Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Mar. 31, 2014 | 9-May-14 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Entity Registrant Name | 'ENANTA PHARMACEUTICALS INC | ' |
Entity Central Index Key | '0001177648 | ' |
Current Fiscal Year End Date | '--09-30 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 18,537,844 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $18,101 | $8,859 |
Short-term marketable securities | 76,669 | 92,621 |
Accounts receivable | 998 | 808 |
Unbilled receivables | 1,604 | 784 |
Prepaid expenses and other current assets | 1,977 | 1,641 |
Total current assets | 99,349 | 104,713 |
Property and equipment, net | 1,377 | 1,121 |
Long-term marketable securities | 7,184 | 10,703 |
Restricted cash | 436 | 436 |
Total assets | 108,346 | 116,973 |
Current liabilities: | ' | ' |
Accounts payable | 2,041 | 1,481 |
Accrued expenses | 2,327 | 3,035 |
Deferred revenue | 51 | 10 |
Total current liabilities | 4,419 | 4,526 |
Warrant liability | 1,617 | 1,620 |
Other long-term liabilities | 389 | 359 |
Total liabilities | 6,631 | 6,505 |
Commitments and contingencies (Note 10) | ' | ' |
Stockholders' equity: | ' | ' |
Common stock; $0.01 par value; 100,000,000 shares authorized at March 31, 2014 and September 30, 2013; 18,686,449 and 18,138,597 shares issued and 18,477,633 and 17,929,781 shares outstanding at March 31, 2014 and September 30, 2013, respectively | 187 | 181 |
Additional paid-in capital | 219,492 | 217,741 |
Treasury stock, at par value; 208,816 shares at March 31, 2014 and September 30, 2013 | -2 | -2 |
Accumulated other comprehensive income (loss) | 61 | -2 |
Accumulated deficit | -118,023 | -107,450 |
Total stockholders' equity | 101,715 | 110,468 |
Total liabilities and stockholders' equity | 108,346 | 116,973 |
Series 1 Nonconvertible Preferred Stock [Member] | ' | ' |
Current liabilities: | ' | ' |
Series 1 nonconvertible preferred stock | $206 | ' |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 |
Statement Of Financial Position [Abstract] | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 18,686,449 | 18,138,597 |
Common stock, shares outstanding | 18,477,633 | 17,929,781 |
Treasury stock, shares | 208,816 | 208,816 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Revenue | $2,160 | $1,196 | $3,053 | $29,055 |
Operating expenses: | ' | ' | ' | ' |
Research and development | 4,722 | 3,704 | 8,985 | 8,502 |
General and administrative | 2,565 | 1,493 | 4,652 | 2,645 |
Total operating expenses | 7,287 | 5,197 | 13,637 | 11,147 |
Income (loss) from operations | -5,127 | -4,001 | -10,584 | 17,908 |
Other income (expense): | ' | ' | ' | ' |
Interest income | 114 | 47 | 223 | 82 |
Interest expense | -4 | -9 | -9 | -16 |
Change in fair value of warrant liability and Series 1 nonconvertible preferred stock | -186 | 214 | -203 | 234 |
Total other income (expense), net | -76 | 252 | 11 | 300 |
Net income (loss) | -5,203 | -3,749 | -10,573 | 18,208 |
Accretion of redeemable convertible preferred stock to redemption value | ' | -1,244 | ' | -2,526 |
Net income attributable to participating securities | ' | ' | ' | -13,670 |
Net income (loss) attributable to common stockholders | ($5,203) | ($4,993) | ($10,573) | $2,012 |
Net income (loss) per share attributable to common stockholders: | ' | ' | ' | ' |
Basic | ($0.28) | ($2.28) | ($0.58) | $1.21 |
Diluted | ($0.28) | ($2.28) | ($0.58) | $1.09 |
Weighted average common shares outstanding: | ' | ' | ' | ' |
Basic | 18,353,628 | 2,192,470 | 18,149,330 | 1,669,578 |
Diluted | 18,353,628 | 2,192,470 | 18,149,330 | 3,084,084 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income (loss) | ($5,203) | ($3,749) | ($10,573) | $18,208 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Net unrealized losses on marketable securities, net of tax of $0 | 29 | -3 | 63 | -17 |
Total other comprehensive income (loss) | 29 | -3 | 63 | -17 |
Comprehensive income (loss) | ($5,174) | ($3,752) | ($10,510) | $18,191 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net unrealized losses on marketable securities, tax | $0 | $0 | $0 | $0 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash flows from operating activities | ' | ' |
Net income (loss) | ($10,573) | $18,208 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ' | ' |
Depreciation and amortization expense | 154 | 87 |
Non-cash interest expense | 9 | 16 |
Change in fair value of warrant liability and Series 1 nonconvertible preferred stock | 203 | -234 |
Stock-based compensation expense | 1,111 | 538 |
Premium on marketable securities | -473 | ' |
Amortization of premium on marketable securities | 1,202 | 401 |
Change in operating assets and liabilities: | ' | ' |
Accounts receivable | -190 | 380 |
Unbilled receivables | -820 | 1,125 |
Prepaid expenses and other current assets | -293 | 271 |
Accounts payable | 316 | -469 |
Accrued expenses | -718 | -1,369 |
Deferred revenue | 41 | 98 |
Other long-term liabilities | 30 | 26 |
Net cash provided by (used in) operating activities | -10,001 | 19,078 |
Cash flows from investing activities | ' | ' |
Purchases of property and equipment | -165 | -352 |
Purchases of marketable securities | -24,572 | -45,706 |
Sales of marketable securities | 7,413 | 2,454 |
Maturities of marketable securities | 35,921 | 30,245 |
Net cash provided by (used in) investing activities | 18,597 | -13,359 |
Cash flows from financing activities | ' | ' |
Proceeds from exercise of stock options | 646 | 415 |
Proceeds from initial public offering, net of commissions | ' | 59,892 |
Payments of initial public offering costs | ' | -2,073 |
Net cash provided by financing activities | 646 | 58,234 |
Net increase in cash and cash equivalents | 9,242 | 63,953 |
Cash and cash equivalents at beginning of period | 8,859 | 10,511 |
Cash and cash equivalents at end of period | 18,101 | 74,464 |
Supplemental disclosure of noncash financing activities: | ' | ' |
Accretion of redeemable convertible preferred stock to redemption value | ' | 2,526 |
Initial public offering costs included in accounts payable or accrued expenses | ' | 1,466 |
Conversion of preferred stock into common stock | ' | 161,808 |
Exercise of Series 1 warrant into Series 1 nonconvertible preferred stock | $206 | ' |
Nature_of_the_Business_and_Bas
Nature of the Business and Basis of Presentation | 6 Months Ended | ||
Mar. 31, 2014 | |||
Accounting Policies [Abstract] | ' | ||
Nature of the Business and Basis of Presentation | ' | ||
1 | Nature of the Business and Basis of Presentation | ||
Enanta Pharmaceuticals, Inc. (the “Company”), incorporated in Delaware in 1995, is a research and development-focused biotechnology company that uses its chemistry-driven approach and drug discovery capabilities to create small molecule drugs in the infectious disease field. The Company is developing novel protease, NS5A, cyclophilin and nucleotide polymerase inhibitors targeted against the hepatitis C virus (“HCV”). Additionally, the Company has created a new class of bridged bicyclic antibiotics known as Bicyclolides to overcome bacterial resistance. Antibacterial focus areas include “superbugs,” respiratory tract infections, and intravenous and oral treatments for hospital and community methicillin-resistant Staphylococcus aureus (“MRSA”). | |||
The Company is subject to risks common to companies in the biotechnology industry including, but not limited to, difficulties in developing new therapies, competition from innovations of others, dependence on collaborative arrangements, protection of proprietary technology, dependence on key personnel, compliance with government regulations and the need for financial resources to fund research and development activities. Product candidates currently under development will require significant additional research and development efforts, including extensive preclinical and clinical testing and regulatory approval, prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel infrastructure, and extensive compliance reporting capabilities. | |||
Unaudited Interim Financial Information | |||
The consolidated balance sheet at September 30, 2013 was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America (“GAAP”). The accompanying unaudited consolidated financial statements as of March 31, 2014 and for the three and six months ended March 31, 2014 and 2013 have been prepared by the Company, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. These financial statements should be read in conjunction with the Company’s audited financial statements and the notes thereto for the year ended September 30, 2013 included in the Company’s 2013 Annual Report on Form 10-K. | |||
In the opinion of management, all adjustments, consisting only of normal recurring adjustments necessary for a fair statement of the Company’s financial position as of March 31, 2014 and results of operations for the three and six months ended March 31, 2014 and 2013 and cash flows for the six months ended March 31, 2014 and 2013 have been made. The results of operations for the six months ended March 31, 2014 are not necessarily indicative of the results of operations that may be expected for the year ending September 30, 2014. | |||
The accompanying consolidated financial statements have been prepared in conformity with GAAP. All dollar amounts in the consolidated financial statements and in the notes to the consolidated financial statements, except share and per share amounts, are in thousands unless otherwise indicated. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 6 Months Ended | ||
Mar. 31, 2014 | |||
Accounting Policies [Abstract] | ' | ||
Summary of Significant Accounting Policies | ' | ||
2 | Summary of Significant Accounting Policies | ||
Use of Estimates | |||
The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, management’s judgments of separate units of accounting and | |||
best estimate of selling price of those units of accounting within its revenue arrangements; the valuation of common stock for the periods prior to the completion of the Company’s initial public offering (“IPO”), valuation of warrants, Series 1 nonconvertible preferred stock and stock-based awards; the useful lives of property and equipment; and the accounting for income taxes, including uncertain tax positions and the valuation of net deferred tax assets. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Actual results could differ from the Company’s estimates. | |||
Revenue Recognition | |||
The Company’s revenue is generated primarily through collaborative research and license agreements. The terms of these agreements contain multiple deliverables, which may include (i) licenses, (ii) research and development activities, and (iii) participation in joint research and development steering committees. The terms of these agreements may include nonrefundable upfront license fees, payments for research and development activities, payments based upon the achievement of certain milestones, and royalty payments based on product sales derived from the collaboration. In all instances, revenue is recognized only when the price is fixed or determinable, persuasive evidence of an arrangement exists, delivery has occurred or the services have been rendered, collectibility of the resulting receivable is reasonably assured, and the Company has fulfilled its performance obligations under the contract. | |||
