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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2014	Aug. 06, 2014
Document And Entity Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2014
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	Q2
Trading Symbol	RARE
Entity Registrant Name	Ultragenyx Pharmaceutical Inc.
Entity Central Index Key	0001515673
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		31,703,990

CONDENSED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2014	Dec. 31, 2013
Current assets:
Cash and cash equivalents	$ 17,452	$ 7,427
Short-term investments	135,819	45,950
Prepaid expenses and other current assets	4,945	1,848
Total current assets	158,216	55,225
Property and equipment, net	2,497	1,325
Restricted cash	744	451
Other assets	1,129	2,648
Total assets	162,586	59,649
Liabilities, Convertible Preferred Stock and Stockholders’ Equity (Deficit)
Accounts payable	3,590	1,437
Accrued liabilities	5,278	4,406
Deferred rent—current portion	75	78
Total current liabilities	8,943	5,921
Convertible preferred stock warrant liability		3,419
Other liabilities	560	200
Total liabilities	9,503	9,540
Commitments and contingencies (Note 10)
Stockholders’ equity (deficit):
Preferred stock, par value of $0.001 per share—25,000,000 shares authorized; nil outstanding as of June 30, 2014 and December 31, 2013
Common stock, par value of $0.001 per share—250,000,000 shares authorized; 30,059,288 and 3,766,289 shares issued and outstanding as of June 30, 2014 and December 31, 2013	30	4
Additional paid-in capital	259,555
Accumulated other comprehensive income (loss)	(48)	11
Accumulated deficit	(106,454)	(74,836)
Total stockholders’ equity (deficit)	153,083	(74,821)
Total liabilities, convertible preferred stock and stockholders’ equity (deficit)	$ 162,586	59,649
Series A Convertible Preferred Stock \| Redeemable Convertible Preferred Stock
Liabilities, Convertible Preferred Stock and Stockholders’ Equity (Deficit)
Convertible preferred stock		51,001
Series B Convertible Preferred Stock \| Convertible Preferred Stock
Liabilities, Convertible Preferred Stock and Stockholders’ Equity (Deficit)
Convertible preferred stock		$ 73,929

CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2014	Dec. 31, 2013
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	25,000,000	25,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	250,000,000	250,000,000
Common stock, shares issued	30,059,288	3,766,289
Common stock, shares outstanding	30,059,288	3,766,289
Series A Convertible Preferred Stock \| Redeemable Convertible Preferred Stock
Convertible preferred stock, par value	$ 0.001	$ 0.001
Convertible preferred stock, shares authorized	0	35,377,566
Convertible preferred stock, shares issued	0	34,349,894
Convertible preferred stock, shares outstanding	0	34,349,894
Series B Convertible Preferred Stock \| Convertible Preferred Stock
Convertible preferred stock, par value	$ 0.001	$ 0.001
Convertible preferred stock, shares authorized	0	27,081,680
Convertible preferred stock, shares issued	0	27,081,680
Convertible preferred stock, shares outstanding	0	27,081,680

CONDENSED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
CONDENSED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Operating expenses:
Research and development	$ 11,239	$ 7,199	$ 19,592	$ 12,863
General and administrative	2,422	1,048	4,408	2,131
Total operating expenses	13,661	8,247	24,000	14,994
Loss from operations	(13,661)	(8,247)	(24,000)	(14,994)
Other income (expense), net:
Interest income	149	63	242	89
Other expense, net	(73)	(406)	(3,457)	(420)
Total other income (expense), net	76	(343)	(3,215)	(331)
Net loss	(13,585)	(8,590)	(27,215)	(15,325)
Net loss attributable to common stockholders	$ (13,585)	$ (10,829)	$ (32,023)	$ (19,034)
Net loss per share attributable to common stockholders, basic and diluted	$ (0.45)	$ (3.32)	$ (1.25)	$ (6.19)
Shares used in computing net loss per share attributable to common stockholders, basic and diluted	30,055,943	3,257,806	25,697,407	3,076,907

CONDENSED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Net loss	$ (13,585)	$ (8,590)	$ (27,215)	$ (15,325)
Other comprehensive income:
Unrealized loss on available-for-sale securities	(2)	(66)	(59)	(77)
Total comprehensive loss	$ (13,587)	$ (8,656)	$ (27,274)	$ (15,402)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Net Income
-URI http://asc.fasb.org/extlink&oid=6518256

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=31042434&loc=d3e3602-108585

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.19)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.18)
-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688

Reference 6: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.22)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Other Comprehensive Income
-URI http://asc.fasb.org/extlink&oid=6519514

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=28358780&loc=d3e565-108580

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 19
-Article 5

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 20
-Article 9

+ Details

CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	Jun. 30, 2014	Jun. 30, 2013
Operating activities:
Net loss	$ (27,215)	$ (15,325)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	278	227
Amortization of premium (discount) on investment securities	1,396	365
Stock-based compensation	1,741	376
Revaluation of convertible preferred stock warrant liability	3,324	372
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(3,097)	(1,288)
Other assets	1,519	(129)
Accounts payable	1,960	886
Accrued liabilities and other liabilities	1,229	(164)
Net cash used in operating activities	(18,865)	(14,680)
Investing activities:
Purchase of property and equipment	(1,257)	(75)
Purchase of investments	(129,298)	(57,935)
Proceeds from maturities of investments	37,974
Increase in restricted cash	(293)	(50)
Net cash used in investing activities	(92,874)	(58,060)
Financing activities:
Net proceeds from issuance of common stock	126,110	57
Payment of preferred stock dividend	(4,346)
Net cash provided by financing activities	121,764	57
Net increase (decrease) in cash and cash equivalents	10,025	(72,683)
Cash and cash equivalents at beginning of period	7,427	86,190
Cash and cash equivalents at end of period	17,452	$ 13,507
Supplemental disclosures of non-cash investing and financing information:
Reclassification of warrant liability to equity upon conversion to common stock warrants	6,743
Series A and Series B
Supplemental disclosures of non-cash investing and financing information:
Conversion of Series A and Series B preferred stock to common stock	$ 129,360

Organization

6 Months Ended

Jun. 30, 2014

Organization

1.	Organization

Ultragenyx Pharmaceutical Inc. (the Company) is a clinical-stage biotechnology company incorporated in California on April 22, 2010. The Company subsequently reincorporated in the state of Delaware in June 2011.

The Company is focused on the identification, acquisition, development, and commercialization of novel products for the treatment of rare and ultra-rare diseases, with a focus on serious, debilitating genetic diseases. The Company is currently conducting a Phase 2 extension study of sialic acid, extended release (SA-ER) in patients with hereditary inclusion body myopathy (HIBM), a progressive muscle-wasting disorder; a Phase 1/2 study of recombinant human beta-glucuronidase (rhGUS) in patients with mucopolysaccharidosis 7, or MPS 7, a rare lysosomal storage disease; a Phase 2 clinical study for triheptanoin for the treatment of patients with glucose transporter type-1 deficiency syndrome (Glut1 DS), a brain energy deficiency; a Phase 2 clinical study of triheptanoin, in patients severely affected by long-chain fatty acid oxidation disorders (LC-FAOD), a genetic disorder in which the body is unable to convert long chain fatty acids into energy; and a Phase 2 study of KRN23, an antibody targeting fibroblast growth factor 23, or FGF23, in pediatric patients with X-linked hypophosphatemia (XLH), a rare genetic disease that impairs bone growth.

On January 30, 2014, the Company’s registration statements on Form S-1 (File Nos. 333-192244 and 333-193675) relating to its initial public offering (IPO) of its common stock were declared effective by the Securities and Exchange Commission (SEC). The shares began trading on The NASDAQ Global Select Market on January 31, 2014. The public offering price of the shares sold in the offering was $21.00 per share. The IPO closed on February 5, 2014 and included 6,624,423 shares of common stock, which included 864,054 shares of common stock issued pursuant to the over-allotment option granted to the underwriters. The Company received total proceeds from the offering of $129.4 million, net of underwriting discounts and commissions of $9.7 million. After deducting offering expenses of approximately $3.3 million and a cash dividend of $4.3 million, which was paid to the preferred stockholders on the closing date, net proceeds were approximately $121.7 million. Upon the closing of the IPO, all shares of convertible preferred stock then outstanding converted into 19,598,486 shares of common stock and the Series A convertible preferred stock warrants were converted into warrants to purchase common stock.

