Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Aug. 01, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | FPRX | |
Entity Registrant Name | FIVE PRIME THERAPEUTICS INC | |
Entity Central Index Key | 0001175505 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity File Number | 1-36070 | |
Entity Tax Identification Number | 260038620 | |
Entity Address, Address Line One | 111 Oyster Point Boulevard | |
Entity Address, City or Town | South San Francisco | |
Entity Address, State or Province | California | |
Entity Address, Postal Zip Code | 94080 | |
City Area Code | 415 | |
Local Phone Number | 365-5600 | |
Entity Common Stock, Shares Outstanding | 36,781,385 |
Balance Sheets (Unaudited)
Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 38,306 | $ 43,953 |
Marketable securities | 175,825 | 226,185 |
Receivables from collaborative partners | 2,602 | 5,096 |
Prepaid and other current assets | 13,282 | 13,334 |
Total current assets | 230,015 | 288,568 |
Restricted cash | 1,543 | 1,543 |
Property and equipment, net | 27,031 | 28,718 |
Operating lease, right-of-use assets | 32,142 | |
Other long-term assets | 2,180 | 2,705 |
Total assets | 292,911 | 321,534 |
Current liabilities: | ||
Accounts payable | 3,515 | 1,972 |
Accrued personnel-related expenses | 3,587 | 7,383 |
Other accrued liabilities | 19,651 | 15,348 |
Operating lease obligations, current portion | 3,835 | |
Deferred revenue, current portion | 2,914 | 1,428 |
Deferred rent, current portion | 1,356 | |
Total current liabilities | 33,502 | 27,487 |
Deferred revenue, long-term portion | 5,200 | 10,465 |
Operating lease obligations, long-term portion | 47,597 | |
Deferred rent, long-term portion | 18,443 | |
Stockholders' equity: | ||
Common stock, $0.001 par value; 100,000,000 shares authorized, 36,794,890 issued and 34,964,313 outstanding at June 30, 2019; 35,625,751 issued and 34,745,721 outstanding at December 31, 2018. | 34 | 34 |
Preferred stock, $0.001 par value; 10,000,000 shares authorized; no shares issued and outstanding | ||
Additional paid-in capital | 570,893 | 559,892 |
Accumulated other comprehensive income (loss) | 142 | (106) |
Accumulated deficit | (364,457) | (294,681) |
Total stockholders' equity | 206,612 | 265,139 |
Total liabilities and stockholders' equity | $ 292,911 | $ 321,534 |
Balance Sheets (Unaudited) (Par
Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2019 | Dec. 31, 2018 |
Statement Of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 36,794,890 | 35,625,751 |
Common stock, shares outstanding | 34,964,313 | 34,745,721 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Statement [Abstract] | ||||
Collaboration revenue | $ 3,333 | $ 7,580 | $ 8,680 | $ 40,066 |
Type of Revenue [Extensible List] | fprx:CollaborationMember | fprx:CollaborationMember | fprx:CollaborationMember | fprx:CollaborationMember |
Operating expenses: | ||||
Research and development | $ 29,425 | $ 33,380 | $ 61,178 | $ 76,932 |
General and administrative | 9,661 | 9,782 | 20,171 | 20,260 |
Total operating expenses | 39,086 | 43,162 | 81,349 | 97,192 |
Loss from operations | (35,753) | (35,582) | (72,669) | (57,126) |
Interest income | 1,363 | 1,522 | 2,896 | 2,681 |
Other expense, net | (1) | (3) | (5) | |
Loss before income tax | (34,391) | (34,060) | (69,776) | (54,450) |
Net loss | $ (34,391) | $ (34,060) | $ (69,776) | $ (54,450) |
Basic and diluted net loss per common share | $ (0.99) | $ (0.99) | $ (2) | $ (1.63) |
Weighted-average shares used to compute basic and diluted net loss per common share | 34,909 | 34,401 | 34,852 | 33,363 |
Statements of Comprehensive Los
Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net loss | $ (34,391) | $ (34,060) | $ (69,776) | $ (54,450) |
Other comprehensive gain: | ||||
Unrealized gain on marketable securities | 100 | 208 | 248 | 98 |
Comprehensive loss | $ (34,291) | $ (33,852) | $ (69,528) | $ (54,352) |
Statements of Stockholders' Equ
Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings (Accumulated Deficit) [Member] |
Beginning Balance at Dec. 31, 2017 | $ 265,202 | $ 28 | $ 421,257 | $ (476) | $ (155,607) |
Beginning Balance, Shares at Dec. 31, 2017 | 28,178,639 | ||||
Issuance of common stock upon follow-on public offering, net of issuance costs | 115,000 | $ 6 | 114,994 | ||
Issuance of stock, Shares | 5,897,435 | ||||
Issuance costs related to the follow-on public offering | (7,387) | (7,387) | |||
Issuance of common stock under equity incentive plans | 1,704 | 1,704 | |||
Issuance of common stock under equity incentive plans, Shares | 311,179 | ||||
Repurchase of shares to satisfy tax withholding obligations | (997) | (997) | |||
Repurchase of shares to satisfy tax withholding obligations, Shares | (52,608) | ||||
Cumulative effect of adoption of ASU | ASU 2014-09 [Member] | 1,374 | 1,374 | |||
Stock-based compensation expense | 7,820 | 7,820 | |||
Other comprehensive gain (loss) | (110) | (110) | |||
Net loss | (20,390) | (20,390) | |||
Ending Balance at Mar. 31, 2018 | 362,216 | $ 34 | 537,391 | (586) | (174,623) |
Ending Balance, Shares at Mar. 31, 2018 | 34,334,645 | ||||
Beginning Balance at Dec. 31, 2017 | 265,202 | $ 28 | 421,257 | (476) | (155,607) |
Beginning Balance, Shares at Dec. 31, 2017 | 28,178,639 | ||||
Net loss | (54,450) | ||||
Ending Balance at Jun. 30, 2018 | 336,858 | $ 34 | 545,885 | (378) | (208,683) |
Ending Balance, Shares at Jun. 30, 2018 | 34,450,453 | ||||
Beginning Balance at Mar. 31, 2018 | 362,216 | $ 34 | 537,391 | (586) | (174,623) |
Beginning Balance, Shares at Mar. 31, 2018 | 34,334,645 | ||||
Issuance of common stock under equity incentive plans | 1,160 | 1,160 | |||
Issuance of common stock under equity incentive plans, Shares | 122,278 | ||||
Repurchase of shares to satisfy tax withholding obligations | (101) | (101) | |||
Repurchase of shares to satisfy tax withholding obligations, Shares | (5,766) | ||||
Stock-based compensation expense | 7,435 | 7,435 | |||
In transit: issuance of common stock under equity incentive plans, Shares | 3,661 | ||||
In transit: repurchase of shares to satisfy tax withholding, Shares | (4,365) | ||||
Other comprehensive gain (loss) | 208 | 208 | |||
Net loss | (34,060) | (34,060) | |||
Ending Balance at Jun. 30, 2018 | 336,858 | $ 34 | 545,885 | (378) | (208,683) |
Ending Balance, Shares at Jun. 30, 2018 | 34,450,453 | ||||
Beginning Balance at Dec. 31, 2018 | $ 265,139 | $ 34 | 559,892 | (106) | (294,681) |
Beginning Balance, Shares at Dec. 31, 2018 | 34,745,721 | 34,745,721 | |||
Issuance of common stock under equity incentive plans | $ 222 | 222 | |||
Issuance of common stock under equity incentive plans, Shares | 150,666 | ||||
Repurchase of shares to satisfy tax withholding obligations | (670) | (670) | |||
Repurchase of shares to satisfy tax withholding obligations, Shares | (57,703) | ||||
Stock-based compensation expense | 4,872 | 4,872 | |||
Other comprehensive gain (loss) | 148 | 148 | |||
Net loss | (35,385) | (35,385) | |||
Ending Balance at Mar. 31, 2019 | 234,326 | $ 34 | 564,316 | 42 | (330,066) |
Ending Balance, Shares at Mar. 31, 2019 | 34,838,684 | ||||
Beginning Balance at Dec. 31, 2018 | $ 265,139 | $ 34 | 559,892 | (106) | (294,681) |
Beginning Balance, Shares at Dec. 31, 2018 | 34,745,721 | 34,745,721 | |||
Net loss | $ (69,776) | ||||
Ending Balance at Jun. 30, 2019 | $ 206,612 | $ 34 | 570,893 | 142 | (364,457) |
Ending Balance, Shares at Jun. 30, 2019 | 34,964,313 | 34,964,313 | |||
Beginning Balance at Mar. 31, 2019 | $ 234,326 | $ 34 | 564,316 | 42 | (330,066) |
Beginning Balance, Shares at Mar. 31, 2019 | 34,838,684 | ||||
Issuance of common stock under equity incentive plans | 772 | 772 | |||
Issuance of common stock under equity incentive plans, Shares | 131,586 | ||||
Repurchase of shares to satisfy tax withholding obligations | (58) | (58) | |||
Repurchase of shares to satisfy tax withholding obligations, Shares | (5,957) | ||||
Stock-based compensation expense | 5,863 | 5,863 | |||
Other comprehensive gain (loss) | 100 | 100 | |||
Net loss | (34,391) | (34,391) | |||
Ending Balance at Jun. 30, 2019 | $ 206,612 | $ 34 | $ 570,893 | $ 142 | $ (364,457) |
Ending Balance, Shares at Jun. 30, 2019 | 34,964,313 | 34,964,313 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Operating activities | ||
Net loss | $ (69,776) | $ (54,450) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 2,664 | 2,456 |
Stock-based compensation expense | 10,735 | 15,255 |
Amortization of discounts and premiums on marketable securities | 1,446 | 336 |
Non-cash operating lease expense | 1,143 | |
Loss on disposal of property and equipment | 5 | |
Changes in operating assets and liabilities: | ||
Receivables from collaborative partners | 2,494 | 10,422 |
Prepaid, other current assets and other long-term assets | (8) | (3,813) |
Accounts payable | 2,259 | 229 |
Accrued personnel-related expenses | (3,796) | (2,037) |
Deferred revenue | (3,779) | (7,406) |
Deferred rent | 1,250 | |
Other accrued liabilities, and other long-term liabilities | 4,264 | (578) |
Operating lease liabilities | (1,084) | |
Net cash used in operating activities | (56,330) | (39,003) |
Investing activities | ||
Purchases of marketable securities | (125,088) | (212,147) |
Maturities of marketable securities | 177,142 | 145,500 |
Purchases of property and equipment | (1,636) | (10,733) |
Net cash provided by (used in) investing activities | 50,418 | (77,380) |
Financing activities | ||
Proceeds from public offering of common stock, net of issuance costs | 107,613 | |
Proceeds from issuance of common stock under equity incentive plans | 993 | 2,863 |
Repurchase of shares to satisfy tax withholding obligations | (728) | (1,098) |
Net cash provided by financing activities | 265 | 109,378 |
Net decrease in cash and cash equivalents and restricted cash | (5,647) | (7,005) |
Cash, cash equivalents and restricted cash at beginning of period | 45,496 | 61,333 |
Cash, cash equivalents and restricted cash at end of period | 39,849 | 54,328 |
Supplemental disclosure | ||
Property and equipment purchases included in accrued liabilities | 57 | 24 |
Supplemental cash flow information | ||
Cash and cash equivalents at beginning of period | 43,953 | 59,790 |
Restricted cash at beginning of period | 1,543 | 1,543 |
