Vitae Pharmaceuticals (VTAE) 10-Q 12 May 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2015	8-May-15
Document and Entity Information
Entity Registrant Name	Vitae Pharmaceuticals, Inc
Entity Central Index Key	1157602
Document Type	10-Q
Document Period End Date	31-Mar-15
Amendment Flag	FALSE
Current Fiscal Year End Date	-19
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		21,829,821
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1

Balance_Sheets

Balance Sheets (USD $)	Mar. 31, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$12,480,728	$29,494,755
Marketable securities, available-for-sale	58,923,209	35,823,545
Prepaid expenses and other current assets	1,834,487	1,516,193
Total current assets	73,238,424	66,834,493
Cash-restricted	200,000	200,000
Marketable securities, available-for-sale	17,289,253
Property and equipment, net	431,213	417,629
Deferred offering costs		207,743
Total assets	91,158,890	67,659,865
Current liabilities:
Notes payable-current portion		4,804,176
Accounts payable	1,878,713	641,590
Accrued expenses	3,559,323	3,139,721
Interest payable		278,620
Total current liabilities	5,438,036	8,864,107
Deferred rent and lease incentives	71,479	77,707
Total liabilities	5,509,515	8,941,814
Commitments and contingencies
Stockholders' deficit:
Preferred stock, $0.0001 par value, 15,000,000 shares authorized at March 31, 2015 and December 31, 2014, no shares issued and outstanding at March 31, 2015 and December 31, 2014
Common stock, $0.0001 par value, 150,000,000 shares authorized at March 31, 2015 and December 31, 2014, 21,830,032 and 18,026,892 shares issued and 21,829,821 and 18,026,892 shares outstanding at March 31, 2015 and December 31, 2014, respectively	2,183	1,803
Additional paid in capital	225,365,914	188,735,965
Treasury stock	-2,324
Accumulated comprehensive loss	-28,411	-38,812
Accumulated deficit	-139,687,987	-129,980,905
Total stockholders' deficit	85,649,375	58,718,051
Total liabilities and stockholders' equity	$91,158,890	$67,659,865

Balance_Sheets_Parenthetical

Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Balance Sheets
Preferred stock, par value (in dollars per share)	$0.00	$0.00
Preferred stock, shares authorized	15,000,000	15,000,000
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	150,000,000
Issuance of common stock (in shares)	21,830,032	18,026,892
Common stock, shares outstanding	21,829,821	18,026,892

Statements_of_Operations

Statements of Operations (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Statements of Operations
Collaborative revenues	$150,239	$1,173,451
Operating expenses:
Research and development	7,505,916	4,548,012
General and administrative	2,111,056	1,259,897
Total operating expenses	9,616,972	5,807,909
Loss from operations	-9,466,733	-4,634,458
Other (expenses) income:
Other income		13,375
Interest income	74,193	17,559
Interest expense	-107,864	-285,362
Loss on debt extinguishment	-206,678
Total other (expenses) income	-240,349	-254,428
Net loss	($9,707,082)	($4,888,886)
Net loss per common share:
Basic (in dollars per share)	($0.47)	($8.24)
Diluted (in dollars per share)	($0.47)	($8.24)
Weighted average number of common shares:
Basic (in shares)	20,826,647	593,206
Diluted (in shares)	20,826,647	593,206

Statements_of_Comprehensive_Lo

Statements of Comprehensive Loss (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Statements of Comprehensive Loss
Net loss	($9,707,082)	($4,888,886)
Other comprehensive income (loss):
Unrealized gains (losses) on marketable securities	10,401	-1,438
Comprehensive loss	($9,696,681)	($4,890,324)

Statements_of_Cash_Flows

Statements of Cash Flows (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Operating activities:
Net loss	($9,707,082)	($4,888,886)
Adjustment to reconcile net loss to net cash used in operating activities:
Depreciation	49,422	50,433
Stock-based compensation expense	329,638	3,726
Deferred rent and lease incentives	-2,299	286
Amortization of deferred financing fees	35,821	54,708
Revaluation of preferred stock warrant liability		-13,375
Noncash portion of loss on early extinguishment of debt	122,225
Changes in assets and liabilities:
Prepaid expenses and other current assets	-137,514	50,261
Accounts payable and accrued expenses	1,652,796	-542,348
Deferred revenue		-1,000,000
Interest payable	-278,620	10,258
Net cash used in operating activities	-7,935,613	-6,274,937
Investing activities:
Purchases of property and equipment	-63,006	-92,808
Purchases of investments	-49,878,516	-13,038,337
Sales of investments	9,500,000	8,603,922
Net cash used in investing activities	-40,441,522	-4,527,223
Financing activities:
Principal payments under debt facilities	-4,935,260	-1,320,928
Payment of deferred offering costs	-574,204
Settlement of restricted stock	-1,910,101
Proceeds from the issuance of common stock, net of repurchases	38,782,673	18,294
Net cash provided by (used in) financing activities	31,363,108	-1,302,634
Net decrease in cash and cash equivalents	-17,014,027	-12,104,794
Cash and cash equivalents at beginning of period	29,494,755	21,155,247
Cash and cash equivalents at end of period	12,480,728	9,050,453
Supplemental disclosures of cash flow information:
Cash paid for interest	$395,346	$220,395