Upon the effectiveness of the Amended and Restated Certificate of Incorporation of the Company on February 5, 2014, the number of shares of capital stock the Company is authorized to issue was increased to 275,000,000 shares, of which 250,000,000 shares are common stock and 25,000,000 shares are preferred stock. Both the common stock and preferred stock have a par value of $0.001 per share. There are no shares of preferred stock outstanding at June 30, 2014.

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2014

Summary of Significant Accounting Policies

2.	Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. general accepted accounting principles (“U.S. GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. The unaudited interim consolidated financial statements have been prepared on the same basis as the annual financial statements. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation. These financial statements should be read in conjunction with the audited financial statements and notes thereto for the preceding fiscal year contained in the Company’s Annual Report on Form 10-K filed on March 24, 2014 with the SEC.

The results of operations for the three and six months ended June 30, 2014 are not necessarily indicative of the results to be expected for the year ending December 31, 2014. The condensed balance sheet as of December 31, 2013 has been derived from audited financial statements at that date but does not include all of the information required by U.S. GAAP for complete financial statements.

Reverse Stock Split

In January 2014, the Company’s board of directors and its stockholders approved an amendment to the Company’s amended and restated certificate of incorporation to effect a reverse split of shares of the Company’s common stock on a 1-for-3.1345 basis (the “Reverse Stock Split”). The par values and the authorized shares of the common and convertible preferred stock were not adjusted as a result of the Reverse Stock Split, nor were the outstanding shares of preferred stock. All issued and outstanding common stock and related per share amounts contained in the financial statements have been retroactively adjusted to reflect this Reverse Stock Split for all periods presented. A proportional adjustment to the conversion ratio for each series of convertible preferred stock was also effected in connection with the Reverse Stock Split. The Reverse Stock Split was effected on January 17, 2014.

Use of Estimates

The preparation of condensed financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent liabilities and the reported amounts of expenses in the financial statements and the accompanying notes. On an ongoing basis, management evaluates its estimates, including those related to clinical study accruals, fair value of assets and liabilities, convertible preferred stock and related warrants, common stock, income taxes and stock-based compensation. Management bases its estimates on historical experience and on various other market-specific and relevant assumptions that management believes to be reasonable under the circumstances. Actual results could differ from those estimates.

Cash and Cash Equivalents

The Company considers all highly liquid investments with original maturities of three months or less from the date of purchase to be cash equivalents. Cash equivalents consist primarily of amounts invested in money market accounts.

Short-Term Investments

All investments have been classified as “available-for-sale” and are carried at estimated fair value as determined based upon quoted market prices or pricing models for similar securities. Management determines the appropriate classification of its investments in debt securities at the time of purchase and reevaluates such designation as of each balance sheet date. Unrealized gains and losses are excluded from earnings and were reported as a component of comprehensive loss. Realized gains and losses and declines in fair value judged to be other than temporary, if any, on available-for-sale securities are included in interest income and other expense, respectively. The cost of securities sold is based on the specific-identification method. Interest on marketable securities is included in interest income.

Deferred Offering Costs

Deferred offering costs, which primarily consist of direct incremental accounting, legal and printing fees relating to the IPO and to the Company’s underwritten public offering in July 2014, were initially capitalized. IPO deferred offering costs of $3.3 million were subsequently offset against IPO proceeds upon the completion of the IPO in February 2014. Underwritten public offering costs of $444,000 were subsequently offset against offering proceeds on completion of our underwritten public offering in July 2014. As of June 30, 2014 and December 31, 2013, deferred offering costs of $316,000 and $2.3 million, respectively, were capitalized and included in prepaid and other current assets on the balance sheet.

Concentration of Credit Risk and Other Risks and Uncertainties

Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash, cash equivalents, and marketable securities. The Company’s cash, cash equivalents, and short-term investments are held by financial institutions that management believes are of high credit quality. The Company’s investment policy limits investments to fixed income securities denominated and payable in U.S. dollars such as U.S. government obligations, money market instruments and funds, corporate bonds, and asset-backed securities and places restrictions on maturities and concentrations by type and issuer. Such deposits may, at times, exceed federally insured limits. The Company has not experienced any losses on its deposits of cash and cash equivalents and its accounts are monitored by management to mitigate risk. The Company is exposed to credit risk in the event of default by the financial institutions holding its cash and cash equivalents and corporate bond issuers to the extent recorded in the balance sheets.

Income Taxes

The Company uses the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and the tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company must then assess the likelihood that the resulting deferred tax assets will be realized. A valuation allowance is provided when it is more likely than not that some portion or all of a deferred tax asset will not be realized. Due to the Company’s lack of earnings history, the net deferred tax assets have been fully offset by a valuation allowance.

The Company recognizes benefits of uncertain tax positions if it is more likely than not that such positions will be sustained upon examination based solely on their technical merits, as the largest amount of benefit that is more likely than not to be realized upon the ultimate settlement. The Company’s policy is to recognize interest and penalties related to the underpayment of income taxes as a component of income tax expense or benefit. To date, there have been no interest or penalties charged in relation to the unrecognized tax benefits.

Net Loss per Share Attributable to Common Stockholders

Basic net loss per share attributable to common stockholders is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, without consideration for common stock equivalents. The net loss attributable to common stockholders is calculated by adjusting the net loss of the Company for the accretion on the Series A convertible preferred stock and cumulative dividends paid on Series A and B convertible preferred stock. Diluted net loss per share attributable to common stockholders is the same as basic net loss per share attributable to common stockholders, since the effects of potentially dilutive securities are antidilutive.

Recently Issued Accounting Pronouncements

In June 2014, the Financial Accounting Standards Board issued Accounting Standards Update 2014-10, Development Stage Enterprises: Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation (ASU 2014-10). ASU 2014-10 removes the definition of a development stage entity from the Master Glossary of the Accounting Standards Codification, thereby removing the financial reporting distinction between development stage entities and other reporting entities from U.S. GAAP. ASU 2014-10 also eliminates the requirements for development stage entities to (1) present inception-to-date information in the statements of income, cash flows, and shareholder equity, (2) label the financial statements as those of a development stage entity, (3) disclose a description of the development stage activities in which the entity is engaged, and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. The amendments also clarify that the guidance in Topic 275, Risks and Uncertainties, is applicable to entities that have not commenced planned principal operations. The amendments in ASU 2014-10 will be effective retrospectively except for the clarification to Topic 275, which shall be applied prospectively for annual reporting periods beginning after December 15, 2014, and interim periods therein. Early application of each of the amendments is permitted for any annual reporting period or interim period for which the entity’s financial statements have not yet been issued. The Company elected to early adopt the provisions of ASU 2014-10 in the second quarter of 2014, as reflected in this Quarterly Report.

Fair Value Measurements

6 Months Ended

Jun. 30, 2014

Fair Value Measurements

3.	Fair Value Measurements

Financial assets and liabilities are recorded at fair value. The carrying amount of certain financial instruments, including cash and cash equivalents, accounts payable and accrued liabilities approximate fair value due to their relatively short maturities. Assets and liabilities recorded at fair value on a recurring basis in the 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—Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date;

Level 2—Inputs are observable, unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities; and

Level 3—Unobservable inputs that are significant to the measurement of the fair value of the assets or liabilities that are supported by little or no market data.

