Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | May 04, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | KPTI | |
Entity Registrant Name | KARYOPHARM THERAPEUTICS INC. | |
Entity Central Index Key | 1,503,802 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 49,849,972 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 37,499 | $ 68,997 |
Short-term investments | 93,418 | 77,472 |
Prepaid expenses and other current assets | 2,396 | 1,754 |
Restricted cash | 200 | |
Total current assets | 133,313 | 148,423 |
Property and equipment, net | 2,454 | 2,185 |
Long-term investments | 10,314 | 29,396 |
Restricted cash | 292 | 290 |
Total assets | 146,373 | 180,294 |
Current liabilities: | ||
Accounts payable | 4,949 | 5,665 |
Accrued expenses | 21,545 | 21,445 |
Deferred revenue | 19,729 | 21,921 |
Deferred rent | 178 | 303 |
Other current liabilities | 333 | 133 |
Total current liabilities | 46,734 | 49,467 |
Deferred revenue, net of current portion | 2,192 | |
Deferred rent, net of current portion | 1,918 | 1,363 |
Total liabilities | 50,844 | 50,830 |
Stockholders' equity: | ||
Preferred stock, $0.0001 par value; 5,000,000 shares authorized; none issued and outstanding | ||
Common stock, $0.0001 par value; 100,000,000 shares authorized; 49,670,328 and 49,533,150 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively | 5 | 5 |
Additional paid-in capital | 629,610 | 625,017 |
Accumulated other comprehensive loss | (286) | (217) |
Accumulated deficit | (533,800) | (495,341) |
Total stockholders' equity | 95,529 | 129,464 |
Total liabilities and stockholders' equity | $ 146,373 | $ 180,294 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 49,670,328 | 49,533,150 |
Common stock, shares outstanding | 49,670,328 | 49,533,150 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Income Statement [Abstract] | ||
License and other revenue | $ 10,000 | $ 68 |
Operating expenses: | ||
Research and development | 41,321 | 24,083 |
General and administrative | 7,621 | 6,264 |
Total operating expenses | 48,942 | 30,347 |
Loss from operations | (38,942) | (30,279) |
Other income (expense): | ||
Interest income | 509 | 400 |
Other expense | (14) | (15) |
Total other income, net | 495 | 385 |
Loss before income taxes | (38,447) | (29,894) |
Provision for income taxes | (12) | (23) |
Net loss | $ (38,459) | $ (29,917) |
Net loss per share-basic and diluted | $ (0.78) | $ (0.71) |
Weighted-average number of common shares outstanding used in net loss per share-basic and diluted | 49,602,809 | 41,894,796 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (38,459) | $ (29,917) |
Comprehensive income (loss) | ||
Unrealized gain (loss) on investments | (108) | 59 |
Foreign currency translation adjustments | 39 | 11 |
Comprehensive loss | $ (38,528) | $ (29,847) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Operating activities | ||
Net loss | $ (38,459) | $ (29,917) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 169 | 183 |
Net amortization of premiums and discounts on investments | 160 | 267 |
Stock-based compensation expense | 4,164 | 5,909 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | (638) | (61) |
Accounts payable | (773) | (522) |
Accrued expenses and other liabilities | 295 | (498) |
Deferred rent | 430 | (69) |
Net cash used in operating activities | (34,652) | (24,708) |
Investing activities | ||
Purchases of property and equipment | (382) | |
Proceeds from maturities of investments | 27,602 | 25,624 |
Purchases of investments | (24,736) | (25,075) |
Net cash provided by investing activities | 2,484 | 549 |
Financing activities | ||
Proceeds from the exercise of stock options | 429 | 57 |
Net cash provided by financing activities | 429 | 57 |
Effect of exchange rate on cash | 43 | 16 |
Net decrease in cash and cash equivalents | (31,696) | (24,086) |
Cash, cash equivalents and restricted cash at beginning of period | 69,487 | 50,142 |
Cash, cash equivalents and restricted cash at end of period | 37,791 | 26,056 |
Supplemental disclosure of non-cash activities | ||
Purchases of property and equipment included in accounts payable | $ 56 | |
Deferred financing costs included in accounts payable | $ 15 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 1. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements of Karyopharm Therapeutics Inc., a Delaware corporation (the “Company”), have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial reporting and as required by Regulation S-X, Rule 10-01. Form 10-K Basis of Consolidation The condensed consolidated financial statements at March 31, 2018 include the accounts of (i) the Company, (ii) Karyopharm Securities Corp. (a wholly-owned Massachusetts corporation of the Company incorporated in December 2013), (iii) Karyopharm Europe GmbH (a wholly-owned German Limited Liability Company formed in August 2014) and (iv) Karyopharm Therapeutics (Bermuda) Ltd. (a wholly-owned Bermuda subsidiary of the Company formed in March 2015). All intercompany balances and transactions have been eliminated in consolidation. Revenue Recognition The Company adopted ASU 2014-09, Revenue from Contracts with Customers ( Revenue Recognition ASC 606 applies to all contracts with customers, except for contracts that are within the scope of other standards, such as leases, insurance, collaboration arrangements and financial instruments. Under ASC 606, an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, the entity performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract and determines those that are performance obligations, and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. The Company generates revenue from license or similar agreements with pharmaceutical companies for the development and commercialization of certain of its product candidates. Such agreements may include the transfer of intellectual property rights in the form of licenses, transfer of technological know-how, non-refundable If the license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes the transaction price allocated to the license as revenue upon transfer of control of the license. The Company evaluates all other promised goods or services in the agreement to determine if they are distinct. If they are not distinct, they are combined with other promised goods or services to create a bundle of promised goods or services that is distinct. Optional future services where any additional consideration paid to the Company reflects their standalone selling prices do not provide the customer with a material right and, therefore, are not considered performance obligations. If optional future services are priced in a manner which provides the customer with a significant or incremental discount, they are material rights, and are accounted for as performance obligations. The Company utilizes judgment to determine the transaction price. In connection therewith, the Company evaluates contingent milestones at contract inception to estimate the amount which is not probable of a material reversal to include in the transaction price using the most likely amount method. Milestone payments that are not within the control of the Company, such as regulatory approvals, are not considered probable of being achieved until those approvals are received and therefore the variable consideration is constrained. The transaction price is then allocated to each performance obligation on a relative stand-alone selling price basis, for which the Company recognizes revenue as or when the performance obligations under the contract are satisfied. At the end of each reporting period, the Company re-evaluates catch-up The Company then determines whether the performance obligations or combined performance obligations are satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from non-refundable, When consideration is received, or such consideration is unconditionally due, from a customer prior to transferring goods or services to the customer under the terms of a contract, a contract liability is recorded within deferred revenue. Contract liabilities within deferred revenue are recognized as revenue after control of the goods or services is transferred to the customer and all revenue recognition criteria have been met. For arrangements that include sales-based royalties, including sales-based milestone payments, and the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of when the related sales occur or when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | 2. Recent Accounting Pronouncements Recently Adopted Accounting Standards As detailed above, the Company adopted ASC 606 on January 1, 2018. Under the modified retrospective transition method, the Company applied ASC 606 to all contracts within scope as of January 1, 2018. Under the practical expedient concerning contract modifications contained in the transitional provisions of ASC 606, the Company has not retrospectively restated its contracts for modifications prior to the earliest period presented, and instead has reflected the aggregate effect of all modifications when identifying the satisfied and unsatisfied performance obligations, determining the transaction price and allocating the transaction price. Qualitatively, the effect of applying this practical expedient is not material to the periods presented in the consolidated financial statements. As more fully discussed in Note 3, Asset Purchase and License Agreements, only the Company’s arrangement with Ono Pharmaceutical Co., Ltd. was determined to have unsatisfied performance obligations as of the adoption date. However, the pattern of revenue recognition was not affected and, therefore, no transition adjustment was recorded to the opening balance of accumulated deficit on January 1, 2018. All other agreements subject to transition, which only included the Company’s arrangement with Anivive Lifesciences Inc., were unaffected by the adoption of ASC 606 in all periods presented in the consolidated financial statements through application of the modified retrospective transition method. In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments 2016-15”). 2016-15. 2016-05 In October 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-16, Accounting for Income Taxes: Intra-Entity Asset Transfers of Assets Other than Inventory (Topic 740) In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash beginning-of-period end-of- In May 2017, the FASB issued ASU 2017-09, Compensation-Stock Compensation (Topic 718) 2017-09”) Scope of Modification Accounting 2017-09 non-substantive. Recently Issued Accounting Standards In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) |
