Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Jul. 31, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | AIMT | |
Entity Registrant Name | AIMMUNE THERAPEUTICS, INC. | |
Entity Central Index Key | 1,631,650 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 42,254,366 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 74,430 | $ 76,677 |
Short-term investments | 94,538 | 115,158 |
Prepaid expenses and other current assets | 3,782 | 5,622 |
Total current assets | 172,750 | 197,457 |
Long-term investments | 2,804 | 7,992 |
Property and equipment, net | 7,032 | 2,702 |
Prepaid expenses and other assets | 3,110 | 4,210 |
Total assets | 185,696 | 212,361 |
Current liabilities: | ||
Accounts payable | 1,261 | 1,863 |
Accrued liabilities | 4,433 | 3,118 |
Other current liabilities | 150 | 117 |
Total current liabilities | 5,844 | 5,098 |
Other liabilities | 1,323 | 1,012 |
Total liabilities | 7,167 | 6,110 |
Commitments and contingencies (Note 5) | ||
Stockholders’ equity: | ||
Common stock, par value $0.0001 per share—290,000 shares authorized as of June 30, 2016, and December 31, 2015; 42,304 and 42,239 shares issued and outstanding as of June 30, 2016, and December 31, 2015, respectively (including 415 and 599 shares subject to repurchase, legally issued and outstanding as of June 30, 2016, and December 31, 2015, respectively) | 4 | 4 |
Additional paid-in capital | 265,489 | 259,668 |
Accumulated other comprehensive income (loss) | 31 | (88) |
Accumulated deficit | (86,995) | (53,333) |
Total stockholders’ equity | 178,529 | 206,251 |
Total liabilities and stockholders’ equity | $ 185,696 | $ 212,361 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2016 | Dec. 31, 2015 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 290,000,000 | 290,000,000 |
Common stock, shares issued | 42,304,000 | 42,239,000 |
Common stock, shares outstanding | 42,304,000 | 42,239,000 |
Common Stock Subject to Repurchase | ||
Common stock, shares issued | 415,000 | 599,000 |
Common stock, shares outstanding | 415,000 | 599,000 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Operating expenses | ||||
Research and development | $ 11,820 | $ 3,131 | $ 21,796 | $ 5,200 |
General and administrative | 6,466 | 4,246 | 12,189 | 5,618 |
Total operating expenses | 18,286 | 7,377 | 33,985 | 10,818 |
Loss from operations | (18,286) | (7,377) | (33,985) | (10,818) |
Interest income | 231 | 1 | 446 | 1 |
Interest expense | (25) | (49) | ||
Other expense | (59) | (74) | ||
Net loss | (18,139) | (7,376) | (33,662) | (10,817) |
Other comprehensive loss, net of tax: | ||||
Unrealized gains on investments | 25 | 119 | ||
Comprehensive loss | $ (18,114) | $ (7,376) | $ (33,543) | $ (10,817) |
Net loss per common share, basic and diluted | $ (0.43) | $ (1.60) | $ (0.81) | $ (2.45) |
Weighted average shares used in computing net loss per common share, basic and diluted | 41,800 | 4,619 | 41,678 | 4,423 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Cash flows from operating activities: | ||
Net loss | $ (33,662) | $ (10,817) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Depreciation expense | 257 | 30 |
Stock-based compensation expense | 5,605 | 989 |
Investment premium amortization, net | 526 | |
Changes in operating assets and liabilities: | ||
Prepaid expenses | 3,097 | (563) |
Other assets | (129) | (85) |
Accounts payable | (645) | (169) |
Accrued liabilities | 1,314 | 1,537 |
Other liabilities | 317 | 284 |
Net cash used in operating activities | (23,320) | (8,794) |
Cash flows from investing activities: | ||
Purchase of property and equipment | (4,544) | (596) |
Purchase of investments | (81,290) | |
Maturities of investments | 106,691 | |
Change in restricted cash | (60) | |
Net cash provided by (used in) investing activities | 20,857 | (656) |
Cash flows from financing activities: | ||
Net cash proceeds from exercise of stock options, including early exercise | 216 | 214 |
Offering costs incurred for initial public offering | (1,436) | |
Net cash provided by financing activities | 216 | 65,683 |
Net increase (decrease) in cash and cash equivalents | (2,247) | 56,233 |
Cash and cash equivalents at the beginning of the period | 76,677 | 2,269 |
Cash and cash equivalents at the end of the period | $ 74,430 | 58,502 |
Supplemental schedule of non-cash investing and financing activities | ||
Capital expenditures funded through long term lease obligation | 600 | |
Series B Convertible Preferred Stock | ||
Cash flows from financing activities: | ||
Proceeds from issuance, net of issuance costs | 79,779 | |
Series A Convertible Preferred Stock | ||
Cash flows from financing activities: | ||
Repurchase of preferred stock | $ (12,874) |
Formation and Business of the C
Formation and Business of the Company | 6 Months Ended |
Jun. 30, 2016 | |
