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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2012	Aug. 10, 2012
Document and Entity Information
Entity Registrant Name	Verastem, Inc.
Entity Central Index Key	0001526119
Document Type	10-Q
Document Period End Date	Jun. 30, 2012
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		21,251,128
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q2

CONDENSED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2012	Dec. 31, 2011
Current assets:
Cash and cash equivalents	$ 15,751	$ 20,954
Short-term investments	22,937	26,857
Prepaid expenses and other current assets	509	130
Total current assets	39,197	47,941
Property and equipment, net	782	709
Long-term investments	65,599	8,994
Other assets		1,307
Restricted cash	86	86
Total assets	105,664	59,037
Current liabilities:
Accounts payable	2,450	2,273
Accrued expenses	763	873
Total current liabilities	3,213	3,146
Deferred rent	57	74
Liability for shares subject to repurchase	25	36
Obligation to issue warrant		406
Stockholders' equity (deficit)
Preferred stock, $0.0001 par value; 5,000 shares authorized; none issued
Common stock, $0.0001 par value; 100,000 and 53,093, shares authorized at June 30, 2012 and December 31, 2011, respectively, 21,059 and 1,559 shares issued and outstanding at June 30, 2012 and December 31, 2011, respectively	2	1
Additional paid-in capital	130,541	1,702
Accumulated other comprehensive loss	(11)	(2)
Deficit accumulated during the development stage	(28,163)	(14,467)
Total stockholders' equity (deficit)	102,369	(12,766)
Total liabilities, redeemable convertible preferred stock and stockholders' equity (deficit)	$ 105,664	59,037
Series A redeemable convertible preferred stock
Current liabilities:
Redeemable convertible preferred stock		15,939
Series B redeemable convertible preferred stock
Current liabilities:
Redeemable convertible preferred stock		31,948
Series C redeemable convertible preferred stock
Current liabilities:
Redeemable convertible preferred stock		$ 20,254

CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Jun. 30, 2012	Dec. 31, 2011
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	5,000	5,000
Preferred stock, shares issued	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	100,000	53,093
Common stock, shares issued	21,059	1,559
Common stock, shares outstanding	21,059	1,559
Series A redeemable convertible preferred stock
Redeemable convertible preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Redeemable convertible preferred stock, shares authorized		16,000
Redeemable convertible preferred stock, shares issued		16,000
Redeemable convertible preferred stock, shares outstanding		16,000
Series B redeemable convertible preferred stock
Redeemable convertible preferred stock, par value (in dollars per share)	0.0001	$ 0.0001
Redeemable convertible preferred stock, shares authorized		16,025
Redeemable convertible preferred stock, shares issued		16,025
Redeemable convertible preferred stock, shares outstanding		16,025
Series C redeemable convertible preferred stock
Redeemable convertible preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Redeemable convertible preferred stock, shares authorized		9,068
Redeemable convertible preferred stock, shares issued		9,068
Redeemable convertible preferred stock, shares outstanding		9,068

CONDENSED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended		23 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012
Operating expenses:
Research and development	$ 4,683	$ 1,726	$ 9,486	$ 2,401	$ 19,769
General and administrative	2,213	759	4,338	1,230	8,537
Total operating expenses	6,896	2,485	13,824	3,631	28,306
Loss from operations	(6,896)	(2,485)	(13,824)	(3,631)	(28,306)
Interest income	71		128		143
Net loss	(6,825)	(2,485)	(13,696)	(3,631)	(28,163)
Accretion of preferred stock		(4)	(6)	(8)	(40)
Net loss applicable to common stockholders	$ (6,825)	$ (2,489)	$ (13,702)	$ (3,639)	$ (28,203)
Net loss per share applicable to common stockholders-basic and diluted (in dollars per share)	$ (0.34)	$ (2.03)	$ (0.79)	$ (3.14)	$ (5.20)
Weighted-average number of common shares used in net loss per share applicable to common stockholders-basic and diluted (in shares)	19,863	1,225	17,278	1,158	5,425
Comprehensive loss	$ (6,791)	$ (2,485)	$ (13,705)	$ (3,631)	$ (28,174)

CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended		23 Months Ended
CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012
Operating activities
Net loss	$ (13,696)	$ (3,631)	$ (28,163)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	94	11	177
Stock-based compensation expense	3,012	91	4,699
Common stock issued in exchange for license			46
Obligation to issue a warrant in exchange for license			439
Change in fair value of obligation to issue warrant	431		398
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(379)	(79)	(509)
Other assets		(75)
Accounts payable	177	934	2,450
Accrued expenses and deferred rent	420	1,720	820
Net cash used in operating activities	(9,941)	(1,029)	(19,643)
Investing activities
Purchases of property and equipment	(167)	(385)	(960)
Purchases of investments	(116,923)		(152,774)
Maturities of investments	64,229		64,229
Increase in restricted cash		(86)	(86)
Net cash used in investing activities	(52,861)	(471)	(89,591)
Financing activities
Proceeds from issuance of redeemable convertible preferred stock		12,000	68,107
Net proceeds from the issuance of common stock and restricted common stock	57,599	72	56,878
Net cash provided by financing activities	57,599	12,072	124,985
Increase (decrease) in cash and cash equivalents	(5,203)	10,572	15,751
Cash and cash equivalents at beginning of period	20,954	3,584
Cash and cash equivalents at end of period	15,751	14,156	15,751
Supplemental disclosure of non-cash financing activity
Accretion of redeemable convertible preferred stock to redemption value	6	$ 8	40
Conversion of redeemable convertible preferred stock upon initial public offering	68,148		68,148
Reclassification of obligation to issue warrant from liabilities to equity	$ 837		$ 837

Summary of significant accounting policies

6 Months Ended

Jun. 30, 2012

Summary of significant accounting policies

Summary of significant accounting policies

1. Summary of significant accounting policies

Basis of presentation

The accompanying unaudited condensed financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") for interim financial reporting and as required by Regulation S-X, Rule 10-01. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments, consisting only of normal and recurring adjustments, considered necessary for a fair presentation of the interim financial information have been included. When preparing financial statements in conformity with GAAP, the Company must make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and related disclosures at the date of the financial statements. Actual results could differ from those estimates. Additionally, operating results for the three and six months ended June 30, 2012 are not necessarily indicative of the results that may be expected for any other interim period or for the fiscal year ending December 31, 2012. For further information, refer to the financial statements and footnotes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2011 as filed with the Securities and Exchange Commission ("SEC") on March 30, 2012.

