Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2016	Aug. 04, 2016
Document and Entity Information
Entity Registrant Name	Corvus Pharmaceuticals, Inc.
Entity Central Index Key	0001626971
Document Type	10-Q
Document Period End Date	Jun. 30, 2016
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	No
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		20,909,474
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q2

Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 4,343	$ 4,105
Marketable securities	147,809	90,281
Prepaid and other current assets	1,343	1,277
Total current assets	153,495	95,663
Property and equipment, net	2,807	1,845
Deferred offering costs		951
Other assets	619
Total assets	156,921	98,459
Current liabilities:
Accounts payable	1,320	1,575
Accrued and other liabilities	2,287	1,495
Total current liabilities	3,607	3,070
Other liabilities	1,346	710
Total liabilities	4,953	3,780
Commitments and contingencies (Note 13)
Convertible preferred stock: $0.0001 par value; 0 and 14,274,741 shares authorized at June 30, 2016 and December 31, 2015, respectively; 0 and 14,274,741 issued and outstanding at June 30, 2016 and December 31, 2015, respectively (liquidation preference of $0 and $108,500 at June 30, 2016 and December 31, 2015, respectively)		125,780
Stockholders' equity (deficit):
Preferred stock: $0.0001 par value; 10,000,000 and 0 shares authorized at June 30, 2016 and December 31, 2015, respectively; no shares issued and outstanding at June 30, 2016 and December 31, 2015
Common stock: $0.0001 par value; 290,000,000 and 20,000,000 shares authorized at June 30, 2016 and December 31, 2015, respectively; 20,909,474 and 1,431,615 shares issued and outstanding at June 30, 2016 and December 31, 2015, respectively	2
Additional paid-in capital	198,376	440
Accumulated other comprehensive income (loss)	78	(45)
Accumulated deficit	(46,488)	(31,496)
Total stockholders' equity (deficit)	151,968	(31,101)
Total liabilities, convertible preferred stock and stockholders' equity (deficit)	$ 156,921	$ 98,459

Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Balance Sheets
Convertible preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Convertible preferred stock, shares authorized	0	14,274,741
Convertible preferred stock, shares issued	0	14,274,741
Convertible preferred stock, shares outstanding	0	14,274,741
Convertible preferred stock, liquidation preference (in dollars)	$ 0	$ 108,500
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	0
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	290,000,000	20,000,000
Common stock, shares issued	20,909,474	1,431,615
Common stock, shares outstanding	20,909,474	1,431,615

Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Operating expenses:
Research and development	$ 7,119	$ 2,005	$ 12,517	$ 3,928
General and administrative	1,706	327	2,734	618
Total operating expenses	8,825	2,332	15,251	4,546
Loss from operations	(8,825)	(2,332)	(15,251)	(4,546)
Change in fair value of convertible preferred stock liability		(17,900)		(17,600)
Interest income	180		259	1
Net loss	$ (8,645)	$ (20,232)	$ (14,992)	$ (22,145)
Net loss per share, basic and diluted (in dollars per share)	$ (0.43)	$ (58.42)	$ (1.42)	$ (68.80)
Shares used to compute net loss per share, basic and diluted (in shares)	19,959,459	346,339	10,568,562	321,868
Other comprehensive income (loss):
Unrealized gain on marketable securities	$ 49		$ 123
Total other comprehensive income (loss)	49		123
Comprehensive loss	$ (8,596)	$ (20,232)	$ (14,869)	$ (22,145)

Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
Statements of Cash Flows - USD ($) $ in Thousands	Jun. 30, 2016	Jun. 30, 2015
Cash flows from operating activities
Net loss	$ (14,992)	$ (22,145)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	250	36
Amortization/accretion related to marketable securities	310	5
Stock-based compensation	1,517	20
Change in fair value of convertible preferred stock liability		17,600
Changes in operating assets and liabilities:
Prepaid and other current assets	84	(203)
Other assets	(619)	(20)
Accounts payable	129	300
Accrued and other liabilities	920	356
Other long-term liabilities	636	13
Net cash used in operating activities	(11,765)	(4,038)
Cash flows from investing activities
Purchases of marketable securities	(152,790)	(25,722)
Maturities of marketable securities	94,925
Purchase of property and equipment	(1,487)	(877)
Net cash used in investing activities	(59,352)	(26,599)
Cash flows from financing activities
Proceeds from issuance of common stock, net of repurchase	71,355
Proceeds from issuance of convertible preferred stock, net of issuance costs		20,730
Proceeds from exercise of common stock options		42
Net cash provided by financing activities	71,355	20,772
Net (decrease) increase in cash and cash equivalents	238	(9,865)
Cash and cash equivalents at beginning of the period	4,105	12,517
Cash and cash equivalents at end of the period	4,343	2,652
Supplemental disclosures of cash flow information:
Purchases of property and equipment incurred but not paid	$ 11	$ 9

Organization	6 Months Ended
Organization	Jun. 30, 2016
Organization
Organization	1. Organization Corvus Pharmaceuticals, Inc. (“Corvus” or the “Company”) was incorporated in Delaware on January 27, 2014 and commenced operations in November 2014. Corvus is a clinical stage biopharmaceutical company focused on the development and commercialization of novel immuno-oncology therapies that are designed to harness the immune system to attack cancer cells. The Company’s primary activities have been establishing its facilities, recruiting personnel, conducting research and development of its product candidates, including conducting a clinical trial, and raising capital. The Company’s operations are located in Burlingame, California. Initial Public Offering On March 22, 2016, the Company’s registration statement on Form S-1 (File No. 333-208850) relating to its initial public offering (“IPO”) of its common stock was declared effective by the Securities and Exchange Commission (“SEC”) and the shares of its common stock began trading on the NASDAQ Global Market on March 23, 2016. The public offering price of the shares sold in the IPO was $15.00 per share. The IPO closed on March 29, 2016, pursuant to which the Company sold 4,700,000 shares of its common stock. On April 26, 2016, the Company sold an additional 502,618 shares of its common stock to the underwriters upon partial exercise of their over-allotment option, at the initial offering price of $15.00 per share. The Company received aggregate net proceeds of approximately $70.6 million, after underwriting discounts, commissions and offering expenses. Immediately prior to the consummation of the IPO, all outstanding shares of convertible preferred stock were converted into common stock.

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2016

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Company’s functional and reporting currency is the U.S. dollar.

Unaudited Interim Financial Information

The accompanying interim condensed financial statements and related disclosures are unaudited, have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for a fair statement of the results of operations for the periods presented.

The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. The condensed results of operations for the three and six months ended June 30, 2016 are not necessarily indicative of the results to be expected for the full year or for any other future year or interim period. The accompanying condensed financial statements should be read in conjunction with the audited financial statements and the related notes for the year ended December 31, 2015 included in the Company’s Prospectus dated March 22, 2016 filed pursuant to Rule 424(b)(4) with the SEC.

Use of Estimates

The preparation of the Company’s financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from such estimates.

Concentrations of Credit Risk and Other Risks and Uncertainties

Substantially all of the Company’s cash and cash equivalents are deposited in accounts with two financial institutions that management believes are of high credit quality. Such deposits may, at times, exceed federally insured limits. The Company maintains its cash with an accredited financial institution and accordingly, such funds are subject to minimal credit risk. The Company’s marketable securities are direct obligations of the United States government. The Company has not experienced any losses on its deposits of cash, cash equivalents or marketable securities.

Since inception, the Company has incurred recurring net losses and negative cash flows from operations. At June 30, 2016, the Company had an accumulated deficit of $46.5 million and does not expect to experience positive cash flows from operations in the near future. The Company has financed its operations to date primarily through private placements of convertible preferred stock and proceeds from its IPO. As of June 30, 2016, the Company had cash, cash equivalents and marketable securities of $152.2 million.

