use the simplified method under SAB 110 until we have sufficient exercise history as a publicly traded company. · Expected Volatility. The expected stock price volatility assumption was determined by examining the historical volatilities of a group of industry peers, as we have limited trading history for our common stock. Industry peers consist of several public companies in the biopharmaceutical industry with comparable characteristics including enterprise value, risk profiles and position within the industry. We intend to continue to consistently apply this process using the same or similar public companies until a sufficient amount of historical information regarding the volatility of our own common stock share price becomes available, or unless circumstances change such that the identified companies are no longer similar to us, in which case, more suitable companies whose share prices are publicly available would be utilized in the calculation. · Risk-Free Interest Rate. The risk-free interest rate is based on the Black-Scholes valuation model on the implied yield available on U.S. Treasury zero-coupon issues in effect at the time of grant for periods corresponding with the expected term of the option. Expected Dividend Yield. We have never paid dividends on our common stock and have no plans to pay dividends on our common stock. Therefore, we used an expected dividend yield of zero. The following table presents the weighted-average assumptions used to estimate the fair value of options granted: Year Ended December 31, 2015 2014 2013 Expected volatility 74.14 % 79.62 % 85.52 % Risk-free interest rate 1.73 % 1.51 % 1.56 % Expected dividend yield — — — Expected term (in years) 5.99 4.65 4.76 Stock-based compensation expense, net of estimated forfeitures, is reflected in the statements of operations and comprehensive loss (in thousands): Year Ended December 31, 2015 2014 2013 Research and development $ 2,522 $ 23 $ 21 General and administrative 3,635 54 60 Total stock-based compensation expense $ 6,157 $ 77 $ 81 During the years ended December 31, 2015 and 2014, the Company recorded $1.4 million and $0 of stock compensation expense related to the acceleration of certain former executives’ stock options, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 8. Income Taxes We did not record a tax provision for the years ended December 31, 2015, 2014 and 2013 due to net operating losses incurred and the need for a full valuation allowance on deferred tax assets. Income tax expense for the years ended December 31, 2015, 2014 and 2013 differed from the amount expected by applying the statutory federal tax rate to the loss before taxes as summarized below (in thousands): Year Ended December 31, 2015 2014 2013 Federal tax benefit at statutory rate $ (5,946 ) $ (3,751 ) $ (1,640 ) State tax benefit, net of federal benefit (1,083 ) (698 ) (313 ) Change in valuation allowance 7,359 4,549 1,975 Research and development credits (904 ) (119 ) (53 ) Other 574 19 31 $ — $ — $ — The significant components of our deferred taxes are as follows (in thousands): Year Ended December 31, 2015 2014 Deferred tax assets (liabilities): Net operating loss carryforwards $ 9,857 $ 4,723 Start-up costs 1,612 1,736 Stock-based compensation 1,413 53 Tax credit carryforwards 1,296 274 Accruals 195 227 Other (2 ) (1 ) Total deferred tax assets 14,371 7,012 Less: valuation allowance (14,371 ) (7,012 ) Net deferred income taxes $ — — We recognize deferred income taxes for temporary differences between the basis of assets and liabilities for financial statement and income tax purposes. We periodically evaluate the positive and negative evidence bearing upon realizability of our deferred tax assets. Based upon the weight of available evidence, which includes our historical operating performance, reported cumulative net losses since inception and difficulty in accurately forecasting our future results, we maintained a full valuation allowance on the net deferred tax assets as of December 31, 2015 and 2014. We intend to maintain a full valuation allowance on the federal and state deferred tax assets until sufficient positive evidence exists to support reversal of the valuation allowance. As of December 31, 2015, we have generated net operating loss, or NOL, carryforwards for federal income tax purposes of $24.7 million and for state income tax purposes of $24.7 million. These federal and state NOL carryforwards will begin to expire in 2031, if not utilized. Our ability to utilize NOL carryforwards or other tax attributes, such as research tax credits, in any taxable year may be limited if we have experienced an ownership change under Section 382 of the Internal Revenue Code, or the Code, of 1986, as amended. Following the issuance of the Series B convertible preferred stock in January and February 2015, we performed a Section 382 analysis and believe that we have experienced multiple ownership changes under Section 382 of the Code and, as a result, the federal and state NOL carryforwards and tax credits are subject to limitation. |
Defined Contribution Plan
Defined Contribution Plan | 12 Months Ended |
Dec. 31, 2015 | |
Compensation And Retirement Disclosure [Abstract] | |
Defined Contribution Plan | 9. Defined Contribution Plan We sponsor a 401(k) Plan, or the 401(k) Plan, which stipulates that eligible employees may contribute to the 401(k) Plan subject to certain limitations. We may match employee contributions in amounts to be determined at our sole discretion. To date, we have not made any matching contributions. |
Quarterly Results of Operations
Quarterly Results of Operations (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results of Operations (Unaudited) | 10. Quarterly Results of Operations (Unaudited) The following table presents our unaudited quarterly financial data. Our quarterly results of operations for these periods are not necessarily indicative of our future results of operations. Three months ended March 31 June 30 September 30 December 31 2015 (In thousands) Operating expenses: Research and development $ 2,069 $ 3,131 $ 3,850 $ 10,766 General and administrative 1,372 4,246 5,174 5,389 Total operating expenses 3,441 7,377 9,024 16,155 Loss from operations (3,441 ) (7,377 ) (9,024 ) (16,155 ) Interest income — 1 33 183 Interest expense — — — (36 ) Net loss $ (3,441 ) $ (7,376 ) $ (8,991 ) $ (16,008 ) Net loss per common share, basic and diluted $ (0.81 ) $ (1.60 ) $ (0.36 ) $ (0.39 ) Three months ended March 31 June 30 September 30 December 31 2014 (In thousands) Operating expenses: Research and development $ 1,199 $ 1,801 $ 2,469 $ 2,712 General and administrative 401 967 660 923 Total operating expenses 1,600 2,768 3,129 3,635 Loss from operations (1,600 ) (2,768 ) (3,129 ) (3,635 ) Interest income 7 5 — — Net loss $ (1,593 ) $ (2,763 ) $ (3,129 ) $ (3,635 ) Net loss per common share, basic and diluted $ (0.54 ) $ (0.94 ) $ (1.07 ) $ (1.24 ) |