Fair value of financial instruments

6 Months Ended

Jun. 30, 2012

Fair value of financial instruments

Fair value of financial instruments

2. Fair value of financial instruments

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


Level 1 inputs		Quoted prices in active markets for identical assets or liabilities
Level 2 inputs		Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly
Level 3 inputs		Unobservable inputs that reflect the Company's own assumptions about the assumptions market participants would use in pricing the asset or liability

The following table presents information about the Company's financial assets that have been measured at fair value at June 30, 2012 and indicates the fair value hierarchy of the valuation inputs utilized to determine such fair value (in thousands).

Description	Total		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)

Financial assets
Cash equivalents	$	4,412	$	4,412	$	—	$	—
Short-term investments		22,937		—		22,937		—
Long-term investments		65,599		—		65,599		—

Total financial assets	$	92,948	$	4,412	$	88,536	$	—

The following table presents information about the Company's financial assets and liabilities that have been measured at fair value at December 31, 2011 and indicates the fair value hierarchy of the valuation inputs utilized to determine such fair value (in thousands).

Description	Total		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)

Financial assets
Cash equivalents	$	4,102	$	3,102	$	1,000	$	—
Short-term investments		26,857		—		26,857		—
Long-term investments		8,994		—		8,994		—

Total financial assets	$	39,953	$	3,102	$	36,851	$	—

Financial liabilities
Obligation to issue warrant	$	406	$	—	$	—	$	406

Total financial liabilities	$	406	$	—	$	—	$	406

The Company's cash equivalents and investments are comprised of money market accounts, government-sponsored enterprise securities and commercial paper of publicly traded companies secured by the U.S. government. These investments have been initially valued at the transaction price and subsequently valued, at the end of each reporting period, utilizing third party pricing services or other market observable data. The pricing services utilize industry standard valuation models, including both income and market based approaches and observable market inputs to determine value. These observable market inputs include reportable trades, benchmark yields, credit spreads, broker/dealer quotes, bids, offers, current spot rates and other industry and economic events. The Company validates the prices provided by third party pricing services by reviewing their pricing methods and matrices, obtaining market values from other pricing sources, analyzing pricing data in certain instances and confirming that the relevant markets are active. After completing its validation procedures, the Company did not adjust or override any fair value measurements provided by the pricing services as of June 30, 2012 or December 31, 2011.

In connection with the license with Poniard Pharmaceuticals Inc., the Company is obligated to issue a warrant to Poniard for the purchase of the Company's common stock upon the first patient dosing using a product licensed under the agreement with Poniard; such warrant will have a three year term from the date of issuance. Prior to an initial public offering, the exercise price of the warrant would have been equal to the fair value of the common stock on the date of the most recent preferred stock financing prior to the issuance of the warrant. Upon the completion of the Company's initial public offering in January 2012, the exercise price of the warrant will be equal to the average closing price of the Company's common stock during the five trading days preceding the issuance of the warrant.

Prior to January 2012, the obligation to issue the warrant is a level 3 liability because its value measurement is based, in part, on significant inputs not observed in the market and reflects the Company's assumptions as to the expected warrant exercise price and the expected volatility of the Company's common stock. The obligation to issue the warrant was initially recorded at fair value and, prior to the Company's initial public offering, was revalued at the end of each reporting period, with the change in the fair value reported in research and development expense within the statement of operations. Upon the completion of the Company's initial public offering, the obligation to issue the warrant met the definition of an equity-classified derivative instrument since the remaining variable inputs were consistent with those in a fixed for fixed forward option agreement, and was therefore revalued as of January 26, 2012 with the change in fair value reported in research and development expense within the statement of operations. The fair value of the obligation to issue the warrant was then reclassified from liabilities to additional paid-in-capital on the Company's balance sheet. The Company will reassess the equity classification of the obligation to issue the warrant upon a change in facts and circumstances in future reporting periods.

As of December 31, 2011, the most recent issuance of the Company's preferred stock had been the issuance of the Series C Preferred Stock in November 2011. The Company estimated the value of the obligation to issue the warrant using a probability-weighted scenario analysis that incorporated the probability of the completion of an initial public offering. The analysis included estimating the stock price on each measurement date assuming that achievement of the milestone would be 100% probable. The estimated stock price contingent upon milestone achievement was determined by analyzing the post-announcement returns for public companies that progressed to Phase 1 clinical trials. The following inputs were used to determine the fair value of the obligation to issue the warrant:

				December 31, 2011

	January 26, 2012			December 31, 2011
	January 26, 2012			Non-IPO			IPO
Exercise price	$	11.09		$	6.86		$	10.00
Estimated stock price contingent upon milestone achievement	$	12.60		$	3.22		$	8.54
Expected term		4.0 years			4.1 years			4.1 years
Volatility		75	%		70	%		70	%
Dividend yield		0.00	%		0.00	%		0.00	%
Risk-free rate		0.54	%		0.60	%		0.60	%
Probability of achieving milestone		80	%		80	%		80	%
Probability of scenario		100	%		20	%		80	%

As of December 31, 2011, the fair value of the obligation to issue the warrant was recorded at $406,000. As a result of the change in inputs to the valuation model, the fair value of the obligation to issue the warrant increased by $431,000 to $837,000 at January 26, 2012. Reasonable changes in the assumptions used to calculate the fair value of the obligation to issue the warrant would not result in significant changes in the fair value.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258

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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13433-108611

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15B
-Subparagraph a, b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
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-Name Statement of Financial Accounting Standard (FAS)
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-Paragraph 44A, 44B
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef
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-Paragraph 15A
-Subparagraph a-d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
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-Paragraph 32, 33, 34
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 3, 10, 14, 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Investments

6 Months Ended

Jun. 30, 2012

Investments

Investments

3. Investments

The Company's investments are classified as available-for-sale pursuant to Accounting Standards Codification (ASC) 320, Investments—Debt and Equity Securities. The Company classifies investments available to fund current operations as current assets on its balance sheets. Investments are classified as long-term assets on the balance sheets if (i) the Company has the intent and ability to hold the investments for a period of at least one year and (ii) the contractual maturity date of the investments is greater than one year.

