Vitae Pharmaceuticals (VTAE) 10-Q 12 Nov 14 2014 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Sep. 30, 2014	Nov. 07, 2014
Document and Entity Information	'	'
Entity Registrant Name	'Vitae Pharmaceuticals, Inc	'
Entity Central Index Key	'0001157602	'
Document Type	'10-Q	'
Document Period End Date	30-Sep-14	'
Amendment Flag	'false	'
Current Fiscal Year End Date	'--12-31	'
Entity Current Reporting Status	'No	'
Entity Filer Category	'Non-accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	18,023,414
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q3	'

Balance_Sheets

Balance Sheets (USD $)	Sep. 30, 2014	Dec. 31, 2013
Current assets:	'	'
Cash and cash equivalents	$61,019,287	$21,155,247
Marketable securities, available-for-sale	6,787,556	11,299,206
Prepaid expenses and other current assets	1,453,705	968,342
Total current assets	69,260,548	33,422,795
Cash-restricted	200,000	200,000
Property and equipment, net	405,659	377,996
Other assets	'	26,963
Total assets	69,866,207	34,027,754
Current liabilities:	'	'
Notes payable-current portion	5,660,034	5,281,502
Accounts payable	2,370,261	458,511
Accrued expenses	2,821,313	1,700,719
Interest payable	46,805	76,687
Deferred revenue	'	2,000,000
Total current liabilities	10,898,413	9,517,419
Deferred rent and lease incentives	81,299	90,782
Notes payable	510,004	4,804,176
Interest payable	222,222	162,222
Preferred stock warrant liability	'	477,375
Total liabilities	11,711,938	15,051,974
Commitments and contingencies	'	'
Stockholders' equity (deficit):	'	'
Preferred stock, $0.0001 par value, 15,000,000 and 0 shares authorized at September 30, 2014 and December 31, 2013, respectively, no shares issued and outstanding at September 30, 2014 and December 31, 2013	'	'
Common stock, $0.0001 par value, 150,000,000 and 312,825,000 shares authorized at September 30, 2014 and December 31, 2013, respectively, 16,992,164 and 588,988 shares issued and 16,992,164 and 588,733 shares outstanding at September 30, 2014 and December 31, 2013, respectively	1,699	59
Additional paid in capital	180,862,964	3,983,222
Treasury stock	'	-938
Accumulated comprehensive (loss) income	-4,427	67
Accumulated deficit	-122,705,967	-110,876,561
Total stockholders' equity (deficit)	58,154,269	-106,894,151
Total liabilities, convertible preferred stock and stockholders' equity (deficit)	69,866,207	34,027,754
Convertible Series A-1 preferred stock	'	'
Convertible preferred stock:	'	'
Convertible preferred stock	'	675,000
Convertible Series A-2 preferred stock	'	'
Convertible preferred stock:	'	'
Convertible preferred stock	'	16,379,250
Convertible Series B preferred stock	'	'
Convertible preferred stock:	'	'
Convertible preferred stock	'	63,964,035
Convertible Series C preferred stock	'	'
Convertible preferred stock:	'	'
Convertible preferred stock	'	14,936,553
Convertible Series D preferred stock	'	'
Convertible preferred stock:	'	'
Convertible preferred stock	'	$29,915,093

Balance_Sheets_Parenthetical

Balance Sheets (Parenthetical) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Convertible preferred stock, par value (in dollars per share)	'	$0.00
Convertible preferred stock, shares authorized	'	211,775,287
Preferred stock, par value (in dollars per share)	$0.00	$0.00
Preferred stock, shares authorized	15,000,000	0
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$0.00	$0.00
Common stock, shares authorized	150,000,000	312,825,000
Common stock, shares issued	16,992,164	588,988
Common stock, shares outstanding	16,992,164	588,733
Convertible Series A-1 preferred stock	'	'
Convertible preferred stock, par value (in dollars per share)	'	$0.00
Convertible preferred stock, shares authorized	0	675,000
Convertible preferred stock, shares issued	0	29,346
Convertible preferred stock, shares outstanding	0	29,346
Convertible Series A-2 preferred stock	'	'
Convertible preferred stock, par value (in dollars per share)	'	$0.00
Convertible preferred stock, shares authorized	0	16,575,000
Convertible preferred stock, shares issued	0	717,379
Convertible preferred stock, shares outstanding	0	717,379
Convertible Series B preferred stock	'	'
Convertible preferred stock, par value (in dollars per share)	'	$0.00
Convertible preferred stock, shares authorized	0	151,812,780
Convertible preferred stock, shares issued	0	6,570,106
Convertible preferred stock, shares outstanding	0	6,570,106
Convertible Series C preferred stock	'	'
Convertible preferred stock, par value (in dollars per share)	'	$0.00
Convertible preferred stock, shares authorized	0	16,700,007
Convertible preferred stock, shares issued	0	724,632
Convertible preferred stock, shares outstanding	0	724,632
Convertible Series D preferred stock	'	'
Convertible preferred stock, par value (in dollars per share)	'	$0.00
Convertible preferred stock, shares authorized	0	26,012,500
Convertible preferred stock, shares issued	0	1,086,956
Convertible preferred stock, shares outstanding	0	1,086,956

Statements_of_Operations

Statements of Operations (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Statements of Operations	'	'	'	'
Collaborative revenues	$6,178,166	$5,352,230	$8,507,113	$7,314,528
Operating expenses:	'	'	'	'
Research and development	4,799,268	3,527,624	14,224,526	11,112,251
General and administrative	3,096,399	1,316,695	5,724,690	3,996,478
Total operating expenses	7,895,667	4,844,319	19,949,216	15,108,729
(Loss) income from operations	-1,717,501	507,911	-11,442,103	-7,794,201
Other (expenses) income:	'	'	'	'
Other income	125,544	'	343,318	303,891
Interest income	7,894	14,335	36,709	57,441
Interest expense	-225,355	-342,763	-766,392	-1,110,978
Total other (expenses) income	-91,917	-328,428	-386,365	-749,646
Net (loss) income	($1,809,418)	$179,483	($11,828,468)	($8,543,847)
Net (loss) income per common share:	'	'	'	'
Basic (in dollars per share)	($1.06)	$0	($12.18)	($15.36)
Diluted (in dollars per share)	($1.06)	$0	($12.18)	($15.36)
Weighted-average number of common shares:	'	'	'	'
Basic (in shares)	1,711,969	564,702	971,439	556,220
Diluted (in shares)	1,711,969	564,702	971,439	556,220

Statements_of_Comprehensive_Lo

Statements of Comprehensive (Loss) Income (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Statements of Comprehensive (Loss) Income	'	'	'	'
Net (loss) income	($1,809,418)	$179,483	($11,828,468)	($8,543,847)
Other comprehensive (loss) income:	'	'	'	'
Unrealized (losses) gains on marketable securities	-3,882	6,199	-4,494	-3,050
Comprehensive (loss) income	($1,813,300)	$185,682	($11,832,962)	($8,546,897)

Statements_of_Cash_Flows

Statements of Cash Flows (USD $)	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Operating activities:	'	'
Net loss	($11,828,468)	($8,543,847)
Adjustment to reconcile net loss to net cash used in operating activities:	'	'
Depreciation and amortization	155,176	158,616
Stock-based compensation	2,079,351	85,607
Deferred rent and lease incentives	858	-4,870
Amortization of deferred financing fees	164,125	164,125
Revaluation of preferred stock warrant liability	-301,294	-219,500
(Gain) loss on disposal of equipment	-2,500	67
Changes in assets and liabilities:	'	'
Accounts receivable	'	4,740,000
Prepaid expenses and other current assets	-486,401	-35,316
Accounts payable and accrued expenses	1,502,007	56,251
Deferred revenue	-2,000,000	2,056,307
Interest payable	30,118	60,000
Net cash used in operating activities	-10,687,028	-1,482,560
Investing activities:	'	'
Purchases of property and equipment	-186,735	-153,324
Proceeds from disposal of equipment	2,500	700
Purchases of investments	-15,136,766	-20,241,967
Sales of investments	19,643,922	24,449,000
Net cash provided by investing activities	4,322,921	4,054,409
Financing activities:	'	'
Principal payments under debt facilities	-4,051,766	-3,309,610
Payment of offering costs	-924,846	'
Restricted cash	'	250,000
Proceeds from the issuance of common stock, net of repurchases	51,204,759	57,794
Net cash provided by (used in) financing activities	46,228,147	-3,001,816
Net increase (decrease) in cash and cash equivalents	39,864,040	-429,967
Cash and cash equivalents at beginning of period	21,155,247	7,629,143
Cash and cash equivalents at end of period	61,019,287	7,199,176
Supplemental disclosures of cash flow information:	'	'
Cash paid for interest	572,149	911,261
Non-cash reclassification of preferred stock warrants to additional paid-in capital	$176,081	'

Organization

Organization	9 Months Ended
	Sep. 30, 2014
Organization	'
Organization	'
	1. Organization
	Vitae Pharmaceuticals, Inc. (Vitae or the Company) is a clinical-stage biotechnology company focused on discovering and developing novel, small molecule drugs for diseases that represent large market opportunities where there are significant unmet medical needs. The Company is developing a robust and growing portfolio of novel product candidates internally generated by Contour®, its proprietary structure-based drug discovery platform. The Company has two partnered product candidates in the clinic and several wholly-owned drug candidates in preclinical development.
	The Company’s most advanced product candidates include VTP-34072, which is in a Phase 2 clinical trial for the treatment of type 2 diabetes, and VTP-37948/BI118181, which is in Phase 1 clinical trials for Alzheimer’s disease (Alzheimer’s). Both products are being developed under separate collaborations with Boehringer Ingelheim GmbH (BI). The Company has received an aggregate of $158 million in funding from BI as of September 30, 2014, including $30 million from sales of the Company’s equity securities and $128 million in upfront license fees, research funding and success based milestone payments.
	The Company has several wholly-owned product candidates advancing in preclinical development, including VTP-43742 for the treatment of autoimmune disorders, VTP-38443 for the treatment of acute coronary syndrome, and VTP-38543 for the treatment of atopic dermatitis. The Company intends to advance and retain rights to these and other programs and product candidates that the Company believes it can develop and commercialize, and to strategically partner where doing so can accelerate the program and generate non-dilutive capital for Vitae.
	Vitae is currently pursuing the following strategies: advance its growing portfolio of product candidates, establish late-stage development and commercialization capabilities for certain of the Company’s product candidates in the U.S. and potentially other markets, selectively collaborate with large biotechnology and pharmaceutical companies to maximize the value of the Company’s product candidates, leverage Contour to rapidly discover novel small molecule product candidates for additional validated, difficult-to-drug targets, and continue investing in technology, people and intellectual property.
	As of September 30, 2014, the Company had cash, cash equivalents and short-term investments of approximately $67.8 million, which is expected to enable the Company to fund its currently anticipated operating expenses and capital expenditure requirements through the first half of 2016.  However, the Company will need to secure additional funding in the future, from one or more equity or debt financings, collaborations, or other sources, in order to carry out all of the Company’s planned research and development activities. The future success of the Company is dependent on its ability to develop its product candidates and ultimately upon its ability to attain profitable operations. The Company is subject to a number of risks similar to other life sciences companies, including, but not limited to, successful discovery and development of its drug candidates, raising additional capital, development by its competitors of new technological innovations, protection of proprietary technology and market acceptance of the Company’s products.

