Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Oct. 31, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | FGEN | |
Entity Registrant Name | FIBROGEN INC | |
Entity Central Index Key | 921,299 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 82,008,777 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 651,373 | $ 173,782 |
Short-term investments | 78,599 | 79,397 |
Accounts receivable ($4,580 and $4,102 from a related party) | 8,628 | 10,448 |
Prepaid expenses and other current assets | 2,856 | 2,889 |
Total current assets | 741,456 | 266,516 |
Restricted time deposits | 6,217 | 6,217 |
Long-term investments | 16,767 | 71,010 |
Property and equipment, net | 126,643 | 123,657 |
Other assets | 3,809 | 2,152 |
Total assets | 894,892 | 469,552 |
Current liabilities: | ||
Accounts payable | 6,407 | 6,223 |
Accrued liabilities ($479 and $1,615 to related parties) | 54,117 | 50,914 |
Deferred revenue | 7,974 | 7,988 |
Total current liabilities | 68,498 | 65,125 |
Long-term portion of lease financing obligations | 97,370 | 97,352 |
Product development obligations | 16,922 | 14,854 |
Deferred rent | 3,799 | 4,212 |
Deferred revenue, net of current | 110,844 | 106,709 |
Other long-term liabilities | 6,690 | 6,191 |
Total liabilities | 304,123 | 294,443 |
Commitments and Contingencies | ||
Stockholders’ equity: | ||
Preferred stock, $0.01 par value; 125,000 shares authorized at September 30, 2017 and December 31, 2016; no shares issued and outstanding at September 30, 2017 and December 31, 2016 | 0 | 0 |
Common stock, $0.01 par value; 225,000 shares authorized at September 30, 2017 and December 31, 2016; 81,814 and 63,665 shares issued and outstanding at September 30, 2017 and December 31, 2016 | 818 | 637 |
Additional paid-in capital | 1,146,112 | 625,903 |
Accumulated other comprehensive loss | (1,609) | (960) |
Accumulated deficit | (573,823) | (469,742) |
Total stockholders’ equity | 571,498 | 155,838 |
Non-controlling interests | 19,271 | 19,271 |
Total equity | 590,769 | 175,109 |
Total liabilities, stockholders’ equity and non-controlling interests | $ 894,892 | $ 469,552 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Statement Of Financial Position [Abstract] | ||
Accounts receivable from related party | $ 4,580 | $ 4,102 |
Accrued liabilities to related parties | $ 479 | $ 1,615 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 125,000,000 | 125,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 225,000,000 | 225,000,000 |
Common stock, shares issued | 81,814,000 | 63,665,000 |
Common stock, shares outstanding | 81,814,000 | 63,665,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Revenue: | ||||
License and milestone revenue (includes $4,125, $4,371, $11,652 and $20,727 from a related party) | $ 19,997 | $ 20,867 | $ 60,930 | $ 113,802 |
Collaboration services and other revenue (includes $445, $436, $1,230 and $1,114 from a related party) | 7,275 | 9,235 | 22,230 | 33,863 |
Total revenue | 27,272 | 30,102 | 83,160 | 147,665 |
Operating expenses: | ||||
Research and development | 50,336 | 40,558 | 144,049 | 136,599 |
General and administrative | 12,953 | 11,646 | 37,908 | 33,440 |
Total operating expenses | 63,289 | 52,204 | 181,957 | 170,039 |
Loss from operations | (36,017) | (22,102) | (98,797) | (22,374) |
Interest and other, net | ||||
Interest expense | (2,769) | (2,760) | (7,901) | (7,975) |
Interest income and other, net | 1,106 | 866 | 2,783 | 2,411 |
Total interest and other, net | (1,663) | (1,894) | (5,118) | (5,564) |
Loss before income taxes | (37,680) | (23,996) | (103,915) | (27,938) |
Provision for (benefit from) income taxes | 57 | 158 | 166 | (260) |
Net loss | $ (37,737) | $ (24,154) | $ (104,081) | $ (27,678) |
Net loss per share - basic and diluted | $ (0.50) | $ (0.38) | $ (1.49) | $ (0.44) |
Weighted average number of common shares used to calculate net loss per share - basic and diluted | 75,891 | 62,858 | 69,899 | 62,543 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Operations (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
License and milestone revenue from a related party | $ 19,997 | $ 20,867 | $ 60,930 | $ 113,802 |
Collaboration services and other revenue from a related party | 7,275 | 9,235 | 22,230 | 33,863 |
Astellas Agreement [Member] | ||||
License and milestone revenue from a related party | 4,125 | 4,371 | 11,652 | 20,727 |
Collaboration services and other revenue from a related party | $ 445 | $ 436 | $ 1,230 | $ 1,114 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net loss | $ (37,737) | $ (24,154) | $ (104,081) | $ (27,678) |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments | (578) | (184) | (1,827) | (446) |
Available-for-sale investments: | ||||
Unrealized gain on investments, net of tax effect | 403 | (144) | 1,250 | 745 |
Reclassification from accumulated other comprehensive loss | (47) | 19 | (72) | 19 |
Net change in unrealized gain on available-for-sale investments | 356 | (125) | 1,178 | 764 |
Other comprehensive income (loss), net of taxes | (222) | (309) | (649) | 318 |
Comprehensive loss | $ (37,959) | $ (24,463) | $ (104,730) | $ (27,360) |
Condensed Consolidated Stateme7
Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Operating activities | ||
Net loss | $ (104,081) | $ (27,678) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation | 4,582 | 4,520 |
Amortization of premium on investments | 1,503 | 2,080 |
Unrealized loss (gain) on short-term investments | 3 | (436) |
Gain on disposal of property and equipment | 3 | 0 |
Stock-based compensation | 27,608 | 24,256 |
Tax benefit on unrealized gain on available-for-sale securities | 0 | (371) |
Realized gain on sales of available-for-sale securities | (143) | (37) |
Changes in operating assets and liabilities: | ||
Accounts receivable | 1,820 | 7,713 |
Prepaid expenses and other current assets | 33 | 23 |
Other assets | (1,657) | 23 |
Accounts payable | 184 | (4,482) |
Accrued liabilities | (114) | 4,231 |
Deferred revenue | 4,121 | 14,733 |
Lease financing liability | 474 | 690 |
Other long-term liabilities | 337 | 388 |
Net cash provided by (used in) operating activities | (65,327) | 25,653 |
Investing activities | ||
Purchases of property and equipment | (4,992) | (1,106) |
Proceeds from sale of property and equipment | 5 | 0 |
Purchases of available-for-sale securities | (102) | (72) |
Proceeds from sales of available-for-sale securities | 21,109 | 4,298 |
Proceeds from maturities of available-for-sale securities | 33,849 | 12,617 |
Net cash provided by investing activities | 49,869 | 15,737 |
Financing activities | ||
Repayments of lease liability | (302) | (302) |
Proceeds from follow-on offering, net of underwriting discounts and commission costs | 471,205 | 0 |
Cash paid for payroll taxes on restricted stock unit releases | (5,970) | (2,242) |
Proceeds from issuance of common stock | 28,556 | 6,137 |
Payments of deferred offering costs | (430) | 0 |
Net cash provided by financing activities | 493,059 | 3,593 |
Effect of exchange rate change on cash and cash equivalents | (10) | (24) |
Net increase in cash and cash equivalents | 477,591 | 44,959 |
Total cash and cash equivalents at beginning of period | 173,782 | 153,324 |
Total cash and cash equivalents at end of period | $ 651,373 | $ 198,283 |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 1. Significant Accounting Policies Description of Operations FibroGen, Inc. (“FibroGen” or the “Company”) was incorporated in 1993 in Delaware and is a research-based biopharmaceutical company focused on the discovery, development and commercialization of novel therapeutics agents to treat serious unmet medical needs. The Company’s focus in the areas of fibrosis and hypoxia-inducible factor (“HIF”) biology has generated multiple programs targeting various therapeutic areas. The Company’s most advanced product candidate, roxadustat, or FG-4592, is an oral small molecule inhibitor of HIF prolyl hydroxylases (“HIF-PHs”) in Phase 3 clinical development for the treatment of anemia in chronic kidney disease (“CKD”). Pamrevlumab, or FG-3019, is the Company’s monoclonal antibody in Phase 2 clinical development for the treatment of idiopathic pulmonary fibrosis (“IPF”), pancreatic cancer, Duchenne muscular dystrophy (“DMD”) and liver fibrosis. The Company has taken a global approach with respect to the development and future commercialization of its product candidates, and this includes development and commercialization in the People’s Republic of China (“China”). The Company is capitalizing on its extensive experience in fibrosis and hypoxia inducible factor (“HIF”) biology and clinical development to advance a pipeline of innovative medicines for the treatment of anemia, fibrotic disease cancer, corneal blindness and other serious unmet medical needs. On