Investments are carried at fair value with unrealized gains and losses included as a component of accumulated other comprehensive loss, until such gains and losses are realized. If a decline in the fair value is considered other-than-temporary, based on available evidence, the unrealized loss is transferred from other comprehensive loss to the statement of operations. There were no charges taken for other-than-temporary declines in fair value of short-term or long-term investments during the three and six months ended June 30, 2012 and 2011. Realized gains and losses are included in interest income in the statement of operations. There were no realized gains or losses recognized during the three and six months ended June 30, 2012 or 2011. The Company utilizes the specific identification method as a basis to determine the cost of securities sold.

The Company reviews investments for other-than-temporary impairment whenever the fair value of an investment is less than the amortized cost and evidence indicates that an investment's carrying amount is not recoverable within a reasonable period of time. To determine whether an impairment is other-than-temporary, the Company considers the intent to sell, or whether it is more likely than not that the Company will be required to sell, the investment before recovery of the investment's amortized cost basis. Evidence considered in this assessment includes reasons for the impairment, compliance with the Company's investment policy, the severity and the duration of the impairment and changes in value subsequent to year end. As of June 30, 2012, there were no investments with a fair value that was significantly lower than the amortized cost basis or any investments that had been in an unrealized loss position for a significant period.

Cash, cash equivalents and investments at June 30, 2012 and December 31, 2011 consist of the following (in thousands):

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value

June 30, 2012
Cash and cash equivalents:
Cash and money market accounts	$	15,751	$	—	$	—		$	15,751

Investments:
Government-sponsored enterprise securities (due within 1 year)	$	17,912	$	—	$	(6	)	$	17,906
Government-sponsored enterprise securities (due within 1 - 2 years)		65,603		19		(23	)		65,599
Commercial paper secured by the U.S. government (due within 1 year)		5,032		—		(1	)		5,031

Total investments	$	88,547	$	19	$	(30	)	$	88,536

Total cash, cash equivalents, and investments	$	104,298	$	19	$	(30	)	$	104,287

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value

December 31, 2011
Cash and cash equivalents:
Cash and money market accounts	$	19,954	$	—	$	—		$	19,954
Government-sponsored enterprise securities		1,000		—		—			1,000

Total cash and cash equivalents	$	20,954	$	—	$	—		$	20,954
Investments:
Government-sponsored enterprise securities (due within 1 year)	$	10,900	$	2	$	(1	)	$	10,901
Government-sponsored enterprise securities (due within 1 - 2 years)		8,998		1		(5	)		8,994
Commercial paper secured by the U.S. government (due within 1 year)		15,954		3		(1	)		15,956

Total investments	$	35,852	$	6	$	(7	)	$	35,851

Total cash, cash equivalents, and investments	$	56,806	$	6	$	(7	)	$	56,805

- Definition

The entire disclosure for investments in certain debt and equity securities.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-Glossary Debt Security
-URI http://asc.fasb.org/extlink&oid=6509901

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Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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-Topic 320
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-URI http://asc.fasb.org/extlink&oid=6511694

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Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Prepaid expenses and other current assets

6 Months Ended

Jun. 30, 2012

Prepaid expenses and other current assets

Prepaid expenses and other current assets

4. Prepaid expenses and other current assets

Prepaid expenses and other current assets consist of the following (in thousands):

	June 30, 2012		December 31, 2011

Prepaid insurance	$	207	$	—
Prepaid other expense		169		77
Interest receivable		133		53

	$	509	$	130

Accrued expenses

6 Months Ended

Jun. 30, 2012

Accrued expenses

Accrued expenses

5. Accrued expenses

Accrued expenses consist of the following (in thousands):

	June 30, 2012		December 31, 2011

Compensation and related benefits	$	496	$	86
Professional fees		133		520
Contract research organizations		63		217
Other expenses		39		23
Deferred rent		32		27

	$	763	$	873

Net loss per share

6 Months Ended

Jun. 30, 2012

Net loss per share

Net loss per share

6. Net loss per share

Basic and diluted net loss per common share is calculated by dividing net loss applicable to common stockholders by the weighted-average number of common shares outstanding during the period, without consideration for common stock equivalents. The Company's potentially dilutive shares, which include redeemable convertible preferred stock, outstanding stock options, unvested restricted stock and restricted stock units, are considered to be common stock equivalents and are only included in the calculation of diluted net loss per share when their effect is dilutive. The following table reconciles net loss to net loss applicable to common shareholders (in thousands, except per share data):

	Three Months ended						Six Months ended

	Three Months ended						Six Months ended						Period from August 4, 2010 (inception) to June 30, 2012
	June 30, 2012			June 30, 2011			June 30, 2012			June 30, 2011			Period from August 4, 2010 (inception) to June 30, 2012
Net loss	$	(6,825	)	$	(2,485	)	$	(13,696	)	$	(3,631	)	$	(28,163	)
Accretion of redeemable convertible preferred stock		—			(4	)		(6	)		(8	)		(40	)

Net loss applicable to common stockholders	$	(6,825	)	$	(2,489	)	$	(13,702	)	$	(3,639	)	$	(28,203	)

Weighted-average number of common shares used in net loss per share applicable to common stockholders—basic and diluted		19,863			1,225			17,278			1,158			5,425
Net loss per share applicable to common stockholders—basic and diluted	$	(0.34	)	$	(2.03	)	$	(0.79	)	$	(3.14	)	$	(5.20	)

The following potentially dilutive securities were excluded from the calculation of diluted net loss per share due to their anti-dilutive effect (in thousands):

	Three Months ended				Six Months ended

	Three Months ended				Six Months ended				Period from August 4, 2010 (inception) to June 30, 2012
	June 30, 2012		June 30, 2011		June 30, 2012		June 30, 2011		Period from August 4, 2010 (inception) to June 30, 2012
Preferred stock		—		4,571		—		4,571		—
Outstanding stock options		495		284		495		284		495
Unvested restricted stock		1,143		1,831		1,143		1,831		1,143
Unvested restricted stock units		598		—		598		—		598

Redeemable convertible preferred stock

6 Months Ended

Jun. 30, 2012

Redeemable convertible preferred stock

Redeemable convertible preferred stock

7. Redeemable convertible preferred stock

In November 2010, the Company sold 4 million shares of Series A redeemable convertible preferred stock (Series A Preferred Stock) at a price of $1.00 per share for gross proceeds of $4 million. In accordance with the terms of the Series A Stock Purchase Agreement, the Company sold an additional 12 million shares at $1.00 per share in a second subsequent closing when the milestones necessary to achieve the subsequent closing were met in April 2011. The Company incurred approximately $79,000 of issuance costs as part of the first closing of the Series A Preferred Stock. No additional issuance costs were incurred as part of the second closing.