Summary of Significant Accoun18
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Preparation | Basis of Preparation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United State of America, or U.S. GAAP, and include the accounts of our wholly-owned subsidiaries. All significant intercompany transactions have been eliminated. We operate in one reportable segment in the United States of America. |
Foreign Currency Translation | Foreign Currency Translation The functional currency of the Company and all its subsidiaries is the United States dollar. Accordingly, monetary assets and liabilities in the non-functional currency of these subsidiaries are remeasured using exchange rates in effect at the end of the period. Costs in local currency are remeasured using average exchange rates for the period, except for costs related to those balance sheet items that are remeasured using historical exchange rates. The resulting remeasurement gains and losses are included in the consolidated statements of operations and comprehensive loss as incurred and have not been material for all periods presented. |
Use of Estimates | Use of Estimates The preparation of the accompanying 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 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. |
Cash and Cash Equivalents | Cash and Cash Equivalents We consider all highly liquid investments with original maturities of three months or less from the date of purchase to be cash equivalents. Cash equivalents, which are carried at estimated fair value, consist primarily of money market funds and certain available-for-sale investments with maturities of three months or less. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject us to a concentration of credit risk consist of cash and cash equivalents and certain investments in money market funds, agency securities, corporate securities, U.S. government securities and commercial paper. Bank deposits are primarily held by a single financial institution and these deposits may exceed insured limits. We are exposed to credit risk in the event of default by the financial institution holding its cash and cash equivalents and issuers of investments that are recorded on the consolidated balance sheets. We mitigate our risk by investing in high-grade instruments and limiting the concentration in any one issuer, which limits our exposure. |
Investments | Investments Our investments consist of available-for-sale securities and certificate of deposits. Investments with original maturities of greater than 90 days but less than one (1) year are classified as short-term on the consolidated balance sheets. Investments with original maturities greater than one (1) year are classified as long-term on the consolidated balance sheets. Our investments in available-for-sale securities are reported at estimated fair value. Available-for-sale securities consist primarily of agency securities, corporate securities, U.S. government securities and commercial paper. Unrealized gains and losses related to changes in the fair value of securities are recognized in accumulated other comprehensive loss, net of tax, on our consolidated balance sheets. Changes in the fair value of available-for-sale securities impact the consolidated statements of operations and comprehensive loss only when such securities are sold or an other-than-temporary impairment is recognized. Realized gains and losses on the sale of securities are determined by specific identification of each security’s cost basis. We regularly review our investment portfolio to determine if any security is other-than-temporarily impaired, which would require us to record an impairment charge in the period any such determination is made. We consider factors such as the duration, severity and the reason for the decline in value, the financial condition of the issuer and any changes thereto, the potential recovery period and our intent to sell. For debt securities, we also consider whether (i) it is more likely than not that we will be required to sell the debt securities before recovery of their amortized cost basis, and (ii) the amortized cost basis cannot be recovered as a result of credit losses. Our assessment on whether a security is other-than-temporarily impaired could change in the future due to new developments or changes in assumptions related to any particular security. |
Property and Equipment | Property and Equipment Property and equipment are stated at cost, less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the respective assets. Maintenance and repairs are charged to the consolidated statements of operations and comprehensive loss as incurred. Upon sale or retirement of assets, the cost and related accumulated depreciation are removed from the balance sheet and the resulting gain or loss, if any, is reflected in the consolidated statements of operations and comprehensive loss. The useful lives of property and equipment are as follows: Furniture and office equipment 4 years Computer equipment 3 years Buildings 25 years Fixtures 10 years |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets We evaluate our long-lived assets, including property and equipment, for impairment whenever events or changes in circumstances indicate that the carrying value of these assets may not be recoverable. Recoverability of these assets is measured by comparison of the carrying amount of each asset to the future undiscounted cash flows expected to result from the use of the asset and its eventual disposition. If the asset is considered to be impaired, the amount of any impairment is measured as the difference between the carrying value and the fair value of the impaired assets. We have not recorded impairment of any long-lived assets in the periods presented. |
