Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2018 | Jul. 31, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
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 | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 58,477,440 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 142,157 | $ 73,487 |
Short-term investments | 147,843 | 108,943 |
Prepaid expenses and other current assets | 6,826 | 6,681 |
Total current assets | 296,826 | 189,111 |
Long-term investments | 5,901 | |
Property and equipment, net | 23,265 | 17,205 |
Prepaid expenses and other assets | 664 | 618 |
Total assets | 326,656 | 206,934 |
Current liabilities: | ||
Accounts payable | 8,211 | 5,095 |
Accrued liabilities | 27,844 | 21,478 |
Other current liabilities | 39 | 26 |
Total current liabilities | 36,094 | 26,599 |
Other liabilities | 2,724 | 2,530 |
Total liabilities | 38,818 | 29,129 |
Commitments and contingencies (Note 5) | ||
Stockholders’ equity: | ||
Common stock, par value $0.0001 per share—290,000 shares authorized as of June 30, 2018, and December 31, 2017; 58,461 and 51,091 shares issued and outstanding as of June 30, 2018, and December 31, 2017, respectively (including 0 and 47 shares subject to repurchase, legally issued and outstanding as of June 30, 2018, and December 31, 2017, respectively) | 6 | 5 |
Additional paid-in capital | 655,490 | 443,390 |
Accumulated other comprehensive loss | (123) | (108) |
Accumulated deficit | (367,535) | (265,482) |
Total stockholders’ equity | 287,838 | 177,805 |
Total liabilities and stockholders’ equity | $ 326,656 | $ 206,934 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2018 | Dec. 31, 2017 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 290,000,000 | 290,000,000 |
Common stock, shares issued | 58,461,000 | 51,091,000 |
Common stock, shares outstanding | 58,461,000 | 51,091,000 |
Common Stock Subject to Repurchase | ||
Common stock, shares issued | 0 | 47,000 |
Common stock, shares outstanding | 0 | 47,000 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Operating expenses | ||||
Research and development | $ 35,254 | $ 22,191 | $ 68,700 | $ 39,608 |
General and administrative | 18,559 | 10,813 | 35,232 | 19,737 |
Total operating expenses | 53,813 | 33,004 | 103,932 | 59,345 |
Loss from operations | (53,813) | (33,004) | (103,932) | (59,345) |
Interest income, net | 1,294 | 507 | 1,930 | 978 |
Loss before provision for income taxes | (52,519) | (32,497) | (102,002) | (58,367) |
Provision for income taxes | 33 | 50 | ||
Net loss | (52,552) | (32,497) | (102,052) | (58,367) |
Other comprehensive loss, net of tax: | ||||
Unrealized gains (losses) on investments | 2 | (13) | (15) | (108) |
Comprehensive loss | $ (52,550) | $ (32,510) | $ (102,067) | $ (58,475) |
Net loss per common share, basic and diluted | $ (0.91) | $ (0.65) | $ (1.83) | $ (1.16) |
Weighted average shares used in computing net loss per common share, basic and diluted | 57,903 | 50,230 | 55,752 | 50,150 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Cash flows from operating activities: | ||
Net loss | $ (102,052) | $ (58,367) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Depreciation expense | 738 | 387 |
Stock-based compensation expense | 16,281 | 7,792 |
Amortization of premium on investment securities | (225) | 400 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other assets | (191) | (23) |
Accounts payable | 2,559 | 883 |
Accrued liabilities | 6,366 | 5,414 |
Other liabilities | 207 | 162 |
Net cash used in operating activities | (76,317) | (43,352) |
Cash flows from investing activities: | ||
Purchase of property and equipment | (6,243) | (2,851) |
Purchase of investments | (133,208) | (74,859) |
Maturities of investments | 88,618 | 80,000 |
Net cash provided by (used in) investing activities | (50,833) | 2,290 |
Cash flows from financing activities: | ||
Proceeds from underwritten public offering, net of offering costs | 190,435 | |
Net cash proceeds from exercise of stock options, including early exercise | 5,385 | 1,503 |
Net cash provided by financing activities | 195,820 | 1,503 |
Net increase (decrease) in cash and cash equivalents | 68,670 | (39,559) |
Cash and cash equivalents at the beginning of the period | 73,487 | 124,010 |
Cash and cash equivalents at the end of the period | 142,157 | $ 84,451 |
Supplemental disclosure of non-cash investing and financing activities: | ||
Property and equipment purchases included in accounts payable and accrued liabilities | $ 556 |
Formation and Business of the C
Formation and Business of the Company | 6 Months Ended |
Jun. 30, 2018 | |
