Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | May 05, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | Savara Inc. | |
Entity Central Index Key | 1,160,308 | |
Trading Symbol | SVRA | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 15,153,265 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 7,771,000 | $ 8,542,000 |
Investment securities | 0 | 2,740,000 |
Prepaid expenses and other current assets | 388,000 | 903,000 |
Total current assets | 8,159,000 | 12,185,000 |
Property and equipment, net | 88,000 | 99,000 |
In-process research and development | 2,500,000 | 2,500,000 |
Goodwill | 3,007,000 | 3,007,000 |
Other assets | 131,000 | 131,000 |
Total assets | 13,885,000 | 17,922,000 |
Current liabilities: | ||
Accounts payable | 502,000 | 626,000 |
Accrued liabilities | 2,241,000 | 1,974,000 |
Accrued compensation and payroll taxes | 2,270,000 | 718,000 |
Debt facility | 1,580,000 | 1,548,000 |
Total current liabilities | 6,593,000 | 4,866,000 |
Long-term lease obligation | 14,000 | 17,000 |
Debt facility, net of current portion | 1,933,000 | 2,285,000 |
Deferred income tax liability | 995,000 | 995,000 |
Total liabilities | 9,535,000 | 8,163,000 |
Stockholders' equity: | ||
Common stock, $0.001 par value; 500,000,000 shares authorized; 3,639,241 shares issued and outstanding at March 31, 2017 and December 31, 2016 (after giving effect to the 1-for-70 reverse stock split that was implemented on April 27, 2017) | 255,000 | 255,000 |
Additional paid-in capital | 321,037,000 | 320,576,000 |
Accumulated other comprehensive income | 1,000 | |
Accumulated deficit | (316,942,000) | (311,073,000) |
Total stockholders' equity | 4,350,000 | 9,759,000 |
Total liabilities and stockholders' equity | $ 13,885,000 | $ 17,922,000 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2017 | Dec. 31, 2016 |
Statement Of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 3,639,241 | 3,639,241 |
Common stock, shares outstanding | 3,639,241 | 3,639,241 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Income Statement [Abstract] | ||
Revenues | $ 94 | |
Operating expenses: | ||
Research and development | 1,443 | $ 7,875 |
Selling, general and administrative | 1,585 | 2,835 |
Transaction-related expenses | 2,752 | |
Depreciation and amortization | 11 | 32 |
Total operating expenses | 5,791 | 10,742 |
Loss from operations | (5,697) | (10,742) |
Interest income | 11 | 39 |
Interest expense | (178) | (519) |
Other (expense)/income, net | (5) | 15 |
Net loss | $ (5,869) | $ (11,207) |
Net loss per share - basic and diluted | $ (1.61) | $ (4.40) |
Weighted average shares outstanding - basic and diluted (after giving effect to the 1-for-70 reverse stock split that was implemented on April 27, 2017) | 3,639,242 | 2,544,503 |
Comprehensive Loss: | ||
Net loss | $ (5,869) | $ (11,207) |
Other comprehensive (loss)/income | (1) | 22 |
Comprehensive loss | $ (5,870) | $ (11,185) |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (Parenthetical) | Apr. 27, 2017 |
Subsequent Event [Member] | |
reverse stock split ratio | 0.0142 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Cash flows from operating activities: | ||
Net loss | $ (5,869) | $ (11,207) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 11 | 32 |
Share-based compensation expense related to employee stock options | 461 | 659 |
Amortization of debt issuance costs and debt discount | 104 | 169 |
Changes in assets and liabilities: | ||
Decrease in prepaid expenses and other assets | 515 | 153 |
Decrease in accounts payable | (127) | (776) |
Increase/(decrease) in accrued liabilities | 1,726 | (358) |
Net cash used in operating activities | (3,179) | (11,328) |
Cash flows from investing activities: | ||
Proceeds from maturities of certificates of deposit | 498 | 4,383 |
Proceeds from sales of certificates of deposit | 2,241 | |
Security deposit for sublease | 90 | |
Purchases of property and equipment | (5) | |
Net cash provided by investing activities | 2,829 | 4,378 |
Cash flows from financing activities: | ||
Payments made on debt facility | (368) | |
Costs paid in connection with debt facility | (50) | (38) |
Proceeds from sale of common stock | 8,060 | |
Payments for offering costs | (601) | |
Payments for capital lease | (3) | (2) |
Net cash (used in)/provided by financing activities | (421) | 7,419 |
Net (decrease)/increase in cash and cash equivalents | (771) | 469 |
Cash and cash equivalents at beginning of period | 8,542 | 23,052 |
Cash and cash equivalents at end of period | $ 7,771 | $ 23,521 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 1. Basis of Presentation Savara Inc., a Delaware corporation (“Savara,” “we,” “us,” “our” or “our company”), prepared the unaudited interim condensed consolidated financial statements included in this report in accordance with United States generally accepted accounting principles (“U.S. GAAP”) for interim financial information and the rules and regulations of the Securities and Exchange Commission (“SEC”) related to quarterly reports on Form 10-Q. Accordingly, they do not include all of the information and disclosures required by U.S. GAAP for annual audited financial statements and should be read in conjunction with the audited consolidated financial statements and notes thereto