Organization

Organization	3 Months Ended
	Mar. 31, 2015
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 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 candidate is VTP-34072, which is in a Phase 2 clinical trial for the treatment of type 2 diabetes. The Company is also developing BI 1147560, for the treatment and prevention of Alzheimer’s disease (“Alzheimer’s”). Both the Company’s type 2 diabetes and Alzheimer’s programs are being developed under separate collaboration with Boehringer Ingelheim GmbH (“BI”). The collaborations with BI have provided the Company with an aggregate of $158 million in funding as of March 31, 2015, including $30 million from sales of the Company’s equity securities and $128 million in upfront license fees, research funding and success-based milestones.
	In collaboration with BI, the Company was previously developing VTP-37948/BI 1181181 (“BI 1181181”). However, in February of 2015, BI voluntarily placed BI 1181181 on a temporary clinical hold to further investigate skin reactions observed in some study participants during a Phase 1 multiple rising dose trial. BI has completed its analysis and concluded that skin reactions are burdensome for patients and, therefore, an obstacle for further development of the compound. BI has decided to suspend development of BI 1181181 and move forward with the development of a structurally different compound, BI 1147560, which was also discovered as part of the Company’s BACE collaboration.
	The Company has several wholly-owned product candidates advancing in preclinical development, including VTP-43742 for the treatment of autoimmune disorders, VTP-38543 for the treatment of atopic dermatitis and VTP-38443 for the treatment of acute coronary syndrome. 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 March 31, 2015, the Company had cash, cash equivalents and marketable securities of approximately $88.7 million, including $38.0 million raised by the Company, after deducting underwriting discounts and commissions and other offering expenses, through the issuance and sale of 3,450,000 shares of common stock in a public offering completed January 28, 2015.  Based on the Company’s current operating plan, it believes that the Company’s existing cash, cash equivalents and marketable securities will be sufficient to fund its projected operating requirements through the end 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	3 Months Ended
	Mar. 31, 2015
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, 2014 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 (“Annual Report on Form 10-K”). 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 March 31, 2015 and the results of its operations, comprehensive loss and cash flows for the three months ended March 31, 2015 and 2014. The results for the three months ended March 31, 2015 are not necessarily indicative of results to be expected for the year ending December 31, 2015, 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 as of and for the year ended December 31, 2014 included in the Company’s Annual Report on Form 10-K.
	Fair Value of Financial Instruments
	At March 31, 2015 and December 31, 2014, the Company’s financial instruments included cash and cash equivalents, restricted cash, marketable securities, accounts payable, and accrued expenses and also included notes payable at December 31, 2014. 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- and long-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 was reflective of the rate the Company could obtain on debt with similar terms and conditions. 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.
	Deferred Offering Costs
	Generally, deferred offering costs consist of legal, accounting, and printing fees incurred in connection with offerings of the Company’s equity securities, and are capitalized when incurred. In connection with the Company’s January 2015 underwritten public offering of common stock, deferred offering costs totaling $0.2 million were recognized in the balance sheet as of December 31, 2014.
	Preferred Stock Warrants
	Prior to the Company’s initial public offering (“IPO”) in September 2014, the Company’s preferred stock warrants were recognized in the balance sheet 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 and gain or loss recognition for changes in fair value was discontinued.
	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, 2014 included in the Company’s Annual Report on Form 10-K. 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.
	In August 2014, the FASB issued ASU 2014-15, “Presentation of Financial Statements—Going Concern.” ASU 2014-15 requires management of all entities to evaluate whether there are conditions and events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the financial statements are issued, and to make certain disclosures if it concludes that substantial doubt exists or when its plans alleviate substantial doubt about the entity’s ability to continue as a going concern. ASU 2014-15 is effective for the Company for annual reporting periods beginning in 2016 and for interim reporting periods starting in the first quarter of 2017. The Company is currently evaluating the impact of the adoption of ASU 2014-15 on its financial statements.

Net_Loss_Income_Per_Common_Sha

Net (Loss) Income Per Common Share	3 Months Ended
	Mar. 31, 2015
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 March 31,
		2015			2014
	Basic and diluted net loss per common share calculation:
	Net loss	$	(9,707,082	)	$	(4,888,886	)
	Less: Undistributed earnings allocated to participating securities	—			—
	Net loss attributable to common stockholders	$	(9,707,082	)	$	(4,888,886	)
	Weighted-average number of common shares:
	Basic and diluted	20,826,647			593,206
	Net loss per common share:
	Basic and diluted	$	(0.47	)	$	(8.24	)
	The following outstanding securities at March 31, 2015 and 2014 have been excluded from the computation of diluted weighted shares outstanding, as their effects on net loss per share would have been anti-dilutive:
		March 31,
		2015		2014
	Stock options	1,758,205		1,238,307
	Employee stock purchase plan	7,865		—
	Restricted stock units	—		391,304
	Warrants	45,468		45,468
	Convertible preferred stock	—		9,491,680
	Total	1,811,538		11,166,759

Accrued_Expenses

Accrued Expenses	3 Months Ended
	Mar. 31, 2015
Accrued Expenses
Accrued Expenses
	4. Accrued Expenses
	At March 31, 2015 and December 31, 2014, accrued expenses consisted of the following:
		March 31,		December 31,
		2015		2014
	Payroll and related costs	$	698,823	$	1,710,439
	Research and development related costs	2,541,567		760,961
	Offering costs	—		207,743
	Legal and accounting related costs	190,219		264,959
	Other	128,714		195,619
	Total	$	3,559,323	$	3,139,721

Fair_Value_Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2015
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 included money market funds and certificates of deposit (“CD”). Level 2 assets included U.S. government agency securities and corporate debt securities. The following fair value hierarchy tables present information about each major category of financial assets measured at fair value on a recurring basis as of March 31, 2015 and December 31, 2014:
			Fair Value Measurements as of March 31, 2015 Using
			Level 1		Level 2		Level 3		Balance as of
									March 31, 2015
	Assets
	Money market funds		$	9,079,422	$	—	$	—	$	9,079,422
	Other cash equivalents		—		1,860,770				1,860,770
	Cash-restricted, CD		200,000		—		—		200,000
	Marketable securities, available-for-sale		—		76,212,462		—		76,212,462
	Total assets		$	9,279,422	$	78,073,232	$	—	$	87,352,654
			Fair Value Measurements as of December 31, 2014 Using
			Level 1		Level 2		Level 3		Balance as of
									December 31, 2014
	Assets
	Money market funds		$	25,664,911	$	—	$	—	$	25,664,911
	Other cash equivalents		—		2,179,290				2,179,290
	Cash-restricted, CD		200,000		—		—		200,000
	Marketable securities, available-for-sale		—		35,823,545		—		35,823,545
	Total assets		$	25,864,911	$	38,002,835	$	—	$	63,867,746

