Cassava Sciences (SAVA) 10-Q 26 Jul 18 2018 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Jul. 24, 2018
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
Trading Symbol	PTIE
Entity Registrant Name	PAIN THERAPEUTICS INC
Entity Central Index Key	1,069,530
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		6,981,207

Condensed Balance Sheets

Condensed Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 9,608	$ 10,479
Other current assets	91	184
Total current assets	9,699	10,663
Property and equipment, net	122	156
Other assets	12	12
Total assets	9,833	10,831
Current liabilities:
Accounts payable	962	424
Accrued development expense		399
Accrued compensation and benefits	313	309
Other current liabilities	12
Total current liabilities	1,287	1,132
Noncurrent liabilities
Total liabilities	1,287	1,132
Commitments and contingencies
Stockholders' equity:
Preferred stock, $.001 par value; 10,000,000 shares authorized, none issued and outstanding
Common stock, $.001 par value; 120,000,000 shares authorized; 6,895,509 and 6,595,509 shares issued and outstanding at June 30, 2018 and December 31, 2017, respectively	7	7
Additional paid-in capital	170,551	167,091
Accumulated deficit	(162,012)	(157,399)
Total stockholders' equity	8,546	9,699
Total liabilities and stockholders' equity	$ 9,833	$ 10,831

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2018	Dec. 31, 2017
Condensed Balance Sheets [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
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	$ 0.001	$ 0.001
Common stock, shares authorized	120,000,000	120,000,000
Common stock, shares issued	6,895,509	6,595,509
Common stock, shares outstanding	6,895,509	6,595,509

Condensed Statements Of Operati

Condensed Statements Of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Operating expenses:
Research and development	$ 1,463	$ 3,063	$ 2,532	$ 4,452
General and administrative	998	1,103	2,097	2,478
Total operating expenses	2,461	4,166	4,629	6,930
Operating loss	(2,461)	(4,166)	(4,629)	(6,930)
Interest income	9	6	16	27
Net loss	$ (2,452)	$ (4,160)	$ (4,613)	$ (6,903)
Net loss per share, basic and diluted	$ (0.36)	$ (0.64)	$ (0.68)	$ (1.06)
Shares used in computing net loss per share, basic and diluted	6,838	6,537	6,739	6,536

Condensed Statements Of Compreh

Condensed Statements Of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Condensed Statements Of Comprehensive Income (Loss) [Abstract]
Net loss	$ (2,452)	$ (4,160)	$ (4,613)	$ (6,903)
Other comprehensive income (loss):
Net unrealized gains (losses) on marketable securities
Comprehensive loss	$ (2,452)	$ (4,160)	$ (4,613)	$ (6,903)

Condensed Statements Of Cash Fl

Condensed Statements Of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Cash flows from operating activities:
Net loss	$ (4,613)	$ (6,903)
Adjustments to reconcile net loss to net cash used in operating activities:
Non-cash stock-based compensation	1,501	1,536
Depreciation and amortization	34	34
Non-cash net interest income		(2)
Changes in operating assets and liabilities:
Other current assets	154	344
Accounts payable	538	363
Accrued development expense	(399)	5
Accrued compensation and benefits	4	(26)
Other current liabilities	12
Net cash used in operating activities	(2,769)	(4,649)
Cash flows from investing activities:
Purchases of marketable securities		(399)
Sales of marketable securities		400
Maturities of marketable securities		2,100
Net cash provided by investing activities		2,101
Cash flows from financing activities:
Proceeds from issuance of common stock, net of issuance costs	1,898
Net cash provided by financing activities	1,898
Net decrease in cash and cash equivalents	(871)	(2,548)
Cash and cash equivalents at beginning of period	10,479	16,615
Cash and cash equivalents at end of period	$ 9,608	$ 14,067

General And Liquidity

General And Liquidity	6 Months Ended
	Jun. 30, 2018
General And Liquidity [Abstract]
General And Liquidity	Note 1. General and Liquidity  Pain Therapeutics, Inc. (the “Company”, “Pain Therapeutics” or “we”) develops proprietary drugs that offer significant improvements to patients and healthcare professionals. We generally focus our drug development efforts on disorders of the nervo us system.  In the course of our development activities, we have sustained cumulative operating losses. There are no assurances that additional financing will be available on favorable terms, or at all.  We have prepared the accompanying unaudited condensed financial statements of Pain Therapeutics in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and pursuant to the instructions to the Quarterly Report on Form 10-Q and Article 10 of Regulation S-X. Accordingly, the financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. In our opinion, all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2018 are not necessarily indicative of the results that may be expected for any other interim period or for the year 201 8 . For further information, refer to the consolidated financial statements and footnotes thereto included in our A nnual R eport on Form 10-K for the year ended December 31, 2017 .  Liquidity  The Company has incurred significant net loss es and negative cash flows since inception, and as a result has an accumulated deficit of $162 million at June 30, 2018. We expect our cash requirements to be significant in the future. As of June 30, 2018, the Company had $9.6 million in cash and cash equivalents, which is available to fund future operations. The amount and timing of our future cash requirements will depend on regulatory and market acceptance of our drug candidates, the resources we devote to researching and developing, formulating, manufacturing, commercializing and supporting our products. We may seek additional future funding through public or private financing within this timeframe, if such funding is available and on terms acceptable to us. 

