Deferred revenues, current portion

11,444

8,824

56,928

20,347

Total current liabilities

71,241

35,767

Deferred revenue, net of current portion

267,996

83,803

Deferred tax liability

520

513

Other long-term liabilities

1,803

566

Total liabilities

341,560

120,649

Commitments and contingencies

Preferred stock, $0.00001 par value; 10,000,000 shares authorized and no shares issued and outstanding at September 30, 2017 and December 31, 2016.

Common stock, $0.00001 par value; 75,000,000 shares authorized; 37,095,462 and 36,490,169 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively

Additional paid-in capital

265,625

254,871

Accumulated other comprehensive loss

(61)

(27)

Accumulated deficit

(220,086)

(176,366)

Total stockholders' equity

45,479

78,479

Total liabilities and stockholders' equity

$ 387,039

$ 199,128

[1]	The condensed consolidated balance sheet as of December 31, 2016 was derived from the audited financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2016.

CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2017	Dec. 31, 2016
Statement Of Financial Position [Abstract]
Preferred stock, par value	$ 0.00001	$ 0.00001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.00001	$ 0.00001
Common stock, shares authorized	75,000,000	75,000,000
Common stock, shares issued	37,095,462	36,490,169
Common stock, shares outstanding	37,095,462	36,490,169

CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Statement Of Income And Comprehensive Income [Abstract]
Revenues	$ 23,662	$ 2,829	$ 43,121	$ 7,151
Revenues from related party	482	625	1,429	1,620
Total revenues	24,144	3,454	44,550	8,771
Operating expenses:
Research and development	28,920	13,337	71,573	39,407
General and administrative	6,249	5,033	17,989	14,720
Total operating expenses	35,169	18,370	89,562	54,127
Loss from operations	(11,025)	(14,916)	(45,012)	(45,356)
Interest income, net	806	210	1,400	542
Other income (expense), net	(47)	45	(101)	(46)
Loss before provision for income taxes	(10,266)	(14,661)	(43,713)	(44,860)
Provision (benefit) for income taxes	(19)	1	7	7
Net loss	$ (10,247)	$ (14,662)	$ (43,720)	$ (44,867)
Net loss per share, basic and diluted	$ (0.28)	$ (0.40)	$ (1.19)	$ (1.24)
Shares used to compute net loss per share, basic and diluted	36,947,129	36,324,805	36,757,119	36,168,026
Other comprehensive loss:
Changes in unrealized (losses) / gains on short-term investments	$ 49	$ (72)	$ (34)	$ 82
Total other comprehensive (loss) / income	49	(72)	(34)	82
Comprehensive loss	$ (10,198)	$ (14,734)	$ (43,754)	$ (44,785)

CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands

9 Months Ended

Sep. 30, 2017

Sep. 30, 2016

Cash flows from operating activities:

Net loss

$ (43,720)

$ (44,867)

Adjustments to reconcile net loss to net cash provided by operating activities:

Gain on disposal of property and equipment

(1)

Depreciation and amortization

1,241

1,243

Accretion of discount on investments

392

1,256

Stock-based compensation expense

8,537

7,473

Non-cash acquisition of in-process research and development asset charged to expense

10,700

Issuance of stock in connection with services

159

Deferred income taxes

Changes in operating assets and liabilities

Accounts receivable

1,976

132

Related party accounts receivable

165

Prepaid expenses and other current assets

(952)

(2,102)

Other assets

(98)

138

Accounts payable

(3,495)

(4,059)

Accrued liabilities and other long-term liabilities

4,124

4,087

Deferred revenue

169,574

32,401

Net cash provided by operating activities

148,371

(3,968)

Cash flows from investing activities:

Purchases of property and equipment

(1,325)

(1,574)

Purchases of short-term investments

(54,183)

(121,517)

Maturities of short-term investments

84,000

126,500

Net cash provided by / (used in) investing activities

28,492

3,409

Cash flows from financing activities:

Proceeds from exercise of stock options

2,717

429

Proceeds from stockholder notes

Payment of deferred offering costs

(12)

Net cash provided by financing activities

2,717

495

Net increase in cash and cash equivalents

179,580

(64)

Cash and cash equivalents, beginning of period

104,645

^[1]

59,822

Cash and cash equivalents, end of period

284,225

59,758

Supplemental disclosures of noncash investing and financing items:

Purchases of property and equipment in accounts payable and accrued liabilities

$ 58

Non-cash acquisition of in-process research and development asset charged to expense

$ 10,700

[1]	The condensed consolidated balance sheet as of December 31, 2016 was derived from the audited financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2016.

Description of the Business	9 Months Ended
Description of the Business	Sep. 30, 2017
Disclosure Text Block [Abstract]
Description of the Business	1. Description of the Business CytomX Therapeutics, Inc. (the “Company”) is a clinical-stage, oncology-focused biopharmaceutical company pioneering a novel class of investigational antibody therapeutics based on its Probody technology platform. Probody therapeutics are masked antibodies that remain inert in healthy tissue but are activated specifically in the disease microenvironment. The Company is located in South San Francisco, California and was incorporated in the state of Delaware in September 2010.

Liquidity	9 Months Ended
Liquidity	Sep. 30, 2017
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Liquidity	2. Liquidity Since inception, the Company has incurred recurring net operating losses. As of September 30, 2017 and December 31, 2016, the Company had an accumulated deficit of $220.1 million and $176.4 million, respectively, and expects to incur losses for the foreseeable future. To date, the Company has financed its operations primarily through sales of its common stock in conjunction with the Company’s initial public offering (“IPO”), sales of its convertible preferred securities and payments received under its collaboration agreements. As of September 30, 2017 and December 31, 2016, the Company had cash, cash equivalents and short-term investments of $331.3 million and $181.9 million, respectively. The Company expects its existing capital resources will be sufficient to fund its operations for a period of at least twelve months from the date the financial statements are issued. However, if the anticipated operating results are not achieved in future periods, the Company’s planned expenditures may need to be reduced in order to extend the time period over which the then-available resources would be able to fund operations. The cost and timing of developing the Company’s products, including CX-072 and CX-2009, are highly uncertain and are subject to substantial risks and many changes. As such, the Company may alter its expenditures as a result of contingencies such as the failure of one of these product candidates in clinical development, the identification of a more promising product candidate in its research efforts or unexpected operating costs and expenditures. The Company will need to raise additional funds in the future. There can be no assurance, however, that such efforts will be successful or that, in the event that they are successful, the terms and conditions of such financing will be favorable to the Company.

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2017

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

3. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying interim condensed financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting.

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.

Certain reclassifications have been made to prior period amounts to conform to the current period presentation. For the three and nine months ended September 30, 2016, a reclassification of interest expense to interest income was made in the condensed statements of operations to conform to the current period presentation.

The December 31, 2016 condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. The condensed results of operations for the three and nine months ended September 30, 2017 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 thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 filed with the SEC.

Use of Estimates

The preparation of the 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 assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.

Concentration of Credit Risk and Other Risks and Uncertainties

The Company is subject to a number of risks similar to other biopharmaceutical companies in the early stage, including, but not limited to, the need to obtain adequate additional funding, possible failure of preclinical testing or 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 products, and protection of proprietary technology. If the Company does not successfully obtain regulatory approval, commercialize or partner any of its product candidates, it will be unable to generate revenue from product sales or achieve profitability.

Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash and cash equivalents, short-term investments and accounts receivable. Substantially all the Company’s cash is held by one financial institution. Such deposits may, at times, exceed federally insured limits. The Company invests its cash equivalents and short-term investments in highly rated money market funds and its short-term investments in U.S. Government Bonds.

Customers who represent 10% or more of the Company’s total revenue during each period presented or accounts receivable balance at each respective balance sheet date are as follows:

	Revenue												Accounts Receivable, net
	Three Months Ended September 30,						Nine Months Ended September 30,						September 30,			December 31,
	2017			2016			2017			2016			2017			2016
Customer A		34	%		52	%		41	%		61	%		1	%		93	%
Customer C		64	%		30	%		41	%		21	%		—			—
Customer B		2	%		18	%		3	%		18	%		—			7	%
Customer D		—			—			15	%		—			—			—
Customer E		—			—			—			—			99	%		—

All of the Company’s customers are located in the United States of America.

Segments

Management has determined that it has one business activity and operates as one operating segment as it only reports financial information on an aggregate basis to its chief executive officer, who is the Company’s chief operating decision maker. All long-lived assets are maintained in the United States of America.

Cash and Cash Equivalents

The Company considers all highly liquid investments purchased with original maturities of three months or less at the date of purchase to be cash equivalents.

Restricted Cash

Restricted cash represents a standby letter of credit issued pursuant to an office lease entered in December 2015.

Short-term Investments

All investments have been classified as “available-for-sale” and are carried at fair value as determined based upon quoted market prices or pricing models for similar securities at period end. Generally, those investments with contractual maturities less than 12 months at the date of purchase are considered short-term investments. Unrealized gains and losses, deemed temporary in nature, are reported as a component of accumulated other comprehensive income (loss), net of tax.

A decline in the fair value of any security below cost that is deemed other than temporary results in a charge to earnings and the corresponding establishment of a new cost basis for the security. The amortized cost of securities is adjusted for amortization of premiums and accretion of discounts to maturity. Dividend and interest income are recognized when earned. Realized gains and losses are included in earnings and are derived using the specific identification method for determining the cost of securities sold.

Property and Equipment, net

Property and equipment are recorded at cost net of accumulated depreciation and amortization. Depreciation is provided using the straight-line method over the estimated useful lives of the respective assets. The useful lives of property and equipment are as follows:

Machinery and equipment		5 years
Computer equipment and software		3 years
Furniture and fixtures		3 years
Leasehold improvements		Shorter of remaining
		lease term or estimated life of the assets

Maintenance and repairs that do not extend the life or improve the asset are expensed when incurred.

Goodwill and Intangible Assets

Goodwill represents the excess of the purchase price paid over the fair value of tangible and identifiable intangible assets acquired in business combinations. Goodwill and other intangible assets with indefinite lives are not amortized, but are assigned to reporting units and tested for impairment annually, or whenever there is an impairment indicator. Intangible assets are comprised of in-process research and development (“IPR&D”). IPR&D acquired through a business combination is capitalized as indefinite-lived intangible asset, regardless of whether the IPR&D asset has alternative future use. IPR&D not acquired through a business combination is capitalized if it has an alternative future use and expensed if it does not have an alternative future use. The Company assesses impairment indicators annually or more frequently, if a change in circumstances or the occurrence of events suggests the remaining value may not be recoverable. Intangible assets that are not deemed to have an indefinite life are amortized over their estimated useful lives. There was no impairment of goodwill or intangible assets identified during the nine months ended September 30, 2017 and the year ended December 31, 2016.

Impairment of Long-Lived Assets

Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset (or asset group) may not be recoverable and prior to any goodwill impairment test. An impairment loss is recognized when the total of estimated undiscounted future cash flows expected to result from the use of the asset (or asset group) and its eventual disposition is less than its carrying amount. Impairment, if any, would be assessed using discounted cash flows or other appropriate measures of fair value. There was no impairment of long-lived assets during the periods presented in these interim condensed financial statements.

Accrued Research and Development Costs

The Company records accrued liabilities for estimated costs of research and development activities conducted by third-party service providers, which include the conduct of preclinical and clinical studies, and contract manufacturing activities. The Company records the estimated costs of research and development activities based upon the estimated amount of services provided but not yet invoiced, and include these costs in accrued liabilities in the balance sheets and within research and development expense in the statements of operations. These costs are a significant component of the Company’s research and development expenses. The Company accrues for these costs based on factors such as estimates of the work completed and in accordance with agreements established with its third-party service providers under the service agreements. The Company makes significant judgments and estimates in determining the accrued liabilities balance in each reporting period. As actual costs become known, the Company adjusts its accrued liabilities. The Company has not experienced any material differences between accrued costs and actual costs incurred. However, the status and timing of actual services performed may vary from the Company’s estimates, resulting in adjustments to expense in future periods. Changes in these estimates that result in material changes to the Company’s accruals could materially affect the Company’s results of operations.