Investments

Investments	3 Months Ended
	Mar. 31, 2015
Investments
Investments
	6. Investments
	Marketable Securities
	Marketable securities consisted of the following as of March 31, 2015 and December 31, 2014:
		Cost Basis		Unrealized Gains		Unrealized Losses			Fair Value
	March 31, 2015
	Corporate notes and bonds	$	73,742,451	$	10,444	$	(39,784	)	$	73,713,111
	U.S. government and agency	2,498,293		1,058		—			2,499,351
	Total marketable securities	$	76,240,744	$	11,502	$	(39,784	)	$	76,212,462
	December 31, 2014
	Corporate notes and bonds	$	35,862,357	$	573	$	(39,385	)	$	35,823,545
	Total marketable securities	$	35,862,357	$	573	$	(39,385	)	$	35,823,545
	As of March 31, 2015, the Company’s marketable securities had the following maturities:
		Cost Basis		Fair Value
	Less than one year	$	58,955,033	$	58,923,209
	One to five years	17,285,711		17,289,253
		$	76,240,744	$	76,212,462

Notes_Payable

Notes Payable	3 Months Ended
	Mar. 31, 2015
Notes Payable
Notes Payable
	7. Notes Payable
	Silicon Valley Bank and Oxford Finance LLC.—2011 Credit Facility
	In December 2011, the Company entered into a $15 million senior secured credit facility with Silicon Valley Bank and Oxford Finance LLC. (together, the “Lenders”) and drew-down all funds at that time. In connection with the credit facility, the Company issued to the Lenders 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, which subsequently accreted to interest expense over the term of the loan.
	On February 27, 2015, the Company repaid the outstanding balance of the 2011 credit facility. The total payoff was $4,342,855, which included prepayment and other additional fees of $84,453. The Company had $20,852 of deferred financing fees and $101,373 of unamortized debt discount as of the date of payoff. The debt repayment was accounted for as an extinguishment as per ASC 470-50, Debt: Modifications and Extinguishments, and a loss on extinguishment of debt totaling $206,678 was recorded in the three months ended March 31, 2015, consisting of the unamortized deferred financing, unamortized debt discount and prepayment and other additional fees.

Stockholders_Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2015
Stockholders' Equity
Stockholders' Equity
	8. Stockholders’ Equity
	Common Stock
	On September 29, 2014, the Company closed its IPO, 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. On October 27, 2014, the underwriters of the Company’s IPO exercised in full their over-allotment option and the Company issued and sold an additional 1,031,250 shares of common stock at the IPO price of $8.00 per share, for aggregate gross proceeds of $8.3 million. Total net proceeds for the IPO, including the underwriters’ exercise of their over-allotment option, was $56.4 million, after deducting underwriting discounts and commissions and other offering expenses.
	On January 28, 2015, the Company issued and sold a total of 3,450,000 shares of its common stock at $11.90 per share in an underwritten public offering, including 450,000 shares of common stock sold pursuant to the exercise in full of the underwriters’ option to purchase additional shares. Net proceeds from the offering, including the sale of the additional shares, was approximately $38.0 million, after deducting underwriting discounts and commissions and other offering expenses.
	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 March 31, 2015, 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 March 31, 2015.
	Treasury Stock
	In connection with cashless employee stock option exercises for the three months ended March 31, 2015, employees tendered 211 shares of common stock with a fair value of $2,324 to the Company as consideration for the exercise price. 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 March 31, 2015, 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 March 31, 2015:
	Warrants to	Shares	Exercise		Expiration Date
	Purchase		Price
	Common stock	1,449	$	20.70	7/12/16
	Common stock	14,130	$	27.60	8/28/18
	Common stock	29,889	$	27.60	12/21/21
	Shares Reserved for Future Issuance
	At March 31, 2015, the Company has reserved the following shares of common stock for issuance:
	Common stock options outstanding	1,758,205
	Shares available for future grant under employee compensation plans	2,347,354
	Shares available through employee stock purchase plan	430,269
	Warrants	45,468
		4,581,296

