Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2019 | Nov. 01, 2019 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2019 | |
Entity Registrant Name | Global Blood Therapeutics, Inc. | |
Entity Filer Category | Large Accelerated Filer | |
Trading Symbol | GBT | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding | 60,231,441 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes | |
Entity Current Reporting Status | Yes | |
Entity File Number | 001-37539 | |
Entity Tax Identification Number | 27-4825712 | |
Entity Shell Company | false | |
Entity Address, Address Line One | 171 Oyster Point Boulevard, Suite 300 | |
Entity Address, City or Town | South San Francisco | |
Entity Address, State or Province | CA | |
City Area Code | 650 | |
Local Phone Number | 741-7700 | |
Entity Address, Postal Zip Code | 94080 | |
Title of 12(b) Security | Common Stock | |
Security Exchange Name | NASDAQ | |
Entity Incorporation, State or Country Code | DE | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0001629137 | |
Current Fiscal Year End Date | --12-31 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 267,604 | $ 275,357 |
Short-term marketable securities | 335,500 | 202,177 |
Prepaid expenses and other current assets | 12,699 | 8,246 |
Total current assets | 615,803 | 485,780 |
Property and equipment, net | 14,337 | 14,981 |
Long-term marketable securities | 80,000 | 114,281 |
Operating lease right-of-use assets | 13,845 | |
Restricted cash | 2,395 | 2,395 |
Other assets, noncurrent | 968 | 206 |
Total assets | 727,348 | 617,643 |
Current liabilities: | ||
Accounts payable | 7,135 | 6,046 |
Accrued liabilities | 22,198 | 16,792 |
Accrued compensation | 10,450 | 10,036 |
Other liabilities, current | 1,410 | 899 |
Total current liabilities | 41,193 | 33,773 |
Operating lease liabilities, noncurrent | 23,691 | |
Other liabilities, noncurrent | 4,367 | 11,071 |
Total liabilities | 69,251 | 44,844 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred stock, $0.001 par value, 5,000,000 shares authorized as of September 30, 2019 (unaudited) and December 31, 2018; no shares issued and outstanding | ||
Common stock, $0.001 par value, 150,000,000 shares authorized as of September 30, 2019 (unaudited) and December 31, 2018, respectively; 60,208,293 and 55,640,299 shares issued and outstanding as of September 30, 2019 (unaudited) and December 31, 2018, respectively | 60 | 56 |
Additional paid-in capital | 1,300,000 | 1,044,941 |
Accumulated other comprehensive income (loss) | 978 | (48) |
Accumulated deficit | (642,941) | (472,150) |
Total stockholders' equity | 658,097 | 572,799 |
Total liabilities and stockholders' equity | $ 727,348 | $ 617,643 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
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 | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 60,208,293 | 55,640,299 |
Common stock, shares outstanding | 60,208,293 | 55,640,299 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Operating expenses: | ||||
Research and development | $ 39,088 | $ 33,026 | $ 109,564 | $ 94,543 |
General and administrative | 29,654 | 12,450 | 72,503 | 36,115 |
Total operating expenses | 68,742 | 45,476 | 182,067 | 130,658 |
Loss from operations | (68,742) | (45,476) | (182,067) | (130,658) |
Other income (expense): | ||||
Interest income, net | 4,226 | 2,480 | 11,422 | 5,768 |
Other expenses, net | (31) | (72) | (146) | (101) |
Total other income, net | 4,195 | 2,408 | 11,276 | 5,667 |
Net loss | (64,547) | (43,068) | (170,791) | (124,991) |
Other comprehensive loss: | ||||
Net unrealized gain (loss) on marketable securities, net of tax | (213) | (139) | 1,026 | (45) |
Comprehensive loss | $ (64,760) | $ (43,207) | $ (169,765) | $ (125,036) |
Basic and diluted net loss per common share | $ (1.07) | $ (0.83) | $ (2.96) | $ (2.47) |
Weighted-average number of shares used in computing basic and diluted net loss per common share | 60,098,093 | 52,050,232 | 57,637,318 | 50,536,860 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Loss [Member] | Accumulated Deficit [Member] |
Beginning Balance at Dec. 31, 2017 | $ 318,804 | $ 46 | $ 617,051 | $ (336) | $ (297,957) |
Beginning Balance, Shares at Dec. 31, 2017 | 46,131,723 | ||||
Issuance of common stock upon equity offerings, net of issuance costs | 255,067 | $ 5 | 255,062 | ||
Issuance of common stock upon equity offerings, net of issuance costs, Shares | 4,994,736 | ||||
Issuance of common stock upon exercise of stock options | 2,169 | $ 1 | 2,168 | ||
Common stock issued on exercise of stock options, Shares | 259,150 | ||||
Issuance of common stock upon vesting of restricted share units, net of shares withheld for employee taxes | (5,404) | (5,404) | |||
Issuance of common stock upon vesting of restricted share units, net of shares withheld for employee taxes, Shares | 143,400 | ||||
Issuance of common stock pursuant to ESPP purchases | 784 | 784 | |||
Issuance of common stock pursuant to ESPP purchases, Shares | 36,748 | ||||
Vesting of restricted stock purchases | 105 | 105 | |||
Vesting of restricted stock purchases, Shares | 71,246 | ||||
Stock-based compensation expense | 7,784 | 7,784 | |||
Net unrealized gain on marketable securities | 11 | 11 | |||
Net loss | (41,556) | (41,556) | |||
Ending Balance at Mar. 31, 2018 | 537,764 | $ 52 | 877,550 | (325) | (339,513) |
Ending Balance, Shares at Mar. 31, 2018 | 51,637,003 | ||||
Beginning Balance at Dec. 31, 2017 | 318,804 | $ 46 | 617,051 | (336) | (297,957) |
Beginning Balance, Shares at Dec. 31, 2017 | 46,131,723 | ||||
Net loss | (124,991) | ||||
Ending Balance at Sep. 30, 2018 | 472,200 | $ 52 | 895,478 | (381) | (422,949) |
Ending Balance, Shares at Sep. 30, 2018 | 52,120,387 | ||||
Beginning Balance at Mar. 31, 2018 | 537,764 | $ 52 | 877,550 | (325) | (339,513) |
Beginning Balance, Shares at Mar. 31, 2018 | 51,637,003 | ||||
Offering cost related to the December 2017 follow-on offerings | 52 | 52 | |||
Issuance of common stock upon exercise of stock options | 1,118 | 1,118 | |||
Common stock issued on exercise of stock options, Shares | 148,954 | ||||
Issuance of common stock upon vesting of restricted share units, net of shares withheld for employee taxes, Shares | 10,123 | ||||
Vesting of restricted stock purchases | 104 | 104 | |||
Vesting of restricted stock purchases, Shares | 71,014 | ||||
Stock-based compensation expense | 7,800 | 7,800 | |||
Net unrealized gain on marketable securities | 83 | 83 | |||
Net loss | (40,368) | (40,368) | |||
Ending Balance at Jun. 30, 2018 | 506,553 | $ 52 | 886,624 | (242) | (379,881) |
Ending Balance, Shares at Jun. 30, 2018 | 51,867,094 | ||||
Issuance of common stock upon exercise of stock options | 1,792 | 1,792 | |||
Common stock issued on exercise of stock options, Shares | 119,174 | ||||
Issuance of common stock upon vesting of restricted share units, net of shares withheld for employee taxes | (849) | (849) | |||
Issuance of common stock upon vesting of restricted share units, net of shares withheld for employee taxes, Shares | 84,045 | ||||
Issuance of common stock pursuant to ESPP purchases | 863 | 863 | |||
Issuance of common stock pursuant to ESPP purchases, Shares | 24,283 | ||||
Vesting of restricted stock purchases | 80 | 80 | |||
Vesting of restricted stock purchases, Shares | 25,791 | ||||
Stock-based compensation expense | 6,968 | 6,968 | |||
Net unrealized gain on marketable securities | (139) | (139) | |||
Net loss | (43,068) | (43,068) | |||