In July 2011, the Company sold approximately 16 million shares of series B redeemable convertible preferred stock (Series B Preferred Stock) at a price of $2.00 per share for gross proceeds of approximately $32 million. The Company incurred approximately $113,000 of issuance costs as part of the closing of the Series B Preferred Stock.

In November 2011, the Company sold approximately 9.1 million shares of Series C redeemable convertible preferred stock (Series C Preferred Stock) at a price of $2.25 per share for gross proceeds of $20.4 million. The Company incurred approximately $153,000 of issuance costs as part of the closing of the Series C Preferred Stock. The issuance costs associated with the Series A Preferred Stock, Series B Preferred Stock and Series C Preferred Stock (collectively, the Preferred Stock) were accreted through the earliest redemption date.

In connection with the Company's initial public offering, as discussed below, all shares of the Company's Preferred Stock were converted into 11,740,794 shares of common stock.

Common stock

6 Months Ended

Jun. 30, 2012

Common stock

Common stock

8. Common stock

Reverse Stock Split

In January 2012, the Company's board of directors and stockholders approved a one-for-3.5 reverse stock split of the Company's common stock. The reverse stock split became effective on January 10, 2012. All share and per share amounts in the financial statements have been retroactively adjusted for all periods presented to give effect to the reverse stock split, including reclassifying an amount equal to the reduction in par value to additional paid-in capital.

Initial Public Offering

In February 2012, the Company closed the initial public offering (IPO) of its common stock pursuant to a registration statement on Form S-1, as amended. An aggregate of 6,325,000 shares of common stock registered under the registration statement were sold at a public offering price of $10.00 per share, including the over-allotment option. Net proceeds of the IPO were $56.8 million.

- Definition

The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(d),(e))
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-URI http://asc.fasb.org/extlink&oid=6521494

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-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 43
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 15: http://www.xbrl.org/2003/role/presentationRef
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 16: http://www.xbrl.org/2003/role/presentationRef
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
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-Article 4

Reference 18: http://www.xbrl.org/2003/role/presentationRef
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Reference 19: http://www.xbrl.org/2003/role/presentationRef
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Reference 20: http://www.xbrl.org/2003/role/presentationRef
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Reference 21: http://www.xbrl.org/2003/role/presentationRef
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Reference 22: http://www.xbrl.org/2003/role/presentationRef
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Reference 23: http://www.xbrl.org/2003/role/presentationRef
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-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3

+ Details

Stock-based compensation

6 Months Ended

Jun. 30, 2012

Stock-based compensation

Stock-based compensation

9. Stock-based compensation

In December 2011, the Company adopted the 2012 Incentive Plan (the 2012 Plan). The 2012 Plan became effective upon the closing of the Company's IPO in February 2012. The 2012 Plan provides for the grant of incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock awards, restricted stock units and other stock-based and cash awards. Upon effectiveness, the number of shares of common stock that are reserved under the 2012 Plan is the sum of 3,428,571 shares plus the number of shares that remained available under the 2010 Plan. The number of shares reserved under the 2012 Plan is increased by the number of shares of common stock (up to a maximum of 571,242 shares) subject to outstanding awards under the 2010 Plan that expire, terminate or are otherwise surrendered, cancelled, forfeited or repurchased. The 2012 Plan includes an "evergreen provision" that allows for an annual increase in the number of shares of common stock available for issuance under the 2012 Plan. The annual increase will be added on the first day of each year beginning in 2013 and each subsequent anniversary until the expiration of the 2012 Plan, equal to the lowest of 1,285,714 shares of common stock, 4.0% of the number of shares of common stock outstanding and an amount determined by the board of directors.

Restricted stock

A summary of the Company's unvested restricted stock as of June 30, 2012 and changes during the six months ended June 30, 2012 is as follows (in thousands, except per share data):

			Weighted-average purchase price per share

Unvested at December 31, 2011	1,435		$	0.025
Vested	(292	)		0.039

Unvested at June 30, 2012	1,143		$	0.022

As of June 30, 2012, there was $7.7 million of total unrecognized stock-based compensation expense related to unvested restricted stock. The expense is expected to be recognized over a weighted average period 2.3 years.

A summary of the Company's unvested restricted stock units (RSUs) as of June 30, 2012 and changes during the six months ended June 30, 2012 is as follows (in thousands, except per share data):

			Weighted- average grant date fair value

Unvested at December 31, 2011	—		$	—
Granted	600			11.10
Cancelled	(2	)		11.10

Unvested at June 30, 2012	598		$	11.10

As of June 30, 2012, there was $5.9 million of total unrecognized stock-based compensation expense related to unvested RSUs granted under the 2012 Plan. The expense is expected to be recognized over a weighted-average period of 3.6 years.