Comprehensive Income (Loss)

Comprehensive income (loss) represents all changes in stockholders’ equity except those resulting from distributions to stockholders. The Company’s unrealized gains and losses on short-term investments represent the only component of other comprehensive income (loss) that is excluded from the reported net loss.

Revenue Recognition

The Company recognizes revenue when all of the following criteria are met: persuasive evidence that an arrangement exists; transfer of technology has been completed or services have been rendered; the price to the customer is fixed or determinable; and collectability is reasonably assured.

The Company’s revenues are primarily derived through its license, research, development and commercialization agreements. The terms of these types of agreements may include (i) licenses for the Company’s technology or programs, (ii) research and development services, and (iii) services or obligations in connection with participation in research or steering committees. Payments to the Company under these arrangements typically include one or more of the following: nonrefundable upfront and license fees, research funding, milestone and other contingent payments to the Company for the achievement of defined collaboration objectives and certain preclinical, clinical, regulatory and sales-based events, as well as royalties on sales of any commercialized products.

In arrangements involving the delivery of more than one element, each required deliverable is evaluated to determine whether it qualifies as a separate unit of accounting. The determination is based on whether the deliverable has “standalone value” to the customer. If a deliverable does not qualify as a separate unit of accounting, it is combined with the other applicable undelivered item(s) within the arrangement and these combined deliverables are treated as a single unit of accounting.

The arrangement’s consideration that is fixed or determinable is allocated to each separate unit of accounting based on the relative selling price methodology in accordance with the selling price hierarchy, which includes vendor-specific objective evidence (“VSOE”) of selling price, if available, or third-party evidence of selling price if VSOE is not available, or the best estimate of selling price, if neither VSOE nor third-party evidence is available.

Payments or reimbursements for the Company’s research and development efforts for the arrangements where such efforts are considered as deliverables are recognized as the services are performed and are presented on a gross basis. When upfront payments are received and if there is no discernible pattern of performance and/or objectively measurable performance measures do not exist, the Company recognizes revenue ratably over the associated period of performance.

The Company’s collaboration and license agreements may include contingent payments related to specified research, development and regulatory milestones and sales-based milestones. Such payments are typically payable under the collaborations when the collaboration partner claims or selects a target, or initiates or advances a covered product candidate in preclinical or clinical development, upon submission for marketing approval of a covered product with regulatory authorities, upon receipt of actual marketing approvals of a covered product or for additional indications, or upon the first commercial sale of a covered product. Sales-based milestones are typically payable when annual sales of a covered product reach specified levels. Each contingent and milestone payment is evaluated to determine whether it is substantive and at risk to both parties. The Company recognizes any payment that is contingent upon the achievement of a substantive milestone entirely in the period in which the milestone is achieved. Any payments that are contingent upon achievement of a non-substantive milestone are recognized as revenue prospectively, when such payments become due and collectible, over the remaining expected performance period under the arrangement, which is generally the remaining period over which the research and development services are expected to be provided.

Research and Development Expenses

Research and development expenses include costs directly attributable to the conduct of research and development programs, including the cost of salaries, payroll taxes, employee benefits, materials, supplies, depreciation on and maintenance of research equipment, the cost of services provided by outside contractors, and the allocated portions of facility costs, such as rent, utilities, insurance, repairs and maintenance, depreciation, and general support services. All costs associated with research and development are expensed as incurred.

Stock-Based Compensation

The Company measures its stock-based awards made to employees based on the fair values of the awards as of the grant date using the Black-Scholes option-pricing model. Stock-based compensation expense is recognized over the requisite service period using the ratable method and is based on the value of the portion of stock-based payment awards. The Company’s stock-based compensation is adjusted in subsequent periods as forfeitures occur.

Stock-based compensation expense for options granted to non-employees as consideration for services received is measured on the date of performance at the fair value of the consideration received or the fair value of the equity instruments issued, using the Black-Scholes option-pricing model, whichever can be more reliably measured. Compensation expense for options granted to non- employees is periodically remeasured as the underlying options vest.

Income Taxes

The Company accounts for income taxes under the liability method which requires, among other things, that deferred income taxes be provided for temporary differences between the tax basis of the Company’s assets and liabilities and their financial statement reported amounts. A valuation allowance is provided against deferred tax assets unless it is more likely than not that they will be realized.

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

Basic net loss per share is calculated by dividing the net loss by the weighted-average number of shares of common stock outstanding for the period, without consideration of potentially dilutive securities. Diluted net loss per share is the same as basic net loss per share since the effect of potentially dilutive securities is anti-dilutive.

Adopted Accounting Pronouncements

Beginning 2017, the Company adopted ASU No. 2016-09, Improvements to employee share-based payment, which simplifies the accounting for employee share-based transactions. The amendments in this update cover such areas as the recognition of excess tax benefits and deficiencies, the classification of those excess tax benefits on the statement of cash flows, an accounting policy election for forfeitures, the amount an employer can withhold to cover income taxes and still qualify for equity classification, and the classification of those taxes paid on the statement of cash flows. The Company adopted ASU No. 2016-09 in the first quarter of 2017. As a result of adopting this standard, the Company made an accounting policy election to account for forfeitures as they occur. Adoption of this guidance did not have a material impact on the Company’s financial statements or its tax position.

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 requires 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. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard will be effective for the Company on January 1, 2018, which is the effective date 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. Additionally, 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 will adopt this ASU on January 1, 2018, using the modified retrospective approach. As part of the Company’s assessment work to date, it has formed an implementation work team to assess what impact the provisions of ASU 2014-09, if any, may have on the Company’s financial statements. The Company is completing an assessment of the potential impact from adopting this new standard on its financial reporting and disclosures. The Company will continue to evaluate the potential impact of the new standard, and its preliminary assessments are subject to change. Additionally, the Company will continue to monitor industry activities and any additional guidance provided by regulators, standards setters, or the accounting profession as an ongoing component of its assessment and implementation plans.

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). Under ASU No. 2016-2, an entity will be required to recognize right-of-use assets and lease liabilities on its balance sheet and disclose key information about leasing arrangements. ASU 2016-02 offers specific accounting guidance for a lessee, a lessor and sale and leaseback transactions. Lessees and lessors are required to disclose qualitative and quantitative information about leasing arrangements to enable a user of the financial statements to assess the amount, timing and uncertainty of cash flows arising from leases. For public companies, ASU No. 2016-02 is effective for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period, and requires a modified retrospective adoption, with early adoption permitted. The Company plans to adopt this guidance beginning with its first quarter ending March 31, 2019. The Company is in the process of evaluating the future impact of ASU No. 2016-02 on its financial statements.

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 are 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 the Company on January 1, 2020. The Company is in the process of evaluating the future impact of ASU No. 2016-13 on its financial statements.

In November 2016, the FASB issued ASU No. 2016-18, Restricted Cash, Statement of Cash Flows (Topic 230). ASU No. 2016-18 requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. ASU 2016-18 is effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted. The amendments in this ASU should be applied using a retrospective transition method to each period presented. The Company is in the process of evaluating the future impact of ASU No. 2016-18 on its financial statements.

In January 2017, the FASB issued ASU No. 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. The new standard simplifies the measurement of goodwill by eliminating the Step 2 impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit's goodwill with the carrying amount of that goodwill. The new guidance requires an entity to compare the fair value of a reporting unit with its carrying amount and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. The new guidance becomes effective for goodwill impairment tests in fiscal years beginning after December 15, 2019, though early adoption is permitted. The Company is currently assessing the impact of this new guidance.

In May 2017, the FASB issued ASU No. 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting. This accounting standard update provides clarity when a change to terms or conditions of a share-based payment award must be accounted for as a modification. The new guidance requires modification accounting if the vesting condition, fair value or the award classification is not the same both before and after a change to the terms and conditions of the award. The new guidance is effective on a prospective basis beginning on January 1, 2018 with early adoption permitted. The adoption of this guidance is not expected to have a significant impact on the Company’s financial statements.

Fair Value Measurements and Short-Term Investments

9 Months Ended

Sep. 30, 2017

Fair Value Disclosures [Abstract]

Fair Value Measurements and Short-Term Investments

4. Fair Value Measurements and Short-Term Investments

In accordance with Accounting Standards Codification (“ASC”) 820-10, Fair Value Measurements and Disclosures, the Company determines the fair value of financial and non-financial assets and liabilities using the fair value hierarchy, which establishes three levels of inputs that may be used to measure fair value, as follows:

•

Level I: Inputs which include quoted prices in active markets for identical assets and liabilities.

•

Level II: Inputs other than Level I that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices 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 assets or liabilities.

•

Level III: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The carrying amounts of the Company’s financial instruments, including restricted cash, accounts receivable, accounts payable and accrued liabilities approximate fair value due to their relatively short maturities. The Company’s financial instruments consist of Level I assets. Level I assets consist primarily of highly liquid money market funds and U.S. Treasury securities.

The following tables set forth the fair value of the Company’s financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used in such measurements (in thousands):

	September 30, 2017
	Level I		Level II		Level III		Total
Assets
Money market funds	$	273,227	$	—	$	—	$	273,227
Restricted cash (money market funds)		917		—		—		917
U.S. Treasury securities		47,050		—		—		47,050
Total	$	321,194	$	—	$	—	$	321,194

	December 31, 2016
	Level I		Level II		Level III		Total
Assets
Money market funds	$	89,626	$	—	$	—	$	89,626
Restricted cash (money market funds)		917		—		—		917
U.S. Treasury securities		—		77,293		—		77,293
Total	$	90,543	$	77,293	$	—	$	167,836

The following tables set forth the gross unrealized gains and losses on the Company’s investments (in thousands), none of which have been deemed to be other than temporarily impaired. The Company intends and has the ability to hold the following investments until their recovery.

	September 30, 2017
	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses			Aggregate Fair Value
Investment Securities
Money market funds	$	273,227	$	—	$	—		$	273,227
Restricted cash (money market funds)		917		—		—			917
U.S. Treasury securities		47,086		—		(36	)		47,050
Total securities	$	321,230	$	—	$	(36	)	$	321,194

	December 31, 2016
	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses			Aggregate Fair Value
Investment Securities
Money market funds	$	89,626	$	—	$	—		$	89,626
Restricted cash (money market funds)		917		—		—			917
U.S. Treasury securities		77,295		8		(10	)		77,293
Total securities	$	167,838	$	8	$	(10	)	$	167,836

The following tables set forth the contractual maturities of the securities listed above:

	September 30, 2017
Due within one year	$	321,194
Total	$	321,194

Property Plant And Equipment [Abstract]

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

Property and Equipment

9 Months Ended

Sep. 30, 2017

Property and Equipment

5. Property and Equipment

Property and equipment, net consisted of the following (in thousands):

	September 30,			December 31,
	2017			2016

Machinery and equipment	$	6,601		$	5,973
Computer equipment and software		897			888
Furniture and fixtures		643			651
Leasehold improvements		701			578
Construction in progress		86			45
Total property and equipment		8,928			8,135
Less: accumulated depreciation and amortization		(4,841	)		(3,743	)
Property and equipment, net	$	4,087		$	4,392

Depreciation and amortization expense was $368,000 and $443,000 for the three months ended September 30, 2017 and 2016, respectively, and $1.1 million and $1.2 million for the nine months ended September 30, 2017 and 2016, respectively.

Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2017

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

6. Goodwill and Intangible Assets

Goodwill and in-process research and development (“IPR&D”) assets resulted from a series of integrated financing transactions in 2010 that was accounted for as a business combination. The in-process research and development relates to the Company’s proprietary Probody technology platform and is accounted for as an indefinite-lived intangible asset until the underlying project is completed or abandoned.

Goodwill and intangible assets consisted of the following (in thousands):

	September 30,		December 31,
	2017		2016
Goodwill	$	949	$	949
In-process research and development		1,641		1,750

In connection with the collaboration agreements, the Company began amortizing the IPR&D in 2017. The IPR&D is being amortized over the estimated lives of the patents which average 12 years. The amortization for the three and nine months ended September 30, 2017 was $109,000.

Accrued Liabilities Current [Abstract]

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References + Details

Accrued Liabilities

9 Months Ended

Sep. 30, 2017

Accrued Liabilities

7. Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):

	September 30,		December 31,
	2017		2016
Research and clinical expenses	$	7,324	$	3,909
Payroll and related expenses		2,889		3,971
Legal and professional expenses		1,094		264
Property and equipment		—		331
Other accrued expenses		137		349
Total	$	11,444	$	8,824

Research and Collaboration Agreements	9 Months Ended
Research and Collaboration Agreements	Sep. 30, 2017
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Research and Collaboration Agreements	8. Research and Collaboration Agreements AbbVie Ireland Unlimited Company On April 21, 2016, the Company and AbbVie Ireland Unlimited Company (“AbbVie”) entered into two agreements, a CD71 Co-Development and Licensing Agreement (the “CD71 Agreement”) and a Discovery Collaboration and Licensing Agreement (the “Discovery Agreement” and together with the CD71 Agreement the “AbbVie Agreements”). Under the terms of the CD71 Agreement, the Company and AbbVie will co-develop a Probody Drug Conjugates (“PDC”) against CD71, with the Company responsible for pre-clinical and early clinical development. AbbVie will be responsible for later development and commercialization, with global late-stage development costs shared between the two companies. The Company will assume 35% of the net profits or net losses related to later development unless it opts-out. If the Company opts-out from participation of co-development of the CD71 PDC, AbbVie will have sole right and responsibility for the further development, manufacturing and commercialization of such CD71 PDC. AbbVie, at its sole discretion, may stop development of any CD71 PDC and terminate the CD71 Agreement if the Company does not meet certain preclinical research criteria by the applicable deadline. In such case, the Company and AbbVie may evaluate and approve an alternate CD71 PDC. If such alternate CD71 PDC is approved, then the Company and AbbVie will, in good faith, negotiate amendments to the timelines and, if necessary, the content in the research and development plan and budget and extensions to the deadlines to achieve defined success criteria. Under the CD71 Agreement, the Company received an upfront payment of $20.0 million in April 2016, and is eligible to receive up to $470.0 million in development, regulatory and commercial milestone payments and royalties on ex-US sales in the high teens to low twenties if the Company participates in the co-development of the CD71 Licensed Product subject to a reduction in such royalties if the Company opts-out from the co-development of the CD71 PDC. The Company’s share of later stage co-development costs for each CD71 PDC are capped, provided that AbbVie may offset the Company’s co-development cost above the capped amounts from future payments such as milestone payments and royalties. In July 2017, the Company received a milestone payment of $14.0 million (net of the associated license fees), which the Company recognized as revenues during the period, from AbbVie for achieving certain milestones required to be met to begin GLP toxicology studies under the CD71 Agreement. Under the terms of the Discovery Agreement, AbbVie receives exclusive worldwide rights to develop and commercialize PDC against up to two targets, one of which was selected in March 2017. The Company shall perform research services to discover the Probodies and create PDCs for the nominated collaboration targets. From that point, AbbVie shall have sole right and responsibility for development and commercialization of products comprising or containing such PDCs (“Discovery Licensed Products”). Under the Discovery Agreement, the Company received an upfront payment of $10.0 million in April 2016 and may receive an additional payment upon the selection by AbbVie of the second target and the satisfaction of certain performance conditions under the CD71 Agreement. AbbVie has not selected the second target, but the performance conditions under the CD71 Agreement were met in September 2016. The Company is also eligible to receive up to $275.0 million in target nomination, development, regulatory and commercial milestone payments and royalties in the high single to low teens from commercial sales of any resulting PDCs. The Company has determined that the CD71 and Discovery Agreements with AbbVie should be combined and evaluated as a single arrangement in determining revenue recognition, because both agreements were concurrently negotiated and executed. The Company identified the following deliverables at the inception of the AbbVie Agreements: (1) the research, development and commercialization license for CD71 Probody, (2) the research services related to CD71 Probody, (3) the obligation to participate in the CD71 Agreement joint research committee, (4) the research services related to the first discovery target (5) the research, development and commercialization license for the first discovery target, and (6) the obligation to participate in the Discovery Agreement joint research committee. The Company determined that the research, development and commercialization licenses for CD71 and discovery targets do not have a standalone value without the Company’s respective research services and expertise. The Company considered factors such as novelty of the Probody and PDC technology and lack of other parties’ expertise in this space, the Company’s rights to technology relating to a proprietary platform to enable the Probody development and AbbVie’s contractual obligation to use the Company’s research services. The Company also determined that the CD71 Agreement research, development and commercialization license, related research service and participation in the joint research committee as a single unit of accounting has a standalone value from the Discovery Agreement research, development and commercialization license, related research service and participation in the joint research committee. Therefore, the Company concluded that there are two units of accounting: CD71 Agreement unit of accounting consisting of the CD71 Agreement research, development and commercialization license, related research service and participation in the joint research committee, and the Discovery Agreement unit of accounting consisting of the Discovery Agreement research, development and commercialization license, related research service and participation in the joint research committee. The upfront payments under the AbbVie Agreements are allocated between two units of accounting based on the estimated relative selling prices of each unit. In order to determine the best estimate of selling price, the Company used the discounted cash flow method by calculating risk-adjusted net present values of estimated cash flows. The Company recognizes the allocated amounts ratably over the estimated research service period of five years. The Company recognized revenue of $15.4 million and $1.0 million for the three months ended September 30, 2017 and 2016, respectively, and $18.1 million and $1.8 million for the nine months ended September 30, 2017 and 2016, respectively, related to the AbbVie Agreements. The $15.4 million and $18.1 million of revenues recognized for the three and nine months ended September 30, 2017, respectively, include a $14.0 million milestone payment (net of the associated license fees), the Company received from AbbVie, offset by $1.0 million of sublicense fees paid, as a result of the Company achieving certain milestones required to be met to begin GLP toxicology studies under the CD71 Agreement. As of September 30, 2017 and December 31, 2016, deferred revenue related to the CD71 unit of accounting was $14.7 million and $17.7 million, respectively, and deferred revenue related to the Discovery Agreement unit of accounting was $7.3 million and $8.9 million, respectively. Amgen, Inc. On September 29, 2017, the Company and Amgen, Inc. (“Amgen”) entered into a Collaboration and License Agreement (the “Amgen Agreement”). Pursuant to the Amgen Agreement, the Company received an upfront payment of $40.0 million in October 2017. Concurrent with the entry into the Amgen Agreement, the Company and Amgen entered into a Share Purchase Agreement (the “Purchase Agreement”) pursuant to which Amgen agreed to purchase 1,156,069 shares of the Company’s common stock, par value $0.00001 per share, at a price of $17.30 per share (calculated based on a 20-day volume-weighted average price), for total proceeds of $20.0 million, which the Company received on October 6, 2017, the closing date of the transaction. On the closing date, the Registration Rights Agreement (the “Registration Rights Agreement”) between the Company and Amgen went into effect. Pursuant to the Registration Rights Agreement, Amgen agreed not to dispose of any of the shares purchased during the six-month period following the closing date (the “lock-up period”) without the prior approval of a majority of the Company’s Board of Directors. The Company estimated a premium on the stock sold to Amgen of $0.5 million, which takes into account a discount due to the lack of marketability and the six-month lockup period. Under the terms of the Amgen Agreement, the Company and Amgen will co-develop a Probody T-cell engaging bi-specific therapeutic targeting EGFR (“EGFR Products”). The Company will be responsible for early-stage development of EGFR Products and all related costs (up to certain pre-set costs and certain limits based on clinical study size). Amgen will be responsible for late-stage development, commercialization, and all related costs of EGFR Products. Following early-stage development, the Company will have the right to elect to participate financially in the global co-development of EGFR Products with Amgen, during which the Company would bear certain of the worldwide development costs for EGFR Products and Amgen would bear the rest of such costs (the “EGFR Co-Development Option”). If the Company exercises its EGFR Co-Development Option, the Company will share in somewhat less than 50% of the profit and losses from sales of such EGFR Products in the U.S., subject to certain caps, offsets, and deferrals. If the Company chooses not to exercise its EGFR Co-Development Option, the Company will not bear any costs of later stage development. The Company is eligible to receive up to $455.0 million in development, regulatory, and commercial milestone payments for EGFR Products, and royalties in the low- to mid-double digit percentage of worldwide commercial sales, provided that if the Company exercises its EGFR Co-Development option, it shall only receive royalties in the low- to mid-double digit percentage of commercial sales outside of the U.S.. Amgen also has the right to select a total of up to three targets, including the two additional targets discussed below. The Company and Amgen will collaborate in the research and development of Probody T-cell engaging bi-specifics products directed against such targets. Amgen has selected one such target (the “Amgen Other Product”). If Amgen exercises its option within a specified period of time, it can select two such additional targets (the “Amgen Option Products” and, together with the Amgen Other Product, the “Amgen Products”). Except with respect to preclinical activities to be conducted by CytomX, Amgen will be responsible, at its expense, for the development, manufacture, and commercialization of all Amgen Products. If Amgen exercises all of its options and advances all three of the Amgen Products, CytomX is eligible to receive up to $950.0 million in upfront, development, regulatory, and commercial milestones and tiered high single-digit to low-teen percentage royalties. The Company concluded that, at the inception of the agreement, Amgen’s option to select the two additional targets does not represent a deliverable of the agreement because it is a substantive option and was not issued at a significant or incremental discount. CytomX has the option to select, from programs specified in the Amgen Agreement, an existing pre-clinical stage T-cell engaging bispecific product from the Amgen pre-clinical pipeline. CytomX will be responsible, at its expense, for converting this program to a Probody T-cell engaging bispecific product, and thereafter, be responsible for development, manufacturing, and commercialization of the product (“CytomX Product”). Amgen is eligible to receive up to $203.0 million in development, regulatory, and commercial milestone payments for the CytomX Product, and tiered mid-single digit to low double-digit percentage royalties. The Company considered the criteria for combining contracts in ASC 605 and determined that the Amgen Agreement and the Purchase Agreement should be combined into one contract. The Company accounted for the Amgen Agreement based on the fair values of the assets and services exchanged. The Company identified the following significant deliverables at the inception of the Amgen Agreement: (1) the research, development and commercialization license, (2) the research and development services for the EGFR Products and the Amgen Other Product, and (3) the obligation to participate in the joint steering committee (“JSC”) and the joint research committee (JRC”). The Company determined that research, development and commercialization license and the participation in the JSC and JRC do not have stand-alone value from the research and development services and therefore those deliverables were combined into one unit of accounting. The Amgen Other Products will be accounted for as a separate unit of accounting from the EGFR Products as each has a standalone value to Amgen. Concurrent with the execution of the Amgen Agreement, the Company entered into a sublicense agreement whereby the Company granted Amgen a sublicense of its rights to one patent family that is co-owned with UCSB under its existing license agreement entered into in 2010 with UCSB. This sublicense was incremental to the patents, patent applications and knowhow covering T-cell engaging bispecific Probody molecules that is developed and owned by CytomX and licensed to Amgen. Under the existing agreement with UCSB, the Company is obligated to make a royalty payment to UCSB equal to 15% of certain kinds of proceeds from the sublicense of the technology. The Company determined that the calculation of the sublicense fee is not specifically addressed in the sublicense agreement when the Company simultaneously licenses the UCSB technology along with the technology the Company has developed internally. As of September 30,2017, the Company recorded an accrued liability of $1.2 million, which represents the Company’s current estimate of the amount to be remitted to UCSB. The Company expects to have a resolution on this estimate in 2017. The total transaction price of $51.2 million, consisting of the $40.0 million upfront payment, an estimated fair value of $10.7 million for the CytomX Product and $0.5 million of premium on the sale of our equity, was allocated between two units of accounting based on the estimated relative standalone selling price of each unit. To determine the best estimate of selling price, the Company used the discounted cash flow method by calculating risk-adjusted net present values of estimated cash flows. The Company will recognize the allocated amounts ratably over the estimated research service period. The $10.7 million allocated to the CytomX Product was recorded to research and development expense because it has no alternative future uses, and the $0.5 million premium was recorded to equity, together with the proceeds from the sale of our common stock, which closed in October 2017. The estimated fair value of assets and services received approximates the total fair value of consideration given, resulting in no gain or loss recognized on the transaction. The Company did not recognize any revenue for the three months ended September 30, 2017 as the research term commenced close to the end of the quarter. As of September 30, 2017, deferred revenue relating to the Amgen Agreement was $51.2 million. The amount due from Amgen under the Amgen Agreement was $40.0 million as of September 30, 2017. Bristol-Myers Squibb Company On May 23, 2014, the Company and Bristol-Myers Squibb Company (“BMS”) entered into a Collaboration and License Agreement (the “BMS Agreement”) to discover and develop compounds for use in human therapeutics aimed at multiple immuno-oncology targets using the Company’s Probody technology. The effective date of the BMS Agreement was July 7, 2014. Under the terms of the BMS Agreement, the Company granted BMS exclusive worldwide rights to develop and commercialize Probody therapeutics for up to four oncology targets. Each collaboration target has a two-year research term and the two additional targets must be nominated by BMS within five years of the effective date of the BMS Agreement. The research term for each collaboration target can be extended in one year increments up to three times. Pursuant to the BMS Agreement, the financial consideration from BMS was comprised of an upfront payment of $50.0 million and the Company was entitled to receive contingent payments of up to an aggregate of $1,217.0 million as follows: (i) up to $25.0 million for additional targets; (ii) up to $114.0 million in development milestone payments per research target program or up to $456.0 million if the maximum of four research targets are selected; (iii) up to $124.0 million in milestone payments for the first commercial sale in various territories for up to three indications per research target program or up to $496.0 million if the maximum of four research targets are selected, and (iv) up to $60.0 million in sales milestones payments per research