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2018
Significant Accounting Policies [Abstract]
Significant Accounting Policies	Note 2. Significant Accounting Policies  Use of Estimates  We make estimates and assumptions in preparing our financial statements in conformity with U.S. GAAP . These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenue earned and expenses incurred during the reporting period. We evaluate our estimates on an ongoing basis, including those estimates related to agreements, research collaborations and investments. Actual results could differ from these estimates and assumptions.  Cash Equivalents, Marketable Securities and Concentration of Credit Risk  We invest in cash equivalents and marketable securities. We consider highly-liquid financial instruments with original maturities of three months or less to be cash equivalents. O ur marketable securities include interest-bearing financial instruments, generally consisting of corporate or government securities.  Our investment policy allows for investments in marketable securities with active secondary or resale markets, establishes diversification and credit quality requirements and limits investments by maturity and issuer. We maintain our investments at one financial institution.  A change in prevailing interest rates may cause the fair value of the investment to fluctuate. We do not recognize an impairment charge related to this type of fluctuation because the fluctuation is temporary and eliminated by the time an investment matures. We would recognize an impairment charge if and when we determine that a decline in the fair value below the amortized cost of an investment is other-than-temporary. We consider various factors in determining whether to recognize an impairment charge, including any adverse changes in the investees’ financial condition, how long the fair value has been below the amortized cost and whether it is more likely than not that we would elect to or be required to sell the marketable security before its anticipated recovery.  We may elect to sell marketable securities before they mature. We hold these investments as “available for sale” and include these investments in our b alance s heets as current assets, even though the contractual maturity of a particular investment may be beyond one year.  Fair Value Measurements  We report our cash equivalents and marketable securities at fair value as Level 1, Level 2 or Level 3 using the following inputs:  · Level 1 includes quoted prices in active markets. We base the fair value of money market funds and U.S. treasury securities on Level 1 inputs. · Level 2 includes significant observable inputs, such as quoted prices for identical or similar investments, or other inputs that are observable and can be corroborated by observable market data for similar securities. We use market pricing and other observable market inputs obtained from third-party providers. We use the bid price to establish fair value where a bid price is available. We base the fair value of our marketable securities on Level 2 inputs. We do not have any investments where the fair value is based on Level 2 inputs. · Level 3 includes unobservable inputs that are supported by little or no market activity. We do not have any investments where the fair value is based on Level 3 inputs.  We include unrealized gains or losses on our investments as a ccumulated other comprehensive loss in the s tockholders’ equity section of our b alance s heets. We include changes in net unrealized gains or losses in our s tatements of c omprehensive i ncome. We would recognize significant realized gains and losses on a specific identification basis as other income in our s tatements of o perations.  Proceeds from Grants  During the first six months of 2018 and 2017 , we receiv ed $0.8 million and $0.1 million pursuant to a previously disclosed research grant from the National Institutes of Health (“ NIH ”) and National Institute on Drug Abuse (“ NID A”) that we recorded as a reduction to our research and development expenses.  Non-cash Stock-based Compensation  We recognize non-cash expense for the fair value of all stock options and other share-based awards. We use the Black-Scholes option valuation model to calculate the fair value of stock options, using the single-option award approach and straight-line attribution method. For options granted to employees and directors, we recognize the resulting fair value as expense on a straight-line basis over the vesting period of each respective stock option, generally four years. For options granted to non-employees, we remeasure the fair value expense using Black-Scholes each reporting period.  We have granted share-based awards that vest upon achievement of certain performance criteria (“ Performance Awards ”) . We multiply the number of Performance Awards by the fair market value of our common stock on the date of grant to calculate the fair value of each award. We estimate an implicit service period for achieving performance criteria for each award. We recognize the resulting fair value as expense over the implicit service period when we conclude that achieving the performance criteria is probable. We periodically review and update as appropriate our estimates of implicit service periods and conclusions on achieving the performance criteria. Performance Awards vest and common stock is issued upon achievement of the performance criteria.  Net Loss per Share  We compute basic net loss per share on the basis of the weighted-average number of common shares outstanding for the reporting period. We compute diluted net loss per share on the basis of the weighted-average number of common shares outstanding plus potential dilutive common shares outstanding using the treasury-stock method. Potential dilutive common shares consist of outstanding stock options.  We include the following in the calculation of basic and diluted net loss per share (in thousands, except per share data):    Three months ended Six months ended  June 30, June 30,  2018 2017 2018 2017  Numerator:  Net loss $ (2,452) $ (4,160) $ (4,613) $ (6,903)  Denominator:  Shares used in computing net loss per share, basic and diluted 6,838 6,537 6,739 6,536  Net loss per share, basic and diluted $ (0.36) $ (0.64) $ (0.68) $ (1.06)  Dilutive common shares excluded from net loss per share, diluted 2,220 2,369 2,190 2,402   We excluded options outstanding from the calculation of net loss per share, diluted because the effect of including options outstanding would have been anti - dilutive.  Income Taxes  We make estimates and judgments in determining the need for a provision for income taxes, including the estimation of our taxable income or loss for each full fiscal year.  We have accumulated significant deferred tax assets that reflect the tax effects of net operating loss and tax credit carryovers and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Realization of certain deferred tax assets is dependent upon future earnings. We are uncertain about the timing and amount of any future earnings. Accordingly, we offset these deferred tax assets with a valuation allowance.  We may in the future determine that certain deferred tax assets will likely be realized, in which case we will reduce our valuation allowance in the period in which such determination is made. If the valuation allowance is reduced, we may recognize a benefit from income taxes in our Statement of Operations in that period.  We classify interest recognized pursuant to our deferred tax assets as interest expense, when appropriate.