Leases | Leases Leases related to our corporate headquarters are classified as operating leases. Rent expense is recognized on a straight-line basis over the terms of the leases and, accordingly, we record the difference between cash rent payments and the recognition of rent expense as a deferred rent liability. Incentives granted under facilities leases are deferred and recognized as adjustments to rental expense on a straight-line basis over the term of the lease. In June 2015, we signed a lease for a manufacturing facility in Clearwater, Florida. We were considered the deemed owner for accounting purposes. See Note 5, “Commitments and Contingencies,” for further details. |
Research and Development | Research and Development We expense research and development costs as incurred. We record accrued liabilities for estimated costs of research and development activities conducted by third-party service providers, which include the conduct of pre-clinical studies and clinical trials and contract manufacturing activities. These costs are a significant component of our research and development expenses. We accrue for these costs based on factors such as estimates of the work completed and in accordance with agreements established with our third-party service providers under the service agreements. We make significant judgments and estimates in determining the accrued liabilities balance in each reporting period. As actual costs become known, we adjust our accrued liabilities. We have not experienced any material differences between accrued costs and actual costs incurred. However, the status and timing of actual services performed, number of patients enrolled and the rate of patient enrollments may vary from our estimates, resulting in adjustments to expense in future periods. Changes in these estimates that result in material changes to our accruals could materially affect our results of operations. |
Stock-based Compensation | Stock-Based Compensation Stock-based awards issued to employees, including stock options, are measured at fair value on the grant date using the Black-Scholes option-pricing model and recognized as expense on a straight-line basis over the employee’s requisite service period (generally the vesting period). Because noncash stock compensation expense is based on awards ultimately expected to vest, it is reduced by an estimate for future forfeitures. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from estimates. There were 4,192,485 and 1,635,681 stock options granted during the years ended December 31, 2015 and 2014, respectively. |
Income Taxes | Income Taxes We use the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and the tax bases of reported assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. We must then assess the likelihood that the resulting deferred tax assets will be realized. A valuation allowance is provided when it is more likely than not that some portion or all of a deferred tax asset will not be realized. Due to our lack of earnings history, the net deferred tax assets have been fully offset by a valuation allowance. As of December 31, 2015 and 2014, we do not have any unrecognized tax benefits. |
Comprehensive Income or Loss | Comprehensive Income or Loss Comprehensive income or loss is defined as the change in equity during a period from transactions and other events, excluding changes resulting from investments from owners and distributions to owners. Other comprehensive loss includes net loss and unrealized gains and losses on available-for-sale investments. |
Net Loss per Share | Net Loss per Share The following common stock equivalents were excluded from the computation of diluted net loss per share for the periods presented because their inclusion would have been antidilutive: Year Ended December 31, 2015 2014 2013 Series A convertible preferred stock — 13,263,967 10,769,030 Stock options 4,814,892 2,566,559 2,247,212 |
Offering Costs | Offering Costs Offering costs represent underwriting, legal, accounting and other direct costs related to our IPO. These costs were deferred until completion of the IPO, at which time they were reclassified to additional paid-in capital as a reduction of the proceeds. |
Fair Value Measurements | Fair Value Measurements We define fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Our valuation techniques are based on observable and unobservable inputs. Observable inputs reflect readily obtainable data from independent sources, while unobservable inputs reflect our market assumptions. We classify these inputs into the following hierarchy: Level 1 —Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date; Level 2 —Inputs are observable, unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities; and Level 3 —Unobservable inputs that are significant to the measurement of the fair value of the assets or liabilities that are supported by little or no market data. Financial instruments include cash equivalents, investments, accounts payable, and accrued liabilities. Our cash equivalents and investments are carried at estimated fair value and remeasured on a recurring basis. The carrying value of accounts payable and accrued liabilities approximate their estimated fair value due to the relatively short-term nature of these instruments. Our valuation techniques used to measure the fair value of money market funds were derived from quoted prices in active markets for identical assets. The valuation techniques used to measure the fair value of investments, all of which have counterparties with high credit ratings, were valued based on quoted market prices or model driven valuations using significant inputs derived from or corroborated by observable market data. In accordance with fair value accounting requirements, companies may choose to measure eligible financial instruments and certain other items at fair value. We have not elected the fair value option for any eligible financial instruments. |
Recently Issued Accounting Pronouncements Not Yet Adopted | Recently Issued Accounting Pronouncements Not Yet Adopted In February 2016, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, No. 2016-02, Leases (Topic 842) |
Summary of Significant Accoun19
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Schedule of Useful Lives of Property and Equipment | The useful lives of property and equipment are as follows: Furniture and office equipment 4 years Computer equipment 3 years Buildings 25 years Fixtures 10 years |