April 11, 2017, the Company closed the follow-on offering of its common stock. In this offering, the Company sold 5,228,750 shares of its common stock at a public offering price of $22.95 per share. Net proceeds from this offering were $115.1 million, after deducting underwriting discounts and commissions of $4.9 million. In addition, the offering expenses were approximately $0.6 million in total. On August 24, 2017, the Company completed another follow-on offering of its common stock. In this offering, the Company sold a total of 9,200,000 shares of its common stock at a public offering price of $40.75 per share. Net proceeds from this offering were $356.2 million, after deducting underwriting discounts and commissions of $18.7 million. In addition, the offering expenses were approximately $0.4 million in total. Basis of Presentation and Principles of Consolidation The condensed consolidated financial statements include the accounts of FibroGen, its wholly owned subsidiaries and its majority-owned subsidiaries, FibroGen Europe Oy and FibroGen China Anemia Holdings, Ltd. (“FibroGen China”). All inter-company transactions and balances have been eliminated in consolidation. The Company operates in one segment — the discovery, development and commercialization of novel therapeutics to treat serious unmet medical needs. The unaudited condensed consolidated financial statements and related disclosures have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) applicable to interim financial reporting and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X of the United States (“U.S.”) Securities and Exchange Commission (“SEC”) and, therefore, do not include all information and footnote disclosures normally included in the annual consolidated financial statements. The December 31, 2016 condensed consolidated balance sheet data contained within this Form 10-Q was derived from audited consolidated financial statements included in the Company’s Annual Report on Form 10-K filed with the SEC for the year ended December 31, 2016 (“2016 Form 10-K”), but does not include all disclosures required by U.S. GAAP. The financial information included herein should be read in conjunction with the consolidated financial statements and related notes in the 2016 Form 10-K. The accounting policies used by the Company in its presentation of interim financial results are consistent with those presented in Note 2 to the consolidated financial statements included in the 2016 Form 10-K. Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. The more significant areas requiring the use of management estimates and assumptions include valuation and recognition of revenue, estimates of accruals related to clinical trial costs, valuation allowances for deferred tax assets, and valuation and recognition of stock-based compensation. On an ongoing basis, management reviews these estimates and assumptions. Changes in facts and circumstances may alter such estimates and actual results could differ from those estimates. In our opinion, the accompanying unaudited condensed consolidated financial statements include all normal recurring adjustments necessary for a fair statement of our financial position, results of operations and cash flows for the interim periods presented. Recently Issued and Adopted Accounting Guidance In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) Compensation - Stock Compensation (Topic 718) . Recently Issued Accounting Guidance Not Yet Adopted In May 2017, the FASB issued ASU 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) In January 2016, the FASB issued ASU 2016-01, Financial Instruments-Overall (Subtopic 825-10) In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) Revenue Recognition Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers |
Collaboration Agreements
Collaboration Agreements | 9 Months Ended |
Sep. 30, 2017 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Collaboration Agreements | 2. Collaboration Agreements Astellas Agreements Japan Agreement In June 2005, the Company entered into a collaboration agreement with Astellas Pharma Inc. (“Astellas”) for the development and commercialization (but not manufacture) of roxadustat for the treatment of anemia in Japan (“Japan Agreement”). Under this agreement, Astellas paid license fees and other consideration totaling $40.1 million (such amounts were fully received as of February 2009). The Japan Agreement also provides for additional development and regulatory approval milestone payments up to $117.5 million, a commercial sales related milestone of $15.0 million and additional consideration based on net sales (as defined) in the low 20% range after commercial launch. A clinical milestone payment of $12.5 million was received in 2013. During the second quarter of 2016, the Company recognized $10.0 million of revenue as a result of the initiation by Astellas of the first Phase 3 clinical study in Japan of roxadustat for treatment of anemia associated with chronic kidney disease in patients on dialysis. The amount was received in early July 2016. The Company evaluated the criteria under ASC 605-28 and concluded that the aforementioned milestone was substantive. Europe Agreement In April 2006, the Company entered into a separate collaboration agreement with Astellas for the development and commercialization of roxadustat for the treatment of anemia in Europe, the Middle East, the Commonwealth of Independent States and South Africa (“Europe Agreement”). Under the terms of the Europe Agreement, Astellas paid license fees and other upfront consideration totaling $320.0 million (such amounts were fully received as of February 2009). The Europe Agreement also provides for additional development and regulatory approval milestone payments up to $425.0 million. Clinical milestone payments of $40.0 million and $50.0 million were received in 2010 and 2012, respectively. The Company evaluated the criteria under ASC 605-28 and concluded that each of those milestones was substantive. Under the Europe Agreement, Astellas committed to fund 50% of joint development costs for Europe and North America, and all territory-specific costs. The Europe Agreement also provides for tiered payments based on net sales of product (as defined) in the low 20% range. AstraZeneca Agreements U.S./Rest of World (“RoW”) Agreement Effective July 30, 2013, the Company entered into a collaboration agreement with AstraZeneca AB (“AstraZeneca”) for the development and commercialization of roxadustat for the treatment of anemia in the U.S. and all other countries in the world, other than China, not previously licensed under the Astellas Europe and Astellas Japan Agreements (“U.S./RoW Agreement”). It also excludes China, which is covered by a separate agreement with AstraZeneca described below. Under the terms of the U.S./RoW Agreement, AstraZeneca has agreed to pay upfront, non-contingent and time-based payments totaling $374.0 million, which were fully received in various amounts through June 2016. In addition, the U.S./RoW Agreement also provides for development and regulatory approval based milestone payments of up to $550.0 million, which include potential future indications which the companies choose to pursue, and commercial related milestone payments of up to $325.0 million. During 2015, the Company received a $15.0 million development milestone payment as a result of the finalization of its two audited pre-clinical carcinogenicity study reports. The Company evaluated the criteria under ASC 605-28 and concluded that the aforementioned milestone was substantive. Under the U.S./RoW Agreement, the Company and AstraZeneca will share equally in the development costs of roxadustat not already paid for by Astellas, up to a total of $233.0 million (i.e. the Company’s share of development costs is $116.5 million, which was reached during the fourth quarter of 2015). Any additional development costs incurred by FibroGen during the development period in excess of the $233.0 million (aggregated spend) will be fully reimbursed by AstraZeneca. AstraZeneca will pay the Company tiered royalty payments on AstraZeneca’s future net sales (as defined in the agreement) of roxadustat in the low 20% range. In addition, the Company will receive a transfer price for delivery of commercial product based on a percentage of AstraZeneca’s net sales (as defined in the agreement) in the low- to mid-single digit range. China Agreement Effective July 30, 2013, the Company (through its subsidiaries affiliated with China) entered into a collaboration agreement with AstraZeneca for the development and commercialization (but not manufacture) of roxadustat for the treatment of anemia in China (“China Agreement”). Under the terms of the China Agreement, AstraZeneca agreed to pay