Employee_Compensation_Plans

Employee Compensation Plans	3 Months Ended
	Mar. 31, 2015
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. 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 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. As of January 1, 2015, the number of shares of common stock that may be issued under the 2014 Plan was automatically increased by 721,076 shares. As of March 31, 2015, there are 2,347,354 shares available for grant without restriction.
	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”).
	The cost of stock-based compensation awards are 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 months ended March 31, 2015 and 2014 was recognized as follows:
			Three Months Ended
			March 31,
			2015			2014
	Research and development		$	137,758		$	2,400
	General and administrative		191,880			1,326
	Total stock-based compensation		$	329,638		$	3,726
			Three Months Ended
			March 31,
			2015			2014
	Stock options		$	295,094		$	3,726
	Employee stock purchase plan		34,544			—
	Total stock-based compensation		$	329,638		$	3,726
	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. 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, 2015 through March 31, 2015:
			Number of		Weighted-			Weighted-	Aggregate
			Shares		Average			Average	Intrinsic Value
					Exercise			Contractual
					Price			Life (in Years)
	Outstanding, January 1, 2015		1,484,696		$	4.884
	Granted		406,501		$	14.255
	Exercised		(132,992	)	$	1.4534
	Expired		—		$	—
	Forfeited		—		$	—
	Outstanding, March 31, 2015		1,758,205		$	7.3101		6.54	$	8,778,679
	Exercisable, March 31, 2015		713,224		$	4.2009		3.12	$	5,355,704
	Vested and Expected to Vest, March 31, 2015		1,712,050		$	7.2361
	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 March 31, 2015, 110,701 performance-based stock options have been deemed probable and stock-based compensation expense is recorded ratably over the 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:
			Three Months Ended
			March 31,
			2015		2014
	Weighted-average risk-free interest rate		1.71	%	2.06	%
	Expected term of options (in years)		6.25		6.25
	Expected stock price volatility		81.00	%	83.00	%
	Expected dividend yield		0	%	0	%
	The weighted average fair value of options granted during the three months ended March 31, 2015 and 2014 was $10.05 and $2.65 per share, respectively.
	The weighted-average valuation assumptions for all stock-based awards 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 using the “simplified” method, as prescribed by the SEC Staff Accounting Bulletin No. 107, Share-Based Payment.
		·		Expected stock price volatility: The expected volatility is based on historical stock price volatilities of similar entities within the Company’s industry over the period that is commensurate with the expected term of the option.
		·		Expected dividend 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.
	The total cash received from employees as a result of employee stock option exercises during the three months ended March 31, 2015 and 2014 was $190,973 and $18,294 respectively.
	As of March 31, 2015, excluding performance-based stock options that have not been deemed probable, the aggregate unrecognized stock-based compensation expense related to unvested options granted under the Stock Plans that were expected to vest was $5,327,466. That expense is expected to be recognized as follows:
	Year ending December 31,
	2015		$	1,217,824
	2016		1,547,829
	2017		1,430,781
	2018		1,038,381
	2019		92,651
			$	5,327,466
	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 March 31, 2015.
	Restricted Stock Units (“RSU”)
	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. Vesting of the performance-based RSU was contingent upon the achievement of pre-determined performance-based milestones, as determined by the Company’s board of directors or its compensation committee. During the year ended December 31, 2014, it was determined that the performance-based milestones on the RSU were met and the award was fully vested.
	Under settlement procedures applicable to the performance-based RSU, which was held by the Company’s chief executive officer, the Company was required to deliver the underlying 391,304 shares on March 13, 2015. On the settlement date, the Company net settled the award by delivering approximately 220,148 shares of its common stock to its chief executive officer and withholding approximately 171,156 shares of common stock to satisfy income taxes at the applicable minimum statutory rate. In connection with the net settlement, the Company remitted the $1,910,101 tax liability on behalf of its chief executive officer to the relevant tax authorities in cash.
	Employee Stock Purchase Plan
	In July 2014, the Company established an Employee Stock Purchase Plan (the “Purchase Plan”). Under the Company’s Purchase Plan, eligible employees can purchase common stock through accumulated payroll deductions at such times as are established by the administrator. The Purchase Plan is administered by the compensation committee of 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 our common stock on the first day of an offering period or on the purchase 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. Under the Purchase Plan, a participant may not accrue rights to purchase more than $25,000 worth of our common stock for each calendar year in which such right is outstanding
	As of the first business day of each fiscal year of the Company during the term of the Purchase Plan, 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. As of January 1, 2015, the number of shares of common stock that may be issued under the Purchase Plan was automatically increased by 180,269 shares, increasing the number of shares of common stock available for issuance under the Purchase Plan to 430,269 shares.
Effective February 1, 2015, employees who elected to participate in the Purchase Plan commenced payroll withholdings that accumulate during the offering period that ends on October 31, 2015, at which time shares of the Company’s common stock will be purchased at 85% of the lower of the fair market value of our common shares on January 30 or October 30, 2015. In accordance with the guidance in ASC 718-50, the ability to purchase shares of the Company’s common stock at the lower of the offering date price or the purchase date price represents an option and, therefore, the Purchase Plan is a compensatory plan under this guidance. Accordingly, stock-based compensation cost is determined based on the option’s grant-date fair value and is recognized over the requisite service period of the option. The Company has estimated the option’s fair value to be $5.43 using the Black-Scholes valuation model and recognized stock-based compensation expense of $34,544 in the three months ended March 31, 2015.

Collaborative_Research_Agreeme

Collaborative Research Agreements	3 Months Ended
	Mar. 31, 2015
Collaborative Research Agreements
Collaborative Research Agreements
	10. 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. In 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 million. 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.
	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 million. In accordance with the amendment, the Company was 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 $1.0 million that was recognized in the three months ended March 31, 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	3 Months Ended
	Mar. 31, 2015
Income Taxes
Income Taxes
	11. Income Taxes
	For the three months ended March 31, 2015 and 2014, 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 March 31, 2015 and December 31, 2014.

Related_Party_Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2015
Related Party Transactions
Related Party Transactions
	12. 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 $233,000 and $104,000 for the three months ended March 31, 2015 and 2014, respectively.
	Additionally, $53,000 and $129,000 was due to the related party as of March 31, 2015 and December 31, 2014, respectively. BI, the Company’s collaborative research partner (Note 10), is also an affiliate of a stockholder of the Company.