For multiple element agreements entered into or materially modified after October 1, 2011, the Company applies the principles included in Accounting Standards Update (“ASU”) No. 2009-13, Multiple-Deliverable Revenue Arrangements (“ASU 2009-13”) to account for revenue. Under this guidance the selling prices of deliverables under the arrangement may be derived using third-party evidence (“TPE”) or a best estimate of selling price (“BESP”), if vendor specific objective evidence (“VSOE”) is not available. The objective of BESP is to determine the price at which the Company would transact a sale if the element within the license agreement was sold on a standalone basis. Establishing BESP involves management’s judgment and considers multiple factors, including market conditions and company-specific factors including those factors contemplated in negotiating the agreements as well as internally developed models that include assumptions related to market opportunity, discounted cash flows, estimated development costs, probability of success, and the time needed to commercialize a product candidate pursuant to the license. In validating the Company’s BESP, the Company considers whether changes in key assumptions used to determine the BESP will have a significant effect on the allocation of the arrangement consideration between the multiple deliverables. Deliverables under the arrangement are separate units of accounting if (i) the delivered item has value to the customer on a standalone basis, and (ii) if the arrangement includes a general right of return relative to the delivered item, delivery or performance of the undelivered item is considered probable and substantially within the control of the Company. The arrangement consideration that is fixed or determinable at the inception of the arrangement is allocated to the separate units of accounting based on their relative selling prices. The appropriate revenue recognition model is applied to each element, and revenue is accordingly recognized as each element is delivered. The Company may exercise significant judgment in determining whether a deliverable is a separate unit of accounting. | |||
In determining the separate units of accounting, the Company evaluates whether the license has standalone value to the collaborator based on consideration of the relevant facts and circumstances for each arrangement. Factors considered in this determination include the research and development capabilities of the collaborator and the availability of relevant research expertise in the marketplace. In addition, the Company considers whether or not | |||
(i) the collaborator can use the license for its intended purpose without the receipt of the remaining deliverables, (ii) the value of the license is dependent on the undelivered items, and (iii) the collaborator or other vendors can provide the undelivered items. | |||
Under a collaborative research and license agreement, a steering committee is typically responsible for overseeing the general working relationships, determining the protocols to be followed in the research and development performed, and evaluating the results from the continued development of the product in order to determine the clinical studies to be performed. The Company evaluates whether its participation in joint research and development steering committees is a substantive obligation or whether the services are considered inconsequential or perfunctory. The Company’s participation on a steering committee is considered “participatory” and therefore accounted for as a separate element when the collaborator requires the participation of the Company to ensure all elements of an arrangement are maximized. Steering committee services that are considered participatory are combined with other research services or performance obligations required under an arrangement, if any, in determining the level of effort required in an arrangement and the period over which the Company expects to complete its aggregate performance obligations. Alternatively, the Company’s participation on a steering committee is considered “protective” and therefore not accounted for as a separate element in a case where the Company can exercise or control when to be involved at its own discretion. Factors the Company considers in determining if its participation in a joint steering committee is participating or protective include: (i) which party negotiated or requested the steering committee, (ii) how frequently the steering committee meets, (iii) whether or not there are any penalties or other recourse if the Company does not attend the steering committee meetings, (iv) which party has decision making authority on the steering committee, and (v) whether or not the collaborator has the requisite experience and expertise associated with the research and development of the licensed intellectual property. | |||
For agreements entered into prior to October 1, 2011, the Company accounted for the multiple elements within the agreements as a single unit of accounting and all payments received were recognized as revenue over the estimated period of performance of the entire arrangement as the Company was not able to separately recognize revenue for the elements under the provisions of previously applicable revenue recognition guidance. | |||
For all periods presented, whenever the Company determines that an element is delivered over a period of time, revenue is recognized using either a proportional performance model or a straight-line model over the period of performance, which is typically the research and development term. Full-time equivalents (“FTEs”) are typically used as the measure of performance. At each reporting period, the Company reassesses its cumulative measure of performance and makes appropriate adjustments, if necessary. The Company recognizes revenue using the proportional performance model whenever the Company can make reasonably reliable estimates of the level of effort required to complete its performance obligations under an arrangement. Revenue recognized under the proportional performance model at each reporting period is determined by multiplying the total expected payments under the contract (excluding royalties and payments contingent upon achievement of milestones) by the ratio of the level of effort incurred to date to the estimated total level of effort required to complete the performance obligations under the arrangement. Revenue is limited to the lesser of the cumulative amount of payments received or the cumulative amount of revenue earned, as determined using the proportional performance model as of each reporting period. Alternatively, if the Company cannot make reasonably reliable estimates the level of effort required to complete its performance obligations under an arrangement, then revenue under the arrangement is recognized on a straight-line basis over the period expected to complete the Company’s performance obligations. If and when a contingent milestone payment is earned, the additional consideration to be received is allocated to the separate units of accounting in the arrangement based on their relative selling prices at the inception of the arrangement. Revenue is limited to the lesser of the cumulative amount of payments received or the cumulative amount of revenue earned, as determined on a straight-line basis as of the period end date. If the Company cannot reasonably estimate when its performance obligation period ends, then revenue is deferred until the Company can reasonably estimate when the performance obligation period ends. | |||
Royalty revenue, if any, is recognized based on contractual terms when reported sales are reliably measurable and collectibility is reasonably assured, provided that there are no performance obligations then remaining. To date, none of the Company’s products have been approved, and therefore the Company has not earned any royalty revenue from product sales. | |||
During the three and six months ended March 31, 2014 and 2013 the Company also generated revenue from a government contract, under which the Company is reimbursed for certain allowable costs for the funded project. Revenue from the government contract is recognized when the related service is performed. The related costs incurred by the Company under the government contract are included in research and development expenses in the statements of operations. | |||
Amounts received prior to satisfying all revenue recognition criteria are recorded as deferred revenue in the accompanying consolidated balance sheets. Amounts not expected to be recognized as revenue within the next twelve months of the consolidated balance sheet date are classified as long-term deferred revenue. | |||
In the event that a collaborative research and license agreement is terminated and the Company then has no further performance obligations, the Company recognizes as revenue any amounts that had not previously been recorded as revenue but were classified as deferred revenue at the date of such termination. |
Fair_Value_of_Financial_Assets
Fair Value of Financial Assets and Liabilities | 6 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value of Financial Assets and Liabilities | ' | ||||||||||||||||
3 | Fair Value of Financial Assets and Liabilities | ||||||||||||||||
The following tables present information about the Company’s financial assets and liabilities that were subject to fair value measurement on a recurring basis as of March 31, 2014 and September 30, 2013 and indicate the fair value hierarchy of the valuation inputs utilized to determine such fair value: | |||||||||||||||||
Fair Value Measurements as of March 31, 2014 Using: | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
Cash equivalents | $ | 15,282 | $ | — | $ | — | $ | 15,282 | |||||||||
Commercial paper | — | 9,335 | — | 9,335 | |||||||||||||
Corporate bonds | — | 74,518 | — | 74,518 | |||||||||||||
$ | 15,282 | $ | 83,853 | $ | — | $ | 99,135 | ||||||||||
Liabilities: | |||||||||||||||||
Warrant liability | $ | — | $ | — | $ | 1,617 | $ | 1,617 | |||||||||
Series 1 nonconvertible preferred stock | — | — | 206 | 206 | |||||||||||||
$ | — | $ | — | $ | 1,823 | $ | 1,823 | ||||||||||
Fair Value Measurements as of September 30, 2013 Using: | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
Cash equivalents | $ | 7,517 | $ | — | $ | — | $ | 7,517 | |||||||||
U.S. Treasury notes | 1,005 | — | — | 1,005 | |||||||||||||
Commercial paper | — | 10,596 | — | 10,596 | |||||||||||||
Corporate bonds | — | 84,755 | — | 84,755 | |||||||||||||
U.S. Agency bonds | — | 3,518 | — | 3,518 | |||||||||||||
Certificate of deposit | — | 3,450 | — | 3,450 | |||||||||||||
$ | 8,522 | $ | 102,319 | $ | — | $ | 110,841 | ||||||||||
Liabilities: | |||||||||||||||||
Warrant liability | $ | — | $ | — | $ | 1,620 | $ | 1,620 | |||||||||
$ | — | $ | — | $ | 1,620 | $ | 1,620 | ||||||||||
Cash equivalents at March 31, 2014 and September 30, 2013 consist of money market funds. | |||||||||||||||||
During the three and six months ended March 31, 2014 and 2013, there were no transfers between Level 1, Level 2 and Level 3. | |||||||||||||||||
As of March 31, 2014 and September 30, 2013, respectively, the warrant liability, comprised of the values of warrants for the purchase of Series 1 nonconvertible preferred stock measured at fair value. At March 31, 2014 the outstanding Series 1 nonconvertible preferred stock is also measured at fair value based on significant inputs not observable in the market, which represents a Level 3 measurement within the fair value hierarchy. The Company utilized a probability-weighted valuation model which takes into consideration various outcomes that may require the Company to transfer assets and determined that the fair value of the Series 1 warrants was $1,617 and $1,620, at March 31, 2014 and September 30, 2013, respectively. The fair value of Series 1 nonconvertible preferred stock was $206 as of March 31, 2014. Changes in the fair value of the warrant liability and Series 1 nonconvertible preferred stock are recognized in the consolidated statements of operations. | |||||||||||||||||
