Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Oct. 30, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | 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 | 47,180,775 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 54,450 | $ 49,663 |
Short-term investments | 64,956 | 79,889 |
Restricted cash | 200 | |
Prepaid expenses and other current assets | 2,076 | 2,084 |
Total current assets | 121,682 | 131,636 |
Property and equipment, net | 2,304 | 2,836 |
Long-term investments | 39,498 | 45,434 |
Restricted cash | 289 | 479 |
Total assets | 163,773 | 180,385 |
Current liabilities: | ||
Accounts payable | 1,890 | 4,751 |
Accrued expenses | 17,715 | 11,362 |
Deferred revenue | 1,050 | |
Deferred rent | 298 | 280 |
Other current liabilities | 202 | 83 |
Total current liabilities | 21,155 | 16,476 |
Deferred rent, net of current portion | 1,441 | 1,666 |
Total liabilities | 22,596 | 18,142 |
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; 47,154,204 and 41,887,829 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively | 5 | 4 |
Additional paid-in capital | 597,562 | 528,617 |
Accumulated other comprehensive loss | (90) | (274) |
Accumulated deficit | (456,300) | (366,104) |
Total stockholders’ equity | 141,177 | 162,243 |
Total liabilities and stockholders’ equity | $ 163,773 | $ 180,385 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2017 | Dec. 31, 2016 |
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 | 47,154,204 | 41,887,829 |
Common stock, shares outstanding | 47,154,204 | 41,887,829 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Income Statement [Abstract] | ||||
Contract and grant revenue | $ 48 | $ 71 | $ 107 | |
Operating expenses: | ||||
Research and development | $ 25,237 | 19,893 | 72,440 | 66,267 |
General and administrative | 5,818 | 5,897 | 18,717 | 17,407 |
Total operating expenses | 31,055 | 25,790 | 91,157 | 83,674 |
Loss from operations | (31,055) | (25,742) | (91,086) | (83,567) |
Other income (expense): | ||||
Interest income | 454 | 311 | 1,266 | 926 |
Other income (expense) | (26) | 6 | (70) | (1) |
Total other income (expense), net | 428 | 317 | 1,196 | 925 |
Loss before income taxes | (30,627) | (25,425) | (89,890) | (82,642) |
Provision for income taxes | (13) | (54) | ||
Net loss | $ (30,640) | $ (25,425) | $ (89,944) | $ (82,642) |
Net loss per share—basic and diluted | $ (0.65) | $ (0.69) | $ (2) | $ (2.28) |
Weighted-average number of common shares outstanding used in net loss per share—basic and diluted | 47,141,146 | 36,819,329 | 44,974,945 | 36,223,324 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net loss | $ (30,640) | $ (25,425) | $ (89,944) | $ (82,642) |
Comprehensive income (loss) | ||||
Unrealized gain (loss) on investments | 25 | (182) | 50 | 225 |
Foreign currency translation adjustments | 50 | 15 | 134 | 29 |
Comprehensive loss | $ (30,565) | $ (25,592) | $ (89,760) | $ (82,388) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Operating activities | ||
Net loss | $ (89,944) | $ (82,642) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 539 | 537 |
Net amortization of premiums and discounts on investments | 903 | 839 |
Stock-based compensation expense | 15,906 | 17,157 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | 18 | 412 |
Accounts payable | (2,867) | (1,659) |
Accrued expenses and other liabilities | 6,423 | 1,101 |
Deferred revenue | 1,050 | |
Deferred rent | (207) | (138) |
Net cash used in operating activities | (68,179) | (64,393) |
Investing activities | ||
Purchases of property and equipment | (7) | (45) |
Proceeds from maturities of investments | 94,033 | 140,719 |
Purchases of investments | (74,017) | (122,681) |
Net cash provided by investing activities | 20,009 | 17,993 |
Financing activities | ||
Proceeds from the issuance of common stock, net of issuance costs | 52,323 | 31,463 |
Proceeds from the exercise of stock options and shares issued under employee stock purchase plan | 463 | 452 |
Net cash provided by financing activities | 52,786 | 31,915 |
Effect of exchange rate on cash | 171 | 35 |
Net increase (decrease) in cash and cash equivalents | 4,787 | (14,450) |
Cash and cash equivalents at beginning of period | 49,663 | 58,358 |
Cash and cash equivalents at end of period | 54,450 | 43,908 |
Supplemental disclosure of non-cash financing activity | ||
Deferred financing costs included in accounts payable | 40 | |
Deferred financing costs included in accrued expenses | 258 | |
Deferred financing costs included in other current assets | $ 16 | $ 1,883 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2017 | |
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. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (including those which are normal and recurring) considered necessary for a fair presentation of the interim financial information have been included. When preparing financial statements in conformity with GAAP, the Company must make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and related disclosures at the date of the financial statements. Actual results could differ from those estimates. Additionally, operating results for the three and nine months ended September 30, 2017 are not necessarily indicative of the results that may be expected for any other interim period or for the fiscal year ending December 31, 2017. For further information, refer to the financial statements and footnotes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 as filed with the Securities and Exchange Commission (“SEC”) on March 16, 2017. Basis of Consolidation The condensed consolidated financial statements at September 30, 2017 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 recognizes revenue when persuasive evidence of an arrangement exists; services have been performed or products have been delivered; the fee is fixed or determinable; and collection is reasonably assured. The Company evaluates multiple element agreements under the Financial Accounting Standards Board’s, or FASB, Accounting Standards Codification, or ASC, Revenue Recognition (Topic 605). When evaluating multiple element arrangements under Topic 605, the Company identifies the deliverables included within the agreement and determines whether the deliverables under the arrangement represent separate units of accounting. Deliverables under the arrangement are a separate unit of accounting if (i) the delivered item has value to the customer on a standalone basis and (ii) if the arrangement includes a general right of return relative to the delivered item and delivery or performance of the undelivered