The Company is subject to a number of risks similar to other early stage biopharmaceutical companies, including, but not limited to, the need to obtain adequate additional funding, possible failure of preclinical testing or clinical trials, its reliance on third parties to conduct its clinical trials, the need to obtain marketing approval for its product candidates, competitors developing new technological innovations, the need to successfully commercialize and gain market acceptance of the Company’s product candidates, its right to develop and commercialize its product candidates pursuant to the terms and conditions of the licenses granted to the Company, and protection of proprietary technology. If the Company does not successfully commercialize or partner any of its product candidates, it will be unable to generate product revenue or achieve profitability.

Segments

Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision-maker in making decisions regarding resource allocation and assessing performance. The Company views its operations and manages its business in one operating segment, that of the development of and commercialization of novel immuno-oncology therapies that are designed to harness the immune system to attack cancer cells.

Cash and Cash Equivalents and Marketable Securities

The Company considers all highly liquid investment securities with remaining maturities at the date of purchase of three months or less to be cash equivalents.

Investments with remaining maturities, at the date of purchase, greater than three months, but less than one year are considered short-term. The Company determines the appropriate classification of marketable securities at the time of purchase and evaluates such designation as of each balance sheet date. To date, all marketable securities have been classified as available-for-sale and are carried at fair value with unrealized gains and losses, if any, included as a component of accumulated other comprehensive income (loss) in stockholders’ equity (deficit). Interest and realized gains and losses are included in interest income. Realized gains and losses are recognized based on the specific identification method.

Fair Value Measurements

Fair value accounting is applied for all financial assets and liabilities and non-financial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis (at least annually). The carrying amount of the Company’s financial instruments, including cash equivalents, accounts payable and accrued liabilities, approximate fair value due to their short-term maturities.

Deferred Offering Costs

Deferred offering costs consist primarily of direct incremental costs related to the Company’s initial public offering of its common stock. Upon completion of the initial public offering in March 2016, these amounts were offset against the proceeds of the offering.

Property and Equipment, Net

Property and equipment are stated at cost and depreciated using the straight-line method over the estimated useful lives of the respective assets:

Laboratory equipment		5 years

Computer equipment and purchased software		3 years

Leasehold improvements		Shorter of asset’s useful life or remaining term of lease

Maintenance and repairs that do not extend the life or improve the asset are expensed when incurred. When assets are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the balance sheet and any resulting gain or loss is reflected in operations.

Impairment of Long-Lived Assets

The Company regularly reviews the carrying value and estimated lives of all of its long-lived assets, including property and equipment, to determine whether indicators of impairment may exist which warrant adjustments to carrying values or estimated useful lives. The determinants used for this evaluation include management’s estimate of the asset’s ability to generate positive income from operations and positive cash flow in future periods as well as the strategic significance of the assets to the Company’s business objectives. Should impairment exist, the impairment loss to be recognized is measured by the amount by which the carrying amount of the asset exceeds the projected discounted future net cash flows arising from the asset. All long-lived assets are maintained in the United States of America.

Convertible Preferred Stock Liability

The Company determined that the Company’s obligation to issue additional shares of the Company’s convertible preferred stock represented a freestanding financial instrument, which was accounted for as a liability. The freestanding convertible preferred stock liability was initially recorded at fair value, with fair value changes recognized in the statements of operations and comprehensive loss. The Company estimated the fair value of this liability using an option-pricing model that included assumptions for future financings, expected volatility, expected life and risk-free interest rate. At the time of the exercise of the option (June 2015), the remaining value of the convertible preferred stock liability was reclassified to convertible preferred stock with no further remeasurement required.

Research and Development Expense

The Company records research and development expenses as incurred. The Company accounts for nonrefundable advance payments for goods and services that will be used in future research and development activities as expenses when the goods have been received or when the service has been performed rather than when the payment is made. Research and development expenses consist of costs incurred by the Company for the discovery and development of the Company’s product candidates and include:

employee-related expenses, including salaries, benefits, travel and non-cash stock-based compensation expense;

external research and development expenses incurred under arrangements with third parties, such as contract research organizations, contract manufacturing organizations, academic and non-profit institutions and consultants;

costs to acquire technologies to be used in research and development that have not reached technological feasibility and have no alternative future use;

license fees; and

other expenses, which include direct and allocated expenses for laboratory, facilities and other costs.

Clinical Trial Accruals

Costs for preclinical studies and clinical trial activities are recognized based on an evaluation of the vendors’ progress towards completion of specific tasks, using data such as clinical site activations, patient enrollment or information provided to the Company by its vendors regarding their actual costs incurred. Payments for these activities are based on the terms of individual contracts and payment timing may differ significantly from the period in which the services are performed. The Company determines accrual estimates through reports from and discussions with applicable personnel and outside service providers as to the progress or state of completion, or the services completed. The Company’s estimates of accrued expenses as of each balance sheet date are based on the facts and circumstances known at the time.

Stock-Based Compensation

The Company maintains incentive plans under which incentive stock options and nonqualified stock options may be granted to employees and non-employee service providers.

The Company accounts for stock-based employee compensation arrangements in accordance with the provisions of ASC 718, “Compensation—Stock Compensation.” For stock options granted to employees, the Company recognizes compensation expense for all stock-based awards based on the grant-date estimated fair values. The value of the award is recognized as an expense ratably over the requisite service period. The fair value of stock options is determined using the Black-Scholes option pricing model. Forfeitures are accounted for when they occur.

Stock-based compensation expense related to stock options granted to non-employees is recognized based on the fair value of the stock options, determined using the Black-Scholes option pricing model. The expense for options granted to non-employees is periodically re-measured as the underlying options vest. The awards generally vest over the time period the Company expects to receive service from the non-employee.

Income Taxes

The Company accounts for income taxes under the asset and liability method. The Company estimates actual current tax exposure together with assessing temporary differences resulting from differences in accounting for reporting purposes and tax purposes for certain items, such as accruals and allowances not currently deductible for tax purposes. These temporary differences result in deferred tax assets and liabilities, which are included in the Company’s balance sheets. In general, deferred tax assets represent future tax benefits to be received when certain expenses previously recognized in the Company’s statements of operations and comprehensive loss become deductible expenses, under applicable income tax laws or when net operating loss or credit carryforwards are utilized. Accordingly, realization of the Company’s deferred tax assets is dependent on future taxable income against which these deductions, losses and credits can be utilized.

The Company must assess the likelihood that the Company’s deferred tax assets will be recovered from future taxable income and a valuation allowance is recorded when it is more likely than not that the deferred tax asset will not be recovered. The Company applies judgment in the determination of the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Based on the available evidence, the Company is unable, at this time, to support the determination that it is more likely than not that its deferred tax assets will be utilized in the future. Accordingly, the Company recorded a full valuation allowance for all periods presented. The Company intends to maintain valuation allowances until sufficient evidence exists to support its reversal. The Company recognizes any material interest and penalties related to unrecognized tax benefits in income tax expense.

The Company recognizes benefits of uncertain tax positions if it is more likely than not 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 is required to file income tax returns in the U.S. federal jurisdiction. The Company currently is not under examination by the Internal Revenue Service or other jurisdictions for any tax years.

Comprehensive Loss

Comprehensive loss includes net loss as well as other changes in stockholders’ equity (deficit) that result from transactions and economic events other than those with stockholders. The Company’s only element of other comprehensive loss in any period presented was unrealized gains on available for sale marketable securities.

Net Loss per Share

Basic net loss per share is calculated by dividing the net loss by the weighted average number of common shares outstanding during the period, without consideration of potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss by the weighted average number of common shares and potentially dilutive securities outstanding for the period. For purposes of the diluted net loss per share calculation, the convertible preferred stock, common stock subject to repurchase, and stock options are considered to be potentially dilutive securities. Because the Company has reported a net loss for all periods presented, diluted net loss per common share is the same as basic net loss per common share for those periods.

