Synageva BioPharma 10-Q 30 Apr 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2015	Apr. 24, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	FALSE
Document Period End Date	31-Mar-15
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Trading Symbol	GEVA
Entity Registrant Name	SYNAGEVA BIOPHARMA CORP
Entity Central Index Key	911326
Current Fiscal Year End Date	-19
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		37,153,036

Consolidated_Balance_Sheets_Un

Consolidated Balance Sheets (Unaudited) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Current assets:
Cash and cash equivalents	$98,577	$82,653
Short-term investments	611,984	364,255
Accounts receivable	926	986
Prepaid expenses and other current assets	10,791	9,938
Total current assets	722,278	457,832
Property and equipment, net	31,917	31,559
Developed technology, net	1,781	2,003
Goodwill	8,535	8,535
Other assets	4,035	4,274
Total assets	768,546	504,203
Current liabilities:
Accounts payable	2,080	2,625
Accrued expenses	24,801	21,710
Other current liabilities	971	908
Total current liabilities	27,852	25,243
Other liabilities	5,568	5,721
Total liabilities	33,420	30,964
Commitments and contingencies (Note 8)
Stockholders' equity:
Common stock, par value $0.001; 60,000 shares authorized at March 31, 2015 and December 31, 2014; 37,002 and 33,370 shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively	37	33
Additional paid-in capital	1,241,853	920,333
Accumulated other comprehensive loss	-276	-240
Accumulated deficit	-506,488	-446,887
Total stockholders' equity	735,126	473,239
Total liabilities and stockholders' equity	$768,546	$504,203

Consolidated_Balance_Sheets_Un1

Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Common stock, par value	$0.00	$0.00
Common stock, shares authorized	60,000,000	60,000,000
Common stock, shares issued	37,002,000	33,370,000
Common stock, shares outstanding	37,002,000	33,370,000

Consolidated_Statements_of_Ope

Consolidated Statements of Operations (Unaudited) (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Revenue:
Royalty revenue	$927	$1,447
Collaboration and license revenue		139
Total revenue	927	1,586
Costs and expenses:
Research and development	38,207	27,868
Selling, general and administrative	21,671	9,804
Amortization of developed technology	222	390
Total costs and expenses	60,100	38,062
Loss from operations	-59,173	-36,476
Other expense, net	-252	-5
Interest income, net	83	75
Loss before provision for income taxes	-59,342	-36,406
Provision for income taxes	259	18
Net loss	($59,601)	($36,424)
Basic and diluted net loss per common share	($1.63)	($1.16)
Weighted average shares used in basic and diluted per common share computations	36,495	31,338

Consolidated_Statements_of_Com

Consolidated Statements of Comprehensive Loss (Unaudited) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Statement of Comprehensive Income [Abstract]
Net loss	($59,601)	($36,424)
Other comprehensive loss:
Change in fair market value of available for sale securities	-24	51
Foreign currency translation adjustments	-12	-5
Total other comprehensive (loss) gain	-36	46
Comprehensive loss	($59,637)	($36,378)

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (Unaudited) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities
Net loss	($59,601)	($36,424)
Adjustments:
Depreciation and amortization	1,641	1,407
Stock compensation expense	7,045	3,181
Amortization of premium on investments	1,491	687
Loss on equity method investment	254
Changes in assets and liabilities:
Accounts receivable	60	-73
Prepaid expenses, other current assets and other assets	-868	-2,552
Accounts payable	-545	-956
Accrued expenses, other current liabilities and other liabilities	3,080	693
Net cash used in operating activities	-47,443	-34,037
Cash flows from investing activities
Purchase of available for sale investments	-385,244	-167,577
Proceeds from sales and maturities available for sale investments	136,000	90,650
Capital expenditures	-1,777	-3,245
Restricted cash		320
Net cash used in investing activities	-251,021	-79,852
Cash flows from financing activities
Proceeds from issuance of common stock, net of issuance costs	308,708	200,925
Proceeds from exercise of stock options	5,771	3,163
Payments for lease financing obligation	-79
Net cash provided by financing activities	314,400	204,088
Effect of exchange rates on cash	-12	-5
Net increase in cash and equivalents	15,924	90,194
Cash and equivalents at the beginning of period	82,653	62,137
Cash and equivalents at the end of period	98,577	152,331
Capitalization of construction in progress related to facility lease obligation		1,574
Capital expenditures incurred but not yet paid	$213	$2,633