The following tables set forth the fair value of the Company’s financial assets and liabilities remeasured on a recurring basis based on the three-tier fair value hierarchy (in thousands):

	June 30, 2014
	Level 1		Level 2		Level 3		Total
Financial Assets:
Money market funds	$	6,753	$	—	$	—	$	6,753
Commercial paper		—		7,988		—		7,988
Corporate bonds		—		125,840		—		125,840
U.S. Government securities		—		3,002		—		3,002
Total financial assets	$	6,753	$	136,830	$	—	$	143,583

	December 31, 2013
	Level 1		Level 2		Level 3		Total
Financial Assets:
Money market funds	$	6,847	$	—	$	—	$	6,847
Commercial paper		—		1,000		—		1,000
Corporate bonds		—		44,950		—		44,950
Total financial assets	$	6,847	$	45,950	$	—	$	52,797
Financial Liabilities:
Convertible preferred stock warrant liability	$	—	$	—	$	3,419	$	3,419
Total financial liabilities	$	—	$	—	$	3,419	$	3,419

The convertible preferred stock warrant liability was classified as a Level 3 liability. As of December 31, 2013, the Company determined the estimated fair value of the warrants using an option-pricing method to allocate the equity value of the Company to the warrants based on the Company’s capital structure. The equity value was estimated using the back-solve method, whereby the equity value was derived from a recent transaction involving the Company’s own securities. The key inputs used to determine value of the warrants was an estimated fair value of the Company’s common stock of $12.14 per share, expected volatility of 70%, the expected time to liquidity event of 0.43 years and risk-free interest rate of 0.11%. The significant unobservable input used in the fair value measurement of the convertible preferred stock warrant liability was the equity value of the Company. Generally, increases (decreases) in the equity value of the Company would result in a directionally similar impact to the fair value measurement of the preferred stock warrant liability.

As of January 30, 2014, the Company determined the estimated fair value of the warrants using the Black-Scholes option-pricing model. Inputs used to determine the fair value included the value of the Company’s common stock upon closing of the IPO of $21.00, the remaining contractual term of the warrants of 7.0 years, risk-free interest rate of 2.19% and expected volatility of 70%. The preferred stock warrants were converted to common stock warrants upon the completion of the IPO and are no longer subject to remeasurement.

The following table sets forth a summary of the changes in the estimated fair value of the Company’s convertible preferred stock warrants, which were measured at fair value on a recurring basis until their conversion to common stock warrants and related reclassification to additional paid-in capital (in thousands):

	Six Months Ended June 30,
	2014			2013
Fair value, beginning of period	$	3,419		$	518
Change in fair value recorded as a loss in other expense, net		3,324			372
Reclassification of warrant liability to additional paid-in capital		(6,743	)		—
Fair value, end of period	$	—		$	890

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Balance Sheet Components

6 Months Ended

Jun. 30, 2014

Balance Sheet Components

4.	Balance Sheet Components

Cash Equivalents and Short-term Investments

The fair values of cash equivalents and short-term investments classified as available-for-sale securities, consisted of the following:

	June 30, 2014
			Gross Unrealized
	Amortized Cost		Gains		Losses			Estimated Fair Value
Money market funds classified as cash equivalents	$	6,753	$	—	$	—		$	6,753
Corporate bonds classified as cash equivalents		1,011		—		—			1,011
Commercial Paper classified as short-term investments		7,988		—		—			7,988
Corporate bonds classified as short-term investments		124,883		20		(74	)		124,829
U.S Government securities classified as short-term investments		2,996		6		—			3,002
Total	$	143,631	$	26	$	(74	)	$	143,583

	December 31, 2013
			Gross Unrealized
	Amortized Cost		Gains		Losses			Estimated Fair Value
Money market funds classified as cash equivalents	$	6,847	$	—	$	—		$	6,847
Commercial Paper classified as short-term investments		1,000		—		—			1,000
Corporate bonds classified as short-term investments		44,939		17		(6	)		44,950
Total	$	52,786	$	17	$	(6	)	$	52,797

At June 30, 2014, the remaining contractual maturities of available-for-sale securities were less than two years. There have been no significant realized gains or losses on available-for-sale securities for the periods presented.

Accrued Liabilities

Accrued liabilities consist of the following (in thousands):

	June 30,		December 31,
	2014		2013
Research and clinical study expenses	$	2,852	$	1,886
Payroll and related expenses		2,208		2,360
Other		218		160
Total accrued liabilities	$	5,278	$	4,406

License and Research Agreements

6 Months Ended

Jun. 30, 2014

License and Research Agreements

5.	License and Research Agreements

Nobelpharma License Agreement

In September 2010, the Company entered into a collaboration and license agreement with Nobelpharma Co., Ltd. (Nobelpharma). Under the terms of this collaboration and license agreement, each party granted the other party a worldwide exclusive license under certain of that party’s intellectual property related to the compound identified as N-acetylneuraminic acid, also known as sialic acid, to develop, manufacture, and commercialize products. Nobelpharma’s licensed territory includes Japan and certain other Asian countries, and the Company’s licensed territory includes the rest of the world.

Under the collaboration and license agreement, the Company paid Nobelpharma $110,500 (10 million Yen) for the license, which was recorded as research and development expense in 2010, and also issued 76,567 shares of common stock to Nobelpharma with a minimal value. The Company is required to pay Nobelpharma royalties based on net sales upon product sales commencement. In addition, the Company is required to make certain payments to Nobelpharma based upon achievement of certain development and approval milestones. The Company paid $495,000 in development milestone payments since the inception of the agreement through June 30, 2014. The remaining total aggregate payments, if all milestones are achieved by Nobelpharma, would be 200 million Yen (approximately $2.0 million based on the exchange rate at June 30, 2014). The Company will pay a high single digit royalty on net sales in the Company’s territory and will receive a mid-single digit royalty on net sales in the Nobelpharma territory, excluding Japan, if such product sales are ever achieved. Net sales, as defined in the collaboration and license agreement, represent the net sales of products whereby the licensed compound is the active ingredient. If the products include other active ingredients, the portion of the net sales allocated to the licensed compound would be used in determining the royalty payments.

Saint Louis University License Agreement

In November 2010, the Company entered into a license agreement with Saint Louis University (SLU). Under the terms of this license agreement, SLU granted the Company an exclusive worldwide license to make, have made, use, import, offer for sale, and sell therapeutics related to SLU’s beta-glucuronidase product for use in the treatment of human diseases.

Under the license agreement, the Company paid SLU an up-front fee of $10,000, which was recorded as research and development expense in 2010. The Company will be required to make a milestone payment of $100,000 upon approval of a glucuronidase-based enzyme therapy for treatment of MPS 7. Additionally, upon reaching a certain level of cumulative worldwide sales of the product, the Company will be required to pay to SLU a low single-digit royalty on net sales of the licensed products in any country or region, if such product sales are ever achieved.

AAI Pharma License Agreement

In March 2011, the Company entered into a license agreement with AAI Pharma Services Corp. (AAI Pharma). Under the terms of this license agreement, AAI Pharma granted the Company a fully paid-up, royalty-free, exclusive, perpetual, and irrevocable license to research, develop, make, have made, use, import, offer for sale, and sell products incorporating AAI Pharma’s controlled release matrix solid dose oral tablet. Under the license agreement, the Company will pay a mid-single digit percentage of any sublicense revenue received by Ultragenyx related to the sublicense of AAI Pharma technology that had been initially licensed by Ultragenyx.

HIBM Research Group License Agreement

In April 2012, the Company entered into an exclusive license agreement with HIBM Research Group (HRG). Under the terms of this license agreement, HRG granted the Company an exclusive worldwide license to certain intellectual property related to the treatment of HIBM. Under the license agreement, the Company paid HRG an up-front fee of $25,000 which was recorded as research and development expense during the year ended December 31, 2012. The Company may make future payments that aggregate up to $300,000 and that are contingent upon attainment of various development and approval milestones. Additionally, the Company will pay to HRG a royalty of less than 1% of net sales of the licensed products in the licensed territories, if such product sales are ever achieved.

St. Jude Children’s Research Hospital License Agreement

In September 2012, the Company entered into a license agreement with St. Jude Children’s Research Hospital (St. Jude). Under the terms of this license agreement, St. Jude granted the Company an exclusive license under certain know-how to research, develop, make, use, offer to sell, import, and otherwise commercialize and exploit St. Jude’s protective protein, cathepsin, a protein product to treat, prevent, and/or diagnose galactosialidosis and other monogenetic diseases.