included in Mast Therapeutics, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2016, filed with the SEC on March 6, 2017 (“2016 Annual Report”). The condensed consolidated balance sheet as of December 31, 2016 included in this report has been derived from the audited consolidated financial statements included in the 2016 Annual Report. In the opinion of management, these condensed consolidated financial statements include all adjustments (consisting of normal recurring adjustments) necessary for a fair statement of the financial position, results of operations and cash flows for the periods presented. The results of operations for the interim periods shown in this report are not necessarily indicative of the results that may be expected for any future period, including the full year. See below under “Basis of Presentation and Liquidity.” Savara is a clinical-stage specialty pharmaceutical company focused on the development and commercialization of novel therapies for the treatment of serious or life-threatening rare respiratory diseases. Savara’s pipeline comprises AeroVanc, a Phase 3 ready inhaled vancomycin, Molgradex, a Phase 2/3 stage inhaled granulocyte-macrophage colony-stimulating factor, or GM-CSF, and Aironite (also known as AIR001), a Phase 2 stage inhaled nebulized sodium nitrite solution. Subsequent Events: Name Change, Reverse Stock Split, Merger, and Related Transactions On April 27, 2017, we completed the merger and related transactions contemplated by the Agreement and Plan of Merger and Reorganization, dated January 6, 2017 (the “Merger Agreement”), by and among Mast Therapeutics, Inc. (“Mast”), Victoria Merger Corp., a wholly-owned subsidiary of Mast (“Merger Sub”), and Savara Inc. (“Private Savara”). On April 27, 2017, Private Savara changed its name to “Aravas Inc.” (“Aravas”) and Mast changed its name to “Savara Inc.” Then, pursuant to the Merger Agreement, Merger Sub was merged with and into Aravas, the separate corporate existence of Merger Sub ended and Aravas continued as the surviving corporation and a wholly-owned subsidiary of Savara (the “Merger”). Also on April 27, 2017, in connection with and immediately prior to the effective time of the Merger, Mast implemented a reverse stock split at a ratio of one new share for every 70 shares of its common stock outstanding (the “Reverse Stock Split”). Pursuant to the terms of the Merger Agreement, Mast issued shares of its common stock to the Aravas stockholders at an exchange ratio of 0.5860 of a share (which reflects the Reverse Stock Split) of Mast common stock for each one share of Aravas common stock outstanding as of the effective time of the Merger. As a result of such issuance of shares, the Aravas stockholders became the majority stockholders of our company. See Note 14, “Subsequent Events,” for more information regarding the Merger and other post-quarter-end events. Prior to the Merger, Mast was a biopharmaceutical company focused on developing clinical-stage therapies for serious or life-threatening diseases. Aironite, which Mast acquired in February 2014 through its acquisition of Aires Pharmaceuticals, Inc., was its lead product candidate and in Phase 2 development for the treatment of heart failure with preserved ejection fraction, or HFpEF. Prior to the Merger, Mast’s common stock was listed on NYSE MKT, LLC and traded through the close of business on April 27, 2017 under the ticker symbol “MSTX.” On April 28, 2017, our common stock commenced trading on The Nasdaq Capital Market (on a Reverse Stock Split-adjusted basis) under the ticker symbol “SVRA.” Basis of Presentation and Liquidity The accompanying unaudited consolidated financial statements include Mast and its wholly-owned subsidiaries as of March 31, 2017, Aires Pharmaceuticals, Inc., SD Pharmaceuticals, Inc. and Victoria Merger Corp. Victoria Merger Corp. was formed in January 2017 solely for purposes of carrying out the Merger. The financial statements have been labeled “Mast Therapeutics, Inc.” for the purposes of this report, which was the entity name in effect for the historical periods presented. All intercompany accounts and transactions have been eliminated in consolidation. Since its inception, Mast incurred significant operating losses and funded its operations primarily though equity and debt financings. Over the past five years, Mast had focused its resources primarily on the clinical development of vepoloxamer. After the Phase 3 clinical study of vepoloxamer in sickle cell disease did not achieve its primary or secondary efficacy endpoints, Mast restructured its organization to focus on development of Aironite, but due to, among other reasons, Mast’s liquidity position, its depressed stock price in the fourth quarter of 2016, and uncertainty regarding its ability to raise capital to continue fund operations, and Mast entered into the Merger Agreement with Private Savara. On April 27, 2017, the Reverse Stock Split was implemented by Mast, the Merger was completed and the business of Mast became the business of Savara. All common stock share and per share information in the unaudited interim condensed consolidated financial statements and notes thereto included in this report have been restated to reflect retrospective application of