Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | Apr. 15, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | IDRA | |
Entity Registrant Name | IDERA PHARMACEUTICALS, INC. | |
Entity Central Index Key | 861,838 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 121,315,950 |
Condensed Balance Sheets (Unaud
Condensed Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 21,879 | $ 26,586 |
Short-term investments | 40,511 | 33,574 |
Prepaid expenses and other current assets | 3,129 | 3,082 |
Total current assets | 65,519 | 63,242 |
Long-term investments | 11,732 | 26,997 |
Property and equipment, net | 1,727 | 1,692 |
Restricted cash and other assets | 342 | 345 |
Total assets | 79,320 | 92,276 |
Current liabilities: | ||
Accounts payable | 958 | 1,169 |
Accrued expenses | 2,797 | 4,274 |
Current portion of note payable | 269 | 261 |
Current portion of deferred revenue | 1,111 | 1,111 |
Total current liabilities | 5,135 | 6,815 |
Deferred revenue, net of current portion | 985 | 1,262 |
Note payable, net of current portion | 431 | 501 |
Other liabilities | 91 | 116 |
Total liabilities | $ 6,642 | $ 8,694 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred stock, $0.01 par value, Authorized - 5,000 shares | ||
Common stock, $0.001 par value, Authorized - 280,000 shares; Issued and outstanding - 121,300 and 121,265 shares at March 31, 2016 and December 31, 2015, respectively | $ 121 | $ 121 |
Additional paid-in capital | 585,461 | 583,676 |
Accumulated deficit | (512,904) | (500,081) |
Accumulated other comprehensive income (loss) | (134) | |
Total stockholders' equity | 72,678 | 83,582 |
Total liabilities and stockholders' equity | 79,320 | 92,276 |
Series A Preferred Stock [Member] | ||
Stockholders' equity: | ||
Series A convertible preferred stock, Designated - 1,500 shares; Issued and outstanding - 1 share | $ 0 | $ 0 |
Condensed Balance Sheets (Unau3
Condensed Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2016 | Dec. 31, 2015 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 280,000,000 | 280,000,000 |
Common stock, shares issued | 121,300,000 | 121,265,000 |
Common stock, shares outstanding | 121,300,000 | 121,265,000 |
Series A Preferred Stock [Member] | ||
Preferred stock, shares designated | 1,500,000 | 1,500,000 |
Preferred stock, shares issued | 1,000 | 1,000 |
Preferred stock, shares outstanding | 1,000 | 1,000 |
Condensed Statements of Operati
Condensed Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | ||
Alliance revenue | $ 294 | $ 34 |
Operating expenses: | ||
Research and development | 9,296 | 8,720 |
General and administrative | 3,916 | 3,837 |
Total operating expenses | 13,212 | 12,557 |
Loss from operations | (12,918) | (12,523) |
Other income (expense): | ||
Interest income | 120 | 41 |
Interest expense | (23) | (27) |
Foreign currency exchange (loss) gain | (2) | 28 |
Net loss | $ (12,823) | $ (12,481) |
Basic and diluted net loss per common share (Note 13) | $ (0.11) | $ (0.12) |
Shares used in computing basic and diluted net loss per common share | 121,284 | 105,067 |
Net loss | $ (12,823) | $ (12,481) |
Other comprehensive income: | ||
Unrealized gain on available-for-sale securities | 134 | 18 |
Other comprehensive income | 134 | 18 |
Comprehensive loss | $ (12,689) | $ (12,463) |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash Flows from Operating Activities: | ||
Net loss | $ (12,823) | $ (12,481) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation | 1,716 | 1,346 |
Depreciation and amortization expense | 157 | 101 |
Accretion of premiums and discounts on investments | 195 | 86 |
Issuance of common stock for services rendered | 32 | 19 |
Non-employee stock option expense | 240 | |
Gain on sale of assets | 3 | |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | (46) | (532) |
Accounts payable, accrued expenses, and other liabilities | (1,812) | (1,488) |
Deferred revenue | (277) | |
Net cash used in operating activities | (12,855) | (12,709) |
Cash Flows from Investing Activities: | ||
Purchases of available-for-sale securities | (2,946) | (3,674) |
Proceeds from maturity of available-for-sale securities | 9,239 | 6,602 |
Proceeds from sale of available-for-sale securities | 1,974 | 999 |
Purchases of property and equipment | (90) | (105) |
Net cash provided by investing activities | 8,177 | 3,822 |
Cash Flows from Financing Activities: | ||
Proceeds from equity financings, net of issuance costs | 81,070 | |
Proceeds from exercise of common stock options and employee stock purchases | 36 | 121 |
Payments on note payable | (63) | |
Payments on capital lease | (2) | (2) |
Net cash (used in) provided by financing activities | (29) | 81,189 |
Net (decrease) increase in cash and cash equivalents | (4,707) | 72,302 |
Cash and cash equivalents, beginning of period | 26,586 | 19,971 |
Cash and cash equivalents, end of period | $ 21,879 | $ 92,273 |
Organization
Organization | 3 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | (1) Organization Idera Pharmaceuticals, Inc. (“Idera” or the “Company”) is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of novel therapeutics for oncology and rare diseases. The Company uses two distinct proprietary drug discovery technology platforms to design and develop drug candidates: its Toll-like receptor (“TLR”) targeting technology and its third-generation antisense (“3GA”) technology. The Company developed these platforms based on its scientific expertise and pioneering work with synthetic oligonucleotides as therapeutic agents. Using its TLR targeting technology, the Company designs synthetic oligonucleotide-based drug candidates to modulate the activity of specific TLRs. In addition, using its 3GA technology, the Company is developing drug candidates to turn off the messenger RNA, or mRNA, associated with disease causing genes. The Company believes that its 3GA technology may potentially reduce the immunotoxicity and increase the potency of earlier generation antisense and RNA interference, or RNAi, technologies. The Company is focused on the development of drug candidates for oncology and rare diseases characterized by small, well-defined patient populations with serious unmet medical needs. The Company plans to explore potential collaborative alliances to support late-stage development and commercialization of some of its drug candidates. The Company is developing IMO-8400, an antagonist of TLR7, TLR8 and TLR9, for the treatment of certain B-cell lymphomas in which the MYD88 L265P oncogenic mutation is present. Oncogenic mutations are changes in the DNA of tumor cells that promote the survival and proliferation of tumor cells. MYD88 is an adaptor protein in the TLR signaling pathway that mediates TLR signaling. The Company’s pipeline of drug candidates includes IMO-2125, a TLR9 agonist that may have potential applications as an immune therapy for the treatment of cancer. The Company has selected dermatomyositis as the first non-cancer rare disease for application of IMO-8400. The Company selected this indication for development based on the reported role of TLRs in the pathogenesis of the disease state, clinical feasibility, including ease of patient identification and availability of endpoints for regulatory approval, and commercial potential. At March 31, 2016, the Company had an accumulated deficit of $512,904,000. The Company expects to incur substantial operating losses in future periods. The Company does not expect to generate significant product revenue, sales-based milestones or royalties until the Company successfully completes development and obtains marketing approval for drug candidates, either alone or in collaborations with third parties, which the Company expects will take a number of years. In order to commercialize its drug candidates, the Company needs to complete clinical development and comply with comprehensive regulatory requirements. The Company is subject to a number of risks and uncertainties similar to those of other companies of the same size within the biotechnology industry, such as uncertainty of clinical trial outcomes, uncertainty of additional funding, and history of operating losses. |