items are considered probable and substantially within the Company’s control. This evaluation requires subjective determinations and requires management to make judgments about the individual deliverables and whether such deliverables are separable from the other aspects of the contractual relationship. In determining the units of accounting, management evaluates certain criteria, including whether the deliverables have standalone value, based on the consideration of the relevant facts and circumstances for each arrangement. The Company considers whether the licensor can use the license or other deliverables for their intended purpose without the receipt of the remaining elements, and whether the value of the deliverable is dependent on the undelivered items and whether there are other vendors that can provide the undelivered items. Arrangement consideration generally includes up-front license fees. The Company determines how to allocate arrangement consideration to identified units of accounting based on the selling price hierarchy provided under the relevant guidance. The Company determines the estimated selling price for deliverables using vendor-specific objective evidence (“VSOE”) of selling price, if available, third-party evidence (“TPE”), if VSOE is not available, or best estimate of selling price (“BESP”), if neither VSOE nor TPE is available. Determining the BESP for a deliverable requires significant judgment. Up-Front License Fees Up-front payments received in connection with licenses of the Company’s technology rights are deferred if facts and circumstances dictate that the license does not have stand-alone value. When management believes the license to its intellectual property does not have stand-alone value from the other deliverables to be provided in the arrangement, it is combined with other deliverables and the revenue of the combined unit of accounting is recorded based on the method appropriate for the last delivered item. Milestones At the inception of each arrangement that includes milestone payments, the Company evaluates whether each milestone is substantive, in accordance with Accounting Standards Update, or ASU, No. 2010-17, Revenue Recognition—Milestone Method. Sales-based and commercial milestones are accounted for as royalties and are recorded as revenue upon achievement of the milestone, assuming all other revenue recognition criteria are met. |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Changes And Error Corrections [Abstract] | |
Recently Issued Accounting Pronouncements | 2. Recently Issued Accounting Pronouncements In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash In October 2016, the FASB issued ASU No. 2016-16, Accounting for Income Taxes: Intra-Entity Asset Transfers of Assets Other than Inventory (Topic 740) In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of Effective Date Revenue from Contracts with Customers (Topic 606) Revenue from Contracts with Customers The Company will adopt ASC 606 effective January 1, 2018. The Company has not yet finalized its assessment of the impact of ASC 606, which is applicable to the Company’s arrangement with Anivive Lifesciences, Inc., as described in Note 7, Collaboration and License Agreements, as well as the Company’s arrangement with Ono Pharmaceutical Co., which was executed on October 11, 2017 and described in Note 12, Subsequent Events. However, the Company anticipates that it will adopt the standard using the modified retrospective method, as permissible under the transitional provisions of ASC 606 for all contracts not yet completed as of the effective date. The modified retrospective method applies the guidance retrospectively only to the most current period presented in the financial statements, recognizing the cumulative effect of initially applying the standard as an adjustment to the opening balance of accumulated deficit at the date of initial application. As of September 30, 2017, the Company is in process of estimating the expected financial statement impact of applying the new standard to these arrangements. During the fourth quarter of 2017, the Company plans to finalize its analysis to determine the impact the standard may have on its results of operations, financial position, and disclosures. Recently Adopted Accounting Standards In March 2016, the FASB issued ASU No. 2016-09, Compensation – Stock Compensation (Topic 718). |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 3. 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 September 30, 2017 and December 31, 2016. 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 September 30, 2017 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 $ 29,038 $ 29,038 $ — $ — Investments: Current: Corporate debt securities 58,462 — 58,462 — Commercial paper 1,996 — 1,996 — U.S. government and agency securities 4,498 — 4,498 — Non-current: Corporate debt securities (one to two year maturity) 34,498 — 34,498 — Certificates of deposit (one to two year maturity) 2,500 — 2,500 — U.S. government and agency securities 2,500 — 2,500 — $ 133,492 $ 29,038 $ 104,454 $ — The following table presents information about the Company’s financial assets that have been measured at fair value at December 31, 2016 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 $ 37,916 $ 37,916 $ — $ — Investments: Current: Corporate debt securities 52,722 — 52,722 — Commercial paper 24,668 — 24,668 — U.S. government and agency securities 2,499 — 2,499 — Non-current: Corporate debt securities (one to two year maturity) 43,435 — 43,435 — U.S. government securities 1,999 — 1,999 — $ 163,239 $ 37,916 $ 125,323 $ — |
Investments
Investments | 9 Months Ended |
Sep. 30, 2017 | |
Schedule Of Investments [Abstract] | |
Investments | 4. Investments The following table summarizes the Company’s investments as of September 30, 2017 (in thousands): Amortized Cost Gross Unrealized Gains Gross Unrealized Loss Fair Value Current: Corporate debt securities $ 58,533 $ 2 $ (73 ) $ 58,462 Commercial paper 1,996 — — 1,996 U.S. government and agency securities 4,500 — (2 ) 4,498 Non-current: Corporate debt securities (one to two year maturity) 34,530 8 (40 ) 34,498 Certificates of deposit (one to two year maturity) 2,500 — — 2,500 U.S. government and agency securities 2,500 2,500 $ 104,559 $ 10 $ (115 ) $ 104,454 The following table summarizes the Company’s investments as of December 31, 2016 (in thousands): Amortized Cost Gross Unrealized Gains Gross Unrealized Loss Fair Value Current: Corporate debt securities $ 52,762 $ 5 $ (45 ) $ 52,722 Commercial paper 24,670 5 (7 ) 24,668 U.S. government and agency securities 2,500 — (1 ) 2,499 Non-current: Corporate debt securities (one to two year maturity) 43,546 29 (140 ) 43,435 U.S. government and agency securities 2,000 — (1 ) 1,999 $ 125,478 $ 39 $ (194 ) $ 125,323 At September 30, 2017 and December 31, 2016, the Company held 49 and 58 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 September 30, 2017 and December 31, 2016 was $81,275 and $95,949, 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 September 30, 2017 or December 31, 2016. 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 | 9 Months Ended |