the Reverse Stock Split, except for par value per share and the number of authorized shares, which were not affected by the Reverse Stock Split. For stock options and warrants to purchase common stock, the number of shares of common stock issuable upon exercise and the exercise price per share have been adjusted to give effect to the Reverse Stock Split. No fractional shares will be issued upon exercise of these instruments. The accompanying unaudited condensed consolidated financial statements do not give effect to the completion of the Merger. Due to Mast’s recurring losses and insufficient working capital to fund operations for the twelve months after the issuance of its consolidated financial statements as of and for the year ended December 31, 2016, and the uncertainties surrounding Mast’s ability to consummate the Merger or raise additional capital to fund continued operations, there was substantial doubt about Mast’s ability to continue as a going concern and the audit opinion provided by Mast’s independent registered public accounting firm relating to the consolidated financial statements included in the 2016 Annual Report included a going concern qualification. As of March 31, 2017, Mast’s cash, cash equivalents and investment securities totaled $7.8 million and its working capital was $1.6 million and substantial doubt about Mast’s ability to continue as a going concern persisted. However, in light of the completion of the Merger, the cash, cash equivalents and investment securities of Aravas as of March 31, 2017, which totaled approximately $10.5 million, and the approximately $4.0 million in aggregate proceeds from the exercise of certain previously issued warrants to purchase Aravas shares and additional capital invested into Aravas after March 31, 2017 but prior to the closing of the Merger, we anticipate that our cash, cash equivalents and investment securities will be sufficient to fund our operations for at least the next 12 months. As discussed in detail elsewhere in this report, our business, operating results, financial condition, and growth prospects remain subject to significant risks and uncertainties, including the risk of failing to obtain additional financing to complete clinical development of and obtain regulatory approval for our product candidates. |
Use of Estimates
Use of Estimates | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Use of Estimates | 2. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in Mast’s consolidated financial statements and accompanying notes. On an ongoing basis, we evaluate our estimates and assumptions, including estimates related to R&D expenses, in-process research and development (“IPR&D”), goodwill, and share-based compensation expenses. We base our estimates on historical experience and various other relevant assumptions we believe to be reasonable under the circumstances. Actual results may differ from these estimates. |
Goodwill and IPR&D
Goodwill and IPR&D | 3 Months Ended |
Mar. 31, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and IPR&D | 3. Goodwill and IPR&D At March 31, 2017 and December 31, 2016, our goodwill and IPR&D consisted of the following (in thousands): Goodwill $ 3,007 IPR&D Acquired IPR&D related to SynthRx acquisition 500 Acquired IPR&D related to Aires acquisition 2,000 Total Goodwill and IPR&D $ 5,507 Goodwill represents the difference between the total purchase price for SynthRx and the aggregate fair values of tangible and intangible assets acquired, less liabilities assumed. Acquired IPR&D related to the Aires acquisition reflects the estimated fair value of the Aironite program as of the date Mast acquired Aires. We have not identified any impairment to that carrying value. Acquired IPR&D related to the SynthRx acquisition reflects the estimated fair value of the vepoloxamer-related assets as of December 31, 2016, the date as of which we last tested for impairment. We test our goodwill and acquired IPR&D for impairment annually as of September 30, or, in the case of initially acquired IPR&D, on the first anniversary of the date we acquired it and subsequently on September 30, and between annual tests if we become aware of an event or a change in circumstances that would indicate the carrying value may be impaired. Due to events and changes in circumstances after September 30, 2016 indicating that the carrying value of Mast’s vepoloxamer-related acquired IPR&D may be impaired, Mast performed a quantitative assessment of vepoloxamer-related acquired IPR&D as of December 31, 2016, determined there was an impairment and reduced the carrying value of that IPR&D from $6.5 million to $0.5 million on its consolidated balance sheet as of December 31, 2016. As of March 31, 2017, we are not aware of an event or a change in circumstances that would indicate that the carrying value of Mast’s goodwill or acquired IPR&D may be impaired. |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2017 | |
Investments Debt And Equity Securities [Abstract] | |