Stock options

A summary of the Company's stock option activity and related information follows (in thousands, except per share data):

			Weighted- average price per share			Aggregate intrinsic value

Outstanding at December 31, 2011	405		$	0.75	9.9	$	176
Granted	91			10.91
Cancelled	(1	)		1.93

Outstanding at June 30, 2012	495		$	2.63	9.0	$	3,608

Exercisable at June 30, 2012	117		$	2.05	8.8	$	917

Vested and expected to vest at June 30, 2012	495		$	2.63	9.0	$	3,608

The fair value of each stock-based award is estimated on the grant date using the Black-Scholes option-pricing model using the following assumptions:

	Six Months ended June 30,

	2012			2011
Risk-free interest rate		0.8 - 2.7	%		1.9 - 2.7	%
Dividend yield		—			—
Volatility		69 - 72	%		69	%
Expected term (years)		5.3 - 6.1			6.1

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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-Name Staff Accounting Bulletin (SAB)
-Number Topic 14

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 93-6
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Significant Transactions

6 Months Ended

Jun. 30, 2012

Significant Transactions

Significant Transactions

10. Significant Transactions

On May 11, 2012, the Company acquired from S*Bio Pte Ltd, or S*Bio, compounds identified as dual inhibitors of PI3K and mTOR, including related patent rights. PI3K and mTOR are members of a network of proteins, or signaling pathway, that promotes cancer cell proliferation and survival. Under the agreement, the Company paid S*Bio an upfront fee of $350,000 and has agreed to pay S*Bio milestone payments of up to an aggregate of approximately $21.0 million upon the achievement of specified development and regulatory milestones. In addition, the Company agreed to pay to S*Bio tiered, low to mid single digit royalties as a percentage of annual net sales of each product containing an acquired compound as an ingredient. The obligation to pay royalties continues on a product by product and country by country basis until the expiration of all acquired patent rights covering the product in such country. If the Company obtains a license from a third party in order to commercialize an acquired compound contained in a product in a particular country, then the Company may deduct up to 50% of the amount paid to such third party from the royalty payments that Company owes to S*Bio for such product. The deduction is subject to specified limitations, including that in no event will any such deduction reduce a royalty payment owed to S*Bio by more than 50% as a result of all such deductions in the aggregate. There were no ongoing clinical trials at the time of the acquisition of the compounds, and the compounds acquired do not have alternative future uses, nor have they reached a stage of technological feasibility. As no process or activities were acquired, the transaction was accounted for as an asset acquisition by recording the $350,000 payment made to S*Bio to research and development expense in the three months ended June 30, 2012.

Subsequent Events

6 Months Ended

Jun. 30, 2012

Subsequent Events

Subsequent Events

11. Subsequent Events

In preparing the financial statements included in this Form 10-Q, the Company has evaluated all subsequent events that occurred after June 30, 2012 through the date of the filing of this Form 10-Q. On July 11, 2012, the Company entered into a license agreement with Pfizer Inc., or Pfizer, under which Pfizer granted the Company worldwide, exclusive rights to research, develop, manufacture and commercialize products containing certain of Pfizer's inhibitors of focal adhesion kinase (the "Products") for all therapeutic, diagnostic and prophylactic uses in humans. The Company is solely responsible, at its own expense, for the clinical development of the Products, which is to be conducted in accordance with an agreed-upon development plan. The Company is also responsible for all manufacturing and commercialization activities at its own expense. Pfizer is required to provide the Company with an initial quantity of clinical supply of one of the Products for an agreed upon price. Under the agreement, the Company made a one-time cash payment to Pfizer in the amount of $1.5 million and issued to Pfizer 192,012 shares of the Company's common stock. Pfizer is also eligible to receive up to $2 million in developmental milestones and up to an additional $125 million based on the successful attainment of regulatory and commercial sales milestones. Pfizer is also eligible to receive high single to mid double digit royalties on future net sales of Products. The Company's royalty obligations with respect to each Product in each country begin on the date of first commercial sale of the Product in that country, and end on the later of 10 years after the date of first commercial sale of the Product in that country or the date of expiration or abandonment of the last claim contained in any issued patent or patent application licensed by Pfizer to the Company that covers the Product in that country. The Company did not have any other material recognizable or unrecognizable subsequent events during this period.

Summary of significant accounting policies (Policies)

6 Months Ended

Jun. 30, 2012

Summary of significant accounting policies

Basis of presentation

Fair value of financial instruments (Tables)

6 Months Ended

Jun. 30, 2012

Fair value of financial instruments

Schedule of information about financial assets and liabilities measured at fair value

Description	Total		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)

Financial assets
Cash equivalents	$	4,412	$	4,412	$	—	$	—
Short-term investments		22,937		—		22,937		—
Long-term investments		65,599		—		65,599		—

Total financial assets	$	92,948	$	4,412	$	88,536	$	—

Description	Total		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)

Financial assets
Cash equivalents	$	4,102	$	3,102	$	1,000	$	—
Short-term investments		26,857		—		26,857		—
Long-term investments		8,994		—		8,994		—

Total financial assets	$	39,953	$	3,102	$	36,851	$	—

Financial liabilities
Obligation to issue warrant	$	406	$	—	$	—	$	406

Total financial liabilities	$	406	$	—	$	—	$	406

Schedule of inputs used to determine the fair value of the obligation to issue the warrant

				December 31, 2011

	January 26, 2012			December 31, 2011
	January 26, 2012			Non-IPO			IPO
Exercise price	$	11.09		$	6.86		$	10.00
Estimated stock price contingent upon milestone achievement	$	12.60		$	3.22		$	8.54
Expected term		4.0 years			4.1 years			4.1 years
Volatility		75	%		70	%		70	%
Dividend yield		0.00	%		0.00	%		0.00	%
Risk-free rate		0.54	%		0.60	%		0.60	%
Probability of achieving milestone		80	%		80	%		80	%
Probability of scenario		100	%		20	%		80	%

- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring and/or nonrecurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References + Details

Investments (Tables)

6 Months Ended

Jun. 30, 2012

Investments

Schedule of cash, cash equivalents and investments

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value

June 30, 2012
Cash and cash equivalents:
Cash and money market accounts	$	15,751	$	—	$	—		$	15,751

Investments:
Government-sponsored enterprise securities (due within 1 year)	$	17,912	$	—	$	(6	)	$	17,906
Government-sponsored enterprise securities (due within 1 - 2 years)		65,603		19		(23	)		65,599
Commercial paper secured by the U.S. government (due within 1 year)		5,032		—		(1	)		5,031

Total investments	$	88,547	$	19	$	(30	)	$	88,536

Total cash, cash equivalents, and investments	$	104,298	$	19	$	(30	)	$	104,287

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value

December 31, 2011
Cash and cash equivalents:
Cash and money market accounts	$	19,954	$	—	$	—		$	19,954
Government-sponsored enterprise securities		1,000		—		—			1,000

Total cash and cash equivalents	$	20,954	$	—	$	—		$	20,954
Investments:
Government-sponsored enterprise securities (due within 1 year)	$	10,900	$	2	$	(1	)	$	10,901
Government-sponsored enterprise securities (due within 1 - 2 years)		8,998		1		(5	)		8,994
Commercial paper secured by the U.S. government (due within 1 year)		15,954		3		(1	)		15,956

