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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Operating activities    
Net loss $ (16,561) $ (9,160)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 4,724 2,483
Amortization of investment premiums and discounts 1,286 358
Depreciation expense 15 6
Loss on foreign exchange 42  
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (1,304) (1,081)
Other assets 18 (31)
Accounts payable 451 354
Accrued compensation (1,287) (703)
Accrued research and development expenses (682) 910
Other accrued liabilities 669 229
Long-term liabilities 138 13
Net cash used in operating activities (12,491) (6,622)
Investing activities    
Purchases of short-term investments (130,963) (54,796)
Sales and maturities of short-term investments 142,715 41,368
Purchases of property and equipment (891) (5)
Net cash provided by (used in) investing activities 10,861 (13,433)
Financing activities    
Proceeds from sale of common stock, net of offering costs   69,487
Taxes paid related to net share settlement of restricted stock units (32)  
Proceeds from exercise of stock options 14  
Net cash provided by (used in) financing activities (18) 69,487
Effect of exchange rates on cash (42)  
Increase (decrease) in cash and cash equivalents (1,690) 49,432
Cash and cash equivalents at beginning of period 23,746 21,897
Cash and cash equivalents at end of period 22,056 71,329
Non-cash financing activities    
Issuance of common stock upon vesting of stock awards 20 20
Change in long-term liabilities related to non-vested stock awards (20) (20)
Supplemental cash flow disclosure    
Cash paid for taxes $ 3 $ 2