Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Mar. 14, 2014 | Jun. 30, 2013 | |
Document and Entity Information | ' | ' | ' |
Entity Registrant Name | 'Karyopharm Therapeutics Inc. | ' | ' |
Entity Central Index Key | '0001503802 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Amendment Flag | 'false | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Non-accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $0 |
Entity Common Stock, Shares Outstanding | ' | 29,753,726 | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents (NPM restricted December 31, 2012 $12) | $155,974 | $391 |
Prepaid expenses and other current assets (NPM restricted December 31, 2012 $485) | 1,982 | 563 |
Total current assets | 157,956 | 954 |
Property and equipment, net | 240 | 327 |
Other assets | 30 | 30 |
Total assets | 158,226 | 1,311 |
Current liabilities: | ' | ' |
Accounts payable (NPM restricted December 31, 2012 $499) | 1,740 | 1,076 |
Accrued expenses (NPM restricted December 31, 2012 $312) | 1,168 | 764 |
Deferred revenue | 79 | 66 |
Other liabilities | 305 | 24 |
Total current liabilities | 3,292 | 1,930 |
Commitments and contingencies (Note 8) | ' | ' |
Preferred stock subscription | ' | 8,980 |
Convertible preferred stock | ' | 18,278 |
Total convertible preferred stock | ' | 27,258 |
Stockholders' equity (deficit): | ' | ' |
Common stock, $0.0001 par value authorized; 100,000,000 and 35,000,000 shares authorized at December 31, 2013 and 2012, respectively; 29,587,258 and 2,123,388 shares issued and outstanding at December 31, 2013 and 2012, respectively | 3 | ' |
Preferred stock, $0.0001 par value; 5,000,000 and no shares authorized at December 31, 2013 and 2012, respectively; no shares issued and outstanding | ' | ' |
Additional paid-in capital | 217,500 | 745 |
Deficit accumulated during the development stage | -62,569 | -28,622 |
Total stockholders' equity (deficit) | 154,934 | -27,877 |
Total liabilities convertible preferred stock and stockholders' equity (deficit) | $158,226 | $1,311 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Cash and cash equivalents (in dollars) | $155,974 | $391 |
Prepaid expenses and other current assets (in dollars) | 1,982 | 563 |
Accounts payable (in dollars) | 1,740 | 1,076 |
Accrued expenses (in dollars) | 1,168 | 764 |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 100,000,000 | 35,000,000 |
Common stock, shares issued | 29,587,258 | 2,123,388 |
Common stock, shares outstanding | 29,587,258 | 2,123,388 |
Preferred stock, par value (in dollars per share) | $0.00 | $0.00 |
Preferred stock, shares authorized | 5,000,000 | 0 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
NPM | ' | ' |
Cash and cash equivalents (in dollars) | ' | 12 |
Prepaid expenses and other current assets (in dollars) | ' | 485 |
Accounts payable (in dollars) | ' | 499 |
Accrued expenses (in dollars) | ' | $312 |
Consolidated_Statements_Of_Ope
Consolidated Statements Of Operations (USD $) | 12 Months Ended | 60 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 |
Consolidated Statements Of Operations | ' | ' | ' | ' |
Contract and grant revenue | $387 | $634 | $152 | $1,266 |
Operating expenses: | ' | ' | ' | ' |
Research and development | 28,452 | 14,095 | 8,623 | 52,835 |
General and administrative | 5,885 | 2,429 | 1,840 | 10,817 |
Total operating expenses | 34,337 | 16,524 | 10,463 | 63,652 |
Loss from operations | -33,950 | -15,890 | -10,311 | -62,386 |
Other income (expense): | ' | ' | ' | ' |
Interest income | 3 | 2 | ' | 5 |
Interest expense | ' | ' | ' | -188 |
Total other income (expense) | 3 | 2 | ' | -183 |
Net loss | ($33,947) | ($15,888) | ($10,311) | ($62,569) |
Net loss per share applicable to common stockholders-basic and diluted (in dollars per share) | ($5.59) | ($8.95) | ($10.27) | ($35) |
Weighted-average number of common shares outstanding used in net loss per share applicable to common stockholders-basic and diluted (in shares) | 6,067,679 | 1,775,323 | 1,004,144 | 1,787,668 |
Consolidated_Statements_Of_Con
Consolidated Statements Of Convertible Preferred Stock And Stockholders' Equity (Deficit) (USD $) | Total | Common Shares | Additional Paid-In Capital | Deficit Accumulated During the Development Stage | Special Participation Preferred Shares | Series A Convertible Preferred Shares | Series A-2 Convertible Preferred Shares | Series A-3 Convertible Preferred Shares | Series A-4 Convertible Preferred Shares | Series B Convertible Preferred Shares | Series B-1 Convertible Preferred Shares | Preferred Stock Subscription |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||
Balance at Dec. 21, 2008 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss | ($179,000) | ' | ' | ($179,000) | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at Dec. 31, 2009 | -179,000 | ' | ' | -179,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock in connection with a service agreement (in shares) | ' | 151,515 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of convertible preferred stock, net of issuance costs | ' | ' | ' | ' | ' | 4,840,000 | ' | ' | ' | ' | ' | ' |
Issuance of convertible preferred stock, net of issuance costs (in shares} | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | ' | ' |
Proceeds from sale of restricted stock to advisors | 1,000 | ' | 1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of special participation stock (in shares) | ' | ' | ' | ' | 10,000 | ' | ' | ' | ' | ' | ' | ' |
Conversion of notes payable into Series A convertible preferred stock (in shares) | ' | ' | ' | ' | ' | 937,500 | ' | ' | ' | ' | ' | ' |
Vesting of restricted stock (in shares) | ' | 578,600 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense | 46,000 | ' | 46,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss | -2,244,000 | ' | ' | -2,244,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at Dec. 31, 2010 | -2,376,000 | ' | 47,000 | -2,423,000 | ' | 5,778,000 | ' | ' | ' | ' | ' | ' |
Balance (in shares) at Dec. 31, 2010 | ' | 730,115 | ' | ' | 10,000 | 5,937,500 | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock in connection with a service agreement (in shares) | ' | 11,170 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of convertible preferred stock | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | ' | ' |
Issuance of convertible preferred stock (in shares) | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | ' | ' |
Proceeds from the sale of Series A-2 convertible preferred stock, net of issuance costs of $35 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,980,000 |
Proceeds from the sale of Series A-2 convertible preferred stock, net of issuance costs of $35 (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,100,000 |
Proceeds from sale of restricted stock to advisors | 12,000 | ' | 12,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting of restricted stock (in shares) | ' | 486,921 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense | 24,000 | ' | 24,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss | -10,311,000 | ' | ' | -10,311,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at Dec. 31, 2011 | -12,651,000 | ' | 83,000 | -12,734,000 | ' | 10,778,000 | ' | ' | ' | ' | ' | 6,980,000 |
Balance (in shares) at Dec. 31, 2011 | ' | 1,228,206 | ' | ' | 10,000 | 10,937,500 | ' | ' | ' | ' | ' | 6,100,000 |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of convertible preferred stock | ' | ' | ' | ' | ' | 7,500,000 | ' | ' | ' | ' | ' | ' |
Issuance of convertible preferred stock (in shares) | ' | ' | ' | ' | ' | 7,500,000 | ' | ' | ' | ' | ' | ' |
Proceeds from the sale of Series A-4 convertible preferred stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 |
Proceeds from the sale of Series A-4 convertible preferred stock (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,538,461 |
Exercise of stock options | 9,000 | ' | 9,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of stock options (in shares) | ' | 319,635 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting of restricted stock (in shares) | ' | 575,547 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense | 653,000 | ' | 653,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss | -15,888,000 | ' | ' | -15,888,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at Dec. 31, 2012 | -27,877,000 | ' | 745,000 | -28,622,000 | ' | 18,278,000 | ' | ' | ' | ' | ' | 8,980,000 |
Balance (in shares) at Dec. 31, 2012 | ' | 2,123,388 | ' | ' | 10,000 | 18,437,500 | ' | ' | ' | ' | ' | 7,638,461 |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of convertible preferred stock | ' | ' | ' | ' | ' | 2,500,000 | ' | ' | ' | ' | ' | ' |
Issuance of convertible preferred stock (in shares) | ' | ' | ' | ' | ' | 2,500,000 | ' | ' | ' | ' | ' | ' |
Proceeds from the sale of Series A-3 convertible preferred stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 |
Proceeds from the sale of Series A-3 convertible preferred stock (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,764,706 |
Proceeds from the sale of Series B convertible preferred stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 |
Proceeds from the sale of Series B convertible preferred stock (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 |
Issuance of convertible preferred stock, net of issuance costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | 46,057,000 | 18,877,000 | ' |
Issuance of convertible preferred stock, net of issuance costs (in shares} | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23,100,000 | 8,636,362 | ' |
Issuance of shares related to preferred stock subscription | ' | ' | ' | ' | ' | ' | 6,980,000 | 3,000,000 | 2,000,000 | 2,000,000 | ' | -13,980,000 |
Issuance of shares related to preferred stock subscription (in shares) | ' | ' | ' | ' | ' | ' | 6,100,000 | 1,764,706 | 1,538,461 | 1,000,000 | ' | -10,403,167 |
Conversion of convertible preferred stock into common stock | 99,691,000 | 2,000 | 99,689,000 | ' | ' | -20,778,000 | -6,980,000 | -3,000,000 | -2,000,000 | -48,057,000 | -18,877,000 | ' |
Conversion of convertible preferred stock into common stock (in shares) | ' | 19,114,241 | ' | ' | ' | -20,937,500 | -6,100,000 | -1,764,706 | -1,538,461 | -24,100,000 | -8,636,362 | ' |
Settlement of special participation preferred shares | 88,000 | ' | 88,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Settlement of special participation preferred shares (in shares) | ' | 12,121 | ' | ' | -10,000 | ' | ' | ' | ' | ' | ' | ' |
Exercise of stock options | 34,000 | ' | 34,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of stock options (in shares) | ' | 79,122 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting of restricted stock | 5,000 | ' | 5,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting of restricted stock (in shares) | ' | 438,386 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Initial public offering, net of issuance costs of $3,207 | 113,155,000 | 1,000 | 113,154,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Initial public offering, net of issuance costs of $3,207 (in shares) | ' | 7,820,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense | 3,785,000 | ' | 3,785,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss | -33,947,000 | ' | ' | -33,947,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at Dec. 31, 2013 | $154,934,000 | $3,000 | $217,500,000 | ($62,569,000) | ' | ' | ' | ' | ' | ' | ' | ' |
Balance (in shares) at Dec. 31, 2013 | ' | 29,587,258 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated_Statements_Of_Con1
Consolidated Statements Of Convertible Preferred Stock And Stockholders' Equity (Deficit) (Parenthetical) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2011 |
Common Shares | Series A Convertible Preferred Shares | Series B Convertible Preferred Shares | Series B-1 Convertible Preferred Shares | Preferred Stock Subscription | |
Issuance of stock, issuance costs | $3,207 | $160 | $143 | $123 | $35 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | 60 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 |
Operating activities | ' | ' | ' | ' |
Net loss | ($33,947) | ($15,888) | ($10,311) | ($62,569) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' | ' | ' |
Depreciation and amortization | 144 | 122 | 83 | 350 |
Stock-based compensation | 3,785 | 653 | 24 | 4,508 |
Noncash consulting expenses | 88 | ' | ' | 788 |
Noncash interest expense on convertible notes | ' | ' | ' | 188 |
Change in operating assets and liabilities: | ' | ' | ' | ' |
Prepaid expenses and other current assets | -1,419 | -209 | -99 | -1,982 |
Deposits | ' | ' | ' | -30 |
Accounts payable | 664 | -66 | 1,131 | 1,740 |
Accrued expenses and other liabilities | 382 | 13 | 423 | 1,170 |
Deferred revenue | 13 | -134 | 200 | 79 |
Net cash used in operating activities | -30,290 | -15,509 | -8,549 | -55,758 |
Investing activities | ' | ' | ' | ' |
Purchases of property and equipment | -57 | -121 | -376 | -590 |
Net cash used in investing activities | -57 | -121 | -376 | -590 |
Financing activities | ' | ' | ' | ' |
Proceeds of issuance of common stock, net of issuance costs | 113,155 | 9 | 12 | 113,177 |
Proceeds from the exercise of stock options | 341 | ' | ' | 341 |
Proceeds from issuance of convertible notes | ' | ' | ' | 250 |
Proceeds from issuance of preferred stock subscription | ' | 2,000 | 6,980 | ' |
Principal payments of convertible notes | ' | ' | ' | -200 |
Proceeds from sale of convertible preferred stock, net of issuance costs | 72,434 | 7,500 | 5,000 | 98,754 |
Net cash provided by financing activities | 185,930 | 9,509 | 11,992 | 212,322 |
Net increase (decrease) in cash and cash equivalents | 155,583 | -6,121 | 3,067 | 155,974 |
Cash and cash equivalents, beginning of period | 391 | 6,512 | 3,445 | ' |
Cash and cash equivalents, end of period | 155,974 | 391 | 6,512 | 155,974 |
Supplementary disclosure of noncash investing and financing activities: | ' | ' | ' | ' |
Issuance of shares related to preferred stock subscription | 13,980 | ' | ' | 13,980 |
Preferred stock conversion to common stock | 99,691 | ' | ' | 99,691 |
Conversion of notes payable to preferred stock | ' | ' | ' | 750 |
Issuance of convertible notes in satisfaction of accrued expenses | ' | ' | ' | $700 |
Organization_and_Operations
Organization and Operations | 12 Months Ended |
Dec. 31, 2013 | |
Organization and Operations | ' |
Organization and Operations | ' |
1. Organization and Operations | |
The Company | |
Karyopharm Therapeutics Inc., which we refer to as "Karyopharm" or the "Company", is a clinical stage pharmaceutical company that seeks to discover, develop, and commercialize drugs to treat cancer and other major diseases. It was incorporated in Delaware on December 22, 2008 and has a principal place of business in Natick, Massachusetts. | |
The Company's operations to date have consisted primarily of raising capital, product research and development, and initial market development. Accordingly, the Company is considered to be in the development stage at December 31, 2013. The Company's fiscal year ends on December 31. | |
The Company has not generated any revenue related to its primary business purpose to date and is subject to a number of risks similar to those of other development stage life science companies, including dependence on key individuals, competition from other companies, the need for development of commercially viable products, and the need to obtain adequate additional financing to fund the development of its product candidates. The Company is also subject to a number of risks similar to other companies in the industry, including rapid technological change, regulatory approval of products, uncertainty of market acceptance of products, competition from substitute products and larger companies, the need to obtain additional financing, compliance with government regulations, protection of proprietary technology, dependence on third parties, product liability and dependence on key individuals. | |