Schedule of Antidilutive Securities Excluded from Computation of Diluted Net Loss per Share | The following common stock equivalents were excluded from the computation of diluted net loss per share for the periods presented because their inclusion would have been antidilutive: Year Ended December 31, 2015 2014 2013 Series A convertible preferred stock — 13,263,967 10,769,030 Stock options 4,814,892 2,566,559 2,247,212 |
Available-for-Sale Securities20
Available-for-Sale Securities and Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Summary of Financial Instruments Measured at Fair Value on a Recurring Basis | The following table sets forth our financial instruments that were measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands): December 31, 2015 Level 1 Level 2 Level 3 Total Cash and cash equivalents: Cash and money market funds $ 61,477 $ — $ — $ 61,477 Agency securities — 9,701 — 9,701 Corporate securities — 2,000 — 2,000 Commercial paper — 3,499 — 3,499 Total cash and cash equivalents $ 61,477 $ 15,200 $ — $ 76,677 Investments: Certificates of deposit $ 100 $ — $ — $ 100 Agency securities — 43,325 — 43,325 Corporate securities — 49,596 — 49,596 Commercial paper — 17,843 — 17,843 US government securities — 12,286 — 12,286 Total investments $ 100 $ 123,050 $ — $ 123,150 December 31, 2014 Level 1 Level 2 Level 3 Total Cash and cash equivalents: Cash and money market funds $ 2,269 $ — $ — $ 2,269 Agency securities — — — — Corporate securities — — — — Commercial paper — — — — Total cash and cash equivalents $ 2,269 $ — $ — $ 2,269 Investments: Agency securities $ — $ — $ — $ — Corporate securities — — — — Commercial paper — — — — US government securities — — — — Total investments $ — $ — $ — $ — |
Summary of Aggregate Market Value, Cost Basis and Gross Unrealized Gains and Losses of Available-for-Sale Investments by Security Type | Available-for-sale investments are carried at fair value and are included in the tables above. The aggregate market value, cost basis, and gross unrealized gains and losses of available-for-sale investments by security type, classified in cash equivalents and investments, as of December 31, 2015 are as follows (in thousands): Amortized Cost Gross unrealized gains Gross unrealized losses Total fair value Agency securities $ 53,062 $ 2 $ (38 ) $ 53,026 Corporate securities 51,626 28 (58 ) 51,596 Commercial paper 21,342 — — 21,342 US government securities 12,308 — (22 ) 12,286 Total available-for-sale investments $ 138,338 $ 30 $ (118 ) $ 138,250 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Balance Sheet Related Disclosures [Abstract] | |
Summary of Property And Equipment, Net | Property and equipment, net consists of the following (in thousands): Year Ended December 31, 2015 2014 Furniture and equipment $ 220 $ 58 Computer equipment 324 67 Manufacturing equipment 458 — Construction in progress 1,853 — Property and equipment, gross 2,855 125 Less: accumulated depreciation (153 ) (38 ) Property and equipment, net $ 2,702 $ 87 |
Summary of Accrued Liabilities | Accrued liabilities consist of the following (in thousands): Year Ended December 31, 2015 2014 Compensation and benefits $ 1,645 $ 645 Research and development 972 542 Professional and consulting 381 71 Other 120 1 Total accrued liabilities $ 3,118 $ 1,259 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Future Aggregate Minimum Lease Payments | Total future aggregate minimum lease payments under our operating leases are as follows (in thousands): Year Ended December 31, 2016 $ 1,624 2017 2,184 2018 1,886 2019 1,871 2020 1,945 and after 2,537 Total $ 12,047 |
Convertible Preferred Stock (Ta
Convertible Preferred Stock (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Temporary Equity Disclosure [Abstract] | |
Schedule of Convertible Preferred Stock | As of December 31, 2014, the convertible preferred stock consisted of the following (in thousands, except share amounts): Convertible preferred stock Shares Authorized Shares Issued and Outstanding Proceeds Net of Issuance Costs Aggregate Liquidation Preference Series A 13,263,967 13,263,967 $ 16,928 $ 16,989 |
Stock-based Awards (Tables)
Stock-based Awards (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Stock Option Activity | Activity under the 2015 Plan and 2013 Plan is set forth below: Options Outstanding Shares Available for Grant Number Options and Unvested Shares Weighted- Average Exercise Price Weighted Average Remaining Contractual Life (in years) Aggregate Intrinsic Value (in thousands) Balance, December 31, 2014 639,625 2,566,559 $ 0.14 9.19 Additional shares authorized 7,908,194 — Shares retired upon adoption of 2015 Plan (230,978 ) — Options granted (4,192,485 ) 4,192,485 $ 6.11 Options exercised and shares vested — (1,625,029 ) $ 0.17 Options repurchased 222,324 (222,324 ) $ 0.14 Options cancelled 96,799 (96,799 ) $ 6.29 Balances – December 31, 2015 4,443,479 4,814,892 $ 5.20 9.23 $ 64,211 Options vested and expected to vest as of December 31, 2015 4,366,507 $ 5.56 9.06 $ 56,274 Options exercisable as of December 31, 2015 4,469,492 $ 4.19 9.18 $ 63,723 |
Schedule of Weighted Average Assumptions to Fair Value Stock Options | The following table presents the weighted-average assumptions used to estimate the fair value of options granted: Year Ended December 31, 2015 2014 2013 Expected volatility 74.14 % 79.62 % 85.52 % Risk-free interest rate 1.73 % 1.51 % 1.56 % Expected dividend yield — — — Expected term (in years) 5.99 4.65 4.76 |
Summary of Stock-based Compensation Expense Net of Estimated Forfeitures | Stock-based compensation expense, net of estimated forfeitures, is reflected in the statements of operations and comprehensive loss (in thousands): Year Ended December 31, 2015 2014 2013 Research and development $ 2,522 $ 23 $ 21 General and administrative 3,635 54 60 Total stock-based compensation expense $ 6,157 $ 77 $ 81 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Summary of Income Tax Expense Differed from Statutory Federal Tax Rate to the Loss Before Taxes | Income tax expense for the years ended December 31, 2015, 2014 and 2013 differed from the amount expected by applying the statutory federal tax rate to the loss before taxes as summarized below (in thousands): Year Ended December 31, 2015 2014 2013 Federal tax benefit at statutory rate $ (5,946 ) $ (3,751 ) $ (1,640 ) State tax benefit, net of federal benefit (1,083 ) (698 ) (313 ) Change in valuation allowance 7,359 4,549 1,975 Research and development credits (904 ) (119 ) (53 ) Other 574 19 31 $ — $ — $ — |