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 six months ended June 30, 2016, we incurred a net loss of $33.7 million and used $23.3 million of cash in operations. As of June 30, 2016, we had an accumulated deficit of $87.0 million, and we do not expect to experience positive cash flows in our near future. We have financed our operations to date primarily through private placements of equity securities and an 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 our 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. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Preparation The accompanying condensed consolidated financial statements have been prepared in accordance with Generally Accepted Accounting Principles, or GAAP, in the United States and applicable rules and regulations of the Securities and Exchange Commission, or SEC, regarding interim financial reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP have been condensed or omitted, and accordingly the balance sheet as of December 31, 2015, has been derived from audited consolidated financial statements at that date but does not include all of the information required by U.S. GAAP for complete financial statements. These condensed consolidated financial statements have been prepared on the same basis as our annual financial statements and, in the opinion of management, reflect all adjustments (consisting only of normal recurring adjustments) that are necessary for a fair presentation of our financial information. The results of operations for the quarter and six months ended June 30, 2016, are not necessarily indicative of the results to be expected for the year ending December 31, 2016, or for any other interim period or for any other future year. We operate in one reportable segment. The accompanying condensed consolidated financial statements and related financial information should be read in conjunction with the audited consolidated financial statements and the related notes thereto for the year ended December 31, 2015, included in our Annual Report on Form 10-K filed with the SEC. Basis of Consolidation The accompanying condensed consolidated financial statements include the accounts of our wholly-owned subsidiaries. All significant intercompany transactions have been eliminated. Use of Estimates The preparation of the accompanying condensed consolidated financial statements in accordance with U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of costs and expenses during the reporting period. We base our estimates and assumptions on historical experience when available and on various factors that we believe to be reasonable under the circumstances. We evaluate our estimates and assumptions on an ongoing basis. Our actual results could differ from these estimates under different assumptions or conditions. 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 of the underwriters’ option to purchase additional shares. We received proceeds of $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 25.1 million shares of common stock. As of June 30, 2016, we had 42,303,824 shares of common stock outstanding. In conjunction with 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. 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 condensed consolidated financial statements and the accompanying notes have been retroactively adjusted to give effect to the stock split for all periods presented. Significant Accounting Policies There have been no significant changes to the accounting policies during the quarter and six months ended June 30, 2016, as compared to the significant accounting policies described in Note 2 of the “Notes to Financial Statements” in our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2015. Recent Accounting Pronouncements In August 2014, the FASB issued Accounting Standards Update, or ASU, No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. In February 2016, the Financial Accounting Standards Board, or FASB, issued ASU No. 2016-02, Leases (Topic 842) . The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases. The standard is effective for interim and annual periods beginning after December 15, 2018, with early adoption permitted. The new standard is expected to impact our consolidated financial statements as we have certain operating lease arrangements for which we are the lessee. We are currently evaluating the impact the adoption of this new standard will have on our consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, Compensation—Stock Compensation (Topic 718) Improvements to Employee Share-Based Payment Accounting , which simplifies several aspects of accounting for share-based payment transactions including the income tax consequences, classification of awards as either equity or liabilities, classification on the statement of cash flows and accounting for forfeitures. The new standard is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years with early adoption permitted. We are currently evaluating the impact that the adoption of this new standard will have on our consolidated financial statements. |