The recurring Level 3 fair value measurements of the Company’s warrant liability and Series 1 nonconvertible preferred stock using probability-weighted discounted cash flow include the following significant unobservable inputs: | |||||||||||||||||
Unobservable Input | Range | ||||||||||||||||
(Weighted | |||||||||||||||||
Average) | |||||||||||||||||
Warrant liability and Series 1 nonconvertible preferred stock | Probabilities of payout | 25%–90% | |||||||||||||||
Periods in which payout is expected to occur | 2014–2018 | ||||||||||||||||
Discount rate | 4.25% | ||||||||||||||||
The following table provides a rollforward of the aggregate fair values of the Company’s warrants for the purchase of Series 1 nonconvertible preferred stock and the outstanding Series 1 nonconvertible preferred stock for which fair value is determined by Level 3 inputs: | |||||||||||||||||
Warrants | Series 1 | ||||||||||||||||
nonconvertible | |||||||||||||||||
preferred | |||||||||||||||||
stock | |||||||||||||||||
Balance, September 30, 2013 | $ | 1,620 | $ | — | |||||||||||||
Warrants exercised | (206 | ) | 206 | ||||||||||||||
Increase in fair value | 203 | — | |||||||||||||||
Balance, March 31, 2014 | $ | 1,617 | $ | 206 | |||||||||||||
Marketable_Securities
Marketable Securities | 6 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ' | ||||||||||||||||
Marketable Securities | ' | ||||||||||||||||
4 | Marketable Securities | ||||||||||||||||
As of March 31, 2014 and September 30, 2013, the fair value of available-for-sale marketable securities by type of security was as follows: | |||||||||||||||||
March 31, 2014 | |||||||||||||||||
Amortized Cost | Gross Unrealized | Gross Unrealized | Fair Value | ||||||||||||||
Gains | Losses | ||||||||||||||||
Commercial paper | $ | 9,335 | $ | — | $ | — | $ | 9,335 | |||||||||
Corporate bonds | 74,457 | 62 | (1 | ) | 74,518 | ||||||||||||
$ | 83,792 | $ | 62 | $ | (1 | ) | $ | 83,853 | |||||||||
September 30, 2013 | |||||||||||||||||
Amortized Cost | Gross Unrealized | Gross Unrealized | Fair Value | ||||||||||||||
Gains | Losses | ||||||||||||||||
Commercial paper | $ | 10,596 | $ | — | $ | — | $ | 10,596 | |||||||||
Corporate bonds | 84,757 | 23 | (25 | ) | 84,755 | ||||||||||||
U.S. Agency bonds | 3,519 | — | (1 | ) | 3,518 | ||||||||||||
Certificate of deposit | 3,450 | — | — | 3,450 | |||||||||||||
U.S. Treasury notes | 1,004 | 1 | — | 1,005 | |||||||||||||
$ | 103,326 | $ | 24 | $ | (26 | ) | $ | 103,324 | |||||||||
As of March 31, 2014, marketable securities consisted of investments that mature within one year, with the exception of certain corporate bonds, which have maturities within two years and an aggregate fair value of $7,184. |
Accrued_Expenses_and_Other_Lon
Accrued Expenses and Other Long-Term Liabilities | 6 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Payables And Accruals [Abstract] | ' | ||||||||
Accrued Expenses and Other Long-Term Liabilities | ' | ||||||||
5 | Accrued Expenses and Other Long-Term Liabilities | ||||||||
Accrued expenses (current) and other long-term liabilities consisted of the following as of March 31, 2014 and September 30, 2013: | |||||||||
March 31, | September 30, | ||||||||
2014 | 2013 | ||||||||
Accrued expenses: | |||||||||
Accrued professional fees | $ | 249 | $ | 378 | |||||
Accrued payroll and related expenses | 562 | 1,041 | |||||||
Accrued preclinical and clinical expenses | 590 | 127 | |||||||
Accrued third-party license fees | 245 | 240 | |||||||
Accrued vendor manufacturing | 456 | 989 | |||||||
Accrued other | 225 | 260 | |||||||
$ | 2,327 | $ | 3,035 | ||||||
Other long-term liabilities: | |||||||||
Present value of accrued third-party license fees | $ | 188 | $ | 184 | |||||
Accrued rent expense | 140 | 127 | |||||||
Asset retirement obligation | 61 | 48 | |||||||
$ | 389 | $ | 359 | ||||||
Collaboration_Agreements
Collaboration Agreements | 6 Months Ended | ||
Mar. 31, 2014 | |||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | ||
Collaboration Agreements | ' | ||
6 | Collaboration Agreements | ||
AbbVie Collaboration | |||
On November 27, 2006, the Company entered into a Collaborative Development and License Agreement (the “AbbVie Agreement”) with Abbott Laboratories to identify, develop and commercialize HCV NS3 and NS3/4A protease inhibitor compounds, including ABT-450. The agreement, which was amended in January and December 2009, was assigned to AbbVie Inc. on January 1, 2013 in connection with Abbott’s transfer of its research-based pharmaceuticals business to AbbVie. Under the terms of the AbbVie Agreement, as amended, AbbVie paid to the Company upfront license payments and FTE reimbursements to fund research activities. The Company is also eligible to receive milestone payments for the successful development by AbbVie of one or more HCV compounds as well as tiered royalties per product ranging from the low double digits up to twenty percent, or on a blended basis from the low double digits up to the high teens, on net sales by AbbVie allocable to the collaboration’s protease inhibitors. Deliverables under the AbbVie Agreement included a license, research services and participation on a steering committee. The Company concluded that all deliverables under the AbbVie Agreement should be treated as a single unit of accounting. Accordingly, revenue was recognized using the proportional performance model over the period during which the Company performed research services. The Company completed all remaining obligations under the agreement as of June 2011. All milestone payments received after June 2011 are recognized as revenue when each milestone is achieved by AbbVie. | |||
Through June 2011, under the AbbVie Agreement the Company had received upfront license payments, research funding, and milestone payments totaling $92,450, all of which has been recognized as revenue as of June 30, 2011. In December 2012, the Company received an additional $15,000 milestone payment under the AbbVie Agreement as a result of AbbVie’s initiation of dosing in a Phase 3 clinical trial involving ABT-450. This amount was recognized as revenue during the six months ended March 31, 2013. There was no revenue recognized for the three or six months ended March 31, 2014. | |||
In April 2014, the Company earned a $20,000 milestone payment from AbbVie as a result of its US regulatory filing with the FDA for the first regimen containing a collaboration compound. In May 2014, the Company earned another $20,000 milestone payment as a result of the European Union regulatory filing for this same first protease inhibitor product. The Company expects to collect these payments before June 30, 2014. | |||
The Company is eligible to receive additional milestone payments totaling up to $155,000 upon AbbVie’s achievement of commercial regulatory approval milestones in selected world markets. The Company is also eligible to receive additional milestone payments totaling up to $80,000 upon AbbVie’s achievement of similar commercial regulatory approval milestones for each additional product containing a new protease inhibitor. | |||
Novartis Collaboration | |||
On February 16, 2012, the Company entered into a license and collaboration agreement with Novartis (the “Novartis Agreement”) for the development, manufacture and commercialization of its lead development candidate, EDP-239, from its NS5A HCV inhibitor program. Under the terms of the Novartis Agreement, Novartis agreed to pay a nonrefundable upfront fee to the Company and reimbursement of manufacturing and quality assurance expenses related to EDP-239 totaling $34,442. Under the agreement, the Company is eligible to receive aggregate milestone payments of up to $406,000 upon Novartis’ initiation of clinical trials, achievement of regulatory approvals, and/or net sales of products containing the Company’s NS5A inhibitors. The Company is also eligible to receive tiered royalties ranging on a blended basis from the low double digits up to the high teens on net product sales by Novartis allocable to the collaboration’s NS5A inhibitors. Under the agreement, a clinical milestone payment of $11,000 was due to the Company upon Novartis’ initiation of dosing in the first Phase 1 clinical trial involving EDP-239 or another NS5A inhibitor, and was received by the Company in January 2013. An additional milestone payment of $15,000 will be due upon Novartis’ initiation of the first Phase 2 clinical trial using a combination containing an NS5A inhibitor. In addition, Novartis agreed to fund research activities for one year commencing February 2012, up to a total of $1,800. In March 2013, the agreement was amended to extend research funding for an additional six months through August 2013 at the same reimbursement rate. | |||
The Company determined that the deliverables under the Novartis Agreement were the license and the research services. As each of these deliverables had standalone value it was determined that they each represented a separate unit of accounting. Arrangement consideration was allocated between the license and research services based on their relative selling prices using best estimate of selling price. | |||
During the three and six months ended March 31, 2014 the company recognized no revenue under the Novartis Agreement. During the three and six months ended March 31, 2013 the Company recognized total revenue of $465 and $11,877, respectively, related to the delivery of the license and the performance of the research services under the Novartis Agreement. | |||
NIAID Contract | |||
On September 30, 2011, the Company entered into a contract with the National Institute of Allergy and Infectious Diseases (“NIAID”), a division of the National Institutes of Health (“NIH”), which could provide up to $42,700 in development funding to the Company over a five-year period. The contract will fund the preclinical and clinical development of a new class of bridged bicyclic antibiotics known as Bicyclolides to be used as medical countermeasures against multiple biodefense Category A and B bacteria. | |||
The contract had an initial term of 30 months ending on March 30, 2014. In August 2013 NIAID exercised the first two options under this agreement which obligate it to provide an additional $9,200 in funding to the Company for preclinical and early clinical development of EDP-788, bringing total funding paid or committed to date by NIAID to approximately $23,500 through February 2015. NIAID has the option to extend the contract up to six times. If each extension option is exercised, the contract would be extended until September 30, 2016. The initial award under the initial term was $14,300, with the possibility of up to a total of $42,700 if each option period is exercised by NIAID. | |||
The Company recognizes revenue under this agreement as development services are performed in accordance with the funding agreement. During the three months ended March 31, 2014 and 2013, $2,160 and $731 of revenue, respectively, was recognized under this agreement. During the six months ended March 31, 2014 and 2013, the Company recognized revenue of $3,053 and $2,178, respectively. |
Warrants_to_Purchase_Series_1_
Warrants to Purchase Series 1 Nonconvertible Preferred Stock and Series 1 Nonconvertible Preferred Stock | 6 Months Ended | ||
Mar. 31, 2014 | |||
Equity [Abstract] | ' | ||
Warrants to Purchase Series 1 Nonconvertible Preferred Stock and Series 1 Nonconvertible Preferred Stock | ' | ||
7 | Warrants to Purchase Series 1 Nonconvertible Preferred Stock and Series 1 Nonconvertible Preferred Stock | ||