Significant Components of the Company's Deferred Taxes | The significant components of our deferred taxes are as follows (in thousands): Year Ended December 31, 2015 2014 Deferred tax assets (liabilities): Net operating loss carryforwards $ 9,857 $ 4,723 Start-up costs 1,612 1,736 Stock-based compensation 1,413 53 Tax credit carryforwards 1,296 274 Accruals 195 227 Other (2 ) (1 ) Total deferred tax assets 14,371 7,012 Less: valuation allowance (14,371 ) (7,012 ) Net deferred income taxes $ — — |
Quarterly Results of Operatio26
Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Unaudited Quarterly Financial Data | The following table presents our unaudited quarterly financial data. Our quarterly results of operations for these periods are not necessarily indicative of our future results of operations. Three months ended March 31 June 30 September 30 December 31 2015 (In thousands) Operating expenses: Research and development $ 2,069 $ 3,131 $ 3,850 $ 10,766 General and administrative 1,372 4,246 5,174 5,389 Total operating expenses 3,441 7,377 9,024 16,155 Loss from operations (3,441 ) (7,377 ) (9,024 ) (16,155 ) Interest income — 1 33 183 Interest expense — — — (36 ) Net loss $ (3,441 ) $ (7,376 ) $ (8,991 ) $ (16,008 ) Net loss per common share, basic and diluted $ (0.81 ) $ (1.60 ) $ (0.36 ) $ (0.39 ) Three months ended March 31 June 30 September 30 December 31 2014 (In thousands) Operating expenses: Research and development $ 1,199 $ 1,801 $ 2,469 $ 2,712 General and administrative 401 967 660 923 Total operating expenses 1,600 2,768 3,129 3,635 Loss from operations (1,600 ) (2,768 ) (3,129 ) (3,635 ) Interest income 7 5 — — Net loss $ (1,593 ) $ (2,763 ) $ (3,129 ) $ (3,635 ) Net loss per common share, basic and diluted $ (0.54 ) $ (0.94 ) $ (1.07 ) $ (1.24 ) |
Formation and Business of the27
Formation and Business of the Company - Additional Information (Details) $ / shares in Units, $ in Thousands | Aug. 11, 2015USD ($)$ / sharesshares | Jul. 30, 2015shares | Dec. 31, 2015USD ($)$ / sharesshares | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($)$ / sharesshares | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2013USD ($) |
Organization And Description Of Business [Line Items] | |||||||||||||
Net loss | $ | $ 16,008 | $ 8,991 | $ 7,376 | $ 3,441 | $ 3,635 | $ 3,129 | $ 2,763 | $ 1,593 | $ 35,816 | $ 11,120 | $ 4,825 | ||
Net cash used in operating activities | $ | 35,690 | 9,777 | $ 4,362 | ||||||||||
Accumulated deficit | $ | $ 53,333 | $ 17,517 | $ 53,333 | $ 17,517 | |||||||||
Proceeds from initial public offering, net of underwriting discount and commissions | $ | $ 168,100 | ||||||||||||
Common stock, shares outstanding | 42,238,900 | 4,252,248 | 42,238,900 | 4,252,248 | |||||||||
Description of stock split | On July 30, 2015, we effected a 1-for-1.317 stock split of our common stock and convertible preferred stock. | ||||||||||||
Stock split conversion ratio | 0.7593 | ||||||||||||
Common stock, shares authorized | 55,051,264 | 290,000,000 | 32,925,000 | 290,000,000 | 32,925,000 | ||||||||
Preferred stock, shares authorized | 25,051,264 | 10,000,000 | 0 | 10,000,000 | 0 | ||||||||
Common stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||||||
Preferred stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||||||
IPO | |||||||||||||
Organization And Description Of Business [Line Items] | |||||||||||||
Common stock, shares issued | 11,499,999 | ||||||||||||
Common stock issued price per share | $ / shares | $ 16 | ||||||||||||
Shares issued pursuant to exercise of underwriters' option | 1,499,999 | ||||||||||||
Outstanding shares of convertible preferred stock converted into common stock | 25,100,000 | ||||||||||||
Common stock, shares outstanding | 42,238,900 | 42,238,900 | |||||||||||
Common stock, shares authorized | 290,000,000 | ||||||||||||
Preferred stock, shares authorized | 10,000,000 | ||||||||||||
Common stock, par value | $ / shares | $ 0.0001 | ||||||||||||
Preferred stock, par value | $ / shares | $ 0.0001 |
Summary of Significant Accoun28
Summary of Significant Accounting Policies - Additional Information (Details) | 12 Months Ended | ||
Dec. 31, 2015USD ($)Segmentshares | Dec. 31, 2014USD ($)shares | Dec. 31, 2013USD ($) | |
Accounting Policies [Abstract] | |||
Number of reportable segments | Segment | 1 | ||
Impairment of any long lived assets | $ | $ 0 | $ 0 | $ 0 |
Stock options granted | shares | 4,192,485 | 1,635,681 |
Summary of Significant Accoun29
Summary of Significant Accounting Policies - Schedule of Useful Lives of Property and Equipment (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Furniture And Office Equipment | |
Property Plant And Equipment [Line Items] | |
Useful lives of property and equipment | 4 years |
Computer Equipment | |
Property Plant And Equipment [Line Items] | |
Useful lives of property and equipment | 3 years |
Buildings | |
Property Plant And Equipment [Line Items] | |
Useful lives of property and equipment | 25 years |
Fixtures | |
Property Plant And Equipment [Line Items] | |
Useful lives of property and equipment | 10 years |
Summary of Significant Accoun30
Summary of Significant Accounting Policies -Schedule of Antidilutive Securities Excluded from Computation of Diluted Net Loss per Share (Details) - shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Series A Convertible Preferred Stock | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of diluted net loss per share | 13,263,967 | 10,769,030 | |
Stock Options | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of diluted net loss per share | 4,814,892 | 2,566,559 | 2,247,212 |
Available-for-Sale Securities31
Available-for-Sale Securities and Fair Value Measurements - Summary of Financial Instruments Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Investments: | ||
Total investments | $ 123,150 | |
Level 1 | ||
Investments: | ||
Total investments | 100 | |
Level 2 | ||
Investments: | ||
Total investments | 123,050 | |
Fair Value Measurements Recurring | ||
Cash and cash equivalents | ||
Total cash and cash equivalents | 76,677 | |
Fair Value Measurements Recurring | Commercial Paper | ||
Cash and cash equivalents | ||
Total cash and cash equivalents | 3,499 | |
Investments: | ||
Total investments | 17,843 | |
Fair Value Measurements Recurring | Certificates of Deposit | ||
Investments: | ||
Total investments | 100 | |
Fair Value Measurements Recurring | US Government Securities | ||
Investments: | ||