Recent Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers, which required an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU No. 2014-09 will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective January 1, 2018 for public companies. Early application is permitted as of January 1, 2017. The standard permits the use of either the retrospective or cumulative effect transition method. In March 2016, the FASB issued ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net), which clarifies the implementation guidance on principal versus agent considerations in ASU No. 2014-09. In April 2016, the FASB issued ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing, which clarifies certain aspects of identifying performance obligations and licensing implementation guidance. In May 2016, the FASB issued ASU No. 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients, which relates to disclosures of remaining performance obligations, as well as other amendments to guidance on collectability, non-cash consideration and the presentation of sales and other similar taxes collected from customers. These standards have the same effective date and transition date of January 1, 2018. The Company does not believe adopting this guidance will have a material impact on its financial statements as the Company is not yet generating revenues.

In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern. This standard update provides guidance around management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. The new guidance is effective for all annual and interim periods ending after December 15, 2016. The Company does not believe that adopting ASU 2014-15 will have a material impact on its financial statements.

In November 2015, the FASB issued ASU No 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes. This standard amends the accounting for income taxes and requires all deferred tax assets and liabilities to be classified as non-current on the balance sheet. The new standard is effective for reporting periods beginning after December 15, 2016, with early adoption permitted. The standard may be adopted either prospectively or retrospectively. We are currently evaluating the impact of ASU 2015-17.

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) that replaces existing lease guidance. The new standard requires lessees to record right-of-use assets and corresponding lease liabilities on the balance sheet. The new guidance will continue to classify leases as either finance or operating, with classification affecting the pattern of expense recognition in the statement of income. The standard is effective for the Company beginning June 1, 2019, with early application permitted. The new standard is required to be applied with a modified retrospective approach to each prior reporting period presented with various optional practical expedients. The Company is currently assessing the impact of this guidance on its financial statements.

In March 2016, the FASB issued ASU No. 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The updated guidance changes how companies account for certain aspects of share-based payment awards to employees, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. The update to the standard is effective for the Company beginning June 1, 2017, with early application permitted. The Company has adopted the provisions of this standard early, the impact of which on its financial statements was not significant.

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The new standard changes the impairment model for most financial assets and certain other instruments. Under the new standard, entities holding financial assets and net investment in leases that are not accounted for at fair value through net income to be presented at the net amount expected to be collected. An allowance for credit losses will be a valuation account that will be deducted from the amortized cost basis of the financial asset to present the net carrying value at the amount expected to be collected on the financial asset. The new standard will be effective for us on January 1, 2020. The adoption of this standard is not expected to have a material impact on our financial position or results of operations.

Net Loss per Share

6 Months Ended

Jun. 30, 2016

Net Loss per Share

Net Loss per Share

3. Net Loss per Share

The following table shows the calculation of net loss per share (in thousands, except share and per share data):

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2016			2015			2016			2015
Numerator:
Net loss - basic and diluted	$	(8,645	)	$	(20,232	)	$	(14,992	)	$	(22,145	)


Denominator:
Weighted average common shares outstanding	20,771,392			1,196,615			11,414,296			1,158,193
Less: weighted average common shares subject to repurchase	(811,933		)	(850,276		)	(845,734		)	(836,325		)


Weighted average common shares outstanding used to compute basic and diluted net loss per share	19,959,459			346,339			10,568,562			321,868


Net loss per share, basic and diluted	$	(0.43	)	$	(58.42	)	$	(1.42	)	$	(68.80	)

The amounts in the table below were excluded from the calculation of diluted net loss per share, due to their anti-dilutive effect:

	Three and Six Months Ended
	June 30,
	2016	2015


Convertible preferred stock	—	8,921,429

Common stock subject to repurchase
	770,550	820,440
Outstanding options
	2,034,386	168,636

Total shares of common stock equivalents	2,804,936	9,910,505

Fair Value Measurements

6 Months Ended

Jun. 30, 2016

Fair Value Measurements

Fair Value Measurements

4. Fair Value Measurements

Financial assets and liabilities are measured and recorded at fair value. The Company is required to disclose information on all assets and liabilities reported at fair value that enables an assessment of the inputs used in determining the reported fair values. The fair value hierarchy prioritizes valuation inputs based on the observable nature of those inputs. The fair value hierarchy applies only to the valuation inputs used in determining the reported fair value of the investments and is not a measure of the investment credit quality. The hierarchy defines three levels of valuation inputs:

Level 1—Quoted prices in active markets for identical assets or liabilities

Level 2—Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly

Level 3—Unobservable inputs that reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability

There have been no transfers of assets and liabilities between levels of hierarchy.

The following tables present information as of June 30, 2016 and December 31, 2015 about the Company’s assets that are measured at fair value on a recurring basis and indicate the level of the fair value hierarchy the Company utilized to determine such fair values (in thousands):

	June 30, 2016
	Fair Value Measured Using						Total
	(Level 1)		(Level 2)		(Level 3)		Balance
Assets
Cash equivalents	$	2,676	$	—	$	—	$	2,676
Marketable securities	147,809		—		—		147,809

	$	150,485	$	—	$	—	$	150,485

	December 31, 2015
	Fair Value Measured Using						Total
	(Level 1)		(Level 2)		(Level 3)		Balance
Assets
Cash equivalents	$	3,245	$	—	$	—	$	3,245
Marketable securities	90,281		—		—		90,281

	$	93,526	$	—	$	—	$	93,526

The Company’s marketable securities are invested in direct obligations of the United States government for all periods.

As of June 30, 2016, marketable securities had a maximum remaining maturity of seven months and consisted of U.S. Treasury securities.

The following table presents the issuances, changes in fair value, exercise and reclassification of the Company’s Level 3 financial instrument which is measured at fair value on a recurring basis (in thousands):

	Convertible Preferred Stock Call Option Liability

Balance as of December 31, 2014	$	2,600
Change in fair value of convertible preferred stock liability through March 31, 2015	(300		)

Balance as of March 31, 2015	2,300
Change in fair value of convertible preferred stock liability through date of Series A second tranche issuance	17,900
Recognition of fair value upon issuance of second tranche Series A convertible preferred stock	(20,200		)

Balance as of June 30, 2015	$	—

As of June 30, 2016 and December 31, 2015, the fair value of available for sale marketable securities by type of security were as follows (in thousands):

	June 30, 2016
			Gross		Gross
	Amortized		Unrealized		Unrealized
	Cost		Gains		Losses			Fair Value

U.S. Treasury securities	$	147,731	$	80	$	(2	)	$	147,809

	December 31, 2015
			Gross		Gross
	Amortized		Unrealized		Unrealized
	Cost		Gains		Losses			Fair Value