upfront consideration totaling $28.2 million, which were fully received in 2014. In addition, the China Agreement provides for AstraZeneca to pay regulatory approval and other approval related milestones of up to $161.0 million. The China Agreement also provides for sales related milestone payments of up to $167.5 million and contingent payments of $20.0 million related to possible future compounds. The China Agreement is structured as a 50/50 profit or loss share (as defined) and provides for joint development costs (including capital and equipment costs for construction of the manufacturing plant in China), to be shared equally during the development. In September 2016, AstraZeneca approved the protocol related to the development of roxadustat for the treatment of anemia in patients with myelodysplastic syndromes (“MDS”), for which the Company has received approval from the China Food and Drug Administration for its clinical trial application for a Phase 2/3 trial and acceptance of its investigational new drug application from the U.S. Food and Drug Administration for a Phase 3 trial. As a result, for revenue recognition purposes, during the third quarter of 2016, the Company extended the estimated joint development service period for the AstraZeneca agreements from the end of 2018 to the end of 2020, to allow for development of MDS. In October 2017, the China Food and Drug Administration accepted the Company’s recently submitted New Drug Application (“NDA”) for registration of roxadustat for anemia in dialysis-dependent CKD and non-dialysis-dependent CKD (NDD-CKD) patients. This NDA submission triggers a $15.0 million milestone payment to the Company by AstraZeneca, which is expected to be received and fully recognized under the Company’s current revenue recognition policy as license and milestone revenue in the fourth quarter of 2017. Summary of Revenue Recognized Under the Collaboration Agreements The table below summarizes the accounting treatment for the various deliverables pursuant to each of the Astellas and AstraZeneca agreements. License amounts identified below are included in the “License and milestone revenue” line item in the condensed consolidated statements of operations. All other elements identified below are included in the “Collaboration services and other revenue” line item in the condensed consolidated statements of operations. Amounts recognized as revenue under the Japan Agreement were as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Agreement Deliverable 2017 2016 2017 2016 Japan License $ 445 $ 3,041 $ 936 $ 3,159 Milestones — — — 10,000 Total license and milestone revenue 445 $ 3,041 $ 936 $ 13,159 Collaboration services revenue* 22 $ 144 $ 46 $ 151 * When and if available compounds, manufacturing — clinical supplies and committee services have each been identified as separate units of accounting with standalone value and amounts allocable to these elements have been recognized and classified within the Collaboration services revenue line item within the condensed consolidated statements of operations. The total arrangement consideration has been allocated to each of the following deliverables under the Japan Agreement, along with any associated deferred revenue as follows (in thousands): Cumulative Revenue Through September 30, 2017 Deferred Revenue at September 30, 2017 Total Consideration Through September 30, 2017 License $ 46,646 $ — $ 46,646 When and if available compounds 24 24 48 Manufacturing--clinical supplies 2,164 — 2,164 Committee services 21 — 21 Total license and collaboration services revenue $ 48,855 $ 24 $ 48,879 Amounts recognized as revenue under the Europe Agreement were as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Agreement Deliverable 2017 2016 2017 2016 Europe License $ 3,680 $ 1,330 $ 10,716 $ 7,568 Milestones — — — — Total license and milestone revenue 3,680 1,330 10,716 7,568 Collaboration services revenue* $ 423 $ 292 $ 1,184 $ 963 * When and if available compounds, manufacturing — clinical supplies, development services — in progress at the time of signing of the agreement, and committee services have each been identified as a separate unit of accounting with standalone value and amounts allocable to these units have been recognized in revenue as services are performed and classified within the Collaboration services revenue line item within the condensed consolidated statements of operations. The total arrangement consideration has been allocated to each of the following deliverables under the Europe Agreement, along with any associated deferred revenue as follows (in thousands): Cumulative Revenue Through September 30, 2017 Deferred Revenue at September 30, 2017 Total Consideration Through September 30, 2017 License $ 422,988 $ — $ 422,988 When and if available compounds 434 394 828 Manufacturing--clinical supplies 10,132 — 10,132 Development services--in progress 33,892 — 33,892 Committee services 293 — 293 Total license and collaboration services revenue $ 467,739 $ 394 $ 468,133 Amounts recognized as revenue under the U.S./RoW Agreement were as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Agreement Deliverable 2017 2016 2017 2016 U.S. / RoW and China License $ 15,872 $ 16,496 $ 49,278 $ 93,075 Milestones — — — — Total license and milestone revenue 15,872 16,496 49,278 93,075 Collaboration services revenue* 6,830 8,784 20,997 32,723 China single unit of accounting** $ — $ — $ — $ — * Co-development, information sharing, and committee services have been combined into a single unit of accounting because the requirements to share information and serve on committees are useful only in combination with the development services, and because all three items are delivered over the same period while manufacturing — clinical supplies has been identified as a separate unit of accounting with standalone value and amounts allocable to this unit of accounting have been recognized and classified within the Collaboration services revenue line item within the condensed consolidated statements of operations. ** All revenues attributable to the China unit of accounting are deferred until all deliverables are met. The China license and collaboration services elements have been combined into a single unit of accounting and consideration allocable to this unit is being deferred due to FibroGen’s retention of manufacturing rights and lack of standalone value. The total arrangement consideration has been allocated to each of the following deliverables under the U.S./RoW Agreement, along with any associated deferred revenue as follows (in thousands): Cumulative Revenue Through September 30, 2017 Deferred Revenue at September 30, 2017 Total Consideration Through September 30, 2017 License $ 451,974 $ — $ 451,974 Co-development, information sharing & committee services 111,693 25,723 137,416 Manufacturing--clinical supplies 436 34 470 China-single unit of accounting — 92,643 92,643 Total license and collaboration services revenue $ 564,103 $ 118,400 $ 682,503 Other Revenues Other revenues consist of royalty payments received, which are recorded on a monthly basis as they are reported to the Company, and collagen feasibility sales. Other revenues were immaterial for all periods presented. Deferred Revenue Deferred revenue represents amounts billed to the Company’s collaboration partners for which the related revenues have not been recognized because one or more of the revenue recognition criteria have not been met. The current portion of deferred revenue represents the amount to be recognized within one year from the balance sheet date based on the estimated performance period of the underlying deliverables. The long term portion of deferred revenue represents amounts to be recognized after one year through the end of the non-contingent performance period of the underlying deliverables. The long term portion of deferred revenue also includes amounts allocated to the China unit of accounting under the AstraZeneca arrangement as revenue recognition associated with this unit of accounting is tied to the commercial launch of the products within China, which is not expected to occur within the next year. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 3. Fair Value Measurements The fair values of our financial assets that are measured on a recurring basis are as follows (in thousands): September 30, 2017 Level 1 Level 2 Level 3 Total Corporate bonds $ — $ 75,872 $ — $ 75,872 Bond and mutual funds 18,251 — — 18,251 Equity investments 207 — — 207 Money market funds 546,498 — — 546,498 Certificate of deposits — 1,036 — 1,036 Total $ 564,956 $ 76,908 $ — $ 641,864 December 31, 2016 Level 1 Level 2 Level 3 Total Corporate bonds $ — $ 126,683 $ — $ 126,683 Bond and mutual funds 22,462 — — 22,462 Equity investments 225 — — 225 Money market funds 94,543 — — 94,543 Certificate of deposits — 1,037 — 1,037 Total $ 117,230 $ 127,720 $ — $ 244,950 Our Level 2 investments are valued using third-party pricing sources. The pricing services 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 reported trades of and broker/dealer quotes on the same or similar investments, issuer credit spreads, benchmark investments, prepayment/default projections based on historical data and other observable inputs. The fair values of our financial liabilities that are carried at historical cost are as follows (in thousands): September 30, 2017 Level 1 Level 2 Level 3 Total Lease financing obligations $ — $ — $ 98,028 $ 98,028 December 31, 2016 Level 1 Level 2 Level 3 Total Lease financing obligations $ — $ — $ 97,856 $ 97,856 The fair values of our financial liabilities were derived by using an income approach, which required Level 3 inputs such as discounted estimated future cash flows. There were no transfers of assets or liabilities between levels for any of the periods presented. |