New Accounting Pronouncements -
New Accounting Pronouncements - Recently Issued | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements - Recently Issued | (2) New Accounting Pronouncements – Recently Issued In May 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606), which was amended by ASU No. 2015-14. ASU No. 2014-09, as amended by ASU No. 2015-14, requires an entity to recognize revenue from the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In particular, this ASU addresses contracts with more than one performance obligation, as well as the accounting for some costs to obtain or fulfill a contract with a customer, and provides for additional disclosures with respect to revenues and cash flows arising from contracts with customers. This ASU will be effective for fiscal years beginning after December 15, 2017, including interim periods within that fiscal year. Early adoption of this ASU is permitted only for fiscal years beginning after December 15, 2016, including interim periods within that fiscal year. The Company is currently evaluating the effect that the adoption of this ASU will have on its financial statements. In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. ASU 2014-15 amends FASB ASC 205-40, Presentation of Financial Statements — Going Concern, by providing guidance on determining when and how reporting entities must disclose going-concern uncertainties in their financial statements, including requiring management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date of issuance of the entity’s financial statements and providing certain disclosures if there is substantial doubt about the entity’s ability to continue as a going concern. ASU 2014-15 will be effective for fiscal years ending after December 15, 2016 and for interim periods thereafter. Early adoption of ASU 2014-15 is permitted. The Company is currently evaluating ASU 2014-15 and has not yet adopted it. As described in Liquidity and Capital Resources elsewhere in this Form 10-Q, we believe that, based on our current operating plan, our existing cash, cash equivalents and investments will enable us to fund our operations into the third quarter of 2017. In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities. The amendments in ASU 2016-01 address certain aspects of recognition, measurement, presentation and disclosure of financial instruments. ASU 2016-01 will be effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption of some of the amendments included in ASU 2016-01 for financial statements of fiscal years or interim periods that have not yet been issued is permitted as of the beginning of the fiscal year of adoption. The Company is currently evaluating the effect that the adoption of ASU 2016-01 will have on its financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases. The amendments in ASU 2016-02 will require organizations that lease assets, with lease terms of more than 12 months, to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. Consistent with current U.S. Generally Accepted Accounting Principles (“U.S. GAAP”), the recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as a finance or operating lease. However, unlike current U.S. GAAP which requires only capital leases to be recognized on the balance sheet, ASU No. 2016-02 will require both types of leases to be recognized on the balance sheet. ASU 2016-02 will be effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the effect that the adoption of ASU 2016-02 will have on its financial statements. In March 2016, the FASB issued ASU No. 2016-06, Derivatives and Hedging (Topic 815) Contingent Put and Call Options in Debt Instruments. ASU 2016-06 amends FASB ASC 815-15 to clarify what steps are required when assessing whether the economic characteristics and risks of call (put) options are clearly and closely related to the economic characteristics and risks of their debt hosts, which is one of the criteria for bifurcating an embedded derivative. ASU 2016-06 will be effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. An entity should apply the amendments in ASU No. 2016-06 on a modified retrospective basis to existing debt instruments as of the beginning of the fiscal year for which the amendments are effective. Early adoption is permitted, including adoption in an interim period. The Company is currently evaluating the effect that the adoption of ASU 2016-06 will have on its financial statements. In March 2016, the FASB issued ASU No. 2016-09, Compensation — Stock Compensation (Topic 718). ASU 2016-09 will require organizations to recognize all income tax effects of awards in the income statement when the awards vest or are settled. ASU 2016-09 will also allow organizations to repurchase more shares from employees than they could previously purchase for tax withholding purposes without triggering liability accounting and to make a policy election to account for forfeitures as they occur. ASU 2016-09 will be effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption is permitted in any interim or annual period. The Company is currently evaluating the effect that the adoption of ASU 2016-09 will have on its financial statements. In April 2016, the FASB issued ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606). ASU 2016-10 amends ASC 606 to clarify two aspects of ASC 606, identifying performance obligations and the licensing implementation guidance, while retaining the related principles of those areas. The amendments in ASU 2016-10 do not change the core principle of the guidance in ASC 606. The amendments in ASU No. 2016-10 affect the guidance in ASU 2014-09, Revenue from Contracts with Customers (Topic 606) , |
Unaudited Interim Financial Sta
Unaudited Interim Financial Statements | 3 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Unaudited Interim Financial Statements | (3) Unaudited Interim Financial Statements The accompanying unaudited financial statements included herein have been prepared by the Company in accordance with U.S. GAAP for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, all adjustments, consisting of normal recurring adjustments, and disclosures considered necessary for a fair presentation of interim period results have been included. Interim results for the three months ended March 31, 2016 are not necessarily indicative of results that may be expected for the year ending December 31, 2016. For further information, refer to the financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2015, which was filed with the SEC on March 10, 2016. |
Financial Instruments
Financial Instruments | 3 Months Ended |
Mar. 31, 2016 | |
Investments, All Other Investments [Abstract] | |
