Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 47,968	$ 23,746
Short-term investments	207,714	296,736
Restricted cash	194	194
Prepaid expenses and other current assets	4,677	3,921
Total current assets	260,553	324,597
Property and equipment, net	3,259	270
Other assets	102	108
Total assets	263,914	324,975
Current liabilities:
Accounts payable	2,778	1,445
Accrued compensation	3,745	2,624
Accrued research and development expenses	2,408	5,112
Other accrued liabilities	744	528
Total current liabilities	9,675	9,709
Long-term liabilities	503	166
Total liabilities	10,178	9,875
Commitments and contingencies (Note 7)
Stockholders’ equity:
Common stock—$0.0001 par value, 500,000 shares authorized as of December 31, 2016 and December 31, 2015; 28,933 and 28,459 shares issued and outstanding as of December 31, 2016 and December 31, 2015, respectively	3	3
Additional paid-in capital	431,075	413,725
Accumulated other comprehensive loss	(183)	(518)
Accumulated deficit	(177,159)	(98,110)
Total stockholders’ equity	253,736	315,100
Total liabilities and stockholders’ equity	$ 263,914	$ 324,975