Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Jul. 24, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | NBIX | |
Entity Registrant Name | NEUROCRINE BIOSCIENCES INC | |
Entity Central Index Key | 914,475 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 85,873,191 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 132,070 | $ 31,014 |
Short-term investments, available for sale | 252,650 | 162,795 |
Other current assets | 4,696 | 4,394 |
Total current assets | 389,416 | 198,203 |
Property and equipment, net | 2,802 | 2,507 |
Long-term investments, available for sale | 114,172 | 37,492 |
Restricted cash | 4,815 | 4,831 |
Total assets | 511,205 | 243,033 |
Current liabilities: | ||
Accounts payable | 1,035 | 246 |
Accrued liabilities | 12,392 | 11,508 |
Current portion of cease-use liability | 556 | 467 |
Current portion of deferred rent | 197 | 119 |
Current portion of deferred gain on sale of real estate | 3,373 | 3,324 |
Total current liabilities | 17,553 | 15,664 |
Deferred gain on sale of real estate | 12,614 | 14,322 |
Deferred revenue | 10,231 | 0 |
Deferred rent | 1,852 | 1,877 |
Cease-use liability | 1,770 | 2,211 |
Other liabilities | 245 | 260 |
Total liabilities | $ 44,265 | $ 34,334 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred stock, $0.001 par value; 5,000,000 shares authorized; no shares issued and outstanding | $ 0 | $ 0 |
Common stock, $0.001 par value; 110,000,000 shares authorized; issued and outstanding shares were 85,750,371 as of June 30, 2015 and 76,465,942 as of December 31, 2014 | 86 | 76 |
Additional paid-in capital | 1,318,742 | 1,035,205 |
Accumulated other comprehensive loss | (404) | (277) |
Accumulated deficit | (851,484) | (826,305) |
Total stockholders' equity | 466,940 | 208,699 |
Total liabilities and stockholders' equity | $ 511,205 | $ 243,033 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 110,000,000 | 110,000,000 |
Common stock, shares issued | 85,750,371 | 76,465,942 |
Common stock, shares outstanding | 85,750,371 | 76,465,942 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Revenues: | ||||
License fees | $ 0 | $ 0 | $ 19,769 | $ 0 |
Total revenues | 0 | 0 | 19,769 | 0 |
Operating expenses: | ||||
Research and development | 18,719 | 10,161 | 35,294 | 18,733 |
General and administrative | 6,603 | 4,200 | 12,085 | 8,353 |
Total operating expenses | 25,322 | 14,361 | 47,379 | 27,086 |
Loss from operations | (25,322) | (14,361) | (27,610) | (27,086) |
Other income: | ||||
Gain/(loss) on sale/disposal of assets | 0 | 5 | 9 | (5) |
Deferred gain on real estate | 829 | 805 | 1,659 | 1,609 |
Investment income, net | 506 | 167 | 763 | 256 |
Other income, net | 0 | 3 | 0 | 3 |
Total other income | 1,335 | 980 | 2,431 | 1,863 |
Net loss | $ (23,987) | $ (13,381) | $ (25,179) | $ (25,223) |
Net loss per common share: | ||||
Basic and diluted | $ (0.28) | $ (0.18) | $ (0.30) | $ (0.35) |
Shares used in the calculation of net loss per common share: | ||||
Basic and diluted | 85,518 | 75,879 | 82,947 | 73,085 |
Other comprehensive loss: | ||||
Net loss | $ (23,987) | $ (13,381) | $ (25,179) | $ (25,223) |
Net unrealized (losses)/gains on available-for-sale securities | (225) | 68 | (127) | (131) |
Comprehensive loss | $ (24,212) | $ (13,313) | $ (25,306) | $ (25,354) |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (25,179) | $ (25,223) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 495 | 386 |
Gain on sale of assets | (1,668) | (1,604) |
Deferred revenues | 10,231 | 0 |
Deferred rent | 53 | 12 |
Amortization of premiums on investments | 2,579 | 1,594 |
Non-cash share-based compensation expense | 8,263 | 5,274 |
Change in operating assets and liabilities: | ||
Other current assets | (302) | (196) |
Accounts payable and accrued liabilities | 1,673 | 229 |
Cease-use liability | (352) | (204) |
Other non-current liabilities | (15) | 0 |
Net cash used in operating activities | (4,222) | (19,732) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchases of investments | (286,860) | (208,337) |
Sales and maturities of investments | 117,619 | 85,069 |
Proceeds from sales of property and equipment | 9 | 45 |
Deposits and restricted cash | 16 | 0 |
Purchases of property and equipment | (790) | (904) |
Net cash used in investing activities | (170,006) | (124,127) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Issuance of common stock | 275,284 | 136,515 |
Net cash provided by financing activities | 275,284 | 136,515 |
Net increase (decrease) in cash and cash equivalents | 101,056 | (7,344) |
Cash and cash equivalents at beginning of the period | 31,014 | 44,789 |
Cash and cash equivalents at end of the period | $ 132,070 | $ 37,445 |
ORGANIZATION AND SIGNIFICANT AC
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES | 1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES Description of Business. Basis of Presentation These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2014 included in the Company’s Annual Report on Form 10-K filed with the SEC. The results of operations for the interim period shown in this report are not necessarily indicative of the results that may be expected for any other interim period or for the full year. The balance sheet at December 31, 2014 has been derived from the audited financial statements at that date, but does not include all of the information and footnotes required by GAAP for complete financial statements. Impact of Recently Issued Accounting Standards Use of Estimates |
REVENUE RECOGNITION AND SIGNIFI
REVENUE RECOGNITION AND SIGNIFICANT COLLABORATIVE RESEARCH AND DEVELOPMENT AGREEMENTS | 6 Months Ended |
Jun. 30, 2015 | |
Text Block [Abstract] | |
REVENUE RECOGNITION AND SIGNIFICANT COLLABORATIVE RESEARCH AND DEVELOPMENT AGREEMENTS | 2. REVENUE RECOGNITION AND SIGNIFICANT COLLABORATIVE RESEARCH AND DEVELOPMENT AGREEMENTS Revenue Recognition Policy. Effective in 2011, the Company follows the Accounting Standards Codification (ASC) for Revenue Recognition - Multiple-Element Arrangements, if applicable, to determine the recognition of revenue under license and collaboration agreements. The terms of these agreements generally contain multiple elements, or deliverables, which may include (i) licenses to the Company’s intellectual property, (ii) materials and technology, (iii) pharmaceutical supply, (iv) participation on joint development or joint steering committees, and (v) development services. The payments the Company receives under these arrangements typically include one or more of the following: up-front license fees; funding of research and/or development efforts; amounts due upon the achievement of specified milestones; manufacturing and royalties on future product sales. The ASC provides guidance relating to the separation of deliverables included in an arrangement into different units of accounting and the allocation of consideration to the units of accounting. The evaluation of multiple-element arrangements requires management to make judgments about (i) the identification of deliverables, (ii) whether such deliverables are separable from the other aspects of the contractual relationship, (iii) the estimated selling price of each deliverable, and (iv) the expected period of performance for each deliverable. To determine the units of accounting under a multiple-element arrangement, management evaluates certain separation criteria, including whether the deliverables have stand-alone value, based on the relevant facts and circumstances for each arrangement. The selling prices of deliverables under an arrangement may be derived using vendor specific objective evidence (VSOE), third-party evidence, or a best estimate of selling price (BESP), if VSOE or third-party evidence is not available. For most pharmaceutical licensing and collaboration agreements, BESP is utilized. The objective of BESP is to determine the price at which the Company would transact a sale if the element within the agreement was sold on a standalone basis. Establishing BESP involves management’s judgment and considers multiple factors, including market conditions and company-specific factors, including those factors contemplated in negotiating the agreements, as well as internally developed models that include assumptions related to market opportunity, discounted cash flows, estimated development costs, probability of success and the time needed to commercialize a product candidate pursuant to the agreement. In validating the BESP, management considers whether changes in key assumptions used to determine the BESP will have a significant effect on the allocation of the arrangement consideration between the multiple deliverables. The allocated consideration for each unit of accounting is recognized over the related obligation period in accordance with the