Available-for-Sale Securities a
Available-for-Sale Securities and Fair Value Measurements | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Available-for-Sale Securities and Fair Value Measurements | 3. Available-for-Sale Securities and 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 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. The following table sets forth our financial instrumen ts that were measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands): June 30, 2016 Level 1 Level 2 Level 3 Total Cash and cash equivalents: Cash and money market funds $ 62,636 $ — $ — $ 62,636 Commercial paper — 11,794 — 11,794 Total cash and cash equivalents $ 62,636 $ 11,794 $ — $ 74,430 Investments Agency securities $ — $ 40,547 $ — $ 40,547 Corporate securities — 26,228 — 26,228 Commercial paper — 18,524 — 18,524 U.S. government securities — 12,043 — 12,043 Total investments $ — $ 97,342 $ — $ 97,342 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 U.S. government securities — 12,286 — 12,286 Total investments $ 100 $ 123,050 $ — $ 123,150 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. Investments are carried at fair value. During the quarter and six months ended June 30, 2016, there were no transfers between Level 1 and Level 2 of the fair value hierarchy. 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, are as follows (in thousands): June 30, 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Total Fair Value Agency securities $ 40,529 $ 20 $ (2 ) $ 40,547 Corporate securities 26,226 4 (2 ) 26,228 Commercial paper 30,318 — — 30,318 U.S. government securities 12,030 13 — 12,043 Total available-for-sale investments $ 109,103 $ 37 $ (4 ) $ 109,136 December 31, 2015 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 U.S. government securities 12,308 — (22 ) 12,286 Total available-for-sale investments $ 138,338 $ 30 $ (118 ) $ 138,250 At June 30, 2016, all of the available-for-sale securities have contractual maturities within two years. We periodically review our available-for-sale investments for other-than-temporary impairment loss. We consider factors such as the duration, severity and the reason for the decline in value, 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. During the quarter and six months ended June 30, 2016, we did not recognize any other-than-temporary impairment loss. All marketable securities with unrealized losses have been in a loss position for less than twelve months. |
Balance Sheet Components
Balance Sheet Components | 6 Months Ended |
Jun. 30, 2016 | |
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): June 30, 2016 December 31, 2015 Furniture and equipment $ 777 $ 220 Computer equipment 813 324 Manufacturing equipment 499 458 Construction in progress 5,353 1,853 Property and equipment 7,442 2,855 Less: accumulated depreciation (410 ) (153 ) Property and equipment, net $ 7,032 $ 2,702 Accrued Liabilities Accrued liabilities consisted of the following (in thousands): June 30, 2016 December 31, 2015 Compensation and benefits $ 2,076 $ 1,645 Research and development 1,629 972 Professional and consulting 536 381 Other 192 120 Total accrued liabilities $ 4,433 $ 3,118 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 5. Commitments and Contingencies 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 hold 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 We are currently not a party to any material legal proceedings. 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. |
Stock-based Compensation
Stock-based Compensation | 6 Months Ended |
Jun. 30, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 6. Stock-Based Compensation Equity Incentive Plan In January 2013, we adopted our Stock Plan (the “2013 Plan”) and in July 2015, we adopted a new Stock Plan (the “2015 Plan”). Upon consummation of our IPO, the 2013 Plan was terminated and no further shares are reserved for issuance under the 2013 Plan. As of June 30, 2016, there were 4.3 million shares reserved for future issuance under the 2015 Plan. As of June 30, 2016, there were 4.1 million shares subject to outstanding options under the 2013 Plan. The 2013 Plan allowed employees to exercise stock options in exchange for cash before the requisite service was 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 June 30, 2016, and Option activity under the 2015 Plan and 2013 Plan is set forth below: Options Outstanding Number Options and Unvested Shares Weighted- Average Exercise Price Weighted Average Remaining Contractual Life (in years) Aggregate Intrinsic