target program or up to $240.0 million if maximum of four research targets are selected. The Company is entitled to royalty payments in the mid to high single digits to low teens from potential future sales. The Company will also receive research and development service fees based on a prescribed full-time employee (“FTE”) rate that is capped. The BMS Agreement also required BMS to purchase the Company’s common stock upon an IPO if certain conditions were met. In connection with the IPO in October 2015, BMS purchased 833,333 shares of the Company’s common stock at the initial public offering price and on the same terms as other purchasers in the offering. The Company identified the following deliverables at the inception of the BMS Agreement: (1) the exclusive research, development and commercialization license, (2) the research and development services and (3) the obligation to participate in the joint research committee. The Company determined that the license does not have stand-alone value to BMS without the Company’s research services and expertise related to the development of the product candidates, and accordingly, it was combined with the research services and participation in the joint research committee as a single unit of accounting. The Company received an upfront payment of $50.0 million from BMS in July 2014. The upfront payment was recorded as deferred revenue and being recognized on a ratable basis over the estimated performance period of ten years. The Company determined that the contingent payments under the BMS Agreement relating to development, sales milestone and royalties do not constitute substantive milestones and will not be accounted for under the milestone method of revenue recognition. The events leading to these payments do not meet the definition of a substantive milestone because the achievement of these events solely depends on BMS’s performance. Accordingly, any revenue from these contingent payments would be subject to an allocation of arrangement consideration and would be recognized over any remaining period of performance obligations, if any, relating to this arrangement. If there are no remaining performance obligations under the arrangement at the time the contingent payment is triggered, the contingent payment will be recognized as revenue in full upon triggering the event. In January 2016, BMS selected the third target pursuant to the BMS Agreement. Under the terms of the BMS Agreement, BMS paid the Company a $10.0 million payment. In December 2016, BMS selected the fourth and its final target pursuant to the BMS Agreement. Under the terms of the BMS Agreement, BMS paid the Company a $15.0 million payment. Both payments were recorded as deferred revenue and as a result of the fourth target selection, the performance period has been reduced from ten years to seven years and the deferred revenue is being recognized over this new performance period. In December 2016, BMS selected a clinical candidate pursuant to the BMS Agreement, which triggered a $2.0 million pre-clinical milestone payment to the Company. This milestone payment was recognized as revenue in its entirety upon the selection because the achievement of this milestone was based on the Company’s performance. On March 17, 2017, the Company and BMS entered into Amendment Number 1 to Extend Collaboration and License Agreement (the “Amendment”). The Amendment grants BMS exclusive worldwide rights to develop and commercialize Probody therapeutics for up to six additional oncology targets and two non-oncology targets. The effective date of the Amendment was April 25, 2017 (“Amendment Effective Date”). Under the terms of the Amendment, the Company will continue to collaborate with BMS to discover and conduct preclinical development of Probody therapeutics against targets selected by BMS under the terms of the Amendment. Pursuant to the Amendment, the financial consideration from BMS was comprised of an upfront payment of $200.0 million and the Company will be eligible to receive up to an aggregate of $3,586.4 million as follows: (i) up to $116.0 million in development milestone payments per target or up to $928 million if the maximum of eight targets are selected for the first product modality; (ii) up to $124.0 million in milestone payments for the first commercial sale in various territories for up to three indications per target program or up to $992.0 million if the maximum of eight targets are selected for the first product modality; (iii) up to $60.0 million in sales milestone payments per target or up to $480.0 million if maximum of eight targets are selected for the first product modality; and (iv) up to $56.3 million in development milestone payments or up to $450.4 million if the maximum of eight targets are selected for the second product modality; (v) up to $62.0 million in milestone payments for the first commercial sale in various territories for up to three indications per target program or up to $496.0 million if the maximum of eight targets are selected for the second product modality; (iii) up to $30.0 million in sales milestone payments per target or up to $240.0 million if maximum of eight targets are selected for the second product modality. The Company is also entitled to tiered mid-single to low double-digit royalties from potential future sales. The Amendment does not change the term of the BMS’ royalty obligation under the BMS Agreement. BMS’ royalty obligation continues on a licensed product-by licensed-product basis until the later of (i) the expiration of the last claim of the licensed patents covering the licensed products in the country, (ii) the twelfth anniversary of the first commercial sale of a licensed product in a country, or (iii) the expiration of any applicable regulatory, pediatric, orphan drug or data exclusivity with respect to such product. The Company received an upfront payment from BMS under the Amendment of $200.0 million in May 2017. Upon receipt of the upfront payment from BMS, the Company made a payment of $10.0 million to the Regents of the University of California (“UC”), acting through its Santa Barbara campus, under the terms of our exclusive license agreement with UC. The upfront payment was recorded as deferred revenue and is being recognized on a ratable basis over the estimated performance period of eight years. In addition, the Company concluded the Amendment to be a modification of the BMS Agreement. As a result, the Company is currently recognizing the remaining deferred revenue balance relating to the upfront payment received under the BMS Agreement as of the Amendment Effective Date prospectively over the new estimated performance period of eight years. The Company determined that the contingent payments under the Amendment relating to development, sales milestone and royalties do not constitute substantive milestones and will not be accounted for under the milestone method of revenue recognition. The events leading to these payments do not meet the definition of a substantive milestone because the achievement of these events solely depends on BMS’s performance. Accordingly, any revenue from these contingent payments would be subject to an allocation of arrangement consideration and would be recognized over any remaining period of performance obligations, if any, relating to this arrangement. If there are no remaining performance obligations under the arrangement at the time the contingent payment is triggered, the contingent payment will be recognized as revenue in full upon triggering the event. The Company recognized revenue of $8.2 million and $1.8 million for the three months ended September 30, 2017 and 2016, respectively, and $18.4 million and $5.3 million for the nine months ended September 30, 2017 and 2016, respectively. As of September 30, 2017 and December 31, 2016, deferred revenue relating to the BMS Agreement was $243.1 million and $60.9 million, respectively. The amount due from BMS under the BMS Agreement was $0.2 million and $2.2 million as of September 30, 2017 and December 31, 2016, respectively. ImmunoGen, Inc. In January 2014, the Company and ImmunoGen, Inc. (“ImmunoGen”) entered into the Research Collaboration Agreement (the “ImmunoGen Agreement”). The ImmunoGen Agreement provides the Company with the right to use ImmunoGen’s Antibody Drug Conjugate (“ADC”) technology in combination with the Company’s Probody technology to create a PDC directed at one specified target under a research license, and to subsequently obtain an exclusive, worldwide development and commercialization license to use ImmunoGen’s ADC technology to develop and commercialize such PDCs. The Company made no upfront cash payment in connection with the execution of the agreement. Instead, the Company provided ImmunoGen with the rights to CytomX’s Probody technology to create PDCs directed at two targets under the research license and to subsequently obtain exclusive, worldwide development and commercialization licenses to develop and commercialize such PDCs. ImmunoGen discontinued one of the two programs being developed under the ImmunoGen Agreement in July 2017 and substitution rights for this program terminated in February 2017. The Company recognized the remaining deferred revenue related to the discontinued program upon termination of the program. ImmunoGen continues research work on the second collaboration target. Under the terms of the agreement, both the Company and ImmunoGen are required to perform research activities on behalf of the other party for no monetary consideration. The research activities for a particular target will last until January 2018 unless they are terminated by one of the parties or when a development and commercialization license is obtained with respect to that target. Each party is solely responsible for the development, manufacturing and commercialization of any products resulting from the exclusive development and commercialization license obtained by such party under the agreement. Each party may be liable to pay annual maintenance fees to the other party if the licensed product candidate covered under each development and commercialization license has not progressed to the clinical stage of development within six years of the exercise of the development and commercialization license. In consideration for the exclusive development and commercialization license that may be obtained by ImmunoGen, the Company is entitled to receive up to $30.0 million in development and regulatory milestone payments per the research program target, up to $50.0 million in sales milestone payments per target and royalties in the mid-single digits on the commercial sales of any resulting product. For the development and commercialization license that may be obtained by the Company, ImmunoGen is entitled to receive up to $60.0 million in development and regulatory milestone payments, up to $100.0 million in sales milestone payments and royalties in the mid to high single digits on the commercial sales of any resulting product. In August 2017, the Company made a milestone payment of $1.0 million to ImmunoGen for the first patient dosing with CX-2009. The Company accounted for the ImmunoGen Agreement based on the fair value of the assets and services exchanged. The Company identified the following significant deliverables at the inception of the ImmunoGen Agreement: (1) the research license, (2) the research services, (3) the obligation to participate in the joint research committee, (4) the exclusive research, development and commercialization license and (5) the obligation to provide future technology improvements, when available. The Company determined that the research license, participation in the joint steering committee and the research services do not have stand-alone value from the development and commercialization license and therefore those deliverables were combined into one unit of accounting. The Company considered factors such the limited economic benefits to ImmunoGen if development and commercialization license is not obtained and the lack of sublicensing rights in the research license. The estimated total fair value of the consideration of $13.2 million was recorded as deferred revenue, of which $13.0 million, or $6.5 million per target, was allocated to the unit of accounting comprised of the research license, research services, participation in the joint research committee and the development and commercialization license, and $0.2 million was allocated to the future technological improvements. The Company is currently recognizing the $13.0 million upon delivery of the development and commercialization licenses. The estimated fair value of assets and services received was also $13.2 million, of which $12.7 million was allocated to the licenses received and was charged to research and development expense, with the remaining amount of $0.5 million was allocated to the research services, joint research committee participation and technology improvements, which is being expensed over the period of services to be provided. In February 2017, ImmunoGen exercised its option to obtain a development and commercialization license for one of the two targets under the ImmunoGen Agreement. Revenue for the three months ended September 30, 2017 and 2016 was $0.1 million and $0, respectively. The Company recognized revenue of $6.6 million and $0 million related primarily to the allocated revenue to the exercise of the development and commercialization license for this target for the nine months ended September 30, 2017 and 2016, respectively. As of September 30, 2017 and December 31, 2016, deferred revenue relating to the ImmunoGen Agreement was $6.6 million and $13.2 million, respectively. MD Anderson In November 2015, the Company entered into a research collaboration agreement with MD Anderson to research Probody-enabled chimeric antigen receptor killer (CAR-NK) cell therapies, known as ProCAR-NK cell therapies. Under this collaboration, MD Anderson will use the Company’s Probody technology to conduct research of ProCAR-NK cell therapies against certain targets selected by the Company in cancer immunotherapy. In October 2017, the Company extended the research term of the agreement. Under the research collaboration agreement, the Company has the right to exercise an option, during the option period expiring on October 23, 2019 and upon payment of an option exercise fee, to negotiate and acquire a worldwide, exclusive, sublicensable license from MD Anderson for development and commercialization of products directed against any of the selected targets. The research collaboration agreement will continue in effect until the earlier of (i) the date that the Company exercises the option to acquire the license from MD Anderson and (ii) the expiration of the option period. The impact of this agreement was not material for the financial statements for the three and nine months ended September 30, 2017 and 2016. Pfizer Inc. In May 2013, the Company and Pfizer Inc. (“Pfizer”) entered into a Research Collaboration, Option and License Agreement (the “Pfizer Agreement”) to collaborate on the discovery and preclinical research activities related to Probody therapeutics, and PDCs for research project targets nominated by Pfizer. Pfizer nominated two research targets in 2013 and, pursuant to the Pfizer Agreement, had the option of nominating two additional research targets. In December 2014, Pfizer selected an additional research target. The option to select a fourth target lapsed in May 2016. Pfizer has discontinued the epidermal growth factor receptor (“EGFR”) program and continues research work on two targets. The Pfizer Agreement provides Pfizer with an option to acquire an exclusive development and commercialization license for each research project target. Upon exercise of the option, Pfizer (1) will receive an exclusive development and commercialization license for use of the Probody therapeutic during the development, manufacturing and commercialization of the potential product, and (2) will be responsible for the development, manufacturing and commercialization of such potential products. Pursuant to the Pfizer Agreement, the Company received an upfront payment of $6.0 million and is entitled to receive contingent payments of up to an aggregate of $263.5 million as follows: (i) up to $4.5 million upon exercise of the license options, (ii) up to $38.0 million from the achievement of development milestones for the research target programs, (iii) up to $101.0 million in milestone payments for the first commercial sale in various territories for up to three indications per research target program, and (iv) up to $120.0 million in sales milestones payments for the research target programs. The Company is entitled to receive royalties in the mid-single digit royalties from potential future sales of product candidates. The Company will also receive research and development service fees based on a prescribed FTE rate per year that is capped. In accordance with ASC 605-25, the Company identified the following deliverables at the inception of the Pfizer Agreement: (1) the research license, (2) the research services and (3) the obligation to participate in the joint research committee. The Company determined that the research license does not have stand-alone value to Pfizer due to the specialized nature of the research services to be provided by the Company, and accordingly, this deliverable was combined with the research services and participation in the joint research committee as a single unit of accounting. The Company concluded that, at the inception of the agreement, Pfizer’s options to obtain an exclusive development and commercialization license for each research project target do not represent deliverables of the agreement because they are substantive options and do not contain a significant or incremental discount. The upfront payment of $6.0 million was recorded as deferred revenue and is being recognized on a ratable basis over the estimated performance period of seven years. In December 2014, Pfizer selected an additional target and paid $1.5 million, which was recorded as deferred revenue and is being recognized over the remaining performance period. Following the lapse of the Pfizer’s option to select a fourth target in May 2016, the amortization period of deferred revenue was adjusted to five and a half years. The Company recognized revenue of $0.5 million and $0.6 million for the three months ended September 30, 2017 and 2016, respectively and $1.4 million and $1.6 million for the nine months ended September 30, 2017 and 2016, respectively. As of September 30, 2017 and December 31, 2016, deferred revenue relating to the Pfizer Agreement was $2.1 million and $3.4 million, respectively. The amount due from Pfizer under the Agreement was $0.1 million and $0.1 million as of September 30, 2017 and December 31, 2016, respectively.