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, 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 quarter and six months ended June 30, 2018, we incurred a net loss of $52.6 million and $102.1 million, respectively, and during the six months ended June 30, 2018, we used $76.3 million of cash in operations. As of June 30, 2018, we had an accumulated deficit of $367.5 million, and we do not expect to experience positive cash flows in the near future. As of June 30, 2018, we had cash, cash equivalents and investments of $295.9 million. We believe that our existing capital resources will be sufficient to fund our planned operations for at least the next 12 months and through expected regulatory submission of a Biologics License Application, or BLA, and a Marketing Authorization Application, or MAA, for AR101, our lead CODIT TM |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2018 | |
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, 2017, 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, 2018, are not necessarily indicative of the results to be expected for the year ending December 31, 2018, 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, 2017, 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. Significant Accounting Policies There have been no significant changes to the accounting policies during the quarter and six months ended June 30, 2018, as compared to the significant accounting policies described in Note 2 of the “Notes to Consolidated Financial Statements” in our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2017, except as noted below. Recently Adopted Accounting Pronouncements In May 2017, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting We adopted ASU 2017-09 in the first quarter of 2018. There was no material impact to our condensed consolidated financial statements as a result of adopting this standard. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows – Restricted Cash (Topic 230) We adopted ASU 2016-18 in the first quarter of 2018. There was no material impact to our condensed consolidated financial statements as a result of adopting this standard. In October 2016, the FASB, issued ASU, 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers Other Than Inventory We adopted ASU 2016-16 in the first quarter of 2018. There was no material impact to our condensed consolidated financial statements as a result of adopting this standard. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments We adopted ASU 2016-15 in the first quarter of 2018. There was no material impact to our condensed consolidated financial statements as a result of adopting this standard. Recently Issued Accounting Pronouncements Not Yet Adopted In March 2017, the FASB issued ASU 2017-08, “ Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities We are currently evaluating the impact that the adoption of ASU 2017-08 will have on our consolidated financial statements and related disclosures. In June 2016, the FASB issued ASU 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which requires measurement and recognition of expected credit losses for financial assets held. ASU 2016-13 modifies the other-than-temporary impairment model for available-for-sale debt securities and requires an estimate of expected credit losses when the fair value is below the amortized cost of the asset. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the impact that the adoption of ASU 2016-13 will have on our consolidated financial statements and related disclosures. In February 2016, the FASB, issued ASU, No. 2016-02, Leases (Topic 842) |
Available-for-Sale Securities a
Available-for-Sale Securities and Fair Value Measurements | 6 Months Ended |
Jun. 30, 2018 | |
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 tables set 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, 2018 Level 1 Level 2 Level 3 Total Cash and cash equivalents: Cash and money market funds $ 142,157 $ — $ — $ 142,157 Agency securities — — — — Commercial paper — — — — Total cash and cash equivalents $ 142,157 $ — $ — $ 142,157 Investments: Agency securities $ — $ 3,762 $ — $ 3,762 Corporate securities — 38,194 — 38,194 Commercial paper — 11,452 — 11,452 U.S. government securities — 100,336 — 100,336 Total investments $ — $ 153,744 $ — $ 153,744 December 31, 2017 Level 1 Level 2 Level 3 Total Cash and cash equivalents: Cash and money market funds $ 39,072 $ — $ — $ 39,072 Corporate securities — 999 — 999 Commercial paper — 33,416 — 33,416 Total cash and cash equivalents $ 39,072 $ 34,415 $ — $ 73,487 Investments: Agency securities — 12,718 — 12,718 Corporate securities — 28,345 — 28,345 Commercial paper — 21,432 — 21,432 U.S. government securities — 46,448 — 46,448 Total investments $ — $ 108,943 $ — $ 108,943 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 quarters and six months ended June 30, 2018 and 2017, there were no transfers between Level 1 and Level 2 of the fair value hierarchy. 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 June 30, 2018 and December 31, 2017, are as follows June 30, 2018 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Total Fair Value Agency securities $ 3,766 $ — $ (4 ) $ 3,762 Corporate securities 38,257 — (63 ) 38,194 Commercial paper 11,452 — — 11,452 U.S. government securities 100,392 2 (58 ) 100,336 Total available-for-sale investments $ 153,867 $ 2 $ (125 ) $ 153,744 December 31, 2017 Amortized Cost Gross unrealized gains Gross unrealized losses Total fair value Agency securities $ 12,729 $ — $ (11 ) $ 12,718 Corporate securities 29,369 1 (26 ) 29,344 Commercial paper 54,848 — — 54,848 U.S. government securities 46,520 — (72 ) 46,448 Total available-for-sale investments $ 143,466 $ 1 $ (109 ) $ 143,358 At June 30, 2018, all of the available-for-sale securities have contractual maturities within thirteen months. 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 quarters and six months ended June 30, 2018 and 2017 |