Balance Sheet Components
Balance Sheet Components | 9 Months Ended |
Sep. 30, 2017 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Balance Sheet Components | 4. Balance Sheet Components Cash and Cash Equivalents Cash and cash equivalents consisted of the following (in thousands): September 30, 2017 December 31, 2016 Cash $ 104,875 $ 79,239 Money market funds 546,498 94,543 Total cash and cash equivalents $ 651,373 $ 173,782 At September 30, 2017 and December 31, 2016, a total of $19.1 million and $24.3 million, respectively, of our cash and cash equivalents were held outside of the U.S. in our foreign subsidiaries to be used primarily for our China operations. Investments All investments are classified as available-for-sale. The amortized cost, gross unrealized holding gains or losses, and fair value of the Company’s available-for-sale investments by major investments type are summarized in the tables below (in thousands): September 30, 2017 Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Fair Value Corporate bonds $ 75,826 $ 62 $ (16 ) $ 75,872 Certificate of deposits 1,036 — — 1,036 Bond and mutual funds 17,182 1,069 — 18,251 Equity investments 126 81 — 207 Total investments $ 94,170 $ 1,212 $ (16 ) $ 95,366 December 31, 2016 Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Fair Value Corporate bonds $ 126,550 $ 182 $ (49 ) $ 126,683 Certificate of deposits 1,037 — — 1,037 Bond and mutual funds 22,305 157 — 22,462 Equity investments 125 100 — 225 Total investments $ 150,017 $ 439 $ (49 ) $ 150,407 At September 30, 2017, all of the available-for-sale investments had contractual maturities within two years. The Company periodically reviews its available-for-sale investments for other-than-temporary impairment. The Company considers factors such as the duration, severity and the reason for the decline in value, the potential recovery period and our intent to sell. For debt securities, the Company also considers whether (i) it is more likely than not that the Company will be required to sell the debt securities before recovery of their amortized cost basis, and (ii) the amortized cost basis cannot be recovered as a result of credit losses. During the three and nine months ended September 30, 2017 and 2016, the Company did not recognize any other-than-temporary impairment loss. Accrued Liabilities Accrued liabilities consisted of the following (in thousands): September 30, 2017 December 31, 2016 Preclinical and clinical trial accruals $ 26,989 $ 29,550 Payroll and related accruals 14,654 14,232 Professional services 2,144 1,252 Other 10,330 5,880 Total accrued liabilities $ 54,117 $ 50,914 |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 5. Stock-Based Compensation Stock-based compensation expense was allocated to research and development and general and administrative expense as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Research and development $ 5,538 $ 5,074 $ 16,060 $ 14,629 General and administrative 4,090 3,438 11,548 9,627 Total stock-based compensation expense $ 9,628 $ 8,512 $ 27,608 $ 24,256 The assumptions used to estimate the fair value of stock options granted and purchases under the Company’s 2014 Employee Share Purchase Plan (“ESPP”) using the Black-Scholes option valuation model were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Stock Options Expected term (in years) 5.3 5.3 5.7 5.3 Expected volatility 69.5 % 72.5 % 71.5 % 69.8 % Risk-free interest rate 1.9 1.2 2.2 1.4 Expected dividend yield — — — — Weighted average estimated fair value $ 26.47 $ 10.73 $ 16.63 $ 11.46 ESPPs Expected term (in years) 0.5 - 2.0 0.5 - 2.0 0.5 - 2.0 0.5 - 2.0 Expected volatility 52.8 - 76.0 % 63.7 - 80.7 % 52.8 - 77.2 % 61.9 - 80.7 % Risk-free interest rate 0.6 - 1.3 % 0.4 - 0.9 % 0.5 - 1.3 % 0.2 - 0.9 % Expected dividend yield — — — — Weighted average estimated fair value $ 9.67 $ 9.04 $ 9.15 $ 10.27 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 6. Income Taxes The provisions for income taxes for the three and nine months ended September 30, 2017 were due to foreign taxes. The provision for income taxes for the three months ended September 30, 2016 was due to the discrete tax effect arising from an unrealized loss in other comprehensive income (loss) related to available-for-sale securities, and foreign taxes. The benefit from income taxes for the nine months ended September 30, 2016 was due to the discrete tax effect arising from cumulative unrealized gains in other comprehensive income (loss) related to available-for-sale securities, partially offset by foreign taxes. Based upon the weight of available evidence, which includes its historical operating performance, reported cumulative net losses since inception and expected continuing net loss, the Company has established and continues to maintain a full valuation allowance against its deferred tax assets as it does not currently believe that realization of those assets is more likely than not. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 7. Related Party Transactions Astellas is an equity investor in the Company and considered a related party. The Company recorded revenue related to collaboration agreements with Astellas of $4.6 million and $4.8 million during the three months ended September 30, 2017 and 2016, respectively, and $12.9 million and $21.8 million during the nine months ended September 30, 2017 and 2016, respectively. The Company recorded expense related to collaboration agreements with Astellas of $0.2 million and $1.8 million during the three months ended September 30, 2017 and 2016, respectively, and $0.8 million and $4.8 million during the nine months ended September 30, 2017 and 2016, respectively. As of September 30, 2017 and December 31, 2016, accounts receivable from Astellas were $4.6 million and $4.1 million, respectively, and amounts due to Astellas were $0.5 million and $1.6 million, respectively. Julian N. Stern, a director of the Company from November 1996 through June 2017, is currently serving as corporate secretary of the Company and is of counsel to the law firm of Goodwin Procter LLP, which he joined in 2008. He has received, and continues to receive, no compensation from Goodwin Procter LLP since joining as counsel. The Company retains Goodwin Procter LLP as legal counsel for various matters, primarily consisting of intellectual property matters. There was no payment to Goodwin Procter LLP during the three and nine months ended September 30, 2017. The Company’s payments to Goodwin Procter LLP during the three and nine months ended September 30, 2016 were immaterial. As of September 30, 2017 and December 31, 2016, the balance of the accrued liability for Goodwin Proctor LLP was zero. |
Subsequent Event
Subsequent Event | 9 Months Ended |
Sep. 30, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Event | 8. Subsequent Event In October 2017, the China Food and Drug Administration accepted the Company’s recently submitted NDA for registration of roxadustat for anemia in dialysis-dependent CKD and NDD-CKD patients. This NDA submission triggers a $15.0 million milestone payment to the Company by AstraZeneca, which is expected to be received and fully recognized under the Company’s current revenue recognition policy as license and milestone revenue in the fourth quarter of 2017. |
Significant Accounting Polici16