Ending Balance at Sep. 30, 2018 | 472,200 | $ 52 | 895,478 | (381) | (422,949) |
Ending Balance, Shares at Sep. 30, 2018 | 52,120,387 | ||||
Beginning Balance at Dec. 31, 2018 | 572,799 | $ 56 | 1,044,941 | (48) | (472,150) |
Beginning Balance, Shares at Dec. 31, 2018 | 55,640,299 | ||||
Issuance of common stock upon equity offerings, net of issuance costs | 21,246 | 21,246 | |||
Issuance of common stock upon equity offerings, net of issuance costs, Shares | 511,363 | ||||
Issuance of common stock upon exercise of stock options | 817 | 817 | |||
Common stock issued on exercise of stock options, Shares | 52,288 | ||||
Issuance of common stock upon vesting of restricted share units, net of shares withheld for employee taxes | (686) | (686) | |||
Issuance of common stock upon vesting of restricted share units, net of shares withheld for employee taxes, Shares | 78,155 | ||||
Issuance of common stock pursuant to ESPP purchases | 1,128 | 1,128 | |||
Issuance of common stock pursuant to ESPP purchases, Shares | 30,745 | ||||
Vesting of restricted stock purchases | 80 | 80 | |||
Vesting of restricted stock purchases, Shares | 24,195 | ||||
Stock-based compensation expense | 9,453 | 9,453 | |||
Net unrealized gain on marketable securities | 624 | 624 | |||
Net loss | (48,923) | (48,923) | |||
Ending Balance at Mar. 31, 2019 | 556,538 | $ 56 | 1,076,979 | 576 | (521,073) |
Ending Balance, Shares at Mar. 31, 2019 | 56,337,045 | ||||
Beginning Balance at Dec. 31, 2018 | $ 572,799 | $ 56 | 1,044,941 | (48) | (472,150) |
Beginning Balance, Shares at Dec. 31, 2018 | 55,640,299 | ||||
Common stock issued on exercise of stock options, Shares | 194,239 | ||||
Net loss | $ (170,791) | ||||
Ending Balance at Sep. 30, 2019 | 658,097 | $ 60 | 1,300,000 | 978 | (642,941) |
Ending Balance, Shares at Sep. 30, 2019 | 60,208,293 | ||||
Beginning Balance at Mar. 31, 2019 | 556,538 | $ 56 | 1,076,979 | 576 | (521,073) |
Beginning Balance, Shares at Mar. 31, 2019 | 56,337,045 | ||||
Issuance of common stock upon equity offerings, net of issuance costs | 192,297 | $ 3 | 192,294 | ||
Issuance of common stock upon equity offerings, net of issuance costs, Shares | 3,375,527 | ||||
Issuance of common stock upon exercise of stock options | 2,332 | $ 1 | 2,331 | ||
Common stock issued on exercise of stock options, Shares | 123,513 | ||||
Issuance of common stock upon vesting of restricted share units, net of shares withheld for employee taxes | (1,297) | (1,297) | |||
Issuance of common stock upon vesting of restricted share units, net of shares withheld for employee taxes, Shares | 47,258 | ||||
Vesting of restricted stock purchases | 78 | 78 | |||
Vesting of restricted stock purchases, Shares | 22,856 | ||||
Stock-based compensation expense | 10,948 | 10,948 | |||
Net unrealized gain on marketable securities | 615 | 615 | |||
Net loss | (57,321) | (57,321) | |||
Ending Balance at Jun. 30, 2019 | 704,190 | $ 60 | 1,281,333 | 1,191 | (578,394) |
Ending Balance, Shares at Jun. 30, 2019 | 59,906,199 | ||||
Issuance of common stock upon equity offerings, net of issuance costs | 6,126 | 6,126 | |||
Issuance of common stock upon equity offerings, net of issuance costs, Shares | 100,000 | ||||
Issuance of common stock upon exercise of stock options | 386 | 386 | |||
Common stock issued on exercise of stock options, Shares | 18,439 | ||||
Issuance of common stock upon vesting of restricted share units, net of shares withheld for employee taxes | (1,532) | (1,532) | |||
Issuance of common stock upon vesting of restricted share units, net of shares withheld for employee taxes, Shares | 151,120 | ||||
Issuance of common stock pursuant to ESPP purchases | 1,234 | 1,234 | |||
Issuance of common stock pursuant to ESPP purchases, Shares | 32,535 | ||||
Stock-based compensation expense | 12,453 | 12,453 | |||
Net unrealized gain on marketable securities | (213) | (213) | |||
Net loss | (64,547) | (64,547) | |||
Ending Balance at Sep. 30, 2019 | $ 658,097 | $ 60 | $ 1,300,000 | $ 978 | $ (642,941) |
Ending Balance, Shares at Sep. 30, 2019 | 60,208,293 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (170,791) | $ (124,991) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 6,294 | 2,509 |
Accretion of discount on marketable securities | (1,724) | (226) |
Amortization of operating lease right-of-use assets | 332 | |
Stock-based compensation | 32,854 | 22,552 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other assets | (5,217) | (4,496) |
Accounts payable | 1,088 | (2,131) |
Accrued liabilities | 5,557 | 5,882 |
Accrued compensation | 415 | (1,400) |
Operating lease liabilities | (858) | |
Other current liabilities | (30) | |
Other liabilities | 499 | |
Net cash used in operating activities | (132,080) | (101,802) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of property and equipment | (1,198) | (4,946) |
Purchase of marketable securities | (330,130) | (259,631) |
Maturities of marketable securities | 233,837 | 108,707 |
Net cash used in investing activities | (97,491) | (155,870) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from issuance of common stock in public offering, net of issuance costs | 219,443 | 255,119 |
Proceeds from issuance of common stock in settlement of employee stock purchase plan and exercise of stock options | 5,890 | 6,722 |
Repurchases of unvested restricted stock | (8) | |
Tax paid related to net share settlement of equity awards | (3,515) | (6,253) |
Net cash provided by financing activities | 221,818 | 255,580 |
Net decrease in cash, cash equivalents and restricted cash | (7,753) | (2,092) |
Cash, cash equivalents and restricted cash at beginning of period | 277,752 | 199,378 |
Cash, cash equivalents and restricted cash at end of period | 269,999 | 197,286 |
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING INFORMATION: | ||
Leasehold improvements paid for by landlord | 4,367 | |
Accrued purchase of property and equipment | $ 76 | $ (2,173) |
Organization and Basis of Prese
Organization and Basis of Presentation | 9 Months Ended |
Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis of Presentation | 1. Organization and Basis of Presentation Global Blood Therapeutics, Inc. (the “Company”, “we”, “us”, and “our”) was incorporated in Delaware in February 2011 and commenced operations in May 2012. We are a clinical-stage biopharmaceutical company determined to discover, develop and deliver innovative treatments that provide hope to underserved patient communities. Our primary activities have been establishing our facilities, recruiting personnel, preparing for commercialization, conducting development of our product candidates, including clinical trials, and raising capital. Our principal operations are based in South San Francisco, California, and we operate in one segment. Follow-on In December 2018, we completed a follow-on In June 2019, we completed a follow-on Need for Additional Capital In the course of our development activities, we have sustained operating losses and we expect such losses to continue over the next several years. Our ultimate success depends on the outcome of our research and development activities. Since inception through September 30, 2019, we have incurred cumulative net losses of $642.9 million. We expect to incur additional losses in the future to conduct product research and development and to raise additional capital to fully implement our business plan. We intend to raise such capital through the issuance of additional equity, and