Basis_of_Presentation_and_Summ1

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2015
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, 2014 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 (“Annual Report on Form 10-K”). 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 March 31, 2015 and the results of its operations, comprehensive loss and cash flows for the three months ended March 31, 2015 and 2014. The results for the three months ended March 31, 2015 are not necessarily indicative of results to be expected for the year ending December 31, 2015, 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 as of and for the year ended December 31, 2014 included in the Company’s Annual Report on Form 10-K.
Fair Value of Financial Instruments
	Fair Value of Financial Instruments
	At March 31, 2015 and December 31, 2014, the Company’s financial instruments included cash and cash equivalents, restricted cash, marketable securities, accounts payable, and accrued expenses and also included notes payable at December 31, 2014. 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- and long-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 was reflective of the rate the Company could obtain on debt with similar terms and conditions. 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.
Deferred Offering Costs
	Deferred Offering Costs
	Generally, deferred offering costs consist of legal, accounting, and printing fees incurred in connection with offerings of the Company’s equity securities, and are capitalized when incurred. In connection with the Company’s January 2015 underwritten public offering of common stock, deferred offering costs totaling $0.2 million were recognized in the balance sheet as of December 31, 2014.
Preferred Stock Warrants
	Preferred Stock Warrants
	Prior to the Company’s initial public offering (“IPO”) in September 2014, the Company’s preferred stock warrants were recognized in the balance sheet 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 and gain or loss recognition for changes in fair value was discontinued.
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.
	In August 2014, the FASB issued ASU 2014-15, “Presentation of Financial Statements—Going Concern.” ASU 2014-15 requires management of all entities to evaluate whether there are conditions and events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the financial statements are issued, and to make certain disclosures if it concludes that substantial doubt exists or when its plans alleviate substantial doubt about the entity’s ability to continue as a going concern. ASU 2014-15 is effective for the Company for annual reporting periods beginning in 2016 and for interim reporting periods starting in the first quarter of 2017. The Company is currently evaluating the impact of the adoption of ASU 2014-15 on its financial statements.

Net_Loss_Income_Per_Common_Sha1

Net (Loss) Income Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2015
Net (Loss) Income Per Common Share
Schedule of computation of basic and diluted net income(Loss) per common share
		Three Months Ended March 31,
		2015			2014
	Basic and diluted net loss per common share calculation:
	Net loss	$	(9,707,082	)	$	(4,888,886	)
	Less: Undistributed earnings allocated to participating securities	—			—
	Net loss attributable to common stockholders	$	(9,707,082	)	$	(4,888,886	)
	Weighted-average number of common shares:
	Basic and diluted	20,826,647			593,206
	Net loss per common share:
	Basic and diluted	$	(0.47	)	$	(8.24	)
Schedule of potential common shares not reflected in diluted net income (Loss) per share as the effect would be antidilutive
		March 31,
		2015		2014
	Stock options	1,758,205		1,238,307
	Employee stock purchase plan	7,865		—
	Restricted stock units	—		391,304
	Warrants	45,468		45,468
	Convertible preferred stock	—		9,491,680
	Total	1,811,538		11,166,759

Accrued_Expenses_Tables

Accrued Expenses (Tables)	3 Months Ended
	Mar. 31, 2015
Accrued Expenses
Schedule of accrued expenses
		March 31,		December 31,
		2015		2014
	Payroll and related costs	$	698,823	$	1,710,439
	Research and development related costs	2,541,567		760,961
	Offering costs	—		207,743
	Legal and accounting related costs	190,219		264,959
	Other	128,714		195,619
	Total	$	3,559,323	$	3,139,721

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2015
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 March 31, 2015 Using
		Level 1		Level 2		Level 3		Balance as of
								March 31, 2015
	Assets
	Money market funds	$	9,079,422	$	—	$	—	$	9,079,422
	Other cash equivalents	—		1,860,770				1,860,770
	Cash-restricted, CD	200,000		—		—		200,000
	Marketable securities, available-for-sale	—		76,212,462		—		76,212,462
	Total assets	$	9,279,422	$	78,073,232	$	—	$	87,352,654
		Fair Value Measurements as of December 31, 2014 Using
		Level 1		Level 2		Level 3		Balance as of
								December 31, 2014
	Assets
	Money market funds	$	25,664,911	$	—	$	—	$	25,664,911
	Other cash equivalents	—		2,179,290				2,179,290
	Cash-restricted, CD	200,000		—		—		200,000
	Marketable securities, available-for-sale	—		35,823,545		—		35,823,545
	Total assets	$	25,864,911	$	38,002,835	$	—	$	63,867,746

Investments_Tables

Investments (Tables)	3 Months Ended
	Mar. 31, 2015
Investments
Schedule of marketable securities
		Cost Basis		Unrealized Gains		Unrealized Losses			Fair Value
	March 31, 2015
	Corporate notes and bonds	$	73,742,451	$	10,444	$	(39,784	)	$	73,713,111
	U.S. government and agency	2,498,293		1,058		—			2,499,351
	Total marketable securities	$	76,240,744	$	11,502	$	(39,784	)	$	76,212,462
	December 31, 2014
	Corporate notes and bonds	$	35,862,357	$	573	$	(39,385	)	$	35,823,545
	Total marketable securities	$	35,862,357	$	573	$	(39,385	)	$	35,823,545
Schedule of maturities of marketable securities
	As of March 31, 2015, the Company’s marketable securities had the following maturities:
		Cost Basis		Fair Value
	Less than one year	$	58,955,033	$	58,923,209
	One to five years	17,285,711		17,289,253
		$	76,240,744	$	76,212,462

Stockholders_Equity_Tables

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2015
Stockholders' Equity
Summary of warrants outstanding and exercisable	The following table summarizes the warrants outstanding and exercisable as of March 31, 2015:
	Warrants to	Shares	Exercise		Expiration Date
	Purchase		Price
	Common stock	1,449	$	20.70	7/12/16
	Common stock	14,130	$	27.60	8/28/18
	Common stock	29,889	$	27.60	12/21/21
Schedule of shares of common stock reserved for issuance
	At March 31, 2015, the Company has reserved the following shares of common stock for issuance:
	Common stock options outstanding	1,758,205
	Shares available for future grant under employee compensation plans	2,347,354
	Shares available through employee stock purchase plan	430,269
	Warrants	45,468
		4,581,296