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Description of Operations | Description of Operations FibroGen, Inc. (“FibroGen” or the “Company”) was incorporated in 1993 in Delaware and is a research-based biopharmaceutical company focused on the discovery, development and commercialization of novel therapeutics agents to treat serious unmet medical needs. The Company’s focus in the areas of fibrosis and hypoxia-inducible factor (“HIF”) biology has generated multiple programs targeting various therapeutic areas. The Company’s most advanced product candidate, roxadustat, or FG-4592, is an oral small molecule inhibitor of HIF prolyl hydroxylases (“HIF-PHs”) in Phase 3 clinical development for the treatment of anemia in chronic kidney disease (“CKD”). Pamrevlumab, or FG-3019, is the Company’s monoclonal antibody in Phase 2 clinical development for the treatment of idiopathic pulmonary fibrosis (“IPF”), pancreatic cancer, Duchenne muscular dystrophy (“DMD”) and liver fibrosis. The Company has taken a global approach with respect to the development and future commercialization of its product candidates, and this includes development and commercialization in the People’s Republic of China (“China”). The Company is capitalizing on its extensive experience in fibrosis and hypoxia inducible factor (“HIF”) biology and clinical development to advance a pipeline of innovative medicines for the treatment of anemia, fibrotic disease cancer, corneal blindness and other serious unmet medical needs. On April 11, 2017, the Company closed the follow-on offering of its common stock. In this offering, the Company sold 5,228,750 shares of its common stock at a public offering price of $22.95 per share. Net proceeds from this offering were $115.1 million, after deducting underwriting discounts and commissions of $4.9 million. In addition, the offering expenses were approximately $0.6 million in total. On August 24, 2017, the Company completed another follow-on offering of its common stock. In this offering, the Company sold a total of 9,200,000 shares of its common stock at a public offering price of $40.75 per share. Net proceeds from this offering were $356.2 million, after deducting underwriting discounts and commissions of $18.7 million. In addition, the offering expenses were approximately $0.4 million in total. |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The condensed consolidated financial statements include the accounts of FibroGen, its wholly owned subsidiaries and its majority-owned subsidiaries, FibroGen Europe Oy and FibroGen China Anemia Holdings, Ltd. (“FibroGen China”). All inter-company transactions and balances have been eliminated in consolidation. The Company operates in one segment — the discovery, development and commercialization of novel therapeutics to treat serious unmet medical needs. The unaudited condensed consolidated financial statements and related disclosures have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) applicable to interim financial reporting and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X of the United States (“U.S.”) Securities and Exchange Commission (“SEC”) and, therefore, do not include all information and footnote disclosures normally included in the annual consolidated financial statements. The December 31, 2016 condensed consolidated balance sheet data contained within this Form 10-Q was derived from audited consolidated financial statements included in the Company’s Annual Report on Form 10-K filed with the SEC for the year ended December 31, 2016 (“2016 Form 10-K”), but does not include all disclosures required by U.S. GAAP. The financial information included herein should be read in conjunction with the consolidated financial statements and related notes in the 2016 Form 10-K. The accounting policies used by the Company in its presentation of interim financial results are consistent with those presented in Note 2 to the consolidated financial statements included in the 2016 Form 10-K. |
Use of Estimates | Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. The more significant areas requiring the use of management estimates and assumptions include valuation and recognition of revenue, estimates of accruals related to clinical trial costs, valuation allowances for deferred tax assets, and valuation and recognition of stock-based compensation. On an ongoing basis, management reviews these estimates and assumptions. Changes in facts and circumstances may alter such estimates and actual results could differ from those estimates. In our opinion, the accompanying unaudited condensed consolidated financial statements include all normal recurring adjustments necessary for a fair statement of our financial position, results of operations and cash flows for the interim periods presented. |
Recently Issued and Adopted Accounting Guidance | Recently Issued and Adopted Accounting Guidance In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) Compensation - Stock Compensation (Topic 718) . |
Recently Issued Accounting Guidance Not Yet Adopted | Recently Issued Accounting Guidance Not Yet Adopted In May 2017, the FASB issued ASU 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) In January 2016, the FASB issued ASU 2016-01, Financial Instruments-Overall (Subtopic 825-10) In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) Revenue Recognition Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers |
Collaboration Agreements (Table
Collaboration Agreements (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Japan [Member] | |
Summary of Revenue Recognized under Agreement | Amounts recognized as revenue under the Japan Agreement were as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Agreement Deliverable 2017 2016 2017 2016 Japan License $ 445 $ 3,041 $ 936 $ 3,159 Milestones — — — 10,000 Total license and milestone revenue 445 $ 3,041 $ 936 $ 13,159 Collaboration services revenue* 22 $ 144 $ 46 $ 151 * When and if available compounds, manufacturing — clinical supplies and committee services have each been identified as separate units of accounting with standalone value and amounts allocable to these elements have been recognized and classified within the Collaboration services revenue line item within the condensed consolidated statements of operations. |
Total Arrangement Consideration Allocated to Deliverables along with Associated Deferred Revenue | The total arrangement consideration has been allocated to each of the following deliverables under the Japan Agreement, along with any associated deferred revenue as follows (in thousands): Cumulative Revenue Through September 30, 2017 Deferred Revenue at September 30, 2017 Total Consideration Through September 30, 2017 License $ 46,646 $ — $ 46,646 When and if available compounds 24 24 48 Manufacturing--clinical supplies 2,164 — 2,164 Committee services 21 — 21 Total license and collaboration services revenue $ 48,855 $ 24 $ 48,879 |
Europe [Member] | |
Summary of Revenue Recognized under Agreement | Amounts recognized as revenue under the Europe Agreement were as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Agreement Deliverable 2017 2016 2017 2016 Europe License $ 3,680 $ 1,330 $ 10,716 $ 7,568 Milestones — — — — Total license and milestone revenue 3,680 1,330 10,716 7,568 Collaboration services revenue* $ 423 $ 292 $ 1,184 $ 963 * When and if available compounds, manufacturing — clinical supplies, development services — in progress at the time of signing of the agreement, and committee services have each been identified as a separate unit of accounting with standalone value and amounts allocable to these units have been recognized in revenue as services are performed and classified within the Collaboration services revenue line item within the condensed consolidated statements of operations. |
Total Arrangement Consideration Allocated to Deliverables along with Associated Deferred Revenue | The total arrangement consideration has been allocated to each of the following deliverables under the Europe Agreement, along with any associated deferred revenue as follows (in thousands): Cumulative Revenue Through September 30, 2017 Deferred Revenue at September 30, 2017 Total Consideration Through September 30, 2017 License $ 422,988 $ — $ 422,988 When and if available compounds 434 394 828 Manufacturing--clinical supplies 10,132 — 10,132 Development services--in progress 33,892 — 33,892 Committee services 293 — 293 Total license and collaboration services revenue $ 467,739 $ 394 $ 468,133 |
U.S./RoW [Member] | |