Under the license agreement, the Company paid St. Jude an up-front fee of $10,000 which was recorded as research and development expense during the year ended December 31, 2012. Additionally, the Company will pay to St. Jude a royalty of less than 1% on net sales of the licensed products in the licensed territories, if such product sales are ever achieved.

Baylor Research Institute License Agreement

In September 2012, the Company entered into a license agreement with Baylor Research Institute (BRI). Under the terms of this license agreement, BRI exclusively licensed to the Company certain intellectual property related to triheptanoin for North America. Under the license agreement, the Company paid BRI an up-front fee of $250,000 which was recorded as research and development expense during the year ended December 31, 2012. In June 2013, the Company notified BRI that it was exercising its option pursuant to the agreement to license the rights to triheptanoin in all territories outside of the United States, Canada and Mexico and paid the option exercise fee of $750,000.

The Company may make future payments of up to $10.5 million contingent upon attainment of various development milestones and $7.5 million contingent upon attainment of various sales milestones. Additionally, the Company will pay to BRI a mid-single digit royalty on net sales of the licensed product in the licensed territories, if such product sales are ever achieved.

Kyowa Hakko Kirin Collaboration and License Agreement

In August 2013, the Company entered into a collaboration and license agreement with Kyowa Hakko Kirin Co., Ltd. (KHK). Under the terms of this collaboration and license agreement, the Company and KHK will collaborate on the development and commercialization of certain products containing KRN23, an antibody directed towards FGF23, in the field of orphan diseases in the United States and Canada, or the profit share territory, and in the European Union, Switzerland, and Turkey, or the European territory, and the Company will have the right to develop and commercialize such products in the field of orphan diseases in Mexico and Central and South America, or Latin America. In the field of orphan diseases, and except for ongoing studies being conducted by KHK, the Company will be the lead party for development activities in the profit share territory and in the European territory until the applicable transition date. The Company will share the costs for development activities in the profit share territory and European territory conducted pursuant to the development plan before the applicable transition date equally with KHK. On the applicable transition date in the relevant territory, KHK will become the lead party and be responsible for these costs. However, the Company will continue to share the costs of the studies commenced prior to the applicable transition date equally with KHK. The Company has the primary responsibility for conducting certain research and development services. The Company is obligated to provide assistance in accordance with the agreed upon development plan as well as participate on various committees. If KRN23 is approved, the Company and KHK will share commercial responsibilities and profits in the profit share territory until the applicable transition date, KHK will commercialize KRN23 in the European territory and the Company will develop and commercialize KRN23 in Latin America. KHK will manufacture and supply KRN23 for clinical use globally and will manufacture and supply KRN23 for commercial use in the profit share territory and Latin America.

The Company is accounting for the agreement as a collaboration arrangement as defined in ASC 808, Collaborative Agreements; accordingly, the Company recognized $1.3 million and $2.0 million for its share of the costs as research and development expenses for the three and six months ended June 30, 2014 respectively.

Convertible Preferred Stock Warrants and Common Stock Warrants

6 Months Ended

Jun. 30, 2014

Convertible Preferred Stock Warrants and Common Stock Warrants

6.	Convertible Preferred Stock Warrants and Common Stock Warrants

Upon the closing of the Company’s IPO, the Convertible Preferred Stock warrants were converted into warrants to purchase common stock.

As of June 30, 2014, outstanding common stock warrants consisted of the following:

Common Stock Warrants:

Number of Warrants

Date Issued

Term

Exercise Price

Common stock

83,167

June 2010

10 years

3.006

Common stock

203,759

February 2011

10 years

3.006

Common stock

66,533

June 2011

10 years

3.006

Total common stock warrants

353,459

As of December 31, 2013, outstanding preferred stock warrants consisted of the following:

Convertible Preferred Stock Warrants:

Number of Warrants

Date Issued

Term

Exercise Price

Series A

241,803

June 2010

10 years

1.034

Series A

592,417

February 2011

10 years

1.034

Series A

193,442

June 2011

10 years

1.034

Total convertible preferred stock warrants

1,027,662

The fair value of the warrants was estimated to be $6.7 million and $3.4 million as of January 30, 2014 (pricing date of IPO) and December 31, 2013, respectively.

The Company recorded $0 and ($374,000), to other income (expense) for three months ended June 30, 2014 and 2013 and ($3.3 million) and($372,000) for the six months ended June 30, 2014 and 2013, representing the change in fair value of the warrants for the respective period.

Convertible Preferred Stock

6 Months Ended

Jun. 30, 2014

Convertible Preferred Stock

7.	Convertible Preferred Stock

The holders of the Series A and Series B convertible preferred stock were entitled to receive cumulative dividends at the rate of $0.062 per share per annum, payable in the form of cash. Dividends accrued from day to day, whether or not declared, but were paid only when, as, and if declared by the Board of Directors. During 2012, $2.1 million of dividends were declared and paid to holders of Series A convertible preferred stock in the form of additional Series A convertible preferred stock. Dividends in arrears as of December 31, 2013 were $4.0 million for both series of preferred stock. Upon the closing of the IPO in February 2014, all shares of convertible preferred stock then outstanding automatically converted in 19,598,486 shares of common stock. In connection with the conversion of the convertible preferred stock, all accrued and outstanding dividends in the amount of $4.3 million were paid.

The Company initially recorded the Series A and Series B convertible preferred stock at their issuance price, which represents the carrying value. The Series A convertible preferred stock was redeemable at any time after June 16, 2017 once a written request to redeem such stock was received by the Company from holders of not less than seventy-five percent of the then outstanding Series A convertible preferred stock. As only the passage of time was required for the Series A convertible preferred stock to become redeemable, the difference in the initial carrying value of the Series A convertible preferred stock and their total redemption value was being accreted from the issuance date through the first redemption date of June 16, 2017. The Company recorded accretion of $0 and $1.8 million for the three months ended June 30, 2014 and 2013, respectively and $4.4 million and $2.9 million for the six months ended June 30, 2014 and 2013, respectively. As a result of the conversion of the preferred stock to common stock in connection with the Company’s IPO, the Company is no longer accreting the Series A convertible preferred stock to its previously calculated redemption value.

Stock-Based Compensation

6 Months Ended

Jun. 30, 2014

Stock-Based Compensation

8.	Stock-Based Compensation

2011 Equity Incentive Plan

In 2011, the Company adopted the 2011 Equity Incentive Plan (the 2011 Plan). The 2011 Plan provides for the granting of stock-based awards to employees, directors, and consultants under terms and provisions established by the Board of Directors. Under the terms of the 2011 Plan, options may be granted at an exercise price not less than fair market value. For employees holding more than 10% of the voting rights of all classes of stock, the exercise prices for incentive stock options must be at least 110% of fair market of the common stock on the grant date, as determined by the Board of Directors. The terms of options granted under the 2011 Plan may not exceed ten years. Options granted generally vest over a period of four years. Typically, the vesting schedule for option grants to newly hired employees provides that 1/4 of the grant vests upon the first anniversary of the employee’s date of hire, with the remainder of the shares vesting monthly thereafter at a rate of 1/48 of the total shares subject to the option. All other employee options typically vest in equal monthly installments over the four-year vesting schedule. In connection with the Company’s IPO, no further grants will be made under this plan and all remaining shares available for grant were transferred to the 2014 Incentive Plan.

2014 Incentive Plan

In 2014, the Company adopted the 2014 Incentive Plan (the 2014 Plan), which became effective upon the closing of the Company’s IPO in February 2014. The 2014 Plan had 2,250,000 shares of common stock available for future issuance at the time of its inception, which included 655,038 shares available under the 2011 Plan, which were transferred to the 2014 Plan upon adoption. The 2014 Plan provides for automatic annual increases in shares available for grant, beginning on January 1, 2015 through January 1, 2024. The 2014 Plan provides for the granting of stock-based awards to employees, directors, and consultants under similar terms, conditions and provisions as the 2011 Plan.