Value (in thousands) Balance, December 31, 2015 4,814,892 $ 5.20 9.23 64,211 Options granted 1,997,775 $ 15.57 Options exercised and shares vested (248,994 ) $ 0.86 Options cancelled and retired (65,850 ) $ 0.14 Options cancelled (141,565 ) $ 7.11 Balance, June 30, 2016 6,356,258 $ 8.64 9.05 $ 13,845 Options vested and expected to vest as of June 30, 2016 6,068,919 $ 8.53 8.89 $ 13,882 Options exercisable as of June 30, 2016 4,106,567 $ 4.66 9.00 $ 25,290 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 June 30, 2016. The 2013 Plan provided for early exercise, therefore, all our outstanding stock options issued under that plan are exercisable. As of June 30, 2016 and 2015, there was $35.0 million and $5.7 million of unrecognized stock-based compensation expense related to stock options, which is expected to be recognized over the weighted-average remaining vesting period of 3.1 years and 3.6 years, respectively. Restricted stock unit, or RSU, activity under the 2015 Plan is set forth below: Shares Weighted Average Grant Date Fair Value Unvested Balance, December 31, 2015 — $ — Granted 17,000 14.01 Forfeited — — Vested — — Unvested Balance, June 30, 2016 17,000 $ 14.01 RSUs are measured based on the fair market value of the underlying stock on the date of grant and recognized as expense on a straight-line basis over the employee’s requisite service period (generally the vesting period). As of June 30, 2016, there was $0.2 million of unrecognized compensation expense related to unvested RSUs, which is expected to be recognized over a weighted-average period of 0.7 years. Valuation Assumptions The weighted-average assumptions used to estimate the fair value of stock options using the Black-Scholes option valuation model and the resulting weighted average fair value of stock options granted were as follows : Quarter Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Expected term (in years) 6.0 6.0 6.0 6.0 Expected volatility 74.6 % 75.8 % 74.4 % 75.8 % Risk free interest rate 1.4 % 1.7 % 1.8 % 1.7 % Dividend yield — % — % — — % Weighted average estimated fair value $ 8.50 $ 3.64 $ 10.24 $ 3.64 Stock-Based Compensation Expense Stock-based compensation expense, net of estimated forfeitures, reflected in the statements of operations and comprehensive loss is as follows (in thousands): Quarter Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Research and development $ 1,272 $ 88 $ 2,217 $ 96 General and administrative 1,802 875 3,388 893 Total stock-based compensation expense $ 3,074 $ 963 $ 5,605 $ 989 During the quarters ended June 30, 2016 and 2015, we recorded $0.1 million and $0.6 million, respectively, of stock-based compensation expense related to the acceleration of vesting of certain former executives’ stock options. |
Net Loss per Share
Net Loss per Share | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Net Loss per Share | 7. Net Loss per Share Basic net loss per share is calculated based on the weighted-average number of common shares outstanding during the periods presented. For periods in which we have generated a net loss, basic and diluted net loss per share are the same due to the requirement to exclude potentially dilutive securities, consisting of common shares underlying outstanding stock options and restricted stock units, which would have an anti-dilutive effect on 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: Quarter Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Convertible preferred stock — 25,051,257 — 21,713,994 Stock options and restricted stock units 6,373,258 1,942,218 6,373,258 3,672,867 |
Summary of Significant Accoun13
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Basis of Preparation | Basis of Preparation The accompanying condensed consolidated financial statements have been prepared in accordance with Generally Accepted Accounting Principles, or GAAP, in the United States and applicable rules and regulations of the Securities and Exchange Commission, or SEC, regarding interim financial reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP have been condensed or omitted, and accordingly the balance sheet as of December 31, 2015, has been derived from audited consolidated financial statements at that date but does not include all of the information required by U.S. GAAP for complete financial statements. These condensed consolidated financial statements have been prepared on the same basis as our annual financial statements and, in the opinion of management, reflect all adjustments (consisting only of normal recurring adjustments) that are necessary for a fair presentation of our financial information. The results of operations for the quarter and six months ended June 30, 2016, are not necessarily indicative of the results to be expected for the year ending December 31, 2016, or for any other interim period or for any other future year. We operate in one reportable segment. The accompanying condensed consolidated financial statements and related financial information should be read in conjunction with the audited consolidated financial statements and the related notes thereto for the year ended December 31, 2015, included in our Annual Report on Form 10-K filed with the SEC. |