Cash, cash equivalents and restricted cash at beginning of period | 45,496 | 61,333 |
Cash and cash equivalents at end of period | 38,306 | 52,785 |
Restricted cash at end of period | 1,543 | 1,543 |
Cash, cash equivalents and restricted cash at end of period | $ 39,849 | $ 54,328 |
Description of Business
Description of Business | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Description of Business | 1. Description of Business Five Prime Therapeutics, Inc. (we, us, our, or the company) is a clinical-stage biotechnology company focused on discovering and developing innovative protein therapeutics. We were incorporated in December 2001 in Delaware. Our operations are based in South San Francisco, California and we operate in one segment. Unaudited Interim Financial Information The accompanying financial information as of June 30, 2019 is unaudited. The financial statements included in this report reflect all adjustments (consisting only of normal recurring adjustments) that our management considers necessary for the fair statement of the results of operations for the interim periods covered and of our financial condition at the date of the interim balance sheet. The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles, or GAAP, for interim financial information. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. The results for interim periods are not necessarily indicative of the results for the entire year or any other interim period. The accompanying financial statements and related financial information should be read in conjunction with the audited financial statements and the related notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2018, filed with the U.S. Securities and Exchange Commission, or the SEC, on February 26, 2019, or our Annual Report. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes as of the date of the financial statements Management bases its estimates on historical experience and on various other market-specific and relevant assumptions that management believes to be reasonable. Restricted Cash Restricted cash consists of a certificate of deposit held by our bank as collateral for a standby letter of credit in the same notional amount by our landlord to secure our obligations under our corporate office and laboratory facility lease that we entered into in December 2016. We are required to maintain this restricted cash balance, the amount of which is subject to reduction starting on January 1, 2023 if certain conditions are met, for the duration of this lease. Fair Value of Financial Instruments We determine the fair value of financial and nonfinancial assets and liabilities using the fair value hierarchy, which describes three levels of inputs that may be used to measure fair value, as follows: Level 1 —Quoted prices in active markets for identical assets or liabilities; Level 2 —Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and Level 3 —Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. We determine the fair value of Level 1 assets using quoted prices in active markets for identical assets. We review trading activity and pricing for Level 2 investments as of each measurement date. Level 2 inputs, which are obtained from various third-party data providers, represent quoted prices for similar assets in active markets and were derived from observable market data, or, if not directly observable, were derived from or corroborated by other observable market data. There were no transfers between Level 1 and Level 2 securities in the periods presented. In certain cases where there is limited activi ty or less transparency around inputs to valuation, we classify securities as Level 3 within the valuation hierarchy. We do not have any assets or liabilities measured using Level 3 inputs as of June 30, 2019 . The following table summarizes our financial instruments that were measured at fair value on a recurring basis by level of input within the fair value hierarchy defined above (in thousands): June 30, 2019 Basis of Fair Value Measurements Total Level 1 Level 2 Level 3 Assets Money market funds $ 21,141 $ 21,141 $ — $ — U.S. Treasury securities 20,972 20,972 — — Agency bonds 105,458 105,458 — — Corporate bonds 12,440 — 12,440 — Commercial paper 36,954 — 36,954 — Certificate of deposit 1,543 — 1,543 — Total $ 198,508 $ 147,571 $ 50,937 $ — December 31, 2018 Basis of Fair Value Measurements Total Level 1 Level 2 Level 3 Assets Money market funds $ 40,849 $ 40,849 $ — $ — U.S. Treasury securities 104,140 104,140 — — Agency bonds 53,999 53,999 — — Corporate bonds 11,893 — 11,893 — Commercial paper 56,152 — 56,152 — Certificate of deposit 1,543 — 1,543 — Total $ 268,576 $ 198,988 $ 69,588 $ — Revenue Recognition Effective January 1, 2018, we adopted Financial Accounting Standards Board, or FASB, Accounting Standard Update, or ASU , Revenue from Contracts with Customers (Topic 606) The terms of our collaborative research and development agreements include upfront and license fees, research, development and other funding or reimbursements, milestone and other contingent payments for the achievement of defined collaboration objectives and certain preclinical, clinical, regulatory and sales-based events, as well as royalties on sales of commercialized products. Arrangements that include upfront payments may require deferral of revenue recognition to a future period until we perform obligations under these arrangements. We record research and development funding payable to us as accounts receivable when our right to consideration is unconditional. The event-based milestone and other contingent payments represent variable consideration, and we use the most likely amount method to estimate this variable consideration. Given the high degree of uncertainty around occurrence of these events, we determine the milestone and other contingent amounts to be fully constrained until the uncertainty associated with these payments is resolved. We will recognize revenue from sales-based royalty payments when or as the sales occur. We will re-evaluate the transaction price in each reporting period as uncertain events are resolved and other changes in circumstances occur. A performance obligation is a promise in a contract to tr ansfer a distinct good or service and is the unit of accounting in Topic 606. A contract’s transaction price is allocated among each distinct performance obligation based on relative standalone selling price and recognized as revenue when, or as, the appli cable performance obligation is satisfied. Under Topic 606, we elected to use the practical expedient permitted related to adoption, which does not require us to disclose certain information regarding our remaining performance obligations as of the end of the reporting period prior to the initial date of adoption. Additionally, we elected the practical expedient for certain research and development funding which allows us to recognize revenue in the amount for which we have a right to invoice if our right t o consideration is an amount that corresponds directly to the value of our performance completed to date. As a result, we effectively bypass the steps of determining the transaction price and allocating that transaction price to the performance obligation. Net Loss Per Share of Common Stock We compute basic net loss per common share by dividing net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share attributable to common stockholders is the same as basic net loss per share attributable to common stockholders, since the effect of potentially dilutive securities is antidilutive. We excluded the following securities from the calculation of basic net loss per share (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Options to purchase common stock 4,019 3,904 3,944 3,967 Restricted stock awards (RSAs) 1,227 1,015 1,102 923 5,246 4,919 5,046 4,890 Accounting Pronouncements Adopted in 2019 In February 2016, FASB issued ASU 2016-02, Leases (Topic 842) We adopted the standard, effective January 1, 2019, using the updated modified retrospective transition method, in which the new standard is applied as of the date of initial adoption. We recognized and measured agreements executed prior to the date of initial adoption that were considered leases on January 1, 2019. No cumulative effect adjustment of initially applying the standard to the opening balance of retained earnings was made upon adoption. We elected the package of practical expedients permitted under the transition guidance that will r etain the lease classification and initial direct costs for any leases that exist prior to adoption of the standard. We have not reassessed whether any contracts entered into prior to adoption are leases Upon adoption, we derecognized $19.8 million in deferred rent and ecognized $52.5 million in lease liabilities and $33.3 million in right-of-use assets on our balance sheet In August 2018, the SEC adopted amendments to certain disclosure requirements in Securities Act Release No. 33-10532, Disclosure Update and Simplification. These amendments eliminate, modify, or integrate into other SEC requirements certain disclosure rules. Among the amendments is the requirement to present an analysis of changes in stockholders’ equity in the interim financial statements included in quarterly reports on Form 10-Q. The analysis, which can be presented as a footnote or separate statement, is required for the current and comparative quarters and year-to-date interim periods. The amendments are effective for all filings made on or after November 5, 2018. In light of the anticipated timing of effectiveness of the amendments and expected proximity of effectiveness to the filing date for most filers’ quarterly reports, the SEC’s Division of Corporate Finance issued a Compliance and Disclosure Interpretation related to Exchange Act Forms, or CDI – Question 105.09, that provides transition guidance related to this disclosure requirement. CDI – Question 105.09 states that the SEC would not object if the filer’s first presentation of the changes in shareholders’ equity is included in its quarterly report on Form 10-Q for the quarter that begins after the effective date of the amendments. As such, we adopted these SEC amendments on November 5, 2018 and presented the analysis of changes in stockholders’ equity beginning the first quarter of 2019. No adjustment was required as a result of this adoption. Accounting Pronouncements Not Yet Adopted In November 2018, FASB issued ASU No. 2018-18, Collaborative Arrangements (Topic 808) clarifies when certain transactions between collaborative arrangement participants should be accounted for under Topic 606 and incorporates unit-of-account guidance consistent with Topic 606 to aid in this determination. ASU 2018-18 will become effective January 1, 2020 and will apply to all annual and interim reporting periods thereafter. Early adoption is permitted. ASU 2018-18 should generally be applied retrospectively to the date of initial application of Topic 606. We do not anticipate that the adoption of this standard will have a material effect on our financial statements. In August 2018, FASB issued ASU 2018-13, Fair Value Measurement - Disclosure Framework (Topic 820) In June 2016, FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326) In April 2015, FASB issued ASU 2018-15, Intangibles – Goodwill and Other – Internal-Use Software (Topic 350) |
