Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 25, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Entity Registrant Name | 'SYNAGEVA BIOPHARMA CORP | ' |
Entity Central Index Key | '0000911326 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 30,738,152 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $216,870 | $23,883 |
Short-term investments | 218,607 | 195,070 |
Accounts receivable | 1,142 | 2,599 |
Prepaid expenses and other current assets | 6,609 | 3,555 |
Total current assets | 443,228 | 225,107 |
Property and equipment, net | 15,527 | 4,012 |
Developed technology, net | 3,867 | 5,564 |
Goodwill | 8,535 | 8,535 |
Other assets | 726 | 38 |
Total assets | 471,883 | 243,256 |
Current liabilities: | ' | ' |
Accounts payable | 1,545 | 2,576 |
Accrued expenses | 10,142 | 5,112 |
Deferred revenue | 1,835 | 5,391 |
Total current liabilities | 13,522 | 13,079 |
Other non-current liabilities | 1,573 | ' |
Commitments and contingencies (Note 9) | ' | ' |
Stockholders' equity: | ' | ' |
Common stock, par value $0.001; 60,000 shares authorized at September 30, 2013 and December 31, 2012; 30,685 and 24,467 shares issued and outstanding at September 30, 2013 and December 31, 2012, respectively | 31 | 24 |
Additional paid-in capital | 680,244 | 388,936 |
Accumulated other comprehensive income (loss) | 16 | 6 |
Accumulated deficit | -223,503 | -158,789 |
Total stockholders' equity | 456,788 | 230,177 |
Total liabilities and stockholders' equity | $471,883 | $243,256 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Per Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 60,000 | 60,000 |
Common stock, shares issued | 30,685 | 24,467 |
Common stock, shares outstanding | 30,685 | 24,467 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenue: | ' | ' | ' | ' |
Royalty revenue | $1,054 | $2,132 | $5,703 | $5,028 |
Collaboration and license revenue | 315 | 3,296 | 4,197 | 4,990 |
Other revenue | ' | ' | ' | 56 |
Total revenue | 1,369 | 5,428 | 9,900 | 10,074 |
Costs and expenses: | ' | ' | ' | ' |
Research and development | 22,676 | 10,379 | 54,468 | 24,439 |
General and administrative | 6,597 | 4,244 | 18,694 | 11,051 |
Amortization of developed technology | 292 | 994 | 1,697 | 2,354 |
Total costs and expenses | 29,565 | 15,617 | 74,859 | 37,844 |
Loss from operations | -28,196 | -10,189 | -64,959 | -27,770 |
Interest income | 73 | 7 | 245 | 12 |
Net loss | ($28,123) | ($10,182) | ($64,714) | ($27,758) |
Basic and diluted net loss per share | ($1.02) | ($0.43) | ($2.38) | ($1.26) |
Weighted average shares used in basic and diluted per share computations | 27,491 | 23,825 | 27,190 | 21,984 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Loss (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net loss | ($28,123) | ($10,182) | ($64,714) | ($27,758) |
Other comprehensive loss: | ' | ' | ' | ' |
Change in fair market value of available for sale securities | 49 | ' | 37 | ' |
Foreign currency translation adjustments | -18 | 1 | -27 | -3 |
Total other comprehensive income (loss) | 31 | 1 | 10 | -3 |
Comprehensive loss | ($28,092) | ($10,181) | ($64,704) | ($27,761) |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities | ' | ' |
Net loss | ($64,714) | ($27,758) |
Adjustments: | ' | ' |
Depreciation and amortization | 4,005 | 2,813 |
Stock-based compensation expense | 6,265 | 3,067 |
Amortization of premium on investments | 1,869 | ' |
Acquired in-process research and development | 2,500 | 344 |
Changes in assets and liabilities: | ' | ' |
Accounts receivable | 1,457 | -411 |
Prepaid expenses, other current assets and other assets | -486 | 501 |
Accounts payable | -1,031 | -273 |
Accrued expenses and other liabilities | 4,680 | -655 |
Deferred revenue | -3,556 | 4,947 |
Deferred rent | 404 | ' |
Net cash used in operating activities | -48,607 | -17,425 |
Cash flows from investing activities | ' | ' |
Purchase of available for sale investments | -226,819 | ' |
Proceeds from sales and maturities available for sale investments | 201,450 | ' |
Purchase of in-process research and development | -2,500 | -394 |
Capital expenditures | -12,314 | -2,670 |
Restricted cash | -2,868 | ' |
Net cash used in investing activities | -43,051 | -3,064 |
Cash flows from financing activities | ' | ' |
Proceeds from issuance of common stock, net | 281,383 | 192,736 |
Proceeds from exercise of stock options | 3,279 | 933 |
Net cash provided by financing activities | 284,662 | 193,669 |
Effect of exchange rate on cash | -17 | -5 |
Net increase in cash and equivalents | 192,987 | 173,175 |
Cash and equivalents at the beginning of period | 23,883 | 60,232 |
Cash and equivalents at the end of period | 216,870 | 233,407 |
Supplemental schedule of non-cash investing activities | ' | ' |
Capital expenditures incurred but not yet paid | $1,509 | ' |
Nature_of_the_Business
Nature of the Business | 9 Months Ended | |
Sep. 30, 2013 | ||
Accounting Policies [Abstract] | ' | |
Nature of the Business | ' | |
1 | Nature of the Business | |
Synageva BioPharma Corp. (“Synageva” or the “Company”) is a biopharmaceutical company focused on the discovery, development, and commercialization of therapeutic products for patients with rare diseases for which there is high unmet medical need. The Company’s most advanced pipeline programs are enzyme replacement therapies for lysosomal storage diseases (“LSDs”). The Company’s lead program, sebelipase alfa, is in global Phase 3 clinical investigation for the treatment of infants, children and adults with lysosomal acid lipase (“LAL”) Deficiency, a rare but devastating disease that causes significant morbidity and mortality. The Company’s next program, SBC 103, a replacement therapy for the treatment of mucopolysaccharidosis IIIB (MPS IIIB), also known as Sanfilippo B syndrome, is in late stages of preclinical testing and is anticipated to enter the clinic in mid-2014. | ||
The Company’s additional pipeline programs include other proteins targeting rare diseases that are characterized by significant morbidity and mortality and are selected based on scientific rationale, high unmet medical need, the potential to impact disease course and strategic alignment with our corporate focus. The Company has not yet received approval to market sebelipase alfa or SBC-103 and is not currently commercializing any other products. | ||
The Company’s business is subject to risks including those common to companies in the biopharmaceutical industry, such as the successful development of products, patient enrollment, clinical trial uncertainty, regulatory approval, fluctuations in operating results and financial risks, potential need for additional funding, protection of proprietary technology and patent risks, compliance with government regulations, dependence on key personnel, competition, technological and medical risks and management of growth. | ||