Basis of Consolidation | Basis of Consolidation The accompanying condensed consolidated financial statements include the accounts of our wholly-owned subsidiaries. All significant intercompany transactions have been eliminated. |
Use of Estimates | Use of Estimates The preparation of the accompanying condensed consolidated financial statements in accordance with U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of costs and expenses during the reporting period. We base our estimates and assumptions on historical experience when available and on various factors that we believe to be reasonable under the circumstances. We evaluate our estimates and assumptions on an ongoing basis. Our actual results could differ from these estimates under different assumptions or conditions. |
Significant Accounting Policies | Significant Accounting Policies There have been no significant changes to the accounting policies during the quarter and six months ended June 30, 2016, as compared to the significant accounting policies described in Note 2 of the “Notes to Financial Statements” in our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2015. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In August 2014, the FASB issued Accounting Standards Update, or ASU, No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. In February 2016, the Financial Accounting Standards Board, or FASB, issued ASU No. 2016-02, Leases (Topic 842) . The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases. The standard is effective for interim and annual periods beginning after December 15, 2018, with early adoption permitted. The new standard is expected to impact our consolidated financial statements as we have certain operating lease arrangements for which we are the lessee. We are currently evaluating the impact the adoption of this new standard will have on our consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, Compensation—Stock Compensation (Topic 718) Improvements to Employee Share-Based Payment Accounting , which simplifies several aspects of accounting for share-based payment transactions including the income tax consequences, classification of awards as either equity or liabilities, classification on the statement of cash flows and accounting for forfeitures. The new standard is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years with early adoption permitted. We are currently evaluating the impact that the adoption of this new standard will have on our consolidated financial statements. |
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 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. |
Available-for-Sale Securities14
Available-for-Sale Securities and Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Summary of Financial Instruments Measured at Fair Value on a Recurring Basis | The following table sets forth our financial instrumen ts that were measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands): June 30, 2016 Level 1 Level 2 Level 3 Total Cash and cash equivalents: Cash and money market funds $ 62,636 $ — $ — $ 62,636 Commercial paper — 11,794 — 11,794 Total cash and cash equivalents $ 62,636 $ 11,794 $ — $ 74,430 Investments Agency securities $ — $ 40,547 $ — $ 40,547 Corporate securities — 26,228 — 26,228 Commercial paper — 18,524 — 18,524 U.S. government securities — 12,043 — 12,043 Total investments $ — $ 97,342 $ — $ 97,342 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 U.S. government securities — 12,286 — 12,286 Total investments $ 100 $ 123,050 $ — $ 123,150 |
Summary of Aggregate Market Value, Cost Basis and Gross Unrealized Gains and Losses of Available-for-Sale Investments by Security Type | 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, are as follows (in thousands): June 30, 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Total Fair Value Agency securities $ 40,529 $ 20 $ (2 ) $ 40,547 Corporate securities 26,226 4 (2 ) 26,228 Commercial paper 30,318 — — 30,318 U.S. government securities 12,030 13 — 12,043 Total available-for-sale investments $ 109,103 $ 37 $ (4 ) $ 109,136 December 31, 2015 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 U.S. 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) | 6 Months Ended |
Jun. 30, 2016 | |
Balance Sheet Related Disclosures [Abstract] | |