Summary of Revenue Recognized under Agreement | Amounts recognized as revenue under the U.S./RoW Agreement were as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Agreement Deliverable 2017 2016 2017 2016 U.S. / RoW and China License $ 15,872 $ 16,496 $ 49,278 $ 93,075 Milestones — — — — Total license and milestone revenue 15,872 16,496 49,278 93,075 Collaboration services revenue* 6,830 8,784 20,997 32,723 China single unit of accounting** $ — $ — $ — $ — * Co-development, information sharing, and committee services have been combined into a single unit of accounting because the requirements to share information and serve on committees are useful only in combination with the development services, and because all three items are delivered over the same period while manufacturing — clinical supplies has been identified as a separate unit of accounting with standalone value and amounts allocable to this unit of accounting have been recognized and classified within the Collaboration services revenue line item within the condensed consolidated statements of operations. ** All revenues attributable to the China unit of accounting are deferred until all deliverables are met. The China license and collaboration services elements have been combined into a single unit of accounting and consideration allocable to this unit is being deferred due to FibroGen’s retention of manufacturing rights and lack of standalone value. |
Total Arrangement Consideration Allocated to Deliverables along with Associated Deferred Revenue | The total arrangement consideration has been allocated to each of the following deliverables under the U.S./RoW Agreement, along with any associated deferred revenue as follows (in thousands): Cumulative Revenue Through September 30, 2017 Deferred Revenue at September 30, 2017 Total Consideration Through September 30, 2017 License $ 451,974 $ — $ 451,974 Co-development, information sharing & committee services 111,693 25,723 137,416 Manufacturing--clinical supplies 436 34 470 China-single unit of accounting — 92,643 92,643 Total license and collaboration services revenue $ 564,103 $ 118,400 $ 682,503 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Values of Financial Assets Measured on Recurring Basis | The fair values of our financial assets that are measured on a recurring basis are as follows (in thousands): September 30, 2017 Level 1 Level 2 Level 3 Total Corporate bonds $ — $ 75,872 $ — $ 75,872 Bond and mutual funds 18,251 — — 18,251 Equity investments 207 — — 207 Money market funds 546,498 — — 546,498 Certificate of deposits — 1,036 — 1,036 Total $ 564,956 $ 76,908 $ — $ 641,864 December 31, 2016 Level 1 Level 2 Level 3 Total Corporate bonds $ — $ 126,683 $ — $ 126,683 Bond and mutual funds 22,462 — — 22,462 Equity investments 225 — — 225 Money market funds 94,543 — — 94,543 Certificate of deposits — 1,037 — 1,037 Total $ 117,230 $ 127,720 $ — $ 244,950 |
Fair Values of Financial Liabilities Carried at Historical Cost | The fair values of our financial liabilities that are carried at historical cost are as follows (in thousands): September 30, 2017 Level 1 Level 2 Level 3 Total Lease financing obligations $ — $ — $ 98,028 $ 98,028 December 31, 2016 Level 1 Level 2 Level 3 Total Lease financing obligations $ — $ — $ 97,856 $ 97,856 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Schedule of Cash and Cash Equivalents | Cash and cash equivalents consisted of the following (in thousands): September 30, 2017 December 31, 2016 Cash $ 104,875 $ 79,239 Money market funds 546,498 94,543 Total cash and cash equivalents $ 651,373 $ 173,782 |
Summary of Amortized Cost, Gross Unrealized Holding Gains or Losses, and Fair Value of Available-for-Sale Investments | All investments are classified as available-for-sale. The amortized cost, gross unrealized holding gains or losses, and fair value of the Company’s available-for-sale investments by major investments type are summarized in the tables below (in thousands): September 30, 2017 Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Fair Value Corporate bonds $ 75,826 $ 62 $ (16 ) $ 75,872 Certificate of deposits 1,036 — — 1,036 Bond and mutual funds 17,182 1,069 — 18,251 Equity investments 126 81 — 207 Total investments $ 94,170 $ 1,212 $ (16 ) $ 95,366 December 31, 2016 Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Fair Value Corporate bonds $ 126,550 $ 182 $ (49 ) $ 126,683 Certificate of deposits 1,037 — — 1,037 Bond and mutual funds 22,305 157 — 22,462 Equity investments 125 100 — 225 Total investments $ 150,017 $ 439 $ (49 ) $ 150,407 |
Schedule of Accrued Liabilities | Accrued liabilities consisted of the following (in thousands): September 30, 2017 December 31, 2016 Preclinical and clinical trial accruals $ 26,989 $ 29,550 Payroll and related accruals 14,654 14,232 Professional services 2,144 1,252 Other 10,330 5,880 Total accrued liabilities $ 54,117 $ 50,914 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Schedule of Allocated Stock-Based Compensation Expense | Stock-based compensation expense was allocated to research and development and general and administrative expense as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Research and development $ 5,538 $ 5,074 $ 16,060 $ 14,629 General and administrative 4,090 3,438 11,548 9,627 Total stock-based compensation expense $ 9,628 $ 8,512 $ 27,608 $ 24,256 |
Schedule of Assumptions used to Estimate Fair Value of Stock Options Granted and Purchases under 2014 Employee Share Purchase Plan | The assumptions used to estimate the fair value of stock options granted and purchases under the Company’s 2014 Employee Share Purchase Plan (“ESPP”) using the Black-Scholes option valuation model were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Stock Options Expected term (in years) 5.3 5.3 5.7 5.3 Expected volatility 69.5 % 72.5 % 71.5 % 69.8 % Risk-free interest rate 1.9 1.2 2.2 1.4 Expected dividend yield — — — — Weighted average estimated fair value $ 26.47 $ 10.73 $ 16.63 $ 11.46 ESPPs Expected term (in years) 0.5 - 2.0 0.5 - 2.0 0.5 - 2.0 0.5 - 2.0 Expected volatility 52.8 - 76.0 % 63.7 - 80.7 % 52.8 - 77.2 % 61.9 - 80.7 % Risk-free interest rate 0.6 - 1.3 % 0.4 - 0.9 % 0.5 - 1.3 % 0.2 - 0.9 % Expected dividend yield — — — — Weighted average estimated fair value $ 9.67 $ 9.04 $ 9.15 $ 10.27 |
Significant Accounting Polici21
Significant Accounting Policies - Additional Information (Detail) | Aug. 24, 2017USD ($)$ / sharesshares | Apr. 11, 2017USD ($)$ / sharesshares | Sep. 30, 2017USD ($)Segment | Sep. 30, 2016USD ($) |
Accounting Policy [Line Items] | ||||
Net proceeds from offering | $ 28,556,000 | $ 6,137,000 | ||
Number of operating segment | Segment | 1 | |||
ASU 2016-09 [Member] | ||||
Accounting Policy [Line Items] | ||||
Retrospective increase in deferred tax assets for previously unrecognized excess tax benefits | $ 19,500,000 | |||
Increase in valuation allowance | 19,500,000 | |||
Net impact to accumulated deficit | $ 0 | |||
Follow-on Offering [Member] | ||||
Accounting Policy [Line Items] | ||||
Common stock shares sold | shares | 9,200,000 | 5,228,750 | ||
Public offering price | $ / shares | $ 40.75 | $ 22.95 | ||
Net proceeds from offering | $ 356,200,000 | $ 115,100,000 | ||
Underwriting discounts and commissions | 18,700,000 | 4,900,000 | ||
Offering expenses | $ 400,000 | $ 600,000 |
Collaboration Agreements - Aste
Collaboration Agreements - Astellas Agreements - Additional Information (Detail) - Astellas Agreement [Member] - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 35 Months Ended | 45 Months Ended | ||||||
Apr. 30, 2006 | Jun. 30, 2005 | Sep. 30, 2017 | Sep. 30, 2016 | Jun. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2010 | Feb. 28, 2009 | Feb. 28, 2009 | |
Japan [Member] | ||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||||
Upfront, non-contingent and time-based payments received | $ 40,100 | |||||||||||
Development and regulatory approval milestones | $ 117,500 | |||||||||||
Commercial sales milestone | $ 15,000 | |||||||||||
Additional consideration based on net sales description | Low 20% range | |||||||||||
Clinical development milestones | $ 12,500 | |||||||||||
Milestones revenue | $ 0 | $ 0 | $ 10,000 | $ 0 | $ 10,000 | |||||||
Europe [Member] | ||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||||
Upfront, non-contingent and time-based payments received | $ 320,000 | |||||||||||
Development and regulatory approval milestones | $ 425,000 | |||||||||||
Additional consideration based on net sales description | Low 20% range | |||||||||||
Clinical development milestones | $ 50,000 | $ 40,000 | ||||||||||
Milestones revenue | $ 0 | $ 0 | $ 0 | $ 0 | ||||||||
Percentage of joint development costs committed to fund | 50.00% |
Collaboration Agreements - Astr
Collaboration Agreements - AstraZeneca Agreements - Additional Information 1 (Detail) - AstraZeneca Agreements [Member] - USD ($) $ in Thousands | Jul. 30, 2013 | Dec. 31, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2015 |
U.S./RoW [Member] | ||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||
Expected upfront, non-contingent and time-based payments | $ 374,000 | |||||||
Development and regulatory approval milestones | 550,000 | |||||||
Commercial sales milestone | 325,000 | |||||||
Shared development costs | $ 233,000 | |||||||
Additional consideration based on net sales description | Low 20% range | |||||||