Cash, Cash Equivalents And Mark

Cash, Cash Equivalents And Marketable Securities And Assets Measured At Fair Value	6 Months Ended
	Jun. 30, 2018
Cash, Cash Equivalents And Marketable Securities And Assets Measured At Fair Value [Abstract]
Cash, Cash Equivalents And Marketable Securities And Assets Measured At Fair Value	Note 3. Cash, Cash Equivalents and Marketable Securities and Assets Measured at Fair Value  Our cash, cash equivalents and marketable securities consisted of the following (in thousands):    Cash, Cash Equivalents and Marketable Securities  Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Accrued Interest Total Value  June 30, 2018  Cash $ 71 $ — $ — $ 71 $ — $ 71  Cash equivalents 9,537 — — 9,537 — 9,537  Total cash and cash equivalents $ 9,608 $ — $ — $ 9,608 $ — $ 9,608  Reported as:  Cash and cash equivalents $ 9,608 $ — $ — $ 9,608 $ — $ 9,608  Marketable securities — — — — — —  $ 9,608 $ — $ — $ 9,608 $ — $ 9,608  Maturities:  Matures in one year or less $ 9,608 $ — $ — $ 9,608 $ — $ 9,608  Matures one to three years — — — — — —  $ 9,608 $ — $ — $ 9,608 $ — $ 9,608   December 31, 2017  Cash $ 158 $ — $ — $ 158 $ — $ 158  Cash equivalents 10,321 — — 10,321 — 10,321  Total cash and cash equivalents $ 10,479 $ — $ — $ 10,479 $ — $ 10,479  Reported as:  Cash and cash equivalents $ 10,479 $ — $ — $ 10,479 $ — $ 10,479  Marketable securities — — — — — —  $ 10,479 $ — $ — $ 10,479 $ — $ 10,479  Maturities:  Matures in one year or less $ 10,479 $ — $ — $ 10,479 $ — $ 10,479  Matures one to three years — — — — — —  $ 10,479 $ — $ — $ 10,479 $ — $ 10,479   We did no t realize any material gains or losses on our investments in marketable securities during the six months ended June 30, 2018 and December 31, 2017 . To date we have no t recorded any impairment charges on marketable securities related to other-than-temporary declines in market value.  Our assets measured at fair value on a recurring basis are as follows (in thousands):     Level 1 Level 2 Level 3 Total  June 30, 2018  Cash and cash equivalents $ 9,608 $ — $ — $ 9,608  Commercial paper — — — —  $ 9,608 $ — $ — $ 9,608  December 31, 2017  Cash and cash equivalents $ 10,479 $ — $ — $ 10,479  Commercial paper — — — —  $ 10,479 $ — $ — $ 10,479   During the six months ended June 30, 2018, there were no transfers between Level 1 , Level 2 or Level 3. 

Stockholders' Equity And Stock-

Stockholders' Equity And Stock-Based Compensation Expense	6 Months Ended
	Jun. 30, 2018
Stockholders' Equity And Stock-Based Compensation Expense [Abstract]
Stockholders' Equity And Stock-Based Compensation Expense	Note 4. Stockholders’ Equity and Stock-Based Compensation Expense  Stockholders’ equity activity in 201 8  During the six months ended June 30, 2018 , our common stock outstanding and stockholders’ equity (in thousands) changed as follows:    Common Stock Stockholders' equity (in thousands)  Balance at December 31, 2017 6,595,509 $ 9,699  Non-cash stock-related compensation for:  Stock options for employees — 1,469  Stock options for non-employees — 32  Issuance of common stock, net of issuance costs 300,000 1,959  Net loss — (4,613)  Balance at June 30, 2018 6,895,509 $ 8,546   At the Market Common Stock Issuance  At the Market Issuance Sales Agreement — On February 8, 2018, we entered into a Capital on Demand™ Sales Agreement, or the ATM Agreement, with JonesTrading. In accordance with the terms of the sales agreement, we are able to offer and sell up to $16.9 million of shares of our common stock, from time to time in one or more public offerings of our common stock, with JonesTrading acting as agent, in transactions pursuant to a shelf registration statement that was declared effective by the SEC on July 31, 2017.  During the six months ended June 30, 2018, we sold a total of 300,000 shares of our common stock under the ATM Agreement, in the open market at an average gross selling price of $6.70 per share f or net proceeds of $1.9 million. We expensed approximately $0.1 million of cost for the offering, excluding JonesTrading commissions. During the s ix months e nded June 30, 2018, we charged $0.01 million of these costs against addition paid-in capita l. As of July 24, 2018, we had up to $14.7 million of shares of our common stock available for sale under the ATM Agreement.  Stock option and Performance Award activity in 201 8  During the six months ended June 30, 2018 , stock options and unvested Performance Awards outstanding under our Equity Incentive Plan changed as follows:     Stock Options Performance Awards  Outstanding as of December 31, 2017 2,982,155 152,340  Options granted 15,000 —  Options exercised — —  Options forfeited/canceled (243,257) —  Outstanding as of June 30, 2018 2,753,898 152,340   The weighted average exercise price of options outstanding at June 30, 2018 was $15.44 . As outstanding options vest over the current remaining vesting period o f three years, we expect to recognize non-cash expense of $3.6 million. If and when outstanding Performance Awards vest, we would recognize non-cash expense of $2.5 million over the implicit service period.  Stock-based Compensation Expense in 201 8  During the three and six months ended June 30, 2018 and 2017 , our non-cash stock-related compensation expenses were as follows (in thousands):    Three months ended Six months ended  June 30, June 30,  2018 2017 2018 2017  Research and development  Vesting of stock options $ 316 $ 289 $ 668 $ 601  316 289 668 601  General and administrative  Vesting of stock options 382 420 833 935  382 420 833 935  Total non-cash stock-based compensation expenses  Vesting of stock options 698 709 1,501 1,536  $ 698 $ 709 $ 1,501 $ 1,536  