Nature_of_the_Business

Nature of the Business	3 Months Ended
	Mar. 31, 2015
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. The Company has a pipeline of protein therapeutic programs for rare diseases with unmet medical need which are currently at various stages of development. Synageva is currently planning for a global launch of its lead program, Kanuma™ (sebelipase alfa) for lysosomal acid lipase deficiency (LAL Deficiency). Kanuma is under regulatory review in the U.S., Europe, and Mexico. The Company also has an active investigational new drug application (IND) with the U.S. Food & Drug Administration (FDA) to evaluate its second program, SBC-103 a first-mover program for mucopolysaccharidosis IIIB (MPS IIIB, also known as Sanfilippo B syndrome). The Company is currently dosing patients with MPS IIIB in a Phase 1/2 study investigating intravenous administration of SBC-103 and plans to report preliminary data from this study in the second half of 2015. The Company’s third pipeline program, SBC-105, is a first-mover enzyme therapy in preclinical development for rare disorders of calcification. Synageva has additional first-mover and potentially bio-superior protein therapeutic pipeline programs for other rare diseases at different stages of preclinical development. Synageva owns the worldwide commercial rights to all of its pipeline programs.
	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, manufacturing and supply disruption, 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, appropriate commercial infrastructure, technological and medical risks and management of growth.
	The Company has incurred losses since inception and at March 31, 2015, had an accumulated deficit of $506.5 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 the Company is unable to obtain additional funding on a timely basis, it may be required to curtail or terminate some or all of its development programs and commercialization plans, including some or all of its product candidates.
	Through March 31, 2015, the Company has funded its operations primarily from proceeds of the sale of stock, and to a lesser extent, royalty income and collaboration agreements. In January 2015, the Company completed an offering of 3.45 million shares of common stock and received net proceeds of $308.7 million. In addition to this financing, the Company received aggregate net proceeds of approximately $674.8 million from public equity offerings in fiscal 2014, 2013 and 2012.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2015
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, 2014 included in the Company’s Annual Report on Form 10-K filed with the SEC on February 26, 2015.
	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 months ended March 31, 2015 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2015.
	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.
	Variable Interest Entities
	The Company identifies entities that (1) do not have sufficient equity investment at risk to permit the entity to finance its activities without additional subordinated financial support or (2) in which the equity investors lack an essential characteristic of a controlling financial interest as variable interest entities (“VIE” or “VIEs”). The Company performs an initial and on-going evaluation of the entities with which the Company has variable interests to determine if any of these entities are a VIE. If an entity is identified as a VIE, the Company performs an assessment to determine whether the Company has both (1) the power to direct activities that most significantly impact the VIE’s economic performance and (2) have the obligation to absorb losses from or the right to receive benefits of the VIE that could potentially be significant to the VIE. If both of these criteria are satisfied, the Company is identified as the primary beneficiary of the VIE.
	The Company determined that a strategic investment made and disclosed in the second quarter of 2014 was a VIE. The Company is not the primary beneficiary for this entity since it does not have the power to direct the activities that most significantly impact the economic performance of the VIE. This determination has not changed through March 31, 2015.
	Significant Accounting Policies
	There have been no material changes to the Company’s significant accounting policies during the three months ended March 31, 2015, 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, 2014.
	Recent Issued and Proposed Accounting Pronouncements
	In August 2014, the Financial Accounting Standards Board issued Accounting Standards Update No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (ASU 2014-15). ASU 2014-15 requires management to assess an entity’s ability to continue as a going concern, and to provide related footnote disclosures in certain circumstances. The standard is effective for public entities for annual and interim periods beginning after December 15, 2016, with early adoption permitted. We are currently evaluating the provisions of ASU 2014-15 and assessing the impact, if any, it may have on our financial position, results of operations or cash flows.
	In May 2014, the FASB and the International Accounting Standards Board jointly issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (ASU 2014-09), a comprehensive new revenue recognition standard that will supersede nearly all existing revenue recognition guidance. The objective of ASU 2014-09 is that a company will recognize revenue when it transfers 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. ASU 2014-09 will be effective for the first quarter of 2017. An entity can elect to adopt ASU 2014-09 using one of two methods, either full retrospective adoption to each prior reporting period, or recognizing the cumulative effect of adoption at the date of initial application. The Company is in the process of evaluating the new standard and does not know the effect, if any, ASU 2014-09 will have on the Consolidated Financial Statements or which adoption method will be used.