Asset Purchase and License Agre
Asset Purchase and License Agreements | 3 Months Ended |
Mar. 31, 2018 | |
Text Block [Abstract] | |
Asset Purchase and License Agreements | 3. Asset Purchase and License Agreements Biogen Asset Purchase Agreement On January 24, 2018, the Company entered into an Asset Purchase Agreement (the “APA”) and Letter Agreement with Biogen MA Inc., a Massachusetts corporation and subsidiary of Biogen, Inc. (“Biogen”). Under the terms of the APA and Letter Agreement, the Company sold Biogen exclusive worldwide rights to develop and commercialize the Company’s oral Selective Inhibitor of Nuclear Export (SINE) compound KPT-350 KPT-350 know-how KPT-350 KPT-350 KPT-350 KPT-350 country-by-country The Company and Biogen have made customary representations and warranties and agreed to customary covenants in the APA, including covenants requiring Biogen to use commercially reasonable efforts to develop KPT-350 The Company assessed this arrangement in accordance with ASC 606 and concluded that the contract counterparty, Biogen, is a customer. The Company identified the following material promises in the arrangement: the Transfer of IP and the Manufacturing License. The Company also identified other immaterial promises under the contract that were not deemed performance obligations. The Company further determined other promises for Additional Supply and Transition Assistance represented customer options, which would create an obligation for the Company if exercised by Biogen. Since either no additional or immaterial consideration is owed to the Company by Biogen upon exercise of the customer options for Additional Supply and Transition Assistance, the Company determined both are offered at significant and incremental discounts. Accordingly, they were assessed as material rights and, therefore, separate performance obligations in the arrangement. The Company then determined the Transfer of IP and the Manufacturing License were not distinct from one another and must be combined as a performance obligation (the “Combined Performance Obligation”). This is because Biogen requires the Manufacturing License to derive benefit from the Transfer of IP. Based on these determinations, as well as the considerations noted above with respect to the material rights for Additional Supply and Transition Assistance, the Company identified three distinct performance obligations at the inception of the contract: (i) the Combined Performance Obligation, (ii) the material right for Additional Supply, and (iii) the material right for Transition Assistance. The Company further determined that the up-front Upon execution of the Biogen Agreement, the transaction price included only the $10,000 up-front re-evaluate During the quarter ended March 31, 2018, the Company recognized $10,000 of revenue, as it had satisfied its promises under the Combined Performance Obligation by transferring the underlying promised goods at a point in time during the quarter ended March 31, 2018. Ono License Agreement Effective October 11, 2017 (the “Effective Date”), the Company entered into a license agreement (the “License Agreement”) with Ono Pharmaceutical Co., Ltd., a corporation organized and existing under the laws of Japan (“Ono”), pursuant to which the Company granted Ono exclusive rights to develop and commercialize, at its own cost, selinexor (KPT-330), (KPT-8602), non-exclusive As part of the License Agreement, Ono will also have the right to participate in global clinical studies of selinexor and eltanexor, and will bear the cost and expense for patients enrolled in clinical studies in the Ono Territory. Ono is responsible for seeking regulatory and marketing approvals for selinexor and eltanexor in the Ono Territory, as well as any development of the products specifically necessary to obtain such approvals. Ono is also responsible for the commercialization of products containing selinexor or eltanexor in the Field in the Ono Territory at its own cost and expense. Subject to Ono’s Manufacturing Election, the Company will furnish clinical supplies of drug substance to Ono for use in Ono’s development efforts pursuant to a clinical supply agreement to be entered into by the Company and Ono, and Ono may elect to have the Company provide commercial supplies of drug product to Ono pursuant to a commercial supply agreement to be entered into by the Company and Ono, in each case the costs of which will be borne by Ono. The License Agreement will continue in effect on a product-by-product, country-by-country product-by-product product-by-product, country-by-country The Company assessed this arrangement in accordance with ASC 606 and concluded that the contract counterparty, Ono, is a customer. The Company identified the following material promises under the contract: (i) Exclusive Licenses for selinexor and eltanexor, (ii) Initial Data Transfer for selinexor and eltanexor, which consisted of regulatory data compiled by the Company for the licensed compounds and products as of the Effective Date, (iii) Initial Clinical Supply for selinexor, which consisted of units of clinical supply for Ono to conduct its Phase I Trial, and (iv) an obligation to stand-ready to provide Initial Clinical Supply for eltanexor. The Company also identified several immaterial promises under the contract relating to information exchanges, and participation on operating committees and other working groups. Separately, the Company also identified certain customer options that would create an obligation for the Company if exercised by Ono, including the (i) Additional Data Transfer for selinexor and eltanexor, which would consist of the transfer of additional regulatory data compiled by the Company for the licensed compounds and products after the Effective Date, (ii) Additional Clinical Supply and Related Substance Supply for selinexor and eltanexor, which would consist of supplying Ono with units and substance of selinexor and eltanexor incremental to the Initial Clinical Supply for selinexor and the obligation to stand-ready to provide Initial Clinical Supply for eltanexor, as noted above, (iii) Manufacturing Technology Transfer and License for selinexor and eltanexor under Ono’s Manufacturing Election, as detailed above, and (iv) Option for Backup Compound, which represents Ono’s option to select a replacement compound in the event it elects to discontinue to development of either of the licensed compounds. Collectively, these options are referred to herein as the “Transfer Option.” The Transfer Options individually represent material rights, as they were offered at a significant and incremental discount. Therefore, they were further assessed as performance obligations under the License Agreement. The Company also identified certain other customer options that would create a manufacturing obligation for the Company if exercised by Ono, including commercial supply. This option is referred to herein as the “Manufacturing Option.” The Manufacturing Option does not represent a material right, as it is not offered at a significant and incremental discount. In further evaluating the promises detailed above, the Company determined that the (i) Exclusive License, Initial Data Transfer, and Initial Clinical Supply for selinexor and (ii) Exclusive License, Initial Data Transfer, and obligation to stand-ready to provide Initial Clinical Supply of eltanexor were not distinct from one another, and must be combined as two separate performance obligations (the “Combined License Obligation for selinexor” and “Combined License Obligation for eltanexor”). This is because, for both selinexor and eltanexor, Ono requires the Initial Data Transfer and clinical supply to derive benefit from the Exclusive Licenses since the Company did not grant manufacting licenses for selinexor and eltanexor at contract inception. The Company also determined that each of the Transfer Options represents a distinct