Balance Sheet Components
Balance Sheet Components | 6 Months Ended |
Jun. 30, 2018 | |
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, 2018 December 31, 2017 Furniture and equipment $ 2,052 $ 1,655 Computer equipment 1,768 1,410 Manufacturing equipment 884 830 Leased equipment 100 100 Leasehold improvements 2,685 2,685 Buildings 688 688 Construction in progress 17,480 11,490 Property and equipment, gross 25,657 18,858 Less: accumulated depreciation (2,392 ) (1,653 ) Property and equipment, net $ 23,265 $ 17,205 Accrued Liabilities Accrued liabilities consisted of the following (in thousands): June 30, 2018 December 31, 2017 Compensation and benefits $ 5,161 $ 6,205 Research and development 18,871 12,716 Professional and consulting 3,646 2,370 Other 166 187 Total accrued liabilities $ 27,844 $ 21,478 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 5. Commitments and Contingencies Purchase Commitments We purchase food-grade peanut flour from Golden Peanut Company, or GPC, pursuant to a long-term exclusive commercial supply agreement, which was expanded and extended in January 2018. GPC is precluded from selling several peanut flour products to any third party worldwide for use in oral immunotherapy (OIT) for the treatment or cure of peanut allergy, provided that we are in compliance with our exclusive purchase obligation and meet specified annual purchase commitments. The restated agreement remains in effect until ten years five years. In connection with the expansion and extension of the agreement, we issued Archer Daniels Midland Company 300,000 Pursuant with the restated agreement, our purchase obligation commences with the first delivery of peanut flour for commercial use, which we currently anticipate will not occur prior to 2019. Assuming that our first delivery for commercial use occurs in 2019, which is not assured, the aggregate purchase commitment under this agreement would be $8.3 million over a term of ten 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 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, 2018 | |
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, 2018, there were 4.4 million shares reserved for future issuance under our 2015 Plan. As of June 30, 2018, there were 7.5 million shares subject to outstanding options under our 2013 Plan and 2015 Plan. Prior to its termination, 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, 2018 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, 2017 6,629,111 $ 14.15 8.2 $ 156,900 Options granted 1,890,300 $ 32.68 Options exercised and shares vested (766,078 ) $ 6.16 Options cancelled (236,971 ) $ 18.10 Balance, June 30, 2018 7,516,362 $ 19.50 7.8 $ 55,541 Options vested and expected to vest as of June 30, 2018 7,194,636 $ 19.20 7.8 $ 55,312 Options exercisable as of June 30, 2018 3,263,150 $ 11.98 8.2 $ 48,650 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, 2018. The 2013 Plan provided for early exercise, therefore, all our outstanding stock options issued under that plan are exercisable. As of June 30, 2018 and 2017, there was $64.2 million and $44.5 million, respectively, of unrecognized stock-based compensation expense related to stock options, which is expected to be recognized over the weighted-average remaining vesting period of 2.7 years and 2.9 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, 2017 16,638 $ 35.41 Awarded 346,962 33.44 Released — — Forfeited (3,026 ) 34.07 Unvested Balance, June 30, 2018 360,574 $ 33.72 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, 2018 In connection with the expansion and extension of our long-term exclusive commercial supply agreement with GPC, we issued 300,000 shares of restricted common stock in January 2018 (see Note 5). The restricted common stock vests in four tranches over a 3.5 year period, and is measured based on the fair market value of the underlying stock as the shares vest. As of June 30, 2018, all shares were restricted and total estimated unrecognized expense related to these restricted shares was $6.2 million based upon the fair market value of our common stock, which is expected to be recognized over the 3.5 year vesting period as general and administrative expense. Stock-based compensation expense recognized during the quarter and six months ended June 30, 2018 related to these shares was $0.8 million and $1.9 million. 