License Agreement	9 Months Ended
License Agreement	Sep. 30, 2017
Research And Development [Abstract]
License Agreement	9. License Agreement The Company has an exclusive, worldwide license agreement (the “UC Agreement”) with the Regents of the University of California (the “UC Regents”), acting through its Santa Barbara Campus, relating to the use of certain patents and technology relating to its core technology, including its therapeutic antibodies. Pursuant to the UC Agreement, the Company is obligated to (i) make royalty payments to the UC Regents on net sales of its products covered under the agreement, subject to annual minimum amounts, (ii) make milestone payments to the UC Regents upon the occurrence of certain events, (iii) make a milestone payment to the UC Regents upon occurrence of an IPO or change of control, and (iv) reimburse the UC Regents for prosecution and maintenance of the licensed patents. If the Company sublicenses its rights under the UC Agreement, it is obligated to pay the UC Regents a percentage of the total gross proceeds received in consideration of the grant of the sublicense, which total amount would be first reduced by the aggregate amount of certain research and development related expenses incurred by the Company. In 2013, the Company amended the UC Agreement to reduce the amounts due to the UC Regents upon receipt by the Company of upfront payments, milestone payments and royalties from sublicensees. In exchange for this amendment, the Company issued to the UC Regents 157,332 shares of common stock. The UC Agreement, as amended, will remain in effect until the expiration or abandonment of the last to expire of the licensed patents. The Company incurred expenses of $1.7 million and $0 million for the three months ended September 30, 2017 and 2016, respectively and $12.0 million and $1.1 million for the nine months ended September 30, 2017 and 2016, respectively, to the UC Regents under the provisions of the UC Agreement. See Note 8 under Amgen for a discussion of the $1.2 million estimated sublicense fee payable to the UC Regents. Royalty obligations The Company has annual minimum royalty obligations of $150,000 under the terms of certain exclusive licensed patent rights.

Commitments and Contingencies

9 Months Ended

Sep. 30, 2017

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

10. Commitments and Contingencies

Operating Lease

Facility Leases

On December 10, 2015, the Company entered into a lease (the “Lease”) with HCP Oyster Point III LLC (the “Landlord”) to lease approximately 76,173 rentable square feet of office and laboratory space located in South San Francisco, California for the Company’s corporate headquarters. The Company previously leased office and laboratory space located in South San Francisco, California, pursuant to a lease dated March 29, 2013, which expired pursuant to a lease termination agreement (“Lease Termination”) entered into in March 2016. The Lease Termination provided for an early termination of the prior lease and was effective on November 30, 2016. The Company was not required to pay the landlord a termination payment in connection with the early termination of the lease.

The term of the Lease commenced on October 1, 2016. The Lease has an initial term of ten years from the commencement date, and the Company has an option to extend the initial term for an additional five years at the then fair rental value as determined pursuant to the Lease.

The Lease provides for annual base rent of approximately $3.1 million in the first year of the lease term. The annual base rent for the second twelve months will be approximately $4.3 million, which will increase on an annual basis beginning from the 25^th month to approximately $5.5 million for the tenth year of the lease. The Company was entitled to an improvement allowance of up to $12.6 million, of which $2.3 million is recoverable by the landlord through an increase in rent which continues through the expiration of the initial lease term.

In addition, the Company obtained a standby letter of credit (the “Letter of Credit”) in an amount of approximately $0.9 million, which may be drawn by the Landlord to be applied for certain purposes upon the Company’s breach of any provisions under the Lease. The Company has recorded the $0.9 million Letter of Credit in restricted cash as a non-current asset on its balance sheet at September 30, 2017 and December 31, 2016.

Rent expense is recognized on a straight-line basis over the term of the lease and accordingly the Company records the difference between cash rent payments and the recognition of rent expense as a deferred rent liability.

The future minimum lease payments for all of the Company’s facility leases are as follows (in thousands):

Year Ending December 31:
2017 (three months remaining)	$	1,173
2018		4,723
2019		4,855
2020		4,990
2021 and beyond		31,511
Total	$	47,252

Rent expense was $1.1 million and $0.3 million for the three months ended September 30, 2017 and 2016, respectively, and $3.2 million and $0.5 million for the nine months ended September 30, 2017 and 2016, respectively. The amount for the nine months ended September 30, 2016 included a one-time adjustment of $0.2 million to deferred rent pursuant to the termination of the Company’s previous lease for former office and laboratory space.

Legal Proceedings

The Company is subject to claims and assessments from time to time in the ordinary course of business but is not aware of any such matters, individually or in the aggregate, that will have a material adverse effect on the Company’s financial position, results of operations or cash flows.

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. The Company currently has directors’ and officers’ insurance.

Common Stock

9 Months Ended

Sep. 30, 2017

Equity [Abstract]

Common Stock

11. Common Stock

In October 2015, the Company’s board of directors and stockholders approved the Company’s amended and restated certificate of incorporation. The amended and restated certificate of incorporation was effective as of October 14, 2015, and provides for 75,000,000 authorized shares of common stock with a par value of $0.00001 per share and 10,000,000 shares of preferred stock with a par value of $0.00001 per share.

Common stockholders are entitled to dividends if and when declared by the Board of Directors subject to the prior rights of the preferred stockholders. As of September 30, 2017 and December 31, 2016, no dividends on common stock had been declared by the Board of Directors.

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

	September 30, 2017		December 31, 2016
Options issued and outstanding		6,603,015		6,158,746
Shares available for future stock option grants		2,551,424		2,493,188
Shares reserved under the ESPP		1,005,095		683,234
		10,159,534		9,335,168

Stock Option Plans

9 Months Ended

Sep. 30, 2017

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock Option Plans

12. Stock Option Plans

In 2010, the Company adopted its 2010 Stock Incentive Plan (the “2010 Plan”) which provided for the granting of stock options to employees, directors and consultants of the Company. Options granted under the 2010 Plan were either incentive stock options (“ISOs”) or nonqualified stock options (“NSOs”).

In February 2012, the Company adopted its 2011 Stock Incentive Plan (the “2011 Plan”). The 2011 Plan is divided into two separate equity programs, an option and stock appreciation rights grant program and a stock award program. In conjunction with adopting the 2011 Plan, the Company discontinued the 2010 Plan and released the shares reserved and still available under that plan.

In connection with the consummation of the IPO in October 2015, the board of directors adopted the Company’s 2015 Equity Incentive Plan (the “2015 Plan”). In conjunction with adopting the 2015 Plan, the Company discontinued the 2011 Plan with respect to new equity awards.

The initial number of shares of common stock available for future issuance under the 2015 Plan was 2,444,735. Beginning on January 1, 2016 and continuing until the expiration of the 2015 Plan, the total number of shares of common stock available for issuance under the 2015 Plan will automatically increase annually on January 1 by 4% of the total number of issued and outstanding shares of common stock as of January 1 of the same year. As of September 30, 2017, 2,551,424 shares of common stock were available for future issuance under the 2015 Plan.