Sep. 30, 2017 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment, net | 5. Property and Equipment, net Property and equipment, net consisted of the following (in thousands): Estimated Useful Life Years September 30, 2017 December 31, 2016 Laboratory equipment 4 $ 538 $ 538 Furniture and fixtures 5 381 381 Office and computer equipment 3 378 371 Leasehold improvements Lesser of useful life or lease term 3,391 3,391 4,688 4,681 Less accumulated depreciation and amortization (2,384 ) (1,845 ) $ 2,304 $ 2,836 |
Accrued Expenses
Accrued Expenses | 9 Months Ended |
Sep. 30, 2017 | |
Text Block [Abstract] | |
Accrued Expenses | 6. Accrued Expenses Accrued expenses consisted of the following (in thousands): September 30, 2017 December 31, 2016 Research and development costs $ 13,328 $ 6,855 Payroll and employee-related costs 3,129 3,476 Professional fees 955 480 Other 303 551 $ 17,715 $ 11,362 |
Collaboration and License Agree
Collaboration and License Agreements | 9 Months Ended |
Sep. 30, 2017 | |
Text Block [Abstract] | |
Collaboration and License Agreements | 7. Collaboration and License Agreements 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 treatment of cancer in companion animals (the “Anivive Agreement”). Pursuant to the terms of the Anivive Agreement, the Company received an upfront payment of $1.0 million. In addition, the Company will be eligible to receive potential future technology transfer and clinical, regulatory and commercial development milestone payments totaling up to $43.5 million, as well as a low double digit royalty based on Anivive’s future net sales of verdinexor following commercialization. The potential future milestone payments are comprised of $0.25 million for completion of the technology transfer, $5.75 million based on achievement of clinical and regulatory milestone events and $37.5 million based on achievement of sales milestone events. In accordance with ASC 605, the Company identified the deliverables at the inception of the Anivive Agreement. The significant deliverables were determined to include the license and the Company’s responsibility to transfer the technology package relating to verdinexor. The Company determined that the license does not have stand-alone value separate and apart from the transfer of the verdinexor technology package to Anivive because (1) there are no other vendors selling similar licenses on a stand-alone basis and (2) Anivive is unable to use the license for its intended purpose without the technology transfer. As such, the Company determined that there is one unit of accounting. The total consideration of $1.25 million, including the $1.0 million upfront payment and a $0.25 million payment for completion of the technology transfer, was allocated to the single unit of accounting and will be recognized as revenue once the technology transfer is completed, which is the final item to be delivered in the unit of accounting. The technology transfer was subsequently completed in October 2017. As of September 30, 2017, $1.0 million was included in deferred revenue and is classified as a current liability in the consolidated balance sheet. |
Net Loss Per Share
Net Loss Per Share | 9 Months Ended |
Sep. 30, 2017 | |
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 and Nine Months Ended September 30, 2017 2016 Outstanding stock options 7,049,007 5,557,752 Unvested restricted stock units 425,850 451,600 |
Stock-based Compensation
Stock-based Compensation | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure Of Compensation Related Costs Sharebased 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, 2016 5,574,179 $ 16.55 7.7 $ 12,178 Granted 2,443,200 10.13 Exercised (46,995 ) 5.24 Canceled (921,377 ) 20.88 Outstanding at September 30, 2017 7,049,007 $ 13.83 7.7 $ 17,456 Exercisable at September 30, 2017 3,580,821 $ 15.41 6.4 $ 12,884 Total stock-based compensation expense related to stock options for the nine months ended September 30, 2017 and 2016 was $13,140 and $13,758, respectively. As of September 30, 2017, there was $25,164 of total unrecognized stock-based compensation expense related to stock options. The expense is expected to be recognized over a weighted-average period of 2.8 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. In November 2015, the Company granted RSUs with service conditions that vest in two equal annual installments provided that the employee remains employed with the Company (“Time-Based RSUs”). During the nine months ended September 30, 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”). In the event the performance goals are not achieved, none of the Performance-Based RSUs will vest. The grant date fair value of the outstanding Performance-Based RSUs is $2.4 million 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. No stock-based compensation expense related to the Performance-Based RSUs was recognized during the nine months ended September 30, 2017, as the likelihood of the Performance-Based RSUs being earned was not deemed probable of achievement as of September 30, 2017. The following is a summary of RSU activity under the 2013 Stock Incentive Plan for the nine months ended September 30, 2017: Number of Shares Underlying RSUs Weighted- Average Grant Date Fair Value Unvested at December 31, 2016 214,300 $ 17.91 Granted 298,800 10.26 Forfeited (81,950 ) 12.93 Vested (5,300 ) 17.91 Unvested at September 30, 2017 425,850 $ 13.19 The total stock-based compensation expense related to RSUs for the nine months ended September 30, 2017 and 2016 was $2,243 and $3,246, respectively. As of September 30, 2017, $357 of unrecognized compensation costs related to unvested Time-Based RSUs are expected to be recognized over a weighted-average period of 0.2 years. Employee Stock Purchase Plan The Company has an Employee Stock Purchase Plan (“ESPP”) that permits eligible employees to enroll in six-month offering periods. Participants may purchase shares of the Company’s common stock, through payroll deductions, at a price equal to 85% of the fair market value of the common stock on the first or last day of the applicable six-month offering period, whichever is lower. Purchase dates under the ESPP occur on or about May 1 and November 1 of each year. 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. For the nine months ended September 30, 2017 and 2016, the Company recorded stock-based compensation expense related to the ESPP of $152 and $153, respectively. As of September 30, 2017, 454,977 shares of the Company’s common stock remained available for issuance under the ESPP. As of September 30, 2017, there was $17 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 | 9 Months Ended |