Total investments	$	35,852	$	6	$	(7	)	$	35,851

Total cash, cash equivalents, and investments	$	56,806	$	6	$	(7	)	$	56,805

Prepaid expenses and other current assets (Tables)

6 Months Ended

Jun. 30, 2012

Prepaid expenses and other current assets

Schedule of prepaid expenses and other current assets

	June 30, 2012		December 31, 2011

Prepaid insurance	$	207	$	—
Prepaid other expense		169		77
Interest receivable		133		53

	$	509	$	130

Accrued expenses (Tables)

6 Months Ended

Jun. 30, 2012

Accrued expenses

Schedule of accrued expenses

	June 30, 2012		December 31, 2011

Compensation and related benefits	$	496	$	86
Professional fees		133		520
Contract research organizations		63		217
Other expenses		39		23
Deferred rent		32		27

	$	763	$	873

Net loss per share (Tables)

6 Months Ended

Jun. 30, 2012

Net loss per share

Schedule of reconciliation of net loss to net loss applicable to common shareholders

	Three Months ended						Six Months ended

	Three Months ended						Six Months ended						Period from August 4, 2010 (inception) to June 30, 2012
	June 30, 2012			June 30, 2011			June 30, 2012			June 30, 2011			Period from August 4, 2010 (inception) to June 30, 2012
Net loss	$	(6,825	)	$	(2,485	)	$	(13,696	)	$	(3,631	)	$	(28,163	)
Accretion of redeemable convertible preferred stock		—			(4	)		(6	)		(8	)		(40	)

Net loss applicable to common stockholders	$	(6,825	)	$	(2,489	)	$	(13,702	)	$	(3,639	)	$	(28,203	)

Weighted-average number of common shares used in net loss per share applicable to common stockholders—basic and diluted		19,863			1,225			17,278			1,158			5,425
Net loss per share applicable to common stockholders—basic and diluted	$	(0.34	)	$	(2.03	)	$	(0.79	)	$	(3.14	)	$	(5.20	)

Schedule of potentially anti-dilutive securities excluded from calculation of diluted net loss per share

	Three Months ended				Six Months ended

	Three Months ended				Six Months ended				Period from August 4, 2010 (inception) to June 30, 2012
	June 30, 2012		June 30, 2011		June 30, 2012		June 30, 2011		Period from August 4, 2010 (inception) to June 30, 2012
Preferred stock		—		4,571		—		4,571		—
Outstanding stock options		495		284		495		284		495
Unvested restricted stock		1,143		1,831		1,143		1,831		1,143
Unvested restricted stock units		598		—		598		—		598

Stock-based compensation (Tables)

6 Months Ended

Jun. 30, 2012

Stock-based compensation

Summary of unvested restricted stock

			Weighted-average purchase price per share

Unvested at December 31, 2011	1,435		$	0.025
Vested	(292	)		0.039

Unvested at June 30, 2012	1,143		$	0.022

Summary of unvested restricted stock units (RSUs)

			Weighted- average grant date fair value

Unvested at December 31, 2011	—		$	—
Granted	600			11.10
Cancelled	(2	)		11.10

Unvested at June 30, 2012	598		$	11.10

Summary of stock option activity and related information

			Weighted- average price per share			Aggregate intrinsic value

Outstanding at December 31, 2011	405		$	0.75	9.9	$	176
Granted	91			10.91
Cancelled	(1	)		1.93

Outstanding at June 30, 2012	495		$	2.63	9.0	$	3,608

Exercisable at June 30, 2012	117		$	2.05	8.8	$	917

Vested and expected to vest at June 30, 2012	495		$	2.63	9.0	$	3,608

Schedule of assumptions used to estimate fair value of each stock-based award on grant date

	Six Months ended June 30,

	2012			2011
Risk-free interest rate		0.8 - 2.7	%		1.9 - 2.7	%
Dividend yield		—			—
Volatility		69 - 72	%		69	%
Expected term (years)		5.3 - 6.1			6.1

Fair value of financial instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2012	Dec. 31, 2011
Financial assets
Cash equivalents		$ 20,954
Short-term investments	$ 22,937	26,857
Long-term investments	88,536	35,851
Financial liabilities
Obligation to issue warrant		406
Total
Financial assets
Cash equivalents	4,412	4,102
Short-term investments	22,937	26,857
Long-term investments	65,599	8,994
Total financial assets	92,948	39,953
Financial liabilities
Obligation to issue warrant		406
Total financial liabilities		406
Quoted prices in active markets (Level 1)
Financial assets
Cash equivalents	4,412	3,102
Total financial assets	4,412	3,102
Significant other observable inputs (Level 2)
Financial assets
Cash equivalents		1,000
Short-term investments	22,937	26,857
Long-term investments	65,599	8,994
Total financial assets	$ 88,536	36,851
Significant unobservable inputs (Level 3)
Financial liabilities
Obligation to issue warrant		406
Total financial liabilities		$ 406