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, 2018 2017 2018 2017 Expected term (in years) 6.0 6.0 6.0 6.0 Expected volatility 68.3 % 72.5 % 68.4 % 73.3 % Risk free interest rate 2.6 % 2.0 % 2.4 % 2.1 % Dividend yield — % — % — % — % Weighted average estimated fair value $ 19.10 $ 12.27 $ 20.51 $ 12.66 Stock-Based Compensation Expense Stock-based compensation expense, net of estimated forfeitures, reflected in the condensed consolidated statements of comprehensive loss is as follows (in thousands): Quarter Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Research and development $ 2,923 $ 1,191 $ 4,970 $ 2,177 General and administrative 5,751 3,008 11,311 5,615 Total stock-based compensation expense $ 8,674 $ 4,199 $ 16,281 $ 7,792 During the quarter and six months ended June 30, 2018, we recorded approximately $0.9 million and $2.1 million of stock-based compensation expense related to the acceleration of certain former executives’ stock options. |
Net Loss per Share
Net Loss per Share | 6 Months Ended |
Jun. 30, 2018 | |
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, 2018 2017 2018 2017 Stock options 7,516,362 7,004,645 7,516,362 7,004,645 Restricted stock units 360,574 — 360,574 — |
Related Party Transaction
Related Party Transaction | 6 Months Ended |
Jun. 30, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transaction | 8. Related Party Transaction In June 2017, Mark McDade, a member of our Board of Directors, joined the Board of Directors of MyHealthTeams, a private company that creates social networks for people living with chronic conditions by partnering with pharmaceutical and healthcare companies. We entered into an agreement with MyHealthTeams in 2015 under which they provide services to us. During the six months ended June 30, 2018 and 2017, there were no payments to MyHealthTeams pursuant to such agreement. At June 30, 2018 and December 31, 2017, t here was $0.1 million and zero, respectively in accrued liabilities due under the MyHealthTeams agreement In February and March 2018, we issued and sold an aggregate of 6,325,000 shares of our common stock in an underwritten public offering at a price to the public of $32.00 per share for total net proceeds of $190.4 million. The following aggregate number of shares of common stock were sold to our owners of more than 5% of our common stock, directors, or executive officers during the underwritten public offering: Number of Shares of Common Stock (#) Aggregate Purchase Price ($) Owners of More Than 5% of Our Common Stock Nestlé Health Science US Holdings, Inc. 937,500 30,000,000 Board of Directors Patrick G. Enright 15,593 498,976 Kathryn E. Falberg 30,000 960,000 Mark T. Iwicki 9,375 300,000 Officers Eric H. Bjerkholt 3,125 100,000 |
Summary of Significant Accoun14
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
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, 2017, 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, 2018, are not necessarily indicative of the results to be expected for the year ending December 31, 2018, 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, 2017, 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, 2018, as compared to the significant accounting policies described in Note 2 of the “Notes to Consolidated Financial Statements” in our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2017, except as noted below. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In May 2017, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting We adopted ASU 2017-09 in the first quarter of 2018. There was no material impact to our condensed consolidated financial statements as a result of adopting this standard. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows – Restricted Cash (Topic 230) We adopted ASU 2016-18 in the first quarter of 2018. There was no material impact to our condensed consolidated financial statements as a result of adopting this standard. In October 2016, the FASB, issued ASU, 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers Other Than Inventory We adopted ASU 2016-16 in the first quarter of 2018. There was no material impact to our condensed consolidated financial statements as a result of adopting this standard. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments We adopted ASU 2016-15 in the first quarter of 2018. There was no material impact to our condensed consolidated financial statements as a result of adopting this standard. |
Recently Issued Accounting Pronouncements Not Yet Adopted | Recently Issued Accounting Pronouncements Not Yet Adopted In March 2017, the FASB issued ASU 2017-08, “ Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities We are currently evaluating the impact that the adoption of ASU 2017-08 will have on our consolidated financial statements and related disclosures. In June 2016, the FASB issued ASU 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which requires measurement and recognition of expected credit losses for financial assets held. ASU 2016-13 modifies the other-than-temporary impairment model for available-for-sale debt securities and requires an estimate of expected credit losses when the fair value is below the amortized cost of the asset. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the impact that the adoption of ASU 2016-13 will have on our consolidated financial statements and related disclosures. In February 2016, the FASB, issued ASU, No. 2016-02, Leases (Topic 842) |