Fair_Value_of_Financial_Instru

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2015
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 purchased with a maturity date of 90 days or less at the date of purchase to be cash equivalents. At March 31, 2015 and December 31, 2014, 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 March 31, 2015 and December 31, 2014. 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 March 31, 2015:
	U.S. Treasury securities		$	612,105	$	—	$	(121	)	$	611,984
	Total		$	612,105	$	—	$	(121	)	$	611,984
	Balance at December 31, 2014:
	U.S. Treasury securities		$	364,352	$	—	$	(97	)	$	364,255
	Total		$	364,352	$	—	$	(97	)	$	364,255
	The following table presents information about the Company’s financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2015:
			March 31,		Quoted		Significant			Significant
			2015		Price in		Other			Unobservable
					Active		Observable			Inputs
					Markets		Inputs			(Level 3)
					(Level 1)		(Level 2)
	Assets
	Cash equivalents
	Money market fund		$	53,100	$	—	$	53,100		$	—
	US treasury securities			31,024		—		31,024			—
	Marketable securities
	US treasury securities			611,984		—		611,984			—
	Total		$	696,108	$	—	$	696,108		$	—
	Level 1 inputs are quoted prices in active markets for identical assets or liabilities and consist of cash on deposit. Items classified as Level 2 within the valuation hierarchy consist of U.S. government-related debt securities and money market funds. We estimate the fair values of these marketable securities by taking into consideration valuations obtained from third-party pricing sources. These pricing sources utilize industry standard valuation models, including both income and market-based approaches, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. These inputs include market pricing based on real-time trade data for the same or similar securities, issuer credit spreads, benchmark yields, and other observable inputs. We validate the prices provided by our third-party pricing sources by understanding the models used, obtaining market values from other pricing sources and analyzing pricing data in certain instances.
	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, 2014:
			December 31,		Quoted		Significant			Significant
			2014		Price in		Other			Unobservable
					Active		Observable			Inputs
					Markets		Inputs			(Level 3)
					(Level 1)		(Level 2)
	Assets
	Cash equivalents
	Money market fund		$	71,226	$	—	$	71,226		$	—
	US treasury securities			—		—		—			—
	Marketable securities
	US treasury securities			364,255		—		364,255			—
	Total		$	435,481	$	—	$	435,481		$	—

Supplemental_Balance_Sheet_Inf

Supplemental Balance Sheet Information	3 Months Ended
	Mar. 31, 2015
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:
			March 31,		December 31,
			2015		2014
	Prepaid clinical, manufacturing, and scientific costs		$	5,269	$	4,081
	Interest receivable			1,623		1,018
	Prepaid insurance			1,054		1,238
	Other			2,845		3,601
			$	10,791	$	9,938
	Other non-current assets consist of the following:
			March 31,		December 31,
			2015		2014
	Restricted cash		$	2,151	$	2,151
	Equity method investment			1,744		2,000
	Other			140		123
			$	4,035	$	4,274
	Restricted cash relates to deposits associated with construction activities at our new Bogart, GA facility and a long-term letter of credit associated with our headquarters in Lexington, MA. The equity method investment balance relates to an investment made in 2014.
	Accrued expenses consist of the following:
			March 31,		December 31,
			2015		2014
	Accrued compensation and benefits		$	4,608	$	6,093
	Clinical, manufacturing and scientific costs			14,352		12,140
	Commercial and medical costs			3,055		539
	Professional fees			1,653		1,131
	Other			1,133		1,807
			$	24,801	$	21,710