Employee_Compensation_Plans_Ta

Employee Compensation Plans (Tables)	3 Months Ended
	Mar. 31, 2015
Employee Compensation Plans
Schedule of stock-based compensation expense recognized
		Three Months Ended
		March 31,
		2015			2014
	Research and development	$	137,758		$	2,400
	General and administrative	191,880			1,326
	Total stock-based compensation	$	329,638		$	3,726
		Three Months Ended
		March 31,
		2015			2014
	Stock options	$	295,094		$	3,726
	Employee stock purchase plan	34,544			—
	Total stock-based compensation	$	329,638		$	3,726
Summary of stock option activity under the Plans
		Number of		Weighted-			Weighted-	Aggregate
		Shares		Average			Average	Intrinsic Value
				Exercise			Contractual
				Price			Life (in Years)
	Outstanding, January 1, 2015	1,484,696		$	4.884
	Granted	406,501		$	14.255
	Exercised	(132,992	)	$	1.4534
	Expired	—		$	—
	Forfeited	—		$	—
	Outstanding, March 31, 2015	1,758,205		$	7.3101		6.54	$	8,778,679
	Exercisable, March 31, 2015	713,224		$	4.2009		3.12	$	5,355,704
	Vested and Expected to Vest, March 31, 2015	1,712,050		$	7.2361
Schedule of weighted-average assumptions used for calculating fair values of stock options granted
		Three Months Ended
		March 31,
		2015		2014
	Weighted-average risk-free interest rate	1.71	%	2.06	%
	Expected term of options (in years)	6.25		6.25
	Expected stock price volatility	81.00	%	83.00	%
	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,
	2015	$	1,217,824
	2016	1,547,829
	2017	1,430,781
	2018	1,038,381
	2019	92,651
		$	5,327,466

Organization_Details

Organization (Details) (USD $)	3 Months Ended	0 Months Ended
In Millions, except Share data, unless otherwise specified	Mar. 31, 2015	Jan. 28, 2015
	item
Organization
Number of partnered product candidates	2
Cash, cash equivalents and short-term investments	$88.70
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
Common stock | Follow-on offering
Organization
Issuance of common stock (in shares)		3,450,000
Net proceeds from issuance		$38

Basis_of_Presentation_and_Summ2

Basis of Presentation and Summary of Significant Accounting Policies (Details) (Convertible preferred stock, USD $)	3 Months Ended
	Mar. 31, 2015
Minimum
Net Income Per Common Share
Annual rate of noncumulative dividends on preferred stock (in dollars per share)	$0.60
Maximum
Net Income Per Common Share
Annual rate of noncumulative dividends on preferred stock (in dollars per share)	$1.66

Basis_of_Presentation_and_Summ3

Basis of Presentation and Summary of Significant Accounting Policies (Details 3) (USD $)	Dec. 31, 2014
Deferred Offering Costs
Deferred Offering Costs	$207,743

Net_Loss_Income_Per_Common_Sha2

Net (Loss) Income Per Common Share (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Basic and diluted net (loss) income per common share calculation:
Net loss	($9,707,082)	($4,888,886)
Net loss attributable to common stockholders	($9,707,082)	($4,888,886)
Weighted average number of common shares:
Basic and diluted	20,826,647	593,206
Net loss per common share:
Basic and diluted	($0.47)	($8.24)

Net_Loss_Income_Per_Common_Sha3

Net (Loss) Income Per Common Share (Details 2)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Net (Loss) Income Per Common Share
Potential common shares not reflected in diluted net income per share as the effect would be antidilutive	1,811,538	11,166,759
Stock options
Net (Loss) Income Per Common Share
Potential common shares not reflected in diluted net income per share as the effect would be antidilutive	1,758,205	1,238,307
Employee Stock Purchase Plan
Net (Loss) Income Per Common Share
Potential common shares not reflected in diluted net income per share as the effect would be antidilutive	7,865
Restricted Stock Units
Net (Loss) Income Per Common Share
Potential common shares not reflected in diluted net income per share as the effect would be antidilutive		391,304
Warrants
Net (Loss) Income Per Common Share
Potential common shares not reflected in diluted net income per share as the effect would be antidilutive	45,468	45,468
Convertible preferred stock
Net (Loss) Income Per Common Share
Potential common shares not reflected in diluted net income per share as the effect would be antidilutive		9,491,680

Accrued_Expenses_Details

Accrued Expenses (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Accrued Expenses
Payroll and related costs	$698,823	$1,710,439
Research and development related costs	2,541,567	760,961
Offering costs		207,743
Legal and accounting related costs	190,219	264,959
Other	128,714	195,619
Total	$3,559,323	$3,139,721

Fair_Value_Measurements_Detail

Fair Value Measurements (Details) (Recurring, USD $)	Mar. 31, 2015	Dec. 31, 2014
Fair value measurements
Assets	$87,352,654	$63,867,746
Money market funds
Fair value measurements
Assets	9,079,422	25,664,911
Other cash equivalents
Fair value measurements
Assets	1,860,770	2,179,290
Cash restricted, CD
Fair value measurements
Assets	200,000	200,000
Marketable securities, available-for-sale
Fair value measurements
Assets	76,212,462	35,823,545
Level 1
Fair value measurements
Assets	9,279,422	25,864,911
Level 1 | Money market funds
Fair value measurements
Assets	9,079,422	25,664,911
Level 1 | Cash restricted, CD
Fair value measurements
Assets	200,000	200,000
Level 2
Fair value measurements
Assets	78,073,232	38,002,835
Level 2 | Other cash equivalents
Fair value measurements
Assets	1,860,770	2,179,290
Level 2 | Marketable securities, available-for-sale
Fair value measurements
Assets	$76,212,462	$35,823,545

Investments_Details

Investments (Details) (USD $)	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Marketable securities
Cost Basis	$76,240,744	$35,862,357
Unrealized Gains	11,502	573
Unrealized Losses	-39,784	-39,385
Total	76,212,462	35,823,545
Corporate notes and bonds
Marketable securities
Cost Basis	73,742,451	35,862,357
Unrealized Gains	10,444	573
Unrealized Losses	-39,784	-39,385
Total	73,713,111	35,823,545
U.S. government and agency
Marketable securities
Cost Basis	2,498,293
Unrealized Gains	1,058
Total	$2,499,351