applicable revenue recognition criteria. If there are deliverables in an arrangement that are not separable from other aspects of the contractual relationship, they are treated as a combined unit of accounting, with the allocated revenue for the combined unit recognized in a manner consistent with the revenue recognition applicable to the final deliverable in the combined unit. Payments received prior to satisfying the relevant revenue recognition criteria are recorded as unearned revenue in the accompanying balance sheets and recognized as revenue when the related revenue recognition criteria are met. The Company typically receives up-front payments when licensing its intellectual property, which often occurs in conjunction with a research and development agreement. The Company recognizes revenue attributed to the license upon delivery, provided that the license has stand-alone value. For payments payable on achievement of milestones that do not meet all of the conditions to be considered substantive, the Company recognizes the portion of the payment allocable to delivered items as revenue when the specific milestone is achieved, and the contingency is removed. Prior to the revised multiple element guidance, described above, adopted by the Company on January 1, 2011, upfront, nonrefundable payments for license fees, grants, and advance payments for sponsored research revenues received in excess of amounts earned were classified as deferred revenue and recognized as income over the contract or development period. Revenues from development milestones are accounted for in accordance with the Revenue Recognition – Milestone Method Topic of the FASB ASC (Milestone Method). Milestones are recognized when earned, as evidenced by written acknowledgment from the collaborator or other persuasive evidence that the milestone has been achieved, provided that the milestone event is substantive. A milestone event is considered to be substantive if its achievability was not reasonably assured at the inception of the agreement and the Company’s efforts led to the achievement of the milestone or the milestone was due upon the occurrence of a specific outcome resulting from the Company’s performance. The Company assesses whether a milestone is substantive at the inception of each agreement. Mitsubishi Tanabe Pharma Corporation (Mitsubishi Tanabe). Under the terms of the Company’s agreement with Mitsubishi Tanabe, the collaboration effort between the parties to advance NBI-98854 towards commercialization in Japan and other select Asian markets is governed by a joint steering committee and joint development committee with representatives from both the Company and Mitsubishi Tanabe. There are no performance, cancellation, termination or refund provisions in the agreement that would have a material financial consequence to the Company. The Company does not directly control when event-based payments will be achieved or when royalty payments will begin. Mitsubishi Tanabe may terminate the agreement at its discretion upon 180 days’ written notice to the Company. In such event, all NBI-98854 product rights for Japan and other select Asian markets would revert to the Company. The Company has identified the following deliverables associated with the Mitsubishi Tanabe agreement: NBI-98854 technology license and existing know-how, development activities to be performed as part of the collaboration, and the manufacture of pharmaceutical products. The respective standalone value from each of these deliverables has been determined by applying the BESP method and the revenue was allocated based on the relative selling price method with revenue recognition timing to be determined either by delivery or the provision of services. As discussed above, the BESP method required the use of significant estimates. The Company used an income approach to estimate the selling price for the technology license and an expense approach for estimating development activities and the manufacture of pharmaceutical products. The development activities and the manufacture of pharmaceutical products are expected to be delivered throughout the duration of the agreement. The technology license and existing know-how was delivered on the effective date of the agreement. For the six months ended June 30, 2015, the Company recognized revenue under this agreement of $19.8 million associated with the delivery of a technology license and existing know-how. In accordance with the Company’s continuing performance obligations, $10.2 million of the $30 million up-front payment is being deferred and recognized in future periods. Under the terms of the agreement, there is no general obligation to return the up-front payment for any non-contingent deliverable. The Company evaluated the event-based payments under the Milestone Method and concluded only one immaterial event-based payment represents a substantive milestone. Event-based payments will be recognized when earned. The Company is eligible to receive from Mitsubishi Tanabe tiered royalty payments based on product sales in Japan and other select Asian markets. Royalties will be recognized as earned in accordance with the terms of the agreement, when product sales are reported by Mitsubishi Tanabe, the amount can be reasonably estimated, and collectability is reasonably assured. AbbVie Inc. (AbbVie). Under the terms of the agreement, AbbVie is responsible for all third-party development, marketing and commercialization costs. The Company received funding for certain internal collaboration expenses, which included reimbursement from AbbVie for internal and external expenses related to the GnRH Compounds, through the end of 2012. The Company will be entitled to a percentage of worldwide sales of GnRH Compounds for the longer of ten years or the life of the related patent rights. Under the terms of the Company’s agreement with AbbVie, the collaboration effort between the parties to advance GnRH Compounds towards commercialization was governed by a joint development committee with representatives from both the Company and AbbVie. The Company’s participation in the joint development committee was determined to be a substantive deliverable under the contract, and therefore, the upfront payment was deferred and recognized over the term of the joint development committee, which was completed, as scheduled, in December 2012. AbbVie may terminate the collaboration at its discretion upon 180 days’ written notice to the Company. In such event, the Company would be entitled to specified payments for ongoing clinical development and related activities and all GnRH Compound product rights would revert to the Company. |
INVESTMENTS
INVESTMENTS | 6 Months Ended |
Jun. 30, 2015 | |
Investments Schedule [Abstract] | |
INVESTMENTS | 3. INVESTMENTS Available-for-sale securities are carried at fair value, with the unrealized gains and losses reported in comprehensive loss. The amortized cost of debt securities in this category is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization and accretion is included in interest income. Realized gains and losses and declines in value judged to be other-than-temporary, if any, on available-for-sale securities are included in other income or expense. The cost of securities sold is based on the specific identification method. Interest and dividends on securities classified as available-for-sale are included in interest income. Investments consist of the following ( in thousands June 30, 2015 December 31, 2014 Certificates of deposit $ 13,890 $ 17,438 Commercial paper 23,904 7,498 Corporate debt securities 324,192 174,323 Securities of government sponsored entities 4,836 1,028 Total investments $ 366,822 $ 200,287 The following is a summary of investments classified as available-for-sale securities ( in thousands Contractual Maturity (in years) Amortized Cost Gross Unrealized Gains(1) Gross Unrealized Losses(1) Aggregate Estimated Fair Value June 30, 2015: Classified as current assets: Certificates of deposit Less than 1 $ 9,560 $ 6 $ (1 ) $ 9,565 Commercial paper Less than 1 23,903 9 (8 ) 23,904 Corporate debt securities Less than 1 214,459 5 (119 ) 214,345 Securities of government-sponsored entities Less than 1 4,843 — (7 ) 4,836 Total short-term available-for-sale securities $ 252,765 $ 20 $ (135 ) $ 252,650 Classified as non-current assets: Certificates of deposit 1 to 2 $ 4,320 $ 5 $ — $ 4,325 Corporate debt securities 1 to 2 110,141 1 (295 ) 109,847 Total long-term available-for-sale securities $ 114,461 $ 6 $ (295 ) $ 114,172 December 31, 2014: Classified as current assets: Certificates of deposit Less than 1 $ 9,072 $ — $ (6 ) $ 9,066 Commercial paper Less than 1 7,497 1 — 7,498 Corporate debt securities Less than 1 145,321 5 (123 ) 145,203 