U.S. Treasury securities	$	90,326	$	—	$	(45	)	$	90,281

- 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

License and Collaboration Agreements	6 Months Ended
License and Collaboration Agreements	Jun. 30, 2016
License and Collaboration Agreements
License and Collaboration Agreements	5. License and Collaboration Agreements Scripps Licensing Agreement In December 2014, the Company entered into a license agreement with The Scripps Research Institute (“Scripps”), pursuant to which it was granted a non-exclusive, world-wide license for all fields of use under Scripps’ rights in certain know-how and technology related to a mouse hybridoma clone expressing an anti-human CD73 antibody, and to progeny, mutants or unmodified derivatives of such hybridoma and any antibodies expressed by such hybridoma. Scripps also granted the Company the right to grant sublicenses in conjunction with other proprietary rights the Company holds, or to others collaborating with or performing services for the Company. Under this license agreement, Scripps has agreed not to grant any additional commercial licenses with respect to such materials, other than march-in rights granted to the U.S. government. Upon execution of the agreement, the Company made a one-time cash payment to Scripps of $10,000 in 2015 and is also obligated to pay a minimum annual fee to Scripps of $25,000. The one-time cash payment was recorded as research and development expense as technological feasibility of the asset had not been established and there was no alternative future use. The first minimum annual fee payment is due on the first anniversary of effective date of the agreement and will be due on each subsequent anniversary of the effective date for the term of the agreement. The Company is also required to make performance-based cash payments upon successful completion of clinical and sales milestones. The aggregate potential milestone payments are $2.6 million. The Company is also required to pay royalties on net sales of licensed products sold by it, its affiliates and its sublicensees at a rate in the low-single digits. In addition, should the Company sublicense the rights licensed under the agreement, it has agreed to pay a percentage of sublicense revenue received at specified rates that start at double digit percentages and decrease to single digit percentages based on the elapsed time from the effective date of the agreement and the time of entry into such sublicense. To date, no milestone payments have been made. The Company’s license agreement with Scripps will terminate upon expiration of its obligation to pay royalties to Scripps under the license agreement. The Company’s license agreement with Scripps is terminable by the consent of the parties, at will by the Company upon providing 90 days written notice to Scripps, or by Scripps for certain material breaches, or if the Company undergoes a bankruptcy event. In addition, Scripps may terminate the license on a product-by-product basis, or the entire agreement, if the Company fails to meet specified diligence obligations related to the development and commercialization of licensed products. Scripps may also terminate the agreement after the third anniversary of the effective date of the agreement if it reasonably believes, based on reports the Company provides to Scripps, that the Company has not used commercially reasonable efforts as required under the agreement, subject to a specified notice and cure period. Vernalis Licensing Agreement In February 2015, the Company entered into a license agreement with Vernalis (R&D) Limited (“Vernalis”), which was subsequently amended as of November 5, 2015, and, pursuant to which the Company was granted an exclusive, worldwide license under certain patent rights and know-how, including a limited right to grant sublicenses, for all fields of use to develop, manufacture and commercialize products containing certain adenosine receptor antagonists, including CPI-444. Pursuant to this agreement, a one-time cash payment to Vernalis in the amount of $1.0 million, which was recorded as research and development expense as technological feasibility of the asset had not been established and there was no alternative future use. The Company is also required to make cash milestone payments to Vernalis upon the successful completion of clinical and regulatory milestones for licensed products depending on the indications for which such licensed products are developed and upon achievement of certain sales milestones. The aggregate potential milestone payments exceed $200 million for all indications. To date, no milestone payments have been made. The Company has also agreed to pay Vernalis tiered incremental royalties based on the annual net sales of licensed products containing CPI-444 on a product-by-product and country-by-country basis, subject to certain offsets and reductions. The tiered royalty rates for products containing CPI-444 range from the mid-single digits up to the low-double digits on a country-by-country net sales basis. The royalties on other licensed products that do not include CPI-444 also increase with the amount of net sales on a product-by-product and country-by-country basis and range from the low-single digits up to the mid-single digits on a country-by-country net sales basis. The Company is also obligated to pay to Vernalis certain sales milestones as indicated above when worldwide net sales reach specified levels over an agreed upon time period. The agreement will expire on a product-by-product and country-by-country basis upon the expiration of the Company’s payment obligations to Vernalis in respect of a particular product and country. Both parties have the right to terminate the agreement for an uncured material breach by the other party. The Company may also terminate the agreement at its convenience by providing 90 days written notice, provided that the Company has not received notice of its own default under the agreement at the time the Company exercises such termination right. Vernalis may also terminate the agreement if the Company challenges a licensed patent or undergoes a bankruptcy event. Genentech Collaboration Agreement In October 2015, the Company entered into a clinical trial collaboration agreement with Genentech to evaluate the safety, tolerability and preliminary efficacy of CPI-444 combined with Genentech’s investigational cancer immunotherapy, TECENTRIQTM(atezolizumab), a fully humanized monoclonal antibody targeting protein programmed cell death ligand 1(“PD-L1”), in a variety of solid tumors in a Phase 1/1b clinical trial. Pursuant to this agreement, the Company will be responsible for the conduct and cost of the relevant studies, under the supervision of a joint development committee made up of representatives of the Company and representatives of Genentech. Genentech will supply TECENTRIQTM. As part of the agreement, the Company granted Genentech certain rights of first negotiation to participate in future clinical trials that the Company may conduct evaluating the administration of CPI-444 in combination with an anti-PD-1 or anti-PD-L1 antibody. If the Company and Genentech do not reach agreement on the terms of any such participation by Genentech within a specified time period, the Company retains the right to collaborate with third parties in such activities. The Company also granted Genentech certain rights of first negotiation should it decide to license development and commercialization rights to CPI-444. Should the Company and Genentech not reach agreement on the terms of such a license within a specified time period, it retains the right to enter into a license with another third party. The Company and Genentech each have the right to terminate the agreement for material breach by the other party. In addition, the agreement may be terminated by either party due to safety considerations, if directed by a regulatory authority or if development of CPI-444 or TECENTRIQTM is discontinued. Further, the agreement will expire after a set period of time following the provision by the Company of the final clinical study report to Genentech.

Balance Sheet Components

6 Months Ended

Jun. 30, 2016

Balance Sheet Components

Balance Sheet Components

6. Balance Sheet Components (in thousands):

	June 30,			December 31,
	2016			2015
Prepaid and Other Current Assets
Prepaid insurance	$	306		$	15
Prepaid research and development manufacturing expenses	208			722
Tenant improvement allowance receivable	—			347
Other	829			193

	$	1,343		$	1,277

Property and Equipment, net
Leasehold improvements	$	1,688		$	74
Laboratory equipment	1,471			829
Computer equipment and purchased software	33			18
Construction in progress	—			1,059

	3,192			1,980
Less: accumulated depreciation and amortization	(385		)	(135		)

	$	2,807		$	1,845

Accrued and Other Liabilities
Accrued clinical trial related	$	597		$	376
Accrued manufacturing expense	537			12
Personnel related	360			305
Deferred rent	305			223
Accrued legal and accounting	163			314
Accrued contruction in progress costs	—			101
Other accrued expenses	325			164

	$	2,287		$	1,495

Other Liabilities
Deferred rent	$	1,294		$	642
Shares subject to vesting	52			68

	$	1,346		$	710

Convertible Preferred Stock

6 Months Ended

Jun. 30, 2016

Convertible Preferred Stock

Convertible Preferred Stock

7. Convertible Preferred Stock

Under the amended and restated certificate of incorporation in effect as of June 30, 2016, the Company is authorized to issue two classes of stock: preferred stock and common stock.

Immediately prior to the consummation of the IPO on March 29, 2016, all outstanding shares of Series A and B convertible preferred stock were converted into 14,274,741 shares of common stock on a one-for-one basis.

Convertible preferred stock as of December 31, 2015 consisted of the following (in thousands, except share data):

		Shares	Net
	Shares	Issued	Carrying		Liquidation
	Authorized	& Outstanding	Value		Value
Series A	8,921,429	8,921,429	$	50,941	$	33,500
Series B	5,353,312	5,353,312	74,839		75,000