Summary of Property And Equipment, Net | Property and equipment, net consists of the following (in thousands): June 30, 2016 December 31, 2015 Furniture and equipment $ 777 $ 220 Computer equipment 813 324 Manufacturing equipment 499 458 Construction in progress 5,353 1,853 Property and equipment 7,442 2,855 Less: accumulated depreciation (410 ) (153 ) Property and equipment, net $ 7,032 $ 2,702 |
Summary of Accrued Liabilities | Accrued liabilities consisted of the following (in thousands): June 30, 2016 December 31, 2015 Compensation and benefits $ 2,076 $ 1,645 Research and development 1,629 972 Professional and consulting 536 381 Other 192 120 Total accrued liabilities $ 4,433 $ 3,118 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Stock Option Activity | Option activity under the 2015 Plan and 2013 Plan is set forth below: Options Outstanding Number Options and Unvested Shares Weighted- Average Exercise Price Weighted Average Remaining Contractual Life (in years) Aggregate Intrinsic Value (in thousands) Balance, December 31, 2015 4,814,892 $ 5.20 9.23 64,211 Options granted 1,997,775 $ 15.57 Options exercised and shares vested (248,994 ) $ 0.86 Options cancelled and retired (65,850 ) $ 0.14 Options cancelled (141,565 ) $ 7.11 Balance, June 30, 2016 6,356,258 $ 8.64 9.05 $ 13,845 Options vested and expected to vest as of June 30, 2016 6,068,919 $ 8.53 8.89 $ 13,882 Options exercisable as of June 30, 2016 4,106,567 $ 4.66 9.00 $ 25,290 |
Restricted Stock Unit Activity | Restricted stock unit, or RSU, activity under the 2015 Plan is set forth below: Shares Weighted Average Grant Date Fair Value Unvested Balance, December 31, 2015 — $ — Granted 17,000 14.01 Forfeited — — Vested — — Unvested Balance, June 30, 2016 17,000 $ 14.01 |
Schedule of Weighted Average Assumptions to Fair Value Stock Options | The weighted-average assumptions used to estimate the fair value of stock options using the Black-Scholes option valuation model and the resulting weighted average fair value of stock options granted were as follows : Quarter Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Expected term (in years) 6.0 6.0 6.0 6.0 Expected volatility 74.6 % 75.8 % 74.4 % 75.8 % Risk free interest rate 1.4 % 1.7 % 1.8 % 1.7 % Dividend yield — % — % — — % Weighted average estimated fair value $ 8.50 $ 3.64 $ 10.24 $ 3.64 |
Summary of Stock-based Compensation Expense Net of Estimated Forfeitures | Stock-Based Compensation Expense Stock-based compensation expense, net of estimated forfeitures, reflected in the statements of operations and comprehensive loss is as follows (in thousands): Quarter Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Research and development $ 1,272 $ 88 $ 2,217 $ 96 General and administrative 1,802 875 3,388 893 Total stock-based compensation expense $ 3,074 $ 963 $ 5,605 $ 989 |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
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: Quarter Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Convertible preferred stock — 25,051,257 — 21,713,994 Stock options and restricted stock units 6,373,258 1,942,218 6,373,258 3,672,867 |
Formation and Business of the18
Formation and Business of the Company - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |||||
Net loss | $ 18,139 | $ 7,376 | $ 33,662 | $ 10,817 | |
Net cash used in operating activities | 23,320 | $ 8,794 | |||
Accumulated deficit | $ 86,995 | $ 86,995 | $ 53,333 |
Summary of Significant Accoun19
Summary of Significant Accounting Policies - Additional Information (Details) $ / shares in Units, $ in Millions | Aug. 11, 2015USD ($)$ / sharesshares | Jul. 30, 2015shares | Jun. 30, 2016Segment$ / sharesshares | Dec. 31, 2015$ / sharesshares |
Significant Accounting Policies [Line Items] | ||||
Number of reportable segments | Segment | 1 | |||
Proceeds from initial public offering, net of underwriting discount and commissions | $ | $ 168.1 | |||
Common stock, shares outstanding | 42,304,000 | 42,239,000 | ||
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 | 290,000,000 | |
Preferred stock, shares authorized | 25,051,264 | |||
Common stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | ||
IPO | ||||
Significant Accounting Policies [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 | 42,303,824 | |||
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 |
Available-for-Sale Securities20
Available-for-Sale Securities and Fair Value Measurements - Summary of Financial Instruments Measured at Fair Value on a Recurring Basis (Details) - Fair Value Measurements Recurring - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Cash and cash equivalents | ||
Total cash and cash equivalents | $ 74,430 | $ 76,677 |
Investments | ||
Total investments | 97,342 | 123,150 |
Commercial Paper | ||
Cash and cash equivalents | ||
Total cash and cash equivalents | 11,794 | 3,499 |
Investments | ||
Total investments | 18,524 | 17,843 |
U.S. Government Securities | ||