The Company has incurred losses since inception and at September 30, 2013, had an accumulated deficit of $223.5 million. The Company expects to incur losses over the next several years as it continues to expand its drug discovery, development efforts and commercial activities. As a result of continuing losses, the Company may seek additional funding through a combination of public or private financing, collaborative relationships, licensing or other arrangements. The Company may not be able to obtain financing on acceptable terms, or at all, and the Company may not be able to enter into new collaboration or license agreements. If we are unable to obtain additional funding on a timely basis, we may be required to curtail or terminate some or all of our development programs, including some or all of our drug candidates. | ||
Through September 30, 2013, the Company has funded its operations primarily from proceeds of the sale of stock, royalty proceeds and collaboration agreements. On September 30, 2013, the Company announced the closing of a $179.1 million underwritten public offering of approximately 3.2 million shares of common stock at a price of $56.63. The Company received net proceeds of approximately $170.1 million from this offering. In addition, on January 9, 2013, the Company announced the closing of a $117.5 million underwritten public offering of approximately 2.5 million shares of common stock at a price of $47.53. The Company received net proceeds of approximately $111.1 million from this offering. In addition to these financings, the Company received net proceeds of $192.7 million from two public equity offerings in fiscal 2012. | ||
The Company intends to use its cash, cash equivalents and investments for general corporate purposes, which may include expanding our infrastructure to benefit sebelipase alfa and our platform, supporting our clinical studies, supporting the advancement of SBC-103, accelerating our early-stage programs, leveraging our platform technology to initiate multiple new pipeline programs and acquiring technologies or businesses that are complementary to our current technologies and business focus. The Company expects that it will have sufficient cash and cash equivalents to sustain operations for at least the next two years. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended | |
Sep. 30, 2013 | ||
Accounting Policies [Abstract] | ' | |
Summary of Significant Accounting Policies | ' | |
2 | Summary of Significant Accounting Policies | |
Basis of Presentation | ||
The accompanying Financial Statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) for Quarterly Reports on Form 10-Q and do not include all of the information and note disclosures required by the accounting principles generally accepted in the United States of America (“U.S. GAAP”) for complete financial statements. The Financial Statements should therefore be read in conjunction with the Financial Statements and Notes thereto for the fiscal year ended December 31, 2012 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 14, 2013. | ||
The accompanying Financial Statements have been prepared in accordance with U.S. GAAP, which requires management to make estimates and assumptions that affect amounts reported in the Financial Statements and accompanying disclosures. Although these estimates are based on the information reasonably available and actions that the Company may undertake in the future, actual results may be different from those estimates. The Financial Statements reflect all adjustments of a normal, recurring nature that are, in the opinion of management, necessary for a fair statement of results for these interim periods. The results of operations for the three and nine months ended September 30, 2013 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2013. | ||
Principles of Consolidation | ||
The Company’s consolidated financial statements include the accounts of Synageva and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. | ||
Reverse Merger | ||
On November 2, 2011, Trimeris, Inc., a Delaware corporation (“Trimeris”), closed a merger transaction (the “Reverse Merger”) with Synageva BioPharma Corp., a privately held Delaware corporation (“Private Synageva”), pursuant to an Agreement and Plan of Merger and Reorganization, dated as of June 13, 2011 (the “Merger Agreement”), by and among Trimeris, Private Synageva and Tesla Merger Sub, Inc., a wholly owned subsidiary of Trimeris (“Merger Sub”). Pursuant to the Merger Agreement, Private Synageva became a wholly owned subsidiary of Trimeris through a merger of Merger Sub with and into Private Synageva, and the former stockholders of Private Synageva received shares of Trimeris that constituted a majority of the outstanding shares of Trimeris. In connection with the Reverse Merger, Trimeris changed its name to Synageva BioPharma Corp. | ||
The Reverse Merger was accounted for as a reverse acquisition under which Private Synageva was considered the acquirer of Trimeris. | ||
Significant Accounting Policies | ||
There have been no material changes to the Company’s significant accounting policies during the nine months ended September 30, 2013, as compared to the significant accounting policies disclosed in Note 2, Summary of Significant Accounting Policies, of the Company’s financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2012. | ||
Recent Accounting Pronouncements | ||
In February 2013, the Financial Accounting Standards Board issued an accounting standard update related to Comprehensive Income: Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. The revised standard requires companies to present information about reclassification adjustments from accumulated other comprehensive income in their annual financial statements in a single note or on the face of the financial statements. The Company adopted this standard in the first quarter of 2013 and presented this information in Note 6, Accumulated Other Comprehensive Income (Loss) to these consolidated financial statements. The adoption of this standard did not have an impact on our financial position or results of operations. | ||
In July 2013, the Financial Accounting Standards Board, or FASB, issued an accounting standards update clarifying the presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The updated guidance requires the netting of unrecognized tax benefits against a deferred tax asset for a loss or other carryforward when settlement of the liability for an unrecognized tax benefit in this manner is available. The update is effective prospectively for reporting periods beginning after December 15, 2013, and early adoption and retrospective adoption are permitted. The adoption of this guidance is not expected to have an impact on the Company’s consolidated financial statements. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value of Financial Instruments | ' | ||||||||||||||||