Securities of government-sponsored entities Less than 1 1,029 — (1 ) 1,028 Total short-term available-for-sale securities $ 162,919 $ 6 $ (130 ) $ 162,795 Classified as non-current assets: Certificates of deposit 1 to 2 $ 8,400 $ — $ (28 ) $ 8,372 Corporate debt securities 1 to 2 29,245 — (125 ) 29,120 Total long-term available-for-sale securities $ 37,645 $ — $ (153 ) $ 37,492 (1) Unrealized gains and losses are included in other comprehensive loss. The following table presents information about available-for-sale investments in an unrealized loss position ( in thousands Less Than 12 Months 12 Months or Greater Total Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses June 30, 2015: Certificates of deposit $ 199 $ (1 ) $ — $ — $ 199 $ (1 ) Commercial paper 11,452 (8 ) — — 11,452 (8 ) Corporate debt securities 283,310 (407 ) 4,803 (7 ) 288,113 (414 ) Securities of government-sponsored entities 4,684 (7 ) — — 4,684 (7 ) Total $ 299,645 $ (423 ) $ 4,803 $ (7 ) $ 304,448 $ (430 ) December 31, 2014: Certificates of deposit $ 16,957 $ (34 ) $ — $ — $ 16,957 $ (34 ) Corporate debt securities 149,477 (248 ) — — 149,477 (248 ) Securities of government-sponsored entities 1,028 (1 ) — — 1,028 (1 ) Total $ 167,462 $ (283 ) $ — $ — $ 167,462 $ (283 ) The primary objective of the Company’s investment portfolio is to enhance overall returns in an efficient manner while maintaining safety of principal, prudent levels of liquidity and acceptable levels of risk. The Company’s investment policy limits interest-bearing security investments to certain types of instruments issued by institutions with primarily investment grade credit ratings and places restrictions on maturities and concentration by asset class and issuer. The Company reviews the available-for-sale investments for other-than-temporary declines in fair value below cost basis each quarter and whenever events or changes in circumstances indicate that the cost basis of an asset may not be recoverable. This evaluation is based on a number of factors, including the length of time and the extent to which the fair value has been below the cost basis and adverse conditions related specifically to the security, including any changes to the credit rating of the security, and the intent to sell, or whether the Company will more likely than not be required to sell the security before recovery of its amortized cost basis. The assessment of whether a security is other-than-temporarily impaired could change in the future due to new developments or changes in assumptions related to any particular security. As of June 30, 2015 and December 31, 2014, the Company believes the cost bases for available-for-sale investments were recoverable in all material respects. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | 4. FAIR VALUE MEASUREMENTS Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, a three-tier fair value hierarchy has been established, which prioritizes the inputs used in measuring fair value as follows: Level 1: Observable inputs such as quoted prices in active markets; Level 2: Inputs include quoted prices for similar instruments in active markets and/or quoted prices for identical or similar instruments in markets that are not active near the measurement date; and Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. The Company classifies its cash equivalents and available for sale investments within Level 1 or Level 2. The fair value of the Company’s high quality investment grade corporate debt securities is determined using proprietary valuation models and analytical tools. These valuation models and analytical tools use market pricing or prices for similar instruments that are both objective and publicly available, including matrix pricing or reported trades, benchmark yields, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids and/or offers. The Company did not reclassify any investments between levels in the fair value hierarchy during the six months ended June 30, 2015. The Company’s assets which were measured at fair value on a recurring basis as of June 30, 2015 and December 31, 2014 were determined using the inputs described above and are as follows ( in millions Fair Value Measurements Using Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) June 30, 2015: Classified as current assets: Cash and money market funds $ 129.6 $ 129.6 $ — $ — Certificates of deposit 9.6 9.6 — — Commercial paper 23.9 — 23.9 — Securities of government-sponsored entities 4.8 — 4.8 — Corporate debt securities 216.9 — 216.9 — Subtotal 384.8 139.2 245.6 — Classified as long-term assets: Certificates of deposit 9.1 9.1 — — Corporate debt securities 109.8 — 109.8 — Total 503.7 148.3 355.4 — Less cash, cash equivalents and restricted cash (136.9 ) (134.3 ) (2.6 ) — Total investments $ 366.8 $ 14.0 $ 352.8 $ — December 31, 2014: Classified as current assets: Cash and money market funds $ 28.7 $ 28.7 $ — $ — Certificates of deposit 9.1 9.1 — — Commercial paper 7.5 — 7.5 — Securities of government-sponsored entities 1.5 — 1.5 — Corporate debt securities 147.0 — 147.0 — Subtotal 193.8 37.8 156.0 — Classified as long-term assets: Certificates of deposit 13.2 13.2 — — Corporate debt securities 29.1 — 29.1 — Total 236.1 51.0 185.1 — Less cash, cash equivalents and restricted cash (35.8 ) (33.5 ) (2.3 ) — Total investments $ 200.3 $ 17.5 $ 182.8 $ — |
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
SHARE-BASED COMPENSATION | 5. SHARE-BASED COMPENSATION The compensation expense related to the Company’s share-based compensation arrangements has been included in the condensed consolidated statements of comprehensive loss as follows ( in millions Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 General and administrative $ 2.4 $ 1.4 $ 4.1 $ 2.6 Research and development 2.3 1.5 $ 4.2 $ 2.7 Total share-based compensation expense $ 4.7 $ 2.9 $ 8.3 $ 5.3 The fair value of equity instruments that vest based on continued employee service, net of estimated forfeitures, is recognized and amortized on a straight-line basis over the requisite service period. For restricted stock units (RSUs) with performance-based vesting requirements (PRSUs), no expense is recorded until the performance condition is probable of being achieved. The Company estimates forfeiture rates for equity awards based on past behavior for similar equity awards with further consideration given to the class of employees to whom the equity awards were granted. As of June 30, 2015, total unrecognized estimated compensation cost related to non-vested stock options and non-vested RSUs, that vest over a given service period, granted prior to that date was $31.4 million and $19.6 million, respectively, which is expected to be recognized over a weighted average period of approximately 2.8 years and 3.1 years, respectively. Additionally, the Company has approximately 0.5 million PRSUs outstanding. The total unrecognized estimated compensation cost related to these PRSUs is $11.0 million and is expected to be recognized beginning at the point when the events will become probable. During the six months ended June 30, 2015 and 2014, stock options to purchase approximately 1.1 million and 0.5 million shares of the Company’s common stock were exercised, respectively. The cash received by the Company from stock option exercises during the six months ended June 30, 2015 and 2014 was approximately $4.6 million and $3.3 million, respectively. The Company also issued approximately 0.2 million and 0.1 million shares of common stock pursuant to the vesting of RSUs during the six months ended June 30, 2015 and 2014, respectively. Stock Option Assumptions The Company granted stock options to purchase approximately 1.0 million and 0.9 million shares of the Company’s common stock during the six months ended June 30, 2015 and 2014, respectively. These stock options generally vest monthly over a four-year period. The exercise price of all stock options granted during the six months ended June 30, 2015 and 2014 was equal to the closing price of the Company’s common stock on the date of grant. The estimated fair value of each stock option granted was determined on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions for the stock option grants: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Risk-free interest rate 1.8% 2.1% 1.6% 2.3% Expected volatility of common stock 66.3% 70.6% 66.5% 71.2% Dividend yield 0.0% 0.0% 0.0% 0.0% Expected option term 6.6 years 7.3 years 6.7 years 7.1 years The Black-Scholes option-pricing model incorporates various and highly sensitive assumptions including expected volatility, expected term and interest rates. The expected volatility is based on the historical volatility of the Company’s common stock over the most recent period commensurate