Investments | ||
Total investments | 12,043 | 12,286 |
Certificates of Deposit | ||
Investments | ||
Total investments | 100 | |
Corporate Debt Securities | ||
Cash and cash equivalents | ||
Total cash and cash equivalents | 2,000 | |
Investments | ||
Total investments | 26,228 | 49,596 |
Agency Securities | ||
Cash and cash equivalents | ||
Total cash and cash equivalents | 9,701 | |
Investments | ||
Total investments | 40,547 | 43,325 |
Cash and money market funds | ||
Cash and cash equivalents | ||
Total cash and cash equivalents | 62,636 | 61,477 |
Level 1 | ||
Cash and cash equivalents | ||
Total cash and cash equivalents | 62,636 | 61,477 |
Investments | ||
Total investments | 100 | |
Level 1 | Certificates of Deposit | ||
Investments | ||
Total investments | 100 | |
Level 1 | Cash and money market funds | ||
Cash and cash equivalents | ||
Total cash and cash equivalents | 62,636 | 61,477 |
Level 2 | ||
Cash and cash equivalents | ||
Total cash and cash equivalents | 11,794 | 15,200 |
Investments | ||
Total investments | 97,342 | 123,050 |
Level 2 | Commercial Paper | ||
Cash and cash equivalents | ||
Total cash and cash equivalents | 11,794 | 3,499 |
Investments | ||
Total investments | 18,524 | 17,843 |
Level 2 | U.S. Government Securities | ||
Investments | ||
Total investments | 12,043 | 12,286 |
Level 2 | Corporate Debt Securities | ||
Cash and cash equivalents | ||
Total cash and cash equivalents | 2,000 | |
Investments | ||
Total investments | 26,228 | 49,596 |
Level 2 | Agency Securities | ||
Cash and cash equivalents | ||
Total cash and cash equivalents | 9,701 | |
Investments | ||
Total investments | $ 40,547 | $ 43,325 |
Available-for-Sale Securities21
Available-for-Sale Securities and Fair Value Measurements - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Fair Value Disclosures [Abstract] | |
Fair value assets transfers between level 1 to level 2 | $ 0 |
Fair value assets transfers between level 2 to level 1 | $ 0 |
Available-for-sale securities, maturities period | 2 years |
Other than temporary impairment losses | $ 0 |
Marketable securities unrealized losses position maximum period | 12 months |
Available-for-Sale Securities22
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 - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Amortized Cost | $ 109,103 | $ 138,338 |
Gross Unrealized Gains | 37 | 30 |
Gross Unrealized Losses | (4) | (118) |
Total Available-for-Sale Investments | 109,136 | 138,250 |
Commercial Paper | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Amortized Cost | 30,318 | 21,342 |
Total Available-for-Sale Investments | 30,318 | 21,342 |
U.S. Government Securities | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Amortized Cost | 12,030 | 12,308 |
Gross Unrealized Gains | 13 | |
Gross Unrealized Losses | (22) | |
Total Available-for-Sale Investments | 12,043 | 12,286 |
Corporate Debt Securities | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Amortized Cost | 26,226 | 51,626 |
Gross Unrealized Gains | 4 | 28 |
Gross Unrealized Losses | (2) | (58) |
Total Available-for-Sale Investments | 26,228 | 51,596 |
Agency Securities | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Amortized Cost | 40,529 | 53,062 |
Gross Unrealized Gains | 20 | 2 |
Gross Unrealized Losses | (2) | (38) |
Total Available-for-Sale Investments | $ 40,547 | $ 53,026 |
Balance Sheet Components - Summ
Balance Sheet Components - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Property Plant And Equipment [Line Items] | ||
Property and equipment | $ 7,442 | $ 2,855 |
Less: accumulated depreciation | (410) | (153) |
Property and equipment, net | 7,032 | 2,702 |
Furniture and Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment | 777 | 220 |
Computer Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment | 813 | 324 |
Manufacturing equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment | 499 | 458 |
Construction in Progress | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment | $ 5,353 | $ 1,853 |
Balance Sheet Components - Su24
Balance Sheet Components - Summary of Accrued Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Accrued Liabilities Current [Abstract] | ||
Compensation and benefits | $ 2,076 | $ 1,645 |
Research and development | 1,629 | 972 |
Professional and consulting | 536 | 381 |
Other | 192 | 120 |
Total accrued liabilities | $ 4,433 | $ 3,118 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Unvested shares outstanding | 6,356,258 | 6,356,258 | 4,814,892 | ||
Former Executive | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Accelerated stock based compensation expense | $ 100,000 | $ 600,000 | |||
Restricted Stock Units (RSUs) [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Unrecognized employee stock-based compensation | 200,000 | $ 200,000 | |||