Fair value of financial instruments (Details 2) - USD ($)	1 Months Ended	6 Months Ended	12 Months Ended	23 Months Ended
	Jan. 31, 2012	Jun. 30, 2012	Dec. 31, 2011	Jun. 30, 2012	Feb. 29, 2012	Jan. 26, 2012
Inputs used to determine the fair value of the obligation to issue the warrant
Estimated stock price contingent upon milestone achievement (in dollars per share)					$ 10.00
Obligation to issue warrant			$ 406,000
Increase in fair value of obligation to issue the warrant		$ 431,000		$ 398,000
Significant unobservable inputs (Level 3)
Inputs used to determine the fair value of the obligation to issue the warrant
Obligation to issue warrant			406,000
Poniard Pharmaceuticals Inc.
Disclosure of warrant
Warrant term from the date of issuance		3 years
Number of trading days preceding the issuance of the warrant during which the exercise price of the warrant is equal to the average closing price of common stock		5 days
Inputs used to determine the fair value of the obligation to issue the warrant
Exercise price (in dollars per share)						$ 11.09
Estimated stock price contingent upon milestone achievement (in dollars per share)						$ 12.60
Expected term	4 years
Volatility (as a percent)	75.00%
Dividend yield (as a percent)	0.00%
Risk-free rate (as a percent)	0.54%
Probability of achieving milestone (as a percent)	80.00%	100.00%
Probability of scenario (as a percent)	100.00%
Obligation to issue warrant						$ 837,000
Increase in fair value of obligation to issue the warrant	$ 431,000
Poniard Pharmaceuticals Inc. \| Significant unobservable inputs (Level 3)
Inputs used to determine the fair value of the obligation to issue the warrant
Obligation to issue warrant			$ 406,000
Poniard Pharmaceuticals Inc. \| Significant unobservable inputs (Level 3) \| Non-IPO
Inputs used to determine the fair value of the obligation to issue the warrant
Exercise price (in dollars per share)			$ 6.86
Estimated stock price contingent upon milestone achievement (in dollars per share)			$ 3.22
Expected term			4 years 1 month 6 days
Volatility (as a percent)			70.00%
Dividend yield (as a percent)			0.00%
Risk-free rate (as a percent)			0.60%
Probability of achieving milestone (as a percent)			80.00%
Probability of scenario (as a percent)			20.00%
Poniard Pharmaceuticals Inc. \| Significant unobservable inputs (Level 3) \| IPO
Inputs used to determine the fair value of the obligation to issue the warrant
Exercise price (in dollars per share)			$ 10.00
Estimated stock price contingent upon milestone achievement (in dollars per share)			$ 8.54
Expected term			4 years 1 month 6 days
Volatility (as a percent)			70.00%
Dividend yield (as a percent)			0.00%
Risk-free rate (as a percent)			0.60%
Probability of achieving milestone (as a percent)			80.00%
Probability of scenario (as a percent)			80.00%

Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2012	Dec. 31, 2011	Jun. 30, 2011	Dec. 31, 2010
Investments
Cash and cash equivalents, Amortized Cost	$ 15,751	$ 20,954	$ 14,156	$ 3,584
Cash and cash equivalents, Fair Value		20,954
Investments, Amortized Cost
Amortized Cost	88,547	35,852
Investments, Gross Unrealized Gains
Gross Unrealized Gains	19	6
Investments, Gross Unrealized Losses
Investments, Gross Unrealized Losses	(30)	(7)
Fair Value
Investments, Fair Value	88,536	35,851
Total cash, cash equivalents, and investments, Amortized Cost	104,298	56,806
Total cash, cash equivalents, and investments, Fair Value	104,287	56,805
Government-sponsored enterprise securities
Investments, Amortized Cost
Due within 1 year	17,912	10,900
Due within 1 - 2 years	65,603	8,998
Investments, Gross Unrealized Gains
Due within 1 year		2
Due within 1 - 2 years	19	1
Investments, Gross Unrealized Losses
Due within 1 year	(6)	(1)
Due within 1 - 2 years	(23)	(5)
Fair Value
Due within 1 year	17,906	10,901
Due within 1 - 2 years	65,599	8,994
Commercial paper secured by the U.S. government
Investments, Amortized Cost
Due within 1 year	5,032	15,954
Investments, Gross Unrealized Gains
Due within 1 year		3
Investments, Gross Unrealized Losses
Due within 1 year	(1)	(1)
Fair Value
Due within 1 year	5,031	15,956
Cash and money market accounts
Investments
Cash and cash equivalents, Amortized Cost	15,751	19,954
Cash and cash equivalents, Fair Value	$ 15,751	19,954
Government-sponsored enterprise securities
Investments
Cash and cash equivalents, Amortized Cost		1,000
Cash and cash equivalents, Fair Value		$ 1,000

Prepaid expenses and other current assets (Details) - USD ($) $ in Thousands	Jun. 30, 2012	Dec. 31, 2011
Prepaid expenses and other current assets
Prepaid insurance	$ 207
Prepaid other expense	169	$ 77
Interest receivable	133	53
Prepaid expenses and other current assets	$ 509	$ 130

- Definition

Carrying amount as of the balance sheet date of unamortized costs of insurance coverage, which will be charged against earnings ratably over the period in which contractually agreed upon coverage's will be in effect; such periods expire within one year or the normal operating cycle, if longer.

+ References + Details

Accrued expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2012	Dec. 31, 2011
Accrued expenses
Compensation and related benefits	$ 496	$ 86
Professional fees	133	520
Contract research organizations	63	217
Other expenses	39	23
Deferred rent	32	27
Accrued expenses	$ 763	$ 873

- Definition

Carrying value as of the balance sheet date of obligations incurred through that date and payable for professional fees, such as for legal and accounting services received. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

+ References + Details

- Definition

For a classified balance sheet, the cumulative difference as of the balance sheet date between the payments required by a lease agreement and the rental income or expense recognized on a straight-line basis, or other systematic and rational basis more representative of the time pattern in which use or benefit is granted or derived from the leased property, expected to be recognized in income or expense, by the lessor or lessee, respectively, within one year of the balance sheet date.

+ References + Details

- Definition

Carrying value as of the balance sheet date of obligations incurred through that date and payable arising from transactions not otherwise specified in the taxonomy. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

+ References + Details

Net loss per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended		23 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012
Net loss per share
Net loss	$ (6,825)	$ (2,485)	$ (13,696)	$ (3,631)	$ (28,163)
Accretion of redeemable convertible preferred stock		(4)	(6)	(8)	(40)
Net loss applicable to common stockholders	$ (6,825)	$ (2,489)	$ (13,702)	$ (3,639)	$ (28,203)
Weighted-average number of common shares used in net loss per share applicable to common stockholders-basic and diluted	19,863	1,225	17,278	1,158	5,425
Net loss per share applicable to common stockholders-basic and diluted (in dollars per share)	$ (0.34)	$ (2.03)	$ (0.79)	$ (3.14)	$ (5.20)
Preferred stock
Net loss per share
Potentially anti-dilutive securities excluded from calculation of diluted net loss per share (in shares)		4,571		4,571
Outstanding stock options
Net loss per share
Potentially anti-dilutive securities excluded from calculation of diluted net loss per share (in shares)	495	284	495	284	495
Unvested restricted stock
Net loss per share
Potentially anti-dilutive securities excluded from calculation of diluted net loss per share (in shares)	1,143	1,831	1,143	1,831	1,143
Unvested restricted stock units
Net loss per share
Potentially anti-dilutive securities excluded from calculation of diluted net loss per share (in shares)	598		598		598