Options under the 2015 Plan may be granted for periods of up to ten years. All options issued to date have had a 10-year life. Under the terms of the 2015 Plan, options may be granted at an exercise price not less than the estimated fair value of the shares on the date of grant, as determined by the Company’s board of directors. For employees holding more than 10% of the voting rights of all classes of stock, the exercise price of ISOs and NSOs may not be less than 110% of the estimated fair value of the shares on the date of grant, as determined by the board of directors. To date, options granted generally vest over four years and vest at a rate of 25% upon the first anniversary of the issuance date and 1/48th per month thereafter.

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


	Options Outstanding
	Number of Options			Weighted-Average Exercise Price Per Share
Balances at December 31, 2016		6,158,746		$	5.939
Options granted		1,786,420			12.414
Options exercised		(562,253	)		4.168
Option forfeited/expired		(779,898	)		9.028
Balances at September 30, 2017		6,603,015		$	7.477
Options exercisable at September 30, 2017		3,627,011		$	5.119

Employee Stock Purchase Plan	9 Months Ended
Employee Stock Purchase Plan	Sep. 30, 2017
Compensation And Retirement Disclosure [Abstract]
Employee Stock Purchase Plan	13. Employee Stock Purchase Plan Concurrent with the completion of the IPO in October 2015, the Company’s Employee Stock Purchase Plan (“ESPP”) became effective. The ESPP allows eligible employees to purchase shares of the Company’s common stock at a discount through payroll deductions of up to 15% of their eligible compensation, subject to any plan limitations. The ESPP generally provides for six-month offering periods, and at the end of each offering period, employees are able to purchase shares at 85% of the lower of the fair market value of the Company’s common stock on the first trading day of the offering period or on the last trading day of the offering period. 43,040 shares were issued under the ESPP during the nine months ended September 30, 2017. Shares available for future purchase under the ESPP were 1,005,095 at September 30, 2017. The compensation expense related to the ESPP was $76,000 and $61,000 for the three months ended September 30, 2017 and 2016, respectively, and $207,000 and $82,000 for the nine months ended September 30, 2017 and 2016, respectively. As of September 30, 2017, there was $51,000 of unrecognized compensation cost related to the ESPP, which we expect to recognize over 2 months.

Stock Based Compensation

9 Months Ended

Sep. 30, 2017

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock Based Compensation

14. Stock Based Compensation

Total stock-based compensation recorded related to options granted to employees and non-employees and employee stock purchase plan was as follows (in thousands):

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2017		2016		2017		2016
Stock-based compensation expense:
Research and development	$	1,267	$	1,315	$	3,813	$	3,844
General and administrative		1,514		1,405		4,724		3,788
Total stock-based compensation expense	$	2,781	$	2,720	$	8,537	$	7,632

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 30, 2017
Related Party Transactions [Abstract]
Related Party Transactions Disclosure	15. Related Party Transactions Certain employees of Third Rock Ventures, a stockholder of the Company, provide consulting services to the Company. General and administrative expense for these services of $10,000 and $12,000 were recorded for the three months ended September 30, 2017 and 2016, respectively, and $28,000 and $36,000 were recorded for the nine months ended September 30, 2017 and 2016, respectively. The amounts outstanding and included in accounts payable were $10,000 and $12,000 as of September 30, 2017 and December 31, 2016, respectively. Revenues from related party refer to the collaboration agreement with Pfizer, one of the Company’s stockholders. The Company recognized revenue of $0.5 million and $0.6 million for the three months ended September 30, 2017 and 2016, respectively, and $1.4 million and $1.6 million for the nine months ended September 30, 2017 and 2016, respectively (Note 8). As of September 30, 2017 and December 31, 2016, deferred revenue relating to the Pfizer Agreement was $2.1 million and $3.4 million, respectively. The amount due from Pfizer under the agreement was $68,000 and $0.1 million as of September 30, 2017 and December 31, 2016, respectively.

Employee Benefit Plans	9 Months Ended
Employee Benefit Plans	Sep. 30, 2017
Compensation And Retirement Disclosure [Abstract]
Employee Benefit Plans	16. Employee Benefit Plans Defined Contribution Plan The Company sponsors a defined contribution plan under Section 401(k) of the Internal Revenue Code covering substantially all full-time U.S. employees. Employee contributions are voluntary and are determined on an individual basis subject to the maximum allowable under federal tax regulations. The Company made contributions to the plan of $27,000 and $15,000 for the three months ended September 30, 2017 and 2016, respectively, and $229,000 and $187,000 for the nine months ended September 30, 2017 and 2016, respectively.

Net Loss Per Share

9 Months Ended

Sep. 30, 2017

Earnings Per Share [Abstract]

Net Loss Per Share

17. Net Loss Per Share

The following weighted-average outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share for the periods presented, because including them would have been anti-dilutive:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2017		2016		2017		2016
Options to purchase common stock		6,713,038		6,155,800		6,976,470		6,082,572
Total		6,713,038		6,155,800		6,976,470		6,082,572

Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2017

Accounting Policies [Abstract]

Basis of Presentation

Unaudited Interim Financial Information

Use of Estimates

Concentration of Credit Risk and Other Risks and Uncertainties

Customers who represent 10% or more of the Company’s total revenue during each period presented or accounts receivable balance at each respective balance sheet date are as follows:

	Revenue												Accounts Receivable, net
	Three Months Ended September 30,						Nine Months Ended September 30,						September 30,			December 31,
	2017			2016			2017			2016			2017			2016
Customer A		34	%		52	%		41	%		61	%		1	%		93	%
Customer C		64	%		30	%		41	%		21	%		—			—
Customer B		2	%		18	%		3	%		18	%		—			7	%
Customer D		—			—			15	%		—			—			—
Customer E		—			—			—			—			99	%		—

All of the Company’s customers are located in the United States of America.

Segments

Cash and Cash Equivalents

The Company considers all highly liquid investments purchased with original maturities of three months or less at the date of purchase to be cash equivalents.

Restricted Cash

Restricted cash represents a standby letter of credit issued pursuant to an office lease entered in December 2015.

Short-term Investments

Property and Equipment, net

Machinery and equipment		5 years
Computer equipment and software		3 years
Furniture and fixtures		3 years
Leasehold improvements		Shorter of remaining
		lease term or estimated life of the assets

Maintenance and repairs that do not extend the life or improve the asset are expensed when incurred.

Goodwill and Intangible Assets

Impairment of Long-Lived Assets

Accrued Research and Development Costs

Research and Development Expenses

Comprehensive Income (Loss)

Revenue Recognition

Stock-Based Compensation

Income Taxes

Net Loss per Share

Adopted and Recent Accounting Pronouncements

Adopted Accounting Pronouncements

Recent Accounting Pronouncements

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2017

Accounting Policies [Abstract]

Schedule of Customers who Represent 10% or More of Total Revenue or Accounts Receivable Balance

Customers who represent 10% or more of the Company’s total revenue during each period presented or accounts receivable balance at each respective balance sheet date are as follows:

	Revenue												Accounts Receivable, net
	Three Months Ended September 30,						Nine Months Ended September 30,						September 30,			December 31,
	2017			2016			2017			2016			2017			2016
Customer A		34	%		52	%		41	%		61	%		1	%		93	%
Customer C		64	%		30	%		41	%		21	%		—			—
Customer B		2	%		18	%		3	%		18	%		—			7	%
Customer D		—			—			15	%		—			—			—
Customer E		—			—			—			—			99	%		—

Schedule of Useful Lives of Property and Equipment

The useful lives of property and equipment are as follows:

Machinery and equipment		5 years
Computer equipment and software		3 years
Furniture and fixtures		3 years
Leasehold improvements		Shorter of remaining
		lease term or estimated life of the assets

Fair Value Measurements and Short-Term Investments (Tables)

9 Months Ended

Sep. 30, 2017

Fair Value Disclosures [Abstract]

Schedule of Financial Assets and Liabilities Subject to Fair Value Measurements on a Recurring Basis

	September 30, 2017
	Level I		Level II		Level III		Total
Assets
Money market funds	$	273,227	$	—	$	—	$	273,227
Restricted cash (money market funds)		917		—		—		917
U.S. Treasury securities		47,050		—		—		47,050
Total	$	321,194	$	—	$	—	$	321,194

	December 31, 2016
	Level I		Level II		Level III		Total
Assets
Money market funds	$	89,626	$	—	$	—	$	89,626
Restricted cash (money market funds)		917		—		—		917
U.S. Treasury securities		—		77,293		—		77,293
Total	$	90,543	$	77,293	$	—	$	167,836

Schedule of Gross Unrealized Gains and Losses on the Company's Investments

	September 30, 2017
	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses			Aggregate Fair Value
Investment Securities
Money market funds	$	273,227	$	—	$	—		$	273,227
Restricted cash (money market funds)		917		—		—			917
U.S. Treasury securities		47,086		—		(36	)		47,050
Total securities	$	321,230	$	—	$	(36	)	$	321,194

	December 31, 2016
	Amortized Cost		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses			Aggregate Fair Value
Investment Securities
Money market funds	$	89,626	$	—	$	—		$	89,626
Restricted cash (money market funds)		917		—		—			917
U.S. Treasury securities		77,295		8		(10	)		77,293
Total securities	$	167,838	$	8	$	(10	)	$	167,836

Schedule of Contractual Maturities of the Securities

The following tables set forth the contractual maturities of the securities listed above:

	September 30, 2017
Due within one year	$	321,194
Total	$	321,194

Property Plant And Equipment [Abstract]

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

+ References + Details

Property and Equipment (Tables)

9 Months Ended

Sep. 30, 2017

Summary of Property and Equipment, Net

Property and equipment, net consisted of the following (in thousands):

	September 30,			December 31,
	2017			2016

Machinery and equipment	$	6,601		$	5,973
Computer equipment and software		897			888
Furniture and fixtures		643			651
Leasehold improvements		701			578
Construction in progress		86			45
Total property and equipment		8,928			8,135
Less: accumulated depreciation and amortization		(4,841	)		(3,743	)
Property and equipment, net	$	4,087		$	4,392

Goodwill and Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2017

Goodwill And Intangible Assets Disclosure [Abstract]

Schedule of Goodwill and Intangible Assets

Goodwill and intangible assets consisted of the following (in thousands):

	September 30,		December 31,
	2017		2016
Goodwill	$	949	$	949
In-process research and development		1,641		1,750

Accrued Liabilities (Tables)

9 Months Ended

Sep. 30, 2017

Accrued Liabilities Current [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):

	September 30,		December 31,
	2017		2016
Research and clinical expenses	$	7,324	$	3,909
Payroll and related expenses		2,889		3,971
Legal and professional expenses		1,094		264
Property and equipment		—		331
Other accrued expenses		137		349
Total	$	11,444	$	8,824

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2017

Commitments And Contingencies Disclosure [Abstract]

Schedule of Minimum Lease Payments

The future minimum lease payments for all of the Company’s facility leases are as follows (in thousands):

Year Ending December 31:
2017 (three months remaining)	$	1,173
2018		4,723
2019		4,855
2020		4,990
2021 and beyond		31,511
Total	$	47,252

Common Stock (Tables)

9 Months Ended

Sep. 30, 2017

Equity [Abstract]

Schedule Reserved Shares of Common Stock Issuance on Converted Basis

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

	September 30, 2017		December 31, 2016
Options issued and outstanding		6,603,015		6,158,746
Shares available for future stock option grants		2,551,424		2,493,188
Shares reserved under the ESPP		1,005,095		683,234
		10,159,534		9,335,168

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

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=84159872&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=65877616&loc=d3e177068-122764

Reference 3: 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))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 4: 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))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 5: 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 6: 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=84159872&loc=d3e21553-112644

Reference 7: 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=84159872&loc=d3e21475-112644

Reference 8: 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))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 9: 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=65888546&loc=d3e21300-112643