In October and November 2010, the Company issued warrants to purchase up to a total of 1,999,989 shares of Series 1 nonconvertible preferred stock, which expire on October 4, 2017. As these warrants are free-standing financial instruments that may require the Company to transfer assets upon exercise, these warrants are classified as liabilities. The Company is required to remeasure the fair value of these preferred stock warrants at each reporting date, with any adjustments recorded within the change in fair value of warrant liability included in other income (expense) in the consolidated statement of operations. The warrants were remeasured at each reporting period, resulting in expense of $186 and income of $214 for the three months ended March 31, 2014 and 2013, respectively and expense of $203 and income of $234 for the six months ended March 31, 2014 and 2013, respectively. As of March 31, 2014 and September 30, 2013, the total fair value of the Series 1 nonconvertible preferred stock warrants was $1,617 and $1,620, respectively. | |||
On February 5, 2014, 225,408 warrants were exercised resulting in the net issuance of 223,153 shares of Series 1 nonconvertible preferred stock. As of March 31, 2014, the total fair value of the Series 1 nonconvertible preferred stock was $206. |
StockBased_Awards
Stock-Based Awards | 6 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Stock-Based Awards | ' | ||||||||||||||||
8 | Stock-Based Awards | ||||||||||||||||
2012 Equity Incentive Plan | |||||||||||||||||
On January 17, 2013, the Company’s stockholders approved the 2012 Equity Incentive Plan (the “2012 Plan”), which became effective immediately prior to the closing of the Company’s IPO. | |||||||||||||||||
The 2012 Plan permits the Company to sell or issue common stock or restricted common stock, to grant incentive stock options or nonqualified stock options for the purchase of common stock, or to grant restricted stock units, stock appreciation rights or other cash incentive awards, to employees, members of the board of directors and consultants of the Company. Upon initial approval, the total number of shares of common stock that could be issued under the plan was 348,355. The number of shares of common stock that may be issued under the 2012 Plan is also subject to increase by the number of shares forfeited under any options terminated and not exercised under the previous plan, known as the 1995 Equity Incentive Plan as well as by a number of additional shares on the first day of each fiscal year equal to the lowest amount among the following: (i) 3% of the Company’s outstanding shares of common stock as of that date, (ii) 2,088,167 shares of common stock, or (iii) a lower amount determined by the board of directors. On October 1, 2013 the number of shares under the plan was increased by 538,102 shares. As of March 31, 2014, 506,800 shares remained available for future grant. | |||||||||||||||||
In March 2013, the Company granted to certain executives 167,052 options that vest upon the achievement of certain performance-based targets. The fair value of these options is $2,479. During the three months ended March 31, 2014, one performance-based target was achieved and the Company recorded compensation expense of $206 related to that target. | |||||||||||||||||
Employee Stock Purchase Plan | |||||||||||||||||
During fiscal 2013 the Company’s stockholders approved the Employee Stock Purchase Plan (the “ESPP”). A total of 185,614 shares of common stock were reserved for issuance under this plan, which became effective immediately prior to the closing of the Company’s IPO. As of March 31, 2014, the Company has not commenced any offering under the ESPP and no shares have been issued. | |||||||||||||||||
Stock Option Valuation | |||||||||||||||||
The fair value of each stock option grant is estimated on the date of grant using the Black-Scholes option-pricing model. The Company historically has been a private company and lacks sufficient company-specific historical and implied volatility information. Therefore, it estimates its expected stock volatility based on the historical volatility of a selected group of publicly traded peer companies, inclusive of the Company, commencing March 2013, and expects to continue to do so until such time as it has adequate historical data regarding the volatility of its own traded stock price. The expected term of the Company’s stock options has been determined utilizing the “simplified” method for awards that qualify as “plain-vanilla” options. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. Expected dividend yield is based on the fact that the Company has never paid cash dividends and does not expect to pay any cash dividends in the foreseeable future. The relevant data used to determine the value of the stock option grants is as follows, presented on a weighted average basis: | |||||||||||||||||
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Risk-free interest rate | 1.93 | % | 1.08 | % | 1.9 | % | 1.03 | % | |||||||||
Expected term (in years) | 6.07 | 6.16 | 6.09 | 6.1 | |||||||||||||
Expected volatility | 77 | % | 71 | % | 74 | % | 73 | % | |||||||||
Expected dividend yield | 0 | % | 0 | % | 0 | % | 0 | % | |||||||||
The Company recognizes compensation expense for only the portion of awards that are expected to vest. In developing a forfeiture rate estimate, the Company has considered its historical experience to estimate pre-vesting forfeitures for service-based awards. The impact of a forfeiture rate adjustment will be recognized in full in the period of adjustment, and if the actual forfeiture rate is materially different from the Company’s estimate, the Company may be required to record adjustments to stock-based compensation expense in future periods. | |||||||||||||||||
As required by the 2012 Plan, the exercise price for awards granted is not to be less than the fair value of common shares as of the date of grant. For periods prior to the IPO, the Company valued its common stock by taking into consideration its most recently available valuation of common shares performed by management and the board of directors as well as additional factors which may have changed since the date of the most recent contemporaneous valuation through the date of grant. For periods after the IPO, the Company based fair value of common stock on the quoted market price. | |||||||||||||||||
The following table summarizes stock option activity during the six months ended March 31, 2014: | |||||||||||||||||
Shares | Weighted | Weighted | Aggregate | ||||||||||||||
Issuable | Average | Average | Intrinsic | ||||||||||||||
Under | Exercise | Remaining | Value | ||||||||||||||
Options | Price | Contractual | |||||||||||||||
Term | |||||||||||||||||
(In years) | |||||||||||||||||
Outstanding as of September 30, 2013 | 1,583,031 | $ | 5.15 | 5 | $ | 28,133 | |||||||||||
Granted | 387,150 | 28.49 | |||||||||||||||
Exercised | (548,374 | ) | 1.18 | ||||||||||||||
Forfeited | (9,279 | ) | 14 | ||||||||||||||
Expired | (465 | ) | 0.73 | ||||||||||||||
Outstanding as of March 31, 2014 | 1,412,063 | $ | 12.88 | 7.3 | $ | 38,250 | |||||||||||
Options vested and expected to vest as of March 31, 2014 | 1,225,963 | $ | 12.71 | 6.9 | $ | 33,448 | |||||||||||
Options exercisable as of March 31, 2014 | 739,301 | $ | 5.21 | 5.6 | $ | 25,689 | |||||||||||
The Company recorded stock-based compensation expense for the three and six months ended March 31, 2014 and 2013 in the following expense categories: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Research and development | $ | 228 | $ | 85 | $ | 366 | $ | 179 | |||||||||
General and administrative | 524 | 172 | 745 | 359 | |||||||||||||
$ | 752 | $ | 257 | $ | 1,111 | $ | 538 | ||||||||||
As of March 31, 2014, the Company had an aggregate of $7,678 of unrecognized stock-based compensation cost, which is expected to be recognized over a weighted average period of 3.6 years. |
Net_Income_Loss_Per_Share
Net Income (Loss) Per Share | 6 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Net Income (Loss) Per Share | ' | ||||||||||||||||
9 | Net Income (Loss) Per Share | ||||||||||||||||
Basic and diluted net income (loss) per share attributable to common stockholders was calculated as follows for the three and six months ended March 31, 2014 and 2013, respectively: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Basic net income (loss) per share attributable to common stockholders: | |||||||||||||||||
Numerator: | |||||||||||||||||
Net income (loss) | $ | (5,203 | ) | $ | (3,749 | ) | $ | (10,573 | ) | $ | 18,208 | ||||||
Accretion of redeemable convertible preferred stock to redemption value | — | (1,244 | ) | — | (2,526 | ) | |||||||||||
Net income attributable to participating securities | — | — | — | (13,670 | ) | ||||||||||||
Net income (loss) attributable to common stockholders | $ | (5,203 | ) | $ | (4,993 | ) | $ | (10,573 | ) | $ | 2,012 | ||||||
Denominator: | |||||||||||||||||
Weighted average common shares outstanding—basic | 18,353,628 | 2,192,470 | 18,149,330 | 1,669,578 | |||||||||||||
Net income (loss) per share attributable to common stockholders—basic | $ | (0.28 | ) | $ | (2.28 | ) | $ | (0.58 | ) | $ | 1.21 | ||||||
Diluted net income (loss) per share attributable to common stockholders: | |||||||||||||||||
Numerator: | |||||||||||||||||
Net income (loss) | $ | (5,203 | ) | $ | (3,749 | ) | $ | (10,573 | ) | $ | 18,208 | ||||||
Accretion of redeemable convertible preferred stock to redemption value | — | (1,244 | ) | — | (2,526 | ) | |||||||||||
Net income attributable to participating securities | — | — | — | (12,329 | ) | ||||||||||||
Net income (loss) attributable to common stockholders—diluted | $ | (5,203 | ) | $ | (4,993 | ) | $ | (10,573 | ) | $ | 3,353 | ||||||
Denominator: | |||||||||||||||||
Weighted average common shares outstanding—basic | 18,353,628 | 2,192,470 | 18,149,330 | 1,669,578 | |||||||||||||
Dilutive effect of common stock equivalents | — | — | — | 1,414,506 | |||||||||||||
Weighted average common shares outstanding—diluted | 18,353,628 | 2,192,470 | 18,149,330 | 3,084,084 | |||||||||||||
Net income (loss) per share attributable to common stockholders—diluted | $ | (0.28 | ) | $ | (2.28 | ) | $ | (0.58 | ) | $ | 1.09 | ||||||
Stock options for the purchase of 1,505,947 and 1,786,070 weighted average shares were excluded from the computation of diluted net income per share attributable to common stockholders for the three months ended March 31, 2014 and 2013, respectively, because those options had an anti-dilutive impact due to either the net loss attributable to common stockholders incurred for the period or to the assumed proceeds per share using the treasury stock method being greater than the average fair value of the Company’s common shares for those periods. Stock options for the purchase of 1,583,885 and 126,489 weighted average shares were excluded from the computation of diluted net income per share attributable to common stockholders for the six months ended March 31, 2014 and 2013, respectively, because those options had an anti-dilutive impact due to either the net loss attributable to common stockholders incurred for the period or to the assumed proceeds per share using the treasury stock method being greater than the average fair value of the Company’s common shares for those periods. |
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended |
Mar. 31, 2014 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
10. Commitments and Contingencies | |
Leases | |