Founder’s Stock

In connection with the Series A preferred stock financing, the Company entered into a stock repurchase agreement with the founder on June 16, 2011, whereby 2,552,241 shares of common stock previously owned by the founder were subject to repurchase by the Company at the original issuance price in the event that the founder’s employment is terminated either voluntarily or involuntarily. The repurchase rights lapsed over a period of two years from June 16, 2011. The Company calculated the estimated fair value of these restricted shares at the time the restriction was added to the shares as $1,199,000 and recorded this amount as stock-based compensation ratably over the period that the repurchase rights lapsed. Stock-based compensation expense pertaining to the founder’s stock was $0, and $119,000 for the three months ended June 30, 2014 and 2013, respectively and $0 and $268,000 for the six months ended June 30, 2014 and 2013, respectively.

The table below sets forth the functional classification of stock-based compensation expense, net of estimated forfeitures, for the periods presented (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
Research and development	$	652	$	52	$	1,357	$	82
General and administrative		294		133		384		294
Total stock-based compensation	$	946	$	185	$	1,741	$	376

Defined Contribution Plan

6 Months Ended

Jun. 30, 2014

Defined Contribution Plan

9.	Defined Contribution Plan

In March 2013, the Company began to sponsor a 401(k) retirement plan, in which substantially all of its full-time employees are eligible to participate. Eligible participants may contribute a percentage of their annual compensation to this plan, subject to statutory limitations. The Company has not provided any contributions to the plan since its inception through June 30, 2014.

Commitment and Contingencies

6 Months Ended

Jun. 30, 2014

Commitments and Contingencies

10.	Commitments and Contingencies

Commitments

The Company has various manufacturing, clinical, research, and other contracts with vendors in the conduct of the normal course of its business. As of June 30, 2014, the Company had a binding obligation for approximately $780,000 with a manufacturing vendor for the production of a drug substance for one of its product candidates. All other significant contracts as of June 30, 2014 were terminable, with varying provisions regarding termination. If a contract with a specific vendor were to be terminated, the Company would only be obligated for the products or services that the Company had received at the time the termination became effective.

Contingencies

While there are no legal proceedings the Company is aware of, the Company may become party to various claims and complaints arising in the ordinary course of business. Management does not believe that any ultimate liability resulting from any such claims will have a material adverse effect on its results of operations, financial position, or liquidity. However, management cannot give any assurance regarding the ultimate outcome of such claims, and their resolution could be material to the Company for any particular period, depending upon the level of income or loss for the period, as well as the Company’s balance sheet.

Net Loss per Share Attributable to Common Stockholders

6 Months Ended

Jun. 30, 2014

Net Loss per Share Attributable to Common Stockholders

11.	Net Loss per Share Attributable to Common Stockholders

The following table sets forth the computation of the basic and diluted net loss per share attributable to common stockholders (in thousands, except share and per share data):

	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Numerator:
Net loss	$	(13,585	)	$	(8,590	)	$	(27,215	)	$	(15,325	)
Accretion and dividends on convertible preferred stock		-			(2,239	)		(4,808	)		(3,709	)
Net loss attributable to common stockholders	$	(13,585	)	$	(10,829	)	$	(32,023	)	$	(19,034	)
Denominator:
Weighted-average common shares outstanding		30,055,943			3,503,214			25,697,407			3,482,304
Less: weighted-average unvested common shares subject to repurchase		—			(245,408	)		—			(405,397	)
Weighted-average shares used to compute net loss per share attributable to common stockholders, basic and diluted		30,055,943			3,257,806			25,697,407			3,076,907
Net loss per share attributable to common stockholders, basic and diluted	$	(0.45	)	$	(3.32	)	$	(1.25	)	$	(6.19	)

The following weighted-average outstanding common stock equivalents were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been antidilutive:

	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
Convertible preferred stock		—		19,598,486		3,248,368		19,598,486
Stock options to purchase common stock		2,561,357		1,647,753		2,438,351		1,543,954
Common stock subject to repurchase		—		245,408		—		405,397
Warrants to purchase convertible preferred stock (as if converted)		—		353,459		294,875		353,459
Warrants to purchase common stock		353,459		—		58,584		—
		2,914,816		21,845,106		6,040,178		21,901,296

Subsequent Events

6 Months Ended

Jun. 30, 2014

Subsequent Events

12.	Subsequent Events

In July 2014, we completed an underwritten public offering in which we sold 1,613,879 shares of our common stock, which included 302,602 shares purchased by the underwriters pursuant to an option granted to them in connection with the offering, at a public offering price of $40.00 per share. In addition, certain existing stockholders sold 706,072 shares of common stock in the underwritten public offering at the same per-share price. The total proceeds the Company received from the offering were approximately $60.7 million, net of underwriting discounts and commissions of approximately $3.9 million. After deducting estimated offering expenses payable by us of approximately $0.4 million, net proceeds to us were $60.2 million.

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2014
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. general accepted accounting principles (“U.S. GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. The unaudited interim consolidated financial statements have been prepared on the same basis as the annual financial statements. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation. These financial statements should be read in conjunction with the audited financial statements and notes thereto for the preceding fiscal year contained in the Company’s Annual Report on Form 10-K filed on March 24, 2014 with the SEC. The results of operations for the three and six months ended June 30, 2014 are not necessarily indicative of the results to be expected for the year ending December 31, 2014. The condensed balance sheet as of December 31, 2013 has been derived from audited financial statements at that date but does not include all of the information required by U.S. GAAP for complete financial statements.
Reverse Stock Split	Reverse Stock Split In January 2014, the Company’s board of directors and its stockholders approved an amendment to the Company’s amended and restated certificate of incorporation to effect a reverse split of shares of the Company’s common stock on a 1-for-3.1345 basis (the “Reverse Stock Split”). The par values and the authorized shares of the common and convertible preferred stock were not adjusted as a result of the Reverse Stock Split, nor were the outstanding shares of preferred stock. All issued and outstanding common stock and related per share amounts contained in the financial statements have been retroactively adjusted to reflect this Reverse Stock Split for all periods presented. A proportional adjustment to the conversion ratio for each series of convertible preferred stock was also effected in connection with the Reverse Stock Split. The Reverse Stock Split was effected on January 17, 2014.
Use of Estimates	Use of Estimates The preparation of condensed financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent liabilities and the reported amounts of expenses in the financial statements and the accompanying notes. On an ongoing basis, management evaluates its estimates, including those related to clinical study accruals, fair value of assets and liabilities, convertible preferred stock and related warrants, common stock, income taxes and stock-based compensation. Management bases its estimates on historical experience and on various other market-specific and relevant assumptions that management believes to be reasonable under the circumstances. Actual results could differ from those estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less from the date of purchase to be cash equivalents. Cash equivalents consist primarily of amounts invested in money market accounts.
Short-Term Investments	Short-Term Investments All investments have been classified as “available-for-sale” and are carried at estimated fair value as determined based upon quoted market prices or pricing models for similar securities. Management determines the appropriate classification of its investments in debt securities at the time of purchase and reevaluates such designation as of each balance sheet date. Unrealized gains and losses are excluded from earnings and were reported as a component of comprehensive loss. Realized gains and losses and declines in fair value judged to be other than temporary, if any, on available-for-sale securities are included in interest income and other expense, respectively. The cost of securities sold is based on the specific-identification method. Interest on marketable securities is included in interest income.
Deferred Offering Costs	Deferred Offering Costs Deferred offering costs, which primarily consist of direct incremental accounting, legal and printing fees relating to the IPO and to the Company’s underwritten public offering in July 2014, were initially capitalized. IPO deferred offering costs of $3.3 million were subsequently offset against IPO proceeds upon the completion of the IPO in February 2014. Underwritten public offering costs of $444,000 were subsequently offset against offering proceeds on completion of our underwritten public offering in July 2014. As of June 30, 2014 and December 31, 2013, deferred offering costs of $316,000 and $2.3 million, respectively, were capitalized and included in prepaid and other current assets on the balance sheet.
Concentration of Credit Risk and Other Risks and Uncertainties	Concentration of Credit Risk and Other Risks and Uncertainties Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash, cash equivalents, and marketable securities. The Company’s cash, cash equivalents, and short-term investments are held by financial institutions that management believes are of high credit quality. The Company’s investment policy limits investments to fixed income securities denominated and payable in U.S. dollars such as U.S. government obligations, money market instruments and funds, corporate bonds, and asset-backed securities and places restrictions on maturities and concentrations by type and issuer. Such deposits may, at times, exceed federally insured limits. The Company has not experienced any losses on its deposits of cash and cash equivalents and its accounts are monitored by management to mitigate risk. The Company is exposed to credit risk in the event of default by the financial institutions holding its cash and cash equivalents and corporate bond issuers to the extent recorded in the balance sheets.
Income Taxes	Income Taxes The Company uses the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and the tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company must then assess the likelihood that the resulting deferred tax assets will be realized. A valuation allowance is provided when it is more likely than not that some portion or all of a deferred tax asset will not be realized. Due to the Company’s lack of earnings history, the net deferred tax assets have been fully offset by a valuation allowance. The Company recognizes benefits of uncertain tax positions if it is more likely than not that such positions will be sustained upon examination based solely on their technical merits, as the largest amount of benefit that is more likely than not to be realized upon the ultimate settlement. The Company’s policy is to recognize interest and penalties related to the underpayment of income taxes as a component of income tax expense or benefit. To date, there have been no interest or penalties charged in relation to the unrecognized tax benefits.
Net Loss per Share Attributable to Common Stockholders	Net Loss per Share Attributable to Common Stockholders Basic net loss per share attributable to common stockholders is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, without consideration for common stock equivalents. The net loss attributable to common stockholders is calculated by adjusting the net loss of the Company for the accretion on the Series A convertible preferred stock and cumulative dividends paid on Series A and B convertible preferred stock. Diluted net loss per share attributable to common stockholders is the same as basic net loss per share attributable to common stockholders, since the effects of potentially dilutive securities are antidilutive.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In June 2014, the Financial Accounting Standards Board issued Accounting Standards Update 2014-10, Development Stage Enterprises: Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation (ASU 2014-10). ASU 2014-10 removes the definition of a development stage entity from the Master Glossary of the Accounting Standards Codification, thereby removing the financial reporting distinction between development stage entities and other reporting entities from U.S. GAAP. ASU 2014-10 also eliminates the requirements for development stage entities to (1) present inception-to-date information in the statements of income, cash flows, and shareholder equity, (2) label the financial statements as those of a development stage entity, (3) disclose a description of the development stage activities in which the entity is engaged, and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. The amendments also clarify that the guidance in Topic 275, Risks and Uncertainties, is applicable to entities that have not commenced planned principal operations. The amendments in ASU 2014-10 will be effective retrospectively except for the clarification to Topic 275, which shall be applied prospectively for annual reporting periods beginning after December 15, 2014, and interim periods therein. Early application of each of the amendments is permitted for any annual reporting period or interim period for which the entity’s financial statements have not yet been issued. The Company elected to early adopt the provisions of ASU 2014-10 in the second quarter of 2014, as reflected in this Quarterly Report.