3 | Fair Value of Financial Instruments | ||||||||||||||||
Cash and Cash Equivalents | |||||||||||||||||
The Company considers all highly liquid investments with a remaining maturity at the date of purchase of 90 days or less to be cash equivalents. At September 30, 2013 and December 31, 2012, substantially all cash equivalents were U.S. treasury bills and amounts held in money market accounts at commercial banks. | |||||||||||||||||
Investments | |||||||||||||||||
All of the Company’s investments were classified as available-for-sale at September 30, 2013 and December 31, 2012. The principal amounts of short-term investments are summarized in the tables below: | |||||||||||||||||
Less Than 12 Months to Maturity | |||||||||||||||||
Amortized | Unrealized | Unrealized | Fair Value | ||||||||||||||
Cost | Gains | Losses | |||||||||||||||
Balance at September 30, 2013: | |||||||||||||||||
U.S. Treasury securities | $ | 218,555 | $ | 52 | $ | — | $ | 218,607 | |||||||||
Total | $ | 218,555 | $ | 52 | $ | — | $ | 218,607 | |||||||||
Balance at December 31, 2012: | |||||||||||||||||
U.S. Treasury securities | $ | 195,055 | $ | 15 | $ | — | $ | 195,070 | |||||||||
Total | $ | 195,055 | $ | 15 | $ | — | $ | 195,070 | |||||||||
The Company completed an evaluation of its investments and determined that it did not have any other-than-temporary impairments as of September 30, 2013 or December 31, 2012. | |||||||||||||||||
Fair Value Measurements | |||||||||||||||||
Under current accounting standards, fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. | |||||||||||||||||
The current accounting guidance also establishes a hierarchy to categorize how fair value is measured and which is based on three levels of inputs, of which the first two are considered observable and the last unobservable, as follows: | |||||||||||||||||
Level 1 | Quoted prices in active markets for identical assets or liabilities. | ||||||||||||||||
Level 2 | Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices 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 assets or liabilities. | ||||||||||||||||
Level 3 | Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | ||||||||||||||||
The following table presents information about the Company’s financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2013: | |||||||||||||||||
September 30, | Quoted Price | Significant | Significant | ||||||||||||||
2013 | in Active | Other | Unobservable | ||||||||||||||
Markets | Observable | Inputs | |||||||||||||||
(Level 1) | Inputs | (Level 3) | |||||||||||||||
(Level 2) | |||||||||||||||||
Assets | |||||||||||||||||
Cash equivalents | |||||||||||||||||
Money market fund | $ | 32,275 | $ | 32,275 | $ | — | $ | — | |||||||||
Marketable securities | |||||||||||||||||
US treasury securities | $ | 218,607 | $ | 218,607 | $ | — | $ | — | |||||||||
Total | $ | 250,882 | $ | 250,882 | $ | — | $ | — | |||||||||
The following table presents information about the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2012: | |||||||||||||||||
December 31, | Quoted Price | Significant | Significant | ||||||||||||||
2012 | in Active | Other | Unobservable | ||||||||||||||
Markets | Observable | Inputs | |||||||||||||||
(Level 1) | Inputs | (Level 3) | |||||||||||||||
(Level 2) | |||||||||||||||||
Assets | |||||||||||||||||
Cash equivalents | |||||||||||||||||
Money market fund | $ | 10,387 | $ | 10,387 | $ | — | $ | — | |||||||||
US treasury securities | 10,011 | 10,011 | — | $ | — | ||||||||||||
Marketable securities | |||||||||||||||||
US treasury securities | $ | 195,070 | $ | 195,070 | $ | — | $ | — | |||||||||
Total | $ | 215,468 | $ | 215,468 | $ | — | $ | — | |||||||||
Supplemental_Balance_Sheet_Inf
Supplemental Balance Sheet Information | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | ||||||||
Supplemental Balance Sheet Information | ' | ||||||||
4 | Supplemental Balance Sheet Information | ||||||||
Prepaid expenses and other current assets consist of the following: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Prepaid clinical, manufacturing, and scientific costs | $ | 1,382 | $ | 1,598 | |||||
Restricted cash – short-term letters of credit (1) | 2,905 | 37 | |||||||
Interest receivable | 470 | 603 | |||||||
Prepaid insurance | 464 | 896 | |||||||
Other | 1,388 | 421 | |||||||
$ | 6,609 | $ | 3,555 | ||||||
-1 | Restricted cash of $2.9 million at September 30, 2013 primarily relates to a short-term letter of credit associated with construction activities at our Lexington headquarters. | ||||||||
Accrued expenses consist of the following: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Accrued compensation, benefits and withholdings | $ | 3,090 | $ | 1,862 | |||||
Clinical, manufacturing and scientific costs | 4,032 | 1,978 | |||||||
Professional fees | 834 | 685 | |||||||
Accrued capital expenditures | 1,509 | — | |||||||
Other | 677 | 587 | |||||||
$ | 10,142 | $ | 5,112 | ||||||
Share_Based_Payments
Share Based Payments | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Share Based Payments | ' | ||||||||||||||||
5 | Share Based Payments | ||||||||||||||||
The Company’s stock-based compensation plans include the 1996 Stock Option Plan and the 2005 Stock Plan, as well as options outstanding under Trimeris Inc.’s 1993 Plan and 2007 Stock Incentive Plan. The Board of Directors has the authority to determine to whom options will be granted, the number of shares, the term, and the exercise price. | |||||||||||||||||
The 2005 Stock Plan is the only existing equity compensation plan from which the Company may make equity-based awards to employees, directors and consultants. The maximum number of shares that may be issued under the 2005 Stock Plan is approximately 4.9 million shares. Shares subject to outstanding awards under the 2005 Stock Plan totaled 2.5 million as of September 30, 2013. At September 30, 2013, there were 1.1 million shares remaining available for grant under the 2005 Stock Plan. | |||||||||||||||||
The Company also maintains an Employee Stock Purchase Plan (the “ESPP”), which allows eligible employees to use payroll deductions to purchase shares of the Company’s common stock at a discount of 15%. The plan is considered a compensatory employee stock purchase plan, results in incremental stock-based compensation expense in future periods. Option periods under the ESPP run from January 1 to June 30 and July 1 to December 31 of each year. The first purchase occurred on June 30, 2013, and approximately 5 thousand shares were issued with the purchase. | |||||||||||||||||
A summary of stock option activity under all equity plans for the nine months ended September 30, 2013 is as follows: | |||||||||||||||||