Cash Equivalents and Marketable
Cash Equivalents and Marketable Securities | 6 Months Ended |
Jun. 30, 2019 | |
Cash And Cash Equivalents [Abstract] | |
Cash Equivalents and Marketable Securities | 3. Cash Equivalents and Marketable Securities The following table summarizes our cash equivalents and marketable securities (in thousands): June 30, 2019 Amortized Unrealized Unrealized Estimated Cost Basis Gains Losses Fair Value Money market funds $ 21,141 $ — $ — $ 21,141 U.S. Treasury securities 20,959 13 — 20,972 Agency bonds 105,364 94 — 105,458 Corporate bonds 12,432 8 — 12,440 Commercial paper 36,928 27 — 36,955 Total cash equivalents and marketable securities 196,824 142 — 196,966 Less: cash equivalents (21,141 ) — — (21,141 ) Total marketable securities $ 175,683 $ 142 $ — $ 175,825 December 31, 2018 Amortized Unrealized Unrealized Estimated Cost Basis Gains Losses Fair Value Money market funds $ 40,849 $ — $ — $ 40,849 U.S. Treasury securities 104,218 — (78 ) 104,140 Agency bonds 54,005 9 (15 ) 53,999 Corporate bonds 11,897 — (4 ) 11,893 Commercial paper 56,171 — (19 ) 56,152 Total cash equivalents and marketable securities 267,140 9 (115 ) 267,034 Less: cash equivalents (40,849 ) — — (40,849 ) Total marketable securities $ 226,291 $ 9 $ (115 ) $ 226,185 As of June 30, 2019, the amortized cost and estimated fair value of our available-for-sale securities by contractual maturity are shown below (in thousands): Amortized Estimated Cost Fair Value Debt securities maturing: In one year or less $ 175,683 $ 175,825 Total marketable securities $ 175,683 $ 175,825 We determined that the gross unrealized losses on our marketable securities as of June 30, 2019 were temporary in nature. We currently do not intend to sell these securities prior to maturity and do not consider these investments to be other-than-temporarily impaired at June 30, 2019. There were no sales of available-for-sale securities in any of the periods presented. |
Equity Incentive Plans
Equity Incentive Plans | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Equity Incentive Plans | 4. Equity Incentive Plans The following table summarizes option activity under our equity incentive plans and related information: Options Outstanding Weighted Weighted Average Average Remaining Number of Exercise Price Contractual Shares Per Share Term (years) Balance at December 31, 2018 3,710,181 $ 28.37 Options granted 839,850 11.05 Options exercised (41,161 ) 8.14 Options forfeited (404,916 ) 25.30 Options expired (201,285 ) 30.76 Balance at June 30, 2019 3,902,669 25.05 6.79 Options exercisable at June 30, 2019 2,332,191 27.28 5.45 We have granted restricted stock awards, or RSAs, some of which are subject to performance conditions and/ or market conditions. RSAs are share awards that entitle the holder to receive freely tradable shares of our common stock upon vesting and are not forfeitable once fully vested. We base the fair value of RSAs on the closing sale price of our common stock on the grant date. For RSAs subject to market conditions, we based the fair value of the awards on a Monte Carlo simulation model. For RSAs subject to performance conditions, we recognize stock-based compensation expense using the accelerated attribution recognition method when it is probable that the performance condition will be achieved and, for RSAs subject to market conditions, we recognize stock-based compensation expense commencing at the grant date over the derived service period. The following table summarizes RSA activity under our 2013 Omnibus Incentive Plan and related information: RSAs Outstanding Weighted-Average Number Grant-Date of Shares Fair Value Unvested balance at December 31, 2018 880,030 $ 26.36 RSAs granted 1,451,050 8.14 RSAs vested (156,450 ) 30.32 RSAs forfeited (344,053 ) 22.09 Unvested balance at June 30, 2019 1,830,577 12.38 As of June 30, 2019, there were 1,968,771 shares of common stock available for future issuance under our 2013 Omnibus Incentive Plan. Stock-Based Compensation Total stock-based compensation expense recognized was as follows (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Research and development $ 2,621 $ 4,055 $ 4,383 $ 7,988 General and administrative 3,243 3,380 6,352 7,267 Total $ 5,864 $ 7,435 $ 10,735 $ 15,255 We estimated the fair value of stock options using the Black-Scholes option pricing model based on the date of grant of the applicable stock option with the following assumptions: Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Expected term (years) 5.5-6.3 6.0-6.3 5.5-6.3 6.0-6.3 Expected volatility 67.7% 69.1% 67.7% 69.1-69.8% Risk-free interest rate 2.2% 2.8% 2.2-2.5% 2.6-2.8% Expected dividend yield 0.0% 0.0% 0.0% 0.0% As of June 30, 2019, we had $20.4 million of total unrecognized compensation expense related to unvested stock options that we expect to recognize over a weighted-average period of 2.7 years. Additionally, we had $12.8 million of total unrecognized compensation expense related to employee and director RSAs that we expect to recognize over a weighted-average period of 2.2 years. Stock Option Exchange Program On July 1, 2019, we commenced a tender offer to our employees, excluding executive officers, to exchange eligible stock options for replacement stock options with modified terms, or our exchange offer. Pursuant to the exchange offer, we offered employees who held outstanding stock options granted on or before June 6, 2018 with an exercise price equal to or greater than $18.00 per share, or eligible options, the opportunity to tender each eligible option in exchange for a new stock option with modified terms, or new options. Pursuant to the exchange offer, each new option would: • have an exercise price equal to the closing price of our common stock reported on The Nasdaq Global Select Market, or Nasdaq, on the date that the new option is granted, or the grant date; • vest in equal monthly amounts over either one or three years • have a maximum term of seven years; • be granted as a nonqualified stock option; • be granted under our 2013 Omnibus Incentive Plan; and • be exercisable for a reduced number of shares using an exchange ratio based on the exercise price of the tendered eligible option. The exchange offer expired at 6:00 p.m., Pacific time, on July 29, 2019. Pursuant to the exchange offer, 55 employees elected to exchange outstanding stock options, and we accepted for cancellation stock options to purchase an aggregate of 436,648 shares of common stock, representing approximately 85% of the total shares of common stock underlying the eligible options. On July 29, 2019, immediately following the expiration of the exchange offer, we granted new options to purchase 235,419 shares of common stock, each with an exercise price of $5.06 per share, which was the closing price per share of our common stock on Nasdaq on the grant date. As a result, 201,229 shares of common stock returned to the 2013 Omnibus Incentive Plan and became available for future issuance. The exchange of stock options was treated as a modificati on for accounting purposes. The incremental expense for vested stock options calculated using the Black-Scholes option pricing model will be recorded in our financial statements for the quarter ending September 30, 2019. The incremental expense, together w ith the unamortized expense remaining on the unvested options, will be amortized over the vesting period of the new options beginning on July 29, 2019. |
License and Collaboration Arran
License and Collaboration Arrangements | 6 Months Ended |
Jun. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