Financial Instruments | (4) Financial Instruments The fair value of the Company’s financial instruments is determined and disclosed in accordance with the three-tier fair value hierarchy specified in Note 6, “Fair Value of Assets and Liabilities.” The Company is required to disclose the estimated fair values of its financial instruments. The Company’s financial instruments consist of cash, cash equivalents, available-for-sale investments, receivables and a note payable. The estimated fair values of these financial instruments approximate their carrying values as of March 31, 2016 and December 31, 2015. As of March 31, 2016 and December 31, 2015, the Company did not have any derivatives, hedging instruments or other similar financial instruments except for the note issued under the Company’s loan and security agreement, which is discussed in Note 5(a) to the financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015, including put and call features which the Company determined are clearly and closely associated with the debt host and do not require bifurcation as a derivative liability, or the fair value of the feature is immaterial. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 3 Months Ended |
Mar. 31, 2016 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents | (5) Cash and Cash Equivalents The Company considers all highly liquid investments with maturities of 90 days or less when purchased to be cash equivalents. Cash and cash equivalents at March 31, 2016 consisted of cash, commercial paper and money market funds. Cash and cash equivalents at December 31, 2015 consisted of cash and money market funds. |
Fair Value of Assets and Liabil
Fair Value of Assets and Liabilities | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Assets and Liabilities | (6) Fair Value of Assets and Liabilities The Company measures fair value at the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date using assumptions that market participants would use in pricing the asset or liability (the “inputs”) into a three-tier fair value hierarchy. This fair value hierarchy gives the highest priority (Level 1) to quoted prices in active markets for identical assets or liabilities and the lowest priority (Level 3) to unobservable inputs in which little or no market data exists, requiring companies to develop their own assumptions. Observable inputs that do not meet the criteria of Level 1, and include quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets and liabilities in markets that are not active, are categorized as Level 2. Level 3 inputs are those that reflect the Company’s estimates about the assumptions market participants would use in pricing the asset or liability, based on the best information available in the circumstances. Valuation techniques for assets and liabilities measured using Level 3 inputs may include unobservable inputs such as projections, estimates and management’s interpretation of current market data. These unobservable Level 3 inputs are only utilized to the extent that observable inputs are not available or cost-effective to obtain. The Company applies ASU No. 2011-04, Fair Value Measurement (Topic 820), in its fair value measurements and disclosures. The table below presents the assets and liabilities measured and recorded in the financial statements at fair value on a recurring basis at March 31, 2016 and December 31, 2015 categorized by the level of inputs used in the valuation of each asset and liability. (In thousands) Total Quoted Prices Significant Significant March 31, 2016 Assets Money market funds $ 20,189 $ 20,189 $ — $ — Other cash equivalents – commercial paper 1,500 — 1,500 — Short-term investments – corporate bonds 33,979 — 33,979 — Short-term investments – municipal bonds 6,532 — 6,532 — Long-term investments – corporate bonds 4,509 — 4,509 — Long-term investments – municipal bonds 7,223 — 7,223 — Total Assets $ 73,932 $ 20,189 $ 53,743 $ — Total Liabilities $ — $ — $ — $ — December 31, 2015 Assets Money market funds $ 26,056 $ 26,056 $ — $ — Short-term investments – commercial paper 3,974 — 3,974 — Short-term investments – corporate bonds 24,575 — 24,575 — Short-term investments – municipal bonds 5,025 — 5,025 — Long-term investments – corporate bonds 21,186 — 21,186 — Long-term investments – municipal bonds 5,811 — 5,811 — Total Assets $ 86,627 $ 26,056 $ 60,571 $ — Total Liabilities $ — $ — $ — $ — The Level 1 assets consist of money market funds, which are actively traded daily. The Level 2 assets consist of corporate bond, commercial paper and municipal bond investments whose fair value may not represent actual transactions of identical securities. The fair value of corporate and municipal bonds is generally determined from quoted market prices received from pricing services based upon quoted prices from active markets and/or other significant observable market transactions at fair value. The fair value of commercial paper is generally determined based on the relationship between the investment’s discount rate and the discount rates of the same issuer’s commercial paper available in the market which may not be actively traded daily. Since these fair values may not be based upon actual transactions of identical securities, they are classified as Level 2. Since any investments are classified as available-for-sale securities, any unrealized gains or losses are recorded in accumulated other comprehensive income or loss within stockholders’ equity on the balance sheet. The Company did not elect to measure any other financial assets or liabilities at fair value at March 31, 2016 or December 31, 2015. |
Investments
Investments | 3 Months Ended |
Mar. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | (7) Investments The Company’s available-for-sale investments at fair value consisted of the following at March 31, 2016 and December 31, 2015: March 31, 2016 Cost Gross Unrealized (Losses) Gross Unrealized Gains Estimated Fair Value (In thousands) Short-term investments – corporate bonds $ 34,006 $ (29 ) $ 2 $ 33,979 Short-term investments – municipal bonds 6,532 — — 6,532 Total short-term investments 40,538 (29 ) 2 40,511 Long-term investments – corporate bonds 4,505 (1 ) 5 4,509 Long-term investments – municipal bonds 7,200 — 23 7,223 Total long-term investments 11,705 (1 ) 28 11,732 Total investments $ 52,243 $ (30 ) $ 30 $ 52,243 December 31, 2015 Cost Gross Unrealized (Losses) Gross Unrealized Gains Estimated Fair Value (In thousands) Short-term investments – commercial paper $ 3,973 $ — $ 1 $ 3,974 Short-term investments – corporate bonds 24,600 (25 ) — 24,575 Short-term investments – municipal bonds 5,025 — — 5,025 Total short-term investments 33,598 (25 ) 1 33,574 Long-term investments – corporate bonds 21,289 (103 ) — 21,186 Long-term investments – municipal bonds 5,818 (9 ) 2 5,811 Total long-term investments 27,107 (112 ) 2 26,997 Total investments $ 60,705 $ (137 ) $ 3 $ 60,571 The Company had no realized gains or losses from available-for-sale securities in the three months ended March 31, 2016 and 2015. There were no losses or other-than-temporary declines in value included in “Interest income” on the Company’s condensed statements of operations and comprehensive loss for any securities for the three months ended March 31, 2016 and 2015. The Company had no auction rate securities as of March 31, 2016 and December 31, 2015. See Note 4, “Financial Instruments,” and Note 6, “Fair Value of Assets and Liabilities” for additional information related to the Company’s investments. |
Property and Equipment
Property and Equipment | 3 Months Ended |