The Company has generated an accumulated deficit of $62.6 million since inception. The Company has financed its operations primarily through private placements of its preferred stock and an initial public offering ("IPO") completed in 2013. The Company has not completed development of any product candidate and has devoted substantially all of its financial resources and efforts to research and development, including preclinical and clinical development. The Company expects to continue to incur significant expenses and increasing operating losses for at least several years. | |
Initial public offering | |
In November 2013, the Company closed its IPO of its common stock, which resulted in the sale of 6,800,000 shares of its common stock at a public offering price of $16.00 per share. In December 2013, the Company issued 1,020,000 shares of common stock upon the exercise by the underwriters of their option to purchase additional shares at the public offering price. The Company received net proceeds from the IPO of approximately $113.2 million, after deducting underwriting discounts and expenses payable by the Company. | |
In connection with preparing for the IPO, the Company's Board of Directors and stockholders approved a one-for-3.3 reverse stock split of the Company's common stock. The reverse stock split became effective in October 2013. All share and per share amounts in the consolidated financial statements and notes thereto have been retroactively adjusted for all periods presented to give effect to this reverse stock split, including reclassifying an amount equal to the reduction in par value of common stock to additional paid-in capital. | |
In connection with the closing of the IPO, all of the Company's outstanding convertible preferred stock automatically converted to common stock in November 2013, resulting in an additional 19,114,241 shares of common stock of the Company becoming outstanding. The significant increase in common stock outstanding in November 2013 is expected to impact the year-over-year comparability of the Company's net loss per share calculations in future periods. | |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Summary of Significant Accounting Policies | ' | |||||||||||||
Summary of Significant Accounting Policies | ' | |||||||||||||
2. Summary of Significant Accounting Policies | ||||||||||||||
Basis of Presentation | ||||||||||||||
The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). | ||||||||||||||
Segment Information | ||||||||||||||
Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company views its operations and manages its business in one operating segment, which is the business of discovering, developing and commercializing drugs to treat cancer and other major diseases. All of the Company's revenues are derived in the United States. All material long-lived assets of the Company reside in the United States. | ||||||||||||||
Use of Estimates | ||||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. | ||||||||||||||
On an ongoing basis, the Company's management evaluates its estimates, including estimates related to clinical trial accruals, stock-based compensation expense, and reported amounts of revenues and expenses during the reported period. The Company bases its estimates on historical experience and other market-specific or other relevant assumptions that it believes to be reasonable under the circumstances. Although the Company regularly assesses these estimates, actual results could differ from those estimates. Changes in estimates are recorded in the period in which they become known. | ||||||||||||||
Principles of Consolidation | ||||||||||||||
The consolidated financial statements include the accounts of Karyopharm Therapeutics Inc. (a Delaware corporation) as well as the accounts of Karyopharm Securities Corp. ("KPSC", a Massachusetts corporation), incorporated in December 2013, and NPM Pharma Inc. ("NPM", a Canadian corporation), two wholly-owned subsidiaries requiring consolidation. All significant intercompany balances and transactions have been eliminated in consolidation. | ||||||||||||||
NPM was formed in December 2011 and was 50% owned by the Company until it became a wholly-owned subsidiary in August 2013. NPM was established to procure research and development services in connection with clinical pharmaceutical studies with Canadian vendors on the Company's behalf. | ||||||||||||||
A Variable Interest Entity ("VIE") is an entity that either (i) has insufficient equity to permit the entity to finance its activities without additional subordinated financial support or (ii) has equity investors who lack the characteristics of a controlling financial interest. A VIE is consolidated by its primary beneficiary. The primary beneficiary has both the power to direct the activities that most significantly impact the entity's economic performance and the obligation to absorb losses or the right to receive benefits from the entity that could potentially be significant to the VIE. Prior to August 2013, NPM was a VIE, and the Company, as its primary beneficiary, presented consolidated financials that included the accounts of NPM at December 31, 2012. | ||||||||||||||
Total NPM assets and liabilities reflected on the Company's balance sheet for December 31, 2012 are as follows: | ||||||||||||||
December 31, | ||||||||||||||
2012 | ||||||||||||||
Assets: | ||||||||||||||
Cash and Cash Equivalents | $ | 12 | ||||||||||||
Prepaid Expenses and other current assets | 485 | |||||||||||||
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Total Assets | $ | 497 | ||||||||||||
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Liabilities: | ||||||||||||||
Accounts payable | $ | 499 | ||||||||||||
Accrued expenses and other liabilities | 312 | |||||||||||||
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Total Liabilities | $ | 811 | ||||||||||||
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Cash and Cash Equivalents | ||||||||||||||
Cash equivalents consist primarily of demand deposit accounts and deposits in short-term money market funds. Cash equivalents are stated at cost, which approximates fair market value. The Company considers all highly liquid investments with maturities of three months of less from the date of purchase to be cash equivalents. | ||||||||||||||
Concentrations of Credit Risk and Off-Balance Sheet Risk | ||||||||||||||
Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents. The Company maintains cash accounts in commercial banks, which may, at times, exceed federally insured limits. The Company has not experienced any losses in such accounts. The Company believes it is not exposed to any significant credit risk on cash and cash equivalents. | ||||||||||||||
Fair Value Measurements | ||||||||||||||
The Company's financial instruments consist principally of cash and cash equivalents, accounts payable, and accrued liabilities. Fair value measurements are classified and disclosed in one of the following three categories: | ||||||||||||||
• | ||||||||||||||
Level 1—Quoted prices in active markets for identical assets or liabilities. | ||||||||||||||
• | ||||||||||||||
Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | ||||||||||||||
• | ||||||||||||||
Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | ||||||||||||||
Assets and liabilities measured at fair value on a recurring basis as of December 31, 2013 and 2012 are as follows: | ||||||||||||||
Fair Value Measurements at | ||||||||||||||
Balance as of | Reporting Date Using | |||||||||||||
Description | December 31, 2013 | Level 1 | Level 2 | Level 3 | ||||||||||
Money Market Funds, included in cash equivalents | $ | 155,765 | $ | — | $ | 155,765 | $ | — | ||||||
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Fair Value Measurements | ||||||||||||||
Balance as of | at Reporting Date Using | |||||||||||||
Description | December 31, 2012 | Level 1 | Level 2 | Level 3 | ||||||||||
Money Market Funds, included in cash equivalents | $ | 2 | $ | — | $ | 2 | $ | — | ||||||
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| | | | | | | | | | | | | | |
The cash equivalents represent deposits in a short term money market fund. The Company measures cash equivalents at fair value on a recurring basis. The fair value of cash equivalents is determined based on "Level 2" inputs. | ||||||||||||||
Property and Equipment, net | ||||||||||||||
Property and equipment are recorded at cost, less accumulated depreciation. Depreciation is recorded using the straight-line method over the estimated useful lives of the respective assets, generally three to five years. Leasehold improvements are amortized over the shorter of the lease term or the estimated useful economic lives of the related assets. Expenditures for maintenance and repairs are charged to expense while the costs of significant improvements are capitalized. Upon retirement or sale, the cost of the assets disposed of and the related accumulated depreciation are eliminated from the balance sheets and any related gains or losses are reflected in the consolidated statements of operations. | ||||||||||||||
Long-Lived Assets | ||||||||||||||
The Company reviews the carrying values of its long-lived assets for possible impairment whenever events or changes in circumstances indicate that the carrying amounts of the assets may not be recoverable. Any long-lived assets held for disposal are reported at the lower of their carrying amounts or fair values less costs to sell. The Company has not recorded an impairment in any period since inception. | ||||||||||||||
Revenue Recognition | ||||||||||||||
The Company recognizes revenue in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 605, Revenue Recognition. The Company recognizes revenue in accordance with the milestone method of revenue recognition for arrangements involving research or development or other performance obligations whereby a portion or all of the consideration is contingent upon achievement of milestone events. Under these provisions, arrangement consideration contingent upon achievement of a milestone is recognized by the Company in the period the milestone is met when the Company concludes that the milestone is substantive. At the inception of each applicable arrangement, the Company assesses each milestone and the consideration payable upon achievement of each milestone and concludes that the milestone is substantive if all of the following criteria are met: (i) the consideration is commensurate with the Company's performance or the enhanced value of a delivered item which is a direct result of the Company's performance to achieve the milestone, (ii) the consideration relates to past performance and there are no refund rights or other penalties related to the consideration based on completion of future performance and (iii) the consideration is reasonable relative to all the deliverables and payment terms within the arrangement. The related consideration for milestones that are considered substantive is recognized in its entirety in the period which the milestone is met. | ||||||||||||||
The milestone method of revenue recognition was applicable to two research agreements which were executed during 2013 and 2011, respectively. | ||||||||||||||
The agreement executed during 2013 includes payments upon the achievement of several development milestones as well as an upfront payment. The Company concluded that the upfront payment of $100 did not represent a substantive milestone. Accordingly, the Company is recognizing this amount on a straight-line basis from the date when substantive services commenced through the estimated completion of the final milestone. As of December 31, 2013, no additional milestones were met according to this research agreement. During the year ended December 31, 2013, the Company recognized $21 of the upfront payment pursuant to this research agreement. | ||||||||||||||
The agreement executed during 2011 includes payments upon the achievement of several development milestones as well as an upfront payment. The Company concluded that the upfront payment of $200 did not represent a substantive milestone. Accordingly, the Company recognized this amount on a straight-line basis from the date when substantive services commenced through the estimated completion of the final milestone. As of December 31, 2011, none of the milestones had been met and no revenue was recognized. During the year ended December 31, 2012, the Company recognized $634 related to this research agreement, including $134 of the upfront payment. During the year ended December 31, 2013, the Company recognized $366 related to this agreement, including $66 related to the upfront payment and $300 related to other milestones associated with the agreement. For the period from December 22, 2008 (date of inception) to December 31, 2013, the Company recognized revenue of $1.0 million under this research agreement. There are no future milestones to be met under this agreement. | ||||||||||||||
During 2010, the Company was awarded a federal grant in the amount of $245 under the Qualifying Therapeutic Discovery Project ("QTDP") related to research performed in 2009 and 2010 of which $93 and $152 was received and recognized in income during the years ended December 31, 2010 and December 31, 2011, respectively. For the period from December 22, 2008 (date of inception) to December 31, 2013, the Company recognized revenue of $245 related to the QTDP. | ||||||||||||||
Organizational Costs | ||||||||||||||
All organizational costs are expensed as incurred. | ||||||||||||||
Research and Development Expenses | ||||||||||||||
Research and development costs are charged to expense as incurred and include, but are not limited to: | ||||||||||||||
• | ||||||||||||||
employee-related expenses, including salaries, benefits, travel and stock-based compensation expense; | ||||||||||||||
• | ||||||||||||||
expenses incurred under agreements with contract research organizations, contract manufacturing organizations and consultants that conduct clinical trials and preclinical studies; | ||||||||||||||
• | ||||||||||||||
the cost of acquiring, developing and manufacturing clinical trial materials; | ||||||||||||||
• | ||||||||||||||
facility, depreciation and other expenses, which include direct and allocated expenses for rent and maintenance of facilities, insurance and other supplies; and | ||||||||||||||
• | ||||||||||||||
costs associated with preclinical activities and regulatory operations. | ||||||||||||||
Costs for certain development activities, such as clinical trials, are recognized based on an evaluation of the progress to completion of specific tasks using data such as patient enrollment, clinical site activations, or information provided to the Company by its vendors on their actual costs incurred. Payments for these activities are based on the terms of the individual arrangements, which may differ from the pattern of costs incurred, and are reflected in the financial statements as prepaid or accrued research and development. | ||||||||||||||