Basis_of_Presentation_and_Summ

Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2014
Basis of Presentation and Summary of Significant Accounting Policies	'
Basis of Presentation and Summary of Significant Accounting Policies	'
	2. Basis of Presentation and Summary of Significant Accounting Policies
	Basis of Presentation
	The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) for interim financial information and are unaudited. The interim unaudited financial statements have been prepared on the same basis as the financial statements as of and for the year ended December 31, 2013 included in the Company’s Prospectus dated September 24, 2014 (the Prospectus), filed pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended, with the Securities and Exchange Commission on September 24, 2014 in conjunction with the Company’s initial public offering of shares of common stock (IPO), as further described in Note 8. In the opinion of management, the accompanying financial statements reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of September 30, 2014, the results of its operations and its comprehensive loss for the three and nine months ended September 30, 2014 and 2013 and its cash flows for the nine months ended September 30, 2014 and 2013. The results for the three and nine months ended September 30, 2014 are not necessarily indicative of results to be expected for the year ending December 31, 2014, any other interim periods, or any future year or period.  The information contained in the accompanying financial statements and the notes thereto should be read in conjunction with the financial statements and notes thereto for the year ended December 31, 2013 included in the Company’s Prospectus.
	Fair Value of Financial Instruments
	At September 30, 2014 and December 31, 2013, the Company’s financial instruments included cash and cash equivalents, restricted cash, marketable securities, accounts payable, accrued expenses and notes payable. The carrying amounts reported in the Company’s financial statements for cash and cash equivalents, restricted cash, accounts payable and accrued expenses approximates their respective fair values because of the short-term nature of these instruments. The Company’s short- term marketable securities are carried at fair value based on quoted market prices and other observable inputs. Notes payable approximates fair value because the interest rate is reflective of the rate the Company could obtain on debt with similar terms and conditions. At December 31, 2013, the Company also reported a preferred stock warrant liability. The carrying value of the preferred stock warrant liability was the estimated fair value of the liability (Note 5). The Company has determined the estimated fair value of financial instruments using available market information and management’s estimates. The use of different market assumptions and/or estimation methodologies could have a significant effect on the estimated fair value amounts.
	Net Income Per Common Share
	Prior to the Company’s IPO in September 2014, the Company used the two-class method to compute net income per common share because the Company had outstanding securities, other than common stock, that contractually entitle the holders to participate in dividends and earnings of the Company. The two-class method requires earnings available to common stockholders for the period, after an allocation of earnings to participating securities, to be allocated between common and participating securities based upon their respective rights to receive distributed and undistributed earnings. Each series of the Company’s convertible preferred stock were entitled to receive annual non-cumulative dividends that ranged from $0.60 - $1.66 per share, payable prior and in preference to dividends paid to holders of common stock when and if declared by the Company’s board of directors. In the event a dividend was paid on common stock, holders of preferred stock were entitled to a proportionate share of any such dividend as if they were holders of common shares (on an as-if converted basis).
	For periods with net income prior to the IPO, net income per common share information is computed using the two-class method. Under the two-class method, basic net income per common share is computed by dividing the net income attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. Basic net income attributable to common stockholders is computed by an adjustment to subtract from net income the portion of current year earnings that the preferred stockholders would have been entitled to receive pursuant to their dividend rights had all of the year’s earnings been distributed. No such adjustment to earnings is made during periods with a net loss, as the holders of the convertible preferred shares had no obligation to fund losses.
	Diluted net income per common share is computed by using the weighted-average number of shares of common stock outstanding, plus, for periods with net income attributable to common stock, the dilutive effects of stock options, restricted stock units, and warrants. Potential dilutive shares consist of incremental common stock issuable upon the exercise of stock options and warrants. Basic and dilutive computations are the same in periods with net losses attributable to common stockholders as the dilutive effects of stock options, restricted stock units and warrants would be antidilutive.
	Significant Accounting Policies
	The Company’s significant accounting policies are disclosed in the audited financial statements for the year ended December 31, 2013 included in the Prospectus. Since the date of those financial statements, there have been no changes to the Company’s significant accounting policies.
	Recently Issued Accounting Standards
	In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers. ASU 2014-09 will supersede and replace nearly all existing U.S. GAAP revenue recognition guidance, including industry-specific guidance. The guidance is effective for annual reporting periods beginning after December 15, 2016, including interim periods therein. The Company is evaluating ASU 2014-09 and has not yet determined what, if any, effect ASU 2014-09 will have on its results of operations or financial condition.

Net_Loss_Income_Per_Common_Sha

Net (Loss) Income Per Common Share	9 Months Ended
	Sep. 30, 2014
Net (Loss) Income Per Common Share	'
Net (Loss) Income Per Common Share	'
	3. Net (Loss) Income Per Common Share
	The following table sets forth the computation of basic and diluted net income loss per common share for the periods indicated:
		Three Months Ended September 30,						Nine Months Ended September 30,
		2014			2013			2014			2013
	Basic and diluted net (loss) income per common share calculation:
	Net (loss) income	$	(1,809,418	)	$	179,483		$	(11,828,468	)	$	(8,543,847	)
	Less: Undistributed earnings allocated to participating securities	—			(179,483		)	—			—
	Net loss attributable to common stockholders	$	(1,809,418	)	$	0		$	(11,828,468	)	$	(8,543,847	)
	Weighted-average number of common shares:
	Basic	1,711,969			564,702			971,439			556,220
	Diluted	1,711,969			564,702			971,439			556,220
	Net (loss) income per common share:
	Basic	$	(1.06	)	$	0		$	(12.18	)	$	(15.36	)
	Diluted	$	(1.06	)	$	0		$	(12.18	)	$	(15.36	)
	The following outstanding securities at September 30, 2014 and 2013 have been excluded from the computation of diluted weighted shares outstanding, as their effects on net (loss) income per share would have been anti-dilutive:
		Three Months Ended September 30,				Nine Months Ended September 30,
		2014		2013		2014		2013
	Stock options	1,488,174		1,484,072		1,488,174		1,484,072
	Warrants	45,468		45,468		45,468		45,468
	Convertible preferred stock	—		9,491,680		—		9,491,680
	Total	1,533,642		11,021,220		1,533,642		11,021,220

Accrued_Expenses

Accrued Expenses	9 Months Ended
	Sep. 30, 2014
Accrued Expenses	'
Accrued Expenses	'
	4. Accrued Expenses
	At September 30, 2014 and December 31, 2013, accrued expenses consisted of the following:
		2014	2013
	Payroll and related costs	1,140,761	1,099,210
	Research and development related costs	675,783	74,260
	Offering costs	535,355	—
	Legal and accounting related costs	216,946	341,901
	Other	252,468	185,348
	Total	2,821,313	1,700,719

Fair_Value_Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2014
Fair Value Measurements	'
Fair Value Measurements	'
	5. Fair Value Measurements
	The Company measures certain assets and liabilities at fair value in accordance with Accounting Standards Codification (ASC) 820, Fair Value Measurements and Disclosures. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability (the exit price) in an orderly transaction between market participants at the measurement date. The guidance in ASC 820 outlines a valuation framework and creates a fair value hierarchy in order to increase the consistency and comparability of fair value measurements and the related disclosures. In determining fair value, the Company maximizes the use of quoted prices and observable inputs. Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from independent sources. The fair value hierarchy is broken down into three levels based on the source of inputs as follows:
	·                  Level 1—Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities.
	·                  Level 2—Valuations based on observable inputs and quoted prices in active markets for similar assets and liabilities.
	·                  Level 3—Valuations based on inputs that are unobservable and models that are significant to the overall fair value measurement.
	The Company’s Level 1 assets include money market funds, certificates of deposit (CD), and U.S. Treasury notes. Level 2 assets include U.S. government agency securities and corporate debt securities. The following fair value hierarchy tables present information about each major category of financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2014 and December 31, 2013:
		Fair Value Measurements as of September 30, 2014 Using
		Level 1			Level 2		Level 3		Balance as of
									September 30, 2014
	Assets
	Money market funds	$	57,080,971		$	—	$	—	$	57,080,971
	Cash-restricted, CD	200,000			—		—		200,000
	Marketable securities, available-for-sale	—			6,787,556		—		6,787,556
	Total assets	$	57,280,971		$	6,787,556	$	—	$	64,068,527
	Liabilities
	Preferred stock warrant liability	$	—		$	—	$	—	$	—
	Total liabilities	$	—		$	—	$	—	$	—
		Fair Value Measurements as of December 31, 2013 Using
		Level 1			Level 2		Level 3		Balance as of
									December 31, 2013
	Assets
	Money market funds	$	18,512,463		$	—	$	—	$	18,512,463
	Cash-restricted, CD	200,000			—		—		200,000
	Marketable securities, available-for-sale	—			11,299,206		—		11,299,206
	Total assets	$	18,712,463		$	11,299,206	$	—	$	30,011,669
	Liabilities
	Preferred stock warrant liability	$	—		$	—	$	477,375	$	477,375
	Total liabilities	$	—		$	—	$	477,375	$	477,375
	Prior to the Company’s IPO, the Company accounted for its preferred stock warrants as liabilities in accordance with the guidance for accounting for certain financial instruments with characteristics of both liabilities and equity as the warrants entitle the holder to purchase preferred stock that was considered contingently redeemable. The fair value of the preferred stock warrant liability was re-measured at the end of each reporting period, and any changes in fair value were recognized in the Statements of Operations as other income or expense. Upon the closing of the IPO, the preferred stock warrant was, in accordance with its terms, automatically converted into a warrant to purchase common stock, which resulted in the reclassification of the preferred stock warrant liability to additional paid-in capital. Upon reclassification, no further changes in fair value will be recognized in other income or expense.
	The fair value of the warrants on the date of issuance and on each re-measurement date of those warrants classified as liabilities was estimated using the Black-Scholes option pricing model using the following assumptions: contractual life according to the remaining terms of the warrants, no dividend yield, weighted average volatility of 83% and weighted average fair value of the underlying instruments of $8.00 and $16.33, and weighted average risk-free interest rate of 2.01% and 2.68%, at September 24, 2014 and December 31, 2013, respectively. For this liability, the Company developed its own assumptions that did not have observable inputs or available market data to support the fair value. This method of valuation involved using inputs such as the fair value of the Company’s common stock, stock price volatility, the contractual term of the warrants, risk free interest rates and dividend yields. Due to the nature of these inputs, the valuation of the warrants was considered a Level 3 measurement. The warrant liability is recorded on its own line item on the Company’s Balance Sheets. The estimated fair value of the preferred stock warrants decreased $301,294 and $219,500 for the nine months ended September 30, 2014 and 2013, respectively.
	The table below sets forth a summary of changes in fair value of the Company’s Level 3 financial instruments measured on a recurring basis:
		Preferred Stock
		Warrant
		Liability
	Balance as of January 1, 2013	$	720,375
	Changes in estimated fair value	(219,500		)
	Balance as of September 30, 2013	$	500,875
	Balance as of January 1, 2014	$	477,375
	Changes in estimated fair value	(301,294		)
	Reclassification of warrants to additional paid-in capital	(176,081		)
	Balance as of September 30, 2014	$	—

Investments

Investments	9 Months Ended
	Sep. 30, 2014
Investments	'
Investments	'
	6. Investments
	Marketable Securities
	Marketable securities consisted of the following as of September 30, 2014 and December 31, 2013:
		Cost Basis		Unrealized Gains		Unrealized Losses			Fair Value
	September 30, 2014
	Corporate notes and bonds	$	6,791,983	$	203	$	(4,630	)	$	6,787,556
	Total marketable securities	$	6,791,983	$	203	$	(4,630	)	$	6,787,556
	December 31, 2013
	U.S. government and agency	$	500,066	$	64	$	—		$	500,130
	Corporate notes and bonds	10,799,073		1,964		(1,961		)	10,799,076
	Total marketable securities	$	11,299,139	$	2,028	$	(1,961	)	$	11,299,206
	As of September 30, 2014, the Company’s marketable securities had maturities that were less than one year.