Total	14,274,741	14,274,741	$	125,780	$	108,500

Convertible Preferred Stock Liability	6 Months Ended
Convertible Preferred Stock Liability	Jun. 30, 2016
Convertible Preferred Stock Liability
Convertible Preferred Stock Liability	8. Convertible Preferred Stock Liability On November 26, 2014, the Company executed the Series A Convertible Preferred Stock Purchase Agreement for the issuance of up to 8,921,438 shares of Series A convertible preferred stock and issued 3,395,468 shares for net proceeds of $12.6 million in connection with the first closing of the first tranche. In January 2015, in connection with the second closing of the first tranche, the Company issued 1,065,246 shares of Series A convertible preferred stock for net proceeds of $4.0 million and in June 2015, in connection with the closing of the second tranche, an additional 4,460,715 shares of Series A convertible preferred stock were issued for net proceeds of $16.7 million. The Series A Convertible Preferred Stock Purchase Agreement provided that, upon the earliest to occur of any of three defined triggers, each investor of the first tranche agreed to purchase its pro-rata portion of the shares to be issued in the second tranche and the Company agreed to sell and issue said shares of Series A convertible preferred stock on the same terms as the first tranche. A convertible preferred stock liability was recorded for the Company’s obligation to sell the second tranche of the Series A convertible preferred stock to the first tranche stockholders at a fixed price of $3.755 per share upon the satisfaction of certain conditions. A liability was initially recorded in connection with the first tranche of the Series A convertible preferred stock financing at its initial estimated fair value of $2.6 million, with gains and losses arising from changes in fair value recognized in the statements of operations at each period while such instrument was classified as a liability. A gain of $0.3 million was recorded for the change in estimated fair value of the Series A convertible preferred stock liability for the period from January 1, 2015 through March 31, 2015. A $17.9 million charge was recorded for the change in estimated fair value of the Series A convertible preferred stock liability for the period from April 1, 2015 to the closing of the second tranche in June 2015. Upon the closing of the second tranche in June 2015, the liability terminated and the balance of the liability of $20.2 million was reclassified to convertible preferred stock. The preferred stock liability related to Series A convertible preferred stock was valued at issuance and at December 31, 2014 and March 31, 2015 using a backsolve option-pricing method based on the consideration paid for the Series A convertible preferred stock and the convertible preferred stock liability using an assumed term of 1.0 years and 0.75 years, an interest rate of 0.13% and 0.20% and a volatility of 85% and 85%, respectively. Immediately prior to its exercise on June 10, 2015, the convertible preferred stock liability’s fair value was estimated based on its intrinsic value, with the fair value of the Series A convertible preferred stock estimated as of June 10, 2015 and compared to the exercise price of the Series A convertible preferred stock liability. To estimate the fair value of the Series A convertible preferred stock as of June 10, 2015, the enterprise value of the Company was estimated based on potential IPO and sale estimates. The enterprise value was then allocated to the various classes of securities using an option pricing model that assumed a term of two years to a liquidity event, an interest rate of 0.75% and a volatility of 75% based on market conditions and expectations as of the June valuation date.

Common Stock

6 Months Ended

Jun. 30, 2016

Common Stock.

Common Stock

9. Common Stock

As of June 30, 2016, the amended and restated certificate of incorporation authorizes the Company to issue 290 million shares of common stock and 10 million shares of preferred stock.

Each share of common stock is entitled to one vote. Common stockholders are entitled to dividends if and when declared by the board of directors. As of June 30, 2016, no dividends on common stock had been declared.

The Company has reserved shares of common stock for issuance as follows:

	June 30,	December 31,
	2016	2015

Convertible preferred stock	—	14,274,741
Shares available for future option grants	2,804,750	2,559,499
Outstanding options	2,034,386	784,136
Unvested restricted common stock (founders and early exercise of stock options)	770,550	924,535
Shares reserved for employee stock purchase plan	200,000	—

Total	5,809,686	18,542,911

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(d),(e))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB TOPIC 4.E)
-URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74512-122707

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.29-31)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB TOPIC 4.C)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section C

+ Details

Stock Option Plan

6 Months Ended

Jun. 30, 2016

Stock Option Plan

Stock Option Plan

10. Stock Option Plans

In February 2014, the Company adopted the 2014 Equity Incentive Plan (the “2014 Plan”), which was subsequently amended in November 2014, July 2015 and September 2015, under which it granted incentive stock options (“ISOs”) or non-qualified stock options (“NSOs”). Terms of stock agreements, including vesting requirements, are determined by the board of directors or a committee authorized by the board of directors, subject to the provisions of the 2014 Plan. In general, awards granted by the Company vest over four years and have maximum exercise term of 10 years. The 2014 Plan provides that grants must be at an exercise price of 100% of fair market value of the Company’s common stock as determined by the board of directors on the date of the grant.

In connection with the consummation of the IPO in March 2016, the 2016 Equity Incentive Award Plan (the “2016 Plan”), became effective. Under the 2016 Plan. incentive stock options, non-statutory stock options, stock purchase rights and other stock-based awards may be granted. Terms of stock agreements, including vesting requirements, are determined by the board of directors or a committee authorized by the board of directors, subject to the provisions of the 2016 Plan. In general, awards granted by the Company vest over four years and have maximum exercise term of 10 years. The 2016 Plan provides that grants must be at an exercise price of 100% of fair market value of the Company’s common stock as determined by the board of directors on the date of the grant. In conjunction with adopting the 2016 Plan, the 2014 Plan was terminated and no further awards will be granted under the 2014 Plan. Options outstanding under the 2014 Plan as of the effective date of the 2016 Plan that are forfeited or lapse unexercised may be re-issued under the 2016 Plan, up to a maximum of 1,136,229 shares.

Activity under the Company’s stock option plans is set forth below:

			Options Outstanding
					Weighted-
	Shares				Average
	Available		Number		Exercise
	for Grant		of Options		Price
Balance at December 31, 2015	2,559,499		784,136		$	4.09
Additional shares authorized	1,496,001				—
Options granted	(1,322,250	)	1,322,250		14.63
Options exercised	—		(500	)	0.28
Options forfeited	71,500		(71,500	)	4.62

Balance at June 30, 2016	2,804,750		2,034,386		$	10.92

Stock Based Compensation

6 Months Ended

Jun. 30, 2016

Stock-Based Compensation

Stock Based Compensation

11. Stock-Based Compensation

The Company’s results of operations include expenses relating to employee and non-employee stock-based awards as follows (in thousands):

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2016		2015		2016		2015

Research and development	$	486	$	17	$	787	$	20
General and administrative	589		—		730		—

Total	$	1,075	$	17	$	1,517	$	20

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2016
Income Taxes
Income Taxes	12. Income Taxes The Company did not record a provision or benefit for income taxes during the three or six months ended June 30, 2016 or 2015. The Company continues to maintain a full valuation allowance against its net deferred tax assets.

Commitments and Contingencies

6 Months Ended

Jun. 30, 2016

Commitments and Contingencies.

Commitments and Contingencies

13. Commitments and Contingencies

Facility Lease

In January 2015, the Company signed an operating lease, effective February 1, 2015, for 8,138 square feet of office and laboratory space located in Burlingame, California with a one-year term. In March 2015, the Company signed the first amendment to the lease, effective April 15, 2015, whereby the original premises were expanded by an additional 3,163 square feet and the lease term was extended through January 2017. In August 2015, the Company signed the second amendment to the lease whereby the size of the existing premises was increased by adding 10,834 square feet and the term of the lease was extended through January 2021. The landlord agreed to provide $1.6 million to fund qualifying tenant improvements, defined as building design, permits and construction costs. Tenant improvements associated with the tenant improvement allowance were $1.6 million. The lease agreement includes an annual rent escalation clause, a right to extend the term at the then current market rate for three years and a right of first refusal on certain space. The Company records rent expense on a straight-line basis over the effective term of the lease, including any free rent periods and incentives. The lease requires the Company to pay additional amounts for operating and maintenance expenses. In June 2016, the Company amended its existsing facility lease to add a net of 4,523 square feet. After completing approximately $250,000 of improvements, the Company plans to occupy the space in November 2016. Rent expense related to the facilities lease for the three and six months ended June 30, 2016 was approximately $127,000 and $256,000, respectively. Rent expense for the three and six months ended June 30, 2015 was approximately $74,000 and $120,000, respectively. As of June 30, 2016, future minimum lease payments under the facility lease were as follows (in thousands):

	Operating
	Leases

2016 *	$	428
2017	992
2018	1,022
2019	1,052
2020	1,085
Thereafter	90

Total	$	4,669

*Remainder of the year

Pursuant to the Company’s license agreements with each of Vernalis and Scripps, it has obligations to make future milestone and royalty payments to these parties, respectively. However, because these amounts are contingent, they have not been included on the Company’s balance sheet.