Milestone payment, revenue recognition | $ 0 | $ 0 | $ 0 | $ 0 | ||||
U.S./RoW [Member] | FibroGen, Inc. [Member] | ||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||
Shared development costs | $ 116,500 | |||||||
U.S./RoW [Member] | Development Milestones [Member] | ||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||
Receipt of development milestone payment | $ 15,000 | |||||||
China [Member] | ||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||
Development and regulatory approval milestones | 161,000 | |||||||
Commercial sales milestone | 167,500 | |||||||
Proceeds from upfront payments | 28,200 | |||||||
Contingent payment | $ 20,000 | |||||||
Estimated joint development service period | 2,018 | |||||||
Estimated joint development extended service period | 2,020 | |||||||
China [Member] | Scenario, Forecast [Member] | ||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||
Milestone payment, revenue recognition | $ 15,000 |
Collaboration Agreements - Summ
Collaboration Agreements - Summary of Revenue Recognized under Agreement (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Jun. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||
Total license and milestone revenue | $ 19,997 | $ 20,867 | $ 60,930 | $ 113,802 | |
Collaboration services and other revenue from a related party | 7,275 | 9,235 | 22,230 | 33,863 | |
Revenue recognized | 27,272 | 30,102 | 83,160 | 147,665 | |
Astellas Agreement [Member] | |||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||
Total license and milestone revenue | 4,125 | 4,371 | 11,652 | 20,727 | |
Collaboration services and other revenue from a related party | 445 | 436 | 1,230 | 1,114 | |
Astellas Agreement [Member] | Japan [Member] | |||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||
License revenue | 445 | 3,041 | 936 | 3,159 | |
Milestones revenue | 0 | 0 | $ 10,000 | 0 | 10,000 |
Total license and milestone revenue | 445 | 3,041 | 936 | 13,159 | |
Collaboration services and other revenue from a related party | 22 | 144 | 46 | 151 | |
Astellas Agreement [Member] | Europe [Member] | |||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||
License revenue | 3,680 | 1,330 | 10,716 | 7,568 | |
Milestones revenue | 0 | 0 | 0 | 0 | |
Total license and milestone revenue | 3,680 | 1,330 | 10,716 | 7,568 | |
Collaboration services and other revenue from a related party | 423 | 292 | 1,184 | 963 | |
AstraZeneca Agreements [Member] | China-single unit of accounting [Member] | |||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||
Revenue recognized | 0 | 0 | 0 | 0 | |
AstraZeneca Agreements [Member] | U.S./RoW [Member] | |||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||
License revenue | 15,872 | 16,496 | 49,278 | 93,075 | |
Milestones revenue | 0 | 0 | 0 | 0 | |
Total license and milestone revenue | 15,872 | 16,496 | 49,278 | 93,075 | |
Collaboration services and other revenue from a related party | $ 6,830 | $ 8,784 | $ 20,997 | $ 32,723 |
Collaboration Agreements - Tota
Collaboration Agreements - Total Arrangement Consideration Allocated to Deliverables along with Associated Deferred Revenue (Detail) $ in Thousands | Sep. 30, 2017USD ($) |
Astellas Agreement [Member] | Japan [Member] | |
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |
Cumulative Revenue | $ 48,855 |
Deferred Revenue | 24 |
Total Consideration | 48,879 |
Astellas Agreement [Member] | Japan [Member] | License [Member] | |
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |
Cumulative Revenue | 46,646 |
Deferred Revenue | 0 |
Total Consideration | 46,646 |
Astellas Agreement [Member] | Japan [Member] | When and if available compounds [Member] | |
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |
Cumulative Revenue | 24 |
Deferred Revenue | 24 |
Total Consideration | 48 |
Astellas Agreement [Member] | Japan [Member] | Manufacturing-clinical supplies [Member] | |
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |
Cumulative Revenue | 2,164 |
Deferred Revenue | 0 |
Total Consideration | 2,164 |
Astellas Agreement [Member] | Japan [Member] | Committee services [Member] | |
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |
Cumulative Revenue | 21 |
Deferred Revenue | 0 |
Total Consideration | 21 |
Astellas Agreement [Member] | Europe [Member] | |
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |
Cumulative Revenue | 467,739 |
Deferred Revenue | 394 |
Total Consideration | 468,133 |
Astellas Agreement [Member] | Europe [Member] | License [Member] | |
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |
Cumulative Revenue | 422,988 |
Deferred Revenue | 0 |
Total Consideration | 422,988 |
Astellas Agreement [Member] | Europe [Member] | When and if available compounds [Member] | |
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |
Cumulative Revenue | 434 |
Deferred Revenue | 394 |
Total Consideration | 828 |
Astellas Agreement [Member] | Europe [Member] | Manufacturing-clinical supplies [Member] | |
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |
Cumulative Revenue | 10,132 |
Deferred Revenue | 0 |
Total Consideration | 10,132 |
Astellas Agreement [Member] | Europe [Member] | Committee services [Member] | |
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |
Cumulative Revenue | 293 |
Deferred Revenue | 0 |
Total Consideration | 293 |
Astellas Agreement [Member] | Europe [Member] | Development services-in progress [Member] | |
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |
Cumulative Revenue | 33,892 |
Deferred Revenue | 0 |
Total Consideration | 33,892 |
AstraZeneca Agreements [Member] | U.S./RoW [Member] | |
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |
Cumulative Revenue | 564,103 |
Deferred Revenue | 118,400 |
Total Consideration | 682,503 |
AstraZeneca Agreements [Member] | U.S./RoW [Member] | License [Member] | |
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |
Cumulative Revenue | 451,974 |
Deferred Revenue | 0 |
Total Consideration | 451,974 |
AstraZeneca Agreements [Member] | U.S./RoW [Member] | Manufacturing-clinical supplies [Member] | |
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |
Cumulative Revenue | 436 |
Deferred Revenue | 34 |
Total Consideration | 470 |
AstraZeneca Agreements [Member] | U.S./RoW [Member] | Co-development, information sharing & committee services [Member] | |
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |
Cumulative Revenue | 111,693 |
Deferred Revenue | 25,723 |
Total Consideration | 137,416 |
AstraZeneca Agreements [Member] | U.S./RoW [Member] | China-single unit of accounting [Member] | |
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |
Cumulative Revenue | 0 |
Deferred Revenue | 92,643 |
Total Consideration | $ 92,643 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Values of Financial Assets Measured on Recurring Basis (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investments | $ 95,366 | $ 150,407 |
Corporate bonds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investments | 75,872 | 126,683 |
Bond and mutual funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investments | 18,251 | 22,462 |
Equity investments [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investments | 207 | 225 |
Certificate of deposits [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investments | 1,036 | 1,037 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total fair value of financial assets | 641,864 | 244,950 |
Fair Value, Measurements, Recurring [Member] | Corporate bonds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investments | 75,872 | 126,683 |
Fair Value, Measurements, Recurring [Member] | Bond and mutual funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investments | 18,251 | 22,462 |
Fair Value, Measurements, Recurring [Member] | Equity investments [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investments | 207 | 225 |
Fair Value, Measurements, Recurring [Member] | Money market funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets fair value disclosure | 546,498 | 94,543 |