with the estimated expected term of the Company’s stock options. The expected option term is estimated based on historical experience as well as the status of the employee. For example, directors and officers have a longer expected option term than all other employees. The risk-free rate for periods within the contractual life of the option is based upon observed interest rates appropriate for the expected term of the Company’s employee stock options. The Company has never declared or paid dividends and has no plans to do so in the foreseeable future. For the six months ended June 30, 2015 and 2014, share-based compensation expense related to stock options was $5.5 million and $4.1 million, respectively. Restricted Stock Units During each of the six months ended June 30, 2015 and 2014, the Company granted approximately 0.4 million RSUs that generally vest annually over a four year period. Additionally, during the six months ended June 30, 2015 and 2014, the Company granted 50,000 and 475,000 PRSUs, respectively. These PSRUs vest based on the achievement of pre-defined Company-specific performance criteria and expire approximately five years from the grant date. As the performance based criteria for vesting for the PRSUs is not currently probable, no associated expense has been recorded for these PRSUs during the six months ended June 30, 2015. The fair value of RSUs is estimated based on the closing sale price of the Company’s common stock on the date of the RSU grant. For the six months ended June 30, 2015 and 2014, share-based compensation expense related to RSUs was $2.8 million and $1.2 million, respectively. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
STOCKHOLDERS' EQUITY | 6. STOCKHOLDERS’ EQUITY Equity Financing In February 2015, the Company completed a public offering of common stock in which the Company sold 8.0 million shares of its common stock at an offering price of $36.00 per share. The net proceeds generated from this transaction, after underwriting discounts and commissions and offering costs, were approximately $270.7 million. In February 2014, the Company completed a public offering of common stock in which the Company sold 8.0 million shares of its common stock at an offering price of $17.75 per share. The net proceeds generated from this transaction, after underwriting discounts and commissions and offering costs, were approximately $133.2 million. Shelf Registration Statements In February 2014, the Company filed an automatic shelf registration statement which immediately became effective by rule of the SEC. For so long as the Company continues to satisfy the requirements to be deemed a well-known seasoned issuer, this shelf registration statement allows the Company to issue an unlimited number of shares of its common stock from time to time. As of June 30, 2015, the Company had sold 16.0 million shares under this shelf registration statement. In December 2012, the SEC declared effective a shelf registration statement filed by the Company in November 2012. The shelf registration statement allows the Company to issue shares of its common stock from time to time for an aggregate initial offering price of up to $150 million. As of June 30, 2015, the Company had not sold any shares under this shelf registration statement. The specific terms of future offerings, if any, under any of the shelf registration statements would be established at the time of such offerings. |
REAL ESTATE
REAL ESTATE | 6 Months Ended |
Jun. 30, 2015 | |
Leases [Abstract] | |
REAL ESTATE | 7. REAL ESTATE In December 2007, the Company closed the sale of its facility and associated real property for a purchase price of $109 million. Concurrent with the sale, the Company retired the entire $47.7 million in mortgage debt previously outstanding with respect to the facility and associated real property, and received cash of $61.0 million net of transaction costs and debt retirement. Upon the closing of the sale of the facility and associated real property, the Company entered into a lease agreement (Lease) whereby it leased back for an initial term of 12 years its corporate headquarters comprised of two buildings located at 12790 El Camino Real (Front Building) and 12780 El Camino Real (Rear Building) in San Diego, California. The Company also entered into a series of lease amendments (Amendments), beginning in late 2008, through which it vacated the Front Building, but continues to occupy the Rear Building. The ultimate result of this real estate sale was a net gain of $39.1 million which was deferred in accordance with authoritative guidance. The Company recognized $1.7 million and $1.6 million of the deferred gain during the six month periods ended June 30, 2015 and 2014, respectively, and will recognize the remaining $16.0 million of the deferred gain over the initial Lease term which will expire at the end of 2019. Under the terms of the Lease and the Amendments, the Company pays base annual rent (subject to an annual fixed percentage increase), plus a 3.5% annual management fee, property taxes and other normal and necessary expenses associated with the Lease such as utilities, repairs and maintenance. In lieu of a cash security deposit under the Lease, Wells Fargo Bank, N.A. issued on the Company’s behalf a letter of credit in the amount of $4.6 million, which is secured by a deposit of equal amount with the same bank. The Company also has the right to extend the Lease for two consecutive ten-year terms. As of June 30, 2015, the Company has entered into three sublease agreements for approximately 34,000 square feet of the Rear Building. These subleases are expected to result in approximately $1.3 million of rental income in 2016 with this sublease rental income being recorded as an offset to rent expense. The income generated under these subleases is lower than the Company’s financial obligation under the Lease for the Rear Building, as determined on a per square foot basis. Consequently, the Company is required to record a cease-use liability for the net present value of the estimated difference between the expected income to be generated under the subleases and future subleases and the Lease obligation over the remaining term of the Lease for the space that is occupied by the subtenant. The subleases provide various options to extend for additional one-year renewal periods. The current terms each of these three subleases expire in August 2015, February 2017 and March 2018. In August 2015, when one of the subleases expires, the 3,322 of square feet subject to this sublease will be utilized by the Company. The following table sets forth changes to the accrued cease-use liability during the three and six months ended June 30, 2015 and 2014 ( in thousands Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Beginning balance $ 2,565 $ 2,994 $ 2,678 $ 3,096 Change in estimate (87 ) — (87 ) — Payments (152 ) (102 ) (265 ) (204 ) Ending balance $ 2,326 $ 2,892 $ 2,326 $ 2,892 |
LOSS PER COMMON SHARE
LOSS PER COMMON SHARE | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
LOSS PER COMMON SHARE | 8. LOSS PER COMMON SHARE The Company computes basic net loss per share using the weighted average number of common shares outstanding during the period. In computing the diluted net loss, potentially dilutive securities, composed of incremental common shares issuable upon the exercise of stock options and warrants and the vesting of RSUs and PRSUs, are excluded from the diluted loss per share calculation because of their anti-dilutive effect. For the three and six months ended June 30, 2015, the Company realized a net loss of $24.0 million and $25.2 million, respectively. Potentially dilutive securities totaled approximately 4.1 million and 4.0 million, for the three and six months ended June 30, 2015, respectively. Options to purchase approximately 0.2 million and 0.3 million shares of common stock were outstanding during the three and six months ended June 30, 2015, respectively, with an exercise price greater than the average market price of the underlying common shares. For the three and six months ended June 30, 2014, the Company realized a net loss of $13.4 million and $25.2 million, respectively. Potentially dilutive securities totaled approximately 2.6 million and 2.8 million, for the three and six months ended June 30, 2014, respectively. Options to purchase approximately 0.9 million shares of common stock were outstanding during each of the three and six month periods ended June 30, 2014, with an exercise price greater than the average market price of the underlying common shares. |
RESEARCH AND DEVELOPMENT
RESEARCH AND DEVELOPMENT | 6 Months Ended |
Jun. 30, 2015 | |
Research and Development [Abstract] | |