Investment Securities | 4. Investment Securities Investment securities are marketable equity or debt securities. All of Mast’s investment securities are “available-for-sale” securities and carried at fair value. Fair value for securities with short maturities and infrequent secondary market trades typically is determined by using a curve-based evaluation model that utilizes quoted prices for similar securities. The evaluation model takes into consideration the days to maturity, coupon rate and settlement date convention. Net unrealized gains or losses on these securities are included in accumulated other comprehensive loss, which is a separate component of stockholders’ equity. Realized gains and realized losses are included in other (expense)/income, net while amortization of premiums and accretion of discounts are included in interest income. Interest and dividends on available-for-sale securities are included in interest income. We periodically evaluate investment securities for impairment. If we determine that a decline in fair value of any investment security is other than temporary, then the cost basis would be written down to fair value and the decline in value would be charged to earnings. Mast’s investment securities are under the custodianship of a major financial institution and consist of FDIC-insured certificates of deposit. We have classified all of Mast’s available-for-sale investment securities, as current assets on Mast’s consolidated balance sheets because we consider them to be highly liquid and available for use, if needed, in current operations. In the three months ended March 31, 2017, Mast sold $2.2 million of certificates of deposit and recognized a realized loss of $5,000 in other (expense)/income. At March 31, 2017 and December 31, 2016, Mast’s investment securities were as follows (in thousands): March 31, December 31, 2017 2016 Fair value of investment securities $ — $ 2,740 Cost basis of investment securities — 2,739 March 31, December 31, 2017 2016 Net unrealized (gains)/losses on investment securities $ — $ (1 ) |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 5. Fair Value of Financial Instruments Mast’s cash equivalents are recorded at cost plus accrued interest, which approximates fair value. Mast’s investment securities are carried at fair value. The fair value of financial assets and liabilities is measured under a framework that establishes “levels” which are defined as follows: (i) Level 1 fair value is determined from observable, quoted prices in active markets for identical assets or liabilities; (ii) Level 2 fair value is determined from inputs, other than Level 1 inputs, that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities, and (iii) Level 3 fair value is determined using the entity’s own assumptions about the inputs that market participants would use in pricing an asset or liability. Mast had no cash equivalents or investment securities as of March 31, 2017. The fair values of Mast’s cash equivalents and investment securities as of December 31, 2016 are summarized in the following table (in thousands): Fair Value Determined Under: Total Fair Value (Level 1) (Level 2) (Level 3) At December 31, 2016: Cash equivalents $ 3,517 $ 3,517 $ — $ — Investment securities $ 2,740 $ — $ 2,740 $ — Mast believes its debt facility (see Note 8 “Debt Facility”) bears interest at a rate that approximates prevailing market rates for instruments with similar characteristics and, accordingly, the carrying value of the debt facility approximates fair value. The fair value of Mast’s debt facility is determined under Level 2 in the fair value hierarchy. |
Property and Equipment
Property and Equipment | 3 Months Ended |
Mar. 31, 2017 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | 6. Property and Equipment Property and equipment are stated at cost, less accumulated depreciation and amortization. Property and equipment are depreciated using the straight-line method over the estimated useful lives of the assets, which generally is three to five years. Leasehold improvements are amortized over the economic life of the asset or the lease term, whichever is shorter. Repairs and maintenance are expensed as incurred. Mast leases certain office equipment under leases classified as capital leases. As of March 31, 2017, the total amount of leased equipment was $40,000 with interest rates ranging from 8% to 14% per annum. The equipment is being amortized over the life of the leases, which range from three to five years. |
Accrued Liabilities
Accrued Liabilities | 3 Months Ended |
Mar. 31, 2017 | |
Payables And Accruals [Abstract] | |
Accrued Liabilities | 7. Accrued Liabilities Accrued liabilities at March 31, 2017 and December 31, 2016 were as follows (in thousands): March 31, December 31, 2017 2016 Accrued R&D agreements and study expenses $ 1,255 $ 1,401 Accrued transaction-related expenses 733 248 Other accrued liabilities 253 325 Total accrued liabilities $ 2,241 $ 1,974 Accrued R&D agreements and study expenses includes an accrual for approximately $0.8 million at March 31, 2017 related to a dispute with one of the CROs that provided services for Mast’s Phase 3 clinical study of vepoloxamer. The CRO contends that it is owed additional compensation for services under the parties’ contract and we dispute and deny the CRO’s claims and instead contend we are owed compensation by the CRO for damages resulting from the CRO’s breach of the contract. Based on discussions with the CRO, we expect to settle the dispute for the amount accrued. If we and the CRO fail to settle this dispute, we intend to vigorously pursue our claims against the CRO and defend the CRO’s claims against us. |