License and Collaboration Arrangements | 5. License and Collaboration Arrangements See Note 8 to the audited consolidated financial statements included in Part IV, Item 15 of our Annual Report for information on our license and collaboration agreements. The following table presents changes during the six months ended June 30, 2019 in the balances of our contract assets, including receivables from collaboration partners, and contract liabilities, including deferred revenue, as compared to what we disclosed in our Annual Report. (in thousands) Contract Assets Balance at December 31, 2018 $ 5,096 Additions 4,900 Deductions (7,394 ) Balance at June 30, 2019 $ 2,602 (in thousands) Contract Liabilities Balance at December 31, 2018 $ 11,893 Additions for advance billings 1,085 Deductions for performance obligations satisfied in current period (3,190 ) Deductions for performance obligations satisfied in the prior periods in connection with updates to the measure of progress (1,674 ) Balance at June 30, 2019 $ 8,114 Bristol-Myers Squibb Company Immuno-Oncology Research Collaboration In March 2014, we entered into a research collaboration and license agreement, or the immuno-oncology research collaboration, with Bristol-Myers Squibb Company, or BMS. We identified one performance obligation under the immuno-oncology research collaboration for the research license to access our technology, the exclusive commercial license and research activities. BMS’s option to select additional collaboration targets is not priced at a discount and therefore does not represent one or more performance obligations for which the transaction price would be allocated. The transaction price of $36.1 million includes the $20.0 million non-refundable upfront fee, $13.7 million of research funding and $2.4 million of equity premium. as uncertain events are resolved and other changes in circumstances occur For the three and six months ended June 30, 2019, no adjustments were made to the transaction price. Under the input method, we recognize revenue on the basis of our efforts or inputs applicable to the satisfaction of a performance obligation (e.g., resources consumed, labor hours expended, costs incurred, or time elapsed) relative to the total expected inputs applicable to the satisfaction of that performance obligation. We concluded that we will recognize revenue based on actual costs incurred as a percentage of total budgeted costs as we complete our performance obligation. As the performance obligation was fully satisfied through March 31, 2019, the transaction price of $36.1 million was fully recognized as collaboration revenue. Revenue recognized from the performance obligation was $0 and $1.4 million for the three and six months ended June 30, 2019, respectively. License and Collaboration Agreement On October 14, 2015, we entered into a license and collaboration agreement, or the cabiralizumab collaboration agreement, with BMS. The cabiralizumab collaboration agreement supersedes the clinical trial collaboration agreement we entered into with BMS in November 2014, or the original collaboration agreement. We assessed the two agreements separately as standalone agreements under Topic 606. Under the original collaboration agreement, we identified one performance obligation for the execution of a Phase 1a/1b clinical trial of cabiralizumab in combination with Opdivo ® For the three and six months ended June 30, 2019, no adjustments were made to the transaction price. We used the input method to measure progress toward completion of the performance obligation and concluded that we will recognize revenue based on actual costs incurred by our clinical research organization, or CRO, as a percentage of total budgeted costs as we complete our performance obligation. We will recognize revenue from reimbursements when we have the right to invoice BMS. We recognized $0.9 million and $2.9 million of the transaction price as revenue for the three and six months ended June 30, 2019, respectively. Total revenue recognized for reimbursements for the three and six months ended June 30, 2019 was $1.0 million and $2.4 million, respectively. Through June 30, 2019, we recognized $27.6 million of the transaction price as collaboration revenue under the original collaboration agreement. The remaining transaction price of $2.4 million is recorded as deferred revenue as of June 30, 2019 and will be recognized as revenue under the input method over the estimated performance period. Under the cabiralizumab collaboration agreement, we identified the following performance obligations: (1) the license grant to BMS and (2) the transfer of licensed know-how to BMS. The transaction price consisted of the $350.0 million non-refundable up-front fee. As t was fully recognized as revenue concurrent with the transfer of the license and know-how in prior years We concluded that the transaction price should not yet include milestone payments that may become due, as they are fully constrained. We will recognize any consideration related to royalties when the related sales occur, as we have determined that these amounts relate predominantly to the license granted and therefore will be recognized upon the occurrence of the related sales. We will re-evaluate the transaction price in each reporting period as uncertain events are resolved and other changes in circumstances occur. For the three and six months ended June 30, 2019, no adjustments were made to the transaction price. Zai Lab China License and Collabor ation Agreement In December 2017, we entered into a license and collaboration agreement, or the China collaboration agreement, with Zai Lab, pursuant to which we granted Zai Lab an exclusive license to develop and commercialize bemarituzumab in China, Hong Kong, Macau and Taiwan. We identified the following performance obligations: (1) the license grant to Zai Lab together with the transfer of licensed know-how, development drug supply and global development activities, or the license grant, and (2) the development of companion diagnostics. Zai Lab has the option to purchase commercial drug supply from us pursuant to a separate commercial supply agreement to be negotiated in the future. The commercial drug supply will be accounted for as a separate contract when Zai Lab exercises this option. The transaction price of $14.7 million consists of the $8.8 million of expected reimbursement from Zai Lab for global development activities, $4.2 million non-refundable upfront fee and $1.7 million clinical development milestone payment. We estimated the $8.8 million of expected reimbursements from Zai Lab based on the probability-weighted amounts of a range of possible consideration amounts. We have not included the regulatory milestone payments in the transaction price, as all such milestone amounts are fully constrained. We will recognize any consideration related to royalties when the related sales occur, as we determined that these amounts relate predominantly to the license granted and therefore will be recognized upon the occurrence of the related sales. We concluded that the reimbursement of costs incurred for the development of companion diagnostics qualifies for t We will re-evaluate the transaction price in each reporting period as uncertain events are resolved and other changes in circumstances occur. For the three and six months ended June 30, 2019, no adjustments were made to the transaction price. We use the input method to measure progress toward completion of the performance obligation for the license. We concluded that revenue will be recognized based on actual costs incurred by our CRO as a percentage of total budgeted costs as we complete our performance obligation. We will recognize revenue from reimbursements for the development of companion diagnostics when we have the right to invoice Zai Lab. For the three and six months ended June 30, 2019, revenue recognized for the license grant performance obligation was $0.4 million and $0.6 million, respectively. Total revenue recognized for the companion diagnostics development performance obligation was $1.0 million and $1.4 million for the three and six months ended June 30, 2019, respectively. Of the remaining transaction price of $12.4 million, we recorded $5.2 million in deferred revenue, which we will recognize over the estimated performance period for satisfaction of the performance obligations. The remaining $7.2 million of the transaction price will be recorded in deferred revenue when invoiced as we complete global development activities. GlaxoSmithKline LLC In April 2012, we entered into a research collaboration and license agreement, or the respiratory diseases collaboration, with Glaxo Group Limited, or GSK, to identify new therapeutic approaches to treat refractory asthma and chronic obstructive pulmonary disease, or COPD, with a particular focus on identifying novel protein therapeutics and antibody targets. In January 2016, we amended our respiratory diseases collaboration to extend the research term by three months to July 2016 to allow additional validation of the protein targets we discovered and to increase the research funding. Under the respiratory diseases collaboration, we identified one performance obligation for the research license and research activities. The non-refundable upfront fee, the equity premium and the were included as part of the transaction price. As t transaction price was fully recognized in prior years. The clinical and regulatory development milestone payments have not been included in the transaction price, as all such milestone amounts are fully constrained. We will recognize any consideration related to sales-based payments (including milestones royalties) when the related sales occur, as we have determined that these amounts relate predominantly to the license granted and therefore will be recognized on the later to occur of satisfaction of the performance obligation or the occurrence of the related sales. Under the , additional research funding that GSK had the option to add was also not included in the transaction price. We will re-evaluate the transaction price for the in each reporting period as uncertain events are resolved and other changes in circumstances occur. For the three and six months ended June 30, 2019, no adjustments were made to the transaction price. UCB Fibrosis and CNS Collaboration In March 2013, we entered into a research collaboration and license agreement, or the fibrosis and CNS collaboration, with UCB Pharma, S.A., or UCB, to identify potential biologics targets and therapeutics in the areas of fibrosis-related immunologic diseases and central nervous system, or CNS, disorders. Under the fibrosis and CNS collaboration, we identified research activities as our only performance obligation. UCB’s options to select additional collaboration targets and to license exclusive rights to selected targets are not priced at a discount and therefore do not represent performance obligations for which the transaction price would be allocated. The transaction price of $15.6 million included the $6.0 million non-refundable upfront fee, the $6.6 million technology access fee, the $1.0 million reimbursement for reagent costs and the $2.0 million of research funding. As t transaction price of $15.6 million was fully recognized in 2018. We have not included the clinical and regulatory development milestone payments in the transaction price as all such milestone amounts are fully constrained. We will recognize any consideration related to sales-based payments (including milestones and royalties) when the related sales occur, as we have determined that these amounts relate predominantly to the license granted and therefore will be recognized on the later to occur of satisfaction of the performance obligation or the occurrence of the related sales. We will re-evaluate the transaction price in each reporting period as uncertain events are resolved and other changes in circumstances occur. For the three and six months ended June 30, 2019, no adjustments were made to the transaction price. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Leases | 6. Leases We adopted ASU 2016-02, effective January 1, 2019, using the updated modified retrospective transition method, in which the new standard is applied as of the date of initial adoption. We recognized and measured agreements executed prior to the date of initial adoption that were considered leases on January 1, 2019. No cumulative effect adjustment of initially applying the standard to the opening balance of retained earnings was made upon adoption. We elected the package of practical expedients permitted under the transition guidance that will r etain the lease classification and initial direct costs for any leases that exist prior to adoption of the In addition, we elected the accounting policy of not recording short-term leases with a lease term at the commencement date of twelve months or less on the balance sheet as permitted by the new standard. When available, we use the rate implicit in the lease to discount lease payments to present value; however, our leases do not provide a readily determinable implicit rate. Therefore, we must estimate our incremental borrowing rate to discount the lease payments based on information available at lease commencement. We entered into a lease agreement for our corporate office and laboratory facility in December 2016, which we refer to as the facility lease. We moved into our new corporate office and laboratory facility in December 2017. The facility lease has an initial term of 10 years, beginning on the rent commencement date, with an option to extend the lease for an additional period of five years. We did not have to pay rent until the rent commencement date of January 1, 2018, and rent was reduced by 50% for the first six months. The facility lease contains scheduled rent increases over the lease term. We received lease incentives from our landlord for a portion of the costs of leasehold improvements we made to the premises. In addition, the facility lease required us to deliver an irrevocable standby letter of credit in an amount of $1.5 million to the landlord for the period commencing on the effective date of the facility lease until at least 60 days after the expiration of the lease, subject to 50% reduction on January 1, 2023 if certain conditions are met. In July 2018, we entered into a lease agreement for the installation, operational qualifications and performance qualifications of four sequencing instruments to support our bemarituzumab program, which we refer to as the instruments lease. The instruments lease has two three-year terms based on delivery dates for the first three instruments in July 2018 and the fourth instrument in February 2019. The instruments lease contains consistent rent payments over the term of the lease. We have evaluated our leases and determined that, effective upon the adoption of ASU 2016-02, they were all operating leases. The classification of our leases is consistent with our determination under the previous accounting standard. The balance sheet classification of our lease assets and liabilities are presented on our balance sheet. We recognize operating lease cost as a single lease cost, calculated so that the cost of the lease is allocated over the lease term on a straight-line basis. Variable lease payments that are not included in the lease liability are recognized on the statement of operations in the period in which the obligation for those payments is incurred. The weighted-average discount rate of our operating leases is 7%, and the weighted-average remaining lease term of our operating leases is eight years as of June 30, 2019. The table below reconciles the undiscounted cash flows for each of the first five years and the total of the remaining years to the operating lease labilities recorded on the balance sheet. Operating Leases Remainder of 2019 $ 3,730 Years ending December 31, 2020 7,564 2021 7,705 2022 7,793 2023 8,064 2024 and on 35,166 Total minimum lease payments $ 70,022 Less: amount of lease payments representing interest (18,590 ) Present value of future minimum lease payments $ 51,432 Less: operating lease obligations, current portion (3,835 ) Operating lease obligations, long-term portion $ 47,597 |
Subsequent Event
Subsequent Event | 6 Months Ended |
Jun. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Event | 7. Subsequent Event The exchange offer commenced on July 1, 2019 and expired on July 29, 2019. See Note 4 for additional information on our exchange offer. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes as of the date of the financial statements Management bases its estimates on historical experience and on various other market-specific and relevant assumptions that management believes to be reasonable. |
Restricted Cash | Restricted Cash Restricted cash consists of a certificate of deposit held by our bank as collateral for a standby letter of credit in the same notional amount by our landlord to secure our obligations under our corporate office and laboratory facility lease that we entered into in December 2016. We are required to maintain this restricted cash balance, the amount of which is subject to reduction starting on January 1, 2023 if certain conditions are met, for the duration of this lease. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments We determine the fair value of financial and nonfinancial assets and liabilities using the fair value hierarchy, which describes three levels of inputs that may be used to measure fair value, as follows: Level 1 —Quoted prices in active markets for identical assets or liabilities; Level 2 —Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and Level 3 —Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. We determine the fair value of Level 1 assets using quoted prices in active markets for identical assets. We review trading activity and pricing for Level 2 investments as of each measurement date. Level 2 inputs, which are obtained from various third-party data providers, represent quoted prices for similar assets in active markets and were derived from observable market data, or, if not directly observable, were derived from or corroborated by other observable market data. There were no transfers between Level 1 and Level 2 securities in the periods presented. In certain cases where there is limited activi ty or less transparency around inputs to valuation, we classify securities as Level 3 within the valuation hierarchy. We do not have any assets or liabilities measured using Level 3 inputs as of June 30, 2019 . The following table summarizes our financial instruments that were measured at fair value on a recurring basis by level of input within the fair value hierarchy defined above (in thousands): June 30, 2019 Basis of Fair Value Measurements Total Level 1 Level 2 Level 3 Assets Money market funds $ 21,141 $ 21,141 $ — $ — U.S. Treasury securities 20,972 20,972 — — Agency bonds 105,458 105,458 — — Corporate bonds 12,440 — 12,440 — Commercial paper 36,954 — 36,954 — Certificate of deposit 1,543 — 1,543 — Total $ 198,508 $ 147,571 $ 50,937 $ — December 31, 2018 Basis of Fair Value Measurements Total Level 1 Level 2 Level 3 Assets Money market funds $ 40,849 $ 40,849 $ — $ — U.S. Treasury securities 104,140 104,140 — — Agency bonds 53,999 53,999 — — Corporate bonds 11,893 — 11,893 — Commercial paper 56,152 — 56,152 — Certificate of deposit 1,543 — 1,543 — Total $ 268,576 $ 198,988 $ 69,588 $ — |
Revenue Recognition | Revenue Recognition Effective January 1, 2018, we adopted Financial Accounting Standards Board, or FASB, Accounting Standard Update, or ASU , Revenue from Contracts with Customers (Topic 606) The terms of our collaborative research and development agreements include upfront and license fees, research, development and other funding or reimbursements, milestone and other contingent payments for the achievement of defined collaboration objectives and certain preclinical, clinical, regulatory and sales-based events, as well as royalties on sales of commercialized products. Arrangements that include upfront payments may require deferral of revenue recognition to a future period until we perform obligations under these arrangements. We record research and development funding payable to us as accounts receivable when our right to consideration is unconditional. The event-based milestone and other contingent payments represent variable consideration, and we use the most likely amount method to estimate this variable consideration. Given the high degree of uncertainty around occurrence of these events, we determine the milestone and other contingent amounts to be fully constrained until the uncertainty associated with these payments is resolved. We will recognize revenue from sales-based royalty payments when or as the sales occur. We will re-evaluate the transaction price in each reporting period as uncertain events are resolved and other changes in circumstances occur. A performance obligation is a promise in a contract to tr ansfer a distinct good or service and is the unit of accounting in Topic 606. A contract’s transaction price is allocated among each distinct performance obligation based on relative standalone selling price and recognized as revenue when, or as, the appli cable performance obligation is satisfied. Under Topic 606, we elected to use the practical expedient permitted related to adoption, which does not require us to disclose certain information regarding our remaining performance obligations as of the end of the reporting period prior to the initial date of adoption. Additionally, we elected the practical expedient for certain research and development funding which allows us to recognize revenue in the amount for which we have a right to invoice if our right t o consideration is an amount that corresponds directly to the value of our performance completed to date. As a result, we effectively bypass the steps of determining the transaction price and allocating that transaction price to the performance obligation. |