Sep. 30, 2017 | |
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. The lease was amended on December 31, 2014 by extending the lease term of the lease from November 30, 2021 to September 30, 2022. The amendment provides for the expansion of the premises leased by the Company by approximately 16,234 square feet, and provides the Company with the rights of first offer to lease approximately 27,701 square feet of additional space. The Company may extend the lease term for one additional five-year period. 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 September 30, 2017 and December 31, 2016, accordingly. The lease provides the Company with an allowance for improvements of $1,616, all of which was incurred in the first quarter of 2015. 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 has provided a security deposit in the form of a cash-collateralized letter of credit in the amount of $400, which amount may be reduced to $200 in January 2018. The amount is classified as restricted cash on the condensed consolidated balance sheet. As of September 30, 2017, $200 has been reclassified to current assets. 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 is obligated to make aggregate rent payments of €374 (approximately $427), 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 $296 and $280 for the three months ended September 30, 2017 and 2016, respectively, and $894 and $859 for the nine months ended September 30, 2017 and 2016, respectively. |
Equity
Equity | 9 Months Ended |
Sep. 30, 2017 | |
Equity [Abstract] | |
Equity | 11. Equity Underwritten Offering On April 28, 2017, the Company completed a follow-on offering under its shelf registration statement on Form S-3 (File No. 333-214489) pursuant to which the Company issued an aggregate of 3,902,439 shares of common stock at a public offering price of $10.25 per share. The Company received net proceeds of approximately $37.9 million from the offering after deducting the underwriting discount and commissions and offering expenses. Controlled Equity Offering Sales Agreement On December 7, 2015, the Company entered into a Controlled Equity Offering Sales Agreement with Cantor Fitzgerald & Co., as sales agent (“Cantor”), pursuant to which the Company may issue and sell, from time to time, through Cantor, shares of the Company’s common stock (the “Shares”), up to an aggregate offering price of $50.0 million. On November 7, 2016, the Company entered into an amendment to the Controlled Equity Offering Sales Agreement (as amended, the “Sales Agreement”) that provides that the Company may issue and sell additional Shares having an additional aggregate offering price of up to $50.0 million on or after November 7, 2016. Under the Sales Agreement, Cantor may sell the Shares by methods deemed to be an “at-the-market” offering as defined in Rule 415 promulgated under the Securities Act of 1933, as amended (the “Securities Act”), including sales made directly on The NASDAQ Global Select Market, on any other existing trading market for the Shares or to or through a market maker. In addition, under the Sales Agreement, Cantor may sell the Shares by any other method permitted by law, including in privately negotiated transactions. 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 October 31, 2017, the Company had sold an aggregate of 7,064,513 Shares under the Sales Agreement, for net proceeds of approximately $66.7 million. The Company sold no Shares under the Sales Agreement during the three months ended September 30, 2017 and 22,100 Shares in October 2017. |
Subsequent Event
Subsequent Event | 9 Months Ended |
Sep. 30, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Event | 12. Subsequent Event Ono License Agreement Effective October 11, 2017 (the “Effective Date”), the Company entered into a license agreement (the “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), the Company’s lead, novel, oral Selective Inhibitor of Nuclear Export (SINE™) compound, as well as KPT-8602, the Company’s second-generation oral SINE™ compound, for the diagnosis, treatment and/or prevention of all human oncology indications (the “Field”) in Japan, Republic of Korea, Republic of China (Taiwan) and Hong Kong as well as in the ten Southeast Asian countries currently comprising the Association of Southeast Asian Nations (the “Ono Territory”). Pursuant to the terms of the Agreement, the Company will receive an upfront payment of , The Company expects to continue all ongoing clinical trials involving selinexor and KPT-8602 as they are currently being conducted. As part of the Agreement, Ono will also have the right to participate in global clinical studies of selinexor and KPT-8602, 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 KPT-8602 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 KPT-8602 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 Agreement will continue in effect on a product-by-product, country-by-country basis until the later of the tenth anniversary of the first commercial sale of the applicable product in such country or the expiration of specified patent protection and regulatory exclusivity periods for the applicable product in such country. However, the Agreement may be terminated earlier by (i) either party for breach of the 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. The Company is a party to a research agreement with the Multiple Myeloma Research Foundation, or MMRF. Under this research agreement, the Company is obligated to make certain payments to MMRF, including if the Company out-licenses selinexor. The terms of this research agreement do not apply to KPT-8602. In connection with the transactions contemplated under the Agreement, the Company expects that it will be obligated to pay to MMRF approximately ¥225 million (approximately US$2.0 million at the exchange rate as of the Effective Date) of the upfront cash payment from Ono, as well as a percentage of any milestone payments from Ono and a mid-single-digit percentage of any royalty payments from Ono. The maximum aggregate amount the Company may be obligated to pay to MMRF under the research agreement is $6.0 million. |