Debt Facility
Debt Facility | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt Facility | 8. Debt Facility Hercules Loan and Security Agreement In 2015, Mast borrowed an aggregate of $15.0 million pursuant to a Loan and Security Agreement with Hercules Technology III, L.P. and Hercules Capital, Inc. (formerly known as, Hercules Technology Growth Capital, Inc.) (together, “Hercules”), as amended (the “Loan Agreement”). Pursuant to the terms and conditions of the Loan Agreement, Mast received the first advance of $5.0 million on August 11, 2015 and the second advance of $10.0 million on September 28, 2015 (the “Second Advance”). The Loan Agreement required prepayment of $10.0 million of the principal balance of the loan and any accrued but unpaid fees and expenses (the “Second Advance Prepayment”) on or before October 14, 2016 unless the Phase 3 clinical study of vepoloxamer in sickle cell disease, known as the EPIC study, demonstrated positive results. Mast’s announcement in September 2016 that EPIC did not achieve its primary or secondary efficacy endpoints triggered the Second Advance Prepayment, which was made in October 2016. The interest rate for the principal balance under the Loan Agreement is the greater of (i) 8.95% plus the prime rate as reported in The Wall Street Journal minus 3.25%, and (ii) 8.95%, determined on a daily basis. The interest rate as of March 31, 2017 was 9.70%. Monthly payments under the Loan Agreement were interest only until July 1, 2016. On July 1, 2016, Mast started making monthly payments of principal and interest. Payments will continue through the scheduled maturity date of January 1, 2019. An end of term charge of $712,500 will be due on the scheduled maturity date and is being accrued through interest expense using the effective interest method. If Mast elects to prepay the principal balance under the Loan Agreement prior to maturity, a prepayment charge of 1% or 2% of the then outstanding principal balance also will be due, depending upon when the prepayment occurs. No prepayment penalty applied to the Second Advance Prepayment. Because the Merger with Savara would result in a change in control of Mast under the Loan Agreement, triggering immediate repayment of the outstanding amount of all principal, accrued interest, accrued, unpaid fees and expenses, together with a prepayment charge of 2% of the principal balance and an end of term charge of $712,500 (referred to as the “Change in Control Prepayment Provisions”), on March 3, 2017, Mast entered into a fifth amendment (the “Fifth Amendment”) of the Loan Agreement whereby Hercules agreed that the Merger would not trigger the Change in Control Repayment Provisions and that the loan would remain in place upon its existing terms, including the January 1, 2019 scheduled maturity date, following the consummation of the merger, provided the transaction was completed on or before April 30, 2017. However, beginning on the effective date of the amendment, the combined company is required to maintain (a) at least $4 million of cash unless and until Mast, Private Savara or the combined company raises at least $6 million in net cash proceeds from equity and/or subordinated debt financings on or before April 30, 2017 and (b) at least $2 million of cash unless and until Mast, Private Savara or the combined company raises at least $20 million in net cash proceeds from equity and/or subordinated debt financings and/or other financing sources approved by Hercules (including grant amounts) on or before August 31, 2017. This amendment to the Loan Agreement became effective upon consummation of the merger on April 27, 2017. Obligations under the Loan Agreement are secured by a first priority security interest in substantially all of our assets, excluding our intellectual property but including the proceeds from the sale, licensing or disposition of our intellectual property. Our intellectual property is subject to customary negative covenants. In connection with the Loan Agreement, Mast has paid facility charges of $275,000 and a commitment charge of $25,000. Such charges were accounted for as debt issuance costs and are being amortized to interest expense using the effective interest method through the scheduled maturity date. In connection with the Loan Agreement, Mast entered into a Warrant Agreement with Hercules, dated August 11, 2015, as amended by the First Amendment thereto dated September 28, 2015, the Second Amendment thereto dated February 25, 2016, and the Third Amendment thereto effective April 27, 2017, pursuant to which Hercules has a right to purchase up to 32,467 shares of our common stock at an exercise price of $7.00 per share. Prior to the Third Amendment to Warrant Agreement, the Warrant Agreement, as amended by the First and Second Amendments, provided Hercules a right to purchase up to 32,467 shares of our common stock at an exercise price of $19.25 per share. The warrants issued to Hercules were valued using the Black-Scholes option pricing model with the following assumptions: volatility of 83%, expected term of five years, risk-free