Notes_Payable

Notes Payable	9 Months Ended
	Sep. 30, 2014
Notes Payable	'
Notes Payable	'
	7. Notes Payable
	Term Notes
	Silicon Valley Bank and Oxford Finance Corp.—2011 Credit Facility
	In December 2011, the Company entered into a $15 million senior secured credit facility with Silicon Valley Bank and Oxford Finance Corp. (together, the Lenders) and drew-down all funds at that time. Pursuant to the terms of the loan and security agreement evidencing the credit facility, the Company made monthly payments of interest only through January 1, 2013 and, thereafter, will make monthly payments of principal and interest over the remaining 33 months of the loan. The credit facility bears interest at the rate of 8.85%. The final payment will include an additional interest payment of $300,000, which is being recognized as interest expense over the term of the note. Therefore, the effective interest rate on the loan is 9.49%. The Company may prepay the debt provided it pays certain prepayment fees.
	The loan is secured by all of the Company’s assets other than intellectual property for which the Company has provided a negative pledge. The Company cannot grant a license to its intellectual property without the prior consent of the Lenders except for certain predefined situations. The loan prohibits the Company from paying dividends on its equity securities.
	In connection with the credit facility, the Company issued to Silicon Valley Bank and Oxford Financial Corp. 10-year warrants to purchase an aggregate of 29,889 shares of Series D preferred stock with an exercise price of $27.60 per share. The Series D preferred stock warrants were immediately converted into warrants to purchase common stock upon the closing of the Company’s IPO. Upon issuance, the estimated fair value of the preferred stock warrants was $680,625 determined using the Black-Scholes option pricing model and was recorded as a debt discount, with a corresponding credit to the preferred stock warrant liability. The debt discount is being accreted to interest expense over the term of the loan. As of September 30, 2014, the unamortized debt discount was $176,458 and the Company accreted $136,125 to interest expense for the nine months ended September 30, 2014 and 2013, respectively. In addition, the Company incurred and capitalized a total of $140,000 in debt issuance costs which are being amortized on a straight-line basis as additional interest expense over the expected 45-month loan term.
	The Company also issued Series D preferred stock warrants in conjunction with a credit facility that is no longer outstanding. All Series D preferred stock warrants were recorded as liabilities in accordance with ASC 480, Distinguishing Liabilities from Equity. Prior to the IPO, the fair value of the preferred stock warrant liability was re-measured at the end of each reporting period, and any changes in fair value was recognized in the Statements of Operations as other income or expense. Upon the closing of the IPO, the preferred stock warrants were, in accordance with its terms, automatically converted into warrants to purchase common stock, which resulted in the reclassification of the preferred stock warrant liability to additional paid-in capital. Upon reclassification, no further changes in fair value will be recognized in other income or expense. See Note 5 for further details.
	The principal balance of the loan was $6,346,496 and $10,398,262 at September 30, 2014 and December 31, 2013, respectively.
	Aggregate maturities of all term notes are as follows (amounts exclude unamortized discount at September 30, 2014):
	2014	$	1,411,236
	2015	4,935,260
		$	6,346,496

Stockholders_Equity_Deficit

Stockholders' Equity (Deficit)	9 Months Ended
	Sep. 30, 2014
Stockholders' Equity (Deficit)	'
Stockholders' Equity (Deficit)	'
	8. Stockholders’ Equity (Deficit)
	Common Stock
	On September 29, 2014, the Company closed its initial public offering, in which it issued and sold 6,875,000 shares of common stock at a price of $8.00 per share, for aggregate gross proceeds of $55.0 million and net proceeds of $48.7 million after deducting underwriting fees and other offerings expenses. As of September 30, 2014, the Company had authorized 150,000,000 shares of common stock at $0.0001 par value. The Company has issued 16,992,164 shares of common stock at prices ranging from $0.0001 to $8.00 including 340,056 and 91,586 shares of common stock issued through the exercise of options in the 2001 Stock Plan and 2004 Stock Plan, respectively. There were 16,992,164 and 588,733 shares of common stock outstanding as of September 30, 2014 and December 31, 2013, respectively.
	Preferred Stock
	In connection with the IPO, the Company filed an Amended and Restated Certificate of Incorporation that established the preferred stock the Company was authorized to issue. As of September 30, 2014, the Company had authorized 15,000,000 shares of preferred stock at $0.0001 par value. There were no shares of preferred stock issued or outstanding as of September 30, 2014.
	As of December 31, 2013, the Company had authorized 211,775,287 shares of preferred stock at $0.0001 par value. The shares were further designated as 675,000 shares of Series A-1 preferred stock, 16,575,000 shares of Series A-2 preferred stock, 151,812,780 shares of Series B preferred stock, 16,700,007 shares of Series C preferred stock, and 26,012,500 shares of Series D preferred stock. The Company had the following convertible preferred stock outstanding which immediately converted into common shares upon the closing of the Company’s IPO on September 29, 2014:
		Preferred to	Preferred		Conversion
		Common	Shares		into Common
		Conversion	Outstanding		Shares upon
		Ratio			Initial Public
					Offering
	Series A	1.00-to-1.00	29,346		29,346
	Series A-2	1.00-to-1.51	717,379		1,080,640
	Series B	1.00-to-1.00	6,570,106		6,570,106
	Series C	1.00-to-1.00	724,632		724,632
	Series D	1.00-to-1.00	1,086,956		1,086,956
	Total		9,128,419		9,491,680
	Treasury Stock
	The Company retired 254 treasury shares during the nine months ended September 30, 2014. Treasury stock is recorded using the cost method. Treasury stock retirements are recorded by deducting the par value from common stock and charging the remaining excess of cost over par to accumulated deficit.
	Warrants
	Series D preferred stock warrants were immediately converted into common stock warrants upon the closing of the Company’s IPO. As of September 30, 2014, the Company had 45,468 warrants outstanding for the purchase of common stock at exercise prices ranging from $20.70 - $27.60. The following table summarizes the warrants outstanding and exercisable as of September 30, 2014:
	Warrants to Purchase	Shares	Exercise			Expiration
			Price			Date
	Common stock	1,449	$	20.7		7/12/16
	Common stock	14,130	$	27.6		8/28/18
	Common stock	29,889	$	27.6		12/21/21
	Shares Reserved for Future Issuance
	At September 30, 2014, the Company has reserved the following shares of common stock for issuance:
	Common stock options outstanding	1,488,174
	Restricted stock units outstanding	391,304
	Shares available for future grant under employee compensation plans	1,861,623
	Shares available through employee stock purchase plan	250,000
	Warrants	45,468
		4,036,569