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2018
Income Taxes [Abstract]
Income Taxes	Note 5 . Income Taxes  On December 22, 2017, l egislation commonly known as the Tax Cuts and Jobs Act, or the Tax Act, was signed into law. The Tax Act, among other changes, reduces the U.S. federal corporate tax rate from 35% to 21% , requires taxpayers to pay a one-time transition tax on earnings of certain foreign subsidiaries that were previously tax deferred and creates new taxes on certain foreign sourced earnings. On December 31, 2017, the Company did not have any foreign subsidiaries and the international aspects of the Tax Act are not applicable.  In connection with the initial analysis of the impact of the Tax Act, the Company remeasured certain deferred tax assets and liabilities based on the rates at which they are expected to reverse in the future, which is generally 21%. The remeasurement of the Company's deferred tax balance was primarily offset by application of its valuation allowance. The Company is still in the process of analyzing the impact to the Company of the Tax Act. Where the Company has been able to make reasonable estimates of the effects for which its analysis is not yet complete, the Company has recorded provisional amounts. Where the Company has not yet been able to make reasonable estimates of the impact of certain elements, the Company has not recorded any amounts related to those elements and has continued accounting for them in accordance with ASC 740 on the basis of the tax laws in effect immediately prior to the enactment of the Tax Act. For the six months ended June 30, 2018 no adjustments to the remeasurement of the Company’s deferred tax accounts were recognized.  We did not provide for income taxes during the six months ended June 30, 2018, because we have projected a net loss for the full year 2018 . 

Commitments

Commitments	6 Months Ended
	Jun. 30, 2018
Commitments [Abstract]
Commitments	Note 6 . Commitments  We conduct our product research and development programs through a combination of internal and collaborative programs that include, among others, arrangements with universities, contract research organizations and clinical research sites. We have contractual arrangements with these organizations that are cancelable. Our obligations under these contracts are largely based on services performed.  We have a non-cancelable operating lease for approximately 6,000 square feet of office space in Austin, Texas that expires in December 2020 . Minimum lease payments are as follows (in thousands):      2018 2019 2020 Total  Minimum lease payments $ 91 $ 95 $ 99 $ 285  

Recently Issued Accounting Pron

Recently Issued Accounting Pronouncements	6 Months Ended
	Jun. 30, 2018
Recently Issued Accounting Pronouncements [Abstract]
Recently Issued Accounting Pronouncements	Note 7 . Recently Issued Accounting Pronouncements  We reviewed recently issued accounting pronouncements and have adopted or plan to adopt those that are applicable to us. We do not expect the adoption of these pronouncements to have a material impact on our financial position, results of operations or cash flows.  In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230) : Classification of Certain Cash Receipts and Cash Payments. This ASU provides guidance on statement of cash flows presentation for eight specific cash flow issues where diversity in practice exists. The Company adopted ASU 2016-15 effective January 1, 2018, and this guidance did not have any impact on the Company’s financial statements.  In February 2016, the FASB issued ASU No. 2016-02 , Leases (Topic 842) . The core principle of Topic 842 is that a lessee should recognize the assets and liabilities that arise from leases. For operating leases, a lessee is required to recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, in the statement of financial position. This ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is evaluating the effect that the adoption of this ASU will have on its financial statements. The Company currently expects that its operating lease commitment will be subject to the new standard and recognized as right-of-use asset and operating lease liability upon adoption of ASU 2016-02, which will increase the total assets and total liabilities that it reports relative to such amounts prior to adoption. 