Indemnifications

In the ordinary course of business, the Company enters into agreements that may include indemnification provisions. Pursuant to such agreements, the Company may indemnify, hold harmless and defend an indemnified party for losses suffered or incurred by the indemnified party. Some of the provisions will limit losses to those arising from third-party actions. In some cases, the indemnification will continue after the termination of the agreement. The maximum potential amount of future payments the Company could be required to make under these provisions is not determinable. The Company has never incurred material costs to defend lawsuits or settle claims related to these indemnification provisions. The Company has also entered into indemnification agreements with its directors and officers that may require the Company to indemnify its directors and officers against liabilities that may arise by reason of their status or service as directors or officers to the fullest extent permitted by Delaware corporate law. There have been no claims to date and the Company has a directors and officers insurance policy that may enable it to recover a portion of any amounts paid for future claims.

Legal Proceedings

The Company is not a party to any material legal proceedings.

401(k) Plan	6 Months Ended
401(k) Plan	Jun. 30, 2016
401(k) Plan
401(k) Plan	14. 401(k) Plan In April 2015, the Company adopted a 401(k) retirement and savings plan (the “401(k) Plan”) covering all employees. The 401(k) Plan allows employees to make pre- and post-tax contributions up to the maximum allowable amount set by the IRS. The Company does not make matching contributions to the 401(k) plan on behalf of participants.

Summary of Significant Accounting Policies (Policieis)

6 Months Ended

Jun. 30, 2016

Summary of Significant Accounting Policies

Basis of Presentation

Unaudited Interim Financial Information

Use of Estimates

Concentrations of Credit Risk and Other Risks and Uncertainties

Segments

Cash and Cash Equivalents and Marketable Securities

The Company considers all highly liquid investment securities with remaining maturities at the date of purchase of three months or less to be cash equivalents.

Fair Value Measurements

Deferred Offering Costs

Property and Equipment, Net

Property and equipment are stated at cost and depreciated using the straight-line method over the estimated useful lives of the respective assets:

Laboratory equipment		5 years

Computer equipment and purchased software		3 years

Leasehold improvements		Shorter of asset’s useful life or remaining term of lease

Impairment of Long-Lived Assets

Convertible Preferred Stock Liability

Research and Development Expense

employee-related expenses, including salaries, benefits, travel and non-cash stock-based compensation expense;

costs to acquire technologies to be used in research and development that have not reached technological feasibility and have no alternative future use;

license fees; and

other expenses, which include direct and allocated expenses for laboratory, facilities and other costs.

Clinical Trial Accruals

Stock-Based Compensation

The Company maintains incentive plans under which incentive stock options and nonqualified stock options may be granted to employees and non-employee service providers.

Income Taxes

Comprehensive Loss

Net Loss per Share

Recent Accounting Pronouncements

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2016

Summary of Significant Accounting Policies

Schedule of estimated useful lives of property and equipment, net

Laboratory equipment		5 years

Computer equipment and purchased software		3 years

Leasehold improvements		Shorter of asset’s useful life or remaining term of lease

Net Loss per Share (Tables)

6 Months Ended

Jun. 30, 2016

Net Loss per Share

Schedule of net loss per share, basic and diluted

The following table shows the calculation of net loss per share (in thousands, except share and per share data):

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2016			2015			2016			2015
Numerator:
Net loss - basic and diluted	$	(8,645	)	$	(20,232	)	$	(14,992	)	$	(22,145	)


Denominator:
Weighted average common shares outstanding	20,771,392			1,196,615			11,414,296			1,158,193
Less: weighted average common shares subject to repurchase	(811,933		)	(850,276		)	(845,734		)	(836,325		)


Weighted average common shares outstanding used to compute basic and diluted net loss per share	19,959,459			346,339			10,568,562			321,868


Net loss per share, basic and diluted	$	(0.43	)	$	(58.42	)	$	(1.42	)	$	(68.80	)

Schedule of antidilutive securities excluded from calculation of diluted net loss per share

	Three and Six Months Ended
	June 30,
	2016	2015


Convertible preferred stock	—	8,921,429

Common stock subject to repurchase
	770,550	820,440
Outstanding options
	2,034,386	168,636

Total shares of common stock equivalents	2,804,936	9,910,505

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2016

Fair Value Measurements

Schedule of fair value of assets and liabilities recorded at fair value on a recurring basis, by level within fair value hierarchy

	June 30, 2016
	Fair Value Measured Using						Total
	(Level 1)		(Level 2)		(Level 3)		Balance
Assets
Cash equivalents	$	2,676	$	—	$	—	$	2,676
Marketable securities	147,809		—		—		147,809

	$	150,485	$	—	$	—	$	150,485

	December 31, 2015
	Fair Value Measured Using						Total
	(Level 1)		(Level 2)		(Level 3)		Balance
Assets
Cash equivalents	$	3,245	$	—	$	—	$	3,245
Marketable securities	90,281		—		—		90,281

	$	93,526	$	—	$	—	$	93,526

Summary of changes in fair value of the Level 3 financial instruments measured on a recurring basis

	Convertible Preferred Stock Call Option Liability

Balance as of December 31, 2014	$	2,600
Change in fair value of convertible preferred stock liability through March 31, 2015	(300		)

Balance as of March 31, 2015	2,300
Change in fair value of convertible preferred stock liability through date of Series A second tranche issuance	17,900
Recognition of fair value upon issuance of second tranche Series A convertible preferred stock	(20,200		)

Balance as of June 30, 2015	$	—

Schedule of fair value of available for sale marketable securities

As of June 30, 2016 and December 31, 2015, the fair value of available for sale marketable securities by type of security were as follows (in thousands):

	June 30, 2016
			Gross		Gross
	Amortized		Unrealized		Unrealized
	Cost		Gains		Losses			Fair Value

U.S. Treasury securities	$	147,731	$	80	$	(2	)	$	147,809

	December 31, 2015
			Gross		Gross
	Amortized		Unrealized		Unrealized
	Cost		Gains		Losses			Fair Value

U.S. Treasury securities	$	90,326	$	—	$	(45	)	$	90,281

Balance Sheet Components (Tables)

6 Months Ended

Jun. 30, 2016

Balance Sheet Components

Schedule of prepaid and other current assets

	June 30,		December 31,
	2016		2015
Prepaid and Other Current Assets
Prepaid insurance	$	306	$	15
Prepaid research and development manufacturing expenses	208		722
Tenant improvement allowance receivable	—		347
Other	829		193

	$	1,343	$	1,277

Schedule of property and equipment, net

Property and Equipment, net
Leasehold improvements	$	1,688		$	74
Laboratory equipment	1,471			829
Computer equipment and purchased software	33			18
Construction in progress	—			1,059

	3,192			1,980
Less: accumulated depreciation and amortization	(385		)	(135		)

	$	2,807		$	1,845

Schedule of accrued and other liabilities

Accrued and Other Liabilities
Accrued clinical trial related	$	597	$	376
Accrued manufacturing expense	537		12
Personnel related	360		305
Deferred rent	305		223
Accrued legal and accounting	163		314
Accrued contruction in progress costs	—		101
Other accrued expenses	325		164

	$	2,287	$	1,495

Schedule of other liabilities

Other Liabilities
Deferred rent	$	1,294	$	642
Shares subject to vesting	52		68

	$	1,346	$	710

Convertible Preferred Stock (Tables)

6 Months Ended

Jun. 30, 2016

Convertible Preferred Stock

Schedule of convertible preferred stock

Convertible preferred stock as of December 31, 2015 consisted of the following (in thousands, except share data):

		Shares	Net
	Shares	Issued	Carrying		Liquidation
	Authorized	& Outstanding	Value		Value
Series A	8,921,429	8,921,429	$	50,941	$	33,500
Series B	5,353,312	5,353,312	74,839		75,000


Total	14,274,741	14,274,741	$	125,780	$	108,500

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 480
-SubTopic 10
-Section S99
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=27011957&loc=d3e177068-122764

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21553-112644

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(d),(e))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6403732&loc=d3e21300-112643

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.28,29)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 30
-Article 5

+ Details

Common Stock (Tables)

6 Months Ended

Jun. 30, 2016

Common Stock.