The Company has an office and laboratory lease that expires in September 2018. Payment escalation as specified in the lease agreement is accrued such that rent expense is recognized on a straight-line basis over the term of occupancy. The Company recorded rent expense of $237 for the three months ended March 31, 2014 and 2013, and $474 for the six months ended March 31, 2014 and 2013. | |
In connection with the lease, the Company has outstanding a $436 letter of credit, collateralized by a money market account. As of March 31, 2014 and September 30, 2013, the Company classified $436 related to the letter of credit as restricted cash. | |
Intellectual Property Licenses | |
The Company has a non-exclusive intellectual property license agreement under which it is required to pay the licensor future license fees of $250 and $200 in fiscal years 2014 and 2015, respectively. In addition, the Company is required to pay (1) annual maintenance fees of $105 for each year that the agreement remains in effect in order to maintain the right to use the license, and (2) a one-time fee of $50 in each circumstance in which the Company provides the licensed intellectual property to one of its collaborators with the prior consent of the licensor. As of March 31, 2014, the Company had accrued expense relating to this obligation of $433, of which $245 was included in accrued expenses and $188 was included in other long-term liabilities. | |
The Company also has a non-exclusive license with respect to patents it uses in its HCV research. Under the license, the Company is obligated to pay milestones totaling up to $5,000, plus low single digit royalties, for each HCV product it develops outside of its collaboration with AbbVie or any other collaboration it may enter into in the future with a partner that has already licensed these patents. | |
Litigation and Contingencies Related to Use of Intellectual Property | |
From time to time, the Company may become subject to legal proceedings, claims and litigation arising in the ordinary course of business. The Company currently is not a party to any threatened or pending litigation. However, third parties might allege that the Company or its collaborators are infringing their patent rights or that the Company is otherwise violating their intellectual property rights. Such third parties may resort to litigation against the Company or its collaborators, which the Company has agreed to indemnify. With respect to some of these patents, the Company expects that it will be required to obtain licenses and could be required to pay license fees or royalties, or both. These licenses may not be available on acceptable terms, or at all. A costly license, or inability to obtain a necessary license, could have a material adverse effect on the Company’s financial condition, results of operations or cash flows. The Company accrues contingent liabilities when it is probable that future expenditures will be incurred and such expenditures can be reasonably estimated. | |
Indemnification Agreements | |
In the ordinary course of business, the Company may provide indemnifications of varying scope and terms to customers, vendors, lessors, business partners, and other parties with respect to certain matters including, but not limited to, losses arising out of breach of such agreements, from services to be provided by the Company, or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with members of its board of directors that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. Despite the fact that the Company has obtained insurance coverage for certain of these indemnification obligations, the maximum potential amount of future payments the Company could be required to make under these indemnification agreements is, in many cases, unlimited. To date, the Company has not incurred any material costs as a result of such indemnifications. The Company does not believe that the outcome of any claims under indemnification arrangements will have a material effect on its financial position, results of operations or cash flows, and it has not accrued any liabilities related to such obligations in its consolidated financial statements as of March 31, 2014. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Use of Estimates | ' |
Use of Estimates | |
The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, management’s judgments of separate units of accounting and | |
best estimate of selling price of those units of accounting within its revenue arrangements; the valuation of common stock for the periods prior to the completion of the Company’s initial public offering (“IPO”), valuation of warrants, Series 1 nonconvertible preferred stock and stock-based awards; the useful lives of property and equipment; and the accounting for income taxes, including uncertain tax positions and the valuation of net deferred tax assets. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Actual results could differ from the Company’s estimates. | |
Revenue Recognition | ' |
Revenue Recognition | |
The Company’s revenue is generated primarily through collaborative research and license agreements. The terms of these agreements contain multiple deliverables, which may include (i) licenses, (ii) research and development activities, and (iii) participation in joint research and development steering committees. The terms of these agreements may include nonrefundable upfront license fees, payments for research and development activities, payments based upon the achievement of certain milestones, and royalty payments based on product sales derived from the collaboration. In all instances, revenue is recognized only when the price is fixed or determinable, persuasive evidence of an arrangement exists, delivery has occurred or the services have been rendered, collectibility of the resulting receivable is reasonably assured, and the Company has fulfilled its performance obligations under the contract. | |
For multiple element agreements entered into or materially modified after October 1, 2011, the Company applies the principles included in Accounting Standards Update (“ASU”) No. 2009-13, Multiple-Deliverable Revenue Arrangements (“ASU 2009-13”) to account for revenue. Under this guidance the selling prices of deliverables under the arrangement may be derived using third-party evidence (“TPE”) or a best estimate of selling price (“BESP”), if vendor specific objective evidence (“VSOE”) is not available. The objective of BESP is to determine the price at which the Company would transact a sale if the element within the license agreement was sold on a standalone basis. Establishing BESP involves management’s judgment and considers multiple factors, including market conditions and company-specific factors including those factors contemplated in negotiating the agreements as well as internally developed models that include assumptions related to market opportunity, discounted cash flows, estimated development costs, probability of success, and the time needed to commercialize a product candidate pursuant to the license. In validating the Company’s BESP, the Company considers whether changes in key assumptions used to determine the BESP will have a significant effect on the allocation of the arrangement consideration between the multiple deliverables. Deliverables under the arrangement are separate units of accounting if (i) the delivered item has value to the customer on a standalone basis, and (ii) if the arrangement includes a general right of return relative to the delivered item, delivery or performance of the undelivered item is considered probable and substantially within the control of the Company. The arrangement consideration that is fixed or determinable at the inception of the arrangement is allocated to the separate units of accounting based on their relative selling prices. The appropriate revenue recognition model is applied to each element, and revenue is accordingly recognized as each element is delivered. The Company may exercise significant judgment in determining whether a deliverable is a separate unit of accounting. | |
In determining the separate units of accounting, the Company evaluates whether the license has standalone value to the collaborator based on consideration of the relevant facts and circumstances for each arrangement. Factors considered in this determination include the research and development capabilities of the collaborator and the availability of relevant research expertise in the marketplace. In addition, the Company considers whether or not (i) the collaborator can use the license for its intended purpose without the receipt of the remaining deliverables, (ii) the value of the license is dependent on the undelivered items, and (iii) the collaborator or other vendors can provide the undelivered items. | |
Under a collaborative research and license agreement, a steering committee is typically responsible for overseeing the general working relationships, determining the protocols to be followed in the research and development performed, and evaluating the results from the continued development of the product in order to determine the clinical studies to be performed. The Company evaluates whether its participation in joint research and development steering committees is a substantive obligation or whether the services are considered inconsequential or perfunctory. The Company’s participation on a steering committee is considered “participatory” and therefore accounted for as a separate element when the collaborator requires the participation of the Company to ensure all elements of an arrangement are maximized. Steering committee services that are considered participatory are combined with other research services or performance obligations required under an arrangement, if any, in determining the level of effort required in an arrangement and the period over which the Company expects to complete its aggregate performance obligations. Alternatively, the Company’s participation on a steering committee is considered “protective” and therefore not accounted for as a separate element in a case where the Company can exercise or control when to be involved at its own discretion. Factors the Company considers in determining if its participation in a joint steering committee is participating or protective include: (i) which party negotiated or requested the steering committee, (ii) how frequently the steering committee meets, (iii) whether or not there are any penalties or other recourse if the Company does not attend the steering committee meetings, (iv) which party has decision making authority on the steering committee, and (v) whether or not the collaborator has the requisite experience and expertise associated with the research and development of the licensed intellectual property. | |
For agreements entered into prior to October 1, 2011, the Company accounted for the multiple elements within the agreements as a single unit of accounting and all payments received were recognized as revenue over the estimated period of performance of the entire arrangement as the Company was not able to separately recognize revenue for the elements under the provisions of previously applicable revenue recognition guidance. | |