Number of | Weighted | ||||||||||||||||
Shares | Average | ||||||||||||||||
Exercise Price | |||||||||||||||||
Outstanding at December 31, 2012 | 2,529 | $ | 25.06 | ||||||||||||||
Options granted | 986 | 43.02 | |||||||||||||||
Options exercised | (577 | ) | 6.35 | ||||||||||||||
Options canceled or expired | (195 | ) | 64.21 | ||||||||||||||
Outstanding at September 30, 2013 | 2,742 | $ | 32.68 | ||||||||||||||
The Company recognized stock-based compensation expense on all stock option awards for the three and nine months ended September 30, 2013 and 2012, as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Research and development | $ | 1,030 | $ | 495 | $ | 2,406 | $ | 926 | |||||||||
General and administrative | 1,649 | 1,060 | 3,859 | 2,141 | |||||||||||||
$ | 2,679 | $ | 1,555 | $ | 6,265 | $ | 3,067 |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||
6 | Accumulated Other Comprehensive Income (Loss) | ||||||||||||
The following table summarizes the changes in accumulated other comprehensive income (loss), net of tax by component: | |||||||||||||
Unrealized | Translation | Total | |||||||||||
Gains on | Adjustments | ||||||||||||
Available | |||||||||||||
for Sale | |||||||||||||
Securities | |||||||||||||
Balance, as of December 31, 2012 | 15 | (9 | ) | 6 | |||||||||
Other comprehensive loss before reclassifications | 37 | (27 | ) | 10 | |||||||||
Amounts reclassified from accumulated other comprehensive loss | — | — | — | ||||||||||
Net current period other comprehensive income (loss) | 37 | (27 | ) | 10 | |||||||||
Balance, as of September 30, 2013 | 52 | (36 | ) | 16 |
Basic_and_Diluted_Net_Loss_Per
Basic and Diluted Net Loss Per Common Share | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Basic and Diluted Net Loss Per Common Share | ' | ||||||||||||||||
7 | Basic and Diluted Net Loss per Common Share | ||||||||||||||||
Basic net loss per common share has been computed by dividing net loss by the weighted average number of shares outstanding during the period. Diluted net income per share, if applicable, has been computed by dividing diluted net income by the diluted number of shares outstanding during the period. Except where the result would be antidilutive to loss from continuing operations, diluted net loss per share has been computed assuming the exercise of stock options, as well as their related income tax effects. | |||||||||||||||||
The following table sets forth the computation of basic and diluted net loss per common share: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Numerator: | |||||||||||||||||
Net loss | $ | (28,123 | ) | $ | (10,182 | ) | $ | (64,714 | ) | $ | (27,758 | ) | |||||
Denominator | |||||||||||||||||
Weighted average common shares | |||||||||||||||||
Denominator for basic calculation | 27,491 | 23,825 | 27,190 | 21,984 | |||||||||||||
Denominator for diluted calculation | 27,491 | 23,825 | 27,190 | 21,984 | |||||||||||||
Net loss per share: | |||||||||||||||||
Basic | $ | (1.02 | ) | $ | (0.43 | ) | $ | (2.38 | ) | $ | (1.26 | ) | |||||
Diluted | $ | (1.02 | ) | $ | (0.43 | ) | $ | (2.38 | ) | $ | (1.26 | ) | |||||
The Company’s potential dilutive securities, which include stock options, have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted-average common stock outstanding used to calculate both basic and diluted net loss per share are the same. The following shares of potentially dilutive securities have been excluded from the computations of diluted weighted average shares outstanding as the effect of including such securities would be antidilutive (in thousands): | |||||||||||||||||
September 30, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Options to purchase common stock | 2,742 | 2,593 |
License_Agreements_and_Collabo
License Agreements and Collaborations | 9 Months Ended | |
Sep. 30, 2013 | ||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | |
License Agreements and Collaborations | ' | |
8 | License Agreements and Collaborations | |
Collaborations | ||
In August 2011, the Company entered into a collaboration agreement with Mitsubishi Tanabe Pharma Corporation (“Mitsubishi Tanabe”) whereby the Company utilizes its proprietary expression technology for the development of a certain targeted compound. The agreement included an upfront development payment to the Company of $3.0 million, on-going reimbursement or funding of development costs, estimated during the initial development period to be approximately $1.5 million, and the potential for an additional payment of $3.0 million due upon the successful completion of the initial development. | ||
In March 2012, the Company entered into a second agreement with Mitsubishi Tanabe to develop a second protein therapeutic. The agreement included an upfront license payment to the Company of $9.0 million and on-going reimbursement or funding of development costs, estimated during the initial development period to be approximately $0.8 million, as well as the potential for an additional payment of $3.0 million due upon successful completion of the initial development stage of the second program. | ||
Under both agreements, Mitsubishi Tanabe has an option to obtain an exclusive royalty-bearing license, with the right to grant sublicenses, to further develop and commercialize the licensed compound that is the subject of the agreement (the “Option”). Additionally, upon exercise of the Option under the applicable agreement, the parties intend to negotiate a follow-on collaboration and license agreement that may include potential future development and commercial sales based milestone payments, and potential royalty payments. The Company determined that the Option is substantive as the decision to exercise is in the control of Mitsubishi Tanabe and is not essential to the functionality of the other deliverables in either agreement. Therefore, the Option was not considered to be a deliverable at the inception of either collaboration agreement. The Option terminates sixty days after the date the Joint Steering Committee (“JSC”) determines that the initial development met certain criteria. | ||