Comprehensive Loss | ||||||||||||||
Comprehensive loss consists of net loss and changes in equity during a period from transactions and other equity and circumstances generated from non-owner sources. The Company's net loss equals comprehensive loss for all periods presented. | ||||||||||||||
Income Taxes | ||||||||||||||
The Company uses the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial reporting and the tax reporting basis of assets and liabilities and are measured using the enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. The Company provides a valuation allowance against net deferred tax assets unless, based upon the available evidence, it is more likely than not that the deferred tax assets will be realized. The Company has evaluated available evidence and concluded that the Company may not realize the benefit of its deferred tax assets; therefore a valuation allowance has been established for the full amount of the deferred tax assets. The Company's practice is to recognize interest and/or penalties related to income tax matters in income tax expense. | ||||||||||||||
Accounting for Stock-Based Compensation | ||||||||||||||
The Company accounts for its stock-based compensation awards in accordance with FASB ASC Topic 718, Compensation—Stock Compensation ("ASC 718"). ASC 718 requires all stock-based payments to employees, including grants of employee stock options and restricted stock and modifications to existing stock options, to be recognized in the consolidated statements of operations and comprehensive loss based on their fair values. The Company uses the Black-Scholes option pricing model to determine the fair value of options granted. | ||||||||||||||
Consistent with the guidance in FASB ASC Topic 505-50, Equity-Based Payments to Non-Employees, the fair value of each non-employee stock option is estimated at the date of grant using the Black-Scholes option pricing model with assumptions generally consistent with those used for employee stock options, with the exception of expected term, which is over the contractual life. | ||||||||||||||
Compensation expense related to awards to employees is recognized on a straight-line basis based on the grant date fair value over the associated service period of the award, which is generally the vesting term. Awards to non-employees are adjusted through stock-based compensation expense as the award vests to reflect the current fair value of such awards, and expensed using an accelerated attribution model. | ||||||||||||||
Net Loss Per Share | ||||||||||||||
Basic net loss per share is computed by dividing net loss by the weighted average number of common shares outstanding for the period. The Company's potential dilutive shares, which include outstanding common stock options and unvested restricted stock, have not been included in the computation of diluted net loss per share for any of the periods presented as the result would be antidilutive. | ||||||||||||||
The amounts in the table below were excluded from the calculation of diluted weighted-average shares outstanding, prior to the use of the treasury stock method, due to their anti-dilutive effect: | ||||||||||||||
December 31, | ||||||||||||||
Period from December 22, | ||||||||||||||
2008 (date of inception) to | ||||||||||||||
2013 | 2012 | 2011 | December 31, 2013. | |||||||||||
Convertible preferred stock | — | 5,587,121 | 3,314,393 | — | ||||||||||
Special participation stock | — | 10,000 | 10,000 | — | ||||||||||
Outstanding stock options | 2,410,518 | 691,367 | 1,086,221 | 2,410,518 | ||||||||||
Non-vested restricted stock | 166,949 | 541,218 | 938,143 | 166,949 |
Property_and_Equipment_net
Property and Equipment, net | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Property and Equipment, net | ' | |||||||||
Property and Equipment, net | ' | |||||||||
3. Property and Equipment, net | ||||||||||
Property and equipment, net consist of the following: | ||||||||||
December 31, | ||||||||||
Estimated Useful | ||||||||||
Life Years | 2013 | 2012 | ||||||||
Laboratory Equipment | 4 | $ | 328 | $ | 314 | |||||
Furniture and fixtures | 5 | 98 | 90 | |||||||
Office and computer equipment | 3 | 85 | 85 | |||||||
Leasehold improvements | Lease Term | 79 | 44 | |||||||
| | | | | | | | | | |
590 | 533 | |||||||||
Less accumulated depreciation and amortization | (350 | ) | (206 | ) | ||||||
| | | | | | | | | | |
Property and equipment, net | $ | 240 | $ | 327 | ||||||
| | | | | | | | | | |
| | | | | | | | | | |
Depreciation and amortization expense recorded for the years ended December 31, 2013, 2012, and 2011 were $144, $122, and $83, respectively. Depreciation and amortization expense for the period from December 22, 2008 (date of inception) to December 31, 2013 was $350. | ||||||||||
Research_Agreements
Research Agreements | 12 Months Ended |
Dec. 31, 2013 | |
Research Agreements | ' |
Research Agreements | ' |
4. Research Agreements | |
In July 2011 and September 2013, the Company entered into research agreements in which the Company received payments upon the achievement of certain milestones. The agreements require the Company to pay royalties on product sales, up to a predetermined maximum. The Company must also pay a royalty on any sublicense income, up to a predetermined maximum. From the period December 22, 2008 (date of inception) to December 31, 2013, no royalties or sublicense payments have been made. | |
Accrued_Liabilities
Accrued Liabilities | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Accrued Liabilities | ' | |||||||
Accrued Liabilities | ' | |||||||
5. Accrued Liabilities | ||||||||
Accrued expenses consist of the following: | ||||||||
December 31, | ||||||||
(in thousands) | 2013 | 2012 | ||||||
Payroll and employee-related costs | $ | 100 | $ | 302 | ||||
Research and development costs | 698 | 333 | ||||||
Professional | 215 | — | ||||||
Other | 155 | 129 | ||||||
| | | | | | | | |
Total Accrued Expenses | $ | 1,168 | $ | 764 | ||||
| | | | | | | | |
| | | | | | | | |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions | ' |
Related Party Transactions | ' |
6. Related Party Transactions | |
The company incurred expenses for consulting and contract research services with certain related parties, including a family member of management and a board member, of $418, $109, $889, and $1,416 for the years ended December 31, 2013, 2012, 2011 and the period from December 22, 2008 (date of inception) through December 31, 2013. There are no amounts included in accounts payable or accrued expenses at December 31, 2013, 2012 or 2011 due to related parties. | |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Stockholders' Equity | ' | ||||
Stockholders' Equity | ' | ||||
7. Stockholders' Equity | |||||
Common Stock | |||||
In November 2013, the Company closed an IPO of its common stock, which resulted in the sale of 6,800,000 shares of its common stock at a public offering price of $16.00 per share. In December 2013, the Company issued 1,020,000 shares of common stock upon the exercise by the underwriters of their option to purchase additional shares at the public offering price. The Company received net proceeds from the IPO of approximately $113.2 million, after deducting underwriting discounts and expenses payable by the Company. | |||||
In connection with preparing for the IPO, the Company's Board of Directors and stockholders approved a one-for-3.3 reverse stock split of the Company's common stock. The reverse stock split became effective in October 2013. All share and per share amounts in the consolidated financial statements and notes thereto have been retroactively adjusted for all periods presented to give effect to this reverse stock split, including reclassifying an amount equal to the reduction in par value of common stock to additional paid-in capital. | |||||
In connection with the closing of the IPO, all of the Company's outstanding convertible preferred stock automatically converted to common stock in November 2013, resulting in an additional 19,114,241 shares of common stock of the Company becoming outstanding. The significant increase in common stock outstanding in November 2013 is expected to impact the year-over-year comparability of the Company's net loss per share calculations in future periods. | |||||
In October 2010, the Company issued and sold 1,958,210 shares of its common stock, subject to restrictions that vest over time, to the founders of the Company for an aggregate cash consideration of $1. In October 2010, the Company entered into a service contract and, pursuant to the terms of such contract, the Company was obligated to issue shares. The Company issued 162,685 shares of common stock in connection with this service contract. In December 2011, the Company issued and sold 45,454 shares of its common stock, subject to restrictions that vest over time, to two advisors of the Company for an aggregate cash consideration of $12. In accordance with the terms of the restricted stock agreements, the Company has the right (but not an obligation) to repurchase, at the original purchase price, any non-vested shares of the restricted common stock in the event of termination of the business relationship. Restricted shares are recorded as outstanding as they vest. There were 541,218 and 166,949 shares of non-vested restricted common stock at December 31, 2012 and December 31, 2013, respectively. | |||||
Preferred Stock | |||||
The Company's convertible preferred stock consisted of the following as of December 31, 2013 and 2012: | |||||
As of December 31, | |||||
2013 | 2012 | ||||
Series A convertible preferred stock, $0.0001 par value; Authorized-no shares and 20,937,500 at December 31, 2013 and 2012, respectively; Issued and outstanding-no shares and 18,437,500 at December 31, 2013 and 2012, respectively | $— | $18,278 | |||
Series A-2 convertible preferred stock, $0.0001 par value; Authorized, issued and outstanding-no shares at December 31, 2013 and 2012 | — | — | |||
Series A-3 convertible preferred stock, $0.0001 par value; Authorized, issued and outstanding-no shares at December 31, 2013 and 2012 | — | — | |||
Series A-4 convertible preferred stock, $0.0001 par value; Authorized, issued and outstanding-no shares at December 31, 2013 and 2012 | — | — | |||
Series B convertible preferred stock, $0.0001 par value; Authorized, issued and outstanding-no shares at December 31, 2013 and 2012 | — | — | |||
Series B-1 convertible preferred stock, $0.0001 par value; Authorized, issued and outstanding-no shares at December 31, 2013 and 2012 | — | — | |||
$— | $18,278 | ||||
In October of 2010, the Company entered into an agreement to issue and sell 20,000,000 shares of Series A Preferred Stock at $1.00 per share, which was effectuated in two tranches. The first closing of the first tranche occurred in October 2010, in which the Company issued and sold 5,000,000 shares of Series A Preferred Stock for gross proceeds of $5.0 million. The remaining 5,000,000 shares of the first tranche were issued and sold in 2011 for gross proceeds of $5.0 million. In accordance with the terms of the Series A Preferred Stock Purchase Agreement, the Company issued and sold an additional 10,000,000 shares of Series A Preferred Stock in the second tranche, of which 2,500,000 shares were sold upon the achievement of a pre-defined milestone, and 2,500,000 shares were sold in each of the following three calendar quarters, for total cash consideration of $10.0 million. As discussed below, the Company met this milestone in June 2012. | |||||
In connection with the sale of Series A Preferred Stock, in October 2010, outstanding convertible notes in the amount of $750 were converted into 937,500 shares of Series A Preferred Stock with a value of $938. The difference between the carrying value of the convertible notes and the fair value of the shares issued pursuant to the contractual terms of the conversion of $188 was recorded as a beneficial conversion feature in 2010. | |||||
On October 31, 2011, the Company entered into a stock purchase agreement with an existing stockholder for the purpose of issuing and selling up to 7,000,000 shares of Series A-2 Preferred Stock and the sale of up to 3,000,000 shares of Series A-3 Preferred Stock in two closings. | |||||
Pursuant to this agreement, the Company agreed to sell 6,100,000 shares of Series A-2 Preferred Stock at $1.15 per share for gross proceeds of $7.0 million. The Company accounted for this stock purchase as a preferred stock subscription as these shares were not issued until August 2013. | |||||
Upon meeting a pre-defined clinical milestone in February 2013, the Company agreed to sell 1,764,706 shares of Series A-3 Preferred Stock at $1.70 per share for gross proceeds of $3.0 million. The Company accounted for this stock purchase as a preferred stock subscription as these shares were not issued until August 2013. | |||||
In February 2012, the Company agreed to sell 1,538,461 shares of Series A-4 Preferred Stock at $1.30 per share for gross proceeds of $2.0 million. The Company accounted for this stock purchase as a preferred stock subscription as these shares were not issued until August 2013. | |||||
In June 2012, the Company achieved the milestone for the second tranche of the Series A Preferred Stock Agreement. In accordance with the terms of the Agreement, the Company sold 2,500,000 shares of Series A Preferred Stock in June 2012 for $2.5 million and sold 2,500,000 shares of Series A Preferred Stock in each of the following three calendar quarters. | |||||
Between April and July 2013, the Company issued and sold an aggregate of 11,600,000 shares of Series B Preferred Stock at a price per share of $2.00 for an aggregate purchase price of $23.2 million. Upon the earlier of (i) September 6, 2013 or (ii) immediately prior to the closing of a firm commitment underwritten initial public offering of the Company's securities pursuant to an effective registration statement filed with the SEC, certain of the Company's existing investors were obligated to purchase an additional 12,500,000 shares of the Company's Series B Preferred Stock at a price per share of $2.00, for gross proceeds of $25.0 million. Such shares were issued in September 2013. | |||||
In July 2013, the Company issued and sold an aggregate of 8,636,362 shares of Series B-1 Preferred Stock at a price per share of $2.20 for gross proceeds of $19.0 million. | |||||
In August 2013, the Company issued (i) an aggregate of 6,100,000 shares of its series A-2 preferred stock at a purchase price per share of $1.15, for an aggregate purchase price of $7,015,000, (ii) an aggregate of 1,764,706 shares of its series A-3 preferred stock at a purchase price per share of $1.70, for an aggregate purchase price of $3,000,000, and (iii) an aggregate of 1,538,461 shares of its series A-4 preferred stock, at a purchase price per share of $1.30, for an aggregate purchase price of $1,999,999. | |||||
The Company has evaluated the tranched nature of certain of its Preferred Stock financings, as well as its rights, preferences and privileges of each series of Preferred Stock and has concluded that there are no freestanding derivative instruments, embedded derivatives requiring bifurcation, or any beneficial conversion features. All issued and subscribed shares of Preferred Stock are classified outside of Stockholder's Equity (Deficit) due to the presence of deemed liquidation provisions in the underlying agreements. Proceeds received relating to the sale of Series A-2, A-3, A-4 and B Preferred Stock were classified as a subscription until the shares were delivered in August 2013. | |||||