Mar. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | (8) Property and Equipment At March 31, 2016 and December 31, 2015, net property and equipment at cost consisted of the following: (In thousands) March 31, 2016 December 31, 2015 Leasehold improvements $ 636 $ 603 Laboratory equipment and other 4,680 4,543 Total property and equipment, at cost 5,316 5,146 Less: accumulated depreciation 3,589 3,454 Property and equipment, net $ 1,727 $ 1,692 Depreciation and amortization expense on property and equipment was approximately $151,000 and $93,000 in the three months ended March 31, 2016 and 2015, respectively. There were $99,000 and $36,000 in non-cash property additions in the three months ended March 31, 2016 and 2015, respectively. |
Restricted Cash
Restricted Cash | 3 Months Ended |
Mar. 31, 2016 | |
Cash and Cash Equivalents [Abstract] | |
Restricted Cash | (9) Restricted Cash As part of the Company’s lease arrangement for its office and laboratory facility in Cambridge, Massachusetts, the Company is required to restrict cash held in a certificate of deposit securing a line of credit for the lessor. As of March 31, 2016 and December 31, 2015, the restricted cash amounted to $311,000 held in certificates of deposit securing a line of credit for the lessor. |
Comprehensive Loss
Comprehensive Loss | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Comprehensive Loss | (10) Comprehensive Loss Comprehensive income (loss) is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. Comprehensive loss for the three months ended March 31, 2016 and 2015 is comprised of reported net loss and any change in net unrealized gains and losses on investments during each period, which is included in accumulated other comprehensive income (loss) on the accompanying balance sheets. The Company applies ASU No. 2011-05, Comprehensive Income, by presenting the components of net income and other comprehensive income as one continuous statement. The following table includes the changes in the accumulated balance of the component of other comprehensive income (loss) for the three months ended March 31, 2016 and 2015: (In thousands) Three Months Three Months Accumulated unrealized loss on available-for-sale securities at beginning of period $ (134 ) $ (17 ) Change during the period 134 18 Accumulated unrealized income on available-for-sale securities at end of period $ — $ 1 |
Collaboration with GlaxoSmithKl
Collaboration with GlaxoSmithKline Intellectual Property Development Limited | 3 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Collaboration with GlaxoSmithKline Intellectual Property Development Limited | (11) Collaboration with GlaxoSmithKline Intellectual Property Development Limited On November 20, 2015, the Company entered into a collaboration and license agreement with GlaxoSmithKline Intellectual Property Development Limited (“GSK”) to license, research, develop and commercialize pharmaceutical compounds from the Company’s 3GA technology for the treatment of selected targets in renal disease (the “GSK Agreement”). The initial collaboration term is currently anticipated to last between two and four years. In connection with the GSK Agreement, GSK identified an initial target for Idera to attempt to identify a potential population of development candidates to address such target under a mutually agreed upon research plan, currently estimated to take 27 months to complete. From the population of identified development candidates, GSK may designate one development candidate in its sole discretion to move forward into clinical development. Once GSK designates a development candidate, GSK would be solely responsible for the development and commercialization activities for that designated development candidate. At any time during the first two years of the GSK Agreement, GSK has the option to select up to two additional targets, for further research under mutually agreed upon research plans. GSK may then designate one development candidate for each additional target, at which time GSK would have sole responsibility to develop and commercialize each such designated development candidate. In accordance with the GSK Agreement, a Joint Steering Committee (JSC) was formed with equal representation from Idera and GSK. The responsibilities of the JSC, include, but are not limited to monitoring the progress of the collaboration, reviewing research plans and dealing with disputes that may arise amongst the parties. If a dispute cannot be resolved by the JSC, GSK has final decision making authority. Under the terms of the GSK Agreement, the Company received a $2,500,000 upfront, non-refundable, non-creditable cash payment upon the execution of the GSK Agreement. The Company is eligible to receive up to approximately $100,000,000 in license, research, clinical development and commercialization milestone payments. Approximately $9,000,000 of these milestone payments are payable by GSK upon the identification of additional targets, the completion of current and future research plans and the designation of development candidates. Approximately $89,000,000 is payable by GSK upon the achievement of clinical milestones and commercial milestones. In addition, the Company is eligible to receive royalty payments on sales upon commercialization at varying rates of up to five percent on annual net sales, as defined in the GSK Agreement. Accounting Analysis The Company evaluated the GSK Agreement in accordance with the provisions of ASC 605-25. The GSK Agreement contains the following initial deliverables: (i) a collaboration license for Idera’s proprietary technology related to the initial target (the “Collaboration License”), (ii) research services (the “Research Services”), and (iii) participation in a Joint Steering Committee (the “JSC Deliverable”). The Company has determined that the options to choose up to two additional targets and to purchase additional collaboration licenses for the Company’s proprietary technology related to each additional target are substantive options. GSK is not contractually obligated to exercise the options. Moreover, as a result of the uncertain outcome of the research activities, there is significant uncertainty as to whether GSK will decide to exercise its options for any additional targets. Consequently, the Company is at risk with regard to whether GSK will exercise the options. The Company has determined that the options to choose up to two additional targets and to purchase additional collaboration licenses for the Company’s proprietary technology related to each additional target are not priced at a significant and incremental discount. The Company has concluded that the Collaboration License does not qualify for separation from the Research Services. As it relates to the assessment of standalone value, the Company has determined that GSK cannot fully exploit the value of the Collaboration License without receipt of the Research Services from the Company. The Research Services involve unique skills and specialized expertise, particularly as it relates to the Company’s proprietary technology, which is not available in the marketplace. Accordingly, GSK must obtain the Research Services from the Company which significantly limits the ability for GSK to utilize the Collaboration License for its intended purpose on a standalone basis. Therefore, the Collaboration License does not have standalone value from the Research Services. As a result, the Collaboration License and the Research Services have been combined as a single unit of accounting (the R&D Services Unit of Accounting). The