potentially through borrowings, strategic alliances with partner companies or other transactions re-evaluate |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Preparation The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP have been condensed or omitted, and accordingly the balance sheet as of December 31, 2018 has been derived from audited consolidated financial statements at that date but does not include all of the information required by U.S. GAAP for complete financial statements. These unaudited interim condensed consolidated financial statements have been prepared on the same basis as our annual consolidated financial statements and, in the opinion of management, reflect all adjustments (consisting only of normal recurring adjustments) that are necessary for a fair presentation of our financial information. The results of operations for the three and nine months ended September 30, 2019 are not necessarily indicative of the results to be expected for the year ending December 31, 2019 or for any other interim period or for any other future year. The accompanying unaudited interim condensed consolidated financial statements and related financial information should be read in conjunction with the audited financial statements and the related notes thereto for the year ended December 31, 2018 included in our Annual Report on Form 10-K, Use of Estimates The preparation of the accompanying consolidated financial statements in accordance with U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of costs and expenses during the reporting period. We base our estimates and assumptions on historical experience when available and on various factors that we believe to be reasonable under the circumstances. We evaluate our estimates and assumptions on an ongoing basis. Our actual results could differ from these estimates under different assumptions or conditions. Principles of Consolidation The accompanying unaudited interim condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated upon consolidation. Significant Accounting Policies Except as noted below, there have been no material revisions in our significant accounting policies described in Note 2 to the consolidated financial statements included in our Annual Report on Form 10-K Leases Leases (Topic 842) Effective January 1, 2019 We determine if an arrangement is or contains a lease at inception by assessing whether the arrangement contains an identified asset and whether we have the right to control the identified asset. Right-of-use As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of future payments. We consider our credit risk, term of the lease, and total lease payments and adjust for the impact of collateral, as necessary, when calculating our incremental borrowing rates. The lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise any such options. Lease cost for our operating leases is recognized on a straight-line basis over the lease term. We have elected to not separate lease and non-lease non-lease Leases (Topic 840) Prior to the Adoption of Topic 842 We enter into lease agreements for our office and laboratory facilities. These leases are classified as operating leases. Rent expense Accounting Pronouncements Adopted Leases (Topic 842) In February 2016 the Financial Accounting Standards Board issued Accounting Standards Update 2016-02, 2016-02”). 2016-02 several The new standard provides a number of optional practical expedients in transition. We elected the practical expedients to not reassess our prior conclusions about lease identification under the new standard, to not reassess lease classification, and to not reassess initial direct costs. We did not elect the practical expedient allowing the use of hindsight, which would require us to reassess the lease term of our leases based on all facts and circumstances through the effective date, and did not elect the practical expedient pertaining to land easements as this is not applicable to our current contract portfolio. The impact of our adoption of Topic 842 on the accompanying consolidated balance sheet as of January 1, 2019 was as follows (in thousands): December 31, 2018 Adjustments Due to January 1, 2019 Assets: Operating lease ROU assets $ — $ 14,177 $ 14,177 Liabilities: Operating lease liabilities, current as included in other liabilities, current — 1,176 1,176 Deferred rent, current as included in other liabilities, current 712 (712 ) — Operating lease liabilities, noncurrent — 24,754 24,754 Deferred rent, noncurrent as included in other liabilities, noncurrent 11,041 (11,041 ) — The adjustments due to our adoption of Topic 842 related to the recognition of ROU assets and lease liabilities for the existing operating leases. A cumulative-effect adjustment to beginning retained earnings was not required. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 3. Fair Value Measurements Fair value accounting is applied for all financial assets and liabilities that are recognized or disclosed at fair value in the consolidated financial statements on a recurring basis (at least annually). Our financial instruments consist of cash and cash equivalents, marketable securities, restricted cash, accounts payable and accrued liabilities. Cash and cash equivalents, marketable securities and restricted cash are reported at their respective fair values on our condensed consolidated balance sheets. The remaining financial instruments are reported on our condensed consolidated balance sheets at cost that approximate current fair values due to their relatively short maturities. Assets and liabilities recorded at fair value on a recurring basis in the condensed consolidated balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Fair value is defined as the exchange price that would be received for an asset or an exit price that would be paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The authoritative guidance on fair value measurements establishes a three-tier fair value hierarchy for disclosure of fair value measurements as follows: Level 1 Level 2 Level 3 The following table summarizes our financial assets measured at fair value on a recurring basis (in thousands): September 30, 2019 Total Level 1 Level 2 Level 3 Financial Assets: Money market funds $ 237,318 $ 237,318 $ — $ — Corporate debt securities 117,188 — 117,188 — U.S. government agency securities 146,933 — 146,933 — Certificates of deposits 6,530 — 6,530 — U.S. government securities 144,849 — 144,849 — Total financial assets $ 652,818 $ 237,318 $ 415,500 $ — December 31, 2018 Total Level 1 Level 2 Level 3 Financial Assets: Money market funds $ 275,234 $ 275,234 $ — $ — Corporate debt securities 110,027 — 110,027 — U.S. government agency securities 88,028 — 88,028 — Certificates of deposits 6,675 — 6,675 — U.S. government securities 111,728 — 111,728 — Total financial assets $ 591,692 $ 275,234 $ 316,458 $ — We estimate the fair values of our investments in corporate debt securities, government and government related securities and certificates of deposits by taking into consideration valuations obtained from third-party pricing services. The fair value of our marketable securities classified within Level 2 is based upon observable inputs that may include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided A-1/P-1/F1 - , |
Available-for-Sale Securities
Available-for-Sale Securities | 9 Months Ended |