The Company evaluated the collaboration agreements in order to determine whether the deliverables at the inception of the agreements: (i) the upfront license payments, (ii) the research services during the development periods, and (iii) the JSC’s participation should be accounted for as a single unit or multiple units of accounting. The Company concluded that the upfront license payments do not have standalone value to Mitsubishi Tanabe because (i) Mitsubishi Tanabe does not have the ability to transfer or sublicense and (ii) the activities to be conducted during the development period are highly dependent on the Company’s unique knowledge and understanding of its proprietary technology which is critical to optimizing the compounds. The Company determined that the JSC is a deliverable through the development period. In both agreements, the Company concluded that there are two units of accounting which are being delivered over the same performance period. Under both agreements, we recognize revenue using the proportional performance method, which results in both upfront payments and reimbursed research and development payments being recognized over the development term which is our performance period. We measure our proportional performance based on the development hours incurred to date compared to the estimated total development hours. | ||
Revenue recognized under the first and second Mitsubishi Tanabe development programs totaled $0.2 million and $0.1 million for the three months ended September 30, 2013, respectively, and $1.0 million and $3.2 million for the nine months ended September 30, 2013, respectively. As of September 30, 2013, the deferred revenue balance includes $1.0 million and $0.8 million related to the first and second development programs, respectively. For both the first and second Mitsubishi Tanabe programs we estimate we will complete our remaining performance obligations in the first half of 2014. | ||
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||
Commitments and Contingencies | ' | ||||
9 | Commitments and Contingencies | ||||
Occupancy Arrangements | |||||
On October 22, 2013, the Company entered into a lease agreement under which Synageva will lease from the Landlord approximately twelve acres of land located in Oconee County, Georgia, including two to-be-constructed buildings containing approximately 35,000 square feet each (the “Premises”). Synageva will occupy the Premises in stages as construction is completed. Synageva currently anticipates that it will begin occupying a portion of the Premises in February 2014. | |||||
The initial term of the Lease is approximately 124-months from commencement date of the lease, which is currently expected in February 2014. The initial rent for the Premises, beginning in the fifth month following the date on which the Landlord’s construction of the buildings on the Premises, will be $36,167 per month plus certain operating expenses and taxes. Synageva has an option to extend the Lease for two successive periods of five years. Synageva has the right to terminate the Lease if the Landlord fails to satisfy certain conditions relating to the ownership and development of the Premises. | |||||
In addition, on January 15, 2013, the Company entered into a lease agreement to accommodate the Company’s continued growth and to relocate its corporate headquarters in Lexington, Massachusetts. The Company occupied the location in stages as building modifications were completed. The Company began occupying a portion of the facility in the second quarter of 2013 with full occupation in the third quarter of 2013. The initial lease term is for 77 months from full occupancy, with an option to extend the lease term for two separate three year renewal periods. Future minimum lease payments for the Lexington lease are as follows (in thousands): | |||||
Year Ending December 31, | |||||
2013 | $ | 167 | |||
2014-2019 | 1,336 (per year) | ||||
2020 | 334 | ||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
The accompanying Financial Statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) for Quarterly Reports on Form 10-Q and do not include all of the information and note disclosures required by the accounting principles generally accepted in the United States of America (“U.S. GAAP”) for complete financial statements. The Financial Statements should therefore be read in conjunction with the Financial Statements and Notes thereto for the fiscal year ended December 31, 2012 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 14, 2013. | |
The accompanying Financial Statements have been prepared in accordance with U.S. GAAP, which requires management to make estimates and assumptions that affect amounts reported in the Financial Statements and accompanying disclosures. Although these estimates are based on the information reasonably available and actions that the Company may undertake in the future, actual results may be different from those estimates. The Financial Statements reflect all adjustments of a normal, recurring nature that are, in the opinion of management, necessary for a fair statement of results for these interim periods. The results of operations for the three and nine months ended September 30, 2013 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2013. | |
Principles of Consolidation | ' |
Principles of Consolidation | |
The Company’s consolidated financial statements include the accounts of Synageva and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. | |
Reverse Merger | ' |
Reverse Merger | |
On November 2, 2011, Trimeris, Inc., a Delaware corporation (“Trimeris”), closed a merger transaction (the “Reverse Merger”) with Synageva BioPharma Corp., a privately held Delaware corporation (“Private Synageva”), pursuant to an Agreement and Plan of Merger and Reorganization, dated as of June 13, 2011 (the “Merger Agreement”), by and among Trimeris, Private Synageva and Tesla Merger Sub, Inc., a wholly owned subsidiary of Trimeris (“Merger Sub”). Pursuant to the Merger Agreement, Private Synageva became a wholly owned subsidiary of Trimeris through a merger of Merger Sub with and into Private Synageva, and the former stockholders of Private Synageva received shares of Trimeris that constituted a majority of the outstanding shares of Trimeris. In connection with the Reverse Merger, Trimeris changed its name to Synageva BioPharma Corp. | |
The Reverse Merger was accounted for as a reverse acquisition under which Private Synageva was considered the acquirer of Trimeris. | |
Significant Accounting Policies | ' |
Significant Accounting Policies | |
There have been no material changes to the Company’s significant accounting policies during the nine months ended September 30, 2013, as compared to the significant accounting policies disclosed in Note 2, Summary of Significant Accounting Policies, of the Company’s financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2012. | |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
In February 2013, the Financial Accounting Standards Board issued an accounting standard update related to Comprehensive Income: Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. The revised standard requires companies to present information about reclassification adjustments from accumulated other comprehensive income in their annual financial statements in a single note or on the face of the financial statements. The Company adopted this standard in the first quarter of 2013 and presented this information in Note 6, Accumulated Other Comprehensive Income (Loss) to these consolidated financial statements. The adoption of this standard did not have an impact on our financial position or results of operations. | |