Employee_Compensation_Plans

Employee Compensation Plans	9 Months Ended
	Sep. 30, 2014
Employee Compensation Plans	'
Employee Compensation Plans	'
	9. Employee Compensation Plans
	In July 2014, the Company’s Board of Directors approved the 2014 Stock Plan (the 2014 Plan) and reserved to be authorized for issuance under the 2014 Plan the sum of (1) 1,782,500 shares of the Company’s common stock, (2) the number of shares of the Company’s common stock reserved under the Predecessor Plans (as defined below) that are not issued or subject to outstanding awards under the Predecessor Plans as of the closing of the Company’s IPO and (3) any shares of the Company’s common stock which are subject to outstanding options under the Predecessor Plans as of the closing of the Company’s IPO that subsequently expire or lapse unexercised or are subsequently forfeited to or repurchased by the Company, provided that the shares reserved under clauses (2) and (3) above shall include no more than 1,070,687 shares of the Company’s common stock. Under the 2014 Plan, options to purchase common stock, restricted stock and restricted stock units may be granted to the Company’s employees, nonemployee directors, and consultants providing services to the Company. As of September 30, 2014, there are 1,861,623 shares available for grant without restriction.  The aggregate number of shares of the Company’s common stock reserved for issuance under the 2014 Plan shall automatically be increased on the first business day of each of the Company’s fiscal years, commencing in 2015, by a number equal to the smallest of (i) 4% of the total number of shares of the Company’s common stock actually issued and outstanding on the last business day of the prior fiscal year (excluding any rights to purchase shares of the Company’s common stock that may be outstanding, such as options or warrants), (ii) 1,426,000 shares of the Company’s common stock or (iii) a number of shares of Common Stock determined by the Company’s board of directors.
	The Company has three additional share-based compensation plans pursuant to which outstanding awards have been made, but from which no further awards can or will be made: (i) the 2001 Stock Plan (the 2001 Plan); (ii) the 2004 Stock Plan (the 2004 Plan); and the 2013 Stock Plan (the 2013 Plan, and collectively with the 2001 Plan and the 2004 Plan (the Predecessor Plans). In November 2013, the Company’s board of directors authorized a decrease in the number of shares available for issuance under the 2001 Plan by 530,674 shares and the automatic transfer of shares to the 2013 Plan from the 2001 and 2004 Plans that become available due to expiry, cancellation, termination or forfeiture. Through September 30, 2014, 402,530 shares became available under the 2001 Plan and were automatically transferred to the 2013 Plan and subsequently to the 2014 Plan as described in the paragraph above.
	Stock Options
	All options granted under the Plans were granted with exercise prices equal to or above the fair market value of the Company’s common stock on the date of grant. Options granted under the Plans vest over a time period or based on performance milestones established at the sole discretion of the Company’s board of directors or its compensation committee. Vesting for time-based options generally occurs over a period of not greater than four years. All stock options expire no later than ten years from the grant date. As of September 30, 2014, the Company has 120,637 options that will expire during the year ended December 31, 2015, unless exercised. Under the terms of the Plans, employees may use shares to exercise a portion of these options. Shares tendered for this purpose are valued at the fair market value as of the date the options are exercised.
	The following table summarizes stock option activity under the Plans from January 1, 2013 through September 30, 2014:
		Number of		Weighted-Average
		Shares		Exercise Price
	Outstanding, January 1, 2013	1,907,568		$	3.4362
	Granted	868		$	4.945
	Exercised	(42,823	)	$	1.7664
	Cancelled	(379,940	)	$	1.15
	Expired	(175,456	)	$	1.9412
	Forfeited	(18,300	)	$	6.8724
	Outstanding, December 31, 2013	1,291,917		$	4.3194
	Granted	463,008		$	5.9434
	Exercised	(36,752	)	$	1.4895
	Expired	(210,043	)	$	4.1992
	Forfeited	(19,956	)	$	7.0579
	Outstanding, September 30, 2014	1,488,174		$	4.8753
	Vested and Expected to Vest, September 30, 2014	1,455,504		$	4.8278
	Exercisable, September 30, 2014	800,306		$	3.5642
	The cost of each stock-based compensation award is determined based on the grant-date fair value, net of the effects of estimated forfeitures of the awards, and is recognized into expense over the award’s service period. Stock-based compensation expense for the three and nine months ended September 30, 2014 and 2013 was recognized as follows:
		Three Months Ended					Nine Months Ended
		September 30,					September 30,
		2014			2013		2014		2013
	Research and development	$	207,911		$	4,500	$	214,628	$	13,329
	General and administrative	1,759,382			24,093		1,864,723		72,278
	Total stock-based compensation	$	1,967,293		$	28,593	$	2,079,351	$	85,607
	The Company granted 303,559 performance-based stock options to employees in March 2011. These performance options have a 10-year life and exercise prices equal to the fair value of the Company’s stock at the grant date. Vesting of no more than 60% of these performance options is dependent on (i) meeting certain performance conditions, which relate to the Company’s research and development progress, which were established by the Company’s board of directors and (ii) the passage of time subsequent to the achievement of such performance conditions. Vesting of no more than 40% of these performance options is dependent on (i) meeting certain performance conditions, which relate to a deemed liquidation of the Company, an IPO or consummation of a strategic transaction, which were established by the Company’s board of directors and (ii) the passage of time subsequent to the achievement of such performance conditions. The Company’s board of directors determines if the performance conditions have been met. Stock-based compensation expense for these options is recorded when management estimates that the vesting of these options is probable based on the status of the Company’s research and development programs and other relevant factors. As of September 30, 2014, 110,701 performance-based stock options have been deemed probable and stock-based compensation expense recorded ratably over the completed service period associated with each performance condition. Any change in these estimates will result in a cumulative adjustment in the period in which the estimate is changed, so that as of the end of a period, the cumulative compensation expense recognized for an award or grant equals the amount that would be recognized on a straight-line basis as if the current estimates had been utilized since the beginning of the service period.
	The Company uses the Black-Scholes valuation model to estimate the fair value of stock options at the grant date. The Black-Scholes valuation model requires the Company to make certain estimates and assumptions, including assumptions related to the expected price volatility of the Company’s stock, the period during which the options will be outstanding, the rate of return on risk- free investments, and the expected dividend yield for the Company’s stock.
	The fair values of stock options granted were calculated using the following weighted-average assumptions:
		Nine Months
		Ended
		September 30,
		2014		2013
	Weighted-average risk-free interest rate	1.98	%	1.42	%
	Expected term of options (in years)	6.11		6.25
	Expected stock price volatility	83	%	85	%
	Expected dividend yield	0	%	0	%
	The weighted average fair value of options granted during the nine months ended September 30, 2014 and 2013 was $4.08 and $3.63 per share, respectively.
	The weighted-average valuation assumptions were determined as follows:
	·         Weighted-average risk-free interest rate: The Company bases the risk-free interest rate on the interest rate payable on U.S. Treasury securities in effect at the time of grant for a period that is commensurate with the assumed expected option term.
	·         Expected term of options: The expected term of options represents the period of time options are expected to be outstanding. The expected term of the options granted is derived from the “simplified” method as described in Staff Accounting Bulletin (SAB) 107 relating to ASC 718.
	·         Expected stock price volatility: The expected volatility is based on historical volatilities of similar entities within the Company’s industry which were commensurate with the Company’s expected term assumption as described in SAB 107.
	·         Expected dividends yield: The estimate for annual dividends is $0.00, because the Company has not historically paid, and does not expect for the foreseeable future to pay, a dividend.
	·         Estimated forfeiture rate: The Company’s estimated annual forfeiture rate on stock option grants is based on the historical forfeiture experience of various employee groups.
	The total cash received from employees as a result of employee stock option exercises during the nine months ended September 30, 2014 and 2013 was $54,759 and $57,794 respectively.
	As of September 30, 2014, there was $1,858,501 of total unrecognized compensation expense, excluding performance-based stock options that have not been deemed probable, net of estimated forfeitures, related to unvested options granted under the Stock Plans. That expense is expected to be recognized as follows:
	Year ending December 31,
	2014	$	163,611
	2015	603,341
	2016	520,325
	2017	459,029
	2018	112,195
		$	1,858,501
	The aggregate estimated fair value of options for which the satisfaction of the related-performance conditions have not been deemed probable is $827,860 as of September 30, 2014.
	Restricted Stock Units
	During 2013, the Company awarded a performance-based RSU covering 391,304 shares of common stock from the 2013 Plan. An RSU award entitles the holder to receive shares of the Company’s common stock as the award vests. The performance-based RSU awarded in 2013 vests contingent upon the achievement of pre-determined performance-based milestones. Stock-based compensation expense is recognized when it is deemed probable that the performance-based goal will be met. The Company’s board of directors or its compensation committee determines if the performance conditions have been met. The grant-date fair value of the RSU was $3.68 per share and was based on the fair market value of the Company’s common stock on the date of grant.
	During the three months ended September 30, 2014, the performance-based milestone on the RSU awarded in 2013 was deemed to be probable and the award was fully vested. The Company recorded $1,440,000 in stock-based compensation which was recorded as a general and administrative operating expense in the Statements of Operations.

Employee_Benefit_Plans

Employee Benefit Plans	9 Months Ended
	Sep. 30, 2014
Employee Benefit Plans	'
Employee Benefit Plans	'
	10. Employee Benefit Plans
	In July 2014, the Company established an Employee Stock Purchase Plan (the Purchase Plan). Under the Company’s Purchase Plan, eligible employees can participate and purchase common stock semi-annually through accumulated payroll deductions at such times as are established by the administrator.  The Purchase Plan is administered by the Company’s board of directors or a committee appointed by the Company’s board of directors. Under the Purchase Plan eligible employees may purchase stock at 85% of the lower of the fair market value of a share of common stock on the exercise date or the offering date.  In an offering period beginning upon the closing of the Company’s IPO, the purchase price will be 85% of the lower of the offering price per share on the cover of the Prospectus related to the IPO or the fair market value of a share of common stock on the exercise date.  Eligible employees may contribute up to 15% of their eligible compensation. A participant may purchase a maximum of 2,100 shares of common stock per purchase period. The value of the shares purchased in any calendar year may not exceed $25,000.
	The Purchase Plan was effective upon the completion of the Company’s IPO, at which time a total of 250,000 shares of the Company’s common stock were made available for sale. As of the first business day of each fiscal year, commencing in 2015, the aggregate number of shares that may be issued under the Purchase Plan shall automatically increase by a number equal to the least of (i) 1% of the total number of shares of the Company’s common stock actually issued and outstanding on the last business day of the prior fiscal year (excluding any rights to purchase shares of the Company’s common stock that may be outstanding, such as options or warrants), (ii) 356,500 shares of the Company’s common stock, or (iii) a number of shares of the Company’s common stock determined by the Company’s board of directors.  In accordance with ASC 718-50, the ability to purchase stock at 85% of the lower of the fair market value of a share of Common Stock on the offering date or the exercise date represents an option. The Company estimates the fair value of such options at the inception of each offering period using the Black-Scholes valuation model.

Collaborative_Research_Agreeme

Collaborative Research Agreements	9 Months Ended
	Sep. 30, 2014
Collaborative Research Agreements	'
Collaborative Research Agreements	'
	11. Collaborative Research Agreements
	Boehringer Ingelheim
	11β HSD1 Inhibitors
	In October 2007, the Company entered into a Research Collaboration and License Agreement with Boehringer Ingelheim International GmbH (BI) pursuant to which BI is responsible for the development and commercialization of 11β HSD1 inhibitors for certain indications, including type 2 diabetes (the 11β Agreement).
	The funded research period under the 11β Agreement for which the Company was required to provide research services ended in December 2009. During the three months ended September 30, 2014, the Company received a $6.0 million milestone payment from BI as a result of the first patient having been dosed in the Phase 2 clinical trial which commenced in July 2014. The Company has earned $43 million in development milestones since the inception of the 11β Agreement and is eligible to receive up to $272 million in additional milestone payments based on the achievement of pre-specified events, including up to $42 million in development milestones, up to $105 million in regulatory milestones and up to $125 million in commercialization milestones. The preceding milestones are payable upon the first occurrence of any product to meet the contractual requirements. The Company is also eligible to receive 50% of the aforementioned milestone payments for any subsequent products and for any additional indications of a product to achieve those milestones.
	The Company has the right, subject to the approval of the joint steering committee established pursuant to the 11β Agreement, to develop and commercialize certain 11β HSD1 inhibitors for indications other than those considered part of metabolic syndrome or reduction of cardiovascular events.
	Beta-site Amyloid Precursor Protein-cleaving Enzyme 1 (BACE) Inhibitors
	In June 2009, the Company entered into a Research Collaboration and License Agreement (the BACE Agreement) with BI pursuant to which BI is responsible for the development and commercialization of BACE inhibitors for the treatment of Alzheimer’s disease and other forms of dementia.
	Under the BACE Agreement, the Company was obligated to provide 12 full-time-equivalent employees (FTE’s) per month for a period of 36 months to provide research services. Under the terms of the BACE Agreement, the Company received an upfront, license fee of $15,000,000. This payment was initially recorded to deferred revenue. In addition, under the BACE Agreement, BI was required to make payments for each quarter during the 36-month funded research period of $1,020,000 for a total of $12,240,000. The license fee and the research collaboration fee were being recognized as revenue over the 36-month funded research period commencing June 2009 and continuing through June 2012, which was determined to be the Company’s period of substantial involvement under the BACE Agreement. In April 2012, the initial research term was extended for an additional year through June 2013 and BI paid the Company an additional $2,960,000 for the research contributions over the 12 month extension period ($740,000 per quarter). During the extension period the Company was obligated to provide eight FTE’s per month. The additional payment of $2,960,000 was recognized ratably over the extension period through June 2013. The revenue recognition period for the nonrefundable license fee was also extended on a prospective basis through June 2013.
	In December 2012, the Company amended the BACE Agreement to expand the core indication definition to include certain other indications, including diabetes and metabolic syndrome. Under the terms of the amendment, Vitae received an upfront fee of $4,000,000. In accordance with the amendment, the Company is obligated to provide 12 months of research services commencing June 2013 with such services to be completed no later than June 30, 2014. Revenue relating to the upfront payment was recognized over the period in which future research contributions were delivered through June 30, 2014 including $2.0 million that was recognized in the nine months ended September 30, 2014.
	The Company has earned $29 million in development milestones since the inception of the BACE Agreement and is eligible to receive up to $326 million in additional milestone payments based on the achievement of pre-specified events, including up to $56 million in development milestones, up to $120 million in regulatory milestones and up to $150 million in commercialization milestones. The preceding milestones are payable upon the first occurrence of any product to meet the contractual requirements. Any subsequent product(s) to achieve the milestone will earn the Company 50% of the milestone amount. In addition, second indications for a product covered by the contract to achieve the regulatory milestones will earn the Company 50% of the milestone amount. The Company also may receive net sales royalties based on total annual future product sales.