The Preferred Stockholders were entitled to certain conversion, dividend, voting and liquidation rights. | |||||
In connection with the closing of the IPO, all of the Company's outstanding convertible preferred stock automatically converted to common stock in November 2013, resulting in an additional 19,114,241 shares of common stock of the Company becoming outstanding. Upon the closing of its IPO, the Company had 5,000,000 shares of authorized preferred stock. As of December 31, 2013, the Company does not have any preferred stock issued or outstanding. | |||||
Special Participation Stock | |||||
Upon the sale of Series A Preferred Stock, the Company amended various restricted stock agreements to allow for the sale and issuance of 10,000 shares of special participation stock ("Special Participation Stock") for $0.0001 per share (par value) for nominal consideration. The fair value of these shares during 2011 and 2012 was immaterial. In accordance with the terms of the amended restricted stock agreements, the Company has the right (but not an obligation) to repurchase, at the original purchase price, any unvested shares of Special Participation Stock in the event of termination of the underlying business relationship. There were 4,556 and 2,071 shares of unvested Special Participation Stock at December 31, 2011 and 2012, respectively. | |||||
In July 2013, the Company issued 12,121 shares of common stock in settlement of all outstanding shares of Special Participation Stock. There are no outstanding shares of Special Participation Stock at December 31, 2013. | |||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments and Contingencies. | ' | ||||
Commitments and Contingencies | ' | ||||
8. Commitments and Contingencies | |||||
Operating Leases | |||||
The Company leases its facility under an operating lease that expires in January 2015. In January 2012 and July 2013, the Company amended its operating lease to increase the rentable square footage. The Company has the option to renew the lease for an additional two year option at then current market rate which may include escalations in rent payments during the new term. The Company recognizes rent expense on a straight-line basis over the non-cancelable lease term. | |||||
As of December 31, 2013, the minimum future rent payments under the lease agreement are as follows: | |||||
2014 | $ | 98 | |||
2015 | 8 | ||||
| | | | | |
Total future minimum lease payments | $ | 106 | |||
| | | | | |
| | | | | |
The Company recorded rent expense totaling $174, $127, and $70 for the periods ending December 31, 2013, 2012, and 2011, respectively, and $375 for the period from December 22, 2008 (date of inception) to December 31, 2013. | |||||
Litigation | |||||
From time to time the Company may face legal claims or actions in the normal course of business. The Company is not currently a party to any litigation and, accordingly, does not have amounts recorded for any litigation-related matters. | |||||
Stockbased_Compensation
Stock-based Compensation | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Stock-based Compensation | ' | |||||||||||||
Stock-based Compensation | ' | |||||||||||||
9. Stock-based Compensation | ||||||||||||||
During 2010, the Company established the 2010 Stock Incentive Plan (the "Plan" or the "2010 Plan"). As of December 31, 2013, the Company can issue a maximum number of 1,878,416 shares under the Plan pursuant to outstanding stock options. Under the terms of the Plan, options and other equity interests may be granted to employees, officers, directors, consultants and advisors of the Company. The exercise price of each stock option shall be the fair market value as determined in good faith by the Board of Directors (the Board) at the time each option is granted. The Company has granted service-based options under the Plan. Service-based option grants under the Plan generally vest as follows: 25% of the shares vest one calendar year from the vesting start date, 2.083% of the shares vest on the first day of each month thereafter. The options granted under the Plan generally expire in 10 years. | ||||||||||||||
In October 2013, the Company's board of directors adopted and the Company's stockholders approved the 2013 Stock Incentive Plan (the "2013 Plan"). The 2013 Plan became effective immediately prior to the closing of the IPO and provides for the grant of incentive stock options, nonstatutory stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards and other stock-based awards. The number of shares of Common Stock reserved for issuance under the 2013 Plan is equal to the sum of (1) 969,696 shares plus (2) the number of shares (up to 2,126,377 shares) equal to the sum of the number of shares of Common Stock then available for issuance under the 2010 Plan and the number of shares of Common Stock subject to outstanding awards under the 2010 Plan that expire, terminate or are otherwise surrendered, cancelled, forfeited or repurchased by the Company at their original issuance price pursuant to a contractual repurchase right plus (3) an annual increase, to be added on the first day of each fiscal year, beginning with the fiscal year ending December 31, 2014 and continuing until, and including, the fiscal year ending December 31, 2023, equal to the least of (A) 1,939,393 shares of Common Stock, (B) 4% of the number of shares of Common Stock outstanding on the first day of such fiscal year, and (C) an amount determined by the Company's board of directors. The Company will grant no further stock options or other awards under the 2010 Plan. | ||||||||||||||
In connection with all share-based payment awards, total stock-based compensation expense recognized is as follows: | ||||||||||||||
Year Ended December 31, | Period from | |||||||||||||
22-Dec-08 | ||||||||||||||
(date of inception) | ||||||||||||||
to December 31, | ||||||||||||||
2011 | 2012 | 2013 | 2013 | |||||||||||
Research and development | $ | 24 | $ | 605 | $ | 2,567 | $ | 3,242 | ||||||
General and administrative | — | $ | 48 | $ | 1,218 | $ | 1,266 | |||||||
| | | | | | | | | | | | | | |
Total | $ | 24 | $ | 653 | $ | 3,785 | $ | 4,508 | ||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Stock Options | ||||||||||||||
Total expense related to employee and non-employee stock options for the years ended December 31, 2011, 2012 and 2013, and the period from December 22, 2008 (date of inception) to December 31, 2013 was $17, $264, $3,020 and $3,307, respectively. | ||||||||||||||
The following table summarizes stock option activity for employees and nonemployees: | ||||||||||||||
Shares | Weighted- | Weighted- | Aggregate | |||||||||||
Average | Average | Intrinsic | ||||||||||||
Exercise | Remaining | Value | ||||||||||||
Price | Contractual | |||||||||||||
Term (years) | ||||||||||||||
Options outstanding at December 31, 2012 | 691,367 | $ | 0.46 | 8.8 | $ | 1,666 | ||||||||
Granted | 1,914,195 | $ | 9.94 | |||||||||||
Exercised(1) | (142,758 | ) | $ | 2.36 | ||||||||||
Forfeited | (52,282 | ) | $ | 1.73 | ||||||||||
| | | | | | | | | | | | | | |
Options outstanding at December 31, 2013 | 2,410,522 | $ | 7.85 | 9.3 | $ | 36,717 | ||||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Options vested or expected to vest at December 31, 2013(2) | 2,269,359 | $ | 8.1 | 9.3 | $ | 34,002 | ||||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Options exercisable at December 31, 2013 | 317,804 | $ | 0.34 | 7.5 | $ | 7,177 | ||||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
-1 | ||||||||||||||
Exercises include the issuance of 63,636 shares of non-vested restricted stock pursuant to the exercise of stock options prior to vesting. The Company has the right to repurchase the unvested shares under certain circumstances. | ||||||||||||||
-2 | ||||||||||||||
This represents the number of vested options, plus the number of unvested options that the Company estimated would vest, based on the unvested options as of the year ended December 31, 2013 as adjusted for the estimated forfeiture rate. | ||||||||||||||
The total intrinsic value of stock options exercised in the years ended December 31, 2011, 2012 and 2013 and for the period December 22, 2008 (date of inception) to December 31, 2013 was $ 0, $115, $239, and $354, respectively. | ||||||||||||||
The Company estimates the fair value of each employee and non-employee stock award on the grant date using the Black-Scholes option-pricing model based on the following assumptions: | ||||||||||||||
Years Ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Volatility | 85%-93% | 79%-92% | 78%-79% | |||||||||||
Expected term (in years) | 6.25-10 | 6.25-10 | 6.25-10 | |||||||||||
Risk-free interest rate | 1.07%-3.01% | 0.85%-1.76% | 1.18%-2.62% | |||||||||||
Dividend | 0% | 0% | 0% | |||||||||||
The Company uses the simplified method as prescribed by the Securities and Exchange Commission Staff Accounting Bulletin No. 107, Share-Based Payment, to calculate the expected term as it does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate the expected term for options granted to employees and utilizes the contractual term for options granted to non-employees. The expected term is applied to the stock option grant group as a whole, as the Company does not expect substantially different exercise or post-vesting termination behavior among its employee population. The computation of expected volatility is based on the historical volatility of a representative group of companies with similar characteristics to the Company, including early stage of product development and therapeutic focus. The risk-free interest rate is based on a treasury instrument whose term is consistent with the expected term of the stock options. Management estimates expected forfeitures based on data from a representative group of companies with similar characteristics to the Company and recognizes compensation costs only for those equity awards expected to vest. | ||||||||||||||
Using the Black-Scholes option-pricing model, the weighted-average grant date fair values of options granted during the years ended December 31, 2011, 2012 and 2013, and the period from December 22, 2008 (date of inception) to December 31, 2013 was $0.10, $1.19, $11.09, and $7.05 per share, respectively. | ||||||||||||||
As of December 31, 2012 and December 31, 2013, there was $351 and $21.0 million, respectively, of total unrecognized compensation cost related to employee and non-employee unvested stock options granted under the Plan and the 2013 Plan. The total unrecognized compensation cost will be adjusted for future forfeitures. As of December 31, 2013, the Company expects to recognize that cost over a remaining weighted-average period of 3.7 years. | ||||||||||||||
Restricted Stock | ||||||||||||||
To date, the Company has granted 1,958,210 shares of restricted stock outside of the Plan and the 2013 Plan and 45,454 shares of restricted stock under the Plan. The following table summarizes the status of the Company's non-vested restricted common shares: | ||||||||||||||
Number of | Weighted-Average | |||||||||||||
Shares | Grant Date | |||||||||||||
Fair Value | ||||||||||||||
Non-vested at December 31, 2012 | 362,596 | $ | 0.04 | |||||||||||
Granted | — | — | ||||||||||||
Cancelled | — | — | ||||||||||||
Vested | (352,652 | ) | 0.04 | |||||||||||
| | | | | | | | |||||||
Non-vested at December 31, 2013(1) | 9,943 | $ | 0.26 | |||||||||||
| | | | | | | | |||||||
| | | | | | | | |||||||
-1 | ||||||||||||||
Excludes 157,006 shares of non-vested restricted stock remaining from the early exercise of stock options as of December 31, 2013. | ||||||||||||||
The total expense related to employee and non-employee restricted stock for the years ended December 31, 2011, 2012, 2013, and the period from December 22, 2008 (date of inception) to December 31, 2013 was $7, $389, $765 and $1,201. | ||||||||||||||
As of December 31, 2012, and December 31, 2013, there was $380 and $228, respectively, of total unrecognized compensation cost related to employee and non-employee non-vested restricted stock. As of December 31, 2013, the unrecognized expense is expected to be recognized over a weighted average period of 1.7 years. | ||||||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Income Taxes | ' | |||||||
Income Taxes | ' | |||||||
10. Income Taxes | ||||||||
The Company provides for income taxes under ASC Topic 740, Accounting for Income Taxes. Under ASC Topic 740, the liability method is used in accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities, and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. | ||||||||
For the years ended December 31, 2013 and 2012, the Company did not record a current or deferred income tax expense or benefit. | ||||||||
The components of income (loss) before income taxes were as follows: | ||||||||
Year ended | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Foreign | (10,922 | ) | — | |||||
U.S. | (23,025 | ) | (15,888 | ) | ||||
| | | | | | | | |
Totals | $ | (33,947 | ) | $ | (15,888 | ) | ||
| | | | | | | | |
| | | | | | | | |
Deferred taxes are recognized for temporary differences between the basis of assets and liabilities for financial statement and income tax purposes. The significant components of the Company's deferred tax assets are comprised of the following: | ||||||||
Year ended | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Deferred tax assets: | ||||||||
U.S. and state net operating loss carryforwards | $ | 17,876 | $ | 10,621 | ||||
Foreign net operating loss carryforwards | 2,731 | — | ||||||
Research and development credits | 2,670 | 871 | ||||||
Accruals and other temporary differences | 1,819 | 335 | ||||||
| | | | | | | | |
Total deferred tax assets | 25,096 | 11,827 | ||||||
Less valuation allowance | (25,096 | ) | (11,827 | ) | ||||
| | | | | | | | |
Net deferred tax assets | $ | — | $ | — | ||||
| | | | | | | | |
| | | | | | | | |
The Company has evaluated the positive and negative evidence bearing upon the realizability of its deferred tax assets. Based on the Company's history of operating losses, the Company has concluded that it is more likely than not that the benefit of its deferred tax assets will not be realized. Accordingly, the Company has provided a full valuation allowance for deferred tax assets as of December 31, 2013 and 2012. The valuation allowance increased approximately $13.3 million and $6.2 million during the years ended December 31, 2013 and 2012, respectively, due primarily to the generation of net operating losses during the periods then ended. | ||||||||
A reconciliation of income tax expense computed at the statutory federal income tax rate to income taxes as reflected in the financial statements is as follows: | ||||||||
Year ended | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Federal income tax expense at statutory rate | 34 | % | 34 | % | ||||
State income tax, net of federal benefit | 4.9 | % | 5.2 | % | ||||
Permanent differences | 0 | % | (0.1 | )% | ||||
Research and development credit | 3.9 | % | 0 | % | ||||
Foreign rate differential | (2.9 | )% | 0 | % | ||||
Other | (0.8 | )% | (0.0 | )% | ||||
Change in valuation allowance | (39.1 | )% | (39.1 | )% | ||||
| | | | | | | | |
Effective income tax rate | 0 | % | 0 | % | ||||
| | | | | | | | |