Net Loss Per Share of Common Stock | Net Loss Per Share of Common Stock We compute basic net loss per common share by dividing net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share attributable to common stockholders is the same as basic net loss per share attributable to common stockholders, since the effect of potentially dilutive securities is antidilutive. We excluded the following securities from the calculation of basic net loss per share (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Options to purchase common stock 4,019 3,904 3,944 3,967 Restricted stock awards (RSAs) 1,227 1,015 1,102 923 5,246 4,919 5,046 4,890 |
Accounting Pronouncements Adopted in 2019 | Accounting Pronouncements Adopted in 2019 In February 2016, FASB issued ASU 2016-02, Leases (Topic 842) We adopted the standard, effective January 1, 2019, using the updated modified retrospective transition method, in which the new standard is applied as of the date of initial adoption. We recognized and measured agreements executed prior to the date of initial adoption that were considered leases on January 1, 2019. No cumulative effect adjustment of initially applying the standard to the opening balance of retained earnings was made upon adoption. We elected the package of practical expedients permitted under the transition guidance that will r etain the lease classification and initial direct costs for any leases that exist prior to adoption of the standard. We have not reassessed whether any contracts entered into prior to adoption are leases Upon adoption, we derecognized $19.8 million in deferred rent and ecognized $52.5 million in lease liabilities and $33.3 million in right-of-use assets on our balance sheet In August 2018, the SEC adopted amendments to certain disclosure requirements in Securities Act Release No. 33-10532, Disclosure Update and Simplification. These amendments eliminate, modify, or integrate into other SEC requirements certain disclosure rules. Among the amendments is the requirement to present an analysis of changes in stockholders’ equity in the interim financial statements included in quarterly reports on Form 10-Q. The analysis, which can be presented as a footnote or separate statement, is required for the current and comparative quarters and year-to-date interim periods. The amendments are effective for all filings made on or after November 5, 2018. In light of the anticipated timing of effectiveness of the amendments and expected proximity of effectiveness to the filing date for most filers’ quarterly reports, the SEC’s Division of Corporate Finance issued a Compliance and Disclosure Interpretation related to Exchange Act Forms, or CDI – Question 105.09, that provides transition guidance related to this disclosure requirement. CDI – Question 105.09 states that the SEC would not object if the filer’s first presentation of the changes in shareholders’ equity is included in its quarterly report on Form 10-Q for the quarter that begins after the effective date of the amendments. As such, we adopted these SEC amendments on November 5, 2018 and presented the analysis of changes in stockholders’ equity beginning the first quarter of 2019. No adjustment was required as a result of this adoption. |
Accounting Pronouncements Not Yet Adopted | Accounting Pronouncements Not Yet Adopted In November 2018, FASB issued ASU No. 2018-18, Collaborative Arrangements (Topic 808) clarifies when certain transactions between collaborative arrangement participants should be accounted for under Topic 606 and incorporates unit-of-account guidance consistent with Topic 606 to aid in this determination. ASU 2018-18 will become effective January 1, 2020 and will apply to all annual and interim reporting periods thereafter. Early adoption is permitted. ASU 2018-18 should generally be applied retrospectively to the date of initial application of Topic 606. We do not anticipate that the adoption of this standard will have a material effect on our financial statements. In August 2018, FASB issued ASU 2018-13, Fair Value Measurement - Disclosure Framework (Topic 820) In June 2016, FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326) In April 2015, FASB issued ASU 2018-15, Intangibles – Goodwill and Other – Internal-Use Software (Topic 350) |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Summary of Financial Instruments Measured at Fair Value | The following table summarizes our financial instruments that were measured at fair value on a recurring basis by level of input within the fair value hierarchy defined above (in thousands): June 30, 2019 Basis of Fair Value Measurements Total Level 1 Level 2 Level 3 Assets Money market funds $ 21,141 $ 21,141 $ — $ — U.S. Treasury securities 20,972 20,972 — — Agency bonds 105,458 105,458 — — Corporate bonds 12,440 — 12,440 — Commercial paper 36,954 — 36,954 — Certificate of deposit 1,543 — 1,543 — Total $ 198,508 $ 147,571 $ 50,937 $ — December 31, 2018 Basis of Fair Value Measurements Total Level 1 Level 2 Level 3 Assets Money market funds $ 40,849 $ 40,849 $ — $ — U.S. Treasury securities 104,140 104,140 — — Agency bonds 53,999 53,999 — — Corporate bonds 11,893 — 11,893 — Commercial paper 56,152 — 56,152 — Certificate of deposit 1,543 — 1,543 — Total $ 268,576 $ 198,988 $ 69,588 $ — |
Securities Excluded from Calculation of Basic Net Loss Per Share | We excluded the following securities from the calculation of basic net loss per share (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Options to purchase common stock 4,019 3,904 3,944 3,967 Restricted stock awards (RSAs) 1,227 1,015 1,102 923 5,246 4,919 5,046 4,890 |
Cash Equivalents and Marketab_2
Cash Equivalents and Marketable Securities (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Cash And Cash Equivalents [Abstract] | |
Summary of Cash Equivalents and Marketable Securities | The following table summarizes our cash equivalents and marketable securities (in thousands): June 30, 2019 Amortized Unrealized Unrealized Estimated Cost Basis Gains Losses Fair Value Money market funds $ 21,141 $ — $ — $ 21,141 U.S. Treasury securities 20,959 13 — 20,972 Agency bonds 105,364 94 — 105,458 Corporate bonds 12,432 8 — 12,440 Commercial paper 36,928 27 — 36,955 Total cash equivalents and marketable securities 196,824 142 — 196,966 Less: cash equivalents (21,141 ) — — (21,141 ) Total marketable securities $ 175,683 $ 142 $ — $ 175,825 December 31, 2018 Amortized Unrealized Unrealized Estimated Cost Basis Gains Losses Fair Value Money market funds $ 40,849 $ — $ — $ 40,849 U.S. Treasury securities 104,218 — (78 ) 104,140 Agency bonds 54,005 9 (15 ) 53,999 Corporate bonds 11,897 — (4 ) 11,893 Commercial paper 56,171 — (19 ) 56,152 Total cash equivalents and marketable securities 267,140 9 (115 ) 267,034 Less: cash equivalents (40,849 ) — — (40,849 ) Total marketable securities $ 226,291 $ 9 $ (115 ) $ 226,185 |
Schedule of Amortized Cost and Estimated Fair Value of Available-for-Sale Securities by Contractual Maturity | As of June 30, 2019, the amortized cost and estimated fair value of our available-for-sale securities by contractual maturity are shown below (in thousands): Amortized Estimated Cost Fair Value Debt securities maturing: In one year or less $ 175,683 $ 175,825 Total marketable securities $ 175,683 $ 175,825 |
Equity Incentive Plans (Tables)
Equity Incentive Plans (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Schedule of Option Activity under Equity Incentive Plans and Related Information | The following table summarizes option activity under our equity incentive plans and related information: Options Outstanding Weighted Weighted Average Average Remaining Number of Exercise Price Contractual Shares Per Share Term (years) Balance at December 31, 2018 3,710,181 $ 28.37 Options granted 839,850 11.05 Options exercised (41,161 ) 8.14 Options forfeited (404,916 ) 25.30 Options expired (201,285 ) 30.76 Balance at June 30, 2019 3,902,669 25.05 6.79 Options exercisable at June 30, 2019 2,332,191 27.28 5.45 |
Schedule of Restricted Stock Award Activity under 2013 Omnibus Incentive Plan and Related Information | The following table summarizes RSA activity under our 2013 Omnibus Incentive Plan and related information: RSAs Outstanding Weighted-Average Number Grant-Date of Shares Fair Value Unvested balance at December 31, 2018 880,030 $ 26.36 RSAs granted 1,451,050 8.14 RSAs vested (156,450 ) 30.32 RSAs forfeited (344,053 ) 22.09 Unvested balance at June 30, 2019 1,830,577 12.38 |
Schedule of Stock-Based Compensation Expenses Recognized | Total stock-based compensation expense recognized was as follows (in thousands) Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Research and development $ 2,621 $ 4,055 $ 4,383 $ 7,988 General and administrative 3,243 3,380 6,352 7,267 Total $ 5,864 $ 7,435 $ 10,735 $ 15,255 |
Schedule of Stock Options Weighted-Average Assumptions | We estimated the fair value of stock options using the Black-Scholes option pricing model based on the date of grant of the applicable stock option with the following assumptions: Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Expected term (years) 5.5-6.3 6.0-6.3 5.5-6.3 6.0-6.3 Expected volatility 67.7% 69.1% 67.7% 69.1-69.8% Risk-free interest rate 2.2% 2.8% 2.2-2.5% 2.6-2.8% Expected dividend yield 0.0% 0.0% 0.0% 0.0% |
License and Collaboration Arr_2
License and Collaboration Arrangements (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Summary of Changes in Balances of Contract Assets and Contract Liabilities | The following table presents changes during the six months ended June 30, 2019 in the balances of our contract assets, including receivables from collaboration partners, and contract liabilities, including deferred revenue, as compared to what we disclosed in our Annual Report. (in thousands) Contract Assets Balance at December 31, 2018 $ 5,096 Additions 4,900 Deductions (7,394 ) Balance at June 30, 2019 $ 2,602 (in thousands) Contract Liabilities Balance at December 31, 2018 $ 11,893 Additions for advance billings 1,085 Deductions for performance obligations satisfied in current period (3,190 ) Deductions for performance obligations satisfied in the prior periods in connection with updates to the measure of progress (1,674 ) Balance at June 30, 2019 $ 8,114 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Operating Lease Liabilities Payments Due [Abstract] | |