RESEARCH AND DEVELOPMENT | 9. RESEARCH AND DEVELOPMENT Research and development (R&D) expenses consists primarily of salaries, payroll taxes, employee benefits, and share-based compensation charges, for those individuals involved in ongoing R&D efforts; as well as scientific contractor fees, preclinical and clinical trial costs, R&D facilities costs, laboratory supply costs, and depreciation of scientific equipment. All such costs are charged to R&D expense as incurred. These expenses result from the Company’s independent R&D efforts as well as efforts associated with collaborations and in-licensing arrangements. In addition, the Company funds R&D at other companies and research institutions under agreements, which are generally cancelable. The Company reviews and accrues clinical trial expenses based on work performed, which relies on estimates of total costs incurred based on patient enrollment, completion of patient studies and other events. The Company follows this method since reasonably dependable estimates of the costs applicable to various stages of a research agreement or clinical trial can be made. Accrued clinical costs are subject to revisions as trials progress. Revisions are charged to expense in the period in which the facts that give rise to the revision become known. |
ORGANIZATION AND SIGNIFICANT 15
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Description of Business | Description of Business. |
Basis of Presentation | Basis of Presentation These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2014 included in the Company’s Annual Report on Form 10-K filed with the SEC. The results of operations for the interim period shown in this report are not necessarily indicative of the results that may be expected for any other interim period or for the full year. The balance sheet at December 31, 2014 has been derived from the audited financial statements at that date, but does not include all of the information and footnotes required by GAAP for complete financial statements. |
Impact of Recently Issued Accounting Standards | Impact of Recently Issued Accounting Standards |
Use of Estimates | Use of Estimates |
Revenue Recognition Policy | Revenue Recognition Policy. Effective in 2011, the Company follows the Accounting Standards Codification (ASC) for Revenue Recognition - Multiple-Element Arrangements, if applicable, to determine the recognition of revenue under license and collaboration agreements. The terms of these agreements generally contain multiple elements, or deliverables, which may include (i) licenses to the Company’s intellectual property, (ii) materials and technology, (iii) pharmaceutical supply, (iv) participation on joint development or joint steering committees, and (v) development services. The payments the Company receives under these arrangements typically include one or more of the following: up-front license fees; funding of research and/or development efforts; amounts due upon the achievement of specified milestones; manufacturing and royalties on future product sales. The ASC provides guidance relating to the separation of deliverables included in an arrangement into different units of accounting and the allocation of consideration to the units of accounting. The evaluation of multiple-element arrangements requires management to make judgments about (i) the identification of deliverables, (ii) whether such deliverables are separable from the other aspects of the contractual relationship, (iii) the estimated selling price of each deliverable, and (iv) the expected period of performance for each deliverable. To determine the units of accounting under a multiple-element arrangement, management evaluates certain separation criteria, including whether the deliverables have stand-alone value, based on the relevant facts and circumstances for each arrangement. The selling prices of deliverables under an arrangement may be derived using vendor specific objective evidence (VSOE), third-party evidence, or a best estimate of selling price (BESP), if VSOE or third-party evidence is not available. For most pharmaceutical licensing and collaboration agreements, BESP is utilized. The objective of BESP is to determine the price at which the Company would transact a sale if the element within the agreement was sold on a standalone basis. Establishing BESP involves management’s judgment and considers multiple factors, including market conditions and company-specific factors, including those factors contemplated in negotiating the agreements, as well as internally developed models that include assumptions related to market opportunity, discounted cash flows, estimated development costs, probability of success and the time needed to commercialize a product candidate pursuant to the agreement. In validating the BESP, management considers whether changes in key assumptions used to determine the BESP will have a significant effect on the allocation of the arrangement consideration between the multiple deliverables. The allocated consideration for each unit of accounting is recognized over the related obligation period in accordance with the applicable revenue recognition criteria. If there are deliverables in an arrangement that are not separable from other aspects of the contractual relationship, they are treated as a combined unit of accounting, with the allocated revenue for the combined unit recognized in a manner consistent with the revenue recognition applicable to the final deliverable in the combined unit. Payments received prior to satisfying the relevant revenue recognition criteria are recorded as unearned revenue in the accompanying balance sheets and recognized as revenue when the related revenue recognition criteria are met. The Company typically receives up-front payments when licensing its intellectual property, which often occurs in conjunction with a research and development agreement. The Company recognizes revenue attributed to the license upon delivery, provided that the license has stand-alone value. For payments payable on achievement of milestones that do not meet all of the conditions to be considered substantive, the Company recognizes the portion of the payment allocable to delivered items as revenue when the specific milestone is achieved, and the contingency is removed. Prior to the revised multiple element guidance, described above, adopted by the Company on January 1, 2011, upfront, nonrefundable payments for license fees, grants, and advance payments for sponsored research revenues received in excess of amounts earned were classified as deferred revenue and recognized as income over the contract or development period. Revenues from development milestones are accounted for in accordance with the Revenue Recognition – Milestone Method Topic of the FASB ASC (Milestone Method). Milestones are recognized when earned, as evidenced by written acknowledgment from the collaborator or other persuasive evidence that the milestone has been achieved, provided that the milestone event is substantive. A milestone event is considered to be substantive if its achievability was not reasonably assured at the inception of the agreement and the Company’s efforts led to the achievement of the milestone or the milestone was due upon the occurrence of a specific outcome resulting from the Company’s performance. The Company assesses whether a milestone is substantive at the inception of each agreement. |
INVESTMENTS (Tables)
INVESTMENTS (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Investments Schedule [Abstract] | |
Investments | Investments consist of the following ( in thousands June 30, 2015 December 31, 2014 Certificates of deposit $ 13,890 $ 17,438 Commercial paper 23,904 7,498 Corporate debt securities 324,192 174,323 Securities of government sponsored entities 4,836 1,028 Total investments $ 366,822 $ 200,287 |
Summary of Investments Classified as Available-For-Sale Securities | The following is a summary of investments classified as available-for-sale securities ( in thousands Contractual Maturity (in years) Amortized Cost Gross Unrealized Gains(1) Gross Unrealized Losses(1) Aggregate Estimated Fair Value June 30, 2015: Classified as current assets: Certificates of deposit Less than 1 $ 9,560 $ 6 $ (1 ) $ 9,565 Commercial paper Less than 1 23,903 9 (8 ) 23,904 Corporate debt securities Less than 1 214,459 5 (119 ) 214,345 Securities of government-sponsored entities Less than 1 4,843 — (7 ) 4,836 Total short-term available-for-sale securities $ 252,765 $ 20 $ (135 ) $ 252,650 Classified as non-current assets: Certificates of deposit 1 to 2 $ 4,320 $ 5 $ — $ 4,325 Corporate debt securities 1 to 2 110,141 1 (295 ) 109,847 Total long-term available-for-sale securities $ 114,461 $ 6 $ (295 ) $ 114,172 December 31, 2014: Classified as current assets: Certificates of deposit Less than 1 $ 9,072 $ — $ (6 ) $ 9,066 Commercial paper Less than 1 7,497 1 — 7,498 Corporate debt securities Less than 1 145,321 5 (123 ) 145,203 Securities of government-sponsored entities Less than 1 1,029 — (1 ) 1,028 Total short-term available-for-sale securities $ 162,919 $ 6 $ (130 ) $ 162,795 Classified as non-current assets: Certificates of deposit 1 to 2 $ 8,400 $ — $ (28 ) $ 8,372 Corporate debt securities 1 to 2 29,245 — (125 ) 29,120 Total long-term available-for-sale securities $ 37,645 $ — $ (153 ) $ 37,492 (1) Unrealized gains and losses are included in other comprehensive loss. |