As of December 31, 2013 and 2012, the Company had U.S. federal net operating loss carryforwards of approximately $45.5 million and $27.1 million, respectively, which may be available to offset future income tax liabilities and expire at various dates through 2033. As of December 31, 2013 and 2012, the Company also had U.S. state net operating loss carryforwards of approximately $45.9 million and $27.1 million, respectively, which may be available to offset future income tax liabilities and expire at various dates through 2033. Included in the U.S. federal and state net operating loss carryfowards is a deduction for option exercises of $165 and $137 as of December 31, 2013 and 2012, respectively. | ||||||||
As of December 31, 2013, the Company had a Canadian net operating loss carryforward of approximately $10.9 million, which may be available to offset future income tax liabilities and expire at various dates through 2033. | ||||||||
As of December 31, 2013 and 2012, the Company had federal research and development tax credit carryforwards of approximately $2.0 million and $665, respectively, available to reduce future tax liabilities which expire at various dates through 2033. As of December 31, 2013 and 2012, the Company had state research and development tax credit carryforwards of approximately $1.0 million and $206, respectively, available to reduce future tax liabilities which expire at various dates through 2028. | ||||||||
Under the provisions of the Internal Revenue Code, the net operating loss and tax credit carryforwards are subject to review and possible adjustment by the Internal Revenue Service and state tax authorities. Net operating loss and tax credit carryforwards may become subject to an annual limitation in the event of certain cumulative changes in the ownership interest of significant shareholders over a three-year period in excess of 50 percent, as defined under Sections 382 and 383 of the Internal Revenue Code, respectively, as well as similar state provisions. This could limit the amount of tax attributes that can be utilized annually to offset future taxable income or tax liabilities. The amount of the annual limitation is determined based on the value of the Company immediately prior to the ownership change. Subsequent ownership changes may further affect the limitation in future years. The Company has completed several financings since its inception which may have resulted in a change in control as defined by Sections 382 and 383 of the Internal Revenue Code, or could result in a change in control in the future. | ||||||||
The Company will recognize interest and penalties related to uncertain tax positions in income tax expense. As of December 31, 2013 and 2012, the Company had no accrued interest or penalties related to uncertain tax positions and no such amounts have been recognized in the Company's statements of operations and comprehensive loss. | ||||||||
For all years through December 31, 2013, the Company generated research credits but has not conducted a study to document the qualified activities. This study may result in an adjustment to the Company's research and development credit carryforwards; however, until a study is completed and any adjustment is known, no amounts are being presented as an uncertain tax position for these two years. A full valuation allowance has been provided against the Company's research and development credits and, if an adjustment is required, this adjustment would be offset by an adjustment to the deferred tax asset established for the research and development credit carryforwards and the valuation allowance. | ||||||||
The Company or one of its subsidiaries files income tax returns in the United States, and various state and foreign jurisdictions. The federal, state and foreign income tax returns are generally subject to tax examinations for the tax years ended December 31, 2010 through December 31, 2013. To the extent the Company has tax attribute carryforwards, the tax years in which the attribute was generated may still be adjusted upon examination by the Internal Revenue Service, state or foreign tax authorities to the extent utilized in a future period. | ||||||||
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events | ' |
Subsequent Events | ' |
11. Subsequent Events | |
The Company evaluated all events and transactions that occurred after the balance sheet date through the date of this filing. During this period, the Company did not identify any material events that require accounting or disclosure in these financial statements. | |
Selected_Quarterly_Financial_I
Selected Quarterly Financial Information (Unaudited) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Selected Quarterly Financial Information (Unaudited) | ' | |||||||||||||
Selected Quarterly Financial Information (Unaudited) | ' | |||||||||||||
12. Selected Quarterly Financial Information (Unaudited) | ||||||||||||||
Year Ended December 31, 2013 | First | Second | Third | Fourth | ||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||
Contract and grant revenue | $ | 233 | $ | 133 | $ | — | $ | 21 | ||||||
Total operating expenses | $ | 5,844 | $ | 7,003 | $ | 9,321 | $ | 12,169 | ||||||
Loss from operations | $ | (5,611 | ) | $ | (6,870 | ) | $ | (9,321 | ) | $ | (12,148 | ) | ||
Total other income (expense) | $ | — | $ | 1 | $ | — | $ | 2 | ||||||
Net loss | $ | (5,611 | ) | $ | (6,869 | ) | $ | (9,321 | ) | $ | (12,146 | ) | ||
Net loss per share applicable to common stockholders, basic and diluted | $ | (2.52 | ) | $ | (2.86 | ) | $ | (3.66 | ) | $ | (0.72 | ) | ||
Year Ended December 31, 2012 | First | Second | Third | Fourth | ||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||
Contract and grant revenue | $ | 34 | $ | 533 | $ | 34 | $ | 33 | ||||||
Total operating expenses | $ | 4,017 | $ | 4,567 | $ | 3,669 | $ | 4,271 | ||||||
Loss from operations | $ | (3,983 | ) | $ | (4,034 | ) | $ | (3,635 | ) | $ | (4,238 | ) | ||
Total other income (expense) | $ | 1 | $ | 1 | $ | — | $ | — | ||||||
Net loss | $ | (3,982 | ) | $ | (4,033 | ) | $ | (3,635 | ) | $ | (4,238 | ) | ||
Net loss per share applicable to common stockholders, basic and diluted | $ | (2.71 | ) | $ | (2.37 | ) | $ | (1.97 | ) | $ | (2.08 | ) |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Summary of Significant Accounting Policies | ' | |||||||||||||
Basis of Presentation | ' | |||||||||||||
Basis of Presentation | ||||||||||||||
The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). | ||||||||||||||
Segment Information | ' | |||||||||||||
Segment Information | ||||||||||||||
Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company views its operations and manages its business in one operating segment, which is the business of discovering, developing and commercializing drugs to treat cancer and other major diseases. All of the Company's revenues are derived in the United States. All material long-lived assets of the Company reside in the United States. | ||||||||||||||
Use of Estimates | ' | |||||||||||||
Use of Estimates | ||||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. | ||||||||||||||
On an ongoing basis, the Company's management evaluates its estimates, including estimates related to clinical trial accruals, stock-based compensation expense, and reported amounts of revenues and expenses during the reported period. The Company bases its estimates on historical experience and other market-specific or other relevant assumptions that it believes to be reasonable under the circumstances. Although the Company regularly assesses these estimates, actual results could differ from those estimates. Changes in estimates are recorded in the period in which they become known. | ||||||||||||||
Principles of Consolidation | ' | |||||||||||||
Principles of Consolidation | ||||||||||||||
The consolidated financial statements include the accounts of Karyopharm Therapeutics Inc. (a Delaware corporation) as well as the accounts of Karyopharm Securities Corp. ("KPSC", a Massachusetts corporation), incorporated in December 2013, and NPM Pharma Inc. ("NPM", a Canadian corporation), two wholly-owned subsidiaries requiring consolidation. All significant intercompany balances and transactions have been eliminated in consolidation. | ||||||||||||||
NPM was formed in December 2011 and was 50% owned by the Company until it became a wholly-owned subsidiary in August 2013. NPM was established to procure research and development services in connection with clinical pharmaceutical studies with Canadian vendors on the Company's behalf. | ||||||||||||||
A Variable Interest Entity ("VIE") is an entity that either (i) has insufficient equity to permit the entity to finance its activities without additional subordinated financial support or (ii) has equity investors who lack the characteristics of a controlling financial interest. A VIE is consolidated by its primary beneficiary. The primary beneficiary has both the power to direct the activities that most significantly impact the entity's economic performance and the obligation to absorb losses or the right to receive benefits from the entity that could potentially be significant to the VIE. Prior to August 2013, NPM was a VIE, and the Company, as its primary beneficiary, presented consolidated financials that included the accounts of NPM at December 31, 2012. | ||||||||||||||
Total NPM assets and liabilities reflected on the Company's balance sheet for December 31, 2012 are as follows: | ||||||||||||||
December 31, | ||||||||||||||
2012 | ||||||||||||||
Assets: | ||||||||||||||
Cash and Cash Equivalents | $ | 12 | ||||||||||||
Prepaid Expenses and other current assets | 485 | |||||||||||||
| | | | | ||||||||||
Total Assets | $ | 497 | ||||||||||||
| | | | | ||||||||||
| | | | | ||||||||||
Liabilities: | ||||||||||||||
Accounts payable | $ | 499 | ||||||||||||
Accrued expenses and other liabilities | 312 | |||||||||||||
| | | | | ||||||||||
Total Liabilities | $ | 811 | ||||||||||||
| | | | | ||||||||||
| | | | | ||||||||||
Cash and Cash Equivalents | ' | |||||||||||||
Cash and Cash Equivalents | ||||||||||||||
Cash equivalents consist primarily of demand deposit accounts and deposits in short-term money market funds. Cash equivalents are stated at cost, which approximates fair market value. The Company considers all highly liquid investments with maturities of three months of less from the date of purchase to be cash equivalents. | ||||||||||||||
Concentrations of Credit Risk and Off-Balance Sheet Risk | ' | |||||||||||||
Concentrations of Credit Risk and Off-Balance Sheet Risk | ||||||||||||||
Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents. The Company maintains cash accounts in commercial banks, which may, at times, exceed federally insured limits. The Company has not experienced any losses in such accounts. The Company believes it is not exposed to any significant credit risk on cash and cash equivalents. | ||||||||||||||
Fair Value Measurements | ' | |||||||||||||
Fair Value Measurements | ||||||||||||||
The Company's financial instruments consist principally of cash and cash equivalents, accounts payable, and accrued liabilities. Fair value measurements are classified and disclosed in one of the following three categories: | ||||||||||||||
• | ||||||||||||||
Level 1—Quoted prices in active markets for identical assets or liabilities. | ||||||||||||||
• | ||||||||||||||
Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | ||||||||||||||
• | ||||||||||||||
Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | ||||||||||||||
Assets and liabilities measured at fair value on a recurring basis as of December 31, 2013 and 2012 are as follows: | ||||||||||||||
Fair Value Measurements at | ||||||||||||||
Balance as of | Reporting Date Using | |||||||||||||
Description | December 31, 2013 | Level 1 | Level 2 | Level 3 | ||||||||||
Money Market Funds, included in cash equivalents | $ | 155,765 | $ | — | $ | 155,765 | $ | — | ||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Fair Value Measurements | ||||||||||||||
Balance as of | at Reporting Date Using | |||||||||||||
Description | December 31, 2012 | Level 1 | Level 2 | Level 3 | ||||||||||
Money Market Funds, included in cash equivalents | $ | 2 | $ | — | $ | 2 | $ | — | ||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
The cash equivalents represent deposits in a short term money market fund. The Company measures cash equivalents at fair value on a recurring basis. The fair value of cash equivalents is determined based on "Level 2" inputs. | ||||||||||||||
Property and Equipment, net | ' | |||||||||||||
Property and Equipment, net | ||||||||||||||
Property and equipment are recorded at cost, less accumulated depreciation. Depreciation is recorded using the straight-line method over the estimated useful lives of the respective assets, generally three to five years. Leasehold improvements are amortized over the shorter of the lease term or the estimated useful economic lives of the related assets. Expenditures for maintenance and repairs are charged to expense while the costs of significant improvements are capitalized. Upon retirement or sale, the cost of the assets disposed of and the related accumulated depreciation are eliminated from the balance sheets and any related gains or losses are reflected in the consolidated statements of operations. | ||||||||||||||
Long-Lived Assets | ' | |||||||||||||
Long-Lived Assets | ||||||||||||||
The Company reviews the carrying values of its long-lived assets for possible impairment whenever events or changes in circumstances indicate that the carrying amounts of the assets may not be recoverable. Any long-lived assets held for disposal are reported at the lower of their carrying amounts or fair values less costs to sell. The Company has not recorded an impairment in any period since inception. | ||||||||||||||
Revenue Recognition | ' | |||||||||||||
Revenue Recognition | ||||||||||||||
The Company recognizes revenue in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 605, Revenue Recognition. The Company recognizes revenue in accordance with the milestone method of revenue recognition for arrangements involving research or development or other performance obligations whereby a portion or all of the consideration is contingent upon achievement of milestone events. Under these provisions, arrangement consideration contingent upon achievement of a milestone is recognized by the Company in the period the milestone is met when the Company concludes that the milestone is substantive. At the inception of each applicable arrangement, the Company assesses each milestone and the consideration payable upon achievement of each milestone and concludes that the milestone is substantive if all of the following criteria are met: (i) the consideration is commensurate with the Company's performance or the enhanced value of a delivered item which is a direct result of the Company's performance to achieve the milestone, (ii) the consideration relates to past performance and there are no refund rights or other penalties related to the consideration based on completion of future performance and (iii) the consideration is reasonable relative to all the deliverables and payment terms within the arrangement. The related consideration for milestones that are considered substantive is recognized in its entirety in the period which the milestone is met. | ||||||||||||||
The milestone method of revenue recognition was applicable to two research agreements which were executed during 2013 and 2011, respectively. | ||||||||||||||