Company has concluded that the JSC Deliverable identified at the inception of the arrangement has standalone value from the other deliverables noted based on its nature. Factors considered in this determination included, among other things, the capabilities of the collaboration partner, whether any other vendor sells the item separately, whether the value of the deliverable is dependent on the other elements in the arrangement, whether there are other vendors that can provide the items and if the customer could use the item for its intended purpose without the other deliverables in the arrangement. Therefore, the Company has identified two units of accounting in connection with its initial deliverables under the GSK Agreement as follows: (i) R&D Services Unit of Accounting, and (ii) JSC Deliverable. Allocable arrangement consideration at inception of the GSK Agreement is comprised of the up-front payment of $2.5 million, which was allocated to the R&D Services Unit of Accounting. No amount was allocated to the JSC Deliverable because the related best estimate of selling price was determined to be de minimus. The $2.5 million was recorded as deferred revenue in the Company’s balance sheet and is being recognized as revenue on a straight line basis as the Research Services are delivered over the estimated 27 month research plan period. The Company has determined that certain of the payments that may be received under the GSK Agreement are related to substantive milestones. Factors considered in the evaluation of the milestones included the degree of risk associated with the achievement of the milestone, the level of effort and investment required, whether the milestone consideration was reasonable relative to the deliverables and whether the milestone was earned at least in part based on the Company’s performance. Revenues from substantive milestones, if they are nonrefundable and non-creditable, are recognized as revenue upon successful achievement of the related milestone, including the successful completion of research plans. Clinical and commercial milestones are deemed non-substantive as they are based solely on GSK’s performance. Non-substantive milestones will be recognized when achieved to the extent the Company has no remaining performance obligations under the arrangement. Payments received in connection with GSK’s identification of additional targets will be recognized as revenue as the research services are delivered under the related research plans. The Company will recognize royalty revenue in the period of sale of the related product(s), based on the underlying contract terms, provided that the reported sales are reliably measurable and the Company has no remaining performance obligations, assuming all other revenue recognition criteria are met. The Company recognized as revenue approximately $277,000 of deferred revenue related to the GSK Agreement during the three months ended March 31, 2016. This revenue is classified as alliance revenue in the accompanying statements of operations and comprehensive loss. There was approximately $2,096,000 of deferred revenue related to the GSK Agreement at March 31, 2016, including approximately $1,111,000 classified as current portion of deferred revenue in the accompanying balance sheet. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | (12) Stock-Based Compensation The Company recognizes all stock-based payments to employees and directors as expense in the statements of operations and comprehensive loss based on their fair values. The Company records compensation expense over an award’s requisite service period, or vesting period, based on the award’s fair value at the date of grant. The Company’s policy is to charge the fair value of stock options as an expense, adjusted for forfeitures, on a straight-line basis over the vesting period, which is generally four years for employees and three years for directors. The Company recorded charges of $1,716,000 and $1,346,000 in its statements of operations and comprehensive loss for the three months ended March 31, 2016 and 2015, respectively, for stock-based compensation expense attributable to stock-based payments made to employees and directors. The fair value of each option award is estimated on the date of grant using the Black-Scholes option-pricing model. The following weighted average assumptions apply to the options to purchase 2,733,750 and 969,500 shares of common stock granted to employees and directors during the three months ended March 31, 2016 and 2015, respectively: Three Months Ended March 31, 2016 2015 Average risk free interest rate 1.5 % 1.2 % Expected dividend yield — — Expected lives (years) 4.1 4.2 Expected volatility 93.0 % 92.0 % Weighted average grant date fair value of options granted during the period (per share) $ 1.90 $ 2.98 Weighted average exercise price of options granted during the period (per share) $ 2.86 $ 4.50 The expected lives and the expected volatility of the options granted during the three months ended March 31, 2016 and 2015 are based on historical experience. All options granted during the three months ended March 31, 2016 and 2015 were granted at exercise prices equal to the fair market value of the common stock on the dates of grant. |
Net Loss per Common Share
Net Loss per Common Share | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Net Loss per Common Share | (13) Net Loss per Common Share For the three months ended March 31, 2016 and 2015, basic and diluted net loss per common share is computed using the weighted average number of shares of common stock outstanding during the period. Diluted net loss per common share is the same as basic net loss per common share as the effects of the Company’s potential common stock equivalents are antidilutive. Total antidilutive securities were 73,346,318 and 74,950,998 for the three months ended March 31, 2016 and 2015, respectively, and consist of stock options, preferred stock and warrants. |
Common Stock Option Exercises a
Common Stock Option Exercises and Employee Stock Purchases | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Common Stock Option Exercises and Employee Stock Purchases | (14) Common Stock Option Exercises and Employee Stock Purchases The Company issued common stock to employees as a result of stock option exercises and employee stock purchases as follows during the three months ended March 31, 2016 and 2015: Three Months Ended Three Months Ended (In thousands) Shares Proceeds Shares Proceeds Stock option exercises — $ — 25 $ 106 Employee stock purchases 24 36 6 15 Total 24 $ 36 31 $ 121 |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | (15) Related Party Transactions The Company issued 10,690 and 3,927 shares of common stock in lieu of director board and committee fees of approximately $32,000 and $19,000 pursuant to the Company’s director compensation program during the three months ended March 31, 2016 and 2015, respectively. The number of shares issued was calculated based on the market closing price of the Company’s common stock on the issuance date. See also Note 16, “Financing” for additional information on related party transactions. |
Financing
Financing | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure Text Block Supplement [Abstract] | |
