Subsequent Events

12 Months Ended

Dec. 31, 2014

12. Subsequent Event

In January 2015, the Company announced preliminary top-line data from the 182 patient Phase 2 study of KB001-A in CF patients with Pa lung infections. The study failed to meet its primary endpoint as there was no notable improvement in the time to need antibiotics between patients treated with KB001-A and those treated with placebo. In addition, there was no clinically significant improvement in patient reported outcomes or in FEV1 over the course of the study, both of which were secondary endpoints in the study. As a result of this outcome, the Company discontinued development of KB001-A as a treatment for Pa lung infections in CF patients and is evaluating the potential to out-license KB001-A as it no longer aligns with the Company’s revised strategic focus in oncology therapeutics. As a result of this outcome, and the resulting shift in operating focus, the Company elected to terminate certain committed manufacturing activities with external contract manufacturing organizations, or CMOs on certain of its programs. As a result of the termination of these activities, the Company recorded charges of $1.6 million in the fiscal 2014 financial statements representing estimated termination costs for those contractual commitments relating to that manufacturing activity that no longer has identifiable future benefit to the Company.