The agreement executed during 2013 includes payments upon the achievement of several development milestones as well as an upfront payment. The Company concluded that the upfront payment of $100 did not represent a substantive milestone. Accordingly, the Company is recognizing this amount on a straight-line basis from the date when substantive services commenced through the estimated completion of the final milestone. As of December 31, 2013, no additional milestones were met according to this research agreement. During the year ended December 31, 2013, the Company recognized $21 of the upfront payment pursuant to this research agreement. | ||||||||||||||
The agreement executed during 2011 includes payments upon the achievement of several development milestones as well as an upfront payment. The Company concluded that the upfront payment of $200 did not represent a substantive milestone. Accordingly, the Company recognized this amount on a straight-line basis from the date when substantive services commenced through the estimated completion of the final milestone. As of December 31, 2011, none of the milestones had been met and no revenue was recognized. During the year ended December 31, 2012, the Company recognized $634 related to this research agreement, including $134 of the upfront payment. During the year ended December 31, 2013, the Company recognized $366 related to this agreement, including $66 related to the upfront payment and $300 related to other milestones associated with the agreement. For the period from December 22, 2008 (date of inception) to December 31, 2013, the Company recognized revenue of $1.0 million under this research agreement. There are no future milestones to be met under this agreement. | ||||||||||||||
During 2010, the Company was awarded a federal grant in the amount of $245 under the Qualifying Therapeutic Discovery Project ("QTDP") related to research performed in 2009 and 2010 of which $93 and $152 was received and recognized in income during the years ended December 31, 2010 and December 31, 2011, respectively. For the period from December 22, 2008 (date of inception) to December 31, 2013, the Company recognized revenue of $245 related to the QTDP. | ||||||||||||||
Organizational Costs | ' | |||||||||||||
Organizational Costs | ||||||||||||||
All organizational costs are expensed as incurred. | ||||||||||||||
Research and Development Expenses | ' | |||||||||||||
Research and Development Expenses | ||||||||||||||
Research and development costs are charged to expense as incurred and include, but are not limited to: | ||||||||||||||
• | ||||||||||||||
employee-related expenses, including salaries, benefits, travel and stock-based compensation expense; | ||||||||||||||
• | ||||||||||||||
expenses incurred under agreements with contract research organizations, contract manufacturing organizations and consultants that conduct clinical trials and preclinical studies; | ||||||||||||||
• | ||||||||||||||
the cost of acquiring, developing and manufacturing clinical trial materials; | ||||||||||||||
• | ||||||||||||||
facility, depreciation and other expenses, which include direct and allocated expenses for rent and maintenance of facilities, insurance and other supplies; and | ||||||||||||||
• | ||||||||||||||
costs associated with preclinical activities and regulatory operations. | ||||||||||||||
Costs for certain development activities, such as clinical trials, are recognized based on an evaluation of the progress to completion of specific tasks using data such as patient enrollment, clinical site activations, or information provided to the Company by its vendors on their actual costs incurred. Payments for these activities are based on the terms of the individual arrangements, which may differ from the pattern of costs incurred, and are reflected in the financial statements as prepaid or accrued research and development. | ||||||||||||||
Comprehensive Loss | ' | |||||||||||||
Comprehensive Loss | ||||||||||||||
Comprehensive loss consists of net loss and changes in equity during a period from transactions and other equity and circumstances generated from non-owner sources. The Company's net loss equals comprehensive loss for all periods presented. | ||||||||||||||
Income Taxes | ' | |||||||||||||
Income Taxes | ||||||||||||||
The Company uses the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial reporting and the tax reporting basis of assets and liabilities and are measured using the enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. The Company provides a valuation allowance against net deferred tax assets unless, based upon the available evidence, it is more likely than not that the deferred tax assets will be realized. The Company has evaluated available evidence and concluded that the Company may not realize the benefit of its deferred tax assets; therefore a valuation allowance has been established for the full amount of the deferred tax assets. The Company's practice is to recognize interest and/or penalties related to income tax matters in income tax expense. | ||||||||||||||
Accounting for Stock-Based Compensation | ' | |||||||||||||
Accounting for Stock-Based Compensation | ||||||||||||||
The Company accounts for its stock-based compensation awards in accordance with FASB ASC Topic 718, Compensation—Stock Compensation ("ASC 718"). ASC 718 requires all stock-based payments to employees, including grants of employee stock options and restricted stock and modifications to existing stock options, to be recognized in the consolidated statements of operations and comprehensive loss based on their fair values. The Company uses the Black-Scholes option pricing model to determine the fair value of options granted. | ||||||||||||||
Consistent with the guidance in FASB ASC Topic 505-50, Equity-Based Payments to Non-Employees, the fair value of each non-employee stock option is estimated at the date of grant using the Black-Scholes option pricing model with assumptions generally consistent with those used for employee stock options, with the exception of expected term, which is over the contractual life. | ||||||||||||||
Compensation expense related to awards to employees is recognized on a straight-line basis based on the grant date fair value over the associated service period of the award, which is generally the vesting term. Awards to non-employees are adjusted through stock-based compensation expense as the award vests to reflect the current fair value of such awards, and expensed using an accelerated attribution model. | ||||||||||||||
Net Loss Per Share | ' | |||||||||||||
Net Loss Per Share | ||||||||||||||
Basic net loss per share is computed by dividing net loss by the weighted average number of common shares outstanding for the period. The Company's potential dilutive shares, which include outstanding common stock options and unvested restricted stock, have not been included in the computation of diluted net loss per share for any of the periods presented as the result would be antidilutive. | ||||||||||||||
The amounts in the table below were excluded from the calculation of diluted weighted-average shares outstanding, prior to the use of the treasury stock method, due to their anti-dilutive effect: | ||||||||||||||
December 31, | ||||||||||||||
Period from December 22, | ||||||||||||||
2008 (date of inception) to | ||||||||||||||
2013 | 2012 | 2011 | December 31, 2013. | |||||||||||
Convertible preferred stock | — | 5,587,121 | 3,314,393 | — | ||||||||||
Special participation stock | — | 10,000 | 10,000 | — | ||||||||||
Outstanding stock options | 2,410,518 | 691,367 | 1,086,221 | 2,410,518 | ||||||||||
Non-vested restricted stock | 166,949 | 541,218 | 938,143 | 166,949 |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Basis of Presentation | ' | |||||||||||||
Schedule of assets and liabilities measured at fair value on a recurring basis | ' | |||||||||||||
Fair Value Measurements at | ||||||||||||||
Balance as of | Reporting Date Using | |||||||||||||
Description | December 31, 2013 | Level 1 | Level 2 | Level 3 | ||||||||||
Money Market Funds, included in cash equivalents | $ | 155,765 | $ | — | $ | 155,765 | $ | — | ||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Fair Value Measurements | ||||||||||||||
Balance as of | at Reporting Date Using | |||||||||||||
Description | December 31, 2012 | Level 1 | Level 2 | Level 3 | ||||||||||
Money Market Funds, included in cash equivalents | $ | 2 | $ | — | $ | 2 | $ | — | ||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Schedule of amounts excluded from the calculation of diluted weighted-average shares outstanding , prior to the use of the treasury stock method, due to anti-dilutive effect | ' | |||||||||||||
December 31, | ||||||||||||||
Period from December 22, | ||||||||||||||
2008 (date of inception) to | ||||||||||||||
2013 | 2012 | 2011 | December 31, 2013. | |||||||||||
Convertible preferred stock | — | 5,587,121 | 3,314,393 | — | ||||||||||
Special participation stock | — | 10,000 | 10,000 | — | ||||||||||
Outstanding stock options | 2,410,518 | 691,367 | 1,086,221 | 2,410,518 | ||||||||||
Non-vested restricted stock | 166,949 | 541,218 | 938,143 | 166,949 | ||||||||||
NPM | ' | |||||||||||||
Basis of Presentation | ' | |||||||||||||
Schedule of assets and liabilities reflected on the Company's balance sheet | ' | |||||||||||||
December 31, | ||||||||||||||
2012 | ||||||||||||||
Assets: | ||||||||||||||
Cash and Cash Equivalents | $ | 12 | ||||||||||||
Prepaid Expenses and other current assets | 485 | |||||||||||||
| | | | | ||||||||||
Total Assets | $ | 497 | ||||||||||||
| | | | | ||||||||||
| | | | | ||||||||||
Liabilities: | ||||||||||||||
Accounts payable | $ | 499 | ||||||||||||
Accrued expenses and other liabilities | 312 | |||||||||||||
| | | | | ||||||||||
Total Liabilities | $ | 811 | ||||||||||||
| | | | | ||||||||||
| | | | | ||||||||||
Property_and_Equipment_net_Tab
Property and Equipment, net (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Property and Equipment, net | ' | |||||||||
Schedule of property and equipment, net | ' | |||||||||
December 31, | ||||||||||
Estimated Useful | ||||||||||
Life Years | 2013 | 2012 | ||||||||
Laboratory Equipment | 4 | $ | 328 | $ | 314 | |||||
Furniture and fixtures | 5 | 98 | 90 | |||||||
Office and computer equipment | 3 | 85 | 85 | |||||||
Leasehold improvements | Lease Term | 79 | 44 | |||||||
| | | | | | | | | | |
590 | 533 | |||||||||
Less accumulated depreciation and amortization | (350 | ) | (206 | ) | ||||||
| | | | | | | | | | |
Property and equipment, net | $ | 240 | $ | 327 | ||||||
| | | | | | | | | | |
| | | | | | | | | | |
Accrued_Liabilities_Tables
Accrued Liabilities (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Accrued Liabilities | ' | |||||||
Schedule of accrued expenses | ' | |||||||
December 31, | ||||||||
(in thousands) | 2013 | 2012 | ||||||
Payroll and employee-related costs | $ | 100 | $ | 302 | ||||
Research and development costs | 698 | 333 | ||||||
Professional | 215 | — | ||||||
Other | 155 | 129 | ||||||
| | | | | | | | |
Total Accrued Expenses | $ | 1,168 | $ | 764 | ||||
| | | | | | | | |
| | | | | | | | |
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Stockholders' Equity | ' | ||||
Schedule of convertible preferred stock | ' | ||||
As of December 31, | |||||
2013 | 2012 | ||||
Series A convertible preferred stock, $0.0001 par value; Authorized-no shares and 20,937,500 at December 31, 2013 and 2012, respectively; Issued and outstanding-no shares and 18,437,500 at December 31, 2013 and 2012, respectively | $— | $18,278 | |||
Series A-2 convertible preferred stock, $0.0001 par value; Authorized, issued and outstanding-no shares at December 31, 2013 and 2012 | — | — | |||
Series A-3 convertible preferred stock, $0.0001 par value; Authorized, issued and outstanding-no shares at December 31, 2013 and 2012 | — | — | |||
Series A-4 convertible preferred stock, $0.0001 par value; Authorized, issued and outstanding-no shares at December 31, 2013 and 2012 | — | — | |||
Series B convertible preferred stock, $0.0001 par value; Authorized, issued and outstanding-no shares at December 31, 2013 and 2012 | — | — | |||
Series B-1 convertible preferred stock, $0.0001 par value; Authorized, issued and outstanding-no shares at December 31, 2013 and 2012 | — | — | |||
$— | $18,278 | ||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments and Contingencies. | ' | ||||
Schedule of minimum future rent payments under the lease agreement | ' | ||||
As of December 31, 2013, the minimum future rent payments under the lease agreement are as follows: | |||||
2014 | $ | 98 | |||
2015 | 8 | ||||
| | | | | |
Total future minimum lease payments | $ | 106 | |||
| | | | | |
| | | | | |
Stockbased_Compensation_Tables
Stock-based Compensation (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Stock-based Compensation | ' | |||||||||||||
Schedule of total stock-based compensation expense recognized in connection with all share-based payment awards | ' | |||||||||||||
Year Ended December 31, | Period from | |||||||||||||
22-Dec-08 | ||||||||||||||
(date of inception) | ||||||||||||||
to December 31, | ||||||||||||||
2011 | 2012 | 2013 | 2013 | |||||||||||
Research and development | $ | 24 | $ | 605 | $ | 2,567 | $ | 3,242 | ||||||
General and administrative | — | $ | 48 | $ | 1,218 | $ | 1,266 | |||||||
| | | | | | | | | | | | | | |
Total | $ | 24 | $ | 653 | $ | 3,785 | $ | 4,508 | ||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Summary of stock option activity for employees and nonemployees | ' | |||||||||||||
Shares | Weighted- | Weighted- | Aggregate | |||||||||||
Average | Average | Intrinsic | ||||||||||||
Exercise | Remaining | Value | ||||||||||||
Price | Contractual | |||||||||||||
Term (years) | ||||||||||||||
Options outstanding at December 31, 2012 | 691,367 | $ | 0.46 | 8.8 | $ | 1,666 | ||||||||
Granted | 1,914,195 | $ | 9.94 | |||||||||||
Exercised(1) | (142,758 | ) | $ | 2.36 | ||||||||||
Forfeited | (52,282 | ) | $ | 1.73 | ||||||||||
| | | | | | | | | | | | | | |
Options outstanding at December 31, 2013 | 2,410,522 | $ | 7.85 | 9.3 | $ | 36,717 | ||||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Options vested or expected to vest at December 31, 2013(2) | 2,269,359 | $ | 8.1 | 9.3 | $ | 34,002 | ||||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Options exercisable at December 31, 2013 | 317,804 | $ | 0.34 | 7.5 | $ | 7,177 | ||||||||
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
-1 | ||||||||||||||
Exercises include the issuance of 63,636 shares of non-vested restricted stock pursuant to the exercise of stock options prior to vesting. The Company has the right to repurchase the unvested shares under certain circumstances. | ||||||||||||||
-2 | ||||||||||||||
This represents the number of vested options, plus the number of unvested options that the Company estimated would vest, based on the unvested options as of the year ended December 31, 2013 as adjusted for the estimated forfeiture rate. | ||||||||||||||
Schedule of assumptions used to estimate fair value of each employee and non-employee stock award on the grant date using the Black Scholes option pricing model | ' | |||||||||||||
Years Ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Volatility | 85%-93% | 79%-92% | 78%-79% | |||||||||||
Expected term (in years) | 6.25-10 | 6.25-10 | 6.25-10 | |||||||||||
Risk-free interest rate | 1.07%-3.01% | 0.85%-1.76% | 1.18%-2.62% | |||||||||||
Dividend | 0% | 0% | 0% | |||||||||||
Summary of the status of the Company's non-vested restricted common shares | ' | |||||||||||||
Number of | Weighted-Average | |||||||||||||
