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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Operating activities    
Net loss $ (28,008) $ (23,467)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 594 310
Amortization of deferred financing costs 72 80
Amortization of deferred compensation for services 46 47
Amortization of premium on investment securities (48)  
Stock-based compensation 2,109 1,191
Changes in operating assets and liabilities:    
Prepaid expenses and other assets (2,228) 881
Accounts payable 858 2,102
Accrued compensation and benefits (1,305) (1,047)
Accrued and other liabilities 1,149 3,656
Net cash used in operating activities (26,761) (16,247)
Investing activities    
Proceeds from maturities of short-term investments 31,872  
Sales of short-term investments 10,482  
Purchases of short-term investments (18,268)  
Purchases of property and equipment (1,118) (200)
Net cash provided by (used in) investing activities 22,968 (200)
Financing activities    
Proceeds from issuance of common stock, net of issuance costs   80,837
Proceeds from issuance of common stock under stock plans 408 284
Net cash provided by financing activities 408 81,121
Net (decrease) increase in cash and cash equivalents (3,385) 64,674
Cash and cash equivalents at beginning of period 74,598 [1] 107,004
Cash and cash equivalents at end of period $ 71,213 $ 171,678
[1] Derived from the audited financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2016.