Summary of Significant Accoun19
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
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. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (including those which are normal and recurring) considered necessary for a fair presentation of the interim financial information have been included. When preparing financial statements in conformity with GAAP, the Company must make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and related disclosures at the date of the financial statements. Actual results could differ from those estimates. Additionally, operating results for the three and nine months ended September 30, 2017 are not necessarily indicative of the results that may be expected for any other interim period or for the fiscal year ending December 31, 2017. For further information, refer to the financial statements and footnotes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 as filed with the Securities and Exchange Commission (“SEC”) on March 16, 2017. |
Basis of Consolidation | Basis of Consolidation The condensed consolidated financial statements at September 30, 2017 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 recognizes revenue when persuasive evidence of an arrangement exists; services have been performed or products have been delivered; the fee is fixed or determinable; and collection is reasonably assured. The Company evaluates multiple element agreements under the Financial Accounting Standards Board’s, or FASB, Accounting Standards Codification, or ASC, Revenue Recognition (Topic 605). When evaluating multiple element arrangements under Topic 605, the Company identifies the deliverables included within the agreement and determines whether the deliverables under the arrangement represent separate units of accounting. Deliverables under the arrangement are a separate unit of accounting if (i) the delivered item has value to the customer on a standalone basis and (ii) if the arrangement includes a general right of return relative to the delivered item and delivery or performance of the undelivered items are considered probable and substantially within the Company’s control. This evaluation requires subjective determinations and requires management to make judgments about the individual deliverables and whether such deliverables are separable from the other aspects of the contractual relationship. In determining the units of accounting, management evaluates certain criteria, including whether the deliverables have standalone value, based on the consideration of the relevant facts and circumstances for each arrangement. The Company considers whether the licensor can use the license or other deliverables for their intended purpose without the receipt of the remaining elements, and whether the value of the deliverable is dependent on the undelivered items and whether there are other vendors that can provide the undelivered items. Arrangement consideration generally includes up-front license fees. The Company determines how to allocate arrangement consideration to identified units of accounting based on the selling price hierarchy provided under the relevant guidance. The Company determines the estimated selling price for deliverables using vendor-specific objective evidence (“VSOE”) of selling price, if available, third-party evidence (“TPE”), if VSOE is not available, or best estimate of selling price (“BESP”), if neither VSOE nor TPE is available. Determining the BESP for a deliverable requires significant judgment. |
Up-Front License Fees | Up-Front License Fees Up-front payments received in connection with licenses of the Company’s technology rights are deferred if facts and circumstances dictate that the license does not have stand-alone value. When management believes the license to its intellectual property does not have stand-alone value from the other deliverables to be provided in the arrangement, it is combined with other deliverables and the revenue of the combined unit of accounting is recorded based on the method appropriate for the last delivered item. |
Milestones | Milestones At the inception of each arrangement that includes milestone payments, the Company evaluates whether each milestone is substantive, in accordance with Accounting Standards Update, or ASU, No. 2010-17, Revenue Recognition—Milestone Method. Sales-based and commercial milestones are accounted for as royalties and are recorded as revenue upon achievement of the milestone, assuming all other revenue recognition criteria are met. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash In October 2016, the FASB issued ASU No. 2016-16, Accounting for Income Taxes: Intra-Entity Asset Transfers of Assets Other than Inventory (Topic 740) In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of Effective Date Revenue from Contracts with Customers (Topic 606) Revenue from Contracts with Customers The Company will adopt ASC 606 effective January 1, 2018. The Company has not yet finalized its assessment of the impact of ASC 606, which is applicable to the Company’s arrangement with Anivive Lifesciences, Inc., as described in Note 7, Collaboration and License Agreements, as well as the Company’s arrangement with Ono Pharmaceutical Co., which was executed on October 11, 2017 and described in Note 12, Subsequent Events. However, the Company anticipates that it will adopt the standard using the modified retrospective method, as permissible under the transitional provisions of ASC 606 for all contracts not yet completed as of the effective date. The modified retrospective method applies the guidance retrospectively only to the most current period presented in the financial statements, recognizing the cumulative effect of initially applying the standard as an adjustment to the opening balance of accumulated deficit at the date of initial application. As of September 30, 2017, the Company is in process of estimating the expected financial statement impact of applying the new standard to these arrangements. During the fourth quarter of 2017, the Company plans to finalize its analysis to determine the impact the standard may have on its results of operations, financial position, and disclosures. Recently Adopted Accounting Standards In March 2016, the FASB issued ASU No. 2016-09, Compensation – Stock Compensation (Topic 718). |