interest rate of 1.2% and a zero dividend yield. The warrant fair value of $0.4 million has been recorded as a debt discount and is being amortized through interest expense using the effective interest method through the scheduled maturity date. See Note 13 “Stockholders’ Equity” for further description of the terms of the warrants. See Note 14, “Subsequent Events”, for additional information on the Loan Agreement with Hercules. Summary of Carrying Value The following table summarizes the components of the debt facility carrying value (in thousands): As of March 31, 2017 Short-term Long-term Principal payments to lender and end of term charge $ 1,555 $ 2,135 Accrued interest 25 — Debt issuance costs — (145 ) Debt discount related to warrants — (57 ) Carrying value $ 1,580 $ 1,933 |
Share-Based Compensation Expens
Share-Based Compensation Expense | 3 Months Ended |
Mar. 31, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share-Based Compensation Expense | 9. Share-Based Compensation Expense Share-based compensation expense related to equity awards granted to our employees and non-employee directors for the three months ended March 31, 2017 and 2016 was as follows (in thousands): Three Months Ended March 31, 2017 2016 Selling, general and administrative expense $ 367 $ 424 Research and development expense 94 235 Share-based compensation expense $ 461 $ 659 During the three months ended March 31, 2017, the only equity awards granted to our employees and non-employee directors were restricted stock units (“RSUs”). The following tables summarize equity award activity during such three-month period: Shares Underlying Option Awards Weighted-Average Exercise Price Outstanding at December 31, 2016 315,203 $ 46.38 Granted — $ — Exercised — $ — Expired/forfeited (29,386 ) $ 50.21 Outstanding at March 31, 2017 285,817 $ 45.98 RSUs: Shares Underlying RSUs Fair Value Outstanding at December 31, 2016 — $ — Granted 72,588 $ 9.80 Exercised — $ — Expired/forfeited (227 ) $ 9.80 Outstanding at March 31, 2017 72,361 $ 9.80 At March 31, 2017, total unrecognized estimated compensation cost related to non-vested employee and non-employee director share-based awards and RSUs granted prior to that date was $2.1 million, which is expected to be recognized over a weighted-average period of 2.0 years. Per the terms of the RSU agreements, stock options to purchase 239,801 shares of common stock will terminate immediately prior to the Merger if not exercised before. |
Net Loss Per Common Share
Net Loss Per Common Share | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Net Loss Per Common Share | 10. Net Loss Per Common Share Basic and diluted net loss per common share was calculated by dividing the net loss for the three months ended March 31, 2017 and 2016 by the weighted-average number of common shares outstanding during those periods, respectively, without consideration for outstanding common stock equivalents because their effect would have been anti-dilutive. Common stock equivalents are included in the calculation of diluted earnings per common share only if their effect is dilutive. For the periods presented, Mast outstanding common stock equivalents consisted of options and warrants to purchase shares of common stock and RSUs to be settled for shares of common stock. All common stock equivalents presented had an anti-dilutive impact due to losses reported in the applicable periods. The weighted-average number of those common stock equivalents outstanding for each of the periods presented is set forth in the table below: Three Months Ended March 31, 2017 2016 Options 295,622 433,265 RSUs 59,593 — Warrants 1,152,231 1,289,228 |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Changes And Error Corrections [Abstract] | |
Recent Accounting Pronouncements | 11. Recent Accounting Pronouncements In January 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) Business Combinations (Topic 805): Clarifying the Definition of A Business In March 2016, the FASB issued ASU Compensation – Stock Compensation In February 2016, the FASB issued ASU No. 2016-02, Leases (ASC 842) (“ASU 2016-02”), ASU 2016-02 sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). The new standard requires lessees to classify leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. Accounting Standards Codification (“ASC”) 842 supersedes the previous leases standard, ASC 840 Leases. The standard is effective on January 1, 2019, with early adoption permitted. We are in the process of evaluating the impact of this new guidance. In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 3 Months Ended |