Income_Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2014
Income Taxes	'
Income Taxes	'
	12. Income Taxes
	The Company sold $45,678 and $91,729 of Pennsylvania research and development tax credits and recorded net proceeds of $42,024 and $84,391 during the nine months ended September 30, 2014 and 2013, respectively. The net proceeds were recorded in other income in the Statements of Operations.
	For the nine months ended September 30, 2014 and 2013, the Company did not record a current or deferred income tax expense or benefit. The Company has evaluated the positive and negative evidence bearing upon the realizability of its deferred tax assets. Based on the Company’s history of operating losses, the Company has concluded that it is not more likely than not that the benefit of its deferred tax assets will be realized. Accordingly, the Company has provided a full valuation allowance for deferred tax assets as of September 30, 2014 and December 31, 2013.

Related_Party_Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2014
Related Party Transactions	'
Related Party Transactions	'
	13. Related Party Transactions
	A member of the Company’s Board is a partner/founder of a law firm that provided various legal services to the Company. The Company has incurred costs of $547,841 and $6,161 for the three months ended September 30, 2014 and 2013, respectively, and $1,138,938 and $35,077 for the nine months ended September 30, 2014 and 2013, respectively. Additionally, $898,530 and $208,579 was due to the related party as of September 30, 2014 and December 31, 2013, respectively. BI, the Company’s collaborative research partner (Note 11), is also an affiliate of a stockholder of the Company.

Reverse_Stock_Split

Reverse Stock Split	9 Months Ended
	Sep. 30, 2014
Reverse Stock Split	'
Reverse Stock Split	'
	14. Reverse Stock Split
	In connection with preparing for the IPO, the Company’s board of directors and stockholders approved a 1-for-23 reverse stock split of the Company’s preferred and common stock. The reverse split became effective on September 8, 2014. All preferred share, common share and per share amounts in the financial statements and notes have been retroactively adjusted to give effect to the reverse stock split, including reclassifying an amount equal to the reduction in aggregate par value of common stock to additional paid-in capital.

Subsequent_Event

Subsequent Event	9 Months Ended
	Sep. 30, 2014
Subsequent Event	'
Subsequent Event	'
	15. Subsequent Event
	On October 27, 2014, the Company issued and sold an additional 1,031,250 shares of common stock at the IPO price of $8.00 per share, less underwriting discounts, following the underwriters of the Company’s IPO exercise in full of their over-allotment option.  The aggregate net proceeds to Vitae from the over-allotment closing, after underwriting discounts and commissions and estimated offering expenses, was approximately $7.6 million.

Basis_of_Presentation_and_Summ1

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2014
Basis of Presentation and Summary of Significant Accounting Policies	'
Basis of Presentation	'
	Basis of Presentation
	The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) for interim financial information and are unaudited. The interim unaudited financial statements have been prepared on the same basis as the financial statements as of and for the year ended December 31, 2013 included in the Company’s Prospectus dated September 24, 2014 (the Prospectus), filed pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended, with the Securities and Exchange Commission on September 24, 2014 in conjunction with the Company’s initial public offering of shares of common stock (IPO), as further described in Note 8. In the opinion of management, the accompanying financial statements reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of September 30, 2014, the results of its operations and its comprehensive loss for the three and nine months ended September 30, 2014 and 2013 and its cash flows for the nine months ended September 30, 2014 and 2013. The results for the three and nine months ended September 30, 2014 are not necessarily indicative of results to be expected for the year ending December 31, 2014, any other interim periods, or any future year or period.  The information contained in the accompanying financial statements and the notes thereto should be read in conjunction with the financial statements and notes thereto for the year ended December 31, 2013 included in the Company’s Prospectus.
Fair Value of Financial Instruments	'
	Fair Value of Financial Instruments
	At September 30, 2014 and December 31, 2013, the Company’s financial instruments included cash and cash equivalents, restricted cash, marketable securities, accounts payable, accrued expenses and notes payable. The carrying amounts reported in the Company’s financial statements for cash and cash equivalents, restricted cash, accounts payable and accrued expenses approximates their respective fair values because of the short-term nature of these instruments. The Company’s short- term marketable securities are carried at fair value based on quoted market prices and other observable inputs. Notes payable approximates fair value because the interest rate is reflective of the rate the Company could obtain on debt with similar terms and conditions. At December 31, 2013, the Company also reported a preferred stock warrant liability. The carrying value of the preferred stock warrant liability was the estimated fair value of the liability (Note 5). The Company has determined the estimated fair value of financial instruments using available market information and management’s estimates. The use of different market assumptions and/or estimation methodologies could have a significant effect on the estimated fair value amounts.
Net Income Per Common Share	'
	Net Income Per Common Share
	Prior to the Company’s IPO in September 2014, the Company used the two-class method to compute net income per common share because the Company had outstanding securities, other than common stock, that contractually entitle the holders to participate in dividends and earnings of the Company. The two-class method requires earnings available to common stockholders for the period, after an allocation of earnings to participating securities, to be allocated between common and participating securities based upon their respective rights to receive distributed and undistributed earnings. Each series of the Company’s convertible preferred stock were entitled to receive annual non-cumulative dividends that ranged from $0.60 - $1.66 per share, payable prior and in preference to dividends paid to holders of common stock when and if declared by the Company’s board of directors. In the event a dividend was paid on common stock, holders of preferred stock were entitled to a proportionate share of any such dividend as if they were holders of common shares (on an as-if converted basis).
	For periods with net income prior to the IPO, net income per common share information is computed using the two-class method. Under the two-class method, basic net income per common share is computed by dividing the net income attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. Basic net income attributable to common stockholders is computed by an adjustment to subtract from net income the portion of current year earnings that the preferred stockholders would have been entitled to receive pursuant to their dividend rights had all of the year’s earnings been distributed. No such adjustment to earnings is made during periods with a net loss, as the holders of the convertible preferred shares had no obligation to fund losses.
	Diluted net income per common share is computed by using the weighted-average number of shares of common stock outstanding, plus, for periods with net income attributable to common stock, the dilutive effects of stock options, restricted stock units, and warrants. Potential dilutive shares consist of incremental common stock issuable upon the exercise of stock options and warrants. Basic and dilutive computations are the same in periods with net losses attributable to common stockholders as the dilutive effects of stock options, restricted stock units and warrants would be antidilutive.
Recently Issued Accounting Standards	'
	Recently Issued Accounting Standards
	In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers. ASU 2014-09 will supersede and replace nearly all existing U.S. GAAP revenue recognition guidance, including industry-specific guidance. The guidance is effective for annual reporting periods beginning after December 15, 2016, including interim periods therein. The Company is evaluating ASU 2014-09 and has not yet determined what, if any, effect ASU 2014-09 will have on its results of operations or financial condition.
Fair Value Measurement	'
	The Company measures certain assets and liabilities at fair value in accordance with Accounting Standards Codification (ASC) 820, Fair Value Measurements and Disclosures. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability (the exit price) in an orderly transaction between market participants at the measurement date. The guidance in ASC 820 outlines a valuation framework and creates a fair value hierarchy in order to increase the consistency and comparability of fair value measurements and the related disclosures. In determining fair value, the Company maximizes the use of quoted prices and observable inputs. Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from independent sources. The fair value hierarchy is broken down into three levels based on the source of inputs as follows:
	·                  Level 1—Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities.
	·                  Level 2—Valuations based on observable inputs and quoted prices in active markets for similar assets and liabilities.
	·                  Level 3—Valuations based on inputs that are unobservable and models that are significant to the overall fair value measurement.
Compensation Plans	'
	The cost of each stock-based compensation award is determined based on the grant-date fair value, net of the effects of estimated forfeitures of the awards, and is recognized into expense over the award’s service period.
	The Company uses the Black-Scholes valuation model to estimate the fair value of stock options at the grant date. The Black-Scholes valuation model requires the Company to make certain estimates and assumptions, including assumptions related to the expected price volatility of the Company’s stock, the period during which the options will be outstanding, the rate of return on risk- free investments, and the expected dividend yield for the Company’s stock.
Employee Stock Purchase Plan	'
	In accordance with ASC 718-50, the ability to purchase stock at 85% of the lower of the fair market value of a share of Common Stock on the offering date or the exercise date represents an option. The Company estimates the fair value of such options at the inception of each offering period using the Black-Scholes valuation model.

Net_Loss_Income_Per_Common_Sha1

Net (Loss) Income Per Common Share (Tables)	9 Months Ended
	Sep. 30, 2014
Net (Loss) Income Per Common Share	'
Schedule of computation of basic and diluted net income loss per common share	'
		Three Months Ended September 30,						Nine Months Ended September 30,
		2014			2013			2014			2013
	Basic and diluted net (loss) income per common share calculation:
	Net (loss) income	$	(1,809,418	)	$	179,483		$	(11,828,468	)	$	(8,543,847	)
	Less: Undistributed earnings allocated to participating securities	—			(179,483		)	—			—
	Net loss attributable to common stockholders	$	(1,809,418	)	$	0		$	(11,828,468	)	$	(8,543,847	)
	Weighted-average number of common shares:
	Basic	1,711,969			564,702			971,439			556,220
	Diluted	1,711,969			564,702			971,439			556,220
	Net (loss) income per common share:
	Basic	$	(1.06	)	$	0		$	(12.18	)	$	(15.36	)
	Diluted	$	(1.06	)	$	0		$	(12.18	)	$	(15.36	)
Schedule of outstanding securities excluded from the computation of diluted weighted shares outstanding, as their effects on net (loss) income per share would have been anti dilutive	'
		Three Months Ended September 30,				Nine Months Ended September 30,
		2014		2013		2014		2013
	Stock options	1,488,174		1,484,072		1,488,174		1,484,072
	Warrants	45,468		45,468		45,468		45,468
	Convertible preferred stock	—		9,491,680		—		9,491,680
	Total	1,533,642		11,021,220		1,533,642		11,021,220

Accrued_Expenses_Tables

Accrued Expenses (Tables)	9 Months Ended
	Sep. 30, 2014
Accrued Expenses	'
Schedule of accrued expenses	'
		2014	2013
	Payroll and related costs	1,140,761	1,099,210
	Research and development related costs	675,783	74,260
	Offering costs	535,355	—
	Legal and accounting related costs	216,946	341,901
	Other	252,468	185,348
	Total	2,821,313	1,700,719