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2014

Summary of Financial Assets and Liabilities Measured on Recurring Basis

The following tables set forth the fair value of the Company’s financial assets and liabilities remeasured on a recurring basis based on the three-tier fair value hierarchy (in thousands):

	June 30, 2014
	Level 1		Level 2		Level 3		Total
Financial Assets:
Money market funds	$	6,753	$	—	$	—	$	6,753
Commercial paper		—		7,988		—		7,988
Corporate bonds		—		125,840		—		125,840
U.S. Government securities		—		3,002		—		3,002
Total financial assets	$	6,753	$	136,830	$	—	$	143,583

	December 31, 2013
	Level 1		Level 2		Level 3		Total
Financial Assets:
Money market funds	$	6,847	$	—	$	—	$	6,847
Commercial paper		—		1,000		—		1,000
Corporate bonds		—		44,950		—		44,950
Total financial assets	$	6,847	$	45,950	$	—	$	52,797
Financial Liabilities:
Convertible preferred stock warrant liability	$	—	$	—	$	3,419	$	3,419
Total financial liabilities	$	—	$	—	$	3,419	$	3,419

Summary of Changes in Estimated Fair Value

	Six Months Ended June 30,
	2014			2013
Fair value, beginning of period	$	3,419		$	518
Change in fair value recorded as a loss in other expense, net		3,324			372
Reclassification of warrant liability to additional paid-in capital		(6,743	)		—
Fair value, end of period	$	—		$	890

Balance Sheet Components (Tables)

6 Months Ended

Jun. 30, 2014

Summary of Fair Values of Cash Equivalents and Short-Term Investments Classified as Available-for-Sale Securities

The fair values of cash equivalents and short-term investments classified as available-for-sale securities, consisted of the following:

	June 30, 2014
			Gross Unrealized
	Amortized Cost		Gains		Losses			Estimated Fair Value
Money market funds classified as cash equivalents	$	6,753	$	—	$	—		$	6,753
Corporate bonds classified as cash equivalents		1,011		—		—			1,011
Commercial Paper classified as short-term investments		7,988		—		—			7,988
Corporate bonds classified as short-term investments		124,883		20		(74	)		124,829
U.S Government securities classified as short-term investments		2,996		6		—			3,002
Total	$	143,631	$	26	$	(74	)	$	143,583

	December 31, 2013
			Gross Unrealized
	Amortized Cost		Gains		Losses			Estimated Fair Value
Money market funds classified as cash equivalents	$	6,847	$	—	$	—		$	6,847
Commercial Paper classified as short-term investments		1,000		—		—			1,000
Corporate bonds classified as short-term investments		44,939		17		(6	)		44,950
Total	$	52,786	$	17	$	(6	)	$	52,797

Accrued Liabilities

Accrued liabilities consist of the following (in thousands):

	June 30,		December 31,
	2014		2013
Research and clinical study expenses	$	2,852	$	1,886
Payroll and related expenses		2,208		2,360
Other		218		160
Total accrued liabilities	$	5,278	$	4,406

Convertible Preferred Stock Warrants and Common Stock Warrants (Tables)

6 Months Ended

Jun. 30, 2014

Common Stock Warrants

Summary of Outstanding Warrants

As of June 30, 2014, outstanding common stock warrants consisted of the following:

Common Stock Warrants:

Number of Warrants

Date Issued

Term

Exercise Price

Common stock

83,167

June 2010

10 years

3.006

Common stock

203,759

February 2011

10 years

3.006

Common stock

66,533

June 2011

10 years

3.006

Total common stock warrants

353,459

Convertible Preferred Stock Warrants

Summary of Outstanding Warrants

As of December 31, 2013, outstanding preferred stock warrants consisted of the following:

Convertible Preferred Stock Warrants:

Number of Warrants

Date Issued

Term

Exercise Price

Series A

241,803

June 2010

10 years

1.034

Series A

592,417

February 2011

10 years

1.034

Series A

193,442

June 2011

10 years

1.034

Total convertible preferred stock warrants

1,027,662

- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

+ References + Details

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2014

Functional Classification of Stock-Based Compensation Expense, Net of Estimated Forfeitures

The table below sets forth the functional classification of stock-based compensation expense, net of estimated forfeitures, for the periods presented (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
Research and development	$	652	$	52	$	1,357	$	82
General and administrative		294		133		384		294
Total stock-based compensation	$	946	$	185	$	1,741	$	376

Net Loss per Share Attributable to Common Stockholders (Tables)

6 Months Ended

Jun. 30, 2014

Computation of Basic and Diluted Net Loss per Share

The following table sets forth the computation of the basic and diluted net loss per share attributable to common stockholders (in thousands, except share and per share data):

