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Quarterly Results (Unaudited)
 12 Months Ended
Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Results (Unaudited)

15. Quarterly Results (Unaudited)

The following table is in thousands, except per share amounts:

 

 

 

Quarters Ended

 

 

 

March 31,

 

 

June 30,

 

 

September 30,

 

 

December 31,

 

 

 

2015

 

 

2015

 

 

2015

 

 

2015

 

Consolidated Statement of operations data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

$

17,100

 

 

$

11,940

 

 

$

15,400

 

 

$

15,586

 

General and administrative

 

 

5,181

 

 

 

7,556

 

 

 

5,124

 

 

 

4,622

 

Total operating expenses

 

 

22,281

 

 

 

19,496

 

 

 

20,524

 

 

 

20,208

 

Loss from operations

 

 

(22,281

)

 

 

(19,496

)

 

 

(20,524

)

 

 

(20,208

)

Interest income

 

 

49

 

 

 

65

 

 

 

54

 

 

 

51

 

Other income (expense), net

 

 

226

 

 

 

(236

)

 

 

91

 

 

 

32

 

Net loss and comprehensive loss

 

 

(22,006

)

 

 

(19,667

)

 

 

(20,379

)

 

 

(20,125

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss attributable to common stockholders

 

$

(22,006

)

 

$

(19,667

)

 

$

(20,379

)

 

$

(20,125

)

Net loss per basic and diluted share attributable to

     common stockholders

 

$

(0.79

)

 

$

(0.67

)

 

$

(0.69

)

 

$

(0.69

)

Weighted-average common shares used to compute

     basic and diluted net loss per share

 

 

27,810

 

 

 

29,293

 

 

 

29,354

 

 

 

29,379

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended

 

 

 

March 31,

 

 

June 30,

 

 

September 30,

 

 

December 31,

 

 

 

2014

 

 

2014

 

 

2014

 

 

2014

 

Consolidated Statement of operations data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

$

4,869

 

 

$

5,622

 

 

$

10,515

 

 

$

11,602

 

General and administrative

 

 

2,714

 

 

 

2,877

 

 

 

3,577

 

 

 

4,338

 

Total operating expenses

 

 

7,583

 

 

 

8,499

 

 

 

14,092

 

 

 

15,940

 

Loss from operations

 

 

(7,583

)

 

 

(8,499

)

 

 

(14,092

)

 

 

(15,940

)

Interest income

 

 

—

 

 

 

40

 

 

 

50

 

 

 

43

 

Interest expense

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Other income (expense), net (1)

 

 

(11,843

)

 

 

(141

)

 

 

208

 

 

 

244

 

Net loss and comprehensive loss

 

 

(19,426

)

 

 

(8,600

)

 

 

(13,834

)

 

 

(15,653

)

Deemed dividend related to beneficial conversion

     feature of convertible preferred stock (2)

 

 

(25,559

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss attributable to common stockholders

 

$

(44,985

)

 

$

(8,600

)

 

$

(13,834

)

 

$

(15,653

)

Net loss per basic and diluted share attributable to

     common stockholders

 

$

(16.13

)

 

$

(0.36

)

 

$

(0.57

)

 

$

(0.65

)

Weighted-average common shares used to compute

     basic and diluted net loss per share

 

 

2,788

 

 

 

24,195

 

 

 

24,195

 

 

 

24,215

 

 

(1)

The first quarter of 2014 includes a change in the fair value of the preferred stock call option liability associated with the Series D convertible preferred stock financing of approximately $9.6 million and a $2.3 million change in the fair value of the warrant liability associated with the Series B convertible preferred stock.  

(2)

The first quarter of 2014 also includes a deemed dividend of approximately $25.6 million, which reflected a beneficial conversion feature on the underlying Series E preferred stock, in connection with the closing of the IPO on March 26, 2014.