Investments_Details_2

Investments (Details 2) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Cost Basis
Less than one year	$58,955,033
One to five years	17,285,711
Total	76,240,744	35,862,357
Fair Value
Less than one year	58,923,209
One to five years	17,289,253
Total	$76,212,462	$35,823,545

Notes_Payable_Details

Notes Payable (Details) (USD $)	3 Months Ended	1 Months Ended	0 Months Ended
	Mar. 31, 2015	Dec. 31, 2011	Feb. 27, 2015
Notes payable
Number of shares of preferred stock that can be purchased by warrants	45,468
Loss on debt extinguishment	$206,678
Series D preferred stock warrants
Notes payable
Warrants term		10 years
Number of shares of preferred stock that can be purchased by warrants		29,889
Exercise price of warrants (in dollars per share)		$27.60
Estimated fair value of the preferred stock warrants		680,625
Senior notes | Secured debt | 2011 Credit Facility
Notes payable
Maximum borrowing capacity		15,000,000
Total payoff			4,342,855
Prepayment and other additional fees			84,453
Deferred financing fees			20,852
Unamortized debt discount			101,373
Loss on debt extinguishment	$206,678

Stockholders_Equity_Details

Stockholders' Equity (Details) (USD $)	0 Months Ended
In Millions, except Share data, unless otherwise specified	Sep. 29, 2014	Oct. 27, 2014	Jan. 28, 2015	Mar. 31, 2015	Dec. 31, 2014
Common Stock
Common stock, shares authorized				150,000,000	150,000,000
Common stock, par value (in dollars per share)				$0.00	$0.00
Issuance of common stock (in shares)				21,830,032	18,026,892
Common stock | IPO
Common Stock
Stock issued in an initial public offering (in shares)	6,875,000
Share price (in dollars per share)	$8
Net proceeds from issuance	$55
Common stock | Over-allotment option
Common Stock
Stock issued in an initial public offering (in shares)		1,031,250
Share price (in dollars per share)		$8
Gross proceeds from issuance		8.3
Common stock | IPO and over-allotment option
Common Stock
Net proceeds from issuance	56.4
Common stock | Follow-on offering
Common Stock
Stock issued in an initial public offering (in shares)			3,450,000
Net proceeds from issuance			$38
Common stock, shares authorized			3,450,000
Common stock, par value (in dollars per share)			$11.90
Issuance of common stock (in shares)			450,000

Stockholders_Equity_Details_2

Stockholders' Equity (Details 2) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Preferred Stock
Preferred stock, shares authorized	15,000,000	15,000,000
Preferred stock, par value (in dollars per share)	$0.00	$0.00
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0

Stockholders_Equity_Details_3

Stockholders' Equity (Details 3) (USD $)	3 Months Ended
	Mar. 31, 2015
Treasury Stock
Treasury shares acquired (in shares)	211
Fair value of common stock	$2,324

Stockholders_Equity_Details_4

Stockholders' Equity (Details 4) (USD $)	Mar. 31, 2015
Warrants
Warrants Outstanding (in shares)	45,468
Warrant to purchase common stock, expiring on 07/12/2016
Warrants
Warrants Outstanding (in shares)	1,449
Exercise Price (in dollars per share)	20.7
Warrant to purchase common stock, expiring on 08/28/2018
Warrants
Warrants Outstanding (in shares)	14,130
Exercise Price (in dollars per share)	27.6
Warrant to purchase common stock, expiring on 12/21/2021
Warrants
Warrants Outstanding (in shares)	29,889
Exercise Price (in dollars per share)	27.6
Minimum
Warrants
Exercise Price (in dollars per share)	20.7
Maximum
Warrants
Exercise Price (in dollars per share)	27.6

Stockholders_Equity_Details_5

Stockholders' Equity (Details 5)	Mar. 31, 2015
Stockholders' Equity
Common stock options outstanding	1,758,205
Shares available for future grant under employee compensation plans	2,347,354
Shares available through employee stock purchase plan	430,269
Warrants	45,468
Common stock reserved for issuance	4,581,296

Employee_Compensation_Plans_De

Employee Compensation Plans (Details)	3 Months Ended	0 Months Ended	1 Months Ended
	Mar. 31, 2015	Jan. 01, 2015	Jul. 31, 2014
	item
Employee Compensation Plans
Shares available for grant	2,347,354
Number of additional share-based compensation plans	3
2014 Stock Plan
Employee Compensation Plans
Common stock authorized for issuance (in shares)			1,782,500
Number of shares reserved under clauses (2) and (3)			1,070,687
Shares available for grant	2,347,354
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
Increase in shares authorized		721,076

Employee_Compensation_Plans_De1

Employee Compensation Plans (Details 2) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Employee Compensation Plans
Total stock-based compensation	$329,638	$3,726
Research and development
Employee Compensation Plans
Total stock-based compensation	137,758	2,400
General and administrative
Employee Compensation Plans
Total stock-based compensation	191,880	1,326
Stock options
Employee Compensation Plans
Total stock-based compensation	295,094	3,726
Employee Stock Purchase Plan
Employee Compensation Plans
Total stock-based compensation	$34,544

Employee_Compensation_Plans_De2

Employee Compensation Plans (Details 3) (Maximum, Stock options)	3 Months Ended
	Mar. 31, 2015
Maximum | Stock options
Employee Compensation Plans
Vesting period	4 years
Expiration period	10 years