Reference 10: 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(27))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 11: 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=84159872&loc=d3e21521-112644

Reference 12: 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=84159872&loc=d3e21484-112644

Reference 13: 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=84159872&loc=d3e21538-112644

Reference 14: 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=84159872&loc=d3e21488-112644

+ Details

Stock Option Plans (Tables)

9 Months Ended

Sep. 30, 2017

Schedule of Activity Under Company's Stock Option Plans

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


	Options Outstanding
	Number of Options			Weighted-Average Exercise Price Per Share
Balances at December 31, 2016		6,158,746		$	5.939
Options granted		1,786,420			12.414
Options exercised		(562,253	)		4.168
Option forfeited/expired		(779,898	)		9.028
Balances at September 30, 2017		6,603,015		$	7.477
Options exercisable at September 30, 2017		3,627,011		$	5.119

Stock Based Compensation (Tables)

9 Months Ended

Sep. 30, 2017

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Total Stock-based Compensation Recognized

Total stock-based compensation recorded related to options granted to employees and non-employees and employee stock purchase plan was as follows (in thousands):

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2017		2016		2017		2016
Stock-based compensation expense:
Research and development	$	1,267	$	1,315	$	3,813	$	3,844
General and administrative		1,514		1,405		4,724		3,788
Total stock-based compensation expense	$	2,781	$	2,720	$	8,537	$	7,632

Net Loss Per Share (Tables)

9 Months Ended

Sep. 30, 2017

Earnings Per Share [Abstract]

Summary of Potentially Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2017		2016		2017		2016
Options to purchase common stock		6,713,038		6,155,800		6,976,470		6,082,572
Total		6,713,038		6,155,800		6,976,470		6,082,572

Liquidity - Additional Information (Details) - USD ($)
$ in Thousands

Sep. 30, 2017

Dec. 31, 2016

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Accumulated deficit

$ (220,086)

$ (176,366)

^[1]

Cash, cash equivalents, and short-term investments

$ 331,300

$ 181,900

[1]	The condensed consolidated balance sheet as of December 31, 2016 was derived from the audited financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2016.

Summary of Significant Accounting Policies - Schedule of Customers who Represent 10% or More of Total Revenue During Each Period Presented or Accounts Receivable Balance (Details) - Customer Concentration Risk	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Revenue \| Customer A
Concentration Risk [Line Items]
Concentration risk, percentage	34.00%	52.00%	41.00%	61.00%
Revenue \| Customer C
Concentration Risk [Line Items]
Concentration risk, percentage	64.00%	30.00%	41.00%	21.00%
Revenue \| Customer B
Concentration Risk [Line Items]
Concentration risk, percentage	2.00%	18.00%	3.00%	18.00%
Revenue \| Customer D
Concentration Risk [Line Items]
Concentration risk, percentage			15.00%
Accounts Receivable, net \| Customer A
Concentration Risk [Line Items]
Concentration risk, percentage			1.00%		93.00%
Accounts Receivable, net \| Customer B
Concentration Risk [Line Items]
Concentration risk, percentage					7.00%
Accounts Receivable, net \| Customer E
Concentration Risk [Line Items]
Concentration risk, percentage			99.00%

Summary of Significant Accounting Policies - Additional Information (Details)	9 Months Ended		12 Months Ended
	Sep. 30, 2017 USD ($) Activity Segment	Sep. 30, 2016 USD ($)	Dec. 31, 2016 USD ($)
Accounting Policies [Abstract]
Number of business activities \| Activity	1
Number of operating segments \| Segment	1
Impairment of goodwill	$ 0		$ 0
Impairment of intangible assets	0		$ 0
Impairment of long-lived assets	0	$ 0
Interest or penalties charged in relation to unrecognized tax benefits	$ 0

Summary of Significant Accounting Policies - Schedule of Useful Lives of Property and Equipment (Details)	9 Months Ended
	Sep. 30, 2017
Machinery and equipment
Property Plant And Equipment [Line Items]
Estimated useful life of property and equipment	5 years
Computer equipment and software
Property Plant And Equipment [Line Items]
Estimated useful life of property and equipment	3 years
Furniture and fixtures
Property Plant And Equipment [Line Items]
Estimated useful life of property and equipment	3 years
Leasehold improvements
Property Plant And Equipment [Line Items]
Estimated useful life of leasehold improvements, description	Shorter of remaining lease term or estimated life of the assets

Fair Value Measurements and Short-Term Investments - Schedule of Financial Assets and Liabilities Subject to Fair Value Measurements on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Assets
Assets, fair value	$ 321,194	$ 167,836
Money market funds
Assets
Assets, fair value	273,227	89,626
Restricted cash (money market funds)
Assets
Assets, fair value	917	917
U.S. Treasury securities
Assets
Assets, fair value	47,050	77,293
Level I
Assets
Assets, fair value	321,194	90,543
Level I \| Money market funds
Assets
Assets, fair value	273,227	89,626
Level I \| Restricted cash (money market funds)
Assets
Assets, fair value	917	917
Level I \| U.S. Treasury securities
Assets
Assets, fair value	$ 47,050
Level II
Assets
Assets, fair value		77,293
Level II \| U.S. Treasury securities
Assets
Assets, fair value		$ 77,293

Fair Value Measurements and Short-Term Investments - Schedule of Gross Unrealized Gains and Losses on the Company's Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost	$ 321,230	$ 167,838
Gross Unrealized Holding Gains		8
Gross Unrealized Holding Losses	(36)	(10)
Aggregate Fair Value	321,194	167,836
Money market funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost	273,227	89,626
Aggregate Fair Value	273,227	89,626
Restricted cash (money market funds)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost	917	917
Aggregate Fair Value	917	917
U.S. Treasury securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost	47,086	77,295
Gross Unrealized Holding Gains		8
Gross Unrealized Holding Losses	(36)	(10)
Aggregate Fair Value	$ 47,050	$ 77,293

Fair Value Measurements and Short-Term Investments - Schedule of Contractual Maturities of the Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Fair Value Disclosures [Abstract]
Due within one year	$ 321,194
Total	$ 321,194	$ 167,836

Property and Equipment - Summary of Property and Equipment, Net (Details) - USD ($)
$ in Thousands

Sep. 30, 2017

Dec. 31, 2016

Less: accumulated depreciation and amortization

$ 8,928

$ 8,135

(4,841)

(3,743)

Property and equipment, net

4,087

4,392

^[1]

Machinery and equipment

Computer equipment and software

6,601

5,973

897

888

Furniture and fixtures

643

651

Leasehold improvements

701

578

Construction in progress

Goodwill And Intangible Assets Disclosure [Abstract]

$ 86

$ 45

[1]	The condensed consolidated balance sheet as of December 31, 2016 was derived from the audited financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2016.

Property and Equipment - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Property Plant And Equipment [Abstract]
Depreciation and amortization	$ 368	$ 443	$ 1,100	$ 1,200

Goodwill and Intangible Assets - Schedule of Goodwill and Intangible Assets (Details) - USD ($)
$ in Thousands

Sep. 30, 2017

Dec. 31, 2016

^[1]

Goodwill

$ 949

In-process research and development

$ 1,641

$ 1,750

[1]	The condensed consolidated balance sheet as of December 31, 2016 was derived from the audited financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2016.

Goodwill and Intangible Assets - Additional Information (Details) - IPR&D [Member] - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2017
Finite Lived Intangible Assets [Line Items]
Average estimated lives of patents		12 years
Amortization of intangible assets	$ 109,000	$ 109,000

Accrued Liabilities - Summary of Accrued Liabilities (Details) - USD ($)
$ in Thousands

Sep. 30, 2017

Dec. 31, 2016

Accrued Liabilities Current [Abstract]

Research and clinical expenses

$ 7,324

$ 3,909

Payroll and related expenses

2,889

3,971

Legal and professional expenses

1,094

264

Property and equipment

331

Other accrued expenses

137

349

Total

$ 11,444

$ 8,824

^[1]

[1]	The condensed consolidated balance sheet as of December 31, 2016 was derived from the audited financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2016.

Research and Collaboration Agreements - AbbVie Ireland Unlimited Company - Additional Information (Details) - AbbVie Ireland Unlimited Company		1 Months Ended		3 Months Ended		9 Months Ended
	Apr. 21, 2016 USD ($) Agreement Target AccountingUnit	Jul. 31, 2017 USD ($)	Apr. 30, 2016 USD ($)	Sep. 30, 2017 USD ($) Target	Sep. 30, 2016 USD ($)	Sep. 30, 2017 USD ($) Target	Sep. 30, 2016 USD ($)	Dec. 31, 2016 USD ($)
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Number of accounting units \| AccountingUnit	2
Estimated research service period						5 years
Revenue recognized from collaborative arrangement				$ 15,400,000	$ 1,000,000	$ 18,100,000	$ 1,800,000
Collaborative Arrangement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Number of collaboration agreements \| Agreement	2
Percentage of net profits or net losses related to development costs	35.00%
CD71 Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Milestone payment received		$ 14,000,000
Sublicense fees paid						1,000
Deferred revenue				$ 14,700,000		$ 14,700,000		$ 17,700,000
CD71 Agreement \| Up Front Payment Arrangement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Upfront payment received			$ 20,000,000
CD71 Agreement \| Maximum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Contingent payments receivable upon achieving development, regulatory and commercial milestones	$ 470,000,000
Discovery Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Number of targets selected \| Target				1		1
Deferred revenue				$ 7,300,000		$ 7,300,000		$ 8,900,000
Discovery Agreement \| Up Front Payment Arrangement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Upfront payment received			$ 10,000,000
Discovery Agreement \| Maximum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Number of targets \| Target	2
Discovery Agreement \| Maximum \| Development, Regulatory and Commercial Milestone Payments
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Contingent milestone payments receivable	$ 275,000,000

Research and Collaboration Agreements - Amgen, Inc - Additional Information (Details)

1 Months Ended

3 Months Ended

9 Months Ended

Sep. 29, 2017

USD ($)

Target

Oct. 31, 2017

USD ($)

$ / shares

Sep. 30, 2017

USD ($)

$ / shares

Sep. 30, 2017

USD ($)

$ / shares

Dec. 31, 2016

USD ($)

$ / shares

Oct. 14, 2015

$ / shares

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Common stock, par value | $ / shares

$ 0.00001

Collaboration and License Agreement | Amgen Inc

$ 11,444,000

$ 8,824,000

^[1]

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Number of targets | Target

Number of targets selected | Target

Number of additional collaboration target | Target

Total transaction price

$ 51,200,000

Portion of transaction price allocated to premium on sale of equity

500,000

Estimated fair value of products

10,700,000

Non-cash acquisition of in-process research and development expense

10,700,000

Revenue recognized from collaborative arrangement

Deferred revenue

51,200,000

Amount due from agreement

40,000,000

Collaboration and License Agreement | Amgen Inc | Maximum

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Contingent milestone payments receivable

950,000,000

Contingent payments payable

203,000,000

Collaboration and License Agreement | Amgen Inc | Maximum | EGFR Products

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Contingent milestone payments receivable

$ 455,000,000

Percentage share of profit and losses

50.00%

Collaboration and License Agreement | Amgen Inc | Subsequent Event

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Common stock, shares issuable under agreement | shares

1,156,069

Common stock, shares issuable under agreement, price per share | $ / shares

$ 17.30

Common stock, par value | $ / shares

$ 0.00001

Common stock, value of shares issued in connection with agreement

$ 20,000,000

Period used to calculate weighted average price per share

20 days

Lock-up period for share disposal

6 months

Estimated premium on the stock sold

$ 500,000

Collaboration and License Agreement | Amgen Inc | Subsequent Event | Up Front Payment Arrangement

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Upfront payment received

$ 40,000,000

Sublicense Agreement | Amgen Inc | UC Regents

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Royalty payment percentage

15.00%

Common stock, shares issued

$ 1,200,000

[1]	The condensed consolidated balance sheet as of December 31, 2016 was derived from the audited financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2016.