Sep. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Available-for-Sale Securities | 4. Available-for-Sale Estimated fair values of available-for-sale available-for-sale September 30, 2019 December 31, 2018 Amortized Unrealized Unrealized Estimated Fair Amortized Unrealized Unrealized Estimated Fair Financial Assets: Money market funds $ 237,318 $ — $ — $ 237,318 $ 275,234 $ — $ — $ 275,234 Corporate debt securities 116,660 528 — 117,188 110,053 69 (95 ) 110,027 U.S. government agency 146,856 131 (54 ) 146,933 88,042 40 (54 ) 88,028 Certificates of deposits 6,478 52 — 6,530 6,681 1 (7 ) 6,675 U.S. government securities 144,528 321 — 144,849 111,730 60 (62 ) 111,728 Total $ 651,840 $ 1,032 $ (54 ) $ 652,818 $ 591,740 $ 170 $ (218 ) $ 591,692 The following table summarizes the classification of the available-for-sale September 30, 2019 December 31, 2018 Cash and cash equivalents $ 237,318 $ 275,234 Short-term marketable securities 335,500 202,177 Long-term marketable securities 80,000 114,281 Total $ 652,818 $ 591,692 We do not intend to sell the investments that are in a |
Balance Sheet Components
Balance Sheet Components | 9 Months Ended |
Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Balance Sheet Components | 5. Balance Sheet Components Property and Equipment Property and equipment consists of the following (in thousands): September 30, 2019 December 31, 2018 Laboratory equipment $ 8,191 $ 7,363 Computer equipment 1,979 1,501 Leasehold improvements 13,785 13,785 Construction-in-progress 4,575 239 Total property and equipment 28,530 22,888 Less: accumulated depreciation and amortization (14,193 ) (7,907 ) Property and equipment, net $ 14,337 $ 14,981 Accrued liabilities Accrued liabilities consist of the following (in thousands): September 30, 2019 December 31, 2018 Accrued clinical and manufacturing expenses $ 17,843 $ 15,121 Accrued professional and consulting services 3,850 1,016 Other 505 655 Total accrued liabilities $ 22,198 $ 16,792 Other liabilities, current and noncurrent Other liabilities consist of the following (in thousands): September 30, 2019 December 31, 2018 Operating lease liabilities, current $ 1,380 $ — Restricted shares subject to repurchase, current — 157 Deferred rent, current — 712 Other payable 30 30 Total other liabilities, current $ 1,410 $ 899 Deferred rent, noncurrent $ — $ 11,041 Accrued lease liabilities 4,367 — Other liabilities, noncurrent — 30 Total other liabilities, noncurrent $ 4,367 $ 11,071 |
Stock Based Compensation
Stock Based Compensation | 9 Months Ended |
Sep. 30, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Based Compensation | 6. Stock-Based Compensation We have three stock-based compensation plans – the Amended and Restated 2017 Inducement Equity Plan (the “2017 Inducement Plan”), the 2015 Stock Option and Incentive Plan (the “2015 Plan”) and the 2012 Stock Option and Grant Plan (the “2012 Plan”). As of September 30, 2019, there were 190,775 shares reserved under the 2017 Inducement Plan and 3,688,535 shares reserved under the 2015 Plan for the future issuance of equity awards. Upon adoption of the 2015 Plan in July 2015, no new awards or grants are permitted under the 2012 Plan. See Note 7 to the Consolidated Financial Statements included in our Annual Report on Form 10-K Stock Options The following summarizes option activity under the 2017 Inducement Plan, 2015 Plan and 2012 Plan: Number of Weighted- Outstanding — December 31, 2018 3,243,551 $ 29.74 Options granted 885,765 50.06 Options exercised (194,239 ) 18.20 Options canceled (142,577 ) 41.92 Outstanding — September 30, 2019 3,792,500 $ 34.62 The fair values of stock options granted to employees were calculated using the following assumptions: Three Months Ended Nine Months Ended 2019 2018 2019 2018 Expected term (in years) 6.1 6.1 5.3-6.1 5.3-6.1 Volatility 70.4%-71.2% 69.7%-70.3% 70.4%-72.2% 68.7%-70.8% Risk-free interest rate 1.4%-1.9% 2.8%-2.9% 1.4%-2.6% 2.6%-2.9% Dividend yield — — — — Restricted Stock Units The following table summarizes activity of restricted stock units (“RSUs”) granted to employees with service-based vesting under the 2017 Inducement Plan and 2015 Plan and related information: Number Weighted- Non-vested 816,169 $ 43.34 RSUs granted 1,150,960 50.84 RSUs vested (295,764 ) 43.67 RSUs forfeited (96,088 ) 46.57 Non-vested 1,575,277 $ 48.56 Stock-Based Compensation Expense Total stock-based compensation recognized by function was as follows (in thousands): Three Months Ended Nine Months Ended 2019 2018 2019 2018 Research and development $ 5,109 $ 2,835 $ 13,847 $ 9,587 General and administrative 7,344 4,133 19,007 12,965 Total stock-based compensation expense $ 12,453 $ 6,968 $ 32,854 $ 22,552 |
Net Loss per Share
Net Loss per Share | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Net Loss per Share | 7. Net Loss per Share Basic net loss per share is computed by dividing net loss by the weighted-average number of common shares outstanding for the period. Since we were in a loss position for all periods presented, diluted net loss per share is the same as basic net loss per share for all periods as the inclusion of all potential common shares outstanding would have been anti-dilutive. The following securities were not included in the diluted net loss per share calculations because their effect was anti-dilutive: Three Months Ended Nine Months Ended 2019 2018 2019 2018 Options to purchase common stock 3,792,500 3,200,529 3,792,500 3,200,529 Restricted stock subject to future vesting — 71,246 — 71,246 Restricted stock units 1,685,777 926,244 1,685,777 926,244 Total 5,478,277 4,198,019 5,478,277 4,198,019 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 8. Commitments and Contingencies Leases We have operating leases for our headquarters, where we have office and research and development laboratory facilities, and equipment. Our leases have remaining lease terms of 1 to 10 years. Most of these leases require monthly lease payments that may be subject to annual increases throughout the lease term. Certain of these leases include renewal options at our election, with renewal terms that can extend the lease term from 1 to 10 years. These optional periods have not been considered in the determination of the ROU assets or lease liabilities associated with these leases as we did not consider it reasonably certain that we would exercise the options. For the three months ended September 30, 2019, we incurred $1.4 million of lease costs included in operating expenses in the conden s conden s ed of operations in relation to these operating leases, of non-lease Cash paid for amounts included in the measurement of operating lease liabilities for the three and nine months ended September 30, 2019 were $1.1 condensed The majority of our lease costs are driven by our operating lease for our headquarters in South San Francisco, where we have office and research and development laboratory facilities. In March 2017, we entered into a noncancelable operating lease (the “Lease”) for approximately 67,185 square feet of space in South San Francisco, California (the “Existing Premises”). The date on which we became responsible for paying rent under the Lease was December 15, 2017 (the “Rent Commencement Date”). The Lease expires 10 years after the Rent Commencement Date. The Lease grants us an option to extend the Lease for an additional 10-year 10-year the In August 2018, we entered into an amendment to the Lease (the “Lease Amendment”) to relocate the leased premises from the Existing Premises to a to-be-constructed 