Expected recognized over weighted-average remaining vesting period | 8 months 12 days | ||||
Stock Options | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Unrecognized employee stock-based compensation | $ 35,000,000 | $ 5,700,000 | $ 35,000,000 | $ 5,700,000 | |
Expected recognized over weighted-average remaining vesting period | 3 years 1 month 6 days | 3 years 7 months 6 days | |||
2013 Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Common stock, shares reserved for issuance | 0 | ||||
Share options outstanding | 4,100,000 | 4,100,000 | |||
Unvested shares issued | 415,171 | 415,171 | 599,242 | ||
Unvested shares outstanding | 415,171 | 415,171 | 599,242 | ||
Exercise liability | $ 144,000 | $ 144,000 | |||
Exercise liability current | 127,000 | 127,000 | |||
Exercise liability non current | $ 17,000 | $ 17,000 | |||
2015 Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Common stock, shares reserved for issuance | 4,300,000 | 4,300,000 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Dec. 31, 2015 | |
Number of Options and Unvested Shares | ||
Number of Options and Unvested Shares, Beginning Balance | 4,814,892 | |
Number of Options and Unvested Shares, Options granted | 1,997,775 | |
Number of Options and Unvested Shares, Options exercised and shares vested | (248,994) | |
Number of Options and Unvested Shares, Options cancelled and retired | (65,850) | |
Number of Options and Unvested Shares, Options cancelled | (141,565) | |
Number of Options and Unvested Shares, Ending Balance | 6,356,258 | 4,814,892 |
Number of Options and Unvested Shares, Options vested and expected to vest as of June 30,2016 | 6,068,919 | |
Number of Options and Unvested Shares, Options exercisable as of June 30, 2016 | 4,106,567 | |
Weighted-Average Exercise Price | ||
Weighted-Average Exercise Price, Beginning Balance | $ 5.20 | |
Weighted-Average Exercise Price, Options granted | 15.57 | |
Weighted-Average Exercise Price, Options exercised and shares vested | 0.86 | |
Weighted-Average Exercise Price, Options cancelled and retired | 0.14 | |
Weighted-Average Exercise Price, Options cancelled | 7.11 | |
Weighted-Average Exercise Price, Ending Balance | 8.64 | $ 5.20 |
Weighted-Average Exercise Price, Options vested and expected to vest as of June 30, 2016 | 8.53 | |
Weighted-Average Exercise Price, Options exercisable as of June 30, 2016 | $ 4.66 | |
Weighted Average Remaining Contractual Life (in years) | ||
Weighted Average Remaining Contractual Life (in years), Balance | 9 years 18 days | 9 years 2 months 23 days |
Weighted Average Remaining Contractual Life, Options vested and expected to vest as of June 30,2016 | 8 years 10 months 21 days | |
Weighted Average Remaining Contractual Life, Options exercisable as of June 30, 2016 | 9 years | |
Aggregate Intrinsic Value, Balance | $ 13,845 | $ 64,211 |
Aggregate Intrinsic Value, Options vested and expected to vest as of June 30, 2016 | 13,882 | |
Aggregate Intrinsic Value, Options exercisable as of June 30, 2016 | $ 25,290 |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted Stock Unit Activity (Details) - 2015 Plan - Restricted Stock Units (RSUs) [Member] | 6 Months Ended |
Jun. 30, 2016$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Shares, Granted | shares | 17,000 |
Unvested Shares, Ending Balance | shares | 17,000 |
Unvested Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares | $ 14.01 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | $ 14.01 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Weighted Average Assumptions to Fair Value Stock Options (Details) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions And Methodology [Abstract] | ||||
Expected term (in years) | 6 years | 6 years | 6 years | 6 years |
Expected volatility | 74.60% | 75.80% | 74.40% | 75.80% |
Risk free interest rate | 1.40% | 1.70% | 1.80% | 1.70% |
Weighted average estimated fair value | $ 8.50 | $ 3.64 | $ 10.24 | $ 3.64 |
Stock-Based Compensation - Su29
Stock-Based Compensation - Summary of Stock-based Compensation Expense Net of Estimated Forfeitures (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 3,074 | $ 963 | $ 5,605 | $ 989 |
Research and Development | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 1,272 | 88 | 2,217 | 96 |
General and Administrative | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 1,802 | $ 875 | $ 3,388 | $ 893 |
Net Loss per Share -Schedule of
Net Loss per Share -Schedule of Antidilutive Securities Excluded from Computation of Diluted Net Loss per Share (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
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 | 25,051,257 | 21,713,994 | ||
Stock Options and Restricted Stock Units | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of diluted net loss per share | 6,373,258 | 1,942,218 | 6,373,258 | 3,672,867 |