In July 2013, the Financial Accounting Standards Board, or FASB, issued an accounting standards update clarifying the presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The updated guidance requires the netting of unrecognized tax benefits against a deferred tax asset for a loss or other carryforward when settlement of the liability for an unrecognized tax benefit in this manner is available. The update is effective prospectively for reporting periods beginning after December 15, 2013, and early adoption and retrospective adoption are permitted. The adoption of this guidance is not expected to have an impact on the Company’s consolidated financial statements. |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Summary of Amortized Cost and Estimated Fair Values | ' | ||||||||||||||||
The principal amounts of short-term investments are summarized in the tables below: | |||||||||||||||||
Less Than 12 Months to Maturity | |||||||||||||||||
Amortized | Unrealized | Unrealized | Fair Value | ||||||||||||||
Cost | Gains | Losses | |||||||||||||||
Balance at September 30, 2013: | |||||||||||||||||
U.S. Treasury securities | $ | 218,555 | $ | 52 | $ | — | $ | 218,607 | |||||||||
Total | $ | 218,555 | $ | 52 | $ | — | $ | 218,607 | |||||||||
Balance at December 31, 2012: | |||||||||||||||||
U.S. Treasury securities | $ | 195,055 | $ | 15 | $ | — | $ | 195,070 | |||||||||
Total | $ | 195,055 | $ | 15 | $ | — | $ | 195,070 | |||||||||
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | ' | ||||||||||||||||
The following table presents information about the Company’s financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2013: | |||||||||||||||||
September 30, | Quoted Price | Significant | Significant | ||||||||||||||
2013 | in Active | Other | Unobservable | ||||||||||||||
Markets | Observable | Inputs | |||||||||||||||
(Level 1) | Inputs | (Level 3) | |||||||||||||||
(Level 2) | |||||||||||||||||
Assets | |||||||||||||||||
Cash equivalents | |||||||||||||||||
Money market fund | $ | 32,275 | $ | 32,275 | $ | — | $ | — | |||||||||
Marketable securities | |||||||||||||||||
US treasury securities | $ | 218,607 | $ | 218,607 | $ | — | $ | — | |||||||||
Total | $ | 250,882 | $ | 250,882 | $ | — | $ | — | |||||||||
The following table presents information about the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2012: | |||||||||||||||||
December 31, | Quoted Price | Significant | Significant | ||||||||||||||
2012 | in Active | Other | Unobservable | ||||||||||||||
Markets | Observable | Inputs | |||||||||||||||
(Level 1) | Inputs | (Level 3) | |||||||||||||||
(Level 2) | |||||||||||||||||
Assets | |||||||||||||||||
Cash equivalents | |||||||||||||||||
Money market fund | $ | 10,387 | $ | 10,387 | $ | — | $ | — | |||||||||
US treasury securities | 10,011 | 10,011 | — | $ | — | ||||||||||||
Marketable securities | |||||||||||||||||
US treasury securities | $ | 195,070 | $ | 195,070 | $ | — | $ | — | |||||||||
Total | $ | 215,468 | $ | 215,468 | $ | — | $ | — | |||||||||
Supplemental_Balance_Sheet_Inf1
Supplemental Balance Sheet Information (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | ||||||||
Summary of Prepaid Expense and Other Current Assets | ' | ||||||||
Prepaid expenses and other current assets consist of the following: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Prepaid clinical, manufacturing, and scientific costs | $ | 1,382 | $ | 1,598 | |||||
Restricted cash – short-term letters of credit (1) | 2,905 | 37 | |||||||
Interest receivable | 470 | 603 | |||||||
Prepaid insurance | 464 | 896 | |||||||
Other | 1,388 | 421 | |||||||
$ | 6,609 | $ | 3,555 | ||||||
-1 | Restricted cash of $2.9 million at September 30, 2013 primarily relates to a short-term letter of credit associated with construction activities at our Lexington headquarters. | ||||||||
Accrued Expenses | ' | ||||||||
Accrued expenses consist of the following: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Accrued compensation, benefits and withholdings | $ | 3,090 | $ | 1,862 | |||||
Clinical, manufacturing and scientific costs | 4,032 | 1,978 | |||||||
Professional fees | 834 | 685 | |||||||
Accrued capital expenditures | 1,509 | — | |||||||
Other | 677 | 587 | |||||||
$ | 10,142 | $ | 5,112 | ||||||
Share_Based_Payments_Tables
Share Based Payments (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Summary of Stock Option Activity under all Equity Plans | ' | ||||||||||||||||
A summary of stock option activity under all equity plans for the nine months ended September 30, 2013 is as follows: | |||||||||||||||||
Number of | Weighted | ||||||||||||||||
Shares | Average | ||||||||||||||||
Exercise Price | |||||||||||||||||
Outstanding at December 31, 2012 | 2,529 | $ | 25.06 | ||||||||||||||
Options granted | 986 | 43.02 | |||||||||||||||
Options exercised | (577 | ) | 6.35 | ||||||||||||||
Options canceled or expired | (195 | ) | 64.21 | ||||||||||||||
Outstanding at September 30, 2013 | 2,742 | $ | 32.68 | ||||||||||||||
Recognized Stock-Based Compensation Expense on all Stock Option Awards | ' | ||||||||||||||||
The Company recognized stock-based compensation expense on all stock option awards for the three and nine months ended September 30, 2013 and 2012, as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Research and development | $ | 1,030 | $ | 495 | $ | 2,406 | $ | 926 | |||||||||
General and administrative | 1,649 | 1,060 | 3,859 | 2,141 | |||||||||||||
$ | 2,679 | $ | 1,555 | $ | 6,265 | $ | 3,067 |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Component of Changes in Accumulated Other Comprehensive Income (Loss), Net of Tax | ' | ||||||||||||
The following table summarizes the changes in accumulated other comprehensive income (loss), net of tax by component: | |||||||||||||
Unrealized | Translation | Total | |||||||||||
Gains on | Adjustments | ||||||||||||
Available | |||||||||||||
for Sale | |||||||||||||
Securities | |||||||||||||
Balance, as of December 31, 2012 | 15 | (9 | ) | 6 | |||||||||
Other comprehensive loss before reclassifications | 37 | (27 | ) | 10 | |||||||||
Amounts reclassified from accumulated other comprehensive loss | — | — | — | ||||||||||
Net current period other comprehensive income (loss) | 37 | (27 | ) | 10 | |||||||||
Balance, as of September 30, 2013 | 52 | (36 | ) | 16 |
Basic_and_Diluted_Net_Loss_Per1
Basic and Diluted Net Loss Per Common Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Computation of Basic and Diluted Net Loss Per Common Share | ' | ||||||||||||||||