performance obligation. Based on these determinations, the Company identified six distinct performance obligations at the inception of the License Agreement, including (i) the Combined License Obligation for selinexor, (ii) the Combined License Obligation for eltanexor, and the four components of the Transfer Options, including (iii) the material right for Additional Data Transfer, (iv) the material right for Additional Clinical Supply and Related Substance Supply, (iv) the material right for Manufacturing Technology Transfer and License, and (vi) the material right for the Option for a Backup Compound. The Company further determined the up-front Upon execution of the Ono Agreement, the transaction price included only the ¥2.5 billion (US$21,916 on the date received) up-front re-evaluate To date, the Company recognized no revenue associated with this agreement. Revenue will be recognized for (i) the Combined License Obligation for selinexor once the Initial Clinical Supply is delivered, and (ii) the Combined License Obligation for eltanexor once the Company’s promise to stand-ready to provide Initial Clinical Supply of eltanexor in the future is fulfilled, which are the only undelivered items in the Combined License Obligation for selinexor and Combined License Obligation for eltanexor, respectively. As of March 31, 2018, the ¥2.5 billion (US$21,916 on the date received) upfront payment represents a contract liability, (i) US$19,724 of which was included in deferred revenue and is classified as a current liability in the condensed consolidated balance sheet and (ii) $2,192 of which was included in deferred revenue and is classified as a non-current Given the determination that the license rights conveyed to Ono lacked standalone value from the initial clinical supply of product required for Ono to obtain benefit from the rights granted and the fact that no initial clinical supply had been provided to Ono as of December 31, 2017, the Company concluded that no revenue should be recognized under ASC 605. Arrangement consideration at the inception of the arrangement included the ¥2.5 billion (US$21,916 on the date received) upfront payment. All other forms of consideration such as milestones and royalties, were considered contingent consideration, with no amount allocable to deliverables at the inception of the arrangement. The Company concluded the contingent consideration would be recognized when the underlying contingencies have been resolved, assuming all other revenue recognition criteria are met. As the accounting treatment for this agreement did not materially differ under ASC 605 and ASC 606, and no revenue was recognized under the Company’s previous accounting policy through December 31, 2017, no transition adjustment was recorded to the opening balance of accumulated deficit as of January 1, 2018. Accordingly, the upfront payment of¥2.5 billion (US$21,916 on the date received), which again represents a contract liability, was also included in deferred revenue as of December 31, 2017. MMRF Research Agreement The Company is a party to a research agreement with the Multiple Myeloma Research Foundation (“MMRF”). Under this research agreement, the Company is obligated to make certain payments to MMRF, including if the Company out-licenses mid-single-digit Anivive License Agreement On April 28, 2017, the Company entered into a license agreement with Anivive Lifesciences, Inc. (“Anivive”), a biopharmaceutical company engaged in the research, development and commercialization of animal health medicines, pursuant to which the Company has granted Anivive an exclusive, worldwide license to develop and commercialize verdinexor (KPT-335) for The Company assessed this arrangement in accordance with ASC 606 and concluded that the contract counterparty, Anivive, is a customer. The Company identified the following material promises under the contract, the Exclusive License and the Technology Transfer, which consisted of regulatory data compiled by the Company for the licensed compound and product as of the Effective Date. The Company also identified the following immaterial promises under the contract that were not deemed performance obligations, including participating on a product advisory committee and sharing regulatory matter information. The Company further determined other promises for (i) transfer of additional technology in the future, if developed by the Company, and (ii) facilitating manufacturing and supply relationships with the Company’s third-party contract manufacturers represented customer options, which would create an obligation for the Company if exercised by Anivive. Since either no additional or immaterial consideration is owed to the Company by Anivive upon exercise of the customer options noted, the Company determined both are offered at significant and incremental discounts. Accordingly, they were assessed as material rights and, therefore, separate performance obligations in the arrangement. In further evaluating the promises detailed above, the Company determined that the Exclusive License and Technology Transfer were not distinct from one another and must be combined as a performance obligation (the “Combined License Obligation”). This is because Anivive requires the Technology Transfer to derive benefit from the Exclusive License. Based on these determinations, the Company identified three distinct performance obligations at the inception of the contract: (i) the Combined License Obligation, (ii) the material right for transfer of additional technology in the future, if developed by the Company, and (iii) the material right for facilitating manufacturing and supply relationships with the Company’s third-party contract manufacturers. The Company further determined that the up-front As referenced above, the up-front re-evaluate To date, the Company recognized $1,250 of revenue associated with the Anivive Agreement. Revenue for the upfront payment and technology transfer milestone was recognized upon completion of the Technology Transfer in October 2017, as all promises under the Combined License Obligation had been fulfilled. The Company reached similar conclusions when evaluating this agreement under its previous accounting policy, which was based on legacy guidance within ASC 605. When evaluating this agreement under ASC 605, the Company concluded that the licenses to verdinexor and technology transfer concerning the licensed product are essential to Anivive’s intended use of the license to develop and commercialize the Licensed Compounds and represented a single unit of accounting. Other potential contractual obligations were evaluated and determined not to be deliverables at inception of the arrangement or were evaluated and determined to be immaterial to the arrangement and, therefore, not evaluated further in the Company’s analysis. Arrangement consideration at the inception of the arrangement included the $1,250 in upfront payments, which includes the milestone fee upon completion of the Technology Transfer. All other forms of consideration, such as milestones and royalties, were considered contingent consideration, with no amount allocable to deliverables at the inception of the arrangement. The Company concluded the contingent consideration would be recognized when the underlying contingencies have been resolved, assuming all other revenue recognition criteria are met. Given the single unit of accounting and that the Technology Transfer would be the last item to be delivered within the unit of accounting, the Company concluded that revenue would be recognized upon the completion of delivery of the technology transfer assuming all other general revenue recognition criteria would be met as of that date. As the accounting treatment for this agreement did not materially differ under ASC 605 and ASC 606, and the upfront payment and technology transfer fee, totaling $1,250, was recognized as revenue during the year ended December 31, 2017 in accordance with the Company’s previous accounting policy, and would have also been recognized during the year ended December 31, 2017 in accordance with the Company’s accounting policy under ASC 606, no transition adjustment was recorded to the opening balance of accumulated deficit as of January 1, 2018. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 4. Fair Value of Financial Instruments Financial instruments, including cash, restricted cash, prepaid expenses and other current assets, accounts payable and accrued expenses are presented in the condensed consolidated financial statements at amounts that approximate fair value at March 31, 2018 and December 31, 2017. The Company is required to disclose information on all assets and liabilities reported at fair value that enables an assessment of the inputs used in determining the reported fair values. The fair value hierarchy prioritizes valuation inputs based on the observable nature of those inputs. The fair value hierarchy applies only to the valuation inputs used in determining the reported fair value of the investments and is not a measure of the investment credit quality. The hierarchy defines three levels of valuation inputs: Level 1 inputs Quoted prices in active markets for identical assets or liabilities Level 2 inputs Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly Level 3 inputs Unobservable inputs that reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability Items classified as Level 2 within the valuation hierarchy consist of commercial paper, corporate debt securities, U.S. government agency securities and certificates of deposit. The Company estimates the fair values of these marketable securities by taking into consideration valuations obtained from third-party pricing sources. These pricing sources utilize industry standard valuation models, including both income and market-based approaches, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. These inputs include market pricing based on real-time trade data for the same or similar securities, issuer credit spreads, benchmark yields, and other observable inputs. The Company validates the prices provided by its third-party pricing sources by understanding the models used, obtaining market values from other pricing sources and analyzing pricing data in certain instances. The following table presents information about the Company’s financial assets that have been measured at fair value at March 31, 2018 and indicates the fair value hierarchy of the valuation inputs utilized to determine such fair value (in thousands): Description Total Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial assets Cash equivalents: Money market funds $ 15,551 $ 15,551 $ — $ — Investments: Current: Corporate debt securities 79,857 — 79,857 — Commercial paper 6,074 — 6,074 — U.S. government and agency securities 4,987 — 4,987 — Certificates of deposit 2,500 — 2,500 — Non-current: Corporate debt securities (one to two year maturity) 7,836 — 7,836 — U.S. government and agency securities 2,478 — 2,478 — $ 119,283 $ 15,551 $ 103,732 $ — The following table presents information about the Company’s financial assets that have been measured at fair value at December 31, 2017 and indicates the fair value hierarchy of the valuation inputs utilized to determine such fair value (in thousands): Description Total Quoted Prices Significant Significant Financial assets Cash equivalents: Money market funds $ 41,805 $ 41,805 $ — $ — Investments: Current: Corporate debt securities 66,253 — 66,253 — Commercial paper 6,720 — 6,720 — Certificates of deposit 2,500 — 2,500 — U.S. government and agency securities 1,999 — 1,999 — Non-current: Corporate debt securities (one to two year maturity) 26,916 — 26,916 — U.S. government securities and agency securities 2,480 — 2,480 — $ 148,673 $ 41,805 $ 106,868 $ — |
Investments
Investments | 3 Months Ended |
Mar. 31, 2018 | |
Schedule of Investments [Abstract] | |
Investments | 5. Investments The following table summarizes the Company’s investments as of March 31, 2018 (in thousands): Amortized Cost Gross Unrealized Gains Gross Unrealized Loss Fair Value Current: Corporate debt securities $ 80,124 $ 2 $ (269 ) $ 79,857 Commercial paper 6,074 — — 6,074 U.S. government and agency securities 4,989 — (2 ) 4,987 Certificates of deposit 2,500 — — 2,500 Non-current: Corporate debt securities (one to two year maturity) 7,907 — (71 ) 7,836 U.S. government and agency securities 2,500 — (22 ) 2,478 $ 104,094 $ 2 $ (364 ) $ 103,732 The following table summarizes the Company’s investments as of December 31, 2017 (in thousands): Amortized Cost Gross Unrealized Gross Unrealized Fair Value Current: Corporate debt securities $ 66,384 $ — $ (131 ) $ 66,253 Commercial paper 6,719 1 — 6,720 Certificates of deposit 2,500 — — 2,500 U.S. government and agency securities 2,000 — (1 ) 1,999 Non-current: Corporate debt securities (one to two year maturity) 27,018 2 (104 ) 26,916 U.S. government and agency securities 2,500 — (20 ) 2,480 $ 107,121 $ 3 $ (256 ) $ 106,868 At March 31, 2018 and December 31, 2017, the Company held 49 and 54 debt securities, respectively, that were in an unrealized loss position for less than one year. The aggregate fair value of debt securities in an unrealized loss position at March 31, 2018 and December 31, 2017 was $91,549 and $96,623, respectively. There were no individual securities that were in a significant unrealized loss position or that had been in an unrealized loss position for greater than one year as of March 31, 2018 or December 31, 2017. The Company reviews investments for other-than-temporary impairment whenever the fair value of an investment is less than the amortized cost and evidence indicates that an investment’s carrying amount is not recoverable within a reasonable period of time. Other-than-temporary impairments of investments are recognized in the condensed consolidated statements of operations if the Company has experienced a credit loss and has the intent to sell the investment or if it is more likely than not that the Company will be required to sell the investment before recovery of the amortized cost basis. Evidence considered in this assessment includes reasons for the impairment, compliance with the Company’s investment policy, the severity and the duration of the impairment and changes in value subsequent to the end of the period. |
Property and Equipment, net
Property and Equipment, net | 3 Months Ended |
Mar. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, net | 6. Property and Equipment, net Property and equipment, net consisted of the following (in thousands): Estimated Useful Life Years March 31, 2018 December 31, 2017 Laboratory equipment 4 $ 593 $ 593 Furniture and fixtures 5 381 381 Office and computer equipment 3 378 378 Construction in process N/A 438 — Leasehold improvements Lesser of useful life or lease term 3,391 3,391 5,181 4,743 Less accumulated depreciation and amortization (2,727 ) (2,558 ) $ 2,454 $ 2,185 |
Accrued Expenses
Accrued Expenses | 3 Months Ended |
Mar. 31, 2018 | |
Text Block [Abstract] | |
Accrued Expenses | 7. Accrued Expenses Accrued expenses consisted of the following (in thousands): March 31, 2018 December 31, 2017 Research and development costs $ 16,978 $ 16,198 Payroll and employee-related costs 2,518 3,982 Professional fees 1,764 972 Other 285 293 $ 21,545 $ 21,445 |
Net Loss Per Share
Net Loss Per Share | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 8. Net Loss Per Share Basic and diluted net loss per common share is calculated by dividing net loss by the weighted-average number of common shares outstanding during the period, without consideration for common stock equivalents. The Company’s potentially dilutive shares, which include outstanding stock options and unvested restricted stock and restricted stock units, are considered to be common stock equivalents and are only included in the calculation of diluted net loss per share when their effect is dilutive. The following potentially dilutive securities were excluded from the calculation of diluted net loss per share due to their anti-dilutive effect: Three Months Ended March 31, 2018 2017 Outstanding stock options 8,702,552 6,867,142 Unvested restricted stock units 228,100 462,250 |
Stock-based Compensation
Stock-based Compensation | 3 Months Ended |
Mar. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-based Compensation | 9. Stock-based Compensation Stock Options A summary of the Company’s stock option activity and related information follows: Shares Weighted- Average Exercise Price Per Share Weighted- Average Remaining Contractual Term (years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2017 7,019,083 $ 13.77 7.4 $ 11,897 Granted 2,184,200 11.04 Exercised (132,178 ) 3.26 Canceled (368,553 ) 14.65 Outstanding at March 31, 2018 8,702,552 $ 13.21 7.8 $ 31,741 Exercisable at March 31, 2018 4,038,071 $ 15.51 6.1 $ 17,903 Total stock-based compensation expense related to stock options for the three months ended March 31, 2018 and 2017 was $3,918 and $4,939, respectively. As of March 31, 2018, there was $33,656 of total unrecognized stock-based compensation expense related to stock options. The expense is expected to be recognized over a weighted-average period of 3.06 years. Restricted Stock Units A restricted stock unit (“RSU”) represents the right to receive one share of the Company’s common stock upon vesting of the RSU. The fair value of each RSU is based on the closing price of the Company’s common stock on the date of grant. During the year ended December 31, 2017, the Company granted RSUs with service conditions that vest provided that the employee remains employed with the Company (“Time-Based RSUs”). The following is a summary of Time-Based RSU activity under the 2013 Stock Incentive Plan for the three months ended March 31, 2018: Number of Shares Underlying RSUs Weighted-Average Grant Date Fair Value Unvested at December 31, 2017 30,000 $ 10.52 Granted — — Forfeited — — Vested (5,000 ) 10.27 Unvested at March 31, 2018 25,000 $ 10.57 The total stock-based compensation expense related to Time-Based RSUs for the three months ended March 31, 2018 and 2017 was $39 and $917, respectively. As of March 31, 2018, there was $213 of unrecognized compensation costs related to unvested Time-Based RSUs, which are expected to be recognized over a weighted-average period of 1.4 years. Separately, and during the year ended December 31, 2017, the Company granted performance-based RSUs, which vest upon the achievement of certain performance goals subject to the employee’s continued employment (“Performance-Based RSUs”). The grant date fair value of the outstanding Performance-Based RSUs is $2,400 as of March 31, 2018, and will be recognized on an accelerated attribution basis when the Performance-Based RSUs are deemed probable of achievement to the date the awards vest. During the three months ended March 31, 2018, the Company recognized $137 of stock-based compensation expense related to the Performance-Based RSUs, as the performance goal related to certain Performance-Based RSUs was deemed probable of achievement as of March 31, 2018 and was achieved on April 28, 2018. However, as of March 31, 2018, the 203,100 outstanding awards were still unvested. Employee Stock Purchase Plan The Company has an Employee Stock Purchase Plan (“ESPP”) that permits eligible employees to enroll in six-month six-month For the three months ended March 31, 2018 and 2017, the Company recorded stock-based compensation expense related to the ESPP of $70 and $53, respectively. As of March 31, 2018, 433,511 shares of the Company’s common stock remained available for issuance under the ESPP. As of March 31, 2018, there was $23 of total unrecognized stock-based compensation expense related to the ESPP. The expense is expected to be recognized over a period of one month. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 10. Commitments and Contingencies In March 2014, the Company entered into an operating lease for approximately 29,933 square feet of office and research space in Newton, Massachusetts. The Company uses the leased premises as its corporate headquarters and for research and development purposes, as well as its commercial and administrative requirements. The lease was amended on December 31, 2014 by extending the term of the lease from November 30, 2021 to September 30, 2022. This amendment also provided for the expansion of the premises leased by the Company by approximately 16,234 square feet. The lease was amended again on February 28, 2018 by extending the term of the lease from September 30, 2022 to September 30, 2025. The amendment also provided for the expansion of the premises leased by the Company by approximately 15,976 square feet. The amendment from February 2018 also provided the Company with the right of first offer to lease between 20,000 and approximately 36,000 square feet of additional space. The Company evaluated the lease amendments and determined that the classification as an operating lease had not changed, and that the amendments did not constitute a new lease. As such, the unamortized balances of the existing deferred rent and tenant improvement allowances, along with the additions to deferred rent and tenant improvement allowances associated with the February 28, 2018 amendment, will be amortized over the term of that lease amendment. The Company is recording rent expense on a straight-line basis through the end of the lease term, inclusive of the period in which there are no scheduled rent payments. The Company has recorded deferred rent on the condensed consolidated balance sheets at March 31, 2018 and December 31, 2017, accordingly. The lease provided the Company with an allowance for improvements of $1,616 which was incurred in the first quarter of 2015. The amended lease provided the Company with an allowance for improvements of up to $731, of which $438 was incurred in the first quarter of 2018. All improvements were deemed normal tenant improvements, were recorded as leasehold improvements and deferred rent and will be recorded as a reduction to rent expense ratably over the lease term. The Company evaluated the lease amendments and determined they did not constitute a new lease and the accounting treatment noted was appropriate. The Company has provided a security deposit in the form of a cash-collateralized letter of credit in the amount of $400, which amount was reduced to $200 in January 2018. The amount is classified as non-current In November 2014, the Company signed a five-year operating lease agreement in Munich, Germany for approximately 3,681 square feet of office space. The lease is for the period February 2015 through January 2020. Pursuant to the lease agreement, the Company was obligated to make aggregate rent payments of €374 (approximately US$461) through January 31, 2020. The Company is recording rent expense on a straight-line basis through the end of the lease term, inclusive of the period in which there are no scheduled rent payments. The Company recorded rent expense totaling $373 and $301 for the three months ended March 31, 2018 and 2017, respectively. |
Equity
Equity | 3 Months Ended |
Mar. 31, 2018 | |
Equity [Abstract] | |
Equity | 11. Equity Controlled Equity Offering Sales Agreement On December 7, 2015, the Company entered into a Controlled Equity Offering Sales Agreement (as amended from time to time, the “Sales Agreement”) with Cantor Fitzgerald & Co., as sales agent (“Cantor”), pursuant to which the Company issued and sold through Cantor, shares of the Company’s common stock (the “Shares”) with an aggregate offering price of $50,000. On November 7, 2016, the Company entered into an amendment to the Sales Agreement pursuant to which the Company issued and sold Shares with an additional aggregate offering price of $50,000. On December 1, 2017, the Company entered into a second amendment to the Sales Agreement that provides that it may issue and sell Shares having an additional aggregate offering price of up to $75,000. Under the Sales Agreement, Cantor may sell the Shares by methods deemed to be an “at-the-market” The Company is not obligated to make any sales of the Shares under the Sales Agreement. The Company or Cantor may suspend or terminate the offering of Shares upon notice to the other party and subject to other conditions. The Company will pay Cantor a commission of up to 3.0% of the gross proceeds from the sale of the Shares pursuant to the Sales Agreement and has agreed to provide Cantor with customary indemnification and contribution rights. As of May 1, 2018, the Company had sold an aggregate of 9,172,159 Shares under the Sales Agreement, for net proceeds of approximately $89,053. The Company sold no Shares under the Sales Agreement during the three months ended March 31, 2018. |
Subsequent Event
Subsequent Event | 3 Months Ended |
Mar. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Event | 12. Subsequent Event On May 7, 2018, the Company completed a follow-on S-3 No. 333-222726) |
Summary of Significant Accoun19
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements of Karyopharm Therapeutics Inc., a Delaware corporation (the “Company”), have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial reporting and as required by Regulation S-X, Rule 10-01. Form 10-K |
Basis of Consolidation | Basis of Consolidation The condensed consolidated financial statements at March 31, 2018 include the accounts of (i) the Company, (ii) Karyopharm Securities Corp. (a wholly-owned Massachusetts corporation of the Company incorporated in December 2013), (iii) Karyopharm Europe GmbH (a wholly-owned German Limited Liability Company formed in August 2014) and (iv) Karyopharm Therapeutics (Bermuda) Ltd. (a wholly-owned Bermuda subsidiary of the Company formed in March 2015). All intercompany balances and transactions have been eliminated in consolidation. |
Revenue Recognition | Revenue Recognition The Company adopted ASU 2014-09, Revenue from Contracts with Customers ( Revenue Recognition ASC 606 applies to all contracts with customers, except for contracts that are within the scope of other standards, such as leases, insurance, collaboration arrangements and financial instruments. Under ASC 606, an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, the entity performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract and determines those that are performance obligations, and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. The Company generates revenue from license or similar agreements with pharmaceutical companies for the development and commercialization of certain of its product candidates. Such agreements may include the transfer of intellectual property rights in the form of licenses, transfer of technological know-how, non-refundable If the license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes the transaction price allocated to the license as revenue upon transfer of control of the license. The Company evaluates all other promised goods or services in the agreement to determine if they are distinct. If they are not distinct, they are combined with other promised goods or services to create a bundle of promised goods or services that is distinct. Optional future services where any additional consideration paid to the Company reflects their standalone selling prices do not provide the customer with a material right and, therefore, are not considered performance obligations. If optional future services reflect a significant or incremental discount, they are material rights, and are accounted for as performance obligations. The Company utilizes judgment to determine the transaction price. In connection therewith, the Company evaluates contingent milestones at contract inception to estimate the amount which is not probable of a material reversal to