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 Securities15
Available-for-Sale Securities and Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Summary of Financial Instruments Measured at Fair Value on a Recurring Basis | The following tables set 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, 2018 Level 1 Level 2 Level 3 Total Cash and cash equivalents: Cash and money market funds $ 142,157 $ — $ — $ 142,157 Agency securities — — — — Commercial paper — — — — Total cash and cash equivalents $ 142,157 $ — $ — $ 142,157 Investments: Agency securities $ — $ 3,762 $ — $ 3,762 Corporate securities — 38,194 — 38,194 Commercial paper — 11,452 — 11,452 U.S. government securities — 100,336 — 100,336 Total investments $ — $ 153,744 $ — $ 153,744 December 31, 2017 Level 1 Level 2 Level 3 Total Cash and cash equivalents: Cash and money market funds $ 39,072 $ — $ — $ 39,072 Corporate securities — 999 — 999 Commercial paper — 33,416 — 33,416 Total cash and cash equivalents $ 39,072 $ 34,415 $ — $ 73,487 Investments: Agency securities — 12,718 — 12,718 Corporate securities — 28,345 — 28,345 Commercial paper — 21,432 — 21,432 U.S. government securities — 46,448 — 46,448 Total investments $ — $ 108,943 $ — $ 108,943 |
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, as of June 30, 2018 and December 31, 2017, are as follows (in thousands): June 30, 2018 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Total Fair Value Agency securities $ 3,766 $ — $ (4 ) $ 3,762 Corporate securities 38,257 — (63 ) 38,194 Commercial paper 11,452 — — 11,452 U.S. government securities 100,392 2 (58 ) 100,336 Total available-for-sale investments $ 153,867 $ 2 $ (125 ) $ 153,744 December 31, 2017 Amortized Cost Gross unrealized gains Gross unrealized losses Total fair value Agency securities $ 12,729 $ — $ (11 ) $ 12,718 Corporate securities 29,369 1 (26 ) 29,344 Commercial paper 54,848 — — 54,848 U.S. government securities 46,520 — (72 ) 46,448 Total available-for-sale investments $ 143,466 $ 1 $ (109 ) $ 143,358 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Balance Sheet Related Disclosures [Abstract] | |
Summary of Property And Equipment, Net | Property and equipment, net consists of the following (in thousands): June 30, 2018 December 31, 2017 Furniture and equipment $ 2,052 $ 1,655 Computer equipment 1,768 1,410 Manufacturing equipment 884 830 Leased equipment 100 100 Leasehold improvements 2,685 2,685 Buildings 688 688 Construction in progress 17,480 11,490 Property and equipment, gross 25,657 18,858 Less: accumulated depreciation (2,392 ) (1,653 ) Property and equipment, net $ 23,265 $ 17,205 |
Summary of Accrued Liabilities | Accrued liabilities consisted of the following (in thousands): June 30, 2018 December 31, 2017 Compensation and benefits $ 5,161 $ 6,205 Research and development 18,871 12,716 Professional and consulting 3,646 2,370 Other 166 187 Total accrued liabilities $ 27,844 $ 21,478 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
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, 2017 6,629,111 $ 14.15 8.2 $ 156,900 Options granted 1,890,300 $ 32.68 Options exercised and shares vested (766,078 ) $ 6.16 Options cancelled (236,971 ) $ 18.10 Balance, June 30, 2018 7,516,362 $ 19.50 7.8 $ 55,541 Options vested and expected to vest as of June 30, 2018 7,194,636 $ 19.20 7.8 $ 55,312 Options exercisable as of June 30, 2018 3,263,150 $ 11.98 8.2 $ 48,650 |
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, 2017 16,638 $ 35.41 Awarded 346,962 33.44 Released — — Forfeited (3,026 ) 34.07 Unvested Balance, June 30, 2018 360,574 $ 33.72 |
Schedule of Weighted Average Assumptions to Fair Value of 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, 2018 2017 2018 2017 Expected term (in years) 6.0 6.0 6.0 6.0 Expected volatility 68.3 % 72.5 % 68.4 % 73.3 % Risk free interest rate 2.6 % 2.0 % 2.4 % 2.1 % Dividend yield — % — % — % — % Weighted average estimated fair value $ 19.10 $ 12.27 $ 20.51 $ 12.66 |
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 condensed consolidated statements of comprehensive loss is as follows (in thousands): Quarter Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Research and development $ 2,923 $ 1,191 $ 4,970 $ 2,177 General and administrative 5,751 3,008 11,311 5,615 Total stock-based compensation expense $ 8,674 $ 4,199 $ 16,281 $ 7,792 |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
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, 2018 2017 2018 2017 Stock options 7,516,362 7,004,645 7,516,362 7,004,645 Restricted stock units 360,574 — 360,574 — |