Share_Based_Payments

Share Based Payments	3 Months Ended
	Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share Based Payments	5	Share Based Payments
	The Company’s 2014 Equity Incentive Plan (2014 Plan) replaced the Company’s 2005 Stock Plan as the equity compensation plan from which the Company may make equity based awards to employees, directors and consultants. The 2014 Plan provides for the issuance of up to 2.5 million shares of the Company’s common stock, plus up to 1.0 million of additional shares if awards under the 2005 Stock Plan are cancelled or expire. Shares subject to outstanding awards under the 2005 Stock Plan and 2014 Plan totaled 1.8 million and 1.4 million, respectively, as of March 31, 2015. At March 31, 2015, there were 1.3 million shares remaining available for grant under the 2014 Plan.
	The Company uses the Black-Scholes option pricing model to measure the fair value of its option awards. The fair value of each stock option grant was estimated on the date of grant using the Black-Scholes option-pricing model. The expected life assumption is based on the limited exercise historical experience at the Company, management’s expectations based on the length of time that an employee will stay at the Company, the vesting period of four years and the contractual term of ten years. The Company estimates volatility using a blended approach encompassing: (i) historical experience and peer group (including industry, size, life cycle and financial leverage), and (ii) implied volatility from publicly traded options with the longest available contractual terms. The risk-free interest rate is based on the U.S. Treasury zero coupon rate with a remaining term approximating the expected term used as the input to the Black-Scholes option pricing model.
	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% to the lesser of the fair market value of the Company’s stock on (i) the date on which an employee elects to participate in the ESPP and (ii) the closing price on the last day of the ESPP option period. 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.
	A summary of stock option activity under all equity plans for the three months ended March 31, 2015 is as follows:
			Stock Options					Restricted Stock Units
			Shares			Weighted		Shares		Weighted
						Average				Average
						Exercise Price				Grant Date
										Fair Value
	Outstanding at December 31, 2014			3,256		$	53.62		30	$	63.11
	Granted			174			103.61		—		—
	Exercised			(176	)		30.29		—		—
	Canceled or expired			(40	)		77.45		—		—
	Outstanding at March 31, 2015			3,214		$	57.3		30	$	63.11
	The Company recognized stock-based compensation expense on all stock option awards for the three months ended March 31, 2015 and 2014, as follows:
			Three Months Ended
			March 31,
			2015			2014
	Research and development		$	2,736		$	1,467
	Selling, general and administrative			4,309			1,714
			$	7,045		$	3,181

Accumulated_Other_Comprehensiv

Accumulated Other Comprehensive Loss	3 Months Ended
	Mar. 31, 2015
Equity [Abstract]
Accumulated Other Comprehensive Loss	6	Accumulated Other Comprehensive Loss
	The following table summarizes the changes in accumulated other comprehensive loss, net of tax by component:
			Unrealized			Translation			Total
			Loss on			Adjustments
			Available
			for Sale
			Securities
	Balance, as of December 31, 2014		$	(97	)	$	(143	)	$	(240	)
	Other comprehensive loss before reclassifications			(24	)		(12	)		(36	)
	Net current period other comprehensive loss		$	(24	)	$	(12	)	$	(36	)
	Balance, as of March 31, 2015		$	(121	)	$	(155	)	$	(276	)

Basic_and_Diluted_Net_Loss_per

Basic and Diluted Net Loss per Common Share	3 Months Ended
	Mar. 31, 2015
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
			March 31,
			2015			2014
	Numerator:
	Net loss		$	(59,601	)	$	(36,424	)
	Denominator
	Weighted average common shares
	Denominator for basic calculation			36,495			31,338
	Denominator for diluted calculation			36,495			31,338
	Net loss per share:
	Basic		$	(1.63	)	$	(1.16	)
	Diluted		$	(1.63	)	$	(1.16	)
	The Company's potential dilutive stock options and restricted stock units 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:
			March 31,
			2015			2014
	Common stock equivalents			3,244			2,574