Available-For-Sale Investments in Unrealized Loss Position | The following table presents information about available-for-sale investments in an unrealized loss position ( in thousands Less Than 12 Months 12 Months or Greater Total Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses June 30, 2015: Certificates of deposit $ 199 $ (1 ) $ — $ — $ 199 $ (1 ) Commercial paper 11,452 (8 ) — — 11,452 (8 ) Corporate debt securities 283,310 (407 ) 4,803 (7 ) 288,113 (414 ) Securities of government-sponsored entities 4,684 (7 ) — — 4,684 (7 ) Total $ 299,645 $ (423 ) $ 4,803 $ (7 ) $ 304,448 $ (430 ) December 31, 2014: Certificates of deposit $ 16,957 $ (34 ) $ — $ — $ 16,957 $ (34 ) Corporate debt securities 149,477 (248 ) — — 149,477 (248 ) Securities of government-sponsored entities 1,028 (1 ) — — 1,028 (1 ) Total $ 167,462 $ (283 ) $ — $ — $ 167,462 $ (283 ) |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Assets Measured at Fair Value on Recurring Basis | The Company’s assets which were measured at fair value on a recurring basis as of June 30, 2015 and December 31, 2014 were determined using the inputs described above and are as follows ( in millions Fair Value Measurements Using Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) June 30, 2015: Classified as current assets: Cash and money market funds $ 129.6 $ 129.6 $ — $ — Certificates of deposit 9.6 9.6 — — Commercial paper 23.9 — 23.9 — Securities of government-sponsored entities 4.8 — 4.8 — Corporate debt securities 216.9 — 216.9 — Subtotal 384.8 139.2 245.6 — Classified as long-term assets: Certificates of deposit 9.1 9.1 — — Corporate debt securities 109.8 — 109.8 — Total 503.7 148.3 355.4 — Less cash, cash equivalents and restricted cash (136.9 ) (134.3 ) (2.6 ) — Total investments $ 366.8 $ 14.0 $ 352.8 $ — December 31, 2014: Classified as current assets: Cash and money market funds $ 28.7 $ 28.7 $ — $ — Certificates of deposit 9.1 9.1 — — Commercial paper 7.5 — 7.5 — Securities of government-sponsored entities 1.5 — 1.5 — Corporate debt securities 147.0 — 147.0 — Subtotal 193.8 37.8 156.0 — Classified as long-term assets: Certificates of deposit 13.2 13.2 — — Corporate debt securities 29.1 — 29.1 — Total 236.1 51.0 185.1 — Less cash, cash equivalents and restricted cash (35.8 ) (33.5 ) (2.3 ) — Total investments $ 200.3 $ 17.5 $ 182.8 $ — |
SHARE-BASED COMPENSATION (Table
SHARE-BASED COMPENSATION (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Compensation Expenses Related to Share Based Compensation | The compensation expense related to the Company’s share-based compensation arrangements has been included in the condensed consolidated statements of comprehensive loss as follows ( in millions Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 General and administrative $ 2.4 $ 1.4 $ 4.1 $ 2.6 Research and development 2.3 1.5 $ 4.2 $ 2.7 Total share-based compensation expense $ 4.7 $ 2.9 $ 8.3 $ 5.3 |
Weighted-Average Assumptions for Stock Option Grants using Black-Scholes Option-Pricing Model | The estimated fair value of each stock option granted was determined on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions for the stock option grants: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Risk-free interest rate 1.8% 2.1% 1.6% 2.3% Expected volatility of common stock 66.3% 70.6% 66.5% 71.2% Dividend yield 0.0% 0.0% 0.0% 0.0% Expected option term 6.6 years 7.3 years 6.7 years 7.1 years |
REAL ESTATE (Tables)
REAL ESTATE (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Leases [Abstract] | |
Changes to Accrued Cease-Use Liability | The following table sets forth changes to the accrued cease-use liability during the three and six months ended June 30, 2015 and 2014 ( in thousands Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Beginning balance $ 2,565 $ 2,994 $ 2,678 $ 3,096 Change in estimate (87 ) — (87 ) — Payments (152 ) (102 ) (265 ) (204 ) Ending balance $ 2,326 $ 2,892 $ 2,326 $ 2,892 |
Revenue Recognition and Signi20
Revenue Recognition and Significant Collaborative Research and Development Agreements - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended |
Jun. 30, 2010 | Mar. 31, 2015 | Jun. 30, 2015 | |
Mitsubishi Tanabe | |||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||
Collaborative agreement upfront payment received | $ 30,000,000 | ||
Collaborative agreement maximum additional payment to receive | 85,000,000 | ||
Patent rights period | The longer of ten years or the life of the related patent rights. | ||
Clinical trial cost | $ 12,000,000 | ||
Collaborative arrangement right description | Under the terms of the Company’s agreement with Mitsubishi Tanabe, the collaboration effort between the parties to advance NBI-98854 towards commercialization is governed by a joint steering committee and joint development committee with representatives from both the Company and Mitsubishi Tanabe. There are no performance, cancellation, termination or refund provisions in the agreement that would have a material financial consequence to the Company. The Company does not directly control when milestones will be achieved or when royalty payments will begin. Mitsubishi Tanabe may terminate the collaboration at its discretion upon 180 days’ written notice to the Company. | ||
Collaboration termination notice period | 180 days | ||
Revenues recognized under collaboration agreement | $ 19,800,000 | ||
Deferred revenues under collaboration | $ 10,200,000 | ||
AbbVie | |||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||
Collaborative agreement upfront payment received | $ 75,000,000 | ||
Patent rights period | Ten years or the life of the related patent rights. | ||
Collaborative arrangement right description | The Company received funding for certain internal collaboration expenses, which included reimbursement from AbbVie for internal and external expenses related to the GnRH Compounds, through the end of 2012. The Company will be entitled to a percentage of worldwide sales of GnRH Compounds for the longer of ten years or the life of the related patent rights. | ||
Collaboration termination notice period | 180 days | ||
Amount remains outstanding under collaboration agreement | $ 500,000,000 | ||
AbbVie | Development and regulatory event based payments | |||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||
Collaborative agreement maximum additional payment to receive | 480,000,000 | ||
AbbVie | Commercial event based payments | |||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||
Collaborative agreement maximum additional payment to receive | $ 50,000,000 |
Investments (Detail)
Investments (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Schedule of Investments [Line Items] | ||
Investments | $ 366,822 | $ 200,287 |
Certificates of deposit | ||
Schedule of Investments [Line Items] | ||
Investments | 13,890 | 17,438 |
Commercial paper | ||
Schedule of Investments [Line Items] | ||
Investments | 23,904 | 7,498 |
Corporate debt securities | ||
Schedule of Investments [Line Items] | ||
Investments | 324,192 | 174,323 |
Securities of government sponsored entities | ||
Schedule of Investments [Line Items] | ||
Investments | $ 4,836 | $ 1,028 |
Summary of Investments Classifi
Summary of Investments Classified as Available-For-Sale Securities (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | ||
Schedule of Available-for-sale Securities [Line Items] | |||
Aggregate Estimated Fair Value | $ 366,822 | $ 200,287 | |
Certificates of deposit | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Aggregate Estimated Fair Value | 13,890 | 17,438 | |
Commercial paper | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Aggregate Estimated Fair Value | 23,904 | 7,498 | |
Corporate debt securities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Aggregate Estimated Fair Value | 324,192 | 174,323 | |
Securities of government sponsored entities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Aggregate Estimated Fair Value | 4,836 | 1,028 | |
Short-term investments | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 252,765 | 162,919 | |
Gross Unrealized Gains | [1] | 20 | 6 |
Gross Unrealized Losses | [1] | (135) | (130) |