Total investments | 12,286 | |
Fair Value Measurements Recurring | Corporate Debt Securities | ||
Cash and cash equivalents | ||
Total cash and cash equivalents | 2,000 | |
Investments: | ||
Total investments | 49,596 | |
Fair Value Measurements Recurring | Agency Securities | ||
Cash and cash equivalents | ||
Total cash and cash equivalents | 9,701 | |
Investments: | ||
Total investments | 43,325 | |
Fair Value Measurements Recurring | Cash and money market funds | ||
Cash and cash equivalents | ||
Total cash and cash equivalents | 61,477 | |
Fair Value Measurements Recurring | Level 1 | ||
Cash and cash equivalents | ||
Total cash and cash equivalents | 61,477 | |
Fair Value Measurements Recurring | Level 1 | Certificates of Deposit | ||
Investments: | ||
Total investments | 100 | |
Fair Value Measurements Recurring | Level 1 | Cash and money market funds | ||
Cash and cash equivalents | ||
Total cash and cash equivalents | 61,477 | |
Fair Value Measurements Recurring | Level 2 | ||
Cash and cash equivalents | ||
Total cash and cash equivalents | 15,200 | |
Fair Value Measurements Recurring | Level 2 | Commercial Paper | ||
Cash and cash equivalents | ||
Total cash and cash equivalents | 3,499 | |
Investments: | ||
Total investments | 17,843 | |
Fair Value Measurements Recurring | Level 2 | US Government Securities | ||
Investments: | ||
Total investments | 12,286 | |
Fair Value Measurements Recurring | Level 2 | Corporate Debt Securities | ||
Cash and cash equivalents | ||
Total cash and cash equivalents | 2,000 | |
Investments: | ||
Total investments | 49,596 | |
Fair Value Measurements Recurring | Level 2 | Agency Securities | ||
Cash and cash equivalents | ||
Total cash and cash equivalents | 9,701 | |
Investments: | ||
Total investments | $ 43,325 | |
Fair Value Measurements Nonrecurring | ||
Cash and cash equivalents | ||
Total cash and cash equivalents | $ 2,269 | |
Fair Value Measurements Nonrecurring | Cash and money market funds | ||
Cash and cash equivalents | ||
Total cash and cash equivalents | 2,269 | |
Fair Value Measurements Nonrecurring | Level 1 | ||
Cash and cash equivalents | ||
Total cash and cash equivalents | 2,269 | |
Fair Value Measurements Nonrecurring | Level 1 | Cash and money market funds | ||
Cash and cash equivalents | ||
Total cash and cash equivalents | $ 2,269 |
Available-for-Sale Securities32
Available-for-Sale Securities and Fair Value Measurements - Summary of Aggregate Market Value, Cost Basis, and Gross Unrealized Gains and Losses of Available for Sale Investments by Security Type (Details) - Availableforsale Securities $ in Thousands | Dec. 31, 2015USD ($) |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |
Amortized Cost | $ 138,338 |
Gross unrealized gains | 30 |
Gross unrealized losses | (118) |
Total available-for-sale investments | 138,250 |
Commercial Paper | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |
Amortized Cost | 21,342 |
Total available-for-sale investments | 21,342 |
US Government Securities | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |
Amortized Cost | 12,308 |
Gross unrealized losses | (22) |
Total available-for-sale investments | 12,286 |
Corporate Debt Securities | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |
Amortized Cost | 51,626 |
Gross unrealized gains | 28 |
Gross unrealized losses | (58) |
Total available-for-sale investments | 51,596 |
Agency Securities | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |
Amortized Cost | 53,062 |
Gross unrealized gains | 2 |
Gross unrealized losses | (38) |
Total available-for-sale investments | $ 53,026 |
Available-for-Sale Securities33
Available-for-Sale Securities and Fair Value Measurements - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Fair Value Disclosures [Abstract] | |
Available-for-sale securities, gross realized gain (loss) | $ 0 |
Balance Sheet Components - Summ
Balance Sheet Components - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 2,855 | $ 125 |
Less: accumulated depreciation | (153) | (38) |
Property and equipment, net | 2,702 | 87 |
Furniture and Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 220 | 58 |
Computer Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 324 | $ 67 |
Manufacturing equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 458 | |
Construction in Progress | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 1,853 |
Balance Sheet Components - Addi
Balance Sheet Components - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Balance Sheet Related Disclosures [Abstract] | |||
Depreciation Expense | $ 115 | $ 29 | $ 9 |
Balance Sheet Components - Su36
Balance Sheet Components - Summary of Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accrued Liabilities Current [Abstract] | ||
Compensation and benefits | $ 1,645 | $ 645 |
Research and development | 972 | 542 |
Professional and consulting | 381 | 71 |
Other | 120 | 1 |
Total accrued liabilities | $ 3,118 | $ 1,259 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) | 1 Months Ended | 12 Months Ended | ||||
Jun. 30, 2015ft² | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Aug. 31, 2015ft² | Mar. 31, 2015ft² | |
Commitments And Contingencies [Line Items] | ||||||
Long-term purchase commitment amount | $ 1,200,000 | |||||
Long-term purchase commitment period | 5 years | |||||
Facility Leases | ||||||
Commitments And Contingencies [Line Items] | ||||||
Rent expense under operating leases | $ 551,000 | $ 131,000 | $ 42,000 | |||
Facility Leases | Corporate Headquarters | ||||||
Commitments And Contingencies [Line Items] | ||||||
Leased area | ft² | 26,355 | 11,665 | ||||
Term of lease | 72 months | |||||
Security deposit | $ 304,000 | |||||
Facility Leases | Manufacturing Facility | ||||||
Commitments And Contingencies [Line Items] | ||||||
Leased area | ft² | 20,000 | |||||
Security deposit | 35,000 | |||||
Term of lease | 120 months | |||||
Design costs related to building | 280,000 | |||||
Construction in progress for costs incurred by the lessor | $ 687,500 |
Commitments and Contingencies38
Commitments and Contingencies - Future Aggregate Minimum Lease Payments (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
2,016 | $ 1,624 |
2,017 | 2,184 |
2,018 | 1,886 |
2,019 | 1,871 |
2,020 | 1,945 |
and after | 2,537 |
Total | $ 12,047 |
Convertible Preferred Stock - A
Convertible Preferred Stock - Additional Information (Details) - USD ($) | Feb. 28, 2013 | Jan. 31, 2015 | Jun. 30, 2012 | Feb. 28, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jul. 30, 2015 | Apr. 30, 2013 |