Significant Accounting Polici14

Significant Accounting Policies (Policy)	6 Months Ended
	Jun. 30, 2018
Significant Accounting Policies [Abstract]
Use of Estimates	Use of Estimates  We make estimates and assumptions in preparing our financial statements in conformity with U.S. GAAP . These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenue earned and expenses incurred during the reporting period. We evaluate our estimates on an ongoing basis, including those estimates related to agreements, research collaborations and investments. Actual results could differ from these estimates and assumptions.
Cash Equivalents, Marketable Securities and Concentration of Credit Risk	Cash Equivalents, Marketable Securities and Concentration of Credit Risk  We invest in cash equivalents and marketable securities. We consider highly-liquid financial instruments with original maturities of three months or less to be cash equivalents. O ur marketable securities include interest-bearing financial instruments, generally consisting of corporate or government securities.  Our investment policy allows for investments in marketable securities with active secondary or resale markets, establishes diversification and credit quality requirements and limits investments by maturity and issuer. We maintain our investments at one financial institution.  A change in prevailing interest rates may cause the fair value of the investment to fluctuate. We do not recognize an impairment charge related to this type of fluctuation because the fluctuation is temporary and eliminated by the time an investment matures. We would recognize an impairment charge if and when we determine that a decline in the fair value below the amortized cost of an investment is other-than-temporary. We consider various factors in determining whether to recognize an impairment charge, including any adverse changes in the investees’ financial condition, how long the fair value has been below the amortized cost and whether it is more likely than not that we would elect to or be required to sell the marketable security before its anticipated recovery.  We may elect to sell marketable securities before they mature. We hold these investments as “available for sale” and include these investments in our b alance s heets as current assets, even though the contractual maturity of a particular investment may be beyond one year.
Fair Value Measurements	Fair Value Measurements  We report our cash equivalents and marketable securities at fair value as Level 1, Level 2 or Level 3 using the following inputs:  · Level 1 includes quoted prices in active markets. We base the fair value of money market funds and U.S. treasury securities on Level 1 inputs. · Level 2 includes significant observable inputs, such as quoted prices for identical or similar investments, or other inputs that are observable and can be corroborated by observable market data for similar securities. We use market pricing and other observable market inputs obtained from third-party providers. We use the bid price to establish fair value where a bid price is available. We base the fair value of our marketable securities on Level 2 inputs. We do not have any investments where the fair value is based on Level 2 inputs. · Level 3 includes unobservable inputs that are supported by little or no market activity. We do not have any investments where the fair value is based on Level 3 inputs.  We include unrealized gains or losses on our investments as a ccumulated other comprehensive loss in the s tockholders’ equity section of our b alance s heets. We include changes in net unrealized gains or losses in our s tatements of c omprehensive i ncome. We would recognize significant realized gains and losses on a specific identification basis as other income in our s tatements of o perations.
Proceeds from Grants	Proceeds from Grants  During the first six months of 2018 and 2017 , we receiv ed $0.8 million and $0.1 million pursuant to a previously disclosed research grant from the National Institutes of Health (“ NIH ”) and National Institute on Drug Abuse (“ NID A”) that we recorded as a reduction to our research and development expenses.
Non-cash Stock-based Compensation	Non-cash Stock-based Compensation  We recognize non-cash expense for the fair value of all stock options and other share-based awards. We use the Black-Scholes option valuation model to calculate the fair value of stock options, using the single-option award approach and straight-line attribution method. For options granted to employees and directors, we recognize the resulting fair value as expense on a straight-line basis over the vesting period of each respective stock option, generally four years. For options granted to non-employees, we remeasure the fair value expense using Black-Scholes each reporting period.  We have granted share-based awards that vest upon achievement of certain performance criteria (“ Performance Awards ”) . We multiply the number of Performance Awards by the fair market value of our common stock on the date of grant to calculate the fair value of each award. We estimate an implicit service period for achieving performance criteria for each award. We recognize the resulting fair value as expense over the implicit service period when we conclude that achieving the performance criteria is probable. We periodically review and update as appropriate our estimates of implicit service periods and conclusions on achieving the performance criteria. Performance Awards vest and common stock is issued upon achievement of the performance criteria.
Net Loss per Share	  Net Loss per Share  We compute basic net loss per share on the basis of the weighted-average number of common shares outstanding for the reporting period. We compute diluted net loss per share on the basis of the weighted-average number of common shares outstanding plus potential dilutive common shares outstanding using the treasury-stock method. Potential dilutive common shares consist of outstanding stock options.  We include the following in the calculation of basic and diluted net loss per share (in thousands, except per share data):    Three months ended Six months ended  June 30, June 30,  2018 2017 2018 2017  Numerator:  Net loss $ (2,452) $ (4,160) $ (4,613) $ (6,903)  Denominator:  Shares used in computing net loss per share, basic and diluted 6,838 6,537 6,739 6,536  Net loss per share, basic and diluted $ (0.36) $ (0.64) $ (0.68) $ (1.06)  Dilutive common shares excluded from net loss per share, diluted 2,220 2,369 2,190 2,402   We excluded options outstanding from the calculation of net loss per share, diluted because the effect of including options outstanding would have been anti - dilutive.
Income Taxes	Income Taxes  We make estimates and judgments in determining the need for a provision for income taxes, including the estimation of our taxable income or loss for each full fiscal year.  We have accumulated significant deferred tax assets that reflect the tax effects of net operating loss and tax credit carryovers and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Realization of certain deferred tax assets is dependent upon future earnings. We are uncertain about the timing and amount of any future earnings. Accordingly, we offset these deferred tax assets with a valuation allowance.  We may in the future determine that certain deferred tax assets will likely be realized, in which case we will reduce our valuation allowance in the period in which such determination is made. If the valuation allowance is reduced, we may recognize a benefit from income taxes in our Statement of Operations in that period.  We classify interest recognized pursuant to our deferred tax assets as interest expense, when appropriate.