Aggregate Estimated Fair Value | 252,650 | 162,795 | |
Short-term investments | Certificates of deposit | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 9,560 | 9,072 | |
Gross Unrealized Gains | [1] | 6 | 0 |
Gross Unrealized Losses | [1] | (1) | (6) |
Aggregate Estimated Fair Value | $ 9,565 | $ 9,066 | |
Short-term investments | Certificates of deposit | Maximum | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available for sale securities contractual maturity | 1 year | 1 year | |
Short-term investments | Commercial paper | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | $ 23,903 | $ 7,497 | |
Gross Unrealized Gains | [1] | 9 | 1 |
Gross Unrealized Losses | [1] | (8) | 0 |
Aggregate Estimated Fair Value | $ 23,904 | $ 7,498 | |
Short-term investments | Commercial paper | Maximum | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available for sale securities contractual maturity | 1 year | 1 year | |
Short-term investments | Corporate debt securities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | $ 214,459 | $ 145,321 | |
Gross Unrealized Gains | [1] | 5 | 5 |
Gross Unrealized Losses | [1] | (119) | (123) |
Aggregate Estimated Fair Value | $ 214,345 | $ 145,203 | |
Short-term investments | Corporate debt securities | Maximum | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available for sale securities contractual maturity | 1 year | 1 year | |
Short-term investments | Securities of government sponsored entities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | $ 4,843 | $ 1,029 | |
Gross Unrealized Gains | [1] | 0 | 0 |
Gross Unrealized Losses | [1] | (7) | (1) |
Aggregate Estimated Fair Value | $ 4,836 | $ 1,028 | |
Short-term investments | Securities of government sponsored entities | Maximum | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available for sale securities contractual maturity | 1 year | 1 year | |
Long-term investments | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | $ 114,461 | $ 37,645 | |
Gross Unrealized Gains | [1] | 6 | 0 |
Gross Unrealized Losses | [1] | (295) | (153) |
Aggregate Estimated Fair Value | 114,172 | 37,492 | |
Long-term investments | Certificates of deposit | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 4,320 | 8,400 | |
Gross Unrealized Gains | [1] | 5 | 0 |
Gross Unrealized Losses | [1] | 0 | (28) |
Aggregate Estimated Fair Value | $ 4,325 | $ 8,372 | |
Long-term investments | Certificates of deposit | Minimum | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available for sale securities contractual maturity | 1 year | 1 year | |
Long-term investments | Certificates of deposit | Maximum | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available for sale securities contractual maturity | 2 years | 2 years | |
Long-term investments | Corporate debt securities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | $ 110,141 | $ 29,245 | |
Gross Unrealized Gains | [1] | 1 | 0 |
Gross Unrealized Losses | [1] | (295) | (125) |
Aggregate Estimated Fair Value | $ 109,847 | $ 29,120 | |
Long-term investments | Corporate debt securities | Minimum | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available for sale securities contractual maturity | 1 year | 1 year | |
Long-term investments | Corporate debt securities | Maximum | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available for sale securities contractual maturity | 2 years | 2 years | |
[1] | (1) Unrealized gains and losses are included in other comprehensive loss. |
Available-For-Sale Investments
Available-For-Sale Investments in Unrealized Loss Position (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months, Estimated Fair Value | $ 299,645 | $ 167,462 |
Less Than 12 Months, Unrealized Losses | (423) | (283) |
12 Months or Greater, Estimated Fair Value | 4,803 | 0 |
12 Months or Greater, Unrealized Losses | (7) | 0 |
Total Estimated Fair Value | 304,448 | 167,462 |
Total Unrealized Losses | (430) | (283) |
Certificates of deposit | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months, Estimated Fair Value | 199 | 16,957 |
Less Than 12 Months, Unrealized Losses | (1) | (34) |
12 Months or Greater, Estimated Fair Value | 0 | 0 |
12 Months or Greater, Unrealized Losses | 0 | 0 |
Total Estimated Fair Value | 199 | 16,957 |
Total Unrealized Losses | (1) | (34) |
Commercial paper | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months, Estimated Fair Value | 11,452 | |
Less Than 12 Months, Unrealized Losses | (8) | |
12 Months or Greater, Estimated Fair Value | 0 | |
12 Months or Greater, Unrealized Losses | 0 | |
Total Estimated Fair Value | 11,452 | |
Total Unrealized Losses | (8) | |
Corporate debt securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months, Estimated Fair Value | 283,310 | 149,477 |
Less Than 12 Months, Unrealized Losses | (407) | (248) |
12 Months or Greater, Estimated Fair Value | 4,803 | 0 |
12 Months or Greater, Unrealized Losses | (7) | 0 |
Total Estimated Fair Value | 288,113 | 149,477 |
Total Unrealized Losses | (414) | (248) |
Securities of government sponsored entities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months, Estimated Fair Value | 4,684 | 1,028 |
Less Than 12 Months, Unrealized Losses | (7) | (1) |
12 Months or Greater, Estimated Fair Value | 0 | 0 |
12 Months or Greater, Unrealized Losses | 0 | 0 |
Total Estimated Fair Value | 4,684 | 1,028 |
Total Unrealized Losses | $ (7) | $ (1) |
Assets Measured at Fair Value o
Assets Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | $ 366.8 | $ 200.3 |
Investments Including Cash Equivalents And Restricted Cash | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 503.7 | 236.1 |
Cash and Cash Equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 136.9 | 35.8 |
Short-term investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 384.8 | 193.8 |
Short-term investments | Cash and money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 129.6 | 28.7 |
Short-term investments | Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 9.6 | 9.1 |
Short-term investments | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 23.9 | 7.5 |
Short-term investments | Securities of government-sponsored entities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 4.8 | 1.5 |
Short-term investments | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 216.9 | 147 |
Long-term investments | Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 9.1 | 13.2 |
Long-term investments | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 109.8 | 29.1 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets on recurring basis | 14 | 17.5 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Investments Including Cash Equivalents And Restricted Cash | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets on recurring basis | 148.3 | 51 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Cash and Cash Equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets on recurring basis | 134.3 | 33.5 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Short-term investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets on recurring basis | 139.2 | 37.8 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Short-term investments | Cash and money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets on recurring basis | 129.6 | 28.7 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Short-term investments | Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets on recurring basis | 9.6 | 9.1 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Short-term investments | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets on recurring basis | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Short-term investments | Securities of government-sponsored entities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets on recurring basis | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Short-term investments | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets on recurring basis | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Long-term investments | Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets on recurring basis | 9.1 | 13.2 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Long-term investments | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets on recurring basis | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets on recurring basis | 352.8 | 182.8 |
Significant Other Observable Inputs (Level 2) | Investments Including Cash Equivalents And Restricted Cash | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets on recurring basis | 355.4 | 185.1 |
Significant Other Observable Inputs (Level 2) | Cash and Cash Equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets on recurring basis | 2.6 | 2.3 |