	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Numerator:
Net loss	$	(13,585	)	$	(8,590	)	$	(27,215	)	$	(15,325	)
Accretion and dividends on convertible preferred stock		-			(2,239	)		(4,808	)		(3,709	)
Net loss attributable to common stockholders	$	(13,585	)	$	(10,829	)	$	(32,023	)	$	(19,034	)
Denominator:
Weighted-average common shares outstanding		30,055,943			3,503,214			25,697,407			3,482,304
Less: weighted-average unvested common shares subject to repurchase		—			(245,408	)		—			(405,397	)
Weighted-average shares used to compute net loss per share attributable to common stockholders, basic and diluted		30,055,943			3,257,806			25,697,407			3,076,907
Net loss per share attributable to common stockholders, basic and diluted	$	(0.45	)	$	(3.32	)	$	(1.25	)	$	(6.19	)

Outstanding Shares of Common Stock Equivalents Excluded from Computation of Diluted Net Loss per Share

	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
Convertible preferred stock		—		19,598,486		3,248,368		19,598,486
Stock options to purchase common stock		2,561,357		1,647,753		2,438,351		1,543,954
Common stock subject to repurchase		—		245,408		—		405,397
Warrants to purchase convertible preferred stock (as if converted)		—		353,459		294,875		353,459
Warrants to purchase common stock		353,459		—		58,584		—
		2,914,816		21,845,106		6,040,178		21,901,296

Organization - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		6 Months Ended
	Feb. 05, 2014	Jun. 30, 2014	Jun. 30, 2013	Jan. 30, 2014	Dec. 31, 2013
Organization And Nature Of Business [Line Items]
Net proceeds from issuance of common stock		$ 126,110	$ 57
Authorized capital stock including preferred shares		275,000,000
Common stock, shares authorized		250,000,000			250,000,000
Preferred stock, shares authorized		25,000,000			25,000,000
Preferred stock, par value		$ 0.001			$ 0.001
Common stock, par value		$ 0.001			$ 0.001
Preferred stock, shares outstanding		0			0
IPO
Organization And Nature Of Business [Line Items]
Effective date of registration		Jan. 30, 2014
Public offering price of the shares sold				$ 21.00
Common stock issued in initial public offering	6,624,423
Net proceeds from issuance of common stock	$ 129,400
Underwriting discounts and commissions	9,700
Offering expenses	3,300
Cash dividends paid to preferred stockholders	4,300
Net proceeds from initial public offering	$ 121,700
Number of preferred stock converted into common stock	19,598,486
IPO \| Underwriters Overallotment Option
Organization And Nature Of Business [Line Items]
Common stock issued in initial public offering	864,054

Summary of Significant Accounting Policies - Additional Information (Details)	1 Months Ended
	Jan. 17, 2014	Jun. 30, 2014 USD ($)	Mar. 31, 2014 USD ($)	Feb. 05, 2014 USD ($)	Dec. 31, 2013 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Reverse stock split ratio on preferred and common stock	0.3190
Underwritten Offering Costs
Summary Of Significant Accounting Policies [Line Items]
Offering expenses		$ 444,000
IPO
Summary Of Significant Accounting Policies [Line Items]
Deferred offering Costs			$ 3,300,000
Offering expenses				$ 3,300,000
Prepaid and Other Current Assets \| Costs Capitalized
Summary Of Significant Accounting Policies [Line Items]
Deferred offering Costs		$ 316,000			$ 2,300,000

Fair Value Measurements - Summary of Financial Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2014	Dec. 31, 2013
Financial Assets:
Fair value	$ 143,583	$ 52,797
Financial Liabilities:
Fair value		3,419
Money Market Funds
Financial Assets:
Fair value	6,753	6,847
Commercial Paper
Financial Assets:
Fair value	7,988	1,000
U.S. Government Securities
Financial Assets:
Fair value	3,002
Level 1
Financial Assets:
Fair value	6,753	6,847
Level 1 \| Money Market Funds
Financial Assets:
Fair value	6,753	6,847
Level 2
Financial Assets:
Fair value	136,830	45,950
Level 2 \| Commercial Paper
Financial Assets:
Fair value	7,988	1,000
Level 2 \| U.S. Government Securities
Financial Assets:
Fair value	3,002
Level 3
Financial Liabilities:
Fair value		3,419
Corporate Bonds
Financial Assets:
Fair value	125,840	44,950
Corporate Bonds \| Level 2
Financial Assets:
Fair value	$ 125,840	44,950
Convertible Preferred Stock Warrant Liability
Financial Liabilities:
Fair value		3,419
Convertible Preferred Stock Warrant Liability \| Level 3
Financial Liabilities:
Fair value		$ 3,419

Fair Value Measurements - Additional Information (Details) - $ / shares	1 Months Ended
	Jan. 30, 2014	Dec. 31, 2013
Back Solve Method
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Estimated fair value of common stock, per share		$ 12.14
Expected volatility		70.00%
Expected time		5 months 5 days
Expected risk free interest rate		0.11%
Black-Scholes Option Pricing Model
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Estimated fair value of common stock, per share	$ 21.00
Expected volatility	70.00%
Expected time	7 years
Expected risk free interest rate	2.19%

Fair Value Measurements - Summary of Changes in Estimated Fair Value (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Fair Value Inputs Assets Quantitative Information [Line Items]
Fair value, beginning of period	$ 3,419	$ 518
Change in fair value recorded as a loss in other expense, net	3,324	372
Reclassification of warrant liability to additional paid-in capital	$ (6,743)
Fair value, end of period		$ 890

Balance Sheet Components - Summary of Fair Values of Cash Equivalents and Short-Term Investments Classified as Available-for-Sale Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2014	Dec. 31, 2013
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 143,631	$ 52,786
Gross Unrealized Gains	26	17
Gross Unrealized Losses	(74)	(6)
Estimated Fair Value	143,583	52,797
Money Market Funds
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	6,753	6,847
Estimated Fair Value	6,753	6,847
Corporate bonds classified as cash equivalents
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	1,011
Estimated Fair Value	1,011
Commercial Paper classified as short-term investments
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	7,988	1,000
Estimated Fair Value	7,988	1,000
Corporate bonds classified as short-term investments
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	124,883	44,939
Gross Unrealized Gains	20	17
Gross Unrealized Losses	(74)	(6)
Estimated Fair Value	124,829	$ 44,950
U.S Government securities classified as short-term investments
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	2,996
Gross Unrealized Gains	6
Estimated Fair Value	$ 3,002

Balance Sheet Components - Additional Information (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2014 USD ($)
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Gross Realized Gain (Loss)	$ 0
Maximum
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale securities remaining contractual maturities	2 years

Balance Sheet Components - Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2014	Dec. 31, 2013
Accrued Liabilities [Line Items]
Research and clinical study expenses	$ 2,852	$ 1,886
Payroll and related expenses	2,208	2,360
Other	218	160
Total accrued liabilities	$ 5,278	$ 4,406

License and Research Agreements - Additional Information (Details) ¥ in Millions	1 Months Ended				3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2013 USD ($)	Nov. 30, 2010 USD ($)	Sep. 30, 2010 USD ($) shares	Sep. 30, 2010 JPY (¥) shares	Jun. 30, 2014 USD ($) shares	Jun. 30, 2014 USD ($) shares	Dec. 31, 2012 USD ($)	Jun. 30, 2014 JPY (¥) shares	Dec. 31, 2013 shares
Research And Development [Line Items]
Common stock, shares issued \| shares					30,059,288	30,059,288		30,059,288	3,766,289
Nobelpharma License Agreement
Research And Development [Line Items]
License agreement			$ 110,500	¥ 10
Common stock, shares issued \| shares			76,567	76,567
Payments of milestone					$ 495,000	$ 495,000
Remaining total aggregate payments					2,000,000	2,000,000		¥ 200
Saint Louis University License Agreement
Research And Development [Line Items]
License agreement		$ 10,000
Payments of milestone					100,000	$ 100,000
H I B M Research Group
Research And Development [Line Items]
License agreement							$ 25,000
H I B M Research Group \| Maximum
Research And Development [Line Items]
Payments for royalty on net sales						1.00%
H I B M Research Group \| Development and Approval Milestones
Research And Development [Line Items]
Future contingent milestone payments						$ 300,000
St. Jude Children's Research Hospital License Agreement
Research And Development [Line Items]
License agreement							10,000
St. Jude Children's Research Hospital License Agreement \| Maximum
Research And Development [Line Items]
Payments for royalty on net sales						1.00%
Baylor Research Institute License Agreement
Research And Development [Line Items]
License agreement							$ 250,000
Payment of option exercise fee	$ 750,000
Baylor Research Institute License Agreement \| Development Milestones
Research And Development [Line Items]
Future contingent milestone payments						$ 10,500,000
Baylor Research Institute License Agreement \| Sales Milestones
Research And Development [Line Items]
Future contingent milestone payments						7,500,000
Kyowa Hakko Kirin Collaboration \| License Agreement
Research And Development [Line Items]
License agreement					$ 1,300,000	$ 2,000,000