Fair Value of Financial Instr20
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
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 September 30, 2017 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 $ 29,038 $ 29,038 $ — $ — Investments: Current: Corporate debt securities 58,462 — 58,462 — Commercial paper 1,996 — 1,996 — U.S. government and agency securities 4,498 — 4,498 — Non-current: Corporate debt securities (one to two year maturity) 34,498 — 34,498 — Certificates of deposit (one to two year maturity) 2,500 — 2,500 — U.S. government and agency securities 2,500 — 2,500 — $ 133,492 $ 29,038 $ 104,454 $ — The following table presents information about the Company’s financial assets that have been measured at fair value at December 31, 2016 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 $ 37,916 $ 37,916 $ — $ — Investments: Current: Corporate debt securities 52,722 — 52,722 — Commercial paper 24,668 — 24,668 — U.S. government and agency securities 2,499 — 2,499 — Non-current: Corporate debt securities (one to two year maturity) 43,435 — 43,435 — U.S. government securities 1,999 — 1,999 — $ 163,239 $ 37,916 $ 125,323 $ — |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Schedule Of Investments [Abstract] | |
Summary of Investments | The following table summarizes the Company’s investments as of September 30, 2017 (in thousands): Amortized Cost Gross Unrealized Gains Gross Unrealized Loss Fair Value Current: Corporate debt securities $ 58,533 $ 2 $ (73 ) $ 58,462 Commercial paper 1,996 — — 1,996 U.S. government and agency securities 4,500 — (2 ) 4,498 Non-current: Corporate debt securities (one to two year maturity) 34,530 8 (40 ) 34,498 Certificates of deposit (one to two year maturity) 2,500 — — 2,500 U.S. government and agency securities 2,500 2,500 $ 104,559 $ 10 $ (115 ) $ 104,454 The following table summarizes the Company’s investments as of December 31, 2016 (in thousands): Amortized Cost Gross Unrealized Gains Gross Unrealized Loss Fair Value Current: Corporate debt securities $ 52,762 $ 5 $ (45 ) $ 52,722 Commercial paper 24,670 5 (7 ) 24,668 U.S. government and agency securities 2,500 — (1 ) 2,499 Non-current: Corporate debt securities (one to two year maturity) 43,546 29 (140 ) 43,435 U.S. government and agency securities 2,000 — (1 ) 1,999 $ 125,478 $ 39 $ (194 ) $ 125,323 |
Property and Equipment, net (Ta
Property and Equipment, net (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
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 September 30, 2017 December 31, 2016 Laboratory equipment 4 $ 538 $ 538 Furniture and fixtures 5 381 381 Office and computer equipment 3 378 371 Leasehold improvements Lesser of useful life or lease term 3,391 3,391 4,688 4,681 Less accumulated depreciation and amortization (2,384 ) (1,845 ) $ 2,304 $ 2,836 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Text Block [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consisted of the following (in thousands): September 30, 2017 December 31, 2016 Research and development costs $ 13,328 $ 6,855 Payroll and employee-related costs 3,129 3,476 Professional fees 955 480 Other 303 551 $ 17,715 $ 11,362 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
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 and Nine Months Ended September 30, 2017 2016 Outstanding stock options 7,049,007 5,557,752 Unvested restricted stock units 425,850 451,600 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure Of Compensation Related Costs Sharebased 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, 2016 5,574,179 $ 16.55 7.7 $ 12,178 Granted 2,443,200 10.13 Exercised (46,995 ) 5.24 Canceled (921,377 ) 20.88 Outstanding at September 30, 2017 7,049,007 $ 13.83 7.7 $ 17,456 Exercisable at September 30, 2017 3,580,821 $ 15.41 6.4 $ 12,884 |
Summary of RSU Activity | The following is a summary of RSU activity under the 2013 Stock Incentive Plan for the nine months ended September 30, 2017: Number of Shares Underlying RSUs Weighted- Average Grant Date Fair Value Unvested at December 31, 2016 214,300 $ 17.91 Granted 298,800 10.26 Forfeited (81,950 ) 12.93 Vested (5,300 ) 17.91 Unvested at September 30, 2017 425,850 $ 13.19 |
Recently Issued Accounting Pr26
Recently Issued Accounting Pronouncements - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2017 | Jan. 01, 2017 | |
Additional Paid-In Capital [Member] | ||||
Adjustments For Change In Accounting Principle [Line Items] | ||||
Adjustment to increase additional paid-in capital and charge accumulated deficit | $ 254,000 | |||
Accumulated Deficit [Member] | ||||
Adjustments For Change In Accounting Principle [Line Items] | ||||
Adjustment to increase additional paid-in capital and charge accumulated deficit | $ (254,000) | |||
ASU 2016-09 [Member] | ||||
Adjustments For Change In Accounting Principle [Line Items] | ||||
Increase in deferred tax asset | $ 1,844,000 | |||
Net effect on results of operations upon adoption of the new accouting standard | $ 0 | $ 0 |
Fair Value of Financial Instr27
Fair Value of Financial Instruments - Schedule of Financial Assets That Have Been Measured at Fair Value (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Financial assets | ||
Total | $ 133,492 | $ 163,239 |
Current [Member] | Corporate Debt Securities [Member] | ||
Financial assets | ||
Investments | 58,462 | 52,722 |
Current [Member] | Commercial Paper [Member] | ||
Financial assets | ||
Investments | 1,996 | 24,668 |
Current [Member] | US Government and Agency Securities [Member] | ||
Financial assets | ||
Investments | 4,498 | 2,499 |
Non-current [Member] | Certificates of Deposit (One to Two Year Maturity) [Member] | ||
Financial assets | ||
Investments | 2,500 | |
Non-current [Member] | US Government and Agency Securities [Member] | ||
Financial assets | ||
Investments | 2,500 | 1,999 |
Non-current [Member] | Corporate Debt Securities (One to Two Year Maturity) [Member] | ||
Financial assets | ||
Investments | 34,498 | 43,435 |
Level 1 [Member] | ||
Financial assets | ||
Total | 29,038 | 37,916 |
Level 2 [Member] | ||
Financial assets | ||
Total | 104,454 | 125,323 |
Level 2 [Member] | Current [Member] | Corporate Debt Securities [Member] | ||
Financial assets | ||
Investments | 58,462 | 52,722 |
Level 2 [Member] | Current [Member] | Commercial Paper [Member] | ||
Financial assets | ||
Investments | 1,996 | 24,668 |
Level 2 [Member] | Current [Member] | US Government and Agency Securities [Member] | ||
Financial assets | ||
Investments | 4,498 | 2,499 |