Class Of Stock [Line Items] | |||||||||
Preferred stock, shares authorized | 10,000,000 | 0 | 25,051,264 | ||||||
Preferred stock, shares issued | 0 | 0 | |||||||
Preferred stock, par value | $ 0.0001 | $ 0.0001 | |||||||
Preferred stock, shares outstanding | 0 | 0 | |||||||
Convertible preferred stock cash dividend rate | 8.00% | ||||||||
Preferred stock dividends declared as of conversion | $ 0 | ||||||||
Minimum net proceeds from underwritten public offering to trigger automatic conversion | $ 40,000,000 | ||||||||
Convertible preferred stock conversion ratio | 100.00% | ||||||||
Minimum | |||||||||
Class Of Stock [Line Items] | |||||||||
Common stock issued price per share | $ 8.54 | ||||||||
Unsecured Convertible Promissory Note | |||||||||
Class Of Stock [Line Items] | |||||||||
Debt instrument face amount | $ 750,000 | ||||||||
Debt instrument, interest rate | 3.00% | ||||||||
Debt instrument, due date | Dec. 31, 2013 | ||||||||
Conversion of preferred stock discount rate | 15.00% | ||||||||
Series B Convertible Preferred Stock | |||||||||
Class Of Stock [Line Items] | |||||||||
Preferred stock, shares authorized | 0 | 0 | |||||||
Preferred stock, shares issued | 14,047,996 | 0 | 0 | ||||||
Preferred stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||
Preferred stock, redemption price per share | $ 5.69 | ||||||||
Share price (per share) | $ 5.69 | $ 5.69 | |||||||
Gross cash proceeds from preferred stock | $ 80,000,000 | ||||||||
Offering costs for issuance and sale of convertible preferred stock | $ 221,000 | ||||||||
Preferred stock, shares outstanding | 0 | 0 | |||||||
Series A Convertible Preferred Stock | |||||||||
Class Of Stock [Line Items] | |||||||||
Preferred stock, shares authorized | 0 | 13,263,967 | |||||||
Preferred stock, shares issued | 7,046,953 | 0 | 13,263,967 | 6,217,014 | |||||
Preferred stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||
Preferred stock, redemption price per share | $ 1.29 | $ 1.29 | |||||||
Share price (per share) | $ 1.29 | $ 1.29 | |||||||
Stock repurchased from investors | 2,260,706 | ||||||||
Repurchase of convertible preferred stock | $ 12,900,000 | $ 12,874,000 | |||||||
Offering costs for issuance and sale of convertible preferred stock | $ 61,000 | ||||||||
Preferred stock, shares outstanding | 0 | 13,263,967 | |||||||
Accrued interest | $ 14,000 | ||||||||
Conversion of convertible promissory note, convertible preferred stock (in shares) | 694,364 | 694,364 | |||||||
Discount on issuance of note | $ 112,000 | ||||||||
Unamortized discount recorded as interest expense | $ 88,000 | ||||||||
Series A Convertible Preferred Stock | Convertible Promissory Note | |||||||||
Class Of Stock [Line Items] | |||||||||
Convertible promissory note conversion price (per share) | $ 1.10 | $ 1.10 |
Convertible Preferred Stock - S
Convertible Preferred Stock - Schedule of Convertible Preferred Stock (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Jul. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Apr. 30, 2013 | Feb. 28, 2013 | Dec. 31, 2012 |
Class Of Stock [Line Items] | |||||||
Convertible preferred stock, Shares Authorized | 10,000,000 | 25,051,264 | 0 | ||||
Convertible preferred stock, Shares Issued | 0 | 0 | |||||
Convertible preferred stock, Shares Outstanding | 0 | 0 | |||||
Convertible preferred stock, Proceeds Net of Issuance Costs | $ 206,251 | $ 671 | $ 11,637 | $ (547) | |||
Series A Convertible Preferred Stock | |||||||
Class Of Stock [Line Items] | |||||||
Convertible preferred stock, Shares Authorized | 0 | 13,263,967 | |||||
Convertible preferred stock, Shares Issued | 0 | 13,263,967 | 6,217,014 | 7,046,953 | |||
Convertible preferred stock, Shares Outstanding | 0 | 13,263,967 | |||||
Convertible preferred stock, Proceeds Net of Issuance Costs | $ 16,928 | $ 16,928 | |||||
Convertible preferred stock, Aggregate Liquidation Preference | $ 0 | $ 16,989 |
Stock-Based Awards - Additional
Stock-Based Awards - Additional Information (Details) | 1 Months Ended | 12 Months Ended | ||
Jul. 31, 2015shares | Dec. 31, 2015USD ($)Grant$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Jan. 31, 2013shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of shares available for future grant | 4,443,479 | 639,625 | ||
Unvested shares outstanding | 4,814,892 | 2,566,559 | ||
Intrinsic Value of option exercised | $ | $ 400,000 | |||
Number of shares available for grant | 4,192,485 | 1,635,681 | ||
Expected dividend yield | 0.00% | |||
Stock Options | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock option granted, weighted average grant-date fair value | $ / shares | $ 6.11 | $ 0.09 | ||
Tax benefit realized from option | $ | $ 0 | |||
Unrecognized stock-based compensation expense | $ | $ 17,200,000 | $ 100,000 | ||
Expected recognized over weighted-average remaining vesting period | 3 years 2 months 23 days | 2 years 5 months 5 days | ||
Non-Employee | Stock Options | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of shares available for grant | 213,354 | |||
Number of grants issued | Grant | 1 | |||
Former Executive | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Accelerated stock compensation expense | $ | $ 1,400,000 | $ 0 | ||
Maximum | Stock Options | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Options vesting period | 4 years | |||
Minimum | Stock Options | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Options vesting period | 2 years | |||
2015 Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Common stock, shares reserved for issuance | 4,681,544 | |||
Number of shares available for future grant | 4,443,479 | 639,625 | ||
Minimum percentage of voting rights of all classes of stock | 10.00% | |||
Percentage of statutory stock options | 110.00% | |||
Options expiration period | 10 years | |||
2015 Plan | Maximum | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Options expiration period | 10 years | |||
2015 Plan | First Anniversary | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Options vesting period | 4 years | |||
Option vesting rights, percentage | 25.00% | |||
2015 Plan | Thereafter | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Option vesting rights, percentage | 2.08% | |||
2015 Plan | Over Two Years | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Options vesting period | 2 years | |||
Option vesting rights, percentage | 4.17% | |||