Significant Other Observable Inputs (Level 2) | Short-term investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets on recurring basis | 245.6 | 156 |
Significant Other Observable Inputs (Level 2) | Short-term investments | Cash and money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets on recurring basis | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Short-term investments | Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets on recurring basis | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Short-term investments | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets on recurring basis | 23.9 | 7.5 |
Significant Other Observable Inputs (Level 2) | Short-term investments | Securities of government-sponsored entities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets on recurring basis | 4.8 | 1.5 |
Significant Other Observable Inputs (Level 2) | Short-term investments | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets on recurring basis | 216.9 | 147 |
Significant Other Observable Inputs (Level 2) | Long-term investments | Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets on recurring basis | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Long-term investments | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets on recurring basis | 109.8 | 29.1 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets on recurring basis | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Investments Including Cash Equivalents And Restricted Cash | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets on recurring basis | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Cash and Cash Equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets on recurring basis | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Short-term investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets on recurring basis | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Short-term investments | Cash and money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets on recurring basis | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Short-term investments | Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets on recurring basis | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Short-term investments | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets on recurring basis | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Short-term investments | Securities of government-sponsored entities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets on recurring basis | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Short-term investments | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets on recurring basis | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Long-term investments | Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets on recurring basis | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Long-term investments | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets on recurring basis | $ 0 | $ 0 |
Compensation Expense Related to
Compensation Expense Related to Share-Based Compensation (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total share-based compensation expense | $ 4.7 | $ 2.9 | $ 8.3 | $ 5.3 |
General and Administrative | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total share-based compensation expense | 2.4 | 1.4 | 4.1 | 2.6 |
Research and Development | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total share-based compensation expense | $ 2.3 | $ 1.5 | $ 4.2 | $ 2.7 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock option exercised | 1,100,000 | 500,000 | ||
Cash received from stock option exercises | $ 4,600,000 | $ 3,300,000 | ||
Common stock issued pursuant to the vesting of restricted stock units (RSUs) | 200,000 | 100,000 | ||
Stock options granted | 1,000,000 | 900,000 | ||
Share-based compensation expense | $ 4,700,000 | $ 2,900,000 | $ 8,300,000 | $ 5,300,000 |
Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation cost | 31,400,000 | $ 31,400,000 | ||
Unrecognized compensation cost, weighted average period of recognition | 2 years 9 months 18 days | |||
Stock vesting period | 4 years | |||
Share-based compensation expense | $ 5,500,000 | 4,100,000 | ||
Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation cost | 19,600,000 | $ 19,600,000 | ||
Unrecognized compensation cost, weighted average period of recognition | 3 years 1 month 6 days | |||
Stock vesting period | 4 years | |||
Share-based compensation expense | $ 2,800,000 | $ 1,200,000 | ||
Restricted stock units granted | 400,000 | 400,000 | ||
Restricted Stock Units (RSUs) | Performance Based Vesting | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation cost | $ 11,000,000 | $ 11,000,000 | ||
RSU with performance-based vesting requirements outstanding | 500,000 | 500,000 | ||
Stock vesting period | 5 years | 5 years | ||
Share-based compensation expense | $ 0 | |||
Restricted stock units granted | 50,000 | 475,000 |
Weighted-Average Assumptions fo
Weighted-Average Assumptions for Stock Option Grants using Black-Scholes Option-Pricing Model (Detail) - Stock Options | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Risk-free interest rate | 1.80% | 2.10% | 1.60% | 2.30% |
Expected volatility of common stock | 66.30% | 70.60% | 66.50% | 71.20% |
Dividend yield | 0.00% | 0.00% | 0.00% | 0.00% |
Expected option term | 6 years 7 months 6 days | 7 years 3 months 18 days | 6 years 8 months 12 days | 7 years 1 month 6 days |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | 1 Months Ended | 6 Months Ended | |||
Feb. 28, 2015 | Feb. 28, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2012 | |
Class of Stock [Line Items] | |||||
Proceeds from common stock issuance | $ 270,700,000 | $ 133,200,000 | $ 275,284,000 | $ 136,515,000 | |
Common Stock | |||||
Class of Stock [Line Items] | |||||
Common stock issued | 8,000,000 | 8,000,000 | |||
Common stock, offering price | $ 36 | $ 17.75 | |||
February Two Thousand Fourteen Shelf Registration [Member] | |||||
Class of Stock [Line Items] | |||||
Common stock issued | 16,000,000 | ||||
December Two Thousand Twelve Shelf Registration [Member] | |||||
Class of Stock [Line Items] | |||||
Common stock issued | 0 | ||||
December Two Thousand Twelve Shelf Registration [Member] | Maximum | |||||
Class of Stock [Line Items] | |||||
Aggregate initial offering price of common stock | $ 150,000,000 |
Real Estate - Additional Inform
Real Estate - Additional Information (Detail) $ in Millions | 1 Months Ended | 6 Months Ended | ||
Dec. 31, 2007USD ($)Building | Jun. 30, 2015USD ($)ft²RenewalOptionsLease_Agreements | Jun. 30, 2014USD ($) | Dec. 31, 2008USD ($) | |
Real Estate Properties [Line Items] | ||||
Sale of facility and associated real property | $ 109 | |||
Mortgage debt retired | 47.7 | |||
Cash received net of transaction costs and debt retirement | $ 61 | |||
Leaseback transaction lease period | 12 years | |||
Number of building leased | Building | 2 | |||
Net deferred gain on real estate sale | $ 16 | $ 39.1 | ||
Deferred gain recognized on real estate sale | $ 1.7 | $ 1.6 | ||
Lease expiration year | 2,019 | |||
Percentage of management fee included in the base annual rent | 3.50% | |||
Letter of credit | $ 4.6 | |||
Lease extension period | 10 years | |||
Number of times to renew the lease contract | RenewalOptions | 2 | |||
Subleased area | ft² | 34,000 | |||
Rental income from sublease agreement | $ 1.3 | |||
Sublease | ||||
Real Estate Properties [Line Items] | ||||
Number of sublease agreements | Lease_Agreements | 3 | |||
Lease renewal additional periods | 1 year | |||
Lease expiration date | 2015-08 | |||
Sublease space available for utilization after lease expiration | ft² | 3,322 | |||
Third Sublease | ||||
Real Estate Properties [Line Items] | ||||
Lease renewal additional periods | 1 year | |||
Lease expiration date | 2018-03 | |||
Second Sublease | ||||
Real Estate Properties [Line Items] | ||||
Lease renewal additional periods | 1 year | |||
Lease expiration date | 2017-02 |
Changes to Accrued Cease-Use Li
Changes to Accrued Cease-Use Liability (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ||||
Beginning balance | $ 2,565 | $ 2,994 | $ 2,678 | $ 3,096 |
Change in estimate | (87) | 0 | (87) | 0 |
Payments | (152) | (102) | (265) | (204) |
Ending balance | $ 2,326 | $ 2,892 | $ 2,326 | $ 2,892 |
Loss Per Common Share - Additio
Loss Per Common Share - Additional Information (Detail) - USD ($) $ in Thousands, shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Earnings Per Share [Abstract] | ||||
Net loss | $ (23,987) | $ (13,381) | $ (25,179) | $ (25,223) |
Potentially dilutive securities | 4.1 | 2.6 | 4 | 2.8 |
Shares of common stock excluded from computation of diluted earnings per share outstanding | 0.2 | 0.9 | 0.3 | 0.9 |