Related Party Transaction (Tabl
Related Party Transaction (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Related Party Transactions [Abstract] | |
Schedule of Aggregate Number of Common Stock Sold to Owners | The following aggregate number of shares of common stock were sold to our owners of more than 5% of our common stock, directors, or executive officers during the underwritten public offering: Number of Shares of Common Stock (#) Aggregate Purchase Price ($) Owners of More Than 5% of Our Common Stock Nestlé Health Science US Holdings, Inc. 937,500 30,000,000 Board of Directors Patrick G. Enright 15,593 498,976 Kathryn E. Falberg 30,000 960,000 Mark T. Iwicki 9,375 300,000 Officers Eric H. Bjerkholt 3,125 100,000 |
Formation and Business of the20
Formation and Business of the Company - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |||||
Net loss | $ 52,552 | $ 32,497 | $ 102,052 | $ 58,367 | |
Net cash used in operating activities | 76,317 | $ 43,352 | |||
Accumulated deficit | 367,535 | 367,535 | $ 265,482 | ||
Cash, cash equivalents and investments | $ 295,900 | $ 295,900 |
Summary of Significant Accoun21
Summary of Significant Accounting Policies - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2018Segment | |
Accounting Policies [Abstract] | |
Number of reportable segments | 1 |
Available-for-Sale Securities22
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, 2018 | Dec. 31, 2017 |
Cash and cash equivalents | ||
Total cash and cash equivalents | $ 142,157 | $ 73,487 |
Investments: | ||
Total investments | 153,744 | 108,943 |
Commercial Paper | ||
Cash and cash equivalents | ||
Total cash and cash equivalents | 33,416 | |
Investments: | ||
Total investments | 11,452 | 21,432 |
U.S. Government Securities | ||
Investments: | ||
Total investments | 100,336 | 46,448 |
Corporate Debt Securities | ||
Cash and cash equivalents | ||
Total cash and cash equivalents | 999 | |
Investments: | ||
Total investments | 38,194 | 28,345 |
Agency Securities | ||
Investments: | ||
Total investments | 3,762 | 12,718 |
Cash and Money Market Funds | ||
Cash and cash equivalents | ||
Total cash and cash equivalents | 142,157 | 39,072 |
Level 1 | ||
Cash and cash equivalents | ||
Total cash and cash equivalents | 142,157 | 39,072 |
Level 1 | Cash and Money Market Funds | ||
Cash and cash equivalents | ||
Total cash and cash equivalents | 142,157 | 39,072 |
Level 2 | ||
Cash and cash equivalents | ||
Total cash and cash equivalents | 34,415 | |
Investments: | ||
Total investments | 153,744 | 108,943 |
Level 2 | Commercial Paper | ||
Cash and cash equivalents | ||
Total cash and cash equivalents | 33,416 | |
Investments: | ||
Total investments | 11,452 | 21,432 |
Level 2 | U.S. Government Securities | ||
Investments: | ||
Total investments | 100,336 | 46,448 |
Level 2 | Corporate Debt Securities | ||
Cash and cash equivalents | ||
Total cash and cash equivalents | 999 | |
Investments: | ||
Total investments | 38,194 | 28,345 |
Level 2 | Agency Securities | ||
Investments: | ||
Total investments | $ 3,762 | $ 12,718 |
Available-for-Sale Securities23
Available-for-Sale Securities and Fair Value Measurements - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | ||||
Fair value assets transfers between level 1 to level 2 | $ 0 | $ 0 | $ 0 | $ 0 |
Fair value assets transfers between level 2 to level 1 | 0 | 0 | $ 0 | 0 |
Available-for-sale securities, maturities period | 13 months | |||
Other than temporary impairment losses | $ 0 | $ 0 | $ 0 | $ 0 |
Marketable securities unrealized losses position maximum period | 12 months |
Available-for-Sale Securities24
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) - Available-for-sale Securities - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Amortized Cost | $ 153,867 | $ 143,466 |
Gross Unrealized Gains | 2 | 1 |
Gross Unrealized Losses | (125) | (109) |
Total Fair Value | 153,744 | 143,358 |
Commercial Paper | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Amortized Cost | 11,452 | 54,848 |
Total Fair Value | 11,452 | 54,848 |
U.S. Government Securities | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Amortized Cost | 100,392 | 46,520 |
Gross Unrealized Gains | 2 | |
Gross Unrealized Losses | (58) | (72) |
Total Fair Value | 100,336 | 46,448 |
Corporate Debt Securities | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Amortized Cost | 38,257 | 29,369 |
Gross Unrealized Gains | 1 | |
Gross Unrealized Losses | (63) | (26) |
Total Fair Value | 38,194 | 29,344 |
Agency Securities | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Amortized Cost | 3,766 | 12,729 |
Gross Unrealized Losses | (4) | (11) |
Total Fair Value | $ 3,762 | $ 12,718 |
Balance Sheet Components - Summ
Balance Sheet Components - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 25,657 | $ 18,858 |
Less: accumulated depreciation | (2,392) | (1,653) |
Property and equipment, net | 23,265 | 17,205 |
Furniture and Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 2,052 | 1,655 |