10-year 10-year construction-in-progress We intend to vacate the Existing Premises and surrender and deliver the Existing Premises to the landlord on or before the date which is sixty days after the Substitute Premises Commencement Date, upon which time we will have no further obligations with respect to the Existing Premises. Upon signing of the Lease Amendment, we re-evaluated the As of September 30, 2019, the maturities of our operating lease liabilities were as follows (in thousands): Year ending December 31, Amount (a) 2019 (three months) $ 1,129 2020 4,576 2021 4,701 2022 4,856 2023 5,017 2024 5,183 Thereafter 16,114 Total lease payments 41,576 Less: Imputed interest (b) (16,505 ) Present value of operating lease liabilities $ 25,071 (a) Operating lease payments exclude $121.5 million of legally - the (b) Imputed interest is calculated using the interest rate for each lease. As of September 30, 2019, the weighted average rem a Future annual minimum lease payments due under the Lease and Lease Amendment as of December 31, 2018 were as follows (in thousands): Year ending December 31, Amount (c) 2019 $ 4,406 2020 6,513 2021 11,642 2022 12,020 2023 12,409 Thereafter 90,367 Total $ 137,357 (c) The table above is prepared under the assumption that the Substitute Premises Commencement Date at the Substitute Premises starts on June 30 Rent expense for the three months ended September 30, 2019 and 2018 was $0.9 million and $0.9 million, respectively, and for the nine months ended September 30, 2019 and 2018 was $2.8 million and $2.7 million, respectively. Contingencies In the ordinary course of business, we may be subject to legal claims and regulatory actions that could have a material adverse effect on our business or financial position. We assess our potential liability in such situations by analyzing potential outcomes, assuming various litigation, regulatory and settlement strategies. If we determine a loss is probable and its amount can be reasonably estimated, we accrue an amount equal to the estimated loss. No losses and no provision for a loss contingency have been recorded to date. Contingent Payments In August 2018, we entered into a license agreement (the “License Agreement”) with F. Hoffmann-La Hoffmann-La know-how non-exclusive, |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Preparation The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP have been condensed or omitted, and accordingly the balance sheet as of December 31, 2018 has been derived from audited consolidated financial statements at that date but does not include all of the information required by U.S. GAAP for complete financial statements. These unaudited interim condensed consolidated financial statements have been prepared on the same basis as our annual consolidated financial statements and, in the opinion of management, reflect all adjustments (consisting only of normal recurring adjustments) that are necessary for a fair presentation of our financial information. The results of operations for the three and nine months ended September 30, 2019 are not necessarily indicative of the results to be expected for the year ending December 31, 2019 or for any other interim period or for any other future year. The accompanying unaudited interim condensed consolidated financial statements and related financial information should be read in conjunction with the audited financial statements and the related notes thereto for the year ended December 31, 2018 included in our Annual Report on Form 10-K, |
Use of Estimates | Use of Estimates The preparation of the accompanying consolidated financial statements in accordance with U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of costs and expenses during the reporting period. We base our estimates and assumptions on historical experience when available and on various factors that we believe to be reasonable under the circumstances. We evaluate our estimates and assumptions on an ongoing basis. Our actual results could differ from these estimates under different assumptions or conditions. |
Principles of Consolidation | Principles of Consolidation The accompanying unaudited interim condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated upon consolidation. |
Significant Accounting Policies | Significant Accounting Policies Except as noted below, there have been no material revisions in our significant accounting policies described in Note 2 to the consolidated financial statements included in our Annual Report on Form 10-K |
Leases | Leases Leases (Topic 842) Effective January 1, 2019 We determine if an arrangement is or contains a lease at inception by assessing whether the arrangement contains an identified asset and whether we have the right to control the identified asset. Right-of-use As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of future payments. We consider our credit risk, term of the lease, and total lease payments and adjust for the impact of collateral, as necessary, when calculating our incremental borrowing rates. The lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise any such options. Lease cost for our operating leases is recognized on a straight-line basis over the lease term. We have elected to not separate lease and non-lease non-lease Leases (Topic 840) Prior to the Adoption of Topic 842 We enter into lease agreements for our office and laboratory facilities. These leases are classified as operating leases. Rent expense |
Accounting Pronouncements Adopted | Accounting Pronouncements Adopted Leases (Topic 842) In February 2016 the Financial Accounting Standards Board issued Accounting Standards Update 2016-02, 2016-02”). 2016-02 several The new standard provides a number of optional practical expedients in transition. We elected the practical expedients to not reassess our prior conclusions about lease identification under the new standard, to not reassess lease classification, and to not reassess initial direct costs. We did not elect the practical expedient allowing the use of hindsight, which would require us to reassess the lease term of our leases based on all facts and circumstances through the effective date, and did not elect the practical expedient pertaining to land easements as this is not applicable to our current contract portfolio. The impact of our adoption of Topic 842 on the accompanying consolidated balance sheet as of January 1, 2019 was as follows (in thousands): December 31, 2018 Adjustments Due to January 1, 2019 Assets: Operating lease ROU assets $ — $ 14,177 $ 14,177 Liabilities: Operating lease liabilities, current as included in other liabilities, current — 1,176 1,176 Deferred rent, current as included in other liabilities, current 712 (712 ) — Operating lease liabilities, noncurrent — 24,754 24,754 Deferred rent, noncurrent as included in other liabilities, noncurrent 11,041 (11,041 ) — The adjustments due to our adoption of Topic 842 related to the recognition of ROU assets and lease liabilities for the existing operating leases. A cumulative-effect adjustment to beginning retained earnings was not required. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Schedule of Adoption of Topic 842 on Consolidated balance sheet | The impact of our adoption of Topic 842 on the accompanying consolidated balance sheet as of January 1, 2019 was as follows (in thousands): December 31, 2018 Adjustments Due to January 1, 2019 Assets: Operating lease ROU assets $ — $ 14,177 $ 14,177 Liabilities: Operating lease liabilities, current as included in other liabilities, current — 1,176 1,176 Deferred rent, current as included in other liabilities, current 712 (712 ) — Operating lease liabilities, noncurrent — 24,754 24,754 Deferred rent, noncurrent as included in other liabilities, noncurrent 11,041 (11,041 ) — |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets Measured on Recurring Basis | The following table summarizes our financial assets measured at fair value on a recurring basis (in thousands): September 30, 2019 Total Level 1 Level 2 Level 3 Financial Assets: Money market funds $ 237,318 $ 237,318 $ — $ — Corporate debt securities 117,188 — 117,188 — U.S. government agency securities 146,933 — 146,933 — Certificates of deposits 6,530 — 6,530 — U.S. government securities 144,849 — 144,849 — Total financial assets $ 652,818 $ 237,318 $ 415,500 $ — December 31, 2018 Total Level 1 Level 2 Level 3 Financial Assets: Money market funds $ 275,234 $ 275,234 $ — $ — Corporate debt securities 110,027 — 110,027 — U.S. government agency securities 88,028 — 88,028 — Certificates of deposits 6,675 — 6,675 — U.S. government securities 111,728 — 111,728 — Total financial assets $ 591,692 $ 275,234 $ 316,458 $ — |
Available-for-Sale Securities (
Available-for-Sale Securities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Available-for-Sale Securities | The following table is a summary of available-for-sale September 30, 2019 December 31, 2018 Amortized Unrealized Unrealized Estimated Fair Amortized Unrealized Unrealized Estimated Fair Financial Assets: Money market funds $ 237,318 $ — $ — $ 237,318 $ 275,234 $ — $ — $ 275,234 Corporate debt securities 116,660 528 — 117,188 110,053 69 (95 ) 110,027 U.S. government agency 146,856 131 (54 ) 146,933 88,042 40 (54 ) 88,028 Certificates of deposits 6,478 52 — 6,530 6,681 1 (7 ) 6,675 U.S. government securities 144,528 321 — 144,849 111,730 60 (62 ) 111,728 Total $ 651,840 $ 1,032 $ (54 ) $ 652,818 $ 591,740 $ 170 $ (218 ) $ 591,692 |
Summary of Classification of Available-for-Sale Securities on Consolidated Balance Sheets | The following table summarizes the classification of the available-for-sale September 30, 2019 December 31, 2018 Cash and cash equivalents $ 237,318 $ 275,234 Short-term marketable securities 335,500 202,177 Long-term marketable securities 80,000 114,281 Total $ 652,818 $ 591,692 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Property and Equipment | Property and equipment consists of the following (in thousands): September 30, 2019 December 31, 2018 Laboratory equipment $ 8,191 $ 7,363 Computer equipment 1,979 1,501 Leasehold improvements 13,785 13,785 Construction-in-progress 4,575 239 Total property and equipment 28,530 22,888 Less: accumulated depreciation and amortization (14,193 ) (7,907 ) Property and equipment, net $ 14,337 $ 14,981 |
Accrued Liabilities | Accrued liabilities consist of the following (in thousands): September 30, 2019 December 31, 2018 Accrued clinical and manufacturing expenses $ 17,843 $ 15,121 Accrued professional and consulting services 3,850 1,016 Other 505 655 Total accrued liabilities $ 22,198 $ 16,792 |
Other Liabilities | Other liabilities consist of the following (in thousands): September 30, 2019 December 31, 2018 Operating lease liabilities, current $ 1,380 $ — Restricted shares subject to repurchase, current — 157 Deferred rent, current — 712 Other payable 30 30 Total other liabilities, current $ 1,410 $ 899 Deferred rent, noncurrent $ — $ 11,041 Accrued lease liabilities 4,367 — Other liabilities, noncurrent — 30 Total other liabilities, noncurrent $ 4,367 $ 11,071 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Stock Option Activity | The following summarizes option activity under the 2017 Inducement Plan, 2015 Plan and 2012 Plan: Number of Weighted- Outstanding — December 31, 2018 3,243,551 $ 29.74 Options granted 885,765 50.06 Options exercised (194,239 ) 18.20 Options canceled (142,577 ) 41.92 Outstanding — September 30, 2019 3,792,500 $ 34.62 |
Valuation Assumptions for Stock Awards | The fair values of stock options granted to employees were calculated using the following assumptions: Three Months Ended Nine Months Ended 2019 2018 2019 2018 Expected term (in years) 6.1 6.1 5.3-6.1 5.3-6.1 Volatility 70.4%-71.2% 69.7%-70.3% 70.4%-72.2% 68.7%-70.8% Risk-free interest rate 1.4%-1.9% 2.8%-2.9% 1.4%-2.6% 2.6%-2.9% Dividend yield — — — — |
Non-Vested Restricted Stock Activity | The following table summarizes activity of restricted stock units (“RSUs”) granted to employees with service-based vesting under the 2017 Inducement Plan and 2015 Plan and related information: Number Weighted- Non-vested 816,169 $ 43.34 RSUs granted 1,150,960 50.84 RSUs vested (295,764 ) 43.67 RSUs forfeited (96,088 ) 46.57 Non-vested 1,575,277 $ 48.56 |
Stock-based Compensation Expense Recognized | Total stock-based compensation recognized by function was as follows (in thousands): Three Months Ended Nine Months Ended 2019 2018 2019 2018 Research and development $ 5,109 $ 2,835 $ 13,847 $ 9,587 General and administrative 7,344 4,133 19,007 12,965 Total stock-based compensation expense $ 12,453 $ 6,968 $ 32,854 $ 22,552 |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Potentially Dilutive Securities that were Not Included in Diluted Net Loss per Share Calculations | The following securities were not included in the diluted net loss per share calculations because their effect was anti-dilutive: Three Months Ended Nine Months Ended 2019 2018 2019 2018 Options to purchase common stock 3,792,500 3,200,529 3,792,500 3,200,529 Restricted stock subject to future vesting — 71,246 — 71,246 Restricted stock units 1,685,777 926,244 1,685,777 926,244 Total 5,478,277 4,198,019 5,478,277 4,198,019 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Lessee, Operating Lease, Liability, Maturity | As of September 30, 2019, the maturities of our operating lease liabilities were as follows (in thousands): Year ending December 31, Amount (a) 2019 (three months) $ 1,129 2020 4,576 2021 4,701 2022 4,856 2023 5,017 2024 5,183 Thereafter 16,114 Total lease payments 41,576 Less: Imputed interest (b) (16,505 ) Present value of operating lease liabilities $ 25,071 (a) Operating lease payments exclude $121.5 million of legally - the (b) Imputed interest is calculated using the interest rate for each lease. |
Schedule of Future Minimum Rental Payments for Operating Leases | Future annual minimum lease payments due under the Lease and Lease Amendment as of December 31, 2018 were as follows (in thousands): Year ending December 31, Amount (c) 2019 $ 4,406 2020 6,513 2021 11,642 2022 12,020 2023 12,409 Thereafter 90,367 Total $ 137,357 (c) The table above is prepared under the assumption that the Substitute Premises Commencement Date at the Substitute Premises starts on June 30 |
Organization and Basis of Pre_2
Organization and Basis of Presentation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||
Jul. 31, 2019 | Jun. 30, 2019 | Jan. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Class of Stock [Line Items] | ||||||||||
Proceeds from issuance of common stock, net of issuance costs | $ 219,443 | $ 255,119 | ||||||||
Cumulative net losses | $ (472,150) | $ (642,941) | $ (642,941) | |||||||
Common Stock [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Common stock shares sold | 3,375,527 | 3,409,090 | 100,000 | 3,375,527 | 511,363 | 4,994,736 | ||||