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2014
Fair Value Measurements	'
Schedule of major category of financial assets and liabilities measured at fair value on a recurring basis	'
		Fair Value Measurements as of September 30, 2014 Using
		Level 1			Level 2		Level 3		Balance as of
									September 30, 2014
	Assets
	Money market funds	$	57,080,971		$	—	$	—	$	57,080,971
	Cash-restricted, CD	200,000			—		—		200,000
	Marketable securities, available-for-sale	—			6,787,556		—		6,787,556
	Total assets	$	57,280,971		$	6,787,556	$	—	$	64,068,527
	Liabilities
	Preferred stock warrant liability	$	—		$	—	$	—	$	—
	Total liabilities	$	—		$	—	$	—	$	—
		Fair Value Measurements as of December 31, 2013 Using
		Level 1			Level 2		Level 3		Balance as of
									December 31, 2013
	Assets
	Money market funds	$	18,512,463		$	—	$	—	$	18,512,463
	Cash-restricted, CD	200,000			—		—		200,000
	Marketable securities, available-for-sale	—			11,299,206		—		11,299,206
	Total assets	$	18,712,463		$	11,299,206	$	—	$	30,011,669
	Liabilities
	Preferred stock warrant liability	$	—		$	—	$	477,375	$	477,375
	Total liabilities	$	—		$	—	$	477,375	$	477,375
Summary of changes in fair value of the Level 3 financial instruments measured on a recurring basis	'
		Preferred Stock
		Warrant
		Liability
	Balance as of January 1, 2013	$	720,375
	Changes in estimated fair value	(219,500		)
	Balance as of September 30, 2013	$	500,875
	Balance as of January 1, 2014	$	477,375
	Changes in estimated fair value	(301,294		)
	Reclassification of warrants to additional paid-in capital	(176,081		)
	Balance as of September 30, 2014	$	—

Investments_Tables

Investments (Tables)	9 Months Ended
	Sep. 30, 2014
Investments	'
Schedule of marketable securities	'
		Cost Basis		Unrealized Gains		Unrealized Losses			Fair Value
	September 30, 2014
	Corporate notes and bonds	$	6,791,983	$	203	$	(4,630	)	$	6,787,556
	Total marketable securities	$	6,791,983	$	203	$	(4,630	)	$	6,787,556
	December 31, 2013
	U.S. government and agency	$	500,066	$	64	$	—		$	500,130
	Corporate notes and bonds	10,799,073		1,964		(1,961		)	10,799,076
	Total marketable securities	$	11,299,139	$	2,028	$	(1,961	)	$	11,299,206

Notes_Payable_Tables

Notes Payable (Tables)	9 Months Ended
	Sep. 30, 2014
Notes Payable	'
Schedule of aggregate maturities of all term notes (amounts exclude unamortized discount)	'
	Aggregate maturities of all term notes are as follows (amounts exclude unamortized discount at September 30, 2014):
	2014	$	1,411,236
	2015	4,935,260
		$	6,346,496

Stockholders_Equity_Deficit_Ta

Stockholders' Equity (Deficit) (Tables)	9 Months Ended
	Sep. 30, 2014
Stockholders' Equity (Deficit)	'
Schedule of convertible preferred stock outstanding which immediately converted into common shares upon the closing of the Company's IPO	'
	The Company had the following convertible preferred stock outstanding which immediately converted into common shares upon the closing of the Company’s IPO on September 29, 2014:
		Preferred to	Preferred		Conversion
		Common	Shares		into Common
		Conversion	Outstanding		Shares upon
		Ratio			Initial Public
					Offering
	Series A	1.00-to-1.00	29,346		29,346
	Series A-2	1.00-to-1.51	717,379		1,080,640
	Series B	1.00-to-1.00	6,570,106		6,570,106
	Series C	1.00-to-1.00	724,632		724,632
	Series D	1.00-to-1.00	1,086,956		1,086,956
	Total		9,128,419		9,491,680
Summary of warrants outstanding and exercisable	'
	The following table summarizes the warrants outstanding and exercisable as of September 30, 2014:
	Warrants to Purchase	Shares	Exercise			Expiration
			Price			Date
	Common stock	1,449	$	20.7		7/12/16
	Common stock	14,130	$	27.6		8/28/18
	Common stock	29,889	$	27.6		12/21/21
Schedule of shares of common stock reserved for issuance	'
	At September 30, 2014, the Company has reserved the following shares of common stock for issuance:
	Common stock options outstanding	1,488,174
	Restricted stock units outstanding	391,304
	Shares available for future grant under employee compensation plans	1,861,623
	Shares available through employee stock purchase plan	250,000
	Warrants	45,468
		4,036,569

Employee_Compensation_Plans_Ta

Employee Compensation Plans (Tables)	9 Months Ended
	Sep. 30, 2014
Employee Compensation Plans	'
Summary of stock option activity under the Plans	'
		Number of		Weighted-Average
		Shares		Exercise Price
	Outstanding, January 1, 2013	1,907,568		$	3.4362
	Granted	868		$	4.945
	Exercised	(42,823	)	$	1.7664
	Cancelled	(379,940	)	$	1.15
	Expired	(175,456	)	$	1.9412
	Forfeited	(18,300	)	$	6.8724
	Outstanding, December 31, 2013	1,291,917		$	4.3194
	Granted	463,008		$	5.9434
	Exercised	(36,752	)	$	1.4895
	Expired	(210,043	)	$	4.1992
	Forfeited	(19,956	)	$	7.0579
	Outstanding, September 30, 2014	1,488,174		$	4.8753
	Vested and Expected to Vest, September 30, 2014	1,455,504		$	4.8278
	Exercisable, September 30, 2014	800,306		$	3.5642
Schedule of stock-based compensation expense	'
		Three Months Ended					Nine Months Ended
		September 30,					September 30,
		2014			2013		2014		2013
	Research and development	$	207,911		$	4,500	$	214,628	$	13,329
	General and administrative	1,759,382			24,093		1,864,723		72,278
	Total stock-based compensation	$	1,967,293		$	28,593	$	2,079,351	$	85,607
Schedule of weighted-average assumptions used for calculating fair values of stock options granted	'
		Nine Months
		Ended
		September 30,
		2014		2013
	Weighted-average risk-free interest rate	1.98	%	1.42	%
	Expected term of options (in years)	6.11		6.25
	Expected stock price volatility	83	%	85	%
	Expected dividend yield	0	%	0	%
Schedule of total unrecognized compensation expense, excluding performance based stock options that have not been deemed probable, net of estimated forfeitures, related to unvested options granted under the Stock Plans expected to be recognized	'
	Year ending December 31,
	2014	$	163,611
	2015	603,341
	2016	520,325
	2017	459,029
	2018	112,195
		$	1,858,501

Organization_Details

Organization (Details) (USD $)	9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2014
	item
Organization	'
Number of partnered product candidates	2
Cash, cash equivalents and short term investments	$67.80
BI	'
Organization	'
Funding provided by counterparty including sale of the Company's equity securities and upfront license fees, research funding and success based milestone payments	158
Funding provided by the counterparty from sale of the Company's equity securities	30
Funding provided by counterparty from upfront license fees, research funding and success based milestone payments	$128

Basis_of_Presentation_and_Summ2

Basis of Presentation and Summary of Significant Accounting Policies (Details) (Convertible preferred stock, USD $)	9 Months Ended
	Sep. 30, 2014
Minimum	'
Net Income Per Common Share	'
Annual non-cumulative dividends (in dollars per share)	$0.60
Maximum	'
Net Income Per Common Share	'
Annual non-cumulative dividends (in dollars per share)	$1.66

Net_Loss_Income_Per_Common_Sha2

Net (Loss) Income Per Common Share (Details) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Basic and diluted net (loss) income per common share calculation:	'	'	'	'
Net (loss) income	($1,809,418)	$179,483	($11,828,468)	($8,543,847)
Less: Undistributed earnings allocated to participating securities	'	-179,483	'	'
Net loss attributable to common stockholders	($1,809,418)	$0	($11,828,468)	($8,543,847)
Weighted-average number of common shares:	'	'	'	'
Basic (in shares)	1,711,969	564,702	971,439	556,220
Diluted (in shares)	1,711,969	564,702	971,439	556,220
Net (loss) income per common share:	'	'	'	'
Basic (in dollars per share)	($1.06)	$0	($12.18)	($15.36)
Diluted (in dollars per share)	($1.06)	$0	($12.18)	($15.36)

Net_Loss_Income_Per_Common_Sha3

Net (Loss) Income Per Common Share (Details 2)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Net loss per common share	'	'	'	'
Outstanding securities excluded from the computation of diluted weighted shares outstanding, as their effects on net (loss) income per share would have been anti dilutive	1,533,642	11,021,220	1,533,642	11,021,220
Stock options	'	'	'	'
Net loss per common share	'	'	'	'
Outstanding securities excluded from the computation of diluted weighted shares outstanding, as their effects on net (loss) income per share would have been anti dilutive	1,488,174	1,484,072	1,488,174	1,484,072
Warrants	'	'	'	'
Net loss per common share	'	'	'	'
Outstanding securities excluded from the computation of diluted weighted shares outstanding, as their effects on net (loss) income per share would have been anti dilutive	45,468	45,468	45,468	45,468
Convertible preferred stock	'	'	'	'
Net loss per common share	'	'	'	'
Outstanding securities excluded from the computation of diluted weighted shares outstanding, as their effects on net (loss) income per share would have been anti dilutive	'	9,491,680	'	9,491,680

Accrued_Expenses_Details

Accrued Expenses (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Accrued Expenses	'	'
Payroll and related costs	$1,140,761	$1,099,210
Research and development related costs	675,783	74,260
Offering costs	535,355	'
Legal and accounting related costs	216,946	341,901
Other	252,468	185,348
Total	$2,821,313	$1,700,719

Fair_Value_Measurements_Detail

Fair Value Measurements (Details) (USD $)	9 Months Ended	12 Months Ended
	Sep. 30, 2014	Dec. 31, 2013
Preferred stock warrant liability	'	'
Assumptions used in estimation of the fair value of the warrants on the date of issuance and on each re measurement date using the Black Scholes option pricing model	'	'
Dividend yield (as a percent)	0.00%	'
Weighted average volatility (as a percent)	83.00%	'
Weighted average fair value of the underlying instruments (in dollars per share)	$8	$16.33
Weighted average risk-free interest rate (as a percent)	2.01%	2.68%
Recurring	'	'
Fair value measurements	'	'
Assets	$64,068,527	$30,011,669
Liabilities	'	477,375
Recurring | Preferred stock warrant liability	'	'
Fair value measurements	'	'
Liabilities	'	477,375
Recurring | Money market funds	'	'
Fair value measurements	'	'
Assets	57,080,971	18,512,463
Recurring | Cash restricted, CD	'	'
Fair value measurements	'	'
Assets	200,000	200,000
Recurring | Marketable securities, available for sale	'	'
Fair value measurements	'	'
Assets	6,787,556	11,299,206
Recurring | Level 1	'	'
Fair value measurements	'	'
Assets	57,280,971	18,512,463
Recurring | Level 1 | Money market funds	'	'
Fair value measurements	'	'
Assets	57,080,971	18,512,463
Recurring | Level 1 | Cash restricted, CD	'	'
Fair value measurements	'	'
Assets	200,000	200,000
Recurring | Level 2	'	'
Fair value measurements	'	'
Assets	6,787,556	11,299,206
Recurring | Level 2 | Marketable securities, available for sale	'	'
Fair value measurements	'	'
Assets	6,787,556	11,299,206
Recurring | Level 3	'	'
Fair value measurements	'	'
Liabilities	'	477,375
Recurring | Level 3 | Preferred stock warrant liability	'	'
Fair value measurements	'	'
Liabilities	'	$477,375