Significant Accounting Polici15

Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2018
Significant Accounting Policies [Abstract]
Numerators And Denominators In The Calculation Of Basic And Diluted Net Loss Per Share	   Three months ended Six months ended  June 30, June 30,  2018 2017 2018 2017  Numerator:  Net loss $ (2,452) $ (4,160) $ (4,613) $ (6,903)  Denominator:  Shares used in computing net loss per share, basic and diluted 6,838 6,537 6,739 6,536  Net loss per share, basic and diluted $ (0.36) $ (0.64) $ (0.68) $ (1.06)  Dilutive common shares excluded from net loss per share, diluted 2,220 2,369 2,190 2,402  

Cash, Cash Equivalents And Ma16

Cash, Cash Equivalents And Marketable Securities And Assets Measured At Fair Value (Tables)	6 Months Ended
	Jun. 30, 2018
Cash, Cash Equivalents And Marketable Securities And Assets Measured At Fair Value [Abstract]
Cash, Cash Equivalents And Marketable Securities	   Cash, Cash Equivalents and Marketable Securities  Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value Accrued Interest Total Value  June 30, 2018  Cash $ 71 $ — $ — $ 71 $ — $ 71  Cash equivalents 9,537 — — 9,537 — 9,537  Total cash and cash equivalents $ 9,608 $ — $ — $ 9,608 $ — $ 9,608  Reported as:  Cash and cash equivalents $ 9,608 $ — $ — $ 9,608 $ — $ 9,608  Marketable securities — — — — — —  $ 9,608 $ — $ — $ 9,608 $ — $ 9,608  Maturities:  Matures in one year or less $ 9,608 $ — $ — $ 9,608 $ — $ 9,608  Matures one to three years — — — — — —  $ 9,608 $ — $ — $ 9,608 $ — $ 9,608   December 31, 2017  Cash $ 158 $ — $ — $ 158 $ — $ 158  Cash equivalents 10,321 — — 10,321 — 10,321  Total cash and cash equivalents $ 10,479 $ — $ — $ 10,479 $ — $ 10,479  Reported as:  Cash and cash equivalents $ 10,479 $ — $ — $ 10,479 $ — $ 10,479  Marketable securities — — — — — —  $ 10,479 $ — $ — $ 10,479 $ — $ 10,479  Maturities:  Matures in one year or less $ 10,479 $ — $ — $ 10,479 $ — $ 10,479  Matures one to three years — — — — — —  $ 10,479 $ — $ — $ 10,479 $ — $ 10,479  
Assets Measured At Fair Value On Recurring Basis	   Level 1 Level 2 Level 3 Total  June 30, 2018  Cash and cash equivalents $ 9,608 $ — $ — $ 9,608  Commercial paper — — — —  $ 9,608 $ — $ — $ 9,608  December 31, 2017  Cash and cash equivalents $ 10,479 $ — $ — $ 10,479  Commercial paper — — — —  $ 10,479 $ — $ — $ 10,479  

Stockholders' Equity And Stoc17

Stockholders' Equity And Stock-Based Compensation Expense (Tables)	6 Months Ended
	Jun. 30, 2018
Stockholders' Equity And Stock-Based Compensation Expense [Abstract]
Common Stock Outstanding and Stockholders' Equity	  Common Stock Stockholders' equity (in thousands)  Balance at December 31, 2017 6,595,509 $ 9,699  Non-cash stock-related compensation for:  Stock options for employees — 1,469  Stock options for non-employees — 32  Issuance of common stock, net of issuance costs 300,000 1,959  Net loss — (4,613)  Balance at June 30, 2018 6,895,509 $ 8,546  
Stock Option and Performance Award activity	   Stock Options Performance Awards  Outstanding as of December 31, 2017 2,982,155 152,340  Options granted 15,000 —  Options exercised — —  Options forfeited/canceled (243,257) —  Outstanding as of June 30, 2018 2,753,898 152,340  
Summary Of Non-Cash Stock-Based Compensation	   Three months ended Six months ended  June 30, June 30,  2018 2017 2018 2017  Research and development  Vesting of stock options $ 316 $ 289 $ 668 $ 601  316 289 668 601  General and administrative  Vesting of stock options 382 420 833 935  382 420 833 935  Total non-cash stock-based compensation expenses  Vesting of stock options 698 709 1,501 1,536  $ 698 $ 709 $ 1,501 $ 1,536  

Commitments (Tables)

Commitments (Tables)	6 Months Ended
	Jun. 30, 2018
Commitments [Abstract]
Future Minimum Lease Payments	   2018 2019 2020 Total  Minimum lease payments $ 91 $ 95 $ 99 $ 285  