include in the transaction price using the most likely amount method. Milestone payments that are not within the control of the Company, such as regulatory approvals, are not considered probable of being achieved until those approvals are received and therefore the variable consideration is constrained. The transaction price is then allocated to each performance obligation on a relative stand-alone selling price basis, for which the Company recognizes revenue as or when the performance obligations under the contract are satisfied. At the end of each reporting period, the Company re-evaluates catch-up The Company then determines whether the performance obligations or combined performance obligations are satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from non-refundable, When consideration is received, or such consideration is unconditionally due, from a customer prior to transferring goods or services to the customer under the terms of a contract, a contract liability is recorded within deferred revenue. Contract liabilities within deferred revenue are recognized as revenue after control of the goods or services is transferred to the customer and all revenue recognition criteria have been met. For arrangements that include sales-based royalties, including sales-based milestone payments, and the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of when the related sales occur or when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Recently Adopted Accounting Standards As detailed above, the Company adopted ASC 606 on January 1, 2018. Under the modified retrospective transition method, the Company applied ASC 606 to all contracts within scope as of January 1, 2018. Under the practical expedient concerning contract modifications contained in the transitional provisions of ASC 606, the Company has not retrospectively restated its contracts for modifications prior to the earliest period presented, and instead has reflected the aggregate effect of all modifications when identifying the satisfied and unsatisfied performance obligations, determining the transaction price and allocating the transaction price. Qualitatively, the effect of applying this practical expedient is not material to the periods presented in the consolidated financial statements. As more fully discussed in Note 3, Asset Purchase and License Agreements, only the Company’s arrangement with Ono Pharmaceutical Co., Ltd. was determined to have unsatisfied performance obligations as of the adoption date. However, the pattern of revenue recognition was not affected and, therefore, no transition adjustment was recorded to the opening balance of accumulated deficit on January 1, 2018. All other agreements subject to transition, which only included the Company’s arrangement with Anivive Lifesciences Inc., were unaffected by the adoption of ASC 606 in all periods presented in the consolidated financial statements through application of the modified retrospective transition method. In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments 2016-15”). 2016-15. 2016-05 In October 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-16, Accounting for Income Taxes: Intra-Entity Asset Transfers of Assets Other than Inventory (Topic 740) In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash beginning-of-period end-of- In May 2017, the FASB issued ASU 2017-09, Compensation-Stock Compensation (Topic 718) 2017-09”) Scope of Modification Accounting 2017-09 non-substantive. Recently Issued Accounting Standards In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) |
Fair Value of Financial Instr20
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Assets That Have Been Measured at Fair Value | The following table presents information about the Company’s financial assets that have been measured at fair value at March 31, 2018 and indicates the fair value hierarchy of the valuation inputs utilized to determine such fair value (in thousands): Description Total Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial assets Cash equivalents: Money market funds $ 15,551 $ 15,551 $ — $ — Investments: Current: Corporate debt securities 79,857 — 79,857 — Commercial paper 6,074 — 6,074 — U.S. government and agency securities 4,987 — 4,987 — Certificates of deposit 2,500 — 2,500 — Non-current: Corporate debt securities (one to two year maturity) 7,836 — 7,836 — U.S. government and agency securities 2,478 — 2,478 — $ 119,283 $ 15,551 $ 103,732 $ — The following table presents information about the Company’s financial assets that have been measured at fair value at December 31, 2017 and indicates the fair value hierarchy of the valuation inputs utilized to determine such fair value (in thousands): Description Total Quoted Prices Significant Significant Financial assets Cash equivalents: Money market funds $ 41,805 $ 41,805 $ — $ — Investments: Current: Corporate debt securities 66,253 — 66,253 — Commercial paper 6,720 — 6,720 — Certificates of deposit 2,500 — 2,500 — U.S. government and agency securities 1,999 — 1,999 — Non-current: Corporate debt securities (one to two year maturity) 26,916 — 26,916 — U.S. government securities and agency securities 2,480 — 2,480 — $ 148,673 $ 41,805 $ 106,868 $ — |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Schedule of Investments [Abstract] | |
Summary of Investments | The following table summarizes the Company’s investments as of March 31, 2018 (in thousands): Amortized Cost Gross Unrealized Gains Gross Unrealized Loss Fair Value Current: Corporate debt securities $ 80,124 $ 2 $ (269 ) $ 79,857 Commercial paper 6,074 — — 6,074 U.S. government and agency securities 4,989 — (2 ) 4,987 Certificates of deposit 2,500 — — 2,500 Non-current: Corporate debt securities (one to two year maturity) 7,907 — (71 ) 7,836 U.S. government and agency securities 2,500 — (22 ) 2,478 $ 104,094 $ 2 $ (364 ) $ 103,732 The following table summarizes the Company’s investments as of December 31, 2017 (in thousands): Amortized Cost Gross Unrealized Gross Unrealized Fair Value Current: Corporate debt securities $ 66,384 $ — $ (131 ) $ 66,253 Commercial paper 6,719 1 — 6,720 Certificates of deposit 2,500 — — 2,500 U.S. government and agency securities 2,000 — (1 ) 1,999 Non-current: Corporate debt securities (one to two year maturity) 27,018 2 (104 ) 26,916 U.S. government and agency securities 2,500 — (20 ) 2,480 $ 107,121 $ 3 $ (256 ) $ 106,868 |
Property and Equipment, net (Ta
Property and Equipment, net (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consisted of the following (in thousands): Estimated Useful Life Years March 31, 2018 December 31, 2017 Laboratory equipment 4 $ 593 $ 593 Furniture and fixtures 5 381 381 Office and computer equipment 3 378 378 Construction in process N/A 438 — Leasehold improvements Lesser of useful life or lease term 3,391 3,391 5,181 4,743 Less accumulated depreciation and amortization (2,727 ) (2,558 ) $ 2,454 $ 2,185 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Text Block [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consisted of the following (in thousands): March 31, 2018 December 31, 2017 Research and development costs $ 16,978 $ 16,198 Payroll and employee-related costs 2,518 3,982 Professional fees 1,764 972 Other 285 293 $ 21,545 $ 21,445 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Potentially Dilutive Securities Were Excluded From The Calculation of Diluted Net Loss Per Share Due to Their Anti-Dilutive Effect | The following potentially dilutive securities were excluded from the calculation of diluted net loss per share due to their anti-dilutive effect: Three Months Ended March 31, 2018 2017 Outstanding stock options 8,702,552 6,867,142 Unvested restricted stock units 228,100 462,250 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Stock Option Activity for Employees and Nonemployees | A summary of the Company’s stock option activity and related information follows: Shares Weighted- Average Exercise Price Per Share Weighted- Average Remaining Contractual Term (years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2017 7,019,083 $ 13.77 7.4 $ 11,897 Granted 2,184,200 11.04 Exercised (132,178 ) 3.26 Canceled (368,553 ) 14.65 Outstanding at March 31, 2018 8,702,552 $ 13.21 7.8 $ 31,741 Exercisable at March 31, 2018 4,038,071 $ 15.51 6.1 $ 17,903 |
Summary of RSU Activity | The following is a summary of Time-Based RSU activity under the 2013 Stock Incentive Plan for the three months ended March 31, 2018: Number of Shares Underlying RSUs Weighted-Average Grant Date Fair Value Unvested at December 31, 2017 30,000 $ 10.52 Granted — — Forfeited — — Vested (5,000 ) 10.27 Unvested at March 31, 2018 25,000 $ 10.57 |
Recent Accounting Pronounceme26
Recent Accounting Pronouncements - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Mar. 31, 2017 |
ASU 2016-18 [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Restricted cash and cash equivalents | $ 292 | $ 479 |
Asset Purchase and License Ag27
Asset Purchase and License Agreements - Additional Information (Detail) | Jan. 24, 2018USD ($) | Oct. 11, 2017USD ($) | Oct. 11, 2017JPY (¥) | Apr. 28, 2017USD ($) | Mar. 31, 2018USD ($) | Mar. 31, 2017USD ($) | Mar. 31, 2018JPY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2017JPY (¥) |