For all periods presented, whenever the Company determines that an element is delivered over a period of time, revenue is recognized using either a proportional performance model or a straight-line model over the period of performance, which is typically the research and development term. Full-time equivalents (“FTEs”) are typically used as the measure of performance. At each reporting period, the Company reassesses its cumulative measure of performance and makes appropriate adjustments, if necessary. The Company recognizes revenue using the proportional performance model whenever the Company can make reasonably reliable estimates of the level of effort required to complete its performance obligations under an arrangement. Revenue recognized under the proportional performance model at each reporting period is determined by multiplying the total expected payments under the contract (excluding royalties and payments contingent upon achievement of milestones) by the ratio of the level of effort incurred to date to the estimated total level of effort required to complete the performance obligations under the arrangement. Revenue is limited to the lesser of the cumulative amount of payments received or the cumulative amount of revenue earned, as determined using the proportional performance model as of each reporting period. Alternatively, if the Company cannot make reasonably reliable estimates the level of effort required to complete its performance obligations under an arrangement, then revenue under the arrangement is recognized on a straight-line basis over the period expected to complete the Company’s performance obligations. If and when a contingent milestone payment is earned, the additional consideration to be received is allocated to the separate units of accounting in the arrangement based on their relative selling prices at the inception of the arrangement. Revenue is limited to the lesser of the cumulative amount of payments received or the cumulative amount of revenue earned, as determined on a straight-line basis as of the period end date. If the Company cannot reasonably estimate when its performance obligation period ends, then revenue is deferred until the Company can reasonably estimate when the performance obligation period ends. | |
Royalty revenue, if any, is recognized based on contractual terms when reported sales are reliably measurable and collectibility is reasonably assured, provided that there are no performance obligations then remaining. To date, none of the Company’s products have been approved, and therefore the Company has not earned any royalty revenue from product sales. | |
During the three and six months ended March 31, 2014 and 2013 the Company also generated revenue from a government contract, under which the Company is reimbursed for certain allowable costs for the funded project. Revenue from the government contract is recognized when the related service is performed. The related costs incurred by the Company under the government contract are included in research and development expenses in the statements of operations. | |
Amounts received prior to satisfying all revenue recognition criteria are recorded as deferred revenue in the accompanying consolidated balance sheets. Amounts not expected to be recognized as revenue within the next twelve months of the consolidated balance sheet date are classified as long-term deferred revenue. | |
In the event that a collaborative research and license agreement is terminated and the Company then has no further performance obligations, the Company recognizes as revenue any amounts that had not previously been recorded as revenue but were classified as deferred revenue at the date of such termination. |
Fair_Value_of_Financial_Assets1
Fair Value of Financial Assets and Liabilities (Tables) | 6 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Financial Assets and Liabilities that were Subject to Fair Value Measurement on Recurring Basis | ' | ||||||||||||||||
The following tables present information about the Company’s financial assets and liabilities that were subject to fair value measurement on a recurring basis as of March 31, 2014 and September 30, 2013 and indicate the fair value hierarchy of the valuation inputs utilized to determine such fair value: | |||||||||||||||||
Fair Value Measurements as of March 31, 2014 Using: | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
Cash equivalents | $ | 15,282 | $ | — | $ | — | $ | 15,282 | |||||||||
Commercial paper | — | 9,335 | — | 9,335 | |||||||||||||
Corporate bonds | — | 74,518 | — | 74,518 | |||||||||||||
$ | 15,282 | $ | 83,853 | $ | — | $ | 99,135 | ||||||||||
Liabilities: | |||||||||||||||||
Warrant liability | $ | — | $ | — | $ | 1,617 | $ | 1,617 | |||||||||
Series 1 nonconvertible preferred stock | — | — | 206 | 206 | |||||||||||||
$ | — | $ | — | $ | 1,823 | $ | 1,823 | ||||||||||
Fair Value Measurements as of September 30, 2013 Using: | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
Cash equivalents | $ | 7,517 | $ | — | $ | — | $ | 7,517 | |||||||||
U.S. Treasury notes | 1,005 | — | — | 1,005 | |||||||||||||
Commercial paper | — | 10,596 | — | 10,596 | |||||||||||||
Corporate bonds | — | 84,755 | — | 84,755 | |||||||||||||
U.S. Agency bonds | — | 3,518 | — | 3,518 | |||||||||||||
Certificate of deposit | — | 3,450 | — | 3,450 | |||||||||||||
$ | 8,522 | $ | 102,319 | $ | — | $ | 110,841 | ||||||||||
Liabilities: | |||||||||||||||||
Warrant liability | $ | — | $ | — | $ | 1,620 | $ | 1,620 | |||||||||
$ | — | $ | — | $ | 1,620 | $ | 1,620 | ||||||||||
Fair Value Measurements of the Company's Warrant Liability and Series 1 Nonconvertible Preferred Stock | ' | ||||||||||||||||
The recurring Level 3 fair value measurements of the Company’s warrant liability and Series 1 nonconvertible preferred stock using probability-weighted discounted cash flow include the following significant unobservable inputs: | |||||||||||||||||
Unobservable Input | Range | ||||||||||||||||
(Weighted | |||||||||||||||||
Average) | |||||||||||||||||
Warrant liability and Series 1 nonconvertible preferred stock | Probabilities of payout | 25%–90% | |||||||||||||||
Periods in which payout is expected to occur | 2014–2018 | ||||||||||||||||
Discount rate | 4.25% | ||||||||||||||||
Rollforward of Aggregate Fair Values of Warrants and Series 1 Nonconvertible Preferred Stock Outstanding | ' | ||||||||||||||||
The following table provides a rollforward of the aggregate fair values of the Company’s warrants for the purchase of Series 1 nonconvertible preferred stock and the outstanding Series 1 nonconvertible preferred stock for which fair value is determined by Level 3 inputs: | |||||||||||||||||
Warrants | Series 1 | ||||||||||||||||
nonconvertible | |||||||||||||||||
preferred | |||||||||||||||||
stock | |||||||||||||||||
Balance, September 30, 2013 | $ | 1,620 | $ | — | |||||||||||||
Warrants exercised | (206 | ) | 206 | ||||||||||||||
Increase in fair value | 203 | — | |||||||||||||||
Balance, March 31, 2014 | $ | 1,617 | $ | 206 | |||||||||||||
Marketable_Securities_Tables
Marketable Securities (Tables) | 6 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ' | ||||||||||||||||
Fair Value of Available-for-Sale Marketable Securities by Type of Security | ' | ||||||||||||||||
As of March 31, 2014 and September 30, 2013, the fair value of available-for-sale marketable securities by type of security was as follows: | |||||||||||||||||
March 31, 2014 | |||||||||||||||||
Amortized Cost | Gross Unrealized | Gross Unrealized | Fair Value | ||||||||||||||
Gains | Losses | ||||||||||||||||
Commercial paper | $ | 9,335 | $ | — | $ | — | $ | 9,335 | |||||||||
Corporate bonds | 74,457 | 62 | (1 | ) | 74,518 | ||||||||||||
$ | 83,792 | $ | 62 | $ | (1 | ) | $ | 83,853 | |||||||||
September 30, 2013 | |||||||||||||||||
Amortized Cost | Gross Unrealized | Gross Unrealized | Fair Value | ||||||||||||||
Gains | Losses | ||||||||||||||||
Commercial paper | $ | 10,596 | $ | — | $ | — | $ | 10,596 | |||||||||
Corporate bonds | 84,757 | 23 | (25 | ) | 84,755 | ||||||||||||
U.S. Agency bonds | 3,519 | — | (1 | ) | 3,518 | ||||||||||||
Certificate of deposit | 3,450 | — | — | 3,450 | |||||||||||||
U.S. Treasury notes | 1,004 | 1 | — | 1,005 | |||||||||||||
$ | 103,326 | $ | 24 | $ | (26 | ) | $ | 103,324 | |||||||||
Accrued_Expenses_and_Other_Lon1
Accrued Expenses and Other Long-Term Liabilities (Tables) | 6 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Payables And Accruals [Abstract] | ' | ||||||||
Accrued Expenses (Current) and Other Long-Term Liabilities | ' | ||||||||
Accrued expenses (current) and other long-term liabilities consisted of the following as of March 31, 2014 and September 30, 2013: | |||||||||
March 31, | September 30, | ||||||||
2014 | 2013 | ||||||||
Accrued expenses: | |||||||||
Accrued professional fees | $ | 249 | $ | 378 | |||||
Accrued payroll and related expenses | 562 | 1,041 | |||||||
Accrued preclinical and clinical expenses | 590 | 127 | |||||||
Accrued third-party license fees | 245 | 240 | |||||||
Accrued vendor manufacturing | 456 | 989 | |||||||
Accrued other | 225 | 260 | |||||||
$ | 2,327 | $ | 3,035 | ||||||
Other long-term liabilities: | |||||||||
Present value of accrued third-party license fees | $ | 188 | $ | 184 | |||||
Accrued rent expense | 140 | 127 | |||||||
Asset retirement obligation | 61 | 48 | |||||||
$ | 389 | $ | 359 | ||||||
StockBased_Awards_Tables
Stock-Based Awards (Tables) | 6 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Data Used to Determine Value of Stock Option Grants, Presented on Weighted Average Basis | ' | ||||||||||||||||
The relevant data used to determine the value of the stock option grants is as follows, presented on a weighted average basis: | |||||||||||||||||
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Risk-free interest rate | 1.93 | % | 1.08 | % | 1.9 | % | 1.03 | % | |||||||||
Expected term (in years) | 6.07 | 6.16 | 6.09 | 6.1 | |||||||||||||
Expected volatility | 77 | % | 71 | % | 74 | % | 73 | % | |||||||||
Expected dividend yield | 0 | % | 0 | % | 0 | % | 0 | % | |||||||||
Stock Option Activity | ' | ||||||||||||||||
The following table summarizes stock option activity during the six months ended March 31, 2014: | |||||||||||||||||
Shares | Weighted | Weighted | Aggregate | ||||||||||||||
Issuable | Average | Average | Intrinsic | ||||||||||||||
Under | Exercise | Remaining | Value | ||||||||||||||
Options | Price | Contractual | |||||||||||||||
Term | |||||||||||||||||
(In years) | |||||||||||||||||
Outstanding as of September 30, 2013 | 1,583,031 | $ | 5.15 | 5 | $ | 28,133 | |||||||||||
Granted | 387,150 | 28.49 | |||||||||||||||
Exercised | (548,374 | ) | 1.18 | ||||||||||||||
Forfeited | (9,279 | ) | 14 | ||||||||||||||
Expired | (465 | ) | 0.73 | ||||||||||||||
Outstanding as of March 31, 2014 | 1,412,063 | $ | 12.88 | 7.3 | $ | 38,250 | |||||||||||
Options vested and expected to vest as of March 31, 2014 | 1,225,963 | $ | 12.71 | 6.9 | $ | 33,448 | |||||||||||
Options exercisable as of March 31, 2014 | 739,301 | $ | 5.21 | 5.6 | $ | 25,689 | |||||||||||
Stock-Based Compensation Expense | ' | ||||||||||||||||
The Company recorded stock-based compensation expense for the three and six months ended March 31, 2014 and 2013 in the following expense categories: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Research and development | $ | 228 | $ | 85 | $ | 366 | $ | 179 | |||||||||
General and administrative | 524 | 172 | 745 | 359 | |||||||||||||
$ | 752 | $ | 257 | $ | 1,111 | $ | 538 | ||||||||||
Net_Income_Loss_Per_Share_Tabl
Net Income (Loss) Per Share (Tables) | 6 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Basic and Diluted Net Income (Loss) Per Share Attributable to Common Stockholders | ' | ||||||||||||||||
Basic and diluted net income (loss) per share attributable to common stockholders was calculated as follows for the three and six months ended March 31, 2014 and 2013, respectively: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Basic net income (loss) per share attributable to common stockholders: | |||||||||||||||||
Numerator: | |||||||||||||||||