Mar. 31, 2017 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | 12. Supplemental Cash Flow Information Non-cash investing and financing transactions presented separately from the condensed consolidated statements of cash flows for the three months ended March 31, 2017 and 2016 are as follows (in thousands): Three Months Ended March 31, 2017 2016 Cash paid for interest on debt facility $ 76 $ 288 Supplemental disclosures of non-cash investing and financing activities: Fair value of warrants issued in connection with debt facility $ — $ 26 Unrealized loss (gain) on investment securities $ 1 $ (22 ) Financing costs in accounts payable and accrued liabilities $ — $ 167 Debt issuance costs in accounts payable and accrued liabilities $ 3 $ 10 |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Stockholders' Equity | 13. Stockholders’ Equity Underwritten Public Offering of Common Stock and Warrants In February 2016, Mast completed an underwritten public offering with gross proceeds of $8.0 million from the sale and issuance of an aggregate of 415,584 shares of our common stock and warrants to purchase an aggregate of 415,584 shares of our common stock. Net proceeds, after deducting underwriting discounts and commissions and other estimated offering expenses, were approximately $7.3 million. The warrants have an exercise price of $29.40 per share and will expire on February 16, 2021. “At the Market” Equity Offering Program In February 2014, Mast entered into a sales agreement with Cowen and Company, LLC (“Cowen”), to sell shares of our common stock, with aggregate gross sales proceeds of up to $30.0 million, from time to time, through an “at the market,” or ATM, equity offering program (the “2014 Sales Agreement”), under which Cowen acted as sales agent. In August 2015, Mast terminated the 2014 Sales Agreement upon entry into a new sales agreement with Cowen to sell shares of our common stock, with aggregate gross sales proceeds of up to $30.0 million, from time to time, through an ATM program. As of March 31, 2017, Mast had sold an aggregate of 1,042,905 shares at a weighted-average sales price of $28.00 per share under the ATM programs for aggregate gross proceeds of $29.4 million and $28.1 million in net proceeds, after deducting sales agent commission and discounts and other offering costs. As of March 31, 2017, approximately $18.0 million remained available under the ATM program (on a gross proceeds basis). See Note 14 “Subsequent Events,” for additional information on the ATM program. Shares Issuable to Former SynthRx Stockholders Upon Achievement of Milestones In April 2011, Mast acquired SynthRx as a wholly-owned subsidiary through a merger transaction in exchange for shares of our common stock and rights to additional shares of our common stock upon achievement of specified milestones related to the development of vepoloxamer in sickle cell disease. The merger agreement requires Mast to issue up to an aggregate of 178,257 additional shares of our common stock to the former SynthRx stockholders if and when the development of vepoloxamer achieves the following milestones: (a) 54,848 shares upon acceptance for review by the U.S. Food and Drug Administration (“FDA”) of a new drug application (“NDA”) covering the use of purified poloxamer 188 for the treatment of sickle cell crisis in children and (b) 123,409 shares upon approval of such NDA by the FDA. Because we have determined not to pursue development of vepoloxamer in sickle cell disease, it is unlikely that these milestones will be achieved and that any of these shares will be issued. Warrants Issued to Hercules In connection with the Loan Agreement, Mast entered into a Warrant Agreement with Hercules, dated August 11, 2015, as amended by the First Amendment thereto dated September 28, 2015, the Second Amendment thereto dated February 25, 2016, and the Third Amendment thereto effective April 27, 2017, pursuant to which Hercules has a right to purchase up to 32,467 shares of our common stock at an exercise price of $7.00 per share, at any time, or from time to time, through August 11, 2020. The Warrant Agreement, as amended, provides for adjustment to the exercise price and number of shares subject to Hercules’ warrants in the event of a merger event, reclassification of our common stock, subdivision or combination of our common stock, or certain dividend payments. Upon exercise, the aggregate exercise price may be paid, at Hercules’ election, in cash or on a net issuance basis, based upon the fair market value of our common stock at the time of exercise. If the fair market value of our common stock is greater than the exercise price of the warrants as of immediately before their expiration, to the extent the warrants are not previously exercised in full, the warrants shall be deemed automatically exercised on a net issuance basis as of immediately before their expiration. Outstanding Warrants At March 31, 2017, outstanding warrants to purchase shares of common stock are as follows: Shares Underlying Outstanding Warrants Exercise Price Expiration Date 401,391 $ 45.50 June 2018 314,446 $ 52.50 November 2019 32,467 $ 7.00 August 2020 403,927 $ 29.40 February 2021 1,152,231 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | 14. Subsequent Events Name Change and Reverse Stock Split As discussed in Note 1, “Basis of Presentation,” on April 27, 2017, in connection with and immediately prior to the Merger, Mast changed its name to “Savara Inc.” and effected the Reverse Stock Split. Merger and Change in Control As discussed in Note 1, “Basis of Presentation,” on April 27, 2017, Mast completed its business combination with Private Savara, which had been renamed “Aravas Inc.” immediately prior to the Merger. In accordance with the terms of the Merger Agreement, Mast issued shares of its common stock to the former Aravas stockholders at an exchange ratio of 0.5860 of a share of