Fair Value, Measurements, Recurring [Member] | Certificate of deposits [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investments | 1,036 | 1,037 |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total fair value of financial assets | 564,956 | 117,230 |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Corporate bonds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investments | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Bond and mutual funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investments | 18,251 | 22,462 |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Equity investments [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investments | 207 | 225 |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Money market funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets fair value disclosure | 546,498 | 94,543 |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Certificate of deposits [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investments | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total fair value of financial assets | 76,908 | 127,720 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Corporate bonds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investments | 75,872 | 126,683 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Bond and mutual funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investments | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Equity investments [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investments | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Money market funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets fair value disclosure | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Certificate of deposits [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investments | 1,036 | 1,037 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total fair value of financial assets | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Corporate bonds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investments | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Bond and mutual funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investments | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Equity investments [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investments | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Money market funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets fair value disclosure | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Certificate of deposits [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investments | $ 0 | $ 0 |
Fair Value Measurements - Fai27
Fair Value Measurements - Fair Values of Financial Liabilities Carried at Historical Cost (Detail) - Lease financing obligations [Member] - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Liabilities fair value disclosure | $ 98,028 | $ 97,856 |
Level 1 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Liabilities fair value disclosure | 0 | 0 |
Level 2 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Liabilities fair value disclosure | 0 | 0 |
Level 3 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Liabilities fair value disclosure | $ 98,028 | $ 97,856 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | ||
Transfers of assets from level 1 to 2 | $ 0 | $ 0 |
Transfers of assets from level 2 to 1 | 0 | 0 |
Transfers of liabilities from level 1 to 2 | 0 | 0 |
Transfers of liabilities from level 2 to 1 | 0 | 0 |
Transfers of assets into level 3 | 0 | 0 |
Transfers of assets out of level 3 | 0 | 0 |
Transfers of liabilities into level 3 | 0 | 0 |
Transfers of liabilities out of level 3 | $ 0 | $ 0 |
Balance Sheet Components - Sche
Balance Sheet Components - Schedule of Cash and Cash Equivalents (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Dec. 31, 2015 |
Cash And Cash Equivalents [Abstract] | ||||
Cash | $ 104,875 | $ 79,239 | ||
Money market funds | 546,498 | 94,543 | ||
Total cash and cash equivalents | $ 651,373 | $ 173,782 | $ 198,283 | $ 153,324 |
Balance Sheet Components - Addi
Balance Sheet Components - Additional Information (Detail) - USD ($) | Sep. 30, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | |||||||
Cash and cash equivalents | $ 651,373,000 | $ 651,373,000 | $ 198,283,000 | $ 651,373,000 | $ 198,283,000 | $ 173,782,000 | $ 153,324,000 |
Contractual maturities of available-for-sale investments | 2 years | ||||||
Other-than-temporary impairment loss | 0 | $ 0 | 0 | $ 0 | |||
Foreign subsidiaries [Member] | |||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||
Cash and cash equivalents | $ 19,100,000 | $ 19,100,000 | $ 19,100,000 | $ 24,300,000 |
Balance Sheet Components - Summ
Balance Sheet Components - Summary of Amortized Cost, Gross Unrealized Holding Gains or Losses, and Fair Value of Available-for-Sale Investments (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 94,170 | $ 150,017 |
Gross Unrealized Holding Gains | 1,212 | 439 |
Gross Unrealized Holding Losses | (16) | (49) |
Fair Value | 95,366 | 150,407 |
Corporate bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 75,826 | 126,550 |
Gross Unrealized Holding Gains | 62 | 182 |
Gross Unrealized Holding Losses | (16) | (49) |
Fair Value | 75,872 | 126,683 |
Certificate of deposits [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,036 | 1,037 |
Gross Unrealized Holding Gains | 0 | 0 |
Gross Unrealized Holding Losses | 0 | 0 |
Fair Value | 1,036 | 1,037 |
Bond and mutual funds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 17,182 | 22,305 |
Gross Unrealized Holding Gains | 1,069 | 157 |
Gross Unrealized Holding Losses | 0 | 0 |
Fair Value | 18,251 | 22,462 |
Equity investments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 126 | 125 |
Gross Unrealized Holding Gains | 81 | 100 |
Gross Unrealized Holding Losses | 0 | 0 |
Fair Value | $ 207 | $ 225 |
Balance Sheet Components - Sc32
Balance Sheet Components - Schedule of Accrued Liabilities (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Accrued Liabilities Current [Abstract] | ||
Preclinical and clinical trial accruals | $ 26,989 | $ 29,550 |
Payroll and related accruals | 14,654 | 14,232 |
Professional services | 2,144 | 1,252 |
Other | 10,330 | 5,880 |
Total accrued liabilities | $ 54,117 | $ 50,914 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Allocated Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense | $ 9,628 | $ 8,512 | $ 27,608 | $ 24,256 |
Research and development [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense | 5,538 | 5,074 | 16,060 | 14,629 |
General and administrative [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense | $ 4,090 | $ 3,438 | $ 11,548 | $ 9,627 |
Stock-Based Compensation - Sc34
Stock-Based Compensation - Schedule of Assumptions used to Estimate Fair Value of Stock Options Granted and Purchases under 2014 Employee Share Purchase Plan (Detail) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Employee stock options [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Expected term (in years) | 5 years 3 months 18 days | 5 years 3 months 18 days | 5 years 8 months 12 days | 5 years 3 months 19 days |
Expected volatility | 69.50% | 72.50% | 71.50% | 69.80% |
Risk-free interest rate | 1.90% | 1.20% | 2.20% | 1.40% |
Expected dividend yield | 0.00% | 0.00% | 0.00% | 0.00% |
Weighted average estimated fair value | $ 26.47 | $ 10.73 | $ 16.63 | $ 11.46 |
2014 Employee Share Purchase Plan [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Expected volatility, minimum | 52.80% | 63.70% | 52.80% | 61.90% |
Expected volatility, maximum | 76.00% | 80.70% | 77.20% | 80.70% |
Risk-free interest rate, minimum | 0.60% | 0.40% | 0.50% | 0.20% |
Risk-free interest rate, maximum | 1.30% | 0.90% | 1.30% | 0.90% |
Expected dividend yield | 0.00% | 0.00% | 0.00% | 0.00% |
Weighted average estimated fair value | $ 9.67 | $ 9.04 | $ 9.15 | $ 10.27 |
2014 Employee Share Purchase Plan [Member] | Minimum [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Expected term (in years) | 6 months | 6 months | 6 months | 6 months |
2014 Employee Share Purchase Plan [Member] | Maximum [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Expected term (in years) | 2 years | 2 years | 2 years | 2 years |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Related Party Transaction [Line Items] | |||||
Accounts receivable from related party | $ 4,580,000 | $ 4,580,000 | $ 4,102,000 | ||
Accrued liabilities to related parties | 479,000 | 479,000 | 1,615,000 | ||
Astellas [Member] | Collaborative Arrangement [Member] | |||||
Related Party Transaction [Line Items] | |||||
Revenue related to collaboration agreements | 4,600,000 | $ 4,800,000 | 12,900,000 | $ 21,800,000 | |
Expense related to collaboration agreements | 200,000 | $ 1,800,000 | 800,000 | $ 4,800,000 | |
Accounts receivable from related party | 4,600,000 | 4,600,000 | 4,100,000 | ||
Accrued liabilities to related parties | 500,000 | 500,000 | 1,600,000 | ||
Goodwin Procter LLP [Member] | |||||
Related Party Transaction [Line Items] | |||||
Accrued liabilities to related parties | 0 | 0 | $ 0 | ||
Goodwin Procter LLP [Member] | Intellectual Property [Member] | |||||
Related Party Transaction [Line Items] | |||||
Payments for legal matters | $ 0 | $ 0 |
Subsequent Event - Additional I
Subsequent Event - Additional Information (Details) $ in Millions | 3 Months Ended |
Dec. 31, 2017USD ($) | |
AstraZeneca Agreements [Member] | Scenario, Forecast [Member] | China [Member] | |
Subsequent Event [Line Items] | |
Milestone payment, revenue recognition | $ 15 |