Fair_Value_Measurements_Detail1

Fair Value Measurements (Details 2) (Recurring, Level 3, Preferred stock warrant liability, USD $)	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Recurring | Level 3 | Preferred stock warrant liability	'	'
Changes in the fair value of the Company's Level 3 financial instruments	'	'
Balance at the beginning of the period	$477,375	$720,375
Changes in estimated fair value	-301,294	-219,500
Reclassification of warrants to additional paid-in capital	-176,081	'
Balance at the end of the period	'	$500,875

Investments_Details

Investments (Details) (USD $)	9 Months Ended	12 Months Ended
	Sep. 30, 2014	Dec. 31, 2013
Marketable securities	'	'
Cost Basis	$6,791,983	$11,299,139
Unrealized Gains	203	2,028
Unrealized Losses	-4,630	-1,961
Total	6,787,556	11,299,206
Corporate notes and bonds	'	'
Marketable securities	'	'
Cost Basis	6,791,983	10,799,073
Unrealized Gains	203	1,964
Unrealized Losses	-4,630	-1,961
Total	6,787,556	10,799,076
U.S. government and agency	'	'
Marketable securities	'	'
Cost Basis	'	500,066
Unrealized Gains	'	64
Total	'	$500,130

Notes_Payable_Details

Notes Payable (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013	Dec. 31, 2011	Dec. 31, 2011	Sep. 30, 2014	Sep. 30, 2013
			Series D preferred stock warrants	Senior notes	Senior notes	Senior notes
				Secured debt	Secured debt	Secured debt
				2011 Credit Facility	2011 Credit Facility	2011 Credit Facility
Notes payable	'	'	'	'	'	'
Maximum borrowing capacity	'	'	'	$15,000,000	'	'
Period over which monthly payments of principal and interest of loan will be made	'	'	'	'33 months	'	'
Interest rate (as a percent)	'	'	'	8.85%	'	'
Additional interest payment to be included in final payment	'	'	'	300,000	'	'
Effective interest rate (as a percent)	'	'	'	9.49%	'	'
Warrants term	'	'	'10 years	'	'	'
Number of shares of preferred stock that can be purchased by warrants	45,468	'	29,889	'	'	'
Exercise price of warrants (in dollars per share)	'	'	$27.60	'	'	'
Estimated fair value of the preferred stock warrants	'	'	680,625	'	'	'
Unamortized debt discount	'	'	'	'	176,548	'
Debt discount accreted to interest expense	'	'	'	'	136,125	136,125
Debt issuance costs	'	'	'	140,000	'	'
Loan term	'	'	'	'45 months	'	'
Aggregate maturities of all term notes (amounts exclude unamortized discount)	'	'	'	'	'	'
2014	1,411,236	'	'	'	'	'
2015	4,935,260	'	'	'	'	'
Total	$6,346,496	$10,398,262	'	'	'	'

Stockholders_Equity_Deficit_De

Stockholders' Equity (Deficit) (Details) (USD $)	0 Months Ended	9 Months Ended
In Millions, except Share data, unless otherwise specified	Sep. 29, 2014	Sep. 30, 2014	Dec. 31, 2013
Common Stock	'	'	'
Common stock, shares authorized	'	150,000,000	312,825,000
Common stock, par value (in dollars per share)	'	$0.00	$0.00
Common stock, shares issued	'	16,992,164	588,988
Common stock, shares outstanding	'	16,992,164	588,733
Preferred stock, shares authorized	'	'	211,775,287
Preferred stock, par value (in dollars per share)	'	'	$0.00
Preferred Shares Outstanding	9,128,419	'	'
Conversion into Common Shares upon Initial Public Offering	9,491,680	'	'
Treasury Stock	'	'	'
Treasury shares retired	'	254	'
2001 Stock Plan	'	'	'
Common Stock	'	'	'
Common stock, shares issued	'	340,056	'
2004 Stock Plan	'	'	'
Common Stock	'	'	'
Common stock, shares issued	'	91,586	'
Minimum	'	'	'
Common Stock	'	'	'
Issue price of common stock (in dollars per share)	'	$0.00	'
Maximum	'	'	'
Common Stock	'	'	'
Issue price of common stock (in dollars per share)	'	$8	'
Series A-1 preferred stock	'	'	'
Common Stock	'	'	'
Preferred stock, shares authorized	'	0	675,000
Preferred stock, par value (in dollars per share)	'	'	$0.00
Preferred stock issued (in shares)	'	0	29,346
Preferred Shares Outstanding	29,346	0	29,346
Conversion into Common Shares upon Initial Public Offering	29,346	'	'
Series A-1 preferred stock | Minimum	'	'	'
Common Stock	'	'	'
Preferred to Common Conversion Ratio	1	'	'
Series A-1 preferred stock | Maximum	'	'	'
Common Stock	'	'	'
Preferred to Common Conversion Ratio	1	'	'
Series A-2 preferred stock	'	'	'
Common Stock	'	'	'
Preferred stock, shares authorized	'	0	16,575,000
Preferred stock, par value (in dollars per share)	'	'	$0.00
Preferred stock issued (in shares)	'	0	717,379
Preferred Shares Outstanding	717,379	0	717,379
Conversion into Common Shares upon Initial Public Offering	1,080,640	'	'
Series A-2 preferred stock | Minimum	'	'	'
Common Stock	'	'	'
Preferred to Common Conversion Ratio	1	'	'
Series A-2 preferred stock | Maximum	'	'	'
Common Stock	'	'	'
Preferred to Common Conversion Ratio	1.51	'	'
Series B preferred stock	'	'	'
Common Stock	'	'	'
Preferred stock, shares authorized	'	0	151,812,780
Preferred stock, par value (in dollars per share)	'	'	$0.00
Preferred stock issued (in shares)	'	0	6,570,106
Preferred Shares Outstanding	6,570,106	0	6,570,106
Conversion into Common Shares upon Initial Public Offering	6,570,106	'	'
Series B preferred stock | Minimum	'	'	'
Common Stock	'	'	'
Preferred to Common Conversion Ratio	1	'	'
Series B preferred stock | Maximum	'	'	'
Common Stock	'	'	'
Preferred to Common Conversion Ratio	1	'	'
Series C preferred stock	'	'	'
Common Stock	'	'	'
Preferred stock, shares authorized	'	0	16,700,007
Preferred stock, par value (in dollars per share)	'	'	$0.00
Preferred stock issued (in shares)	'	0	724,632
Preferred Shares Outstanding	724,632	0	724,632
Conversion into Common Shares upon Initial Public Offering	724,632	'	'
Series C preferred stock | Minimum	'	'	'
Common Stock	'	'	'
Preferred to Common Conversion Ratio	1	'	'
Series C preferred stock | Maximum	'	'	'
Common Stock	'	'	'
Preferred to Common Conversion Ratio	1	'	'
Series D preferred stock	'	'	'
Common Stock	'	'	'
Preferred stock, shares authorized	'	0	26,012,500
Preferred stock, par value (in dollars per share)	'	'	$0.00
Preferred stock issued (in shares)	'	0	1,086,956
Preferred Shares Outstanding	1,086,956	0	1,086,956
Conversion into Common Shares upon Initial Public Offering	1,086,956	'	'
Series D preferred stock | Minimum	'	'	'
Common Stock	'	'	'
Preferred to Common Conversion Ratio	1	'	'
Series D preferred stock | Maximum	'	'	'
Common Stock	'	'	'
Preferred to Common Conversion Ratio	1	'	'
Common stock | IPO	'	'	'
Convertible preferred stock and stockholders' equity	'	'	'
Stock issued in an initial public offering (in shares)	6,875,000	'	'
Offering price (in dollars per share)	8	'	'
Gross proceeds from issuance	55	'	'
Net proceeds from issuance	48.7	'	'

Stockholders_Equity_Deficit_De1

Stockholders' Equity (Deficit) (Details 2) (USD $)	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2014	Dec. 31, 2011	Sep. 30, 2014	Sep. 30, 2014
		Warrant to purchase common stock, expiring on 07/12/2016	Warrant to purchase common stock, expiring on 08/28/2018	Warrant to purchase common stock, expiring on 12/21/2021	Series D convertible preferred stock, expiring on 12/21/2021	Minimum	Maximum
Warrants	'	'	'	'	'	'	'
Shares	45,468	1,449	14,130	29,889	29,889	'	'
Exercise Price (in dollars per share)	'	$20.70	$27.60	$27.60	$27.60	$20.70	$27.60

Stockholders_Equity_Deficit_De2

Stockholders' Equity (Deficit) (Details 3)	Sep. 30, 2014
Shares reserved for future issuance	'
Common stock options outstanding (in shares)	1,488,174
Restricted stock units outstanding (in shares)	391,304
Shares available for future grant under Employee Compensation Plans	1,861,623
Shares available through employee stock purchase plan	250,000
Warrants (In shares)	45,468
Common stock reserved for issuance (in shares)	4,036,569