Financing | (16) Financing On February 19, 2015, the Company closed a follow-on underwritten public offering, in which it sold 23,000,000 shares of common stock at a price to the public of $3.75 per share for aggregate gross proceeds of $86.3 million. The net proceeds to the Company from the offering, after deducting underwriters’ discounts and commissions and other offering costs and expenses, were $80.6 million. Investment funds affiliated with Baker Bros. Advisors LP, one of our principal stockholders, and two members of the Company’s board of directors purchased 5,333,333 shares in this offering at the $3.75 per share purchase price. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | (17) Subsequent Events The Company considers events or transactions that occur after the balance sheet date but prior to the issuance of the financial statements to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. |
New Accounting Pronouncements23
New Accounting Pronouncements - Recently Issued (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements - Recently Issued | In May 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606), which was amended by ASU No. 2015-14. ASU No. 2014-09, as amended by ASU No. 2015-14, requires an entity to recognize revenue from the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In particular, this ASU addresses contracts with more than one performance obligation, as well as the accounting for some costs to obtain or fulfill a contract with a customer, and provides for additional disclosures with respect to revenues and cash flows arising from contracts with customers. This ASU will be effective for fiscal years beginning after December 15, 2017, including interim periods within that fiscal year. Early adoption of this ASU is permitted only for fiscal years beginning after December 15, 2016, including interim periods within that fiscal year. The Company is currently evaluating the effect that the adoption of this ASU will have on its financial statements. In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. ASU 2014-15 amends FASB ASC 205-40, Presentation of Financial Statements — Going Concern, by providing guidance on determining when and how reporting entities must disclose going-concern uncertainties in their financial statements, including requiring management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date of issuance of the entity’s financial statements and providing certain disclosures if there is substantial doubt about the entity’s ability to continue as a going concern. ASU 2014-15 will be effective for fiscal years ending after December 15, 2016 and for interim periods thereafter. Early adoption of ASU 2014-15 is permitted. The Company is currently evaluating ASU 2014-15 and has not yet adopted it. As described in Liquidity and Capital Resources elsewhere in this Form 10-Q, we believe that, based on our current operating plan, our existing cash, cash equivalents and investments will enable us to fund our operations into the third quarter of 2017. In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities. The amendments in ASU 2016-01 address certain aspects of recognition, measurement, presentation and disclosure of financial instruments. ASU 2016-01 will be effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption of some of the amendments included in ASU 2016-01 for financial statements of fiscal years or interim periods that have not yet been issued is permitted as of the beginning of the fiscal year of adoption. The Company is currently evaluating the effect that the adoption of ASU 2016-01 will have on its financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases. The amendments in ASU 2016-02 will require organizations that lease assets, with lease terms of more than 12 months, to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. Consistent with current U.S. Generally Accepted Accounting Principles (“U.S. GAAP”), the recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as a finance or operating lease. However, unlike current U.S. GAAP which requires only capital leases to be recognized on the balance sheet, ASU No. 2016-02 will require both types of leases to be recognized on the balance sheet. ASU 2016-02 will be effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the effect that the adoption of ASU 2016-02 will have on its financial statements. In March 2016, the FASB issued ASU No. 2016-06, Derivatives and Hedging (Topic 815) Contingent Put and Call Options in Debt Instruments. ASU 2016-06 amends FASB ASC 815-15 to clarify what steps are required when assessing whether the economic characteristics and risks of call (put) options are clearly and closely related to the economic characteristics and risks of their debt hosts, which is one of the criteria for bifurcating an embedded derivative. ASU 2016-06 will be effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. An entity should apply the amendments in ASU No. 2016-06 on a modified retrospective basis to existing debt instruments as of the beginning of the fiscal year for which the amendments are effective. Early adoption is permitted, including adoption in an interim period. The Company is currently evaluating the effect that the adoption of ASU 2016-06 will have on its financial statements. In March 2016, the FASB issued ASU No. 2016-09, Compensation — Stock Compensation (Topic 718). ASU 2016-09 will require organizations to recognize all income tax effects of awards in the income statement when the awards vest or are settled. ASU 2016-09 will also allow organizations to repurchase more shares from employees than they could previously purchase for tax withholding purposes without triggering liability accounting and to make a policy election to account for forfeitures as they occur. ASU 2016-09 will be effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption is permitted in any interim or annual period. The Company is currently evaluating the effect that the adoption of ASU 2016-09 will have on its financial statements. In April 2016, the FASB issued ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606). ASU 2016-10 amends ASC 606 to clarify two aspects of ASC 606, identifying performance obligations and the licensing implementation guidance, while retaining the related principles of those areas. The amendments in ASU 2016-10 do not change the core principle of the guidance in ASC 606. The amendments in ASU No. 2016-10 affect the guidance in ASU 2014-09, Revenue from Contracts with Customers (Topic 606) , |
Fair Value of Assets and Liab24
Fair Value of Assets and Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | The table below presents the assets and liabilities measured and recorded in the financial statements at fair value on a recurring basis at March 31, 2016 and December 31, 2015 categorized by the level of inputs used in the valuation of each asset and liability. (In thousands) Total Quoted Prices Significant Significant March 31, 2016 Assets Money market funds $ 20,189 $ 20,189 $ — $ — Other cash equivalents – commercial paper 1,500 — 1,500 — Short-term investments – corporate bonds 33,979 — 33,979 — Short-term investments – municipal bonds 6,532 — 6,532 — Long-term investments – corporate bonds 4,509 — 4,509 — Long-term investments – municipal bonds 7,223 — 7,223 — Total Assets $ 73,932 $ 20,189 $ 53,743 $ — Total Liabilities $ — $ — $ — $ — December 31, 2015 Assets Money market funds $ 26,056 $ 26,056 $ — $ — Short-term investments – commercial paper 3,974 — 3,974 — Short-term investments – corporate bonds 24,575 — 24,575 — Short-term investments – municipal bonds 5,025 — 5,025 — Long-term investments – corporate bonds 21,186 — 21,186 — Long-term