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |||||||||
Deferred Revenue, current | $ 19,729,000 | $ 21,921,000 | |||||||
Deferred Revenue, non-current | 2,192,000 | ||||||||
Total consideration amount | 10,000,000 | $ 68,000 | |||||||
Biogen MA Inc [Member] | |||||||||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |||||||||
Revenues | 10,000,000 | ||||||||
Biogen MA Inc [Member] | Asset Purchase Agreement [Member] | |||||||||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |||||||||
Upfront payment received | $ 10,000,000 | ||||||||
Milestone payments receivable | 142,000,000 | ||||||||
Commercial milestone payments receivable | $ 65,000,000 | ||||||||
Ono Pharmaceutical Co Ltd [Member] | |||||||||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |||||||||
Revenues | $ 0 | ||||||||
Government Research Grant Agreement [Member] | Ono Pharmaceutical Co Ltd [Member] | |||||||||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |||||||||
Milestone payments receivable | ¥ | ¥ 10,150,000,000 | ||||||||
Commercial milestone payments receivable | ¥ | ¥ 9,000,000,000 | ||||||||
Upfront payment receivable | $ 21,916,000 | ¥ 2,500,000,000 | |||||||
License agreement termination prior notice period | 180 days | ||||||||
License agreement termination description | License Agreement may be terminated earlier by (i) either party for breach of the License Agreement by the other party or in the event of the insolvency or bankruptcy of the other party, (ii) Ono on a product-by-product basis for certain safety reasons or on a product-by-product, country-by-country basis for any reason with 180 days' prior notice or (iii) the Company in the event Ono challenges or assists with a challenge to certain of the Company's patent rights. | ||||||||
Government Research Grant Agreement [Member] | Ono Pharmaceutical Co Ltd [Member] | Development Goals [Member] | Maximum [Member] | |||||||||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |||||||||
Milestone payments receivable | 90,500,000 | 10,150,000,000 | |||||||
Government Research Grant Agreement [Member] | Ono Pharmaceutical Co Ltd [Member] | Sales Milestone Events [Member] | Maximum [Member] | |||||||||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |||||||||
Milestone payments receivable | $ 80,200,000 | ¥ 9,000,000,000 | |||||||
Government Research Grant Agreement [Member] | Ono Pharmaceutical Co Ltd [Member] | Selinexor [Member] | |||||||||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |||||||||
Combined license obligations | $ 19,724,000 | ||||||||
Government Research Grant Agreement [Member] | Ono Pharmaceutical Co Ltd [Member] | Eltanexor [Member] | |||||||||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |||||||||
Combined license obligations | 2,192,000 | ||||||||
Government Research Grant Agreement [Member] | Anivive Lifesciences, Inc. [Member] | |||||||||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |||||||||
Upfront payment receivable | $ 1,000,000 | 1,000,000 | |||||||
Deferred Revenue | 250,000 | ||||||||
Total consideration amount | 1,250,000 | ||||||||
Government Research Grant Agreement [Member] | Anivive Lifesciences, Inc. [Member] | Maximum [Member] | |||||||||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |||||||||
Milestone payments receivable | 43,250,000 | ||||||||
Government Research Grant Agreement [Member] | Anivive Lifesciences, Inc. [Member] | Sales Milestone Events [Member] | |||||||||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |||||||||
Milestone payments receivable | 37,500,000 | ||||||||
Government Research Grant Agreement [Member] | Anivive Lifesciences, Inc. [Member] | Clinical Development And Regulatory Milestone [Member] | |||||||||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |||||||||
Milestone payments receivable | $ 5,750,000 | ||||||||
Research Agreement [Member] | Multiple Myeloma Research Foundation [Member] | |||||||||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |||||||||
Estimated upfront cash payment obligation | 1,972,000 | ¥ 225,000,000 | |||||||
Maximum estimated payment obligation | $ 6,000,000 | ||||||||
Current Liability [Member] | Ono Pharmaceutical Co Ltd [Member] | |||||||||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |||||||||
Deferred Revenue, current | 19,724,000 | ||||||||
Noncurrent Liability [Member] | Ono Pharmaceutical Co Ltd [Member] | |||||||||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |||||||||
Deferred Revenue, non-current | $ 2,192,000 |
Fair Value of Financial Instr28
Fair Value of Financial Instruments - Schedule of Financial Assets That Have Been Measured at Fair Value (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Financial assets | ||
Total | $ 119,283 | $ 148,673 |
Current [Member] | Corporate Debt Securities [Member] | ||
Financial assets | ||
Investments | 79,857 | 66,253 |
Current [Member] | Commercial Paper [Member] | ||
Financial assets | ||
Investments | 6,074 | 6,720 |
Current [Member] | US Government and Agency Securities [Member] | ||
Financial assets | ||
Investments | 4,987 | 1,999 |
Non-current [Member] | US Government and Agency Securities [Member] | ||
Financial assets | ||
Investments | 2,478 | 2,480 |
Non-current [Member] | Corporate Debt Securities (One to Two Year Maturity) [Member] | ||
Financial assets | ||
Investments | 7,836 | 26,916 |
Money Market Funds [Member] | ||
Financial assets | ||
Cash equivalents | 15,551 | 41,805 |
Certificates of Deposit [Member] | Current [Member] | ||
Financial assets | ||
Investments | 2,500 | 2,500 |
Level 1 [Member] | ||
Financial assets | ||
Total | 15,551 | 41,805 |
Level 1 [Member] | Money Market Funds [Member] | ||
Financial assets | ||
Cash equivalents | 15,551 | 41,805 |
Level 2 [Member] | ||
Financial assets | ||
Total | 103,732 | 106,868 |
Level 2 [Member] | Current [Member] | Corporate Debt Securities [Member] | ||
Financial assets | ||
Investments | 79,857 | 66,253 |
Level 2 [Member] | Current [Member] | Commercial Paper [Member] | ||
Financial assets | ||
Investments | 6,074 | 6,720 |
Level 2 [Member] | Current [Member] | US Government and Agency Securities [Member] | ||
Financial assets | ||
Investments | 4,987 | 1,999 |
Level 2 [Member] | Non-current [Member] | US Government and Agency Securities [Member] | ||
Financial assets | ||
Investments | 2,478 | 2,480 |
Level 2 [Member] | Non-current [Member] | Corporate Debt Securities (One to Two Year Maturity) [Member] | ||
Financial assets | ||
Investments | 7,836 | 26,916 |
Level 2 [Member] | Certificates of Deposit [Member] | Current [Member] | ||
Financial assets | ||
Investments | $ 2,500 | $ 2,500 |
Investments - Summary of Invest
Investments - Summary of Investments (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Summary of Investment Holdings [Line Items] | ||
Amortized Cost | $ 104,094 | $ 107,121 |
Gross Unrealized Gains | 2 | 3 |
Gross Unrealized Loss | (364) | (256) |
Fair Value | 103,732 | 106,868 |
Current [Member] | Certificates of Deposit [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Amortized Cost | 2,500 | 2,500 |
Fair Value | 2,500 | 2,500 |
Current [Member] | Corporate Debt Securities [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Amortized Cost | 80,124 | 66,384 |
Gross Unrealized Gains | 2 | |
Gross Unrealized Loss | (269) | (131) |
Fair Value | 79,857 | 66,253 |
Current [Member] | Commercial Paper [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Amortized Cost | 6,074 | 6,719 |
Gross Unrealized Gains | 1 | |
Fair Value | 6,074 | 6,720 |
Current [Member] | US Government and Agency Securities [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Amortized Cost | 4,989 | 2,000 |
Gross Unrealized Loss | (2) | (1) |
Fair Value | 4,987 | 1,999 |
Non-current [Member] | Corporate Debt Securities (One to Two Year Maturity) [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Amortized Cost | 7,907 | 27,018 |
Gross Unrealized Gains | 2 | |
Gross Unrealized Loss | (71) | (104) |
Fair Value | 7,836 | 26,916 |
Non-current [Member] | US Government and Agency Securities [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Amortized Cost | 2,500 | 2,500 |
Gross Unrealized Loss | (22) | (20) |
Fair Value | $ 2,478 | $ 2,480 |
Investments - Summary of Inve30
Investments - Summary of Investments (Parenthetical) (Detail) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Corporate Debt Securities (One to Two Year Maturity) [Member] | Minimum [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investments, maturity period | 1 year | 1 year |
Corporate Debt Securities (One to Two Year Maturity) [Member] | Maximum [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investments, maturity period | 2 years | 2 years |
Certificates of Deposit (One to Two Year Maturity) [Member] | Minimum [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investments, maturity period | 1 year | |
Certificates of Deposit (One to Two Year Maturity) [Member] | Maximum [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investments, maturity period | 2 years |
Investments - Additional Inform
Investments - Additional Information (Detail) $ in Thousands | Mar. 31, 2018USD ($)Securities | Dec. 31, 2017USD ($)Securities |
Investments, Debt and Equity Securities [Abstract] | ||
Number of debt securities with unrealized loss position for less than one year | 49 | 54 |