Research and Collaboration Agreements - Bristol-Myers Squibb Company - Additional Information (Details)			1 Months Ended		3 Months Ended		9 Months Ended		12 Months Ended
	Apr. 25, 2017 USD ($) Target ResearchTarget SaleIndicator	Jul. 07, 2014 USD ($) Target Term ResearchTarget SaleIndicator	May 31, 2017 USD ($)	Oct. 31, 2015 shares	Sep. 30, 2017 USD ($)	Sep. 30, 2016 USD ($)	Sep. 30, 2017 USD ($)	Sep. 30, 2016 USD ($)	Dec. 31, 2016 USD ($)	Jan. 31, 2016 USD ($)
UC Regents
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Milestone and minimum annual royalty provision paid					$ 1,700,000	$ 0	$ 12,000,000	$ 1,100,000
Collaborative Arrangement \| Bristol Myers Squibb Company
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Collaboration target research term		2 years
Number of additional collaboration target \| Target		2
Research terms							Each collaboration target has a two-year research term and the two additional targets must be nominated by BMS within five years of the effective date of the BMS Agreement. The research term for each collaboration target can be extended in one year increments up to three times.
Extension of research term for each collaboration target		1 year
Estimated performance period of agreement	8 years						10 years
Deferred revenue					243,100,000		$ 243,100,000		$ 60,900,000
Revised estimated performance period of agreement							7 years
Revenue recognized from collaborative arrangement					8,200,000	$ 1,800,000	$ 18,400,000	$ 5,300,000
Amount due from agreement					$ 200,000		$ 200,000		2,200,000
Collaborative Arrangement \| Bristol Myers Squibb Company \| UC Regents
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Milestone and minimum annual royalty provision paid			$ 10,000,000
Collaborative Arrangement \| Bristol Myers Squibb Company \| Up Front Payment Arrangement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Upfront payment received	$ 200,000,000	$ 50,000,000	$ 200,000,000
Collaborative Arrangement \| Bristol Myers Squibb Company \| Contingent Milestone Payment
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Deferred revenue									15,000,000	$ 10,000,000
Collaborative Arrangement \| Bristol Myers Squibb Company \| Preclinical Milestone Payment
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Revenue recognized from collaborative arrangement									$ 2,000,000
Collaborative Arrangement \| Maximum \| Achieving Development Milestone Payments
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Contingent milestone payments receivable	56,300,000
Collaborative Arrangement \| Maximum \| Achieving Development Milestone Payment if Eight Targets are Selected for Second Product Modality
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Contingent milestone payments receivable	$ 450,400,000
Number of research targets selected \| ResearchTarget	8
Collaborative Arrangement \| Maximum \| Achieving Milestone Payments for First Commercial Sale in Various Territories for Up to Three Indication
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Contingent milestone payments receivable	$ 62,000,000
Collaborative Arrangement \| Maximum \| Achieving Development Milestone Payment if Eight Targets are Selected for Second Product Modality
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Contingent milestone payments receivable	$ 496,000,000
Number of research targets selected \| ResearchTarget	8
Number of sales indicators \| SaleIndicator	3
Collaborative Arrangement \| Maximum \| Achieving Sales Milestone Payments
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Contingent milestone payments receivable	$ 30,000,000
Collaborative Arrangement \| Maximum \| Achieving Sales Milestone Payment if Eight Research Target are selected for Second Product Modality
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Contingent milestone payments receivable	$ 240,000,000
Number of research targets selected \| ResearchTarget	8
Collaborative Arrangement \| Maximum \| Bristol Myers Squibb Company
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Number of oncology target \| Target		4
Period of nomination of additional target from effective date		5 years
Times of increments for extended collaboration target research time \| Term		3
Contingent milestone payments receivable	$ 3,586,400,000	$ 1,217,000,000
Collaborative Arrangement \| Maximum \| Bristol Myers Squibb Company \| Each Of Two Additional Targets
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Contingent milestone payments receivable		25,000,000
Collaborative Arrangement \| Maximum \| Bristol Myers Squibb Company \| Achievement Of Development Milestones For Each Research Target Program
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Contingent milestone payments receivable	116,000,000	114,000,000
Collaborative Arrangement \| Maximum \| Bristol Myers Squibb Company \| Achievement Of Development Milestones If Four Research Targets Selected By Counterparty
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Contingent milestone payments receivable		$ 456,000,000
Number of research targets selected \| ResearchTarget		4
Collaborative Arrangement \| Maximum \| Bristol Myers Squibb Company \| Achieving First Commercial Sale In Various Territories
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Contingent milestone payments receivable	$ 124,000,000	$ 124,000,000
Number of sales indicators \| SaleIndicator	3	3
Collaborative Arrangement \| Maximum \| Bristol Myers Squibb Company \| Achieving First Commercial Sale If Four Research Targets Selected By Counterparty
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Contingent milestone payments receivable		$ 496,000,000
Number of research targets selected \| ResearchTarget		4
Collaborative Arrangement \| Maximum \| Bristol Myers Squibb Company \| Achieving Sales Milestones For Each Research Target Program
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Contingent milestone payments receivable	$ 60,000,000	$ 60,000,000
Collaborative Arrangement \| Maximum \| Bristol Myers Squibb Company \| Achieving Sales Milestones If Four Research Targets Selected By Counterparty
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Contingent milestone payments receivable		$ 240,000,000
Number of research targets selected \| ResearchTarget		4
Collaborative Arrangement \| Maximum \| Bristol Myers Squibb Company \| Achievement of Development Milestones if Eight Research Targets Selected by Counterparty
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Contingent milestone payments receivable	$ 928,000,000
Number of research targets selected \| ResearchTarget	8
Collaborative Arrangement \| Maximum \| Bristol Myers Squibb Company \| Achieving Eight Targets Selected for the First Product Modality
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Contingent milestone payments receivable	$ 992,000,000
Number of research targets selected \| ResearchTarget	8
Collaborative Arrangement \| Maximum \| Bristol Myers Squibb Company \| Achieving Sales Milestones if Eight Research Targets Selected for First Product Modality
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Contingent milestone payments receivable	$ 480,000,000
Number of research targets selected \| ResearchTarget	8
Bristol Myers Squibb Agreement \| Initial Public Offering
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Common stock, shares issued in connection with agreement \| shares				833,333
Collaboration and License Agreement \| Bristol Myers Squibb Company
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Number of non-oncology target \| Target	2
Collaboration and License Agreement \| Maximum \| Bristol Myers Squibb Company
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Number of oncology target \| Target	6

Research and Collaboration Agreements - ImmunoGen, Inc - Additional Information (Details) - Collaborative Arrangement - Immuno Gen Inc - USD ($)	1 Months Ended		3 Months Ended		9 Months Ended
	Aug. 31, 2017	Jan. 31, 2014	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Milestones payments made during period	$ 1,000,000
Estimated total fair value consideration recorded as deferred revenue		$ 13,200,000	$ 6,600,000		$ 6,600,000		$ 13,200,000
Estimated fair value of assets and services		13,200,000
Revenue recognized from collaborative arrangement			$ 100,000	$ 0	$ 6,600,000	$ 0
Licenses Received
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Estimated fair value of assets and services		12,700,000
Research Services, Joint Research Committee Participation and Technology Improvements
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Estimated fair value of assets and services		500,000
Maximum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Contingent payments receivable upon achieving development and regulatory milestones		30,000,000
Contingent payments receivable upon achieving sales milestones		50,000,000
Contingent payments payable upon achieving development and regulatory milestones		60,000,000
Contingent payments payable upon achieving sales milestones		100,000,000
Up Front Payment Arrangement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Upfront cash payment		0
Research License, Research Services, Joint Research Committee, Commercialization License
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Estimated total fair value consideration recorded as deferred revenue		13,000,000
Estimated total fair value consideration recorded as deferred revenue, per target		6,500,000
Technology Improvements
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Estimated total fair value consideration recorded as deferred revenue		$ 200,000

Research and Collaboration Agreements - Pfizer Inc - Additional Information (Details) - Collaborative Arrangement - Pfizer Inc	1 Months Ended			3 Months Ended		9 Months Ended
	May 31, 2016	Dec. 31, 2014 USD ($)	May 31, 2013 USD ($) Target SaleIndicator	Sep. 30, 2017 USD ($)	Sep. 30, 2016 USD ($)	Sep. 30, 2017 USD ($)	Sep. 30, 2016 USD ($)	Dec. 31, 2016 USD ($)
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Number of research targets \| Target			2
Nominated number of additional research targets \| Target			2
Deferred revenue				$ 2,100,000		$ 2,100,000		$ 3,400,000
Estimated performance period of agreement			7 years
Additional target as deferred revenue		$ 1,500,000
Adjusted amortization period of deferred revenue	5 years 6 months
Revenue recognized from collaborative arrangement				500,000	$ 600,000	1,400,000	$ 1,600,000
Amount due from agreement				$ 68,000		$ 68,000		$ 100,000
Maximum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Contingent milestone payments receivable			$ 263,500,000
Exercise of License Options \| Maximum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Contingent milestone payments receivable			4,500,000
Achievement Of Development Milestones For Each Research Target Program \| Maximum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Contingent milestone payments receivable			38,000,000
Achieving First Commercial Sale In Various Territories \| Maximum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Contingent milestone payments receivable			$ 101,000,000
Number of sales indicators \| SaleIndicator			3
Achieving Sales Milestones For Each Research Target Program \| Maximum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Contingent milestone payments receivable			$ 120,000,000
Up Front Payment Arrangement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Upfront payment received			6,000,000
Deferred revenue			$ 6,000,000

License Agreement - Additional Information (Details) - USD ($)

3 Months Ended

9 Months Ended

Sep. 30, 2017

Sep. 30, 2016

Sep. 30, 2017

Sep. 30, 2016

Dec. 31, 2016

Dec. 31, 2013

License Agreement [Line Items]

37,095,462

36,490,169

Annual minimum royalty obligations

$ 11,444,000

$ 8,824,000

^[1]

150,000

UC Regents

License Agreement [Line Items]

Common stock, shares issued

157,332

Milestone and minimum annual royalty provision paid

1,700,000

$ 0

12,000,000

$ 1,100,000

UC Regents | Amgen Inc | Sublicense Agreement

License Agreement [Line Items]

$ 1,200,000

[1]	The condensed consolidated balance sheet as of December 31, 2016 was derived from the audited financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2016.

Commitments and Contingencies - Additional Information (Details)

1 Months Ended

3 Months Ended

9 Months Ended

Dec. 10, 2015

USD ($)

ft²

Mar. 31, 2016

Sep. 30, 2017

USD ($)

Sep. 30, 2016

USD ($)

Sep. 30, 2017

USD ($)

Sep. 30, 2016

USD ($)

Dec. 31, 2016

USD ($)

One-time adjustment to deferred rent

Restricted cash

$ 917,000

^[1]

Rent expense

1,100,000

$ 300,000

3,200,000

$ 500,000

$ 200,000

Letter of Credit

Letter of credit outstanding, amount

900,000

Restricted cash

$ 900,000

New Lease Agreement

Area of rentable office and laboratory space | ft²

76,173

Lease term description

Initial lease term

10 years

Extended lease term

5 years

Maximum one-time improvement allowance

$ 12,600,000

Improvement allowance from recoverable rent

2,300,000

New Lease Agreement | First year of lease term

New Lease Agreement | Second twelve months of lease term

Annual lease rent

3,100,000

New Lease Agreement | Tenth year of lease term

Annual lease rent

4,300,000

Amendment to Current Lease | Early Lease Termination

Annual lease rent

$ 5,500,000