Computer Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 1,768 | 1,410 |
Manufacturing Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 884 | 830 |
Leased Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 100 | 100 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 2,685 | 2,685 |
Buildings | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 688 | 688 |
Construction in Progress | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 17,480 | $ 11,490 |
Balance Sheet Components - Su26
Balance Sheet Components - Summary of Accrued Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Accrued Liabilities Current [Abstract] | ||
Compensation and benefits | $ 5,161 | $ 6,205 |
Research and development | 18,871 | 12,716 |
Professional and consulting | 3,646 | 2,370 |
Other | 166 | 187 |
Total accrued liabilities | $ 27,844 | $ 21,478 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) $ in Millions | 1 Months Ended | 6 Months Ended |
Jan. 31, 2018USD ($)Trancheshares | Jun. 30, 2018USD ($) | |
Restricted Common Stock | ||
Commitments And Contingencies [Line Items] | ||
Long-term purchase commitment, shares issued, vesting period | 3 years 6 months | |
Archer Daniels Midland Company | ||
Commitments And Contingencies [Line Items] | ||
Long-term purchase commitment, restated agreement effective period after first delivery | 10 years | |
Long-term purchase commitment, optional extension period | 5 years | |
Long-term purchase commitment amount | $ 8.3 | |
Long-term purchase commitment period | 10 years | |
Archer Daniels Midland Company | Restricted Common Stock | ||
Commitments And Contingencies [Line Items] | ||
Long-term purchase commitment, shares issued | shares | 300,000 | |
Long-term purchase commitment, shares issued, vesting period | 3 years 6 months | |
Long-term purchase commitment, fair value | $ 11.7 | |
Number of tranches for vesting of shares | Tranche | 4 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Jan. 31, 2018 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Unvested shares outstanding | 7,516,362 | 7,516,362 | 6,629,111 | |||
Stock-based compensation expense | $ 8,674,000 | $ 4,199,000 | $ 16,281,000 | $ 7,792,000 | ||
Former Executive | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Accelerated stock compensation expense | 900,000 | 2,100,000 | ||||
Stock Options | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Unrecognized employee stock-based compensation | 64,200,000 | 44,500,000 | $ 64,200,000 | $ 44,500,000 | ||
Expected recognized over weighted-average remaining vesting period | 2 years 8 months 12 days | 2 years 10 months 24 days | ||||
Restricted Stock Units (RSUs) [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Unrecognized employee stock-based compensation | 10,000,000 | $ 0 | $ 10,000,000 | $ 0 | ||
Expected recognized over weighted-average remaining vesting period | 3 years 6 months | |||||
Restricted Common Stock | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Unrecognized employee stock-based compensation | 6,200,000 | $ 6,200,000 | ||||
Expected recognized over weighted-average remaining vesting period | 3 years 6 months | |||||
Long-term purchase commitment, shares issued, vesting period | 3 years 6 months | |||||
Stock-based compensation expense | $ 800,000 | $ 1,900,000 | ||||
Restricted Common Stock | Archer Daniels Midland Company | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Long-term purchase commitment, shares issued | 300,000 | |||||
Long-term purchase commitment, shares issued, vesting period | 3 years 6 months | |||||
2013 Plan | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Common stock, shares reserved for issuance | 0 | 0 | ||||
Unvested shares outstanding | 0 | 0 | 46,973 | |||
Unvested shares issued | 0 | 0 | 46,973 | |||
2015 Plan | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Common stock, shares reserved for issuance | 4,400,000 | 4,400,000 | ||||
2013 and 2015 Plan | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Unvested shares outstanding | 7,500,000 | 7,500,000 |
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, 2018 | Dec. 31, 2017 | |
Number of Options and Unvested Shares | ||
Number of Options and Unvested Shares, Beginning Balance | 6,629,111 | |
Number of Options and Unvested Shares, Options granted | 1,890,300 | |
Number of Options and Unvested Shares, Options exercised and shares vested | (766,078) | |
Number of Options and Unvested Shares, Options cancelled | (236,971) | |
Number of Options and Unvested Shares, Ending Balance | 7,516,362 | 6,629,111 |
Number of Options and Unvested Shares, Options vested and expected to vest as of June 30, 2018 | 7,194,636 | |
Number of Options and Unvested Shares, Options exercisable as of June 30, 2018 | 3,263,150 | |
Weighted-Average Exercise Price | ||
Weighted-Average Exercise Price, Beginning Balance | $ 14.15 | |
Weighted-Average Exercise Price, Options granted | 32.68 | |