Level 2 [Member] | Non-current [Member] | Certificates of Deposit (One to Two Year Maturity) [Member] | ||
Financial assets | ||
Investments | 2,500 | |
Level 2 [Member] | Non-current [Member] | US Government and Agency Securities [Member] | ||
Financial assets | ||
Investments | 2,500 | 1,999 |
Level 2 [Member] | Non-current [Member] | Corporate Debt Securities (One to Two Year Maturity) [Member] | ||
Financial assets | ||
Investments | 34,498 | 43,435 |
Money Market Funds [Member] | ||
Financial assets | ||
Cash equivalents | 29,038 | 37,916 |
Money Market Funds [Member] | Level 1 [Member] | ||
Financial assets | ||
Cash equivalents | $ 29,038 | $ 37,916 |
Investments - Summary of Invest
Investments - Summary of Investments (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Summary of Investment Holdings [Line Items] | ||
Amortized Cost | $ 104,559 | $ 125,478 |
Gross Unrealized Gains | 10 | 39 |
Gross Unrealized Loss | (115) | (194) |
Fair Value | 104,454 | 125,323 |
Current [Member] | Corporate Debt Securities [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Amortized Cost | 58,533 | 52,762 |
Gross Unrealized Gains | 2 | 5 |
Gross Unrealized Loss | (73) | (45) |
Fair Value | 58,462 | 52,722 |
Current [Member] | Commercial Paper [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Amortized Cost | 1,996 | 24,670 |
Gross Unrealized Gains | 5 | |
Gross Unrealized Loss | (7) | |
Fair Value | 1,996 | 24,668 |
Current [Member] | US Government and Agency Securities [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Amortized Cost | 4,500 | 2,500 |
Gross Unrealized Loss | (2) | (1) |
Fair Value | 4,498 | 2,499 |
Non-current [Member] | Certificates of Deposit (One to Two Year Maturity) [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Amortized Cost | 2,500 | |
Fair Value | 2,500 | |
Non-current [Member] | US Government and Agency Securities [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Amortized Cost | 2,500 | 2,000 |
Gross Unrealized Loss | (1) | |
Fair Value | 2,500 | 1,999 |
Non-current [Member] | Corporate Debt Securities (One to Two Year Maturity) [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Amortized Cost | 34,530 | 43,546 |
Gross Unrealized Gains | 8 | 29 |
Gross Unrealized Loss | (40) | (140) |
Fair Value | $ 34,498 | $ 43,435 |
Investments - Summary of Inve29
Investments - Summary of Investments (Parenthetical) (Detail) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Minimum [Member] | Certificates of Deposit (One to Two Year Maturity) [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investments, maturity period | 1 year | |
Minimum [Member] | Corporate Debt Securities (One to Two Year Maturity) [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investments, maturity period | 1 year | 1 year |
Maximum [Member] | Certificates of Deposit (One to Two Year Maturity) [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investments, maturity period | 2 years | |
Maximum [Member] | Corporate Debt Securities (One to Two Year Maturity) [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investments, maturity period | 2 years | 2 years |
Investments - Additional Inform
Investments - Additional Information (Detail) $ in Thousands | Sep. 30, 2017USD ($)Security | Dec. 31, 2016USD ($)Security |
Investments Debt And Equity Securities [Abstract] | ||
Number of debt securities with unrealized loss position for less than one year | 49 | 58 |
Aggregate fair value of debt securities | $ | $ 81,275 | $ 95,949 |
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 | 9 Months Ended | |
Sep. 30, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 4,688 | $ 4,681 |
Less accumulated depreciation and amortization | (2,384) | (1,845) |
Property and equipment, net | $ 2,304 | 2,836 |
Laboratory Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 4 years | |
Property and equipment, gross | $ 538 | 538 |
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 | 371 |
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 | Sep. 30, 2017 | Dec. 31, 2016 |
Accrued Liabilities Current [Abstract] | ||
Research and development costs | $ 13,328 | $ 6,855 |
Payroll and employee-related costs | 3,129 | 3,476 |
Professional fees | 955 | 480 |
Other | 303 | 551 |
Total Accrued Expenses | $ 17,715 | $ 11,362 |
Collaboration and License Agr33
Collaboration and License Agreements - Additional Information (Detail) - USD ($) | Apr. 28, 2017 | Sep. 30, 2017 |
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ||
Deferred Revenue ,current | $ 1,050,000 | |
License Agreement [Member] | Anivive Lifesciences, Inc. [Member] | ||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ||
Upfront payment received | $ 1,000,000 | |
Deferred Revenue | 250,000 | |
Total consideration amount | 1,250,000 | |
Deferred Revenue ,current | $ 1,000,000 | |
Technology transfer completion period | subsequently completed in October 2017 | |
License 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 | |
License 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 | |
License Agreement [Member] | Anivive Lifesciences, Inc. [Member] | Maximum [Member] | ||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ||
Milestone payments receivable | $ 43,500,000 |
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 | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
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) | 7,049,007 | 5,557,752 | 7,049,007 | 5,557,752 |
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) | 425,850 | 451,600 | 425,850 | 451,600 |
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 | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares, Outstanding, Beginning balance | 5,574,179 | |
Shares, Granted | 2,443,200 | |
Shares, Exercised | (46,995) | |
Shares, Canceled | (921,377) | |
Shares, Outstanding, Ending balance | 7,049,007 | 5,574,179 |
Shares, Exercisable | 3,580,821 | |
Weighted-Average Exercise Price Per Share, Outstanding, Beginning balance | $ 16.55 | |
Weighted-Average Exercise Price Per Share, Granted | 10.13 | |
Weighted-Average Exercise Price Per Share, Exercised | 5.24 | |
Weighted-Average Exercise Price Per Share, Canceled | 20.88 | |
Weighted-Average Exercise Price Per Share, Outstanding, Ending balance | 13.83 | $ 16.55 |
Weighted-Average Exercise Price Per Share, Exercisable | $ 15.41 | |
Weighted-Average Remaining Contractual Term (years), Outstanding | 7 years 8 months 12 days | 7 years 8 months 12 days |
Weighted-Average Remaining Contractual Term (years), Exercisable | 6 years 4 months 25 days | |
Aggregate Intrinsic Value, Outstanding | $ 17,456 | $ 12,178 |