Shares | Grant Date | |||||||||||||
Fair Value | ||||||||||||||
Non-vested at December 31, 2012 | 362,596 | $ | 0.04 | |||||||||||
Granted | — | — | ||||||||||||
Cancelled | — | — | ||||||||||||
Vested | (352,652 | ) | 0.04 | |||||||||||
| | | | | | | | |||||||
Non-vested at December 31, 2013(1) | 9,943 | $ | 0.26 | |||||||||||
| | | | | | | | |||||||
| | | | | | | | |||||||
-1 | ||||||||||||||
Excludes 157,006 shares of non-vested restricted stock remaining from the early exercise of stock options as of December 31, 2013. | ||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Income Taxes | ' | |||||||
Schedule of components of income (loss) before income taxes | ' | |||||||
Year ended | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Foreign | (10,922 | ) | — | |||||
U.S. | (23,025 | ) | (15,888 | ) | ||||
| | | | | | | | |
Totals | $ | (33,947 | ) | $ | (15,888 | ) | ||
| | | | | | | | |
| | | | | | | | |
Schedule of significant components of the Company's deferred tax assets | ' | |||||||
Year ended | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Deferred tax assets: | ||||||||
U.S. and state net operating loss carryforwards | $ | 17,876 | $ | 10,621 | ||||
Foreign net operating loss carryforwards | 2,731 | — | ||||||
Research and development credits | 2,670 | 871 | ||||||
Accruals and other temporary differences | 1,819 | 335 | ||||||
| | | | | | | | |
Total deferred tax assets | 25,096 | 11,827 | ||||||
Less valuation allowance | (25,096 | ) | (11,827 | ) | ||||
| | | | | | | | |
Net deferred tax assets | $ | — | $ | — | ||||
| | | | | | | | |
| | | | | | | | |
Schedule of reconciliation of income tax expense computed at the statutory federal income tax rate to income taxes | ' | |||||||
Year ended | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Federal income tax expense at statutory rate | 34 | % | 34 | % | ||||
State income tax, net of federal benefit | 4.9 | % | 5.2 | % | ||||
Permanent differences | 0 | % | (0.1 | )% | ||||
Research and development credit | 3.9 | % | 0 | % | ||||
Foreign rate differential | (2.9 | )% | 0 | % | ||||
Other | (0.8 | )% | (0.0 | )% | ||||
Change in valuation allowance | (39.1 | )% | (39.1 | )% | ||||
| | | | | | | | |
Effective income tax rate | 0 | % | 0 | % | ||||
| | | | | | | |
Selected_Quarterly_Financial_I1
Selected Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Selected Quarterly Financial Information (Unaudited) | ' | |||||||||||||
Schedule of selected quarterly financial information | ' | |||||||||||||
Year Ended December 31, 2013 | First | Second | Third | Fourth | ||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||
Contract and grant revenue | $ | 233 | $ | 133 | $ | — | $ | 21 | ||||||
Total operating expenses | $ | 5,844 | $ | 7,003 | $ | 9,321 | $ | 12,169 | ||||||
Loss from operations | $ | (5,611 | ) | $ | (6,870 | ) | $ | (9,321 | ) | $ | (12,148 | ) | ||
Total other income (expense) | $ | — | $ | 1 | $ | — | $ | 2 | ||||||
Net loss | $ | (5,611 | ) | $ | (6,869 | ) | $ | (9,321 | ) | $ | (12,146 | ) | ||
Net loss per share applicable to common stockholders, basic and diluted | $ | (2.52 | ) | $ | (2.86 | ) | $ | (3.66 | ) | $ | (0.72 | ) | ||
Year Ended December 31, 2012 | First | Second | Third | Fourth | ||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||
Contract and grant revenue | $ | 34 | $ | 533 | $ | 34 | $ | 33 | ||||||
Total operating expenses | $ | 4,017 | $ | 4,567 | $ | 3,669 | $ | 4,271 | ||||||
Loss from operations | $ | (3,983 | ) | $ | (4,034 | ) | $ | (3,635 | ) | $ | (4,238 | ) | ||
Total other income (expense) | $ | 1 | $ | 1 | $ | — | $ | — | ||||||
Net loss | $ | (3,982 | ) | $ | (4,033 | ) | $ | (3,635 | ) | $ | (4,238 | ) | ||
Net loss per share applicable to common stockholders, basic and diluted | $ | (2.71 | ) | $ | (2.37 | ) | $ | (1.97 | ) | $ | (2.08 | ) |
Organization_and_Operations_De
Organization and Operations (Details) (USD $) | 1 Months Ended | |||
Dec. 31, 2013 | Nov. 30, 2013 | Oct. 31, 2013 | Dec. 31, 2012 | |
Organization and Operations | ' | ' | ' | ' |
Accumulated deficit since inception | $62,569,000 | ' | ' | $28,622,000 |
Number of shares of common stock sold in IPO | ' | 6,800,000 | ' | ' |
Public offering price of common shares (in dollars per share) | ' | $16 | ' | ' |
Number of shares issued upon the exercise of option by underwriters | 1,020,000 | ' | ' | ' |
Net proceeds from the IPO | $113,200,000 | ' | ' | ' |
Reverse stock split ratio of the common stock | ' | ' | 0.303 | ' |
Number of shares of common stock issued upon automatic conversion of outstanding convertible preferred stock | ' | 19,114,241 | ' | ' |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | 1 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2011 | Dec. 31, 2012 |
item | NPM | NPM | ||||
Summary of Significant Accounting Policies | ' | ' | ' | ' | ' | ' |
Number of operating segments | 1 | ' | ' | ' | ' | ' |
Principles of Consolidation | ' | ' | ' | ' | ' | ' |
Number of wholly-owned subsidiaries requiring consolidation | 2 | ' | ' | ' | ' | ' |
Ownership percentage (as a percent) | ' | ' | ' | ' | 50.00% | ' |
Assets: | ' | ' | ' | ' | ' | ' |
Cash and Cash Equivalents | $155,974 | $391 | $6,512 | $3,445 | ' | $12 |
Prepaid Expenses and other current assets | 1,982 | 563 | ' | ' | ' | 485 |
Total assets | 158,226 | 1,311 | ' | ' | ' | 497 |
Liabilities: | ' | ' | ' | ' | ' | ' |
Accounts payable | 1,740 | 1,076 | ' | ' | ' | 499 |
Accrued expenses and other liabilities | 1,168 | 764 | ' | ' | ' | 312 |
Total Liabilities | ' | ' | ' | ' | ' | $811 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Details 2) (Recurring, USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Total | ' | ' |
Fair value of financial instruments | ' | ' |
Money market funds, included in cash equivalents | $155,765 | $2 |
Level 2 | ' | ' |
Fair value of financial instruments | ' | ' |
Money market funds, included in cash equivalents | $155,765 | $2 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies (Details 3) | 12 Months Ended |
Dec. 31, 2013 | |
Minimum | ' |
Property and Equipment, net | ' |
Estimated useful life | '3 years |
Maximum | ' |
Property and Equipment, net | ' |
Estimated useful life | '5 years |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies (Details 4) (USD $) | 12 Months Ended | 60 Months Ended | 12 Months Ended | 60 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 |
item | Research agreement executed during 2013 | Research agreement executed during 2011 | Research agreement executed during 2011 | Research agreement executed during 2011 | Research agreement executed during 2011 | |||
item | item | |||||||
Revenue Recognition | ' | ' | ' | ' | ' | ' | ' | ' |
Number of research agreements | ' | ' | 2 | ' | ' | ' | ' | ' |
Upfront payment not representing substantive milestone | ' | ' | ' | $100 | $200 | ' | ' | ' |
Number of milestones met | ' | ' | ' | 0 | ' | ' | 0 | ' |
Amount recognized | ' | ' | ' | 21 | 366 | 634 | 0 | 1,000 |
Amount recognized related to upfront payment | ' | ' | ' | ' | 66 | 134 | ' | ' |
Amount recognized related to other milestones | ' | ' | ' | ' | 300 | ' | ' | ' |
Number of future milestones to be met | ' | ' | ' | ' | ' | ' | 0 | ' |
Amount of federal grant awarded under QTDP | ' | 245 | ' | ' | ' | ' | ' | ' |
Amount of federal grant received and recognized in income | $152 | $93 | $245 | ' | ' | ' | ' | ' |
Summary_of_Significant_Account7
Summary of Significant Accounting Policies (Details 5) | 12 Months Ended | 60 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | |
Convertible preferred stock | ' | ' | ' | ' |
Net Loss Per Share | ' | ' | ' | ' |
Amounts excluded from the calculation of diluted weighted- average shares outstanding, prior to the use of the treasury stock method, due to anti-dilutive effect (in shares) | ' | 5,587,121 | 3,314,393 | ' |
Special Participation Preferred Shares | ' | ' | ' | ' |
Net Loss Per Share | ' | ' | ' | ' |
Amounts excluded from the calculation of diluted weighted- average shares outstanding, prior to the use of the treasury stock method, due to anti-dilutive effect (in shares) | ' | 10,000 | 10,000 | ' |
Outstanding stock options | ' | ' | ' | ' |
Net Loss Per Share | ' | ' | ' | ' |
Amounts excluded from the calculation of diluted weighted- average shares outstanding, prior to the use of the treasury stock method, due to anti-dilutive effect (in shares) | 2,410,518 | 691,367 | 1,086,221 | 2,410,518 |
Non-vested restricted stock | ' | ' | ' | ' |
Net Loss Per Share | ' | ' | ' | ' |
Amounts excluded from the calculation of diluted weighted- average shares outstanding, prior to the use of the treasury stock method, due to anti-dilutive effect (in shares) | 166,949 | 541,218 | 938,143 | 166,949 |
Property_and_Equipment_net_Det
Property and Equipment, net (Details) (USD $) | 12 Months Ended | 60 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 |
Property and equipment, net | ' | ' | ' | ' |
Property and equipment, gross | $590 | $533 | ' | $590 |
Less accumulated depreciation and amortization | -350 | -206 | ' | -350 |
Property and equipment, net | 240 | 327 | ' | 240 |
Depreciation and amortization expense | 144 | 122 | 83 | 350 |
Laboratory equipment | ' | ' | ' | ' |
Property and equipment, net | ' | ' | ' | ' |
Estimated useful life | '4 years | ' | ' | ' |
Property and equipment, gross | 328 | 314 | ' | 328 |
Furniture and fixtures | ' | ' | ' | ' |
Property and equipment, net | ' | ' | ' | ' |
Estimated useful life | '5 years | ' | ' | ' |
Property and equipment, gross | 98 | 90 | ' | 98 |
Office and computer equipment | ' | ' | ' | ' |
Property and equipment, net | ' | ' | ' | ' |
Estimated useful life | '3 years | ' | ' | ' |
Property and equipment, gross | 85 | 85 | ' | 85 |
Leasehold improvements | ' | ' | ' | ' |
Property and equipment, net | ' | ' | ' | ' |
Property and equipment, gross | $79 | $44 | ' | $79 |
Research_Agreements_Details
Research Agreements (Details) (USD $) | 60 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Research Agreements | ' |
Royalty and Sublicense payment | $0 |
Accrued_Liabilities_Details
Accrued Liabilities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accrued Liabilities | ' | ' |
Payroll and employee-related costs | $100 | $302 |
Research and development costs | 698 | 333 |
Professional | 215 | ' |
Other | 155 | 129 |
Total Accrued Expenses | $1,168 | $764 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 12 Months Ended | 60 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 |
Related Party Transactions | ' | ' | ' | ' |
Expenses for consulting and contract research services | $418 | $109 | $889 | $1,416 |
Accounts payable or accrued expenses | $0 | $0 | $0 | $0 |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 10 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 4 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Nov. 30, 2013 | Oct. 31, 2013 | Oct. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Nov. 30, 2013 | Oct. 31, 2010 | Oct. 31, 2010 | Dec. 31, 2011 | Oct. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Oct. 31, 2010 | Dec. 31, 2011 | Jun. 30, 2012 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Mar. 31, 2013 | Aug. 31, 2013 | Oct. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 31, 2011 | Aug. 31, 2013 | Feb. 28, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 31, 2011 | Aug. 31, 2013 | Feb. 29, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Jul. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | |
item | Non-vested restricted stock | Non-vested restricted stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Series A preferred stock | Series A preferred stock | Series A preferred stock | Series A preferred stock | Series A preferred stock | Series A preferred stock tranche one | Series A preferred stock tranche one | Series A preferred stock tranche two | Series A preferred stock tranche two | Series A preferred stock tranche two | Series A preferred stock tranche two | Series A preferred stock tranche two | Series A-2 preferred stock | Series A-2 preferred stock | Series A-2 preferred stock | Series A-2 preferred stock | Series A-2 preferred stock | Series A-3 preferred stock | Series A-3 preferred stock | Series A-3 preferred stock | Series A-3 preferred stock | Series A-3 preferred stock | Series A-4 preferred stock | Series A-4 preferred stock | Series A-4 preferred stock | Series A-4 preferred stock | Series B preferred stock | Series B preferred stock | Series B preferred stock | Series B preferred stock | Series B-1 Preferred Stock | Series B-1 Preferred Stock | Series B-1 Preferred Stock | Special Participation Stock | Special Participation Stock | Special Participation Stock | Special Participation Stock | Preferred stock financings | ||||||
Founders | Advisors | item | Maximum | Maximum | |||||||||||||||||||||||||||||||||||||||||||||||
item | |||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares issued and sold | ' | 6,800,000 | ' | ' | ' | ' | ' | ' | ' | 6,800,000 | ' | 1,958,210 | 45,454 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share price (in dollars per share) | ' | $16 | ' | ' | ' | ' | ' | ' | ' | $16 | ' | ' | ' | $1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.15 | $1.15 | ' | ' | ' | $1.70 | $1.70 | ' | ' | ' | $1.30 | $1.30 | ' | ' | ' | $2 | $2 | ' | $2.20 | ' | ' | ' | $0.00 | ' | ' | ' |
Number of shares issued upon the exercise of option by underwriters | 1,020,000 | ' | ' | ' | ' | ' | ' | ' | 1,020,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds from the IPO | $113,200,000 | ' | ' | ' | ' | ' | ' | ' | $113,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reverse stock split ratio of the common stock | ' | ' | 0.303 | ' | ' | ' | ' | ' | 0.303 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares of stock issued upon automatic conversion of outstanding convertible securities | ' | 19,114,241 | ' | ' | ' | ' | ' | ' | ' | 19,114,241 | ' | ' | ' | 937,500 | ' | ' | ' | 937,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate cash consideration for number of shares of common stock sold | ' | ' | ' | ' | 113,155,000 | ' | ' | ' | ' | ' | ' | 1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of common stock issued in connection with service contract | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 162,685 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of advisors | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate cash consideration for number of shares of common stock sold in connection with service contract | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of non-vested shares | ' | ' | ' | ' | ' | ' | 166,949 | 541,218 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,071 | 4,556 | ' |
Convertible preferred stock | ' | ' | ' | ' | ' | 18,278,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,278,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible preferred stock, par value (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.00 | $0.00 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.00 | $0.00 | ' | ' | ' | $0.00 | $0.00 | ' | ' | ' | $0.00 | $0.00 | ' | ' | $0.00 | $0.00 | ' | $0.00 | $0.00 | ' | ' | ' | ' | ' |
Convertible preferred stock, authorized shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 20,937,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | 0 | 0 | ' | ' | ' | 0 | 0 | ' | ' | 0 | 0 | ' | 0 | 0 | ' | ' | ' | ' | ' |
Convertible preferred stock, issued shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 18,437,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | 0 | 0 | ' | ' | ' | 0 | 0 | ' | ' | 0 | 0 | ' | 0 | 0 | ' | ' | ' | ' | ' |