Share price per share | $ / shares | $ 57.12 | $ 41.54 | $ 57.12 | |||||||
Proceeds from issuance of common stock, net of issuance costs | $ 192,400 | $ 141,100 | ||||||||
Common Stock [Member] | Over-Allotment Option [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Common stock shares sold | 100,000 | 511,363 | ||||||||
Share price per share | $ / shares | $ 57.12 | $ 41.54 | ||||||||
Proceeds from issuance of common stock, net of issuance costs | $ 5,700 | $ 21,200 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Schedule of Adoption Of Topic 842 on Consolidated balance Sheet (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Assets: | |||
Operating lease ROU assets | $ 13,845 | ||
Liabilities: | |||
Operating lease liabilities, current as included in other liabilities, current | 1,380 | ||
Deferred rent, current as included in other liabilities, current | $ 712 | ||
Operating lease liabilities, noncurrent | $ 23,691 | ||
Deferred rent, noncurrent as included in other liabilities, noncurrent | 11,041 | ||
Adjustment Due To Adoption Of Topic 842 [Member] | |||
Assets: | |||
Operating lease ROU assets | 14,177 | ||
Liabilities: | |||
Operating lease liabilities, current as included in other liabilities, current | 1,176 | ||
Deferred rent, current as included in other liabilities, current | (712) | ||
Operating lease liabilities, noncurrent | 24,754 | ||
Deferred rent, noncurrent as included in other liabilities, noncurrent | $ (11,041) | ||
Restatement Adjustment [Member] | |||
Assets: | |||
Operating lease ROU assets | $ 14,177 | ||
Liabilities: | |||
Operating lease liabilities, current as included in other liabilities, current | 1,176 | ||
Operating lease liabilities, noncurrent | $ 24,754 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value Assets Measured on Recurring Basis (Detail) - Fair Value Measurements, Recurring [Member] - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets, fair value | $ 652,818 | $ 591,692 |
U.S. Government Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets, fair value | 144,849 | 111,728 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets, fair value | 237,318 | 275,234 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets, fair value | 415,500 | 316,458 |
Level 2 [Member] | U.S. Government Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets, fair value | 144,849 | 111,728 |
Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets, fair value | 237,318 | 275,234 |
Money Market Funds [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets, fair value | 237,318 | 275,234 |
Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets, fair value | 117,188 | 110,027 |
Corporate Debt Securities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets, fair value | 117,188 | 110,027 |
U.S. Government Agency Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets, fair value | 146,933 | 88,028 |
U.S. Government Agency Securities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets, fair value | 146,933 | 88,028 |
Certificates of Deposits [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets, fair value | 6,530 | 6,675 |
Certificates of Deposits [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets, fair value | $ 6,530 | $ 6,675 |
Available-for-Sale Securities -
Available-for-Sale Securities - Summary of Available-for-Sale Securities (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Debt Securities, Available-for-sale [Line Items] | ||
Available for sale securities, Amortized Cost | $ 651,840 | $ 591,740 |
Available for sale securities, Unrealized Gains | 1,032 | 170 |
Available for sale securities, Unrealized (Losses) | (54) | (218) |
Available for sale securities, Estimated Fair Value | 652,818 | 591,692 |
Corporate Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available for sale securities, Amortized Cost | 116,660 | 110,053 |
Available for sale securities, Unrealized Gains | 528 | 69 |
Available for sale securities, Unrealized (Losses) | (95) | |
Available for sale securities, Estimated Fair Value | 117,188 | 110,027 |
U.S. Government Agency Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available for sale securities, Amortized Cost | 146,856 | 88,042 |
Available for sale securities, Unrealized Gains | 131 | 40 |
Available for sale securities, Unrealized (Losses) | (54) | (54) |
Available for sale securities, Estimated Fair Value | 146,933 | 88,028 |
Money Market Funds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available for sale securities, Amortized Cost | 237,318 | 275,234 |
Available for sale securities, Estimated Fair Value | 237,318 | 275,234 |
Certificates of Deposits [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available for sale securities, Amortized Cost | 6,478 | 6,681 |
Available for sale securities, Unrealized Gains | 52 | 1 |
Available for sale securities, Unrealized (Losses) | (7) | |
Available for sale securities, Estimated Fair Value | 6,530 | 6,675 |
U.S. Government Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available for sale securities, Amortized Cost | 144,528 | 111,730 |
Available for sale securities, Unrealized Gains | 321 | 60 |
Available for sale securities, Unrealized (Losses) | (62) | |
Available for sale securities, Estimated Fair Value | $ 144,849 | $ 111,728 |
Available-for-Sale Securities_2
Available-for-Sale Securities - Summary of Classification of Available-for-Sale Securities on Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Investments, Debt and Equity Securities [Abstract] | ||
Cash and cash equivalents | $ 237,318 | $ 275,234 |
Short-term marketable securities | 335,500 | 202,177 |
Long-term marketable securities | 80,000 | 114,281 |
Total | $ 652,818 | $ 591,692 |
Balance Sheet Components - Prop
Balance Sheet Components - Property and Equipment (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 28,530 | $ 22,888 |
Less: accumulated depreciation and amortization | (14,193) | (7,907) |
Property and equipment, net | 14,337 | 14,981 |
Laboratory Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 8,191 | 7,363 |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 1,979 | 1,501 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 13,785 | 13,785 |
Construction-in-Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 4,575 | $ 239 |
Balance Sheet Components - Accr
Balance Sheet Components - Accrued Liabilities (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Balance Sheet Components [Abstract] | ||
Accrued clinical and manufacturing expenses | $ 17,843 | $ 15,121 |
Accrued professional and consulting services | 3,850 | 1,016 |
Other | 505 | 655 |
Total accrued liabilities | $ 22,198 | $ 16,792 |
Balance Sheet Components - Othe
Balance Sheet Components - Other Liabilities (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Balance Sheet Components [Abstract] | ||
Operating lease liabilities, current | $ 1,380 | |
Restricted shares subject to repurchase,current | $ 157 | |
Deferred rent, current | 712 | |
Other payable | 30 | 30 |
Total other liabilities, current | 1,410 | 899 |
Deferred rent, noncurrent | 11,041 | |
Accrued lease liabilities | 4,367 | |
Other liabilities, noncurrent | 30 | |
Total other liabilities, noncurrent | $ 4,367 | $ 11,071 |
Stock Based Compensation - Plan
Stock Based Compensation - Plan Summary - Additional Information (Detail) | Sep. 30, 2019shares |
2017 Inducement Equity Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares authorized for issuance | shares | 190,775 |