Aggregate Intrinsic Value, Exercisable | $ 12,884 |
Stock-based Compensation - Addi
Stock-based Compensation - Additional Information (Detail) | 1 Months Ended | 9 Months Ended | |
Nov. 30, 2015Installment | Sep. 30, 2017USD ($)Rightshares | Sep. 30, 2016USD ($) | |
ESPP [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 152,000 | $ 153,000 | |
Total unrecognized stock-based compensation expense | $ 17,000 | ||
Period for recognition of unrecognized expense | 1 month | ||
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 | 454,977 | ||
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 Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 13,140,000 | 13,758,000 | |
Total unrecognized stock-based compensation expense | $ 25,164,000 | ||
Period for recognition of unrecognized expense | 2 years 9 months 19 days | ||
Unvested Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 2,243,000 | $ 3,246,000 | |
Total unrecognized stock-based compensation expense | $ 357,000 | ||
Period for recognition of unrecognized expense | 2 months 12 days | ||
Right to received shares of common stock (shares) | Right | 1 | ||
Service condition that vest in equal annual installment | Installment | 2 | ||
Performance-Based RSUs [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 0 | ||
Share based compensation grant date fair value of outstanding units | $ 2,400,000 |
Stock-based Compensation - Su37
Stock-based Compensation - Summary of RSU Activity (Detail) - Unvested Restricted Stock Units [Member] | 9 Months Ended |
Sep. 30, 2017$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Shares Underlying RSUs, Unvested beginning balance | shares | 214,300 |
Number of Shares Underlying RSUs, Granted | shares | 298,800 |
Number of Shares Underlying RSUs, Forfeited | shares | (81,950) |
Number of Shares Underlying RSUs, Vested | shares | (5,300) |
Number of Shares Underlying RSUs, Unvested ending balance | shares | 425,850 |
Weighted-Average Grant Date Fair Value, Unvested beginning balance | $ / shares | $ 17.91 |
Weighted-Average Grant Date Fair Value, Granted | $ / shares | 10.26 |
Weighted-Average Grant Date Fair Value, Forfeited | $ / shares | 12.93 |
Weighted-Average Grant Date Fair Value, Vested | $ / shares | 17.91 |
Weighted-Average Grant Date Fair Value, Unvested ending balance | $ / shares | $ 13.19 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) € in Thousands, $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||||
Nov. 30, 2014USD ($)ft² | Mar. 31, 2014USD ($)ft²Lease | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Mar. 31, 2015USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Dec. 31, 2014ft² | Nov. 30, 2014EUR (€)ft² | |
Commitments And Contingencies Disclosure [Abstract] | |||||||||
Office and laboratory space leased | ft² | 3,681 | 29,933 | 3,681 | ||||||
Number of additional lease term | Lease | 1 | ||||||||
Additional extension term of lease | 5 years | ||||||||
Allowance for improvements | $ 1,616 | ||||||||
Security deposit in the form of a letter of credit | $ 400 | ||||||||
Security deposit in the form of a letter of credit which may be reduced in January 2018 | $ 200 | ||||||||
Operating lease amendment, leased premises expansion | ft² | 16,234 | ||||||||
Operating lease amendment, additional space | ft² | 27,701 | ||||||||
Reclassified to current assets | $ 200 | $ 200 | |||||||
Operating lease agreement term | 5 years | ||||||||
Scheduled rent payments due | $ 427 | € 374 | |||||||
Total rent expense | $ 296 | $ 280 | $ 894 | $ 859 |
Equity - Controlled Equity Offe
Equity - Controlled Equity Offering Sales Agreement - Additional Information (Detail) - USD ($) | Oct. 31, 2017 | Apr. 28, 2017 | Oct. 31, 2017 | Sep. 30, 2017 | Sep. 30, 2017 | Nov. 07, 2016 | Dec. 07, 2015 |
Maximum [Member] | Cantor Fitzgerald & Co. [Member] | Controlled Equity Offering Sales Agreement [Member] | |||||||
Schedule Of Share Based Compensation Arrangements By Share Based Payment Award Options [Line Items] | |||||||
Aggregate offering price | $ 50,000,000 | $ 50,000,000 | |||||
Percentage of commission of gross proceeds from the sale of Shares | 3.00% | ||||||
Common Stock [Member] | Cantor Fitzgerald & Co. [Member] | Controlled Equity Offering Sales Agreement [Member] | |||||||
Schedule Of Share Based Compensation Arrangements By Share Based Payment Award Options [Line Items] | |||||||
Issuance of common stock, net of issuance costs | 0 | ||||||
Common Stock [Member] | Cantor Fitzgerald & Co. [Member] | Controlled Equity Offering Sales Agreement [Member] | Subsequent Event [Member] | |||||||
Schedule Of Share Based Compensation Arrangements By Share Based Payment Award Options [Line Items] | |||||||
Issuance of common stock, net of issuance costs | 7,064,513 | 22,100 | |||||
Net proceeds from sale of common stock | $ 66,700,000 | ||||||
Follow-on Offering [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 | 3,902,439 | ||||||
Public offering price of common shares | $ 10.25 | ||||||
Net proceeds after deducting underwriting discounts, commissions and offering expenses | $ 37,900,000 |
Subsequent Event - Additional I
Subsequent Event - Additional Information (Detail) | Oct. 11, 2017USD ($) | Oct. 11, 2017JPY (¥) | Sep. 30, 2017USD ($) | Sep. 30, 2017JPY (¥) |
License Agreement [Member] | Ono Pharmaceutical Co., Ltd., [Member] | ||||
Subsequent Event [Line Items] | ||||
License agreement termination prior notice period | 180 days | |||
License agreement termination description | Agreement may be terminated earlier by (i) either party for breach of the 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. | |||
Research Agreement [Member] | Multiple Myeloma Research Foundation [Member] | ||||
Subsequent Event [Line Items] | ||||
Estimated upfront cash payment obligation | $ 2,000,000 | ¥ 225,000,000 | ||
Maximum estimated payment obligation | $ 6,000,000 | |||
Subsequent Event [Member] | License Agreement [Member] | Ono Pharmaceutical Co., Ltd., [Member] | ||||
Subsequent Event [Line Items] | ||||
Upfront payment receivable | $ 22,300,000 | ¥ 2,500,000,000 | ||
Subsequent Event [Member] | License Agreement [Member] | Ono Pharmaceutical Co., Ltd., [Member] | Development Goals [Member] | Maximum [Member] | ||||
Subsequent Event [Line Items] | ||||
Milestone payments receivable | 90,500,000 | 10,150,000,000 | ||
Subsequent Event [Member] | License Agreement [Member] | Ono Pharmaceutical Co., Ltd., [Member] | Sales Milestone [Member] | Maximum [Member] | ||||
Subsequent Event [Line Items] | ||||
Milestone payments receivable | $ 80,200,000 | ¥ 9,000,000,000 |