Convertible preferred stock, outstanding shares | 0 | ' | ' | ' | 0 | 18,437,500 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 18,437,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | 0 | 0 | ' | ' | ' | 0 | 0 | ' | ' | 0 | 0 | ' | 0 | 0 | ' | ' | ' | ' | ' |
Number of preferred stock issued and sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000,000 | 2,500,000 | 7,500,000 | 5,000,000 | ' | 5,000,000 | 5,000,000 | 2,500,000 | 2,500,000 | 2,500,000 | 2,500,000 | 10,000,000 | 6,100,000 | ' | ' | ' | ' | 1,764,706 | ' | ' | ' | ' | 1,538,461 | ' | ' | ' | ' | 11,600,000 | ' | ' | 8,636,362 | ' | ' | ' | ' | ' | ' | ' |
Number of tranches | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total cash consideration for preferred stock issued and sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,500,000 | 7,500,000 | 5,000,000 | ' | 5,000,000 | 5,000,000 | ' | ' | ' | ' | 10,000,000 | 7,015,000 | ' | ' | ' | ' | 3,000,000 | ' | ' | ' | ' | 1,999,999 | ' | ' | ' | ' | 23,200,000 | ' | ' | 19,000,000 | ' | ' | ' | ' | ' | ' | ' |
Number of freestanding derivative instruments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Amount of convertible notes converted into Series A Preferred Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 750,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Value of shares issued upon conversion of notes payable into Series A convertible preferred stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 938,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beneficial conversion feature | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 188,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares authorized under stock purchase agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,000,000 | ' | ' | ' | ' | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of closings under stock purchase agreement | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares agreed to sell under the agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,100,000 | ' | ' | ' | ' | 1,764,706 | ' | ' | ' | ' | 1,538,461 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Value of shares agreed to sell under the agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,500,000 | ' | ' | ' | ' | ' | 7,000,000 | ' | ' | ' | ' | 3,000,000 | ' | ' | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of additional shares obligated to purchase by the existing investors | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from additional shares issued, which was obligated to purchase by the existing investors | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares of Special Participation Stock authorized for issuance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000 | ' | ' | ' |
Preferred stock, shares authorized | 5,000,000 | ' | ' | ' | 5,000,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, outstanding shares | 0 | ' | ' | ' | 0 | 18,437,500 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 18,437,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | 0 | 0 | ' | ' | ' | 0 | 0 | ' | ' | 0 | 0 | ' | 0 | 0 | ' | ' | ' | ' | ' |
Number of shares of common stock issued in settlement of outstanding shares of Special Participation Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,121 | -10,000 | ' | ' | ' |
Outstanding shares of Special Participation Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 12 Months Ended | 60 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 |
Commitments and Contingencies. | ' | ' | ' | ' |
Optional term to renew the lease | '2 years | ' | ' | ' |
Minimum future rent payments under the lease agreement | ' | ' | ' | ' |
2014 | $98 | ' | ' | $98 |
2015 | 8 | ' | ' | 8 |
Total future minimum lease payments | 106 | ' | ' | 106 |
Total rent expense | $174 | $127 | $70 | $375 |
Stockbased_Compensation_Detail
Stock-based Compensation (Details) (2010 Plan) | 12 Months Ended |
Dec. 31, 2013 | |
Stock-based compensation | ' |
Number of shares available for issuance under the Plan | 1,878,416 |
Stock option | ' |
Stock-based compensation | ' |
Expiration period | '10 years |
Stock option | Percent vesting one calendar year from vesting start date | ' |
Stock-based compensation | ' |
Vesting percentage | 25.00% |
Stock option | Percentage vesting on the first day of each month after one calendar year | ' |
Stock-based compensation | ' |
Vesting percentage | 2.08% |
Stockbased_Compensation_Detail1
Stock-based Compensation (Details 2) (2013 Plan) | 1 Months Ended |
Oct. 31, 2013 | |
Minimum | ' |
Stock-based compensation | ' |
Number of shares of Common Stock reserved for issuance under the Plan | 969,696 |
Annual increase in number of additional shares authorized under the Plan through December 31, 2023 | 1,939,393 |
Percentage applied to the outstanding shares as annual increase in the number of shares authorized for issuance | 0.04 |
Maximum | ' |
Stock-based compensation | ' |
Number of additional shares authorized under the 2010 Plan | 2,126,377 |
Stockbased_Compensation_Detail2
Stock-based Compensation (Details 3) (USD $) | 12 Months Ended | 60 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 |
Total stock-based compensation expense recognized in connection with all share-based payment awards | ' | ' | ' | ' |
Total | $3,785 | $653 | $24 | $4,508 |
Research and development | ' | ' | ' | ' |
Total stock-based compensation expense recognized in connection with all share-based payment awards | ' | ' | ' | ' |
Total | 2,567 | 605 | 24 | 3,242 |
General and administrative | ' | ' | ' | ' |
Total stock-based compensation expense recognized in connection with all share-based payment awards | ' | ' | ' | ' |
Total | $1,218 | $48 | ' | $1,266 |
Stockbased_Compensation_Detail3
Stock-based Compensation (Details 4) (USD $) | 12 Months Ended | 60 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 |
Stock-based compensation | ' | ' | ' | ' |
Total expense | $3,785 | $653 | $24 | $4,508 |
Stock option | ' | ' | ' | ' |
Stock-based compensation | ' | ' | ' | ' |
Total expense | 3,020 | 264 | 17 | 3,307 |
Shares | ' | ' | ' | ' |
Outstanding at the beginning of the period (in shares) | 691,367 | ' | ' | ' |
Granted (in shares) | 1,914,195 | ' | ' | ' |
Exercised (in shares) | -142,758 | ' | ' | ' |
Forfeited (in shares) | -52,282 | ' | ' | ' |
Outstanding at the end of the period (in shares) | 2,410,522 | 691,367 | ' | 2,410,522 |
Options vested or expected to vest at the end of the period (in shares) | 2,269,359 | ' | ' | 2,269,359 |
Options exercisable at the end of the period (in shares) | 317,804 | ' | ' | 317,804 |
Weighted-Average Exercise Price | ' | ' | ' | ' |
Outstanding at the beginning of the period (in dollars per share) | $0.46 | ' | ' | ' |
Granted (in dollars per share) | $9.94 | ' | ' | ' |
Exercised (in dollars per share) | $2.36 | ' | ' | ' |
Forfeited (in dollars per share) | $1.73 | ' | ' | ' |
Outstanding at the end of the period (in dollars per share) | $7.85 | $0.46 | ' | $7.85 |
Options vested or expected to vest at the end of the period (in dollars per share) | $8.10 | ' | ' | $8.10 |
Options exercisable at the end of the period (in dollars per share) | $0.34 | ' | ' | $0.34 |
Weighted-Average Remaining Contractual Term | ' | ' | ' | ' |
Outstanding at the end of the period | '9 years 3 months 18 days | '8 years 9 months 18 days | ' | ' |
Options vested or expected to vest at the end of the period | '9 years 3 months 18 days | ' | ' | ' |
Options exercisable at the end of the period | '7 years 6 months | ' | ' | ' |
Aggregate Intrinsic Value | ' | ' | ' | ' |
Outstanding at the end of the period | 36,717 | 1,666 | ' | 36,717 |
Options vested or expected to vest at the end of the period | 34,002 | ' | ' | 34,002 |
Options exercisable at the end of the period | 7,177 | ' | ' | 7,177 |
Issuance of non-vested restricted stock pursuant to the exercise of stock options prior to vesting | 63,636 | ' | ' | ' |
Total intrinsic value of stock options exercised | 0 | 115 | 239 | 354 |
Assumptions used to estimate fair value of each employee and non-employee stock award on the grant date using the Black Scholes option pricing model | ' | ' | ' | ' |
Dividend (as a percent) | 0.00% | 0.00% | 0.00% | ' |
Weighted-average grant date fair values of options granted (in dollars per share) | $11.09 | $1.19 | $0.10 | $7.05 |
Total unrecognized stock-based compensation expense related to employee and non-employee unvested stock options | 21,000 | 351 | ' | 21,000 |
Weighted average period for recognition of unrecognized expense | '3 years 8 months 12 days | ' | ' | ' |
Weighted-Average Grant Date Fair Value | ' | ' | ' | ' |
Weighted average period for recognition of unrecognized expense | '3 years 8 months 12 days | ' | ' | ' |
Stock option | Minimum | ' | ' | ' | ' |
Assumptions used to estimate fair value of each employee and non-employee stock award on the grant date using the Black Scholes option pricing model | ' | ' | ' | ' |
Volatility (as a percent) | 85.00% | 79.00% | 78.00% | ' |
Expected term | '6 years 3 months | '6 years 3 months | '6 years 3 months | ' |
Risk-free interest rate (as a percent) | 1.07% | 0.85% | 1.18% | ' |
Stock option | Maximum | ' | ' | ' | ' |
Assumptions used to estimate fair value of each employee and non-employee stock award on the grant date using the Black Scholes option pricing model | ' | ' | ' | ' |
Volatility (as a percent) | 93.00% | 92.00% | 79.00% | ' |
Expected term | '10 years | '10 years | '10 years | ' |
Risk-free interest rate (as a percent) | 3.01% | 1.76% | 2.62% | ' |
Non-vested restricted stock | ' | ' | ' | ' |
Assumptions used to estimate fair value of each employee and non-employee stock award on the grant date using the Black Scholes option pricing model | ' | ' | ' | ' |
Weighted average period for recognition of unrecognized expense | '1 year 8 months 12 days | ' | ' | ' |
Number of Shares | ' | ' | ' | ' |
Non-vested at the beginning of the period (in shares) | 362,596 | ' | ' | ' |
Vested (in shares) | -352,652 | ' | ' | ' |
Non-vested at the end of the period (in shares) | 9,943 | ' | ' | 9,943 |
Weighted-Average Grant Date Fair Value | ' | ' | ' | ' |
Non-vested at the beginning of the period (in dollars per share) | $0.04 | ' | ' | ' |
Vested (in dollars per share) | $0.04 | ' | ' | ' |
Non-vested at the end of the period (in dollars per share) | $0.26 | ' | ' | $0.26 |
Shares of non-vested restricted stock remaining from the early exercise of stock options | 157,006 | ' | ' | 157,006 |
Aggregate fair value of restricted stock awards vested (in dollars per share) | $0.04 | ' | ' | ' |
Total unrecognized stock-based compensation expense related to non-vested restricted stock | 228 | 380 | ' | 228 |
Weighted average period for recognition of unrecognized expense | '1 year 8 months 12 days | ' | ' | ' |
Non-vested restricted stock | 2010 Plan | ' | ' | ' | ' |
Assumptions used to estimate fair value of each employee and non-employee stock award on the grant date using the Black Scholes option pricing model | ' | ' | ' | ' |
Granted (in shares) | 45,454 | ' | ' | ' |
Non-vested restricted stock | Outside of the Plan | ' | ' | ' | ' |
Stock-based compensation | ' | ' | ' | ' |
Total expense | $765 | $389 | $7 | $1,201 |
Assumptions used to estimate fair value of each employee and non-employee stock award on the grant date using the Black Scholes option pricing model | ' | ' | ' | ' |
Granted (in shares) | 1,958,210 | ' | ' | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Components of income (loss) before income taxes | ' | ' |
Foreign | ($10,922,000) | ' |
U.S. | -23,025,000 | -15,888,000 |
Totals | -33,947,000 | -15,888,000 |
Deferred tax assets: | ' | ' |
U.S. and state net operating loss carryforwards | 17,876,000 | 10,621,000 |
Foreign net operating loss carryforwards | 2,731,000 | ' |
Research and development credits | 2,670,000 | 871,000 |
Accruals and other temporary differences | 1,819,000 | 335,000 |
Total deferred tax assets | 25,096,000 | 11,827,000 |
Less valuation allowance | -25,096,000 | -11,827,000 |
Increase in valuation allowance | $13,300,000 | $6,200,000 |
Reconciliation of income tax expense computed at the statutory federal income tax rate to income taxes | ' | ' |
Federal income tax expense at statutory rate (as a percent) | 34.00% | 34.00% |
State income tax, net of federal benefit (as a percent) | 4.90% | 5.20% |
Permanent differences (as a percent) | 0.00% | -0.10% |
Research and development credit (as a percent) | 3.90% | 0.00% |
Foreign rate differential (as a percent) | -2.90% | 0.00% |
Other (as a percent) | -0.80% | 0.00% |
Change in valuation allowance (as a percent) | -39.10% | -39.10% |
Effective income tax rate (as a percent) | 0.00% | 0.00% |
Income_Taxes_Details_2
Income Taxes (Details 2) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Income Taxes | ' | ' |
Deduction for option exercises | $165,000 | $137,000 |
U.S. federal | ' | ' |
Income Taxes | ' | ' |
Net operating loss carryforwards | 45,500,000 | 27,100,000 |
U.S. state | ' | ' |
Income Taxes | ' | ' |
Net operating loss carryforwards | 45,900,000 | 27,100,000 |
Canadian | ' | ' |
Income Taxes | ' | ' |
Net operating loss carryforwards | $10,900,000 | ' |
Income_Taxes_Details_3
Income Taxes (Details 3) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Income Taxes | ' | ' |
Period over which certain cumulative changes in the ownership interest of significant shareholders will be considered, subject to an annual limitation of net operating loss and tax credit carryforwards | '3 years | ' |
Percentage of cumulative changes in the ownership interest of significant shareholders that will be considered, subject to an annual limitation of net operating loss and tax credit carryforwards | 50.00% | ' |
Accrued interest or penalties related to uncertain tax positions | $0 | $0 |
Interest or penalties related to uncertain tax positions recognized in statements of operations and comprehensive loss | 0 | 0 |
Uncertain tax position | 0 | 0 |
Federal | Research and development tax credit carryforwards | ' | ' |
Income Taxes | ' | ' |
Tax credit carryforwards | 2,000 | 665 |
State | Research and development tax credit carryforwards | ' | ' |
Income Taxes | ' | ' |
Tax credit carryforwards | $1,000 | $206 |
Selected_Quarterly_Financial_I2
Selected Quarterly Financial Information (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 60 Months Ended | |||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | Dec. 31, 2013 |
Selected Quarterly Financial Information (Unaudited) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contract and grant revenue | $21 | ' | $133 | $233 | $33 | $34 | $533 | $34 | $387 | $634 | $152 | ' | ' | $1,266 |
Total operating expenses | 12,169 | 9,321 | 7,003 | 5,844 | 4,271 | 3,669 | 4,567 | 4,017 | 34,337 | 16,524 | 10,463 | ' | ' | 63,652 |
Loss from operations | -12,148 | -9,321 | -6,870 | -5,611 | -4,238 | -3,635 | -4,034 | -3,983 | -33,950 | -15,890 | -10,311 | ' | ' | -62,386 |
Total other income (expense) | 2 | ' | 1 | ' | ' | ' | 1 | 1 | 3 | 2 | ' | ' | ' | -183 |
Net loss | ($12,146) | ($9,321) | ($6,869) | ($5,611) | ($4,238) | ($3,635) | ($4,033) | ($3,982) | ($33,947) | ($15,888) | ($10,311) | ($2,244) | ($179) | ($62,569) |
Net loss per share applicable to common stockholders basic and diluted (in dollars per share) | ($0.72) | ($3.66) | ($2.86) | ($2.52) | ($2.08) | ($1.97) | ($2.37) | ($2.71) | ($5.59) | ($8.95) | ($10.27) | ' | ' | ($35) |