Schedule of shares of common stock reserved for issuance, on an as-converted basis

	June 30,	December 31,
	2016	2015

Convertible preferred stock	—	14,274,741
Shares available for future option grants	2,804,750	2,559,499
Outstanding options	2,034,386	784,136
Unvested restricted common stock (founders and early exercise of stock options)	770,550	924,535
Shares reserved for employee stock purchase plan	200,000	—

Total	5,809,686	18,542,911

Stock Option Plan (Tables)

6 Months Ended

Jun. 30, 2016

Stock Option Plan

Summary of stock option activity

			Options Outstanding
					Weighted-
	Shares				Average
	Available		Number		Exercise
	for Grant		of Options		Price
Balance at December 31, 2015	2,559,499		784,136		$	4.09
Additional shares authorized	1,496,001				—
Options granted	(1,322,250	)	1,322,250		14.63
Options exercised	—		(500	)	0.28
Options forfeited	71,500		(71,500	)	4.62

Balance at June 30, 2016	2,804,750		2,034,386		$	10.92

Stock Based Compensation (Tables)

6 Months Ended

Jun. 30, 2016

Stock-Based Compensation

Schedule of expenses relating to employee and non-employee stock-based awards

The Company’s results of operations include expenses relating to employee and non-employee stock-based awards as follows (in thousands):

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2016		2015		2016		2015

Research and development	$	486	$	17	$	787	$	20
General and administrative	589		—		730		—

Total	$	1,075	$	17	$	1,517	$	20

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2016

Commitments and Contingencies.

Schedule of future minimum lease payments under the facility lease

As of June 30, 2016, future minimum lease payments under the facility lease were as follows (in thousands):

	Operating
	Leases

2016 *	$	428
2017	992
2018	1,022
2019	1,052
2020	1,085
Thereafter	90

Total	$	4,669

*Remainder of the year

Organization (Details) - USD ($) $ / shares in Units, $ in Millions	Apr. 26, 2016	Mar. 29, 2016
IPO
Initial Public Offering
Share price for IPO (in dollars per share)		$ 15.00
Issuance of stock (in shares)		4,700,000
Net proceeds from IPO		$ 70.6
Over-Allotment Option
Initial Public Offering
Share price for IPO (in dollars per share)	$ 15.00
Issuance of stock (in shares)	502,618

Summary of Significant Accounting Policies - Basis of presentation and credit risk (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2016 USD ($) segment item	Dec. 31, 2015 USD ($)
Summary of Significant Accounting Policies
Accumulated deficit	$ (46,488)	$ (31,496)
Cash, cash equivalents and marketable securities	$ 152,200
Concentrations of Credit Risk and Other Risks and Uncertainties
Number of highly credit qualified financial institutions \| item	2
Segments
Number of operating segments \| segment	1

- Definition

Cash includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the customer may deposit additional funds at any time and effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid Investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Short-term investments, exclusive of cash equivalents, generally consist of marketable securities intended to be sold within one year (or the normal operating cycle if longer) and may include trading securities, available-for-sale securities, or held-to-maturity securities (if maturing within one year), as applicable.

+ References + Details

Summary of Significant Accounting Policies - Property and Equipment, Net (Details)	6 Months Ended
	Jun. 30, 2016
Laboratory equipment
Property and Equipment, Net
Estimated Useful lives	5 years
Computer equipment and purchased software
Property and Equipment, Net
Estimated Useful lives	3 years

Net Loss per Share - Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Numerator:
Net loss-basic and diluted	$ (8,645)	$ (20,232)	$ (14,992)	$ (22,145)
Denominator:
Weighted average common shares outstanding	20,771,392	1,196,615	11,414,296	1,158,193
Less: weighted average common shares subject to repurchase	(811,933)	(850,276)	(845,734)	(836,325)
Weighted average common shares used to compute basic and diluted net loss per share	19,959,459	346,339	10,568,562	321,868
Net loss per share, basic and diluted (in dollars per share)	$ (0.43)	$ (58.42)	$ (1.42)	$ (68.80)

- Definition

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

+ References + Details

Net Loss per Share - Anti-Dilutive Securities (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Excluded from the calculation of diluted net loss per share, due to anti-dilutive effect
Shares of common stock equivalents	2,804,936	9,910,505	2,804,936	9,910,505
Convertible Preferred Stock
Excluded from the calculation of diluted net loss per share, due to anti-dilutive effect
Shares of common stock equivalents		8,921,429		8,921,429
Common stock subject to repurchase
Excluded from the calculation of diluted net loss per share, due to anti-dilutive effect
Shares of common stock equivalents	770,550	820,440	770,550	820,440
Outstanding options
Excluded from the calculation of diluted net loss per share, due to anti-dilutive effect
Shares of common stock equivalents	2,034,386	168,636	2,034,386	168,636

Fair Value Measurements - Recurring (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Mar. 31, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015	Nov. 26, 2014
Transfer between levels
Transfer of assets from level 1 to 2			$ 0
Transfer of assets from level 2 to 1			0
Transfer of liabilities from level 1 to 2			0
Transfer of liabilities from level 2 to 1			0
Assets
Marketable securities			147,809		$ 90,281
Issuances, changes in fair value, exercise and reclassification of the Level 3 financial instrument
Change in Fair Value of Convertible Preferred Stock Liability	$ 17,900			$ 17,600
U.S. Treasury securities
Assets
Marketable securities			$ 147,809		90,281
Maximum remaining maturity of marketable securities			7 months
Recurring
Assets
Cash equivalents			$ 2,676		3,245
Marketable securities			147,809		90,281
Total Assets			150,485		93,526
Recurring \| Level 1
Assets
Cash equivalents			2,676		3,245
Marketable securities			147,809		90,281
Total Assets			$ 150,485		$ 93,526
Recurring \| Level 3
Issuances, changes in fair value, exercise and reclassification of the Level 3 financial instrument
Balance as of the beginning of the period	2,300	$ 2,600		$ 2,600
Change in Fair Value of Convertible Preferred Stock Liability		(300)
Balance as of the end of the period		$ 2,300
Series A convertible preferred stock
Liabilities
Convertible preferred stock liability						$ 2,600
Issuances, changes in fair value, exercise and reclassification of the Level 3 financial instrument
Change in Fair Value of Convertible Preferred Stock Liability	17,900
Series A convertible preferred stock \| Recurring \| Level 3
Issuances, changes in fair value, exercise and reclassification of the Level 3 financial instrument
Change in Fair Value of Convertible Preferred Stock Liability	17,900
Fair value of convertible preferred stock liability recognized upon issuance	$ (20,200)

Fair Value Measurements - Available For Sale (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Fair value of available for sale marketable securities
Fair Value	$ 147,809	$ 90,281
U.S. Treasury securities
Fair value of available for sale marketable securities
Amortized Cost	147,731	90,326
Gross Unrealized Gains	80
Gross Unrealized Losses	(2)	(45)
Fair Value	$ 147,809	$ 90,281

License and Collaboration Agreements (Details) - Licensing Agreement - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Scripps Research Institute
License and Collaboration Agreements
Minimum annual fee		$ 25,000
Aggregate potential milestone payments	$ 2,600,000
Milestone payments made	$ 0
Period of written notice to terminate	90 days
Scripps Research Institute \| Research and development
License and Collaboration Agreements
One-time cash payment		$ 10,000
Vernalis (R&D) Limited
License and Collaboration Agreements
Milestone payments made	$ 0
Period of written notice to terminate	90 days
Vernalis (R&D) Limited \| Minimum
License and Collaboration Agreements
Aggregate potential milestone payments	$ 200,000,000
Vernalis (R&D) Limited \| Research and development
License and Collaboration Agreements
One-time cash payment	$ 1,000,000

Balance Sheet Components - Prepaid and Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Prepaid and Other Current Assets
Prepaid Insurance	$ 306	$ 15
Prepaid research and development manufacturing expenses	208	722
Tenant improvement allowance receivable		347
Other	829	193
Total of prepaid and other current assets	$ 1,343	$ 1,277