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	8	Commitments and Contingencies
	There have been no significant changes to the Company's commitments and contingencies and occupancy arrangements in the three months ended March 31, 2015, as compared to those disclosed in Note 10, "Commitments and Contingencies" included in our Annual Report on Form 10-K for the year ended December 31, 2014, which was filed with the SEC on February 26, 2015.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2015
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, 2014 included in the Company’s Annual Report on Form 10-K filed with the SEC on February 26, 2015.
	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 months ended March 31, 2015 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2015.
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.
Variable Interest Entities	Variable Interest Entities
	The Company identifies entities that (1) do not have sufficient equity investment at risk to permit the entity to finance its activities without additional subordinated financial support or (2) in which the equity investors lack an essential characteristic of a controlling financial interest as variable interest entities (“VIE” or “VIEs”). The Company performs an initial and on-going evaluation of the entities with which the Company has variable interests to determine if any of these entities are a VIE. If an entity is identified as a VIE, the Company performs an assessment to determine whether the Company has both (1) the power to direct activities that most significantly impact the VIE’s economic performance and (2) have the obligation to absorb losses from or the right to receive benefits of the VIE that could potentially be significant to the VIE. If both of these criteria are satisfied, the Company is identified as the primary beneficiary of the VIE.
	The Company determined that a strategic investment made and disclosed in the second quarter of 2014 was a VIE. The Company is not the primary beneficiary for this entity since it does not have the power to direct the activities that most significantly impact the economic performance of the VIE. This determination has not changed through March 31, 2015.
Significant Accounting Policies	Significant Accounting Policies
	There have been no material changes to the Company’s significant accounting policies during the three months ended March 31, 2015, 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, 2014.
Recently Issued and Proposed Accounting Pronouncements	Recent Issued and Proposed Accounting Pronouncements
	In August 2014, the Financial Accounting Standards Board issued Accounting Standards Update No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (ASU 2014-15). ASU 2014-15 requires management to assess an entity’s ability to continue as a going concern, and to provide related footnote disclosures in certain circumstances. The standard is effective for public entities for annual and interim periods beginning after December 15, 2016, with early adoption permitted. We are currently evaluating the provisions of ASU 2014-15 and assessing the impact, if any, it may have on our financial position, results of operations or cash flows.
	In May 2014, the FASB and the International Accounting Standards Board jointly issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (ASU 2014-09), a comprehensive new revenue recognition standard that will supersede nearly all existing revenue recognition guidance. The objective of ASU 2014-09 is that a company will recognize revenue when it transfers 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. ASU 2014-09 will be effective for the first quarter of 2017. An entity can elect to adopt ASU 2014-09 using one of two methods, either full retrospective adoption to each prior reporting period, or recognizing the cumulative effect of adoption at the date of initial application. The Company is in the process of evaluating the new standard and does not know the effect, if any, ASU 2014-09 will have on the Consolidated Financial Statements or which adoption method will be used.

Fair_Value_of_Financial_Instru1

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2015
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 March 31, 2015:
	U.S. Treasury securities	$	612,105	$	—	$	(121	)	$	611,984
	Total	$	612,105	$	—	$	(121	)	$	611,984
	Balance at December 31, 2014:
	U.S. Treasury securities	$	364,352	$	—	$	(97	)	$	364,255
	Total	$	364,352	$	—	$	(97	)	$	364,255
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 March 31, 2015:
		March 31,		Quoted		Significant			Significant
		2015		Price in		Other			Unobservable
				Active		Observable			Inputs
				Markets		Inputs			(Level 3)
				(Level 1)		(Level 2)
	Assets
	Cash equivalents
	Money market fund	$	53,100	$	—	$	53,100		$	—
	US treasury securities		31,024		—		31,024			—
	Marketable securities
	US treasury securities		611,984		—		611,984			—
	Total	$	696,108	$	—	$	696,108		$	—
	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, 2014:
		December 31,		Quoted		Significant			Significant
		2014		Price in		Other			Unobservable
				Active		Observable			Inputs
				Markets		Inputs			(Level 3)
				(Level 1)		(Level 2)
	Assets
	Cash equivalents
	Money market fund	$	71,226	$	—	$	71,226		$	—
	US treasury securities		—		—		—			—
	Marketable securities
	US treasury securities		364,255		—		364,255			—
	Total	$	435,481	$	—	$	435,481		$	—

Supplemental_Balance_Sheet_Inf1

Supplemental Balance Sheet Information (Tables)	3 Months Ended
	Mar. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets consist of the following:
		March 31,		December 31,
		2015		2014
	Prepaid clinical, manufacturing, and scientific costs	$	5,269	$	4,081
	Interest receivable		1,623		1,018
	Prepaid insurance		1,054		1,238
	Other		2,845		3,601
		$	10,791	$	9,938
Summary of Other Non-Current Assets	Other non-current assets consist of the following:
		March 31,		December 31,
		2015		2014
	Restricted cash	$	2,151	$	2,151
	Equity method investment		1,744		2,000
	Other		140		123
		$	4,035	$	4,274
Accrued Expenses	Accrued expenses consist of the following:
		March 31,		December 31,
		2015		2014
	Accrued compensation and benefits	$	4,608	$	6,093
	Clinical, manufacturing and scientific costs		14,352		12,140
	Commercial and medical costs		3,055		539
	Professional fees		1,653		1,131
	Other		1,133		1,807
		$	24,801	$	21,710