Net income (loss) | $ | (5,203 | ) | $ | (3,749 | ) | $ | (10,573 | ) | $ | 18,208 | ||||||
Accretion of redeemable convertible preferred stock to redemption value | — | (1,244 | ) | — | (2,526 | ) | |||||||||||
Net income attributable to participating securities | — | — | — | (13,670 | ) | ||||||||||||
Net income (loss) attributable to common stockholders | $ | (5,203 | ) | $ | (4,993 | ) | $ | (10,573 | ) | $ | 2,012 | ||||||
Denominator: | |||||||||||||||||
Weighted average common shares outstanding—basic | 18,353,628 | 2,192,470 | 18,149,330 | 1,669,578 | |||||||||||||
Net income (loss) per share attributable to common stockholders—basic | $ | (0.28 | ) | $ | (2.28 | ) | $ | (0.58 | ) | $ | 1.21 | ||||||
Diluted net income (loss) per share attributable to common stockholders: | |||||||||||||||||
Numerator: | |||||||||||||||||
Net income (loss) | $ | (5,203 | ) | $ | (3,749 | ) | $ | (10,573 | ) | $ | 18,208 | ||||||
Accretion of redeemable convertible preferred stock to redemption value | — | (1,244 | ) | — | (2,526 | ) | |||||||||||
Net income attributable to participating securities | — | — | — | (12,329 | ) | ||||||||||||
Net income (loss) attributable to common stockholders—diluted | $ | (5,203 | ) | $ | (4,993 | ) | $ | (10,573 | ) | $ | 3,353 | ||||||
Denominator: | |||||||||||||||||
Weighted average common shares outstanding—basic | 18,353,628 | 2,192,470 | 18,149,330 | 1,669,578 | |||||||||||||
Dilutive effect of common stock equivalents | — | — | — | 1,414,506 | |||||||||||||
Weighted average common shares outstanding—diluted | 18,353,628 | 2,192,470 | 18,149,330 | 3,084,084 | |||||||||||||
Net income (loss) per share attributable to common stockholders—diluted | $ | (0.28 | ) | $ | (2.28 | ) | $ | (0.58 | ) | $ | 1.09 | ||||||
Fair_Value_of_Financial_Assets2
Fair Value of Financial Assets and Liabilities - Financial Assets and Liabilities that were Subject to Fair Value Measurement on Recurring Basis (Detail) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Assets: | ' | ' |
Cash equivalents | $15,282 | $7,517 |
Available for sale securities, fair value | 83,853 | 103,324 |
Assets, Fair Value Disclosure, Total | 99,135 | 110,841 |
Liabilities: | ' | ' |
Warrant liability | 1,617 | 1,620 |
Liabilities, Fair Value Disclosure, Total | 1,823 | 1,620 |
U.S. Treasury Notes [Member] | ' | ' |
Assets: | ' | ' |
Available for sale securities, fair value | ' | 1,005 |
Commercial Paper [Member] | ' | ' |
Assets: | ' | ' |
Available for sale securities, fair value | 9,335 | 10,596 |
Corporate Bonds [Member] | ' | ' |
Assets: | ' | ' |
Available for sale securities, fair value | 74,518 | 84,755 |
U.S. Agency Bonds [Member] | ' | ' |
Assets: | ' | ' |
Available for sale securities, fair value | ' | 3,518 |
Certificate of Deposit [Member] | ' | ' |
Assets: | ' | ' |
Available for sale securities, fair value | ' | 3,450 |
Series 1 Nonconvertible Preferred Stock [Member] | ' | ' |
Liabilities: | ' | ' |
Series 1 nonconvertible preferred stock | 206 | ' |
Level 1 [Member] | ' | ' |
Assets: | ' | ' |
Cash equivalents | 15,282 | 7,517 |
Assets, Fair Value Disclosure, Total | 15,282 | 8,522 |
Liabilities: | ' | ' |
Warrant liability | ' | ' |
Liabilities, Fair Value Disclosure, Total | ' | ' |
Level 1 [Member] | U.S. Treasury Notes [Member] | ' | ' |
Assets: | ' | ' |
Available for sale securities, fair value | ' | 1,005 |
Level 1 [Member] | Commercial Paper [Member] | ' | ' |
Assets: | ' | ' |
Available for sale securities, fair value | ' | ' |
Level 1 [Member] | Corporate Bonds [Member] | ' | ' |
Assets: | ' | ' |
Available for sale securities, fair value | ' | ' |
Level 1 [Member] | U.S. Agency Bonds [Member] | ' | ' |
Assets: | ' | ' |
Available for sale securities, fair value | ' | ' |
Level 1 [Member] | Certificate of Deposit [Member] | ' | ' |
Assets: | ' | ' |
Available for sale securities, fair value | ' | ' |
Level 1 [Member] | Series 1 Nonconvertible Preferred Stock [Member] | ' | ' |
Liabilities: | ' | ' |
Series 1 nonconvertible preferred stock | ' | ' |
Level 2 [Member] | ' | ' |
Assets: | ' | ' |
Cash equivalents | ' | ' |
Assets, Fair Value Disclosure, Total | 83,853 | 102,319 |
Liabilities: | ' | ' |
Warrant liability | ' | ' |
Liabilities, Fair Value Disclosure, Total | ' | ' |
Level 2 [Member] | U.S. Treasury Notes [Member] | ' | ' |
Assets: | ' | ' |
Available for sale securities, fair value | ' | ' |
Level 2 [Member] | Commercial Paper [Member] | ' | ' |
Assets: | ' | ' |
Available for sale securities, fair value | 9,335 | 10,596 |
Level 2 [Member] | Corporate Bonds [Member] | ' | ' |
Assets: | ' | ' |
Available for sale securities, fair value | 74,518 | 84,755 |
Level 2 [Member] | U.S. Agency Bonds [Member] | ' | ' |
Assets: | ' | ' |
Available for sale securities, fair value | ' | 3,518 |
Level 2 [Member] | Certificate of Deposit [Member] | ' | ' |
Assets: | ' | ' |
Available for sale securities, fair value | ' | 3,450 |
Level 2 [Member] | Series 1 Nonconvertible Preferred Stock [Member] | ' | ' |
Liabilities: | ' | ' |
Series 1 nonconvertible preferred stock | ' | ' |
Level 3 [Member] | ' | ' |
Assets: | ' | ' |
Cash equivalents | ' | ' |
Assets, Fair Value Disclosure, Total | ' | ' |
Liabilities: | ' | ' |
Warrant liability | 1,617 | 1,620 |
Liabilities, Fair Value Disclosure, Total | 1,823 | 1,620 |
Level 3 [Member] | U.S. Treasury Notes [Member] | ' | ' |
Assets: | ' | ' |
Available for sale securities, fair value | ' | ' |
Level 3 [Member] | Commercial Paper [Member] | ' | ' |
Assets: | ' | ' |
Available for sale securities, fair value | ' | ' |
Level 3 [Member] | Corporate Bonds [Member] | ' | ' |
Assets: | ' | ' |
Available for sale securities, fair value | ' | ' |
Level 3 [Member] | U.S. Agency Bonds [Member] | ' | ' |
Assets: | ' | ' |
Available for sale securities, fair value | ' | ' |
Level 3 [Member] | Certificate of Deposit [Member] | ' | ' |
Assets: | ' | ' |
Available for sale securities, fair value | ' | ' |
Level 3 [Member] | Series 1 Nonconvertible Preferred Stock [Member] | ' | ' |
Liabilities: | ' | ' |
Series 1 nonconvertible preferred stock | $206 | ' |
Fair_Value_of_Financial_Assets3
Fair Value of Financial Assets and Liabilities - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Sep. 30, 2013 |
Series 1 Nonconvertible Preferred Stock [Member] | Series 1 Nonconvertible Preferred Stock [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Transfers between Level 1, Level 2 and Level 3 | $0 | $0 | $0 | $0 | ' | ' |
Fair value of warrants | ' | ' | ' | ' | 1,617 | 1,620 |
Fair value of Series 1 nonconvertible preferred stock | ' | ' | ' | ' | $206 | ' |
Fair_Value_of_Financial_Assets4
Fair Value of Financial Assets and Liabilities - Fair Value Measurements of the Company's Warrant Liability and Series 1 Nonconvertible Preferred Stock (Detail) (Warrant Liability [Member], Series 1 Nonconvertible Preferred Stock [Member]) | 6 Months Ended |
Mar. 31, 2014 | |
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ' |
Discount rate | 4.25% |
Minimum [Member] | ' |
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ' |
Probabilities of payout | 25.00% |
Periods in which payout is expected to occur | '2014 |
Maximum [Member] | ' |
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ' |
Probabilities of payout | 90.00% |
Periods in which payout is expected to occur | '2018 |
Fair_Value_of_Financial_Assets5
Fair Value of Financial Assets and Liabilities - Rollforward of Aggregate Fair Values of Warrants and Series 1 Nonconvertible Preferred Stock Outstanding (Detail) (USD $) | 6 Months Ended |
Mar. 31, 2014 | |
Warrant Liability [Member] | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' |
Beginning Balance | $1,620 |
Warrants exercised | -206 |
Increase in fair value | 203 |
Ending Balance | 1,617 |
Series 1 Nonconvertible Preferred Stock [Member] | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' |
Beginning Balance | ' |
Warrants exercised | 206 |
Increase in fair value | ' |
Ending Balance | $206 |
Marketable_Securities_Fair_Val
Marketable Securities - Fair Value of Available-for-Sale Marketable Securities by Type of Security (Detail) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | $83,792 | $103,326 |
Gross Unrealized Gains | 62 | 24 |
Gross Unrealized Losses | -1 | -26 |
Fair Value | 83,853 | 103,324 |
Commercial Paper [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 9,335 | 10,596 |
Gross Unrealized Gains | ' | ' |
Gross Unrealized Losses | ' | ' |
Fair Value | 9,335 | 10,596 |
Corporate Bonds [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 74,457 | 84,757 |
Gross Unrealized Gains | 62 | 23 |
Gross Unrealized Losses | -1 | -25 |
Fair Value | 74,518 | 84,755 |
U.S. Agency Bonds [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | ' | 3,519 |
Gross Unrealized Gains | ' | ' |
Gross Unrealized Losses | ' | -1 |
Fair Value | ' | 3,518 |
Certificate of Deposit [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | ' | 3,450 |
Gross Unrealized Gains | ' | ' |
Gross Unrealized Losses | ' | ' |
Fair Value | ' | 3,450 |
U.S. Treasury Notes [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | ' | 1,004 |
Gross Unrealized Gains | ' | 1 |
Gross Unrealized Losses | ' | ' |
Fair Value | ' | $1,005 |
Marketable_Securities_Addition
Marketable Securities - Additional Information (Detail) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ' |
Marketable securities maturing within two years, aggregate fair value | 7,184 |
Short Term Marketable Securities [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Maturity period of the marketable securities | 'Within one year |
Corporate Bond Securities [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Maturity period of the marketable securities | 'Within two years |
Accrued_Expenses_and_Other_Lon2
Accrued Expenses and Other Long-Term Liabilities - Accrued Expenses (Current) and Other Long-Term Liabilities (Detail) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Accrued expenses: | ' | ' |
Accrued professional fees | $249 | $378 |
Accrued payroll and related expenses | 562 | 1,041 |
Accrued preclinical and clinical expenses | 590 | 127 |
Accrued third-party license fees | 245 | 240 |
Accrued vendor manufacturing | 456 | 989 |
Accrued other | 225 | 260 |
Accrued expenses | 2,327 | 3,035 |
Other long-term liabilities: | ' | ' |
Present value of accrued third-party license fees | 188 | 184 |
Accrued rent expense | 140 | 127 |
Asset retirement obligation | 61 | 48 |
Other long-term liabilities | $389 | $359 |
Collaboration_Agreements_Addit
Collaboration Agreements - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 3 Months Ended | 6 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Jun. 30, 2011 | Mar. 31, 2014 | Mar. 31, 2014 | Apr. 30, 2014 | 31-May-14 | Dec. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Feb. 16, 2012 | Jan. 31, 2013 | Feb. 16, 2012 | Feb. 16, 2012 | Mar. 31, 2013 | Feb. 16, 2012 | Feb. 16, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Aug. 31, 2013 | Mar. 31, 2014 | Sep. 30, 2011 | Sep. 30, 2011 | Sep. 30, 2011 |
AbbVie [Member] | AbbVie [Member] | AbbVie [Member] | AbbVie [Member] | AbbVie [Member] | AbbVie [Member] | AbbVie [Member] | AbbVie [Member] | Novartis [Member] | Novartis [Member] | Novartis [Member] | Novartis [Member] | Novartis [Member] | Novartis [Member] | Novartis [Member] | Novartis [Member] | Novartis [Member] | Novartis [Member] | Novartis [Member] | National Institutes of Health, National Institute of Allergy and Infectious Diseases [Member] | National Institutes of Health, National Institute of Allergy and Infectious Diseases [Member] | National Institutes of Health, National Institute of Allergy and Infectious Diseases [Member] | National Institutes of Health, National Institute of Allergy and Infectious Diseases [Member] | National Institutes of Health, National Institute of Allergy and Infectious Diseases [Member] | National Institutes of Health, National Institute of Allergy and Infectious Diseases [Member] | National Institutes of Health, National Institute of Allergy and Infectious Diseases [Member] | National Institutes of Health, National Institute of Allergy and Infectious Diseases [Member] | National Institutes of Health, National Institute of Allergy and Infectious Diseases [Member] | |