Summary of Undiscounted Cash Flows to Operating Lease Liabilities | The table below reconciles the undiscounted cash flows for each of the first five years and the total of the remaining years to the operating lease labilities recorded on the balance sheet. Operating Leases Remainder of 2019 $ 3,730 Years ending December 31, 2020 7,564 2021 7,705 2022 7,793 2023 8,064 2024 and on 35,166 Total minimum lease payments $ 70,022 Less: amount of lease payments representing interest (18,590 ) Present value of future minimum lease payments $ 51,432 Less: operating lease obligations, current portion (3,835 ) Operating lease obligations, long-term portion $ 47,597 |
Description of Business - Addit
Description of Business - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2019Segment | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Number of operating segment | 1 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | Jun. 30, 2019 | Jan. 01, 2019 |
Summary Of Significant Accounting Policies [Line Items] | ||
Fair value, assets, level 1 to level 2 transfers | $ 0 | |
Fair value, assets, level 2 to level 1 transfer | 0 | |
Lease liability | 51,432,000 | |
Right-of use assets | 32,142,000 | |
ASU 2016-02 [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Cumulative effect on adjustment of initially applying the standards | $ 0 | |
Lease liability | 52,500,000 | |
Deferred rent derecognized | 19,800,000 | |
Right-of use assets | $ 33,300,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Financial Instruments Measured at Fair Value (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Assets | ||
Total | $ 198,508 | $ 268,576 |
Money market funds [Member] | ||
Assets | ||
Cash equivalents | 21,141 | 40,849 |
Agency Bonds [Member] | ||
Assets | ||
Cash equivalents | 105,458 | 53,999 |
Corporate bonds [Member] | ||
Assets | ||
Cash equivalents | 12,440 | 11,893 |
Commercial paper [Member] | ||
Assets | ||
Cash equivalents | 36,954 | 56,152 |
Certificate of deposit [Member] | ||
Assets | ||
Cash equivalents | 1,543 | 1,543 |
Level 1 [Member] | ||
Assets | ||
Total | 147,571 | 198,988 |
Level 1 [Member] | Money market funds [Member] | ||
Assets | ||
Cash equivalents | 21,141 | 40,849 |
Level 1 [Member] | Agency Bonds [Member] | ||
Assets | ||
Cash equivalents | 105,458 | 53,999 |
Level 2 [Member] | ||
Assets | ||
Total | 50,937 | 69,588 |
Level 2 [Member] | Corporate bonds [Member] | ||
Assets | ||
Cash equivalents | 12,440 | 11,893 |
Level 2 [Member] | Commercial paper [Member] | ||
Assets | ||
Cash equivalents | 36,954 | 56,152 |
Level 2 [Member] | Certificate of deposit [Member] | ||
Assets | ||
Cash equivalents | 1,543 | 1,543 |
U.S. Treasury securities [Member] | ||
Assets | ||
U.S. Treasury securities | 20,972 | 104,140 |
U.S. Treasury securities [Member] | Level 1 [Member] | ||
Assets | ||
U.S. Treasury securities | $ 20,972 | $ 104,140 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Securities Excluded from Calculation of Basic Net Loss Per Share (Detail) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Securities excluded from calculation of diluted net loss per share | 5,246 | 4,919 | 5,046 | 4,890 |
Options to purchase common stock [Member] | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Securities excluded from calculation of diluted net loss per share | 4,019 | 3,904 | 3,944 | 3,967 |
Restricted stock awards (RSAs) [Member] | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Securities excluded from calculation of diluted net loss per share | 1,227 | 1,015 | 1,102 | 923 |
Cash Equivalents and Marketab_3
Cash Equivalents and Marketable Securities - Summary of Cash Equivalents and Marketable Securities (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost Basis | $ 175,683 | $ 226,291 |
Unrealized Gains | 142 | 9 |
Unrealized Losses | (115) | |
Estimated Fair Value | 175,825 | 226,185 |
Money market funds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost Basis | 21,141 | 40,849 |
Estimated Fair Value | 21,141 | 40,849 |
U.S. Treasury securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost Basis | 20,959 | 104,218 |
Unrealized Gains | 13 | |
Unrealized Losses | (78) | |
Estimated Fair Value | 20,972 | 104,140 |
Agency Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost Basis | 105,364 | 54,005 |
Unrealized Gains | 94 | 9 |
Unrealized Losses | (15) | |
Estimated Fair Value | 105,458 | 53,999 |
Corporate bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost Basis | 12,432 | 11,897 |
Unrealized Gains | 8 | |
Unrealized Losses | (4) | |
Estimated Fair Value | 12,440 | 11,893 |
Commercial paper [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost Basis | 36,928 | 56,171 |
Unrealized Gains | 27 | |
Unrealized Losses | (19) | |
Estimated Fair Value | 36,955 | 56,152 |
Total cash equivalents and marketable securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost Basis | 196,824 | 267,140 |
Unrealized Gains | 142 | 9 |
Unrealized Losses | (115) | |
Estimated Fair Value | 196,966 | 267,034 |
Cash equivalents [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost Basis | (21,141) | (40,849) |
Estimated Fair Value | $ (21,141) | $ (40,849) |
Cash Equivalents and Marketab_4
Cash Equivalents and Marketable Securities - Schedule of Amortized Cost and Estimated Fair Value of Available-for-Sale Securities by Contractual Maturity (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Available For Sale Securities Debt Maturities [Abstract] | ||
Amortized Cost, In one year or less | $ 175,683 | |
Amortized Cost Basis | 175,683 | $ 226,291 |
Estimated Fair Value, In one year or less | 175,825 | |
Total marketable securities, Estimated Fair Value | $ 175,825 | $ 226,185 |
Cash Equivalents and Marketab_5
Cash Equivalents and Marketable Securities - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Investments Debt And Equity Securities [Abstract] | |
Sales of available-for-sale securities | $ 0 |
Equity Incentive Plans - Schedu
Equity Incentive Plans - Schedule of Option Activity under Equity Incentive Plans and Related Information (Detail) | 6 Months Ended |
Jun. 30, 2019$ / sharesshares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Number of Shares, Beginning balance | shares | 3,710,181 |
Number of Shares, Options granted | shares | 839,850 |
Number of Shares, Options exercised | shares | (41,161) |
Number of Shares, Options forfeited | shares | (404,916) |
Number of Shares, Options expired | shares | (201,285) |
Number of Shares, Ending balance | shares | 3,902,669 |
Number of Shares, Options exercisable | shares | 2,332,191 |
Weighted-Average Exercise Price Per Share, Options beginning balance | $ / shares | $ 28.37 |
Weighted-Average Exercise Price Per Share, Options granted | $ / shares | 11.05 |
Weighted-Average Exercise Price Per Share, Options exercised | $ / shares | 8.14 |
Weighted-Average Exercise Price Per Share, Options forfeited | $ / shares | 25.30 |
Weighted-Average Exercise Price Per Share, Options expired | $ / shares | 30.76 |
Weighted-Average Exercise Price Per Share, Options ending balance | $ / shares | 25.05 |
Weighted-Average Exercise Price Per Share, Options exercisable | $ / shares | $ 27.28 |
Weighted-Average Remaining Contractual Terms, Options ending balance | 6 years 9 months 14 days |
Weighted-Average Remaining Contractual Term, Options exercisable | 5 years 5 months 12 days |
Equity Incentive Plans - Sche_2
Equity Incentive Plans - Schedule of Restricted Stock Award Activity under 2013 Omnibus Incentive Plan and Related Information (Detail) - Restricted Stock Awards [Member] | 6 Months Ended |
Jun. 30, 2019$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Shares, Unvested, beginning balance | shares | 880,030 |
Number of Shares, Granted | shares | 1,451,050 |
Number of Shares, Vested | shares | (156,450) |
Number of Shares, Forfeited | shares | (344,053) |
Number of Shares, Unvested, Ending balance | shares | 1,830,577 |
Weighted-Average Grant-Date Fair Value, Unvested, Beginning balance | $ / shares | $ 26.36 |
Weighted-Average Grant-Date Fair Value, Granted | $ / shares | 8.14 |
Weighted-Average Grant-Date Fair Value, Vested | $ / shares | 30.32 |
Weighted-Average Grant-Date Fair Value, Forfeited | $ / shares | 22.09 |
Weighted-Average Grant-Date Fair Value, Unvested, Ending balance | $ / shares | $ 12.38 |
Equity Incentive Plans - Additi
Equity Incentive Plans - Additional Information (Detail) $ / shares in Units, $ in Millions | Jul. 29, 2019Employee$ / sharesshares | Jul. 01, 2019$ / shares | Jun. 30, 2019USD ($)$ / sharesshares |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total unrecognized compensation expense related to unvested stock options | $ | $ 20.4 | ||
Unrecognized compensation expense expected to recognize, weighted-average period | 2 years 8 months 12 days | ||
Exercise price per share, new options granted | $ / shares | $ 11.05 | ||
Restricted Stock Awards [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Unrecognized compensation expense expected to recognize, weighted-average period | 2 years 2 months 12 days | ||
Total unrecognized compensation expense related to employee and director RSAs | $ | $ 12.8 | ||
2013 Omnibus Incentive Plan [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of shares of common stock reserved for future issuance | 1,968,771 | ||
2013 Omnibus Incentive Plan [Member] | Subsequent Event [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of shares of common stock reserved for future issuance | 201,229 | ||
Stock Option Exchange Program [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock option exchange program, description | employees who held outstanding stock options granted on or before June 6, 2018 with an exercise price equal to or greater than $18.00 per share, or eligible options, the opportunity to tender each eligible option in exchange for a new stock option with modified terms, or new options. | ||
Vesting term | vest in equal monthly amounts over either one or three years | ||