Share_Based_Payments_Tables

Share Based Payments (Tables)	3 Months Ended
	Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of Stock Option Activity under All Equity Plans	A summary of stock option activity under all equity plans for the three months ended March 31, 2015 is as follows:
		Stock Options					Restricted Stock Units
		Shares			Weighted		Shares		Weighted
					Average				Average
					Exercise Price				Grant Date
									Fair Value
	Outstanding at December 31, 2014		3,256		$	53.62		30	$	63.11
	Granted		174			103.61		—		—
	Exercised		(176	)		30.29		—		—
	Canceled or expired		(40	)		77.45		—		—
	Outstanding at March 31, 2015		3,214		$	57.3		30	$	63.11
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 months ended March 31, 2015 and 2014, as follows:
		Three Months Ended
		March 31,
		2015			2014
	Research and development	$	2,736		$	1,467
	Selling, general and administrative		4,309			1,714
		$	7,045		$	3,181

Accumulated_Other_Comprehensiv1

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Mar. 31, 2015
Equity [Abstract]
Component of Changes in Accumulated Other Comprehensive Loss, Net of Tax	The following table summarizes the changes in accumulated other comprehensive loss, net of tax by component:
		Unrealized			Translation			Total
		Loss on			Adjustments
		Available
		for Sale
		Securities
	Balance, as of December 31, 2014	$	(97	)	$	(143	)	$	(240	)
	Other comprehensive loss before reclassifications		(24	)		(12	)		(36	)
	Net current period other comprehensive loss	$	(24	)	$	(12	)	$	(36	)
	Balance, as of March 31, 2015	$	(121	)	$	(155	)	$	(276	)

Basic_and_Diluted_Net_Loss_per1

Basic and Diluted Net Loss per Common Share (Tables)	3 Months Ended
	Mar. 31, 2015
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
		March 31,
		2015			2014
	Numerator:
	Net loss	$	(59,601	)	$	(36,424	)
	Denominator
	Weighted average common shares
	Denominator for basic calculation		36,495			31,338
	Denominator for diluted calculation		36,495			31,338
	Net loss per share:
	Basic	$	(1.63	)	$	(1.16	)
	Diluted	$	(1.63	)	$	(1.16	)
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:
		March 31,
		2015			2014
	Common stock equivalents		3,244			2,574

Nature_of_the_Business_Additio

Nature of the Business - Additional Information (Detail) (USD $)	Mar. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Jan. 31, 2015
Share data in Millions, unless otherwise specified
Nature Of Business [Line Items]
Accumulated deficit	($506,488,000)	($446,887,000)
Net proceeds from public offering		674,800,000	674,800,000	674,800,000
Public Offering Closing on March 2014 [Member]
Nature Of Business [Line Items]
Shares of common stock offered					3.45
Net proceeds from public offering					$308,700,000

Fair_Value_of_Financial_Instru2

Fair Value of Financial Instruments - Summary of Amortized Cost and Estimated Fair Values (Detail) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$612,105	$364,352
Unrealized Gains	0	0
Unrealized (Losses)	-121	-97
Fair Value	611,984	364,255
U.S. Treasury Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	612,105	364,352
Unrealized Gains	0	0
Unrealized (Losses)	-121	-97
Fair Value	$611,984	$364,255

Fair_Value_of_Financial_Instru3

Fair Value of Financial Instruments - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Assets
Marketable securities	$611,984	$364,255
Assets	696,108	435,481
Money Market Fund [Member]
Assets
Cash equivalents-money market fund	53,100	71,226
U.S. Treasury Securities [Member]
Assets
Cash equivalents-money market fund	31,024
US Treasury Securities Marketable Securities [Member]
Assets
Marketable securities	611,984	364,255
Significant Other Observable Inputs (Level 2) [Member]
Assets
Assets	696,108	435,481
Significant Other Observable Inputs (Level 2) [Member] | Money Market Fund [Member]
Assets
Cash equivalents-money market fund	53,100	71,226
Significant Other Observable Inputs (Level 2) [Member] | U.S. Treasury Securities [Member]
Assets
Cash equivalents-money market fund	31,024
Significant Other Observable Inputs (Level 2) [Member] | US Treasury Securities Marketable Securities [Member]
Assets
Marketable securities	$611,984	$364,255

Supplemental_Balance_Sheet_Inf2

Supplemental Balance Sheet Information - Summary of Prepaid Expenses and Other Current Assets (Detail) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Prepaid clinical, manufacturing, and scientific costs	$5,269	$4,081
Interest receivable	1,623	1,018
Prepaid insurance	1,054	1,238
Other	2,845	3,601
Total	$10,791	$9,938