Aggregate fair value of debt securities with unrealized loss position for less than one year | $ | $ 91,549 | $ 96,623 |
Number of debt securities with unrealized loss position for greater than one year | 0 | 0 |
Property and Equipment, net - S
Property and Equipment, net - Schedule of Property and Equipment, Net (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 5,181 | $ 4,743 |
Less accumulated depreciation and amortization | (2,727) | (2,558) |
Property and equipment, net | $ 2,454 | 2,185 |
Laboratory Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 4 years | |
Property and equipment, gross | $ 593 | 593 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 5 years | |
Property and equipment, gross | $ 381 | 381 |
Office and Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 3 years | |
Property and equipment, gross | $ 378 | 378 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 438 | |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | Lesser of useful life or lease term | |
Property and equipment, gross | $ 3,391 | $ 3,391 |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Accrued Liabilities, Current [Abstract] | ||
Research and development costs | $ 16,978 | $ 16,198 |
Payroll and employee-related costs | 2,518 | 3,982 |
Professional fees | 1,764 | 972 |
Other | 285 | 293 |
Total Accrued Expenses | $ 21,545 | $ 21,445 |
Net Loss Per Share - Schedule o
Net Loss Per Share - Schedule of Potentially Dilutive Securities Were Excluded From The Calculation of Diluted Net Loss Per Share Due to Their Anti-Dilutive Effect (Detail) - shares | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Outstanding Stock Options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Dilutive securities excluded from the calculation of diluted net loss per share due to anti-dilutive effect (in shares) | 8,702,552 | 6,867,142 |
Unvested Restricted Stock Units [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Dilutive securities excluded from the calculation of diluted net loss per share due to anti-dilutive effect (in shares) | 228,100 | 462,250 |
Stock-based Compensation - Summ
Stock-based Compensation - Summary of Stock Option Activity for Employees and Nonemployees (Detail) - Employee and Nonemployee Stock Option [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares, Outstanding, Beginning balance | 7,019,083 | |
Shares, Granted | 2,184,200 | |
Shares, Exercised | (132,178) | |
Shares, Canceled | (368,553) | |
Shares, Outstanding, Ending balance | 8,702,552 | 7,019,083 |
Shares, Exercisable | 4,038,071 | |
Weighted-Average Exercise Price Per Share, Outstanding, Beginning balance | $ 13.77 | |
Weighted-Average Exercise Price Per Share, Granted | 11.04 | |
Weighted-Average Exercise Price Per Share, Exercised | 3.26 | |
Weighted-Average Exercise Price Per Share, Canceled | 14.65 | |
Weighted-Average Exercise Price Per Share, Outstanding, Ending balance | 13.21 | $ 13.77 |
Weighted-Average Exercise Price Per Share, Exercisable | $ 15.51 | |
Weighted-Average Remaining Contractual Term (years), Outstanding | 7 years 9 months 18 days | 7 years 4 months 24 days |
Weighted-Average Remaining Contractual Term (years), Exercisable | 6 years 1 month 6 days | |
Aggregate Intrinsic Value, Outstanding | $ 31,741 | $ 11,897 |
Aggregate Intrinsic Value, Exercisable | $ 17,903 |
Stock-based Compensation - Addi
Stock-based Compensation - Additional Information (Detail) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018USD ($)shares | Mar. 31, 2017USD ($)Right | Dec. 31, 2017shares | |
Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 3,918 | $ 4,939 | |
Total unrecognized stock-based compensation expense | $ 33,656 | ||
Period for recognition of unrecognized expense | 3 years 21 days | ||
Unvested Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 39 | $ 917 | |
Period for recognition of unrecognized expense | 1 year 4 months 24 days | ||
Right to received shares of common stock (shares) | Right | 1 | ||
Total unrecognized stock-based compensation expense | $ 213 | ||
Unvested awards outstanding | shares | 25,000 | 30,000 | |
Performance-Based RSUs [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 137 | ||
Share based compensation grant date fair value of outstanding units | $ 2,400 | ||
Unvested awards outstanding | shares | 203,100,000 | ||
ESPP [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 70 | $ 53 | |
Period for recognition of unrecognized expense | 1 month | ||
Total unrecognized stock-based compensation expense | $ 23 | ||
Offering period | 6 months | ||
Purchase price of common stock | 85.00% | ||
Number of shares of common stock authorized | shares | 242,424 | ||
Common stock shares available for issuance under ESPP | shares | 433,511 | ||
Percentage of shares of common stock available for issuance | 1.00% | ||
Employee stock purchase plan, description | In 2013, the Company's stockholders approved the reservation of 242,424 shares of the Company's common stock for issuance under the ESPP, plus an annual increase to be added on the first day of each fiscal year, commencing on January 1, 2015 and ending on December 31, 2023, equal to the lesser of 484,848 shares of the Company's common stock, 1% of the number of outstanding shares on such date, or an amount determined by the board of directors. | ||
ESPP [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock shares available for issuance under ESPP | shares | 484,848 |
Stock-based Compensation - Su37
Stock-based Compensation - Summary of RSU Activity (Detail) - Unvested Restricted Stock Units [Member] | 3 Months Ended |
Mar. 31, 2018$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Shares Underlying RSUs, Unvested beginning balance | shares | 30,000 |
Number of Shares Underlying RSUs, Granted | shares | 0 |
Number of Shares Underlying RSUs, Forfeited | shares | 0 |
Number of Shares Underlying RSUs, Vested | shares | (5,000) |
Number of Shares Underlying RSUs, Unvested ending balance | shares | 25,000 |
Weighted-Average Grant Date Fair Value, Unvested beginning balance | $ / shares | $ 10.52 |
Weighted-Average Grant Date Fair Value, Granted | $ / shares | 0 |
Weighted-Average Grant Date Fair Value, Forfeited | $ / shares | 0 |
Weighted-Average Grant Date Fair Value, Vested | $ / shares | 10.27 |
Weighted-Average Grant Date Fair Value, Unvested ending balance | $ / shares | $ 10.57 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) € in Thousands, $ in Thousands | 1 Months Ended | 3 Months Ended | |||||||
Nov. 30, 2014EUR (€)ft² | Mar. 31, 2018USD ($) | Mar. 31, 2017USD ($) | Mar. 31, 2015USD ($) | Feb. 28, 2018ft² | Jan. 31, 2018USD ($) | Dec. 31, 2014ft² | Nov. 30, 2014USD ($)ft² | Mar. 31, 2014USD ($)ft² | |
Summary Of Commitments And Contingent Liabilities [Line Items] | |||||||||
Office and laboratory space leased | ft² | 3,681 | 3,681 | 29,933 | ||||||
Operating lease amendment, leased premises expansion | ft² | 15,976 | 16,234 | |||||||
Allowance for improvements | $ | $ 438 | $ 1,616 | |||||||
Security deposit in the form of a letter of credit | $ | $ 200 | $ 400 | |||||||
Operating lease agreement term | 5 years | ||||||||
Scheduled rent payments due | € 374 | $ 461 | |||||||
Total rent expense | $ | 373 | $ 301 | |||||||
Minimum [Member] | |||||||||
Summary Of Commitments And Contingent Liabilities [Line Items] | |||||||||
Operating lease amendment, additional area available to lease | ft² | 20,000 | ||||||||
Maximum [Member] | |||||||||
Summary Of Commitments And Contingent Liabilities [Line Items] | |||||||||
Operating lease amendment, additional area available to lease | ft² | 36,000 | ||||||||
Allowance for improvements | $ | $ 731 |
Equity - Controlled Equity Offe
Equity - Controlled Equity Offering Sales Agreement - Additional Information (Detail) - Cantor Fitzgerald & Co. [Member] - Controlled Equity Offering Sales Agreement [Member] - USD ($) | 3 Months Ended | 29 Months Ended | |||
Mar. 31, 2018 | May 01, 2018 | Dec. 01, 2017 | Nov. 07, 2016 | Dec. 07, 2015 | |
Common Stock [Member] | |||||
Schedule Of Share Based Compensation Arrangements By Share Based Payment Award Options [Line Items] | |||||
Issuance of common stock, net of issuance costs | 0 | ||||
Subsequent Event [Member] | Common Stock [Member] | |||||
Schedule Of Share Based Compensation Arrangements By Share Based Payment Award Options [Line Items] | |||||
Issuance of common stock, net of issuance costs | 9,172,159 | ||||
Net proceeds from sale of common stock | $ 89,053,000 | ||||
Maximum [Member] | |||||
Schedule Of Share Based Compensation Arrangements By Share Based Payment Award Options [Line Items] | |||||
Aggregate offering price | $ 75,000,000 | $ 50,000,000 | $ 50,000,000 | ||
Percentage of commission of gross proceeds from the sale of Shares | 3.00% |
Subsequent Event - Additional I
Subsequent Event - Additional Information (Detail) - Subsequent Event [Member] - Common Stock [Member] - Follow-on Offering [Member] $ / shares in Units, $ in Thousands | May 07, 2018USD ($)$ / sharesshares |
Subsequent Event [Line Items] | |
Number of shares of common stock sold in public offering | shares | 10,525,424 |
Public offering price of common shares | $ / shares | $ 14.75 |
Net proceeds after deducting underwriting discounts, commissions and offering expenses | $ | $ 145,635 |