Employee_Compensation_Plans_De

Employee Compensation Plans (Details) (USD $)	Sep. 30, 2014	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2014	Nov. 30, 2013	Sep. 30, 2014	Jul. 31, 2014	Jul. 31, 2014
		Stock options	Stock options	Stock options	2001 Stock Plan	2001 Stock Plan	2014 Plan	2014 Plan
				Maximum	Stock options	Stock options		Maximum
Employee compensation plans	'	'	'	'	'	'	'	'
Common stock authorized for issuance (in shares)	'	'	'	'	'	402,530	1,782,500	'
Number of shares reserved under clauses (2) and (3)	'	'	'	'	'	'	'	1,070,687
Shares available for grant	1,861,623	1,861,623	'	'	'	'	'	'
Automatic increase in shares reserved for issuance on first business day of each of fiscal year as a percentage of shares actually issued and outstanding on last business day of prior fiscal year	'	'	'	'	'	'	4.00%	'
Automatic increase in shares reserved for issuance on first business day of each of fiscal year	'	'	'	'	'	'	'	1,426,000
Number of additional share-based compensation plans	'	3	'	'	'	'	'	'
Decrease in shares available for issuance under the Plan	'	'	'	'	530,674	'	'	'
Vesting period	'	'	'	'4 years	'	'	'	'
Expiration period	'	'	'	'10 years	'	'	'	'
Awards expiring during the year ending December 31, 2015, unless exercised	'	120,637	'	'	'	'	'	'
Number of Shares	'	'	'	'	'	'	'	'
Balance at the beginning of the period (in shares)	'	1,291,917	1,907,568	'	'	'	'	'
Granted (in shares)	'	463,008	868	'	'	'	'	'
Exercised (in shares)	'	-36,752	-42,823	'	'	'	'	'
Cancelled (in shares)	'	'	-379,940	'	'	'	'	'
Expired (in shares)	'	-210,043	-175,456	'	'	'	'	'
Forfeited (in shares)	'	-19,956	-18,300	'	'	'	'	'
Balance at the end of the period (in shares)	'	1,488,174	1,291,917	'	'	'	'	'
Vested and Expected to Vest, at the end of the period (in shares)	'	1,455,504	'	'	'	'	'	'
Exercisable, at the end of the period (in shares)	'	800,306	'	'	'	'	'	'
Weighted-Average Exercise Price	'	'	'	'	'	'	'	'
Balance at the beginning of the period (in dollars per share)	'	$4.32	$3.44	'	'	'	'	'
Granted (in dollars per share)	'	$5.94	$4.95	'	'	'	'	'
Exercised (in dollars per share)	'	$1.49	$1.77	'	'	'	'	'
Cancelled (in dollars per share)	'	'	$1.15	'	'	'	'	'
Expired (in dollars per share)	'	$4.20	$1.94	'	'	'	'	'
Forfeited (in dollars per share)	'	$7.06	$6.87	'	'	'	'	'
Balance at the end of the period (in dollars per share)	'	$4.88	$4.32	'	'	'	'	'
Vested and Expected to Vest, at the end of the period (in dollars per share)	'	$4.83	'	'	'	'	'	'
Exercisable, at the end of the period (in dollars per share)	'	$3.56	'	'	'	'	'	'

Employee_Compensation_Plans_De1

Employee Compensation Plans (Details 2) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Employee compensation plans	'	'	'	'
Total stock-based compensation	$1,967,293	$28,593	$2,079,351	$85,607
Stock options | Research and development	'	'	'	'
Employee compensation plans	'	'	'	'
Total stock-based compensation	207,911	4,500	214,628	13,329
Stock options | General and administrative	'	'	'	'
Employee compensation plans	'	'	'	'
Total stock-based compensation	$1,759,382	$24,093	$1,864,723	$72,278

Employee_Compensation_Plans_De2

Employee Compensation Plans (Details 3) (USD $)	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013	Sep. 30, 2014	Mar. 31, 2011	Mar. 31, 2011	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2014
		Stock options	Stock options	Stock options	Stock options	Performance-based stock options granted to employees	Performance-based stock options granted to employees	Performance-based stock options granted to employees	Performance-based stock options granted to employees	Performance-based stock options granted to employees
					Maximum				Performance conditions, which relate to the Company's research and development progress	Performance conditions, which relate to deemed liquidation of the Company, an IPO or consummation of a strategic transaction
									Maximum	Maximum
Employee compensation plans	'	'	'	'	'	'	'	'	'	'
Awards granted (in shares)	'	463,008	'	868	'	'	303,559	'	'	'
Expiration period	'	'	'	'	'10 years	'10 years	'	'	'	'
Vesting percentage	'	'	'	'	'	'	'	'	60.00%	40.00%
Weighted average fair value assumptions used to calculate fair values of stock options granted	'	'	'	'	'	'	'	'	'	'
Weighted average risk free interest rate (as a percent)	'	1.98%	1.42%	'	'	'	'	'	'	'
Expected term of options	'	'6 years 1 month 10 days	'6 years 3 months	'	'	'	'	'	'	'
Expected stock price volatility (as a percent)	'	83.00%	85.00%	'	'	'	'	'	'	'
Expected dividend yield (as a percent)	'	0.00%	0.00%	'	'	'	'	'	'	'
Weighted average fair value of options granted (in dollars per share)	'	$4.08	$3.63	'	'	'	'	'	'	'
Total cash received from employees as a result of employee stock option exercises	'	$54,759	$57,794	'	'	'	'	'	'	'
Total unrecognized compensation expense, excluding performance based stock options that have not been deemed probable, net of estimated forfeitures, related to unvested options granted under the Stock Plans expected to be recognized	'	'	'	'	'	'	'	'	'	'
2014	163,611	'	'	'	'	'	'	'	'	'
2015	603,341	'	'	'	'	'	'	'	'	'
2016	520,325	'	'	'	'	'	'	'	'	'
2017	459,029	'	'	'	'	'	'	'	'	'
2018	112,195	'	'	'	'	'	'	'	'	'
Total unrecognized compensation expense	1,858,501	'	'	'	'	'	'	'	'	'
Stock options deemed probable (in shares)	'	'	'	'	'	'	'	110,701	'	'
Aggregate estimated fair value of options for which the satisfaction of the related performance conditions have not been deemed probable	'	'	'	'	'	'	'	$827,860	'	'

Employee_Compensation_Plans_De3

Employee Compensation Plans (Details 4) (USD $)	3 Months Ended		9 Months Ended		3 Months Ended	12 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Dec. 31, 2013
					Performance based RSUs	Performance based RSUs
					2013 Plan	2013 Plan
Employee compensation plans	'	'	'	'	'	'
RSUs awarded (in shares)	'	'	'	'	'	391,304
Grant date fair value (in dollars per share)	'	'	'	'	'	$3.68
Stock-based compensation expense	$1,967,293	$28,593	$2,079,351	$85,607	$1,440,000	'

Employee_Benefit_Plans_Details

Employee Benefit Plans (Details) (Purchase Plan, USD $)	1 Months Ended	9 Months Ended
	Jul. 31, 2014	Sep. 30, 2014
Purchase Plan	'	'
Employee Benefit Plans	'	'
Purchase price of common stock (as a percent)	85.00%	'
Purchase price of common stock in an offering period beginning upon the closing of the Company's IPO (as a percent)	85.00%	'
Maximum percentage of eligible compensation that eligible employee may contribute	15.00%	'
Maximum number of shares of common stock that participants may purchase	2,100	'
The maximum value a participant can purchase in any calendar year	$25,000	'
Number of shares of common stock made available for sale	250,000	'
Minimum percentage of total number of shares of the Company's common stock actually issued and outstanding on the last business day of the prior fiscal year that may automatically increase under the plan	'	1.00%
Minimum number of shares of Company's common stock that may automatically increase under the plan	'	356,500

Collaborative_Research_Agreeme1

Collaborative Research Agreements (Details) (Research Collaboration and License Agreement, BI, USD $)

1 Months Ended

9 Months Ended

13 Months Ended

36 Months Ended

64 Months Ended

3 Months Ended

84 Months Ended

Dec. 31, 2012

Apr. 30, 2012

Jun. 30, 2009

Sep. 30, 2014

Jun. 30, 2013

31-May-12

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

BACE Inhibitors

BACE Inhibitors

BACE Inhibitors

BACE Inhibitors

BACE Inhibitors

BACE Inhibitors

BACE Inhibitors

BACE Inhibitors

BACE Inhibitors

BACE Inhibitors

11-Beta HSD1 Inhibitors

11-Beta HSD1 Inhibitors

11-Beta HSD1 Inhibitors

11-Beta HSD1 Inhibitors

11-Beta HSD1 Inhibitors

item

item

Development milestones

Regulatory milestones

Commercialization milestones

Development milestones

Regulatory milestones

Commercialization milestones

Collaborative research agreements

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Milestone payments received

'

'

'

'

'

'

'

'

'

'

$6,000,000

'

'

'

'

Development milestones earned

'

'

'

'

'

'

29,000,000

'

'

'

'

43,000,000

'

'

'

Maximum milestone payments that may be received based on the achievement of pre specified events

'

'

'

326,000,000

'

'

326,000,000

56,000,000

120,000,000

150,000,000

272,000,000

272,000,000

42,000,000

105,000,000

125,000,000

Percentage of milestone amount to be earned by any subsequent product(s) achieving the milestone

'

'

'

50.00%

'

'

50.00%

'

'

'

50.00%

50.00%

'

'

'

Number of full time equivalent employees (FTE's) per month which company is obligated to provide per month for research services

'

'

12

'

'

'

'

'

'

'

'

'

'

'

'

Period for which company is obligated to provide full time equivalent employees for research services

'12 months

'

'36 months

'

'

'

'

'

'

'

'

'

'

'

'

Upfront license fee received

4,000,000

'

15,000,000

'

'

'

'

'

'

'

'

'

'

'

'

Payments the counterparty required to make each quarter during the funded research period

'

'

'

'

740,000

1,020,000

'

'

'

'

'

'

'

'

'

Total payments the counterparty required to make during the funded research period

'

'

'

'

2,960,000

12,240,000

'

'

'

'

'

'

'

'

'

Extended research period

'12 months

'12 months

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of FTE's per month which company is obligated to provide during the extended research period

'

'

'

'

8

'

'

'

'

'

'

'

'

'

'

Revenue recognized relating to the upfront payment

'

'

'

$2,000,000

'

'

'

'

'

'

'

'

'

'

'

Percentage of milestone amount to be earned for second indications for a product covered by the contract to achieve the regulatory milestones

'

'

'

50.00%

'

'

50.00%

'

'

'

50.00%

50.00%

'

'

'

Income_Taxes_Details

Income Taxes (Details) (USD $)	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Income Taxes	'	'
Amount of Pennsylvania research and development tax credits sold	$45,678	$91,729
Net proceeds from sale of Pennsylvania research and development tax credits recorded in other income	$42,024	$84,391

Income_Taxes_Details_2

Income Taxes (Details 2) (USD $)	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Income Taxes	'	'
Current income tax expense (benefit)	$0	$0
Deferred income tax expense (benefit)	$0	$0

Related_Party_Transactions_Det

Related Party Transactions (Details) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Related Party Transactions	'	'	'	'	'
Costs incurred for related party	$547,841	$6,161	$1,138,938	$35,077	'
Due to the related party	$898,530	'	$898,530	'	$208,579

Reverse_Stock_Split_Details

Reverse Stock Split (Details)	0 Months Ended
	Sep. 08, 2014
Convertible preferred stock	'
Convertible preferred stock and stockholders' equity	'
Reverse stock split conversion ratio	0.04347826
Common stock	'
Convertible preferred stock and stockholders' equity	'
Reverse stock split conversion ratio	0.04347826

Subsequent_Event_Details

Subsequent Event (Details) (Subsequent event, Over-allotment, Common stock, USD $)	0 Months Ended
	Oct. 27, 2014	Oct. 27, 2014
Subsequent event | Over-allotment | Common stock	'	'
Subsequent Event	'	'
Number of shares issued and sold	1,031,250	'
IPO price (in dollars per share)	'	$8
Aggregate net proceeds (in dollars)	$7,600,000	'