Stock Option Exchange Program [Member] | Subsequent Event [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Exercise price per share eligible for exchange for new stock option | $ / shares | $ 18 | ||
Stock option exchange offer, maximum term | 7 years | ||
Number of employees elected to exchange outstanding stock options | Employee | 55 | ||
Common stock purchased for issuance of new stock options | 436,648 | ||
Percentage of eligible options to total shares of common stock | 85.00% | ||
Number of shares granted for new options | 235,419 | ||
Exercise price per share, new options granted | $ / shares | $ 5.06 |
Equity Incentive Plans - Sche_3
Equity Incentive Plans - Schedule of Stock-Based Compensation Expenses Recognized (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense recognized | $ 5,864 | $ 7,435 | $ 10,735 | $ 15,255 |
Research and development [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense recognized | 2,621 | 4,055 | 4,383 | 7,988 |
General and administrative [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense recognized | $ 3,243 | $ 3,380 | $ 6,352 | $ 7,267 |
Equity Incentive Plans - Sche_4
Equity Incentive Plans - Schedule of Stock Options Assumptions (Detail) - Options [Member] | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Expected volatility | 67.70% | 69.10% | 67.70% | |
Risk-free interest rate | 2.20% | 2.80% | ||
Expected dividend yield | 0.00% | 0.00% | 0.00% | 0.00% |
Minimum [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Expected term (years) | 5 years 6 months | 6 years | 5 years 6 months | 6 years |
Expected volatility | 69.10% | |||
Risk-free interest rate | 2.20% | 2.60% | ||
Maximum [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Expected term (years) | 6 years 3 months 18 days | 6 years 3 months 18 days | 6 years 3 months 18 days | 6 years 3 months 18 days |
Expected volatility | 69.80% | |||
Risk-free interest rate | 2.50% | 2.80% |
License and Collaboration Arr_3
License and Collaboration Arrangements - Summary of Changes in Balances of Contract Assets and Contract Liabilities (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Contract With Customer Asset And Liability [Abstract] | |
Beginning balance | $ 5,096 |
Additions | 4,900 |
Deductions | (7,394) |
Ending balance | 2,602 |
Beginning balance | 11,893 |
Additions for advance billings | 1,085 |
Deductions for performance obligations satisfied in current period | (3,190) |
Deductions for performance obligations satisfied in the prior periods in connection with updates to the measure of progress | (1,674) |
Ending balance | $ 8,114 |
License and Collaboration Arr_4
License and Collaboration Arrangements - Additional Information (Detail) - USD ($) | Oct. 14, 2015 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2015 | Jun. 30, 2019 | Mar. 31, 2019 |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||
Revenue recognized | $ 3,333,000 | $ 7,580,000 | $ 8,680,000 | $ 40,066,000 | ||||
Transaction price recognized as collaboration revenue | 3,190,000 | |||||||
Bristol-Myers Squibb Company [Member] | ||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||
Non-refundable up-front fee | $ 30,000,000 | |||||||
Adjustments to transaction price | 0 | $ 0 | ||||||
Bristol-Myers Squibb Company [Member] | Immuno-Oncology Collaboration [Member] | ||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||
Research collaboration and license agreement entered month and year | 2014-03 | |||||||
Transaction price | $ 36,100,000 | |||||||
Non-refundable up-front fee | 20,000,000 | |||||||
Equity premium | 2,400,000 | |||||||
Milestone payment | 0 | 0 | ||||||
Adjustments to transaction price | 0 | 0 | ||||||
Research funding received | 13,700,000 | |||||||
Bristol-Myers Squibb Company [Member] | Immuno-Oncology Collaboration [Member] | ASU 2014-09 [Member] | ||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||
Transaction price recognized as collaboration revenue | $ 36,100,000 | |||||||
Bristol-Myers Squibb Company [Member] | Immuno-Oncology Collaboration [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 | ASU 2014-09 [Member] | Actual Costs Incurred as a Percentage of Total Budgeted Costs [Member] | ||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||
Revenue recognized | 0 | 1,400,000 | ||||||
Bristol-Myers Squibb Company [Member] | Cabiralizumab Collaboration Agreement [Member] | ||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||
Non-refundable up-front fee | 350,000,000 | |||||||
Milestone payment | 0 | 0 | ||||||
Adjustments to transaction price | 0 | $ 0 | ||||||
Revenue recognized | $ 27,600,000 | |||||||
License and collaboration agreement entered date | Oct. 14, 2015 | |||||||
Remaining transaction price recorded in deferred revenue | 2,400,000 | $ 2,400,000 | 2,400,000 | |||||
Recognized revenue under collaboration arrangement | $ 350,000,000 | |||||||
Bristol-Myers Squibb Company [Member] | Cabiralizumab Collaboration Agreement [Member] | ASU 2014-09 [Member] | ||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||
Revenue recognized | 1,000,000 | 2,400,000 | ||||||
Bristol-Myers Squibb Company [Member] | Cabiralizumab Collaboration Agreement [Member] | ASU 2014-09 [Member] | Actual Costs Incurred as a Percentage of Total Budgeted Costs [Member] | ||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||
Revenue recognized | 900,000 | 2,900,000 | ||||||
Zai Lab [Member] | China License and Collaboration Agreement [Member] | ||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||
Non-refundable up-front fee | 4,200,000 | |||||||
Milestone payment | 0 | 0 | ||||||
Adjustments to transaction price | 0 | 0 | ||||||
Revenue recognized | 1,000,000 | 1,400,000 | ||||||
Remaining transaction price recorded in deferred revenue | 5,200,000 | $ 5,200,000 | 5,200,000 | |||||
License and collaboration agreement entered month and year | 2017-12 | |||||||
Collaboration and license agreements transaction price | $ 14,700,000 | |||||||
Expected reimbursements | 8,800,000 | 8,800,000 | 8,800,000 | |||||
Receivables related to collaboration agreement | 1,700,000 | 1,700,000 | 1,700,000 | |||||
Remaining transaction price | 12,400,000 | 12,400,000 | 12,400,000 | |||||
Remaining transaction price will be recorded in deferred revenue when invoiced | 7,200,000 | 7,200,000 | $ 7,200,000 | |||||
Zai Lab [Member] | China License and Collaboration Agreement [Member] | ASU 2014-09 [Member] | ||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||
Revenue recognized | $ 400,000 | $ 600,000 |
License and Collaboration Arr_5
License and Collaboration Arrangements - Additional Information 1 (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Jan. 31, 2016 | Jun. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | |
Glaxo Smith Kline LLC [Member] | Respiratory Diseases Collaboration Agreement [Member] | ||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||
Research collaboration and license agreement entered month and year | 2012-04 | |||
Extend research terms | 3 months | |||
Extend research date | 2016-07 | |||
Glaxo Smith Kline LLC [Member] | Respiratory Diseases and Muscle Diseases Collaboration Agreement [Member] | ||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||
Adjustments to transaction price | $ 0 | $ 0 | ||
Milestone payment | 0 | 0 | ||
Clinical and regulatory development milestone payments | $ 0 | |||
UCB Pharma S.A. [Member] | Fibrosis and CNS Collaboration [Member] | ||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||
Research collaboration and license agreement entered month and year | 2013-03 | |||
Adjustments to transaction price | 0 | $ 0 | ||
Milestone payment | 0 | 0 | ||
Clinical and regulatory development milestone payments | 0 | |||
Transaction price | 15,600,000 | $ 15,600,000 | ||
Non-refundable up-front fee | 6,000,000 | |||
Technology access fee | 6,600,000 | |||
Research funding | $ 2,000,000 | 2,000,000 | ||
UCB Pharma S.A. [Member] | Fibrosis and CNS Collaboration [Member] | Reagent [Member] | ||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||
Reimbursements costs | $ 1,000,000 |
Leases - Additional Information
Leases - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019USD ($) | Jun. 30, 2019USD ($)InstrumentTerm | Jan. 01, 2019USD ($) | Jul. 31, 2018 | |
Lessee Lease Description [Line Items] | ||||
Lease term | 10 years | 10 years | ||
Lease option additional extend term | 5 years | 5 years | ||
Rent commencement date | Jan. 1, 2018 | |||
Percentage of rent reduction in first six months | 50.00% | |||
Additional lease requirements | In addition, the facility lease required us to deliver an irrevocable standby letter of credit in an amount of $1.5 million to the landlord for the period commencing on the effective date of the facility lease until at least 60 days after the expiration of the lease, subject to 50% reduction on January 1, 2023 if certain conditions are met. | |||
Operating lease cost | $ 1,500,000 | $ 3,100,000 | ||
Variable lease cost | 500,000 | 900,000 | ||
Cash paid for operating lease liabilities | $ 1,800,000 | $ 3,000,000 | ||
Weighted-average discount rate, operating leases | 7.00% | 7.00% | ||
Weighted-average remaining operating lease term | 8 years | 8 years | ||
Bemarituzumab Programs [Member] | ||||
Lessee Lease Description [Line Items] | ||||
Lease term | 3 years | |||
Number of sequencing instruments | Instrument | 4 | |||
Number of terms available | Term | 2 | |||
Irrevocable Standby Letter of Credit [Member] | ||||
Lessee Lease Description [Line Items] | ||||
Letter of credit | $ 1,500,000 | $ 1,500,000 | ||
ASU 2016-02 [Member] | ||||
Lessee Lease Description [Line Items] | ||||
Cumulative effect on adjustment of initially applying standard | $ 0 |
Leases - Summary of Undiscounte
Leases - Summary of Undiscounted Cash Flows to Operating Lease Liabilities (Detail) $ in Thousands | Jun. 30, 2019USD ($) |
Operating Lease Liabilities Payments Due [Abstract] | |
Remainder of 2019 | $ 3,730 |
2020 | 7,564 |
2021 | 7,705 |
2022 | 7,793 |
2023 | 8,064 |
2024 and on | 35,166 |
Total minimum lease payments | 70,022 |
Less: amount of lease payments representing interest | (18,590) |
Present value of future minimum lease payments | 51,432 |
Less: operating lease obligations, current portion | (3,835) |
Operating lease obligations, long-term portion | $ 47,597 |