General And Liquidity (Narrativ

General And Liquidity (Narrative) (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017	Dec. 31, 2016
General And Liquidity [Abstract]
Accumulated deficit	$ (162,012)	$ (157,399)
Cash and cash equivalents	$ 9,608	$ 10,479	$ 14,067	$ 16,615

Significant Accounting Polici20

Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Significant Accounting Policies [Abstract]
Contractual maturity of a particular investment	1 year
Reduction to research and development expense	$ 0.8	$ 0.1
Vesting period of stock options	4 years

Significant Accounting Polici21

Significant Accounting Policies (Numerators And Denominators In The Calculation Of Basic And Diluted Net Loss Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Numerator:
Net loss	$ (2,452)	$ (4,160)	$ (4,613)	$ (6,903)
Denominator:
Shares used in computing net loss per share, basic and diluted	6,838	6,537	6,739	6,536
Net loss per share, basic and diluted	$ (0.36)	$ (0.64)	$ (0.68)	$ (1.06)
Dilutive common shares excluded from net loss per share, diluted	2,220	2,369	2,190	2,402

Cash, Cash Equivalents And Ma22

Cash, Cash Equivalents And Marketable Securities And Assets Measured At Fair Value (Narrative) (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Transfers from level 1 to level 2	$ 0
Transfers from level 2 to level 1	0
Net transfers to level 3	0
Marketable Securities [Member]
Gain (loss) on investments	0	$ 0
Impairment charges on marketable securities other-than-temporary declines	$ 0

Cash, Cash Equivalents And Ma23

Cash, Cash Equivalents And Marketable Securities And Assets Measured At Fair Value (Cash, Cash Equivalents And Marketable Securities) (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017	Dec. 31, 2016
Schedule of Available-for-sale Securities [Line Items]
Cash and cash equivalents	$ 9,608	$ 10,479	$ 14,067	$ 16,615
Cash and cash equivalents, Short Term Investment, Amortized Cost	9,608	10,479
Cash and cash equivalents, Short Term Investment Unrealized Gains
Cash and cash equivalents, Short Term Investment Unrealized Losses
Accrued Interest
Cash and cash equivalents, Short Term Investment, Fair Value	9,608	10,479
Estimated Fair Value, Fair Value Disclosure [Member]
Schedule of Available-for-sale Securities [Line Items]
Cash and cash equivalents, Short Term Investment, Fair Value	9,608	10,479
Marketable Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, Amortized Cost Basis
Available-for-sale securities, Gross Unrealized Gains
Available-for-sale securities, Gross Unrealized Losses
Accrued Interest
Estimated Fair Value, Marketable securities
Marketable Securities [Member] | Estimated Fair Value, Fair Value Disclosure [Member]
Schedule of Available-for-sale Securities [Line Items]
Estimated Fair Value, Marketable securities
Cash [Member]
Schedule of Available-for-sale Securities [Line Items]
Cash	71	158
Available-for-sale securities, Gross Unrealized Gains
Available-for-sale securities, Gross Unrealized Losses
Accrued Interest
Cash and cash equivalents, Fair Value	71	158
Cash [Member] | Estimated Fair Value, Fair Value Disclosure [Member]
Schedule of Available-for-sale Securities [Line Items]
Cash and cash equivalents, Fair Value	71	158
Cash Equivalents [Member]
Schedule of Available-for-sale Securities [Line Items]
Cash equivalents	9,537	10,321
Available-for-sale securities, Gross Unrealized Gains
Available-for-sale securities, Gross Unrealized Losses
Accrued Interest
Cash and cash equivalents, Fair Value	9,537	10,321
Cash Equivalents [Member] | Estimated Fair Value, Fair Value Disclosure [Member]
Schedule of Available-for-sale Securities [Line Items]
Cash and cash equivalents, Fair Value	9,537	10,321
Cash And Cash Equivalents [Member]
Schedule of Available-for-sale Securities [Line Items]
Cash and cash equivalents	9,608	10,479
Available-for-sale securities, Gross Unrealized Gains
Available-for-sale securities, Gross Unrealized Losses
Accrued Interest
Cash and cash equivalents, Fair Value	9,608	10,479
Cash And Cash Equivalents [Member] | Estimated Fair Value, Fair Value Disclosure [Member]
Schedule of Available-for-sale Securities [Line Items]
Cash and cash equivalents, Fair Value	9,608	10,479
Matures In One Year Or Less [Member]
Schedule of Available-for-sale Securities [Line Items]
Cash and cash equivalents, Short Term Investment, Amortized Cost	9,608	10,479
Available-for-sale securities, Gross Unrealized Gains
Available-for-sale securities, Gross Unrealized Losses
Accrued Interest
Cash and cash equivalents, Short Term Investment, Fair Value	9,608	10,479
Matures In One Year Or Less [Member] | Estimated Fair Value, Fair Value Disclosure [Member]
Schedule of Available-for-sale Securities [Line Items]
Cash and cash equivalents, Short Term Investment, Fair Value	9,608	10,479
Matures One To Three Years [Member]
Schedule of Available-for-sale Securities [Line Items]
Cash and cash equivalents, Short Term Investment, Amortized Cost
Available-for-sale securities, Gross Unrealized Gains
Available-for-sale securities, Gross Unrealized Losses
Accrued Interest
Cash and cash equivalents, Short Term Investment, Fair Value
Matures One To Three Years [Member] | Estimated Fair Value, Fair Value Disclosure [Member]
Schedule of Available-for-sale Securities [Line Items]
Cash and cash equivalents, Short Term Investment, Fair Value