The following table sets forth the computation of basic and diluted net loss per common share: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Numerator: | |||||||||||||||||
Net loss | $ | (28,123 | ) | $ | (10,182 | ) | $ | (64,714 | ) | $ | (27,758 | ) | |||||
Denominator | |||||||||||||||||
Weighted average common shares | |||||||||||||||||
Denominator for basic calculation | 27,491 | 23,825 | 27,190 | 21,984 | |||||||||||||
Denominator for diluted calculation | 27,491 | 23,825 | 27,190 | 21,984 | |||||||||||||
Net loss per share: | |||||||||||||||||
Basic | $ | (1.02 | ) | $ | (0.43 | ) | $ | (2.38 | ) | $ | (1.26 | ) | |||||
Diluted | $ | (1.02 | ) | $ | (0.43 | ) | $ | (2.38 | ) | $ | (1.26 | ) | |||||
Computations of Diluted Weighted Average Shares Outstanding | ' | ||||||||||||||||
The following shares of potentially dilutive securities have been excluded from the computations of diluted weighted average shares outstanding as the effect of including such securities would be antidilutive (in thousands): | |||||||||||||||||
September 30, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Options to purchase common stock | 2,742 | 2,593 |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||
Future Minimum Lease Payments for Lexington Lease | ' | ||||
Future minimum lease payments for the Lexington lease are as follows (in thousands): | |||||
Year Ending December 31, | |||||
2013 | $ | 167 | |||
2014-2019 | 1,336 (per year | ) | |||
2020 | 334 |
Nature_of_the_Business_Additio
Nature of the Business - Additional Information (Detail) (USD $) | 9 Months Ended | ||||
Share data in Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Jan. 09, 2013 | Dec. 31, 2012 |
Offerings | Public Offering Closing on September 2013 [Member] | Public Offering Closing on January 2013 [Member] | Public Offering in July 2012 [Member] | ||
Nature Of Business [Line Items] | ' | ' | ' | ' | ' |
Accumulated deficit | ($223,503,000) | ($158,789,000) | ' | ' | ' |
Closure of underwritten public offering | ' | ' | 179,100,000 | 117,500,000 | ' |
Shares of common stock offered | ' | ' | 3.2 | 2.5 | ' |
Price per share of common stock offered | ' | ' | $56.63 | $47.53 | ' |
Net proceeds from public offering | ' | ' | $170,100,000 | $111,100,000 | $192,700,000 |
Number of public offerings | ' | 2 | ' | ' | ' |
Cash and cash equivalent, description | 'Expects that it will have sufficient cash and cash equivalents to sustain operations for at least the next two years. | ' | ' | ' | ' |
Minimum period for holding cash and cash equivalent | '2 years | ' | ' | ' | ' |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2013 | |
Fair Value Disclosures [Abstract] | ' |
Maturity period of highly liquid investments | '90 days |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments - Summary of Amortized Cost and Estimated Fair Values (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | $218,555 | $195,055 |
Unrealized Gains | 52 | 15 |
Unrealized Losses | ' | ' |
Fair Value | 218,607 | 195,070 |
US Treasury Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 218,555 | 195,055 |
Unrealized Gains | 52 | 15 |
Unrealized Losses | ' | ' |
Fair Value | $218,607 | $195,070 |
Fair_Value_of_Financial_Instru4
Fair Value of Financial Instruments - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (Fair Value, Measurements, Recurring [Member], USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Cash equivalents-money market fund | $250,882 | $215,468 |
Quoted Prices in Active Markets (Level 1) [Member] | ' | ' |
Assets | ' | ' |
Cash equivalents-money market fund | 250,882 | 215,468 |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Assets | ' | ' |
Cash equivalents-money market fund | ' | ' |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Assets | ' | ' |
Cash equivalents-money market fund | ' | ' |
Money Market Fund [Member] | ' | ' |
Assets | ' | ' |
Cash equivalents-money market fund | 32,275 | 10,387 |
Money Market Fund [Member] | Quoted Prices in Active Markets (Level 1) [Member] | ' | ' |
Assets | ' | ' |
Cash equivalents-money market fund | 32,275 | 10,387 |
Money Market Fund [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Assets | ' | ' |
Cash equivalents-money market fund | ' | ' |
Money Market Fund [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Assets | ' | ' |
Cash equivalents-money market fund | ' | ' |
US Treasury Securities Cash Equivalents [Member] | ' | ' |
Assets | ' | ' |
Cash equivalents-money market fund | ' | 10,011 |
US Treasury Securities Cash Equivalents [Member] | Quoted Prices in Active Markets (Level 1) [Member] | ' | ' |
Assets | ' | ' |
Cash equivalents-money market fund | ' | 10,011 |
US Treasury Securities Cash Equivalents [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Assets | ' | ' |
Cash equivalents-money market fund | ' | ' |
US Treasury Securities Cash Equivalents [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Assets | ' | ' |
Cash equivalents-money market fund | ' | ' |
US Treasury Securities Marketable Securities [Member] | ' | ' |
Assets | ' | ' |
Cash equivalents-money market fund | 218,607 | 195,070 |
US Treasury Securities Marketable Securities [Member] | Quoted Prices in Active Markets (Level 1) [Member] | ' | ' |
Assets | ' | ' |
Cash equivalents-money market fund | 218,607 | 195,070 |
US Treasury Securities Marketable Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Assets | ' | ' |
Cash equivalents-money market fund | ' | ' |
US Treasury Securities Marketable Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Assets | ' | ' |
Cash equivalents-money market fund | ' | ' |
Supplemental_Balance_Sheet_Inf2
Supplemental Balance Sheet Information - Summary of Prepaid Expense and Other Current Assets (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | ' | ' |
Prepaid clinical, manufacturing, and scientific costs | $1,382 | $1,598 |
Restricted cash - short-term letters of credit | 2,905 | 37 |
Interest receivable | 470 | 603 |
Prepaid insurance | 464 | 896 |
Other | 1,388 | 421 |
Total | $6,609 | $3,555 |
Supplemental_Balance_Sheet_Inf3
Supplemental Balance Sheet Information - Summary of Prepaid Expense and Other Current Assets (Parenthetical) (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | ' | ' |
Restricted cash - short-term letters of credit | $2,905 | $37 |
Supplemental_Balance_Sheet_Inf4
Supplemental Balance Sheet Information - Accrued Expenses (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | ' | ' |
Accrued compensation, benefits and withholdings | $3,090 | $1,862 |
Clinical, manufacturing and scientific costs | 4,032 | 1,978 |
Professional fees | 834 | 685 |
Accrued capital expenditures | 1,509 | ' |
Other | 677 | 587 |
Accrued liabilities, current | $10,142 | $5,112 |
Share_Based_Payments_Additiona
Share Based Payments - Additional Information (Detail) | 6 Months Ended | 9 Months Ended |