Employee_Compensation_Plans_De3

Employee Compensation Plans (Details 4) (Stock options, USD $)	3 Months Ended
	Mar. 31, 2015
Stock options
Number of Shares
Balance at the beginning of the period (in shares)	1,484,696
Granted (in shares)	406,501
Exercised (in shares)	-132,992
Balance at the end of the period (in shares)	1,758,205
Vested and Expected to Vest, at the end of the period (in shares)	713,224
Exercisable, at the end of the period (in shares)	1,712,050
Weighted-Average Exercise Price
Balance at the beginning of the period (in dollars per share)	$4.88
Granted (in dollars per share)	$14.26
Exercised (in dollars per share)	$1.45
Balance at the end of the period (in dollars per share)	$7.31
Vested and Expected to Vest, at the end of the period (in dollars per share)	$4.20
Exercisable, at the end of the period (in dollars per share)	$7.24
Weighted-Average Remaining Contractual Term (Years)
Outstanding	6 years 6 months 15 days
Exercisable	3 years 1 month 13 days
Aggregate Intrinsic Value
Outstanding	$8,778,679
Exercisable	$5,355,704

Employee_Compensation_Plans_De4

Employee Compensation Plans (Details 5) (USD $)	3 Months Ended		1 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2011
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	$1,217,824
2015	1,547,829
2016	1,430,781
2017	1,038,381
2018	92,651
Total unrecognized compensation expense	5,327,466
Stock options
Employee Compensation Plans
Awards granted (in shares)	406,501
Weighted average fair value assumptions used to calculate fair values of stock options granted
Weighted average risk free interest rate (as a percent)	1.71%	2.06%
Expected term of options	6 years 3 months	6 years 3 months
Expected stock price volatility (as a percent)	81.00%	83.00%
Expected dividend yield (as a percent)	0.00%	0.00%
Estimate for annual dividends	0
Weighted average fair value of options granted (in dollars per share)	$10.05	$2.65
Total cash received from employees as a result of employee stock option exercises	190,973	18,294
Stock options | Maximum
Employee Compensation Plans
Expiration period	10 years
Performance-based stock options granted to employees
Employee Compensation Plans
Awards granted (in shares)			303,559
Expiration period			10 years
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
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
Performance-based stock options granted to employees | Performance conditions, which relate to the Company's research and development progress | Maximum
Employee Compensation Plans
Vesting percentage	60.00%
Performance-based stock options granted to employees | Performance conditions, which relate to deemed liquidation of the Company, an IPO or consummation of a strategic transaction | Maximum
Employee Compensation Plans
Vesting percentage	40.00%

Employee_Compensation_Plans_De5

Employee Compensation Plans (Details 6) (USD $)	3 Months Ended	12 Months Ended	0 Months Ended
	Mar. 31, 2015	Dec. 31, 2013	Mar. 13, 2015
Employee Compensation Plans
Tax liability remitted	$1,910,101
Restricted Stock Units | 2013 Plan
Employee Compensation Plans
RSUs awarded (in shares)		391,304
Chief executive officer | Restricted Stock Units | 2013 Plan
Employee Compensation Plans
RSUs awarded (in shares)			391,304
Awards settled and delivered (in shares)			220,148
Awards settled and withheld (in shares)			171,156
Tax liability remitted			$1,910,101

Employee_Compensation_Plans_De6

Employee Compensation Plans (Details 7) (USD $)	3 Months Ended		0 Months Ended	1 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Jan. 01, 2015	Feb. 28, 2015	Jul. 31, 2014
Employee Compensation Plans
Stock-based compensation expense	$329,638	$3,726
Employee Stock Purchase Plan
Employee Compensation Plans
Purchase price of common stock (as a percent)				85.00%	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			430,269
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
Automatic increase in shares reserved for issuance on first business day of each of fiscal year			180,269
Common stock authorized for issuance (in shares)			430,269
Fair value (in dollars per share)	$5.43
Stock-based compensation expense	$34,544

Collaborative_Research_Agreeme1

Collaborative Research Agreements (Details) (Research Collaboration and License Agreement, BI, USD $)	1 Months Ended				3 Months Ended	13 Months Ended	36 Months Ended	70 Months Ended	12 Months Ended	90 Months Ended
	Jun. 30, 2013	Dec. 31, 2012	Apr. 30, 2012	Jun. 30, 2009	Mar. 31, 2015	Jun. 30, 2013	31-May-12	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2015
			item	item
BACE Inhibitors
Collaborative research agreements
Development milestones earned								$29,000,000
Maximum milestone payments that may be received based on the achievement of pre specified events					326,000,000			326,000,000		326,000,000
Percentage of milestone amount to be earned by any subsequent product(s) achieving the milestone					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
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					1,000,000
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%
BACE Inhibitors | Development milestones
Collaborative research agreements
Maximum milestone payments that may be received based on the achievement of pre specified events					56,000,000			56,000,000		56,000,000
BACE Inhibitors | Regulatory milestones
Collaborative research agreements
Maximum milestone payments that may be received based on the achievement of pre specified events					120,000,000			120,000,000		120,000,000
BACE Inhibitors | Commercialization milestones
Collaborative research agreements
Maximum milestone payments that may be received based on the achievement of pre specified events					150,000,000			150,000,000		150,000,000
11-Beta HSD1 Inhibitors
Collaborative research agreements
Milestone payments received									6,000,000
Development milestones earned										43,000,000
Maximum milestone payments that may be received based on the achievement of pre specified events					272,000,000			272,000,000		272,000,000
Percentage of milestone amount to be earned by any subsequent product(s) achieving the milestone					50.00%			50.00%		50.00%
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%
11-Beta HSD1 Inhibitors | Development milestones
Collaborative research agreements
Maximum milestone payments that may be received based on the achievement of pre specified events					42,000,000			42,000,000		42,000,000
11-Beta HSD1 Inhibitors | Regulatory milestones
Collaborative research agreements
Maximum milestone payments that may be received based on the achievement of pre specified events					105,000,000			105,000,000		105,000,000
11-Beta HSD1 Inhibitors | Commercialization milestones
Collaborative research agreements
Maximum milestone payments that may be received based on the achievement of pre specified events					$125,000,000			$125,000,000		$125,000,000

Income_Taxes_Details

Income Taxes (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
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
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Related Party Transactions
Costs incurred for related party	$233,000	$104,000
Due to the related party	$53,000		$129,000