Convertible Preferred Stock Warrants and Common Stock Warrants - Summary of Outstanding Warrants (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2014 $ / Warrant shares	Dec. 31, 2013 $ / Warrant shares
Common Stock
Class Of Warrant Or Right [Line Items]
Number of Warrants	353,459
Common Stock \| June 2010 Common Stock Warrants
Class Of Warrant Or Right [Line Items]
Number of Warrants	83,167
Date Issued	2010-06
Term	10 years
Exercise Price \| $ / Warrant	3.006
Common Stock \| February 2011 Common Stock Warrants
Class Of Warrant Or Right [Line Items]
Number of Warrants	203,759
Date Issued	2011-02
Term	10 years
Exercise Price \| $ / Warrant	3.006
Common Stock \| June 2011 Common Stock Warrants
Class Of Warrant Or Right [Line Items]
Number of Warrants	66,533
Date Issued	2011-06
Term	10 years
Exercise Price \| $ / Warrant	3.006
Convertible Preferred Stock
Class Of Warrant Or Right [Line Items]
Number of Warrants		1,027,662
Convertible Preferred Stock \| June 2010 Series A Convertible Preferred Stock Warrant
Class Of Warrant Or Right [Line Items]
Number of Warrants		241,803
Date Issued		2010-06
Term		10 years
Exercise Price \| $ / Warrant		1.034
Convertible Preferred Stock \| February 2011 Series A Convertible Preferred Stock Warrant
Class Of Warrant Or Right [Line Items]
Number of Warrants		592,417
Date Issued		2011-02
Term		10 years
Exercise Price \| $ / Warrant		1.034
Convertible Preferred Stock \| June 2011 Series A Convertible Preferred Stock Warrants
Class Of Warrant Or Right [Line Items]
Number of Warrants		193,442
Date Issued		2011-06
Term		10 years
Exercise Price \| $ / Warrant		1.034

Convertible Preferred Stock Warrants and Common Stock Warrants - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Jan. 30, 2014	Dec. 31, 2013
Class Of Warrant Or Right [Line Items]
Fair value of the warrants						$ 3,400,000
Other income (expense)	$ 76,000	$ (343,000)	$ (3,215,000)	$ (331,000)
Warrant
Class Of Warrant Or Right [Line Items]
Other income (expense)	$ 0	$ (374,000)	$ (3,300,000)	$ (372,000)
IPO
Class Of Warrant Or Right [Line Items]
Fair value of the warrants					$ 6,700,000

Convertible Preferred Stock - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Feb. 05, 2014	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013	Dec. 31, 2012
Convertible Preferred Stock [Line Items]
Conversion of preferred stock into common stock, shares	19,598,486
Amount of dividends accrued and outstanding paid	$ 4.3
Series A Convertible Preferred Stock
Convertible Preferred Stock [Line Items]
Dividends per share				$ 0.062
Amount of dividends declared and paid							$ 2.1
Amount of dividends in arrears paid						$ 4.0
Convertible preferred stock redemption terms				The Series A convertible preferred stock was redeemable at any time after June 16, 2017 once a written request to redeem such stock was received by the Company from holders of not less than seventy-five percent of the then outstanding Series A convertible preferred stock.
Convertible preferred stock redemption date				Jun. 16, 2017
Accretion of preferred stock redemption		$ 0.0	$ 1.8	$ 4.4	$ 2.9
Series B Convertible Preferred Stock
Convertible Preferred Stock [Line Items]
Dividends per share				$ 0.062
Amount of dividends in arrears paid						$ 4.0

Stock-Based Compensation - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Feb. 05, 2014	Jun. 16, 2011
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense			$ 1,741,000	$ 376,000
Founder's Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares authorized to be repurchased						2,552,241
Repurchase rights expiration period			2 years
Estimated fair value of restricted shares			$ 1,199,000
Stock-based compensation expense	$ 0	$ 119,000	$ 0	$ 268,000
2011 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Minimum percentage of voting rights of all classes of stock			10.00%
Percentage of statutory stock options			110.00%
Options vesting period			4 years
Option vesting rights, percentage			2.08%
Share of common stock available for future issuance					655,038
2011 Equity Incentive Plan \| First Anniversary
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Option vesting rights, percentage			25.00%
2011 Equity Incentive Plan \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options expiration period			10 years
2014 Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share of common stock available for future issuance					2,250,000
Automatic increases in shares available for grant effective date			Jan. 01, 2015
Shares available for grant, ending date			Jan. 01, 2024

Stock-Based Compensation - Functional Classification of Stock-Based Compensation Expense, Net of Estimated Forfeitures (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 946	$ 185	$ 1,741	$ 376
Research and development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	652	52	1,357	82
General and administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 294	$ 133	$ 384	$ 294

Commitments and Contingencies - Additional Information (Details)	Jun. 30, 2014 USD ($)
Long Term Purchase Commitment [Line Items]
Purchase Obligation	$ 780,000

Net Loss per Share Attributable to Common Stockholders - Computation of Basic and Diluted Net Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Numerator:
Net loss	$ (13,585)	$ (8,590)	$ (27,215)	$ (15,325)
Accretion and dividends on convertible preferred stock		(2,239)	(4,808)	(3,709)
Net loss attributable to common stockholders	$ (13,585)	$ (10,829)	$ (32,023)	$ (19,034)
Denominator:
Weighted-average common shares outstanding	30,055,943	3,503,214	25,697,407	3,482,304
Less: weighted-average unvested common shares subject to repurchase		(245,408)		(405,397)
Weighted-average shares used to compute net loss per share attributable to common stockholders, basic and diluted	30,055,943	3,257,806	25,697,407	3,076,907
Net loss per share attributable to common stockholders, basic and diluted	$ (0.45)	$ (3.32)	$ (1.25)	$ (6.19)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Net Loss per Share Attributable to Common Stockholders - Outstanding Shares of Common Stock Equivalents Excluded from Computation of Diluted Net Loss per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Common stock equivalents excluded from computation of diluted net loss per share	2,914,816	21,845,106	6,040,178	21,901,296
Convertible Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Common stock equivalents excluded from computation of diluted net loss per share		19,598,486	3,248,368	19,598,486
Stock Options to Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Common stock equivalents excluded from computation of diluted net loss per share	2,561,357	1,647,753	2,438,351	1,543,954
Common Stock Subject to Repurchase
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Common stock equivalents excluded from computation of diluted net loss per share		245,408		405,397
Warrants to Purchase Convertible Preferred Stock (as if converted)
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Common stock equivalents excluded from computation of diluted net loss per share		353,459	294,875	353,459
Warrants to Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Common stock equivalents excluded from computation of diluted net loss per share	353,459		58,584

Subsequent Events - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended
	Jul. 31, 2014	Jun. 30, 2014	Dec. 31, 2013
Subsequent Event [Line Items]
Common stock, shares issued		30,059,288	3,766,289
Subsequent Event
Subsequent Event [Line Items]
Common stock, shares issued	1,613,879
Common stock sold by existing shareholders	706,072
Purchase of additional shares by underwriters	302,602
Common stock issued price per share	$ 40.00
Proceeds from public offering before offering expenses	$ 60.7
Underwriting discounts and commissions	3.9
Offering expenses	0.4
Proceeds from public offering, net	$ 60.2