investments – municipal bonds 5,811 — 5,811 — Total Assets $ 86,627 $ 26,056 $ 60,571 $ — Total Liabilities $ — $ — $ — $ — |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Available-for-Sale Investments at Fair Value | The Company’s available-for-sale investments at fair value consisted of the following at March 31, 2016 and December 31, 2015: March 31, 2016 Cost Gross Unrealized (Losses) Gross Unrealized Gains Estimated Fair Value (In thousands) Short-term investments – corporate bonds $ 34,006 $ (29 ) $ 2 $ 33,979 Short-term investments – municipal bonds 6,532 — — 6,532 Total short-term investments 40,538 (29 ) 2 40,511 Long-term investments – corporate bonds 4,505 (1 ) 5 4,509 Long-term investments – municipal bonds 7,200 — 23 7,223 Total long-term investments 11,705 (1 ) 28 11,732 Total investments $ 52,243 $ (30 ) $ 30 $ 52,243 December 31, 2015 Cost Gross Unrealized (Losses) Gross Unrealized Gains Estimated Fair Value (In thousands) Short-term investments – commercial paper $ 3,973 $ — $ 1 $ 3,974 Short-term investments – corporate bonds 24,600 (25 ) — 24,575 Short-term investments – municipal bonds 5,025 — — 5,025 Total short-term investments 33,598 (25 ) 1 33,574 Long-term investments – corporate bonds 21,289 (103 ) — 21,186 Long-term investments – municipal bonds 5,818 (9 ) 2 5,811 Total long-term investments 27,107 (112 ) 2 26,997 Total investments $ 60,705 $ (137 ) $ 3 $ 60,571 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Tabular Disclosure of Major Components of Property and Equipment and Related Accumulated Depreciation | At March 31, 2016 and December 31, 2015, net property and equipment at cost consisted of the following: (In thousands) March 31, 2016 December 31, 2015 Leasehold improvements $ 636 $ 603 Laboratory equipment and other 4,680 4,543 Total property and equipment, at cost 5,316 5,146 Less: accumulated depreciation 3,589 3,454 Property and equipment, net $ 1,727 $ 1,692 |
Comprehensive Loss (Tables)
Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Changes in Accumulated Balance of the Component of Other Comprehensive Income (Loss) | The following table includes the changes in the accumulated balance of the component of other comprehensive income (loss) for the three months ended March 31, 2016 and 2015: (In thousands) Three Months Three Months Accumulated unrealized loss on available-for-sale securities at beginning of period $ (134 ) $ (17 ) Change during the period 134 18 Accumulated unrealized income on available-for-sale securities at end of period $ — $ 1 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Assumptions Used to Determine Fair Value of Stock Options Granted During Period | The fair value of each option award is estimated on the date of grant using the Black-Scholes option-pricing model. The following weighted average assumptions apply to the options to purchase 2,733,750 and 969,500 shares of common stock granted to employees and directors during the three months ended March 31, 2016 and 2015, respectively: Three Months Ended March 31, 2016 2015 Average risk free interest rate 1.5 % 1.2 % Expected dividend yield — — Expected lives (years) 4.1 4.2 Expected volatility 93.0 % 92.0 % Weighted average grant date fair value of options granted during the period (per share) $ 1.90 $ 2.98 Weighted average exercise price of options granted during the period (per share) $ 2.86 $ 4.50 |
Common Stock Option Exercises29
Common Stock Option Exercises and Employee Stock Purchases (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Schedule of Common Stock Option Exercises and Employee Stock Purchases | The Company issued common stock to employees as a result of stock option exercises and employee stock purchases as follows during the three months ended March 31, 2016 and 2015: Three Months Ended Three Months Ended (In thousands) Shares Proceeds Shares Proceeds Stock option exercises — $ — 25 $ 106 Employee stock purchases 24 36 6 15 Total 24 $ 36 31 $ 121 |
Organization - Additional Infor
Organization - Additional Information (Detail) $ in Thousands | Mar. 31, 2016USD ($)Platform | Dec. 31, 2015USD ($)Platform |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accumulated deficit | $ | $ (512,904) | $ (500,081) |
Number of technology platform to develop drug candidates | Platform | 2 | 2 |
Cash and Cash Equivalents - Add
Cash and Cash Equivalents - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2016 | |
Cash and Cash Equivalents [Abstract] | |
Period of maturities | 90 days |
Fair Value of Assets and Liab32
Fair Value of Assets and Liabilities - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total Assets | $ 73,932 | $ 86,627 |
Total Liabilities | 0 | 0 |
Money Market Funds [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total Assets | 20,189 | 26,056 |
Other Cash Equivalents - Commercial Paper [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total Assets | 1,500 | |
Short-term Investments [Member] | Corporate Bonds [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total Assets | 33,979 | 24,575 |
Short-term Investments [Member] | Municipal Bonds [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total Assets | 6,532 | 5,025 |
Short-term Investments [Member] | Commercial Paper [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total Assets | 3,974 | |
Long-term Investments [Member] | Corporate Bonds [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total Assets | 4,509 | 21,186 |
Long-term Investments [Member] | Municipal Bonds [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total Assets | 7,223 | 5,811 |
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total Assets | 20,189 | 26,056 |
Total Liabilities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) [Member] | Money Market Funds [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total Assets | 20,189 | 26,056 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total Assets | 53,743 | 60,571 |
Total Liabilities | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Other Cash Equivalents - Commercial Paper [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total Assets | 1,500 | |
Significant Other Observable Inputs (Level 2) [Member] | Short-term Investments [Member] | Corporate Bonds [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total Assets | 33,979 | 24,575 |
Significant Other Observable Inputs (Level 2) [Member] | Short-term Investments [Member] | Municipal Bonds [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total Assets | 6,532 | 5,025 |
Significant Other Observable Inputs (Level 2) [Member] | Short-term Investments [Member] | Commercial Paper [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total Assets | 3,974 | |
Significant Other Observable Inputs (Level 2) [Member] | Long-term Investments [Member] | Corporate Bonds [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total Assets | 4,509 | 21,186 |
Significant Other Observable Inputs (Level 2) [Member] | Long-term Investments [Member] | Municipal Bonds [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total Assets | 7,223 | 5,811 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total Assets | 0 | 0 |
Total Liabilities | $ 0 | $ 0 |
Investments - Summary of Availa
Investments - Summary of Available-for-Sale Investments at Fair Value (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | $ 52,243 | $ 60,705 |
Gross Unrealized (Losses) | (30) | (137) |
Gross Unrealized Gains | 30 | 3 |
Estimated Fair Value | 52,243 | 60,571 |