US [Member] | Europe [Member] | Milestone Payments [Member] | Commercial Milestone Payments [Member] | Commercial Milestone Payments [Member] | Quality Assurance and Testing [Member] | Phase 1 Clinical Trial [Member] | Phase 2 Clinical Trial [Member] | Research Contracts [Member] | Research Contracts [Member] | Maximum [Member] | Maximum [Member] | Initial [Member] | Initial [Member] | Maximum [Member] | Maximum [Member] | |||||||||||||
Subsequent Event [Member] | Subsequent Event [Member] | Phase 3 Clinical Trial [Member] | Additional Funding Agreement Terms [Member] | Research Contracts [Member] | Renewals | Initial [Member] | ||||||||||||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Collaboration agreement date | ' | ' | '2006-11-27 | ' | ' | ' | ' | ' | ' | ' | '2012-02-16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2011-09-30 | ' | ' | ' | ' | ' | ' |
Collaboration agreement tiered royalty description | ' | ' | 'From the low double digits up to twenty percent, or on a blended basis from the low double digits up to the high teens, on net sales | ' | ' | ' | ' | ' | ' | ' | 'From the low double digits up to the high teens on net product sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Upfront license payments, research funding, and milestone payments | $92,450 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Milestone revenue payments received | ' | 0 | 0 | 20,000 | 20,000 | 15,000 | ' | ' | 0 | ' | 0 | ' | ' | 11,000 | ' | ' | ' | ' | ' | ' | 731 | ' | 2,178 | ' | ' | ' | ' | ' |
Expected proceed from milestone payment | ' | ' | ' | ' | ' | ' | 155,000 | 80,000 | ' | ' | ' | ' | ' | ' | 15,000 | ' | ' | 406,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected nonrefundable upfront fee and reimbursement expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 34,442 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Funding related to research and development | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,800 | 23,500 | ' | 23,500 | ' | 9,200 | ' | ' | ' | ' |
Research funding period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional research funding period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '6 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Delivery of license and the research services revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | 465 | ' | 11,877 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Awarded contract for development, amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,300 | 42,700 | 42,700 |
Awarded contract for development, contract period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '30 months | '5 years | ' |
Expiration date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30-Mar-14 | ' | ' | ' |
Awarded contract for development, number of extension option | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 | ' |
Extended expiration date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'September 30, 2016 | ' | ' | ' | ' | ' | ' |
Revenue from grants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,160 | $731 | $3,053 | $2,178 | ' | ' | ' | ' | ' |
Warrants_to_Purchase_Series_1_1
Warrants to Purchase Series 1 Nonconvertible Preferred Stock and Series 1 Nonconvertible Preferred Stock - Additional Information (Detail) (Series 1 Nonconvertible Preferred Stock [Member], USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Feb. 05, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Sep. 30, 2013 | Nov. 30, 2010 |
Series 1 Nonconvertible Preferred Stock [Member] | ' | ' | ' | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Number of shares issuable upon exercise of the warrants | ' | ' | ' | ' | ' | ' | 1,999,989 |
Warrant expiration date | ' | ' | ' | 4-Oct-17 | ' | ' | ' |
(Income) expense from change in fair value of outstanding warrants | ' | $186 | ($214) | $203 | ($234) | ' | ' |
Fair value of warrants | ' | 1,617 | ' | 1,617 | ' | 1,620 | ' |
Warrant exercised | 225,408 | ' | ' | ' | ' | ' | ' |
Warrants issuance | 223,153 | ' | ' | ' | ' | ' | ' |
Fair value of the Series 1 nonconvertible preferred stock | ' | $206 | ' | $206 | ' | ' | ' |
StockBased_Awards_Additional_I
Stock-Based Awards - Additional Information (Detail) (USD $) | 6 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Sep. 30, 2013 | Oct. 02, 2013 | Jan. 17, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 |
2012 Equity Incentive Plan [Member] | 2012 Equity Incentive Plan [Member] | 2012 Equity Incentive Plan [Member] | 2012 Equity Incentive Plan [Member] | 2012 Equity Incentive Plan [Member] | |||
Executive Officer [Member] | Executive Officer [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Common stock shares authorized | ' | ' | ' | 348,355 | ' | ' | ' |
Percentage of potential common stock shares to be issued | ' | ' | ' | 3.00% | ' | ' | ' |
Common stock additional shares issued | ' | ' | 538,102 | 2,088,167 | ' | ' | ' |
Shares available for future grant | ' | ' | ' | ' | 506,800 | ' | ' |
Options granted to executives | 387,150 | ' | ' | ' | ' | 167,052 | ' |
Fair value of options at the grant date | ' | ' | ' | ' | ' | $2,479 | ' |
Stock based compensation, expenses | ' | ' | ' | ' | ' | ' | 206 |
Common stock reserved | ' | 185,614 | ' | ' | ' | ' | ' |
Shares issued under the ESPP | 0 | ' | ' | ' | ' | ' | ' |
Aggregate of unrecognized stock-based compensation cost | $7,678 | ' | ' | ' | ' | ' | ' |
Weighted average recognition period | '3 years 7 months 6 days | ' | ' | ' | ' | ' | ' |
StockBased_Awards_Data_Used_to
Stock-Based Awards - Data Used to Determine Value of Stock Option Grants, Presented on Weighted Average Basis (Detail) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' | ' | ' |
Risk-free interest rate | 1.93% | 1.08% | 1.90% | 1.03% |
Expected term (in years) | '6 years 26 days | '6 years 1 month 28 days | '6 years 1 month 2 days | '6 years 1 month 6 days |
Expected volatility | 77.00% | 71.00% | 74.00% | 73.00% |
Expected dividend yield | 0.00% | 0.00% | 0.00% | 0.00% |
StockBased_Awards_Stock_Option
Stock-Based Awards - Stock Option Activity (Detail) (USD $) | 0 Months Ended | 6 Months Ended |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Mar. 31, 2014 |
Shares Issuable Under Options | ' | ' |
Outstanding as of beginning of period | ' | 1,583,031 |
Granted | ' | 387,150 |
Exercised | ' | -548,374 |
Forfeited | ' | -9,279 |
Expired | ' | -465 |
Outstanding as of end of period | 1,583,031 | 1,412,063 |
Options vested and expected to vest as of end of period | ' | 1,225,963 |
Options exercisable as of end of period | ' | 739,301 |
Weighted Average Exercise Price | ' | ' |
Outstanding as of beginning of period | ' | $5.15 |
Granted | ' | $28.49 |
Exercised | ' | $1.18 |
Forfeited | ' | $14 |
Expired | ' | $0.73 |
Outstanding as of ending balance | $5.15 | $12.88 |
Options vested and expected to vest as of end of period | ' | $12.71 |
Options exercisable as of end of period | ' | $5.21 |
Weighted Average Remaining Contractual Term (In years) | ' | ' |
Outstanding as of end of period | '5 years | '7 years 3 months 18 days |
Options vested and expected to vest as of end period | ' | '6 years 10 months 24 days |
Options exercisable as of end of period | ' | '5 years 7 months 6 days |
Aggregate Intrinsic Value | ' | ' |
Outstanding as of beginning of period | ' | $28,133 |
Outstanding as of end of period | 28,133 | 38,250 |
Options vested and expected to vest as of end of period | ' | 33,448 |
Options exercisable as of end of period | ' | $25,689 |
StockBased_Awards_StockBased_C
Stock-Based Awards - Stock-Based Compensation Expense (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | $752 | $257 | $1,111 | $538 |
Research and Development [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | 228 | 85 | 366 | 179 |
General and Administrative [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | $524 | $172 | $745 | $359 |
Net_Income_Loss_Per_Share_Basi
Net Income (Loss) Per Share - Basic and Diluted Net Income (Loss) Per Share Attributable to Common Stockholders (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Basic net income (loss) per share attributable to common stockholders: | ' | ' | ' | ' |
Net income (loss) | ($5,203) | ($3,749) | ($10,573) | $18,208 |
Accretion of redeemable convertible preferred stock to redemption value | ' | -1,244 | ' | -2,526 |
Net income attributable to participating securities | ' | ' | ' | -13,670 |
Net income (loss) attributable to common stockholders | -5,203 | -4,993 | -10,573 | 2,012 |
Weighted average common shares outstanding-basic | 18,353,628 | 2,192,470 | 18,149,330 | 1,669,578 |
Net income (loss) per share attributable to common stockholders-basic | ($0.28) | ($2.28) | ($0.58) | $1.21 |
Diluted net income (loss) per share attributable to common stockholders: | ' | ' | ' | ' |
Net income (loss) | -5,203 | -3,749 | -10,573 | 18,208 |
Accretion of redeemable convertible preferred stock to redemption value | ' | -1,244 | ' | -2,526 |
Net income attributable to participating securities | ' | ' | ' | -12,329 |
Net income (loss) attributable to common stockholders-diluted | ($5,203) | ($4,993) | ($10,573) | $3,353 |
Weighted average common shares outstanding-basic | 18,353,628 | 2,192,470 | 18,149,330 | 1,669,578 |
Dilutive effect of common stock equivalents | ' | ' | ' | 1,414,506 |
Weighted average common shares outstanding-diluted | 18,353,628 | 2,192,470 | 18,149,330 | 3,084,084 |
Net income (loss) per share attributable to common stockholders-diluted | ($0.28) | ($2.28) | ($0.58) | $1.09 |
Net_Income_Loss_Per_Share_Addi
Net Income (Loss) Per Share - Additional Information (Detail) (Stock Option [Member]) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | |
Stock Option [Member] | ' | ' | ' | ' |
Dilutive Securities Included And Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Shares excluded from the computation of diluted net income per share | 1,505,947 | 1,786,070 | 1,583,885 | 126,489 |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Sep. 30, 2013 |
Commitments And Contingencies [Line Items] | ' | ' | ' | ' | ' |
Rent expense | $237 | $237 | $474 | $474 | ' |
Office lease expiration period | ' | ' | 'September 2018 | ' | ' |
Outstanding letter of credit | 436 | ' | 436 | ' | ' |
Restricted cash | 436 | ' | 436 | ' | 436 |
Maintenance fees | ' | ' | 105 | ' | ' |
One-time fee | ' | ' | 50 | ' | ' |
License agreement, recorded liability | 433 | ' | 433 | ' | ' |
Company's obligation to pay | ' | ' | 5,000 | ' | ' |
Fiscal Year 2014 [Member] | ' | ' | ' | ' | ' |
Commitments And Contingencies [Line Items] | ' | ' | ' | ' | ' |
License expense | ' | ' | 250 | ' | ' |
Fiscal Year 2015 [Member] | ' | ' | ' | ' | ' |
Commitments And Contingencies [Line Items] | ' | ' | ' | ' | ' |
License expense | ' | ' | 200 | ' | ' |
Accrued Expenses [Member] | ' | ' | ' | ' | ' |
Commitments And Contingencies [Line Items] | ' | ' | ' | ' | ' |
License agreement, recorded liability | 245 | ' | 245 | ' | ' |
Other Long-Term Liabilities [Member] | ' | ' | ' | ' | ' |
Commitments And Contingencies [Line Items] | ' | ' | ' | ' | ' |
License agreement, recorded liability | $188 | ' | $188 | ' | ' |