2015 Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares authorized for issuance | shares | 3,688,535 |
Stock Based Compensation - Stoc
Stock Based Compensation - Stock Option Activity (Detail) | 9 Months Ended |
Sep. 30, 2019$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Beginning balance, outstanding, Number of Options | shares | 3,243,551 |
Options granted, Number of Options | shares | 885,765 |
Options exercised, Number of Options | shares | (194,239) |
Options canceled, Number of Options | shares | (142,577) |
Ending balance, outstanding, Number of Options | shares | 3,792,500 |
Weighted- Average Exercise Price | |
Beginning balance, Outstanding, Weighted-Average Exercise Price | $ / shares | $ 29.74 |
Options granted, Weighted-Average Exercise Price | $ / shares | 50.06 |
Options exercised, Weighted-Average Exercise Price | $ / shares | 18.20 |
Options canceled, Weighted-Average Exercise Price | $ / shares | 41.92 |
Ending balance, Outstanding, Weighted-Average Exercise Price | $ / shares | $ 34.62 |
Stock Based Compensation - Valu
Stock Based Compensation - Valuation Assumptions for Stock Options Granted (Detail) - Stock Options [Member] | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected term (in years) | 6 years 1 month 6 days | 6 years 1 month 6 days | ||
Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected term (in years) | 5 years 3 months 18 days | 5 years 3 months 18 days | ||
Volatility, minimum | 70.40% | 69.70% | 70.40% | 68.70% |
Risk-free interest rate, minimum | 1.40% | 2.80% | 1.40% | 2.60% |
Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected term (in years) | 6 years 1 month 6 days | 6 years 1 month 6 days | ||
Volatility, maximum | 71.20% | 70.30% | 72.20% | 70.80% |
Risk-free interest rate, maximum | 1.90% | 2.90% | 2.60% | 2.90% |
Stock Based Compensation - Summ
Stock Based Compensation - Summary of RSU Activity Granted to Employees with Service-Based Vesting (Detail) - 2017 Inducement Plan and 2015 Plan [Member] - RSU [Member] | 9 Months Ended |
Sep. 30, 2019$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Beginning Balance - Non-vested market-condition awards | shares | 816,169 |
RSUs granted, Number of RSUs | shares | 1,150,960 |
RSUs vested, Number of RSUs | shares | (295,764) |
RSUs forfeited, Number of RSUs | shares | (96,088) |
Ending Balance - Non-vested market-condition awards | shares | 1,575,277 |
Beginning Balance - Non-vested units, Weighted-Average Grant Date Fair Value | $ / shares | $ 43.34 |
RSUs granted, Weighted-Average Grant Date Fair Value | $ / shares | 50.84 |
RSUs vested, Weighted-Average Grant Date Fair Value | $ / shares | 43.67 |
RSUs forfeited, Weighted-Average Grant Date Fair Value | $ / shares | 46.57 |
Ending Balance - Non-vested units, Weighted-Average Grant Date Fair Value | $ / shares | $ 48.56 |
Stock Based Compensation - St_2
Stock Based Compensation - Stock-based Compensation Expense Recognized (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense | $ 12,453 | $ 6,968 | $ 32,854 | $ 22,552 |
Research and Development Expense [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense | 5,109 | 2,835 | 13,847 | 9,587 |
General and Administrative Expense [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense | $ 7,344 | $ 4,133 | $ 19,007 | $ 12,965 |
Net Loss per Share - Potentiall
Net Loss per Share - Potentially Dilutive Securities that were Not Included in Diluted Net Loss per Share Calculations (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from earnings per share | 5,478,277 | 4,198,019 | 5,478,277 | 4,198,019 |
Stock Options [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from earnings per share | 3,792,500 | 3,200,529 | 3,792,500 | 3,200,529 |
Restricted Stock [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from earnings per share | 71,246 | 71,246 | ||
RSU [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from earnings per share | 1,685,777 | 926,244 | 1,685,777 | 926,244 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Aug. 31, 2018USD ($)ft² | Mar. 31, 2017USD ($)ft² | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | |
Commitment And Contingencies [Line Items] | ||||||
Facility size | ft² | 164,150 | 67,185 | ||||
Initial term | 10 years | 10 years | ||||
Future minimum rental payments under the Lease term | $ 121,500 | $ 48,500 | ||||
Lease commencement date | Dec. 15, 2017 | |||||
Operating lease term | 10 years | 10 years | ||||
Operating lease term, optional extension | 10 years | 10 years | ||||
Repayment of tenant inducement allowance | $ 4,100 | |||||
Lease term | 8 years 2 months 12 days | 8 years 2 months 12 days | ||||
Operating Lease Cost | $ 1,400 | $ 4,600 | ||||
variable lease cost | 400 | 1,800 | ||||
Cash paid for amounts included in the measurement of operating lease liabilities | $ 1,100 | $ 3,400 | ||||
leasehold improvements Acquired | $ 11,100 | |||||
Repayemnt of tenant inducement allowance to the landlord | 1,700 | |||||
acceleration of depreciation expenses | $ 5,200 | |||||
weighted average discount rate | 13.20% | 13.20% | ||||
Rent expense | $ 900 | $ 900 | $ 2,800 | $ 2,700 | ||
Operating liabilities | 25,071 | 25,071 | ||||
F HoffmannLa Roche Ltd And HoffmannLa Roche Inc [Member] | ||||||
Commitment And Contingencies [Line Items] | ||||||
Upfront payments | 2,000 | |||||
Contingent payment obligations | 125,500 | 125,500 | ||||
Contingent milestone additional amount payable | 5,500 | 5,500 | ||||
F HoffmannLa Roche Ltd And HoffmannLa Roche Inc [Member] | Develpment And Regulatory Milestones [Member] | ||||||
Commitment And Contingencies [Line Items] | ||||||
Contingent payment obligations | 40,500 | 40,500 | ||||
Contingent milestone additional amount payable | 19,250 | 19,250 | ||||
F HoffmannLa Roche Ltd And HoffmannLa Roche Inc [Member] | Net Sales Achievement [Member] | ||||||
Commitment And Contingencies [Line Items] | ||||||
Contingent payment obligations | $ 85,000 | $ 85,000 | ||||
Maximum [Member] | ||||||
Commitment And Contingencies [Line Items] | ||||||
Lease term | 10 years | 10 years | ||||
Minimum [Member] | ||||||
Commitment And Contingencies [Line Items] | ||||||
Lease term | 1 year | 1 year | ||||
Leasehold Improvements [Member] | ||||||
Commitment And Contingencies [Line Items] | ||||||
Property plant and equipment additions | $ 4,500 | |||||
Lease Agreements [Member] | Maximum [Member] | ||||||
Commitment And Contingencies [Line Items] | ||||||
Tenant inducement | $ 27,900 |
Commitments and Contingencies_2
Commitments and Contingencies - Lessee Operating Lease Liability Maturity (Detail) $ in Thousands | Sep. 30, 2019USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2019 (three months) | $ 1,129 |
2020 | 4,576 |
2021 | 4,701 |
2022 | 4,856 |
2023 | 5,017 |
2024 | 5,183 |
Thereafter | 16,114 |
Total lease payments | 41,576 |
Less: Imputed interest | (16,505) |
Present value of operating lease liabilities | $ 25,071 |
Commitments and Contingencies_3
Commitments and Contingencies - Lessee Operating Lease Liability Maturity (Detail) (Parenthetical) $ in Millions | Sep. 30, 2019USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Lessee Operating Lease Lease Not Yet Commenced Legally Binding Minimum Lease Payments | $ 121.5 |
Commitments and Contingencies_4
Commitments and Contingencies - Minimum Lease payments (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2019 | $ 4,406 |
2020 | 6,513 |
2021 | 11,642 |
2022 | 12,020 |
2023 | 12,409 |
Thereafter | 90,367 |
Total | $ 137,357 |