Cash, Cash Equivalents And Ma24

Cash, Cash Equivalents And Marketable Securities And Assets Measured At Fair Value (Assets Measured At Fair Value On Recurring Basis) (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	$ 9,608	$ 10,479
Cash And Cash Equivalents [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	9,608	10,479
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	9,608	10,479
Level 1 [Member] | Cash And Cash Equivalents [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value	9,608	10,479
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value
Level 3 [Member] | Cash And Cash Equivalents [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value
Level 3 [Member] | Commercial Paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value

Stockholders' Equity And Stoc25

Stockholders' Equity And Stock-Based Compensation Expense (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Jul. 24, 2018	Feb. 08, 2018
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Vesting period of stock options			4 years
Non-cash stock-based compensation expense	$ 698	$ 709	$ 1,501	$ 1,536
Shares sold	300,000		300,000
Net proceeds			$ 1,898
Stock Options [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Vesting period of stock options			3 years
Stock Options [Member] | 2008 Equity Incentive Plan [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Weighted average exercise price or options	$ 15.44		$ 15.44
Non-cash stock-based compensation expense			$ 3,600
Performance Awards [Member] | 2008 Equity Incentive Plan [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Non-cash stock-based compensation expense			$ 2,500
ATM Agreement [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Gross aggregate offering price of common stock						$ 16,900
Shares sold	300,000		300,000
Average gross selling price per share	$ 6.70		$ 6.70
Expenses cost for the offering			$ 100
Net proceeds			1,900
Costs against addition paid-in-capital			$ 10
ATM Agreement [Member] | Subsequent Event [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Gross aggregate offering price of common stock					$ 14,700

Stockholders' Equity And Stoc26

Stockholders' Equity And Stock-Based Compensation Expense (Common Stock Outstanding and Stockholders' Equity) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Common stock, balance at December 31, 2017			6,595,509
Shares sold	300,000		300,000
Issuance of common stock, net of issuance costs	300,000		300,000
Common stock, balance at June 30,2018	6,895,509		6,895,509
Stockholders' equity, balance at December 31, 2017			$ 9,699
Stockholders' equity, Non-cash stock-based compensation			1,501	$ 1,536
Issuance of common stock, net of issuance costs			1,959
Net loss	$ (2,452)	$ (4,160)	(4,613)	$ (6,903)
Stockholders' equity, balance at June 30, 2018	$ 8,546		8,546
Stock Options [Member]
Stockholders' equity, Non-cash stock-based compensation			1,469
Non-Employee Stock Options [Member]
Stockholders' equity, Non-cash stock-based compensation			$ 32

Stockholders' Equity And Stoc27

Stockholders' Equity And Stock-Based Compensation Expense (Stock Option And Performance Award Activity) (Details)	6 Months Ended
	Jun. 30, 2018shares
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding as of December 31, 2017	2,982,155
Options granted	15,000
Options Exercised
Options forfeited/canceled	(243,257)
Outstanding as of June 30, 2018	2,753,898
Performance Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding as of December 31, 2017	152,340
Options granted
Options exercised
Options forfeited/cancelled
Outstanding as of June 30, 2018	152,340

Stockholders' Equity And Stoc28

Stockholders' Equity And Stock-Based Compensation Expense (Summary Of Non-Cash Stock-Based Compensation) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Non-cash stock-based compensation expense	$ 698	$ 709	$ 1,501	$ 1,536
Vesting Of Stock Options [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Non-cash stock-based compensation expense	698	709	1,501	1,536
Research And Development [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Non-cash stock-based compensation expense	316	289	668	601
Research And Development [Member] | Vesting Of Stock Options [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Non-cash stock-based compensation expense	316	289	668	601
General And Administrative [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Non-cash stock-based compensation expense	382	420	833	935
General And Administrative [Member] | Vesting Of Stock Options [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Non-cash stock-based compensation expense	$ 382	$ 420	$ 833	$ 935

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Operating Loss Carryforwards [Line Items]
U.S federal corporate tax rate		35.00%
Tax Cuts And Jobs Act [Member]
Operating Loss Carryforwards [Line Items]
U.S federal corporate tax rate	21.00%

Commitments (Narrative) (Detail

Commitments (Narrative) (Details) - Austin, TX [Member]	6 Months Ended
	Jun. 30, 2018ft²
Operating Leased Assets [Line Items]
Office space	6,000
Operating lease expiration year	2020-12

Commitments (Future Minimum Lea

Commitments (Future Minimum Lease Payments) (Details) $ in Thousands	Jun. 30, 2018USD ($)
Commitments [Abstract]
Minimum lease payments, 2018	$ 91
Minimum lease payments, 2019	95
Minimum lease payments, 2020	99
Total	$ 285