Weighted-Average Exercise Price, Options exercised and shares vested | 6.16 | |
Weighted-Average Exercise Price, Options cancelled | 18.10 | |
Weighted-Average Exercise Price, Ending Balance | 19.50 | $ 14.15 |
Weighted-Average Exercise Price, Options vested and expected to vest as of June 30, 2018 | 19.20 | |
Weighted-Average Exercise Price, Options exercisable as of June 30, 2018 | $ 11.98 | |
Weighted Average Remaining Contractual Life (in years) | ||
Weighted Average Remaining Contractual Life (in years), Balance | 7 years 9 months 18 days | 8 years 2 months 12 days |
Weighted Average Remaining Contractual Life, Options vested and expected to vest as of June 30, 2018 | 7 years 9 months 18 days | |
Weighted Average Remaining Contractual Life, Options exercisable as of June 30, 2018 | 8 years 2 months 12 days | |
Aggregate Intrinsic Value, Balance | $ 55,541 | $ 156,900 |
Aggregate Intrinsic Value, Options vested and expected to vest as of June 30, 2018 | 55,312 | |
Aggregate Intrinsic Value, Options exercisable as of June 30, 2018 | $ 48,650 |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted Stock Unit Activity (Details) - 2015 Plan - Restricted Stock Units (RSUs) [Member] | 6 Months Ended |
Jun. 30, 2018$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Unvested Shares, Beginning Balance | shares | 16,638 |
Shares, Awarded | shares | 346,962 |
Shares, Forfeited | shares | (3,026) |
Unvested Shares, Ending Balance | shares | 360,574 |
Unvested Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares | $ 35.41 |
Weighted Average Grant Date Fair Value, Awarded | $ / shares | 33.44 |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 34.07 |
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares | $ 33.72 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Weighted Average Assumptions to Fair Value of Stock Options (Details) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
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 | 68.30% | 72.50% | 68.40% | 73.30% |
Risk free interest rate | 2.60% | 2.00% | 2.40% | 2.10% |
Weighted average estimated fair value | $ 19.10 | $ 12.27 | $ 20.51 | $ 12.66 |
Stock-Based Compensation - Su32
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, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 8,674 | $ 4,199 | $ 16,281 | $ 7,792 |
Research and Development | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 2,923 | 1,191 | 4,970 | 2,177 |
General and Administrative | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 5,751 | $ 3,008 | $ 11,311 | $ 5,615 |
Net Loss per Share - Schedule o
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, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Stock Options | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of diluted net loss per share | 7,516,362 | 7,004,645 | 7,516,362 | 7,004,645 |
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 | 360,574 | 360,574 |
Related Party Transaction - Add
Related Party Transaction - Additional Information (Details) - USD ($) | 2 Months Ended | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2018 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Related Party Transaction [Line Items] | ||||||
Aggregate number of common stock issued and sold | 6,325,000 | |||||
Underwritten public offering price per share | $ 32 | |||||
Proceeds from issuance of common stock | $ 190,400,000 | |||||
MyHealth Teams | ||||||
Related Party Transaction [Line Items] | ||||||
Payments to service agreement | $ 0 | $ 0 | $ 0 | $ 0 | ||
Accrued liabilities due | $ 100,000 | $ 100,000 | $ 0 |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Aggregate Number of Common Stock Sold to Owners (Details) - USD ($) | 2 Months Ended | 6 Months Ended |
Mar. 31, 2018 | Jun. 30, 2018 | |
Related Party Transaction [Line Items] | ||
Number of Shares of Common Stock | 6,325,000 | |
Aggregate Purchase Price | $ 190,400,000 | |
Nestlé Health Science US Holdings, Inc. | ||
Related Party Transaction [Line Items] | ||
Number of Shares of Common Stock | 937,500 | |
Aggregate Purchase Price | $ 30,000,000 | |
Patrick G. Enright | ||
Related Party Transaction [Line Items] | ||
Number of Shares of Common Stock | 15,593 | |
Aggregate Purchase Price | $ 498,976 | |
Kathryn E. Falberg | ||
Related Party Transaction [Line Items] | ||
Number of Shares of Common Stock | 30,000 | |
Aggregate Purchase Price | $ 960,000 | |
Mark T. Iwicki | ||
Related Party Transaction [Line Items] | ||
Number of Shares of Common Stock | 9,375 | |
Aggregate Purchase Price | $ 300,000 | |
Eric H. Bjerkholt | ||
Related Party Transaction [Line Items] | ||
Number of Shares of Common Stock | 3,125 | |
Aggregate Purchase Price | $ 100,000 |
Related Party Transactions - 36
Related Party Transactions - Schedule of Aggregate Number of Common Stock Sold to Owners (Parenthetical) (Details) | 6 Months Ended |
Jun. 30, 2018 | |
Related Party Transactions [Abstract] | |
Aggregate number of shares of common stock sold, ownership percentage of common stock | Owners of More Than 5% |