Balance Sheet Components - Property and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Property and Equipment, net
Property and equipment, gross	$ 3,192	$ 1,980
Less: accumulated depreciation and amortization	(385)	(135)
Property and equipment, net	2,807	1,845
Leasehold improvements
Property and Equipment, net
Property and equipment, gross	1,688	74
Laboratory equipment
Property and Equipment, net
Property and equipment, gross	1,471	829
Computer equipment and purchased software
Property and Equipment, net
Property and equipment, gross	$ 33	18
Construction in progress
Property and Equipment, net
Property and equipment, gross		$ 1,059

Balance Sheet Components - Accrued and Other Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Accrued and Other Liabilities
Accrued clinical trial related	$ 597	$ 376
Accrued Manufacturing Expense	537	12
Personnel related	360	305
Deferred rent	305	223
Accrued legal and accounting	163	314
Accrued construction in progress costs		101
Other accrued expenses	325	164
Accrued Liabilities and Other Liabilities, Total	$ 2,287	$ 1,495

Balance Sheet Components - Other Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Other Liabilities
Deferred rent	$ 1,294	$ 642
Shares subject to vesting	52	68
Total of other liabilities	$ 1,346	$ 710

Convertible Preferred Stock (Details) $ in Thousands		6 Months Ended
Convertible Preferred Stock (Details) $ in Thousands	Mar. 29, 2016 shares	Jun. 30, 2016 USD ($) item shares	Dec. 31, 2015 USD ($) shares	Nov. 26, 2014 shares
Convertible Preferred Stock
Number of classes of stock authorized \| item		2
Convertible preferred stock
Shares Authorized		0	14,274,741
Shares Issued		0	14,274,741
Shares Outstanding		0	14,274,741
Net Carrying Value \| $			$ 125,780
Liquidation Value \| $		$ 0	$ 108,500
Conversion
Number of common stock issued with the conversion of the preferred stock	14,274,741
Preferred stock conversion ratio	1
Series A convertible preferred stock
Convertible preferred stock
Shares Authorized			8,921,429	8,921,438
Shares Issued			8,921,429
Net Carrying Value \| $			$ 50,941
Liquidation Value \| $			$ 33,500
Series B convertible preferred stock
Convertible preferred stock
Shares Authorized			5,353,312
Shares Issued			5,353,312
Net Carrying Value \| $			$ 74,839
Liquidation Value \| $			$ 75,000

Convertible Preferred Stock Liability (Details) $ / shares in Units, $ in Thousands			1 Months Ended		3 Months Ended		6 Months Ended	12 Months Ended
	Jun. 10, 2015	Nov. 26, 2014 USD ($) item shares	Jun. 30, 2015 USD ($) $ / shares shares	Jan. 31, 2015 USD ($) shares	Jun. 30, 2015 USD ($)	Mar. 31, 2015 USD ($)	Jun. 30, 2015 USD ($)	Dec. 31, 2014	Jun. 30, 2016 shares	Dec. 31, 2015 shares
Convertible preferred stock
Shares Authorized \| shares									0	14,274,741
Net proceeds							$ 20,730
Change in fair value of convertible preferred stock liability					$ 17,900		$ 17,600
Series A convertible preferred stock
Convertible preferred stock
Shares Authorized \| shares		8,921,438								8,921,429
Issuance of stock (in shares) \| shares		3,395,468	4,460,715	1,065,246
Net proceeds		$ 12,600	$ 16,700	$ 4,000
Number of defined triggers for issuance of additional shares to first tranche investors on the same terms \| item		3
Convertible preferred stock liability		$ 2,600
Gain from change in estimated fair value						$ 300
Change in fair value of convertible preferred stock liability					$ 17,900
Reclassification of liability to convertible preferred stock			$ 20,200
Series A convertible preferred stock \| Obligation to issue second tranche
Convertible preferred stock
Fixed price for second tranche obligation (in dollars per share) \| $ / shares			$ 3.755
Assumed term	2 years					9 months		1 year
Interest rate (as a percent)	0.75%					0.20%		0.13%
Volatility (as a percent)	75.00%					85.00%		85.00%

Common Stock (Details)	6 Months Ended
Common Stock (Details)	Jun. 30, 2016 USD ($) Vote shares	Dec. 31, 2015 shares
Common Stock.
Common stock, shares authorized for issuance	290,000,000	20,000,000
Preferred stock, shares authorized for issuance	10,000,000	0
Number of votes per share of common stock \| Vote	1
Dividends on common stock \| $	$ 0
Shares of common stock reserved for issuance, on an as-converted basis
Convertible preferred stock, shares authorized	0	14,274,741
Shares available for future option grants	2,804,750	2,559,499
Outstanding options	2,034,386	784,136
Unvested restricted common stock (founders and early exercise of stock options)	770,550	924,535
Shares reserved for employee stock purchase plan	200,000
Total	5,809,686	18,542,911

Stock Option Plan - Stock Option Activity (Details) - $ / shares	1 Months Ended		6 Months Ended
	Mar. 31, 2016	Feb. 28, 2014	Jun. 30, 2016
Shares Available for Grant
Beginning balance			2,559,499
Ending balance			2,804,750
Number of Options
Beginning balance			784,136
Ending balance			2,034,386
2016 Plan
Stock Option Plan
Vesting period	4 years
Maximum exercise term	10 years
Exercise price of common stock of its fair value (as a percent)	100.00%
Shares Available for Grant
Beginning balance			2,559,499
Shares authorized for plan			1,496,001
Granted			(1,322,250)
Forfeited			71,500
Ending balance			2,804,750
Number of Options
Beginning balance			784,136
Granted			1,322,250
Exercised			(500)
Forfeited			(71,500)
Ending balance			2,034,386
Weighted Average Exercise Price
Beginning balance (in dollars per share)			$ 4.09
Granted (in dollars per share)			14.63
Exercised (in dollars per share)			0.28
Forfeited (in dollars per share)			4.62
Ending balance (in dollars per share)			$ 10.92
2014 Plan
Stock Option Plan
Vesting period		4 years
Maximum exercise term		10 years
Exercise price of common stock of its fair value (as a percent)		100.00%
Maximum number of options that may be re-issued under the 2016 plan	1,136,229

Stock Based Compensation - Expense Allocation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Stock-based compensation
Stock-based compensation expense	$ 1,075	$ 17	$ 1,517	$ 20
Research and development
Stock-based compensation
Stock-based compensation expense	486	$ 17	787	$ 20
General and administrative
Stock-based compensation
Stock-based compensation expense	$ 589		$ 730

Commitments and Contingencies (Details)	1 Months Ended				3 Months Ended		6 Months Ended
Commitments and Contingencies (Details)	Jun. 30, 2016 USD ($) ft²	Aug. 31, 2015 USD ($) ft²	Mar. 31, 2015 ft²	Jan. 31, 2015 ft²	Jun. 30, 2016 USD ($)	Jun. 30, 2015 USD ($)	Jun. 30, 2016 USD ($)	Jun. 30, 2015 USD ($)
Facility Lease
Leasehold improvements associated with the tenant improvement allowance	$ 1,600,000				$ 1,600,000		$ 1,600,000
Rent expense					127,000	$ 74,000	256,000	$ 120,000
Future minimum lease payments under operating leases
2016	428,000				428,000		428,000
2017	992,000				992,000		992,000
2018	1,022,000				1,022,000		1,022,000
2019	1,052,000				1,052,000		1,052,000
2020	1,085,000				1,085,000		1,085,000
Thereafter	90,000				90,000		90,000
Total	$ 4,669,000				4,669,000		4,669,000
Facilities lease \| Office and laboratory space in Burlingame, California
Facility Lease
Area of leased facility \| ft²				8,138
Additional area of lease \| ft²	4,523	10,834	3,163
Lease term				1 year
Tenant improvements to be funded by landlord	$ 250,000	$ 1,600,000			$ 250,000		$ 250,000
Lease agreement, right to extend the term							3 years