Redeemable convertible preferred stock (Details) - USD ($)	1 Months Ended			6 Months Ended	23 Months Ended
	Nov. 30, 2011	Jul. 31, 2011	Nov. 30, 2010	Jun. 30, 2011	Jun. 30, 2012	Feb. 29, 2012	Dec. 31, 2011	Apr. 30, 2011
Redeemable convertible preferred stock
Shares sold					0		0
Selling price per share (in dollars per share)						$ 10.00
Gross proceeds from sale of shares				$ 12,000,000	$ 68,107,000
Shares of common stock issued upon conversion of preferred stock					11,740,794
Series A Preferred Stock
Redeemable convertible preferred stock
Shares sold			4,000,000					12,000,000
Selling price per share (in dollars per share)			$ 1.00					$ 1.00
Gross proceeds from sale of shares			$ 4,000,000
Issuance costs			$ 79,000
Series B Preferred Stock
Redeemable convertible preferred stock
Shares sold		16,000,000
Selling price per share (in dollars per share)		$ 2.00
Gross proceeds from sale of shares		$ 32,000,000
Issuance costs		$ 113,000
Series C Preferred Stock
Redeemable convertible preferred stock
Shares sold	9,100,000
Selling price per share (in dollars per share)	$ 2.25
Gross proceeds from sale of shares	$ 20,400,000
Issuance costs	$ 153,000

Common stock (Details) $ / shares in Units, $ in Millions	1 Months Ended
Common stock (Details) $ / shares in Units, $ in Millions	Feb. 29, 2012 USD ($) $ / shares shares	Jan. 31, 2012
Reverse Stock Split
Reverse stock spilt conversion ratio for common stock		3.5
Initial Public Offering
Common stock registered sold (in shares) \| shares	6,325,000
Selling price per share (in dollars per share) \| $ / shares	$ 10.00
Net proceeds of IPO \| $	$ 56.8

Stock-based compensation (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	6 Months Ended
	Feb. 29, 2012	Jun. 30, 2012
Stock-based compensation
Initial number of shares reserved	3,428,571
Number of shares reserved	571,242
Annual increase in number of shares reserved		1,285,714
Percentage of outstanding shares of common stock used to compute annual increase in number of shares reserved		4.00%
Restricted stock
Shares
Unvested at the beginning of the period (in shares)		1,435,000
Vested (in shares)		(292,000)
Unvested at the end of the period (in shares)		1,143,000
Weighted-average grant date fair value
Unvested at the end of the period (in dollars per share)		$ 0.025
Vested (in dollars per shares)		0.039
Unvested at the beginning of the period (in dollars per share)		$ 0.022
Additional disclosures
Total unrecognized stock-based compensation expense (in dollars)		$ 7.7
Weighted-average recognition period		2 years 3 months 18 days
RSUs
Shares
Granted (in shares)		600,000
Cancelled (in shares)		(2,000)
Unvested at the end of the period (in shares)		598,000
Weighted-average grant date fair value
Granted (in dollars per shares)		$ 11.10
Cancelled (in dollars per shares)		11.10
Unvested at the beginning of the period (in dollars per share)		$ 11.10
Additional disclosures
Total unrecognized stock-based compensation expense (in dollars)		$ 5.9
Weighted-average recognition period		3 years 7 months 6 days

Stock-based compensation (Details 2) - Stock options - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Dec. 31, 2011
Shares
Outstanding at the beginning of the period (in shares)	405
Granted (in shares)	91
Cancelled (in shares)	(1)
Outstanding at the end of the period (in shares)	495		405
Exercisable at the end of the period (in shares)	117
Vested and expected to vest at end of period (in shares)	495
Weighted-average price per share
Outstanding at the beginning of the period (in dollars per share)	$ 0.75
Granted (in dollars per share)	10.91
Cancelled (in dollars per share)	1.93
Outstanding at the end of the period (in dollars per share)	2.63		$ 0.75
Exercisable at the end of the period (in dollars per share)	2.05
Vested and expected to vest at end of the period (in dollars per share)	$ 2.63
Weighted-average remaining contractual term
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2	9 years		9 years 10 months 24 days
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2	9 years		9 years 10 months 24 days
Exercisable at the end of the period	8 years 9 months 18 days
Vested and expected to vest at end of the period	9 years
Aggregate intrinsic value
Outstanding at the beginning of the period (in dollars)	$ 176
Outstanding at the end of the period (in dollars)	3,608		$ 176
Exercisable at the end of the period (in dollars)	917
Vested and expected to vest at end of the period (in dollars)	$ 3,608
Assumptions used to estimate fair value of each stock-based award on the grant date
Risk-free interest rate, minimum (as a percent)	0.80%	1.90%
Risk-free interest rate, maximum (as a percent)	2.70%	2.70%
Volatility, minimum (as a percent)	69.00%
Volatility, maximum (as a percent)	72.00%	69.00%
Expected term		6 years 1 month 6 days
Minimum
Assumptions used to estimate fair value of each stock-based award on the grant date
Expected term	5 years 3 months 18 days
Maximum
Assumptions used to estimate fair value of each stock-based award on the grant date
Expected term	6 years 1 month 6 days

*Significant Transactions (Details) - Dual inhibitors of PI3K and mTOR, including related patent right agreement - SBio Pte Ltd - USD ($)**	1 Months Ended	6 Months Ended
	May 31, 2012	Jun. 30, 2012
Collaborative agreement
Upfront fee paid	$ 350,000
Maximum
Collaborative agreement
Milestone payments upon the achievement of specified development and regulatory milestones	$ 21,000,000
Deduction in royalty payments as percentage of amount paid to third party		50.00%

Subsequent Events (Details) - Subsequent events - Pfizer Inc $ in Millions	1 Months Ended
	Jul. 31, 2012 USD ($) shares
Subsequent Events
One-time cash payment	$ 1.5
Common stock issued \| shares	192,012
Eligible amount receivable on developmental milestones by Pfizer	$ 2.0
Additional payable on successful attainment of regulatory and commercial sales milestones	$ 125.0
Royalty obligations term	10 years