Short-term Investments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 40,538 | 33,598 |
Gross Unrealized (Losses) | (29) | (25) |
Gross Unrealized Gains | 2 | 1 |
Estimated Fair Value | 40,511 | 33,574 |
Short-term Investments [Member] | Corporate Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 34,006 | 24,600 |
Gross Unrealized (Losses) | (29) | (25) |
Gross Unrealized Gains | 2 | |
Estimated Fair Value | 33,979 | 24,575 |
Short-term Investments [Member] | Municipal Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 6,532 | 5,025 |
Estimated Fair Value | 6,532 | 5,025 |
Short-term Investments [Member] | Commercial Paper [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 3,973 | |
Gross Unrealized Gains | 1 | |
Estimated Fair Value | 3,974 | |
Long-term Investments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 11,705 | 27,107 |
Gross Unrealized (Losses) | (1) | (112) |
Gross Unrealized Gains | 28 | 2 |
Estimated Fair Value | 11,732 | 26,997 |
Long-term Investments [Member] | Corporate Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 4,505 | 21,289 |
Gross Unrealized (Losses) | (1) | (103) |
Gross Unrealized Gains | 5 | |
Estimated Fair Value | 4,509 | 21,186 |
Long-term Investments [Member] | Municipal Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 7,200 | 5,818 |
Gross Unrealized (Losses) | (9) | |
Gross Unrealized Gains | 23 | 2 |
Estimated Fair Value | $ 7,223 | $ 5,811 |
Investments - Additional Inform
Investments - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |||
Realized gains or losses from available-for-sale securities | $ 0 | $ 0 | |
Losses from investments | 0 | $ 0 | |
Auction rate securities, noncurrent | $ 0 | $ 0 |
Property and Equipment - Tabula
Property and Equipment - Tabular Disclosure of Major Components of Property and Equipment and Related Accumulated Depreciation (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Abstract] | ||
Leasehold improvements | $ 636 | $ 603 |
Laboratory equipment and other | 4,680 | 4,543 |
Total property and equipment, at cost | 5,316 | 5,146 |
Less: accumulated depreciation | 3,589 | 3,454 |
Property and equipment, net | $ 1,727 | $ 1,692 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation and amortization expense on property and equipment | $ 151,000 | $ 93,000 |
Non-cash property additions | $ 99,000 | $ 36,000 |
Restricted Cash - Additional In
Restricted Cash - Additional Information (Detail) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Restricted Cash [Abstract] | ||
Total restricted cash | $ 311,000 | $ 311,000 |
Comprehensive Loss - Changes in
Comprehensive Loss - Changes in Accumulated Balance of the Component of Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Comprehensive Income (Loss) After Tax [Abstract] | ||
Accumulated unrealized loss on available-for-sale securities at beginning of period | $ (134) | $ (17) |
Change during the period | $ 134 | 18 |
Accumulated unrealized income on available-for-sale securities at end of period | $ 1 |
Collaboration with GlaxoSmith39
Collaboration with GlaxoSmithKline Intellectual Property Development Limited - Additional Information (Detail) | Nov. 20, 2015 | Mar. 31, 2016USD ($)Targets | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($) |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Alliance revenue | $ 294,000 | $ 34,000 | ||
Deferred revenue, current portion | $ 1,111,000 | $ 1,111,000 | ||
GSK Agreement [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Deferred revenue recognition period | 27 months | 27 months | ||
Number of additional target, optional, that GSK may select | Targets | 2 | |||
Maximum royalty percentage on net sales | 5.00% | |||
Alliance revenue | $ 277,000 | |||
Deferred revenue | 2,096,000 | |||
Deferred revenue, current portion | 1,111,000 | |||
GSK Agreement [Member] | License, Research, Clinical Development and Commercialization [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Maximum milestone payments | 100,000,000 | |||
GSK Agreement [Member] | Research and Development Plans and Designation of Development Candidates [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Maximum milestone payments | 9,000,000 | |||
GSK Agreement [Member] | Clinical and Commercial Milestones [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Maximum milestone payments | 89,000,000 | |||
GSK Agreement [Member] | Minimum [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Anticipated initial collaboration term | 2 years | |||
GSK Agreement [Member] | Maximum [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Anticipated initial collaboration term | 4 years | |||
GSK Agreement [Member] | Up-front Payment Arrangement [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Upfront payment received under collaboration | $ 2,500,000 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation | $ 1,716 | $ 1,346 |
Options to purchase common stock granted to employees and directors | 2,733,750 | 969,500 |
Employees [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock options, vesting period | 4 years | |
Directors [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock options, vesting period | 3 years |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Assumptions Used to Determine Fair Value of Stock Options Granted During Period (Detail) - $ / shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Average risk free interest rate | 1.50% | 1.20% |
Expected dividend yield | 0.00% | 0.00% |
Expected lives (years) | 4 years 1 month 6 days | 4 years 2 months 12 days |
Expected volatility | 93.00% | 92.00% |
Weighted average grant date fair value of options granted during the period (per share) | $ 1.90 | $ 2.98 |
Weighted average exercise price of options granted during the period (per share) | $ 2.86 | $ 4.50 |
Net Loss per Common Share - Add
Net Loss per Common Share - Additional Information (Detail) - shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Earnings Per Share [Abstract] | ||
Total antidilutive securities | 73,346,318 | 74,950,998 |
Common Stock Option Exercises43
Common Stock Option Exercises and Employee Stock Purchases - Schedule of Common Stock Option Exercises and Employee Stock Purchases (Detail) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Option Exercises and Employee Stock Purchases [Line Items] | ||
Total, Shares | 24 | 31 |
Total, Proceeds | $ 36 | $ 121 |
Stock Option Exercises [Member] | ||
Option Exercises and Employee Stock Purchases [Line Items] | ||
Total, Shares | 25 | |
Total, Proceeds | $ 106 | |
Employee Stock Purchases [Member] | ||
Option Exercises and Employee Stock Purchases [Line Items] | ||
Total, Shares | 24 | 6 |
Total, Proceeds | $ 36 | $ 15 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - Directors [Member] - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Related Party Transaction [Line Items] | ||
Common stock issued in lieu of board fees | 10,690 | 3,927 |
Value of common stock issued | $ 32,000 | $ 19,000 |
Financing - Additional Informat
Financing - Additional Information (Detail) $ / shares in Units, $ in Millions | Feb. 19, 2015USD ($)$ / sharesshares |
Class of Stock [Line Items] | |
Stock issued, shares | shares | 23,000,000 |
Common stock, price per share | $ / shares | $ 3.75 |
Gross proceeds from offering of common stock | $ | $ 86.3 |
Net proceeds from offering of common stock | $ | $ 80.6 |
Investment Funds [Member] | Directors [Member] | |
Class of Stock [Line Items] | |
Stock issued, shares | shares | 5,333,333 |
Common stock, price per share | $ / shares | $ 3.75 |