Jun. 30, 2013 | Sep. 30, 2013 | |
Employee Stock Purchase Plan [Member] | ' | ' |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ' | ' |
Common stock at a discount | ' | 15.00% |
Share based compensation arrangement by share based payment award options period description | ' | 'Option periods under the ESPP run from January 1 to June 30 and July 1 to December 31 of each year. The first purchase occurred on June 30, 2013, and 5.3 shares were issued with the purchase. |
Share based compensation arrangement by share based payment award shares issued | 5,000 | ' |
2005 Stock Option Plan [Member] | ' | ' |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ' | ' |
Maximum number of shares authorized under the plan | ' | 4,900,000 |
Shares subject to outstanding awards under the plan | ' | 2,500,000 |
Shares available for grant under the plan | ' | 1,100,000 |
Share_Based_Payments_Summary_o
Share Based Payments - Summary of Stock Option Activity under all Equity Plans (Detail) (USD $) | 9 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' |
Beginning balance, number of shares | 2,529 |
Options granted, number of shares | 986 |
Options exercised, number of shares | -577 |
Options canceled or expired, number of shares | -195 |
Ending balance, number of shares | 2,742 |
Beginning balance, weighted average exercise price | $25.06 |
Options granted, weighted average exercise price | $43.02 |
Options exercised, weighted average exercise price | $6.35 |
Options canceled or expired, weighted average exercise price | $64.21 |
Ending balance, weighted average exercise price | $32.68 |
Share_Based_Payments_Recognize
Share Based Payments - Recognized Stock-Based Compensation Expense on all Stock Option Awards (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Total operating expenses | $2,679 | $1,555 | $6,265 | $3,067 |
Research and Development [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Total operating expenses | 1,030 | 495 | 2,406 | 926 |
General and Administrative [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Total operating expenses | $1,649 | $1,060 | $3,859 | $2,141 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) - Component of Changes in Accumulated Other Comprehensive Income (Loss), Net of Tax (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Beginning, balance | $6 |
Other comprehensive loss before reclassifications | 10 |
Amounts reclassified from accumulated other comprehensive loss | ' |
Net current period other comprehensive income (loss) | 10 |
Ending, balance | 16 |
Unrealized Gains on Available for Sale Securities [Member] | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Beginning, balance | 15 |
Other comprehensive loss before reclassifications | 37 |
Amounts reclassified from accumulated other comprehensive loss | ' |
Net current period other comprehensive income (loss) | 37 |
Ending, balance | 52 |
Translation Adjustments [Member] | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Beginning, balance | -9 |
Other comprehensive loss before reclassifications | -27 |
Amounts reclassified from accumulated other comprehensive loss | ' |
Net current period other comprehensive income (loss) | -27 |
Ending, balance | ($36) |
Basic_and_Diluted_Net_Loss_Per2
Basic and Diluted Net Loss Per Common Share - Computation of Basic and Diluted Net Loss Per Common Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Numerator: | ' | ' | ' | ' |
Net loss | ($28,123) | ($10,182) | ($64,714) | ($27,758) |
Denominator | ' | ' | ' | ' |
Weighted average common shares denominator for basic calculation | 27,491 | 23,825 | 27,190 | 21,984 |
Weighted average common shares denominator for diluted calculation | 27,491 | 23,825 | 27,190 | 21,984 |
Net loss per share: | ' | ' | ' | ' |
Basic | ($1.02) | ($0.43) | ($2.38) | ($1.26) |
Diluted | ($1.02) | ($0.43) | ($2.38) | ($1.26) |
Basic_and_Diluted_Net_Loss_Per3
Basic and Diluted Net Loss Per Common Share - Computations of Diluted Weighted Average Shares Outstanding (Detail) (Options to Purchase Common Stock [Member]) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Options to Purchase Common Stock [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Antidilutive securities excluded from computation of earnings per share, amount | 2,742 | 2,593 |
License_Agreements_and_Collabo1
License Agreements and Collaborations - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 31, 2012 | Aug. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
Mitsubishi Tanabe Pharma Corporation [Member] | Mitsubishi Tanabe Pharma Corporation [Member] | Mitsubishi Tanabe Pharma Corporation [Member] | Mitsubishi Tanabe Pharma Corporation [Member] | Mitsubishi Tanabe Pharma Corporation [Member] | Mitsubishi Tanabe Pharma Corporation [Member] | Mitsubishi Tanabe Pharma Corporation [Member] | |||||
Accounting | Collaborative Arrangement One [Member] | Collaborative Arrangement One [Member] | Collaborative Arrangement Two [Member] | Collaborative Arrangement Two [Member] | |||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Upfront development payment to the company | ' | ' | ' | ' | $9,000,000 | $3,000,000 | ' | ' | ' | ' | ' |
Funding of development costs | ' | ' | ' | ' | 800,000 | 1,500,000 | ' | ' | ' | ' | ' |
Additional payment for the initial development | ' | ' | ' | ' | 3,000,000 | 3,000,000 | ' | ' | ' | ' | ' |
Option expiration period | ' | ' | ' | ' | ' | ' | '60 days | ' | ' | ' | ' |
Number of units for accounting | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' |
Revenue recognized under the first total | 1,369,000 | 5,428,000 | 9,900,000 | 10,074,000 | ' | ' | ' | 200,000 | 1,000,000 | 100,000 | 3,200,000 |
Deferred revenue | ' | ' | ' | ' | ' | ' | ' | $1,000,000 | $1,000,000 | $800,000 | $800,000 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 9 Months Ended | 1 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Oct. 22, 2013 |
Lease | Oconee County Georgia [Member] | |
Subsequent Event [Member] | ||
Lease | ||
acre | ||
Buildings | ||
sqft | ||
Operating Leases Of Lessee Future Minimum Payment Term Disclosure [Line Items] | ' | ' |
Area of land under lease agreement | ' | 12 |
Number of building under construction | ' | 2 |
Area of building under construction | ' | 35,000 |
Operating lease expiration term | '77 months | '124 months |
Number of lease renewal periods | 2 | 2 |
Period of renewal under lease renewal option | '3 years | '5 years |
Operating lease rental per month | ' | $36,167 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Future Minimum Lease Payments for Lexington Lease (Detail) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Commitments And Contingencies Disclosure [Abstract] | ' |
2013 | $167 |
2014 | 1,336 |
2015 | 1,336 |
2016 | 1,336 |
2017 | 1,336 |
2018 | 1,336 |
2019 | 1,336 |
2020 | $334 |