2015 Plan | Over Four Years | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Options vesting period | 4 years | |||
Option vesting rights, percentage | 2.08% | |||
2013 Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Common stock, shares reserved for issuance | 0 | |||
Unvested shares issued | 599,242 | 788,873 | ||
Unvested shares outstanding | 599,242 | 788,873 | ||
Exercise liability | $ | $ 221,000 | |||
Exercise liability current | $ | 144,000 | |||
Exercise liability non current | $ | $ 77,000 |
Stock-Based Awards - Summary of
Stock-Based Awards - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Shares Available for Grant | ||
Shares Available for Grant, Beginning Balance | 639,625 | |
Shares Available for Grant, Additional shares authorized | 7,908,194 | |
Shares Available for Grant, Shares retired upon adoption of 2015 Plan | (230,978) | |
Shares Available for Grant, Options granted | (4,192,485) | (1,635,681) |
Shares Available for Grant, Options repurchased | 222,324 | |
Shares Available for Grant, Options cancelled | 96,799 | |
Shares Available for Grant, Ending Balance | 4,443,479 | 639,625 |
Number of Options and Unvested Shares | ||
Number of Options and Unvested Shares, Beginning Balance | 2,566,559 | |
Number of Options and Unvested Shares, Options granted | 4,192,485 | 1,635,681 |
Number of Options and Unvested Shares, Options exercised and shares vested | (1,625,029) | |
Number of Options and Unvested Shares, Options repurchased | (222,324) | |
Number of Options and Unvested Shares, Options cancelled | (96,799) | |
Number of Options and Unvested Shares, Ending Balance | 4,814,892 | 2,566,559 |
Number of Options and Unvested Shares, Options vested and expected to vest as of December 31, 2015 | 4,366,507 | |
Number of Options and Unvested Shares, Options exercisable as of December 31, 2015 | 4,469,492 | |
Weighted-Average Exercise Price | ||
Weighted-Average Exercise Price, Beginning Balance | $ 0.14 | |
Weighted-Average Exercise Price, Options granted | 6.11 | |
Weighted-Average Exercise Price, Options exercised and shares vested | 0.17 | |
Weighted-Average Exercise Price, Options repurchased | 0.14 | |
Weighted-Average Exercise Price, Ending Balance | 5.20 | $ 0.14 |
Weighted-Average Exercise Price, Options vested and expected to vest as of December 31, 2015 | 5.56 | |
Weighted-Average Exercise Price, Options exercisable as of December 31, 2015 | $ 4.19 | |
Weighted Average Remaining Contractual Life (in years) | ||
Weighted Average Remaining Contractual Life (in years), Balance | 9 years 2 months 23 days | 9 years 2 months 9 days |
Weighted Average Remaining Contractual Life, Options vested and expected to vest as of December 31, 2015 | 9 years 22 days | |
Weighted Average Remaining Contractual Life, Options exercisable as of December 31, 2015 | 9 years 2 months 5 days | |
Aggregate Intrinsic Value, Ending Balances | $ 64,211 | |
Aggregate Intrinsic Value, Options vested and expected to vest as of December 31, 2015 | 56,274 | |
Aggregate Intrinsic Value, Options exercisable as of December 31, 2015 | $ 63,723 |
Stock-Based Awards - Schedule o
Stock-Based Awards - Schedule of Weighted Average Assumptions to Fair Value Stock Options (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions And Methodology [Abstract] | |||
Expected volatility | 74.14% | 79.62% | 85.52% |
Risk-free interest rate | 1.73% | 1.51% | 1.56% |
Expected dividend yield | 0.00% | ||
Expected term (in years) | 5 years 11 months 27 days | 4 years 7 months 24 days | 4 years 9 months 4 days |
Stock-Based Awards - Summary 44
Stock-Based Awards - Summary of Stock-based Compensation Expense Net of Estimated Forfeitures (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | $ 6,157 | $ 77 | $ 81 |
Research and Development | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | 2,522 | 23 | 21 |
General and Administrative | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | $ 3,635 | $ 54 | $ 60 |
Income Taxes - Summary of Incom
Income Taxes - Summary of Income Tax Expense Differed from Statutory Federal Tax Rate to the Loss Before Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Federal tax benefit at statutory rate | $ (5,946) | $ (3,751) | $ (1,640) |
State tax benefit, net of federal benefit | (1,083) | (698) | (313) |
Change in valuation allowance | 7,359 | 4,549 | 1,975 |
Research and development credits | (904) | (119) | (53) |
Other | $ 574 | $ 19 | $ 31 |
IncomeTaxes - Significant Compo
IncomeTaxes - Significant Components of the Company's Deferred Taxes (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets (liabilities): | ||
Net operating loss carryforwards | $ 9,857 | $ 4,723 |
Start-up costs | 1,612 | 1,736 |
Stock-based compensation | 1,413 | 53 |
Tax credit carryforwards | 1,296 | 274 |
Accruals | 195 | 227 |
Other | (2) | (1) |
Total deferred tax assets | 14,371 | 7,012 |
Less: valuation allowance | $ (14,371) | $ (7,012) |
Income Taxes Additional Informa
Income Taxes Additional Information (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Federal | |
Operating Loss Carryforwards [Line Items] | |
Operating loss, Net | $ 24.7 |
State | |
Operating Loss Carryforwards [Line Items] | |
Operating loss, Net | $ 24.7 |
Federal and State | |
Operating Loss Carryforwards [Line Items] | |
Net operating loss carryforward expiration year | 2,031 |
Quarterly Results of Operatio48
Quarterly Results of Operations (Unaudited) - Schedule of Unaudited Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating expenses | |||||||||||
Research and development | $ 10,766 | $ 3,850 | $ 3,131 | $ 2,069 | $ 2,712 | $ 2,469 | $ 1,801 | $ 1,199 | $ 19,816 | $ 8,181 | $ 3,495 |
General and administrative | 5,389 | 5,174 | 4,246 | 1,372 | 923 | 660 | 967 | 401 | 16,181 | 2,951 | 1,263 |
Total operating expenses | 16,155 | 9,024 | 7,377 | 3,441 | 3,635 | 3,129 | 2,768 | 1,600 | 35,997 | 11,132 | 4,758 |
Loss from operations | (16,155) | (9,024) | (7,377) | (3,441) | (3,635) | (3,129) | (2,768) | (1,600) | (35,997) | (11,132) | (4,758) |
Interest income | 183 | 33 | 1 | 5 | 7 | 217 | 12 | 24 | |||
Interest expense | (36) | (36) | (91) | ||||||||
Net loss | $ (16,008) | $ (8,991) | $ (7,376) | $ (3,441) | $ (3,635) | $ (3,129) | $ (2,763) | $ (1,593) | $ (35,816) | $ (11,120) | $ (4,825) |
Net loss per common share, basic and diluted | $ (0.39) | $ (0.36) | $ (1.60) | $ (0.81) | $ (1.24) | $ (1.07) | $ (0.94) | $ (0.54) | $ (1.88) | $ (3.80) | $ (1.65) |