Supplemental_Balance_Sheet_Inf3

Supplemental Balance Sheet Information - Summary of Other Non-Current Assets (Detail) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Restricted cash	$2,151	$2,151
Equity method investment	1,744	2,000
Other	140	123
Other assets	$4,035	$4,274

Supplemental_Balance_Sheet_Inf4

Supplemental Balance Sheet Information - Accrued Expenses (Detail) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Accrued compensation and benefits	$4,608	$6,093
Clinical, manufacturing and scientific costs	14,352	12,140
Commercial and medical costs	3,055	539
Professional fees	1,653	1,131
Other	1,133	1,807
Accrued liabilities, current	$24,801	$21,710

Share_Based_Payments_Additiona

Share Based Payments - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Shares subject to outstanding awards under the plan	3,214,000	3,256,000
Vesting period	4 years
Contractual term	10 years
Treasury stock coupon rate	0.00%
2014 Equity Incentive Plan [Member]
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Issuance of common stock	2,500,000
Shares subject to outstanding awards under the plan	1,400,000
Shares available for grant under the plan	1,300,000
2014 Equity Incentive Plan [Member] | Maximum [Member]
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Additional number of shares of common stock available for issuance	1,000,000
2005 Stock Plan [Member]
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Shares subject to outstanding awards under the plan	1,800,000
Employee Stock Purchase Plan [Member]
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Common stock at a discount	15.00%
Employee stock purchase plan option period, description	Option periods under the ESPP run from January 1 to June 30 and July 1 to December 31 of each year.

Share_Based_Payments_Summary_o

Share Based Payments - Summary of Stock Option Activity under all Equity Plans (Detail) (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2015
Schedule Of Stock Option Activity [Line Items]
Beginning balance, Shares	3,256
Granted, Shares	174
Exercised, Shares	-176
Canceled or expired, Shares	-40
Ending balance, Shares	3,214
Beginning balance, Weighted Average Exercise Price	$53.62
Granted, Weighted Average Exercise Price	$103.61
Exercised, Weighted Average Exercise Price	$30.29
Canceled or expired, Weighted Average Exercise Price	$77.45
Ending balance, Weighted Average Exercise Price	$57.30
Restricted Stock Units [Member]
Schedule Of Stock Option Activity [Line Items]
Beginning balance, Shares	30
Granted, Shares	0
Exercised, Shares	0
Canceled or expired, Shares	0
Ending balance, Shares	30
Beginning balance, Weighted Average Grant Date Fair Value	$63.11
Granted, Weighted Average Grant Date Fair Value	$0
Exercised, Weighted Average Grant Date Fair Value	$0
Canceled or expired, Weighted Average Grant Date Fair Value	$0
Ending balance, Weighted Average Grant Date Fair Value	$63.11

Share_Based_Payments_Recognize

Share Based Payments - Recognized Stock-Based Compensation Expense on all Stock Option Awards (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total operating expenses	$7,045	$3,181
Research and Development [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total operating expenses	2,736	1,467
Selling, General and Administrative [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total operating expenses	$4,309	$1,714

Accumulated_Other_Comprehensiv2

Accumulated Other Comprehensive Loss - Component of Changes in Accumulated Other Comprehensive Loss, Net of Tax (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning, balance	($240)
Other comprehensive loss before reclassifications	-36
Net current period other comprehensive loss	-36	46
Ending, balance	-276
Unrealized Loss on Available for Sale Securities [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning, balance	-97
Other comprehensive loss before reclassifications	-24
Net current period other comprehensive loss	-24
Ending, balance	-121
Translation Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning, balance	-143
Other comprehensive loss before reclassifications	-12
Net current period other comprehensive loss	-12
Ending, balance	($155)

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
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Numerator:
Net loss	($59,601)	($36,424)
Denominator
Weighted average common shares, Denominator for basic calculation	36,495	31,338
Weighted average common shares, Denominator for diluted calculation	36,495	31,338
Net loss per share:
Basic	($1.63)	($1.16)
Diluted	($1.63)	($1.16)

Basic_and_Diluted_Net_Loss_per3

Basic and Diluted Net Loss per Common Share - Computations of Diluted Weighted Average Shares Outstanding (Detail) (Equity Option [Member])	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Equity Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	3,244	2,574