common stock for each one share of Aravas common stock outstanding as of the effective time of the Merger. As a result of such issuance of shares, the former Aravas stockholders became the majority stockholders of our company. We also assumed all of the stock options issued and outstanding under Aravas’ stock option plan and all issued and outstanding warrants of Aravas, with such stock options and warrants henceforth representing the right to purchase a number of shares of our common stock equal to 0.5860 multiplied by the number of shares of Aravas’ common stock previously represented by such stock options and warrants, as applicable. The issuance of the shares of common stock to the former Aravas stockholders was registered with the SEC on a Registration Statement on Form S-4 (File No. 333-216012). Severance Expense All of Mast’s employees were terminated without cause immediately after the consummation of the Merger on April 27, 2017. In accordance with the Executive Severance Agreements between Mast and each of its named executive officers entered into in March 2016 and the severance arrangements for non-officer employees approved by the Mast board of directors in January 2017, aggregate cash severance payments of approximately $1.8 million were made on April 27, 2017. Payment of Cash Retention/Performance Bonuses and Vesting of Restricted Stock Unit Awards On April 27, 2017, Mast paid its full-time employees the cash portion of the retention/performance bonus that had been approved by Mast’s board of directors in January 2017 and was contingent upon consummation of the Merger and the restricted stock units (“RSUs”) portion of the bonus vested in full. The cash bonus payments totaled $153,000 and 14,006 shares of common stock were issued upon settlement of the RSUs. The RSUs had been granted under the Mast Therapeutics, Inc. 2015 Omnibus Incentive Plan (the “2015 Omnibus Incentive Plan”). Also on April 27, 2017, the RSUs granted by the Mast board of directors to Mast’s full-time employees and non-employee directors in January 2017 to further incentivize the employees to help Mast achieve its goals through the Merger, as well as to reduce Mast’s fully-diluted share count and maximize the exchange ratio set forth in the Merger Agreement for the benefit of Mast’s stockholders, vested upon consummation of the Merger. The RSUs had been granted under the 2015 Omnibus Incentive Plan. A total of 58,355 shares of common stock were issued upon settlement of these RSUs and a total of 239,801 shares of common stock subject to stock options held by the Mast employees and non-employee directors who received the RSUs were returned to the 2015 Omnibus Incentive Plan upon cancellation of the stock options in accordance with the terms and conditions of the notices of grant and agreements governing the RSUs. Loan Agreement with Hercules On April 27, 2017, upon the effective time of the Merger, the Fifth Amendment to the Loan Agreement and the Third Amendment to the Warrant Agreement became effective. Also on April 27, 2017, we entered into a sixth amendment to the Loan Agreement (the “Sixth Amendment”) to permit us to make certain investments in our subsidiary, Savara ApS. On May 2, 2017, all obligations due under the Loan Agreement, as amended, were paid in full and the Loan Agreement was terminated, all in connection with the effectiveness of the Loan and Security Agreement between Savara and Aravas, as co-borrowers, and Silicon Valley Bank (“SVB”) as lender. Loan and Security Agreement with Silicon Valley Bank On April 28, 2017, Savara and Aravas, as co-borrowers entered into a Loan and Security Agreement with SVB (the “SVB Loan Agreement”) and it became effective on May 2, 2017. The SVB Loan Agreement provides for a $15.0 million term loan facility. Loans may be advanced in two tranches of $7.5 million each, subject to certain conditions. Loan proceeds may be used for general corporate purposes. The first tranche of $7.5 million was funded on May 2, 2017 and $3.7 million was used to pay off all obligations under the Hercules Loan Agreement. We may prepay loans under the SVB Loan Agreement in whole or in part at any time, subject to a prepayment fee of 3.0% if prepaid within the first anniversary of the closing date, 2.0% if prepaid between the first and second anniversaries of the closing date, and 1.0% thereafter. The loans bear interest at the prime rate reported in The Wall Street Journal, plus a spread of 4.25%. Interest is due and payable in arrears monthly. Principal, together with all accrued and unpaid interest, is due and payable on March 1, 2021 (the “Maturity Date”). We are also obligated to pay customary closing fees and a final payment of 6.0% of the aggregate principal amount of term loans advanced under the facility. Our obligations are secured by substantially all of our assets, excluding intellectual property and subject to certain other exceptions and limitations. The SVB Loan Agreement contains customary affirmative and negative covenants, including among others, covenants limiting our ability and our subsidiaries to dispose of assets, permit a change in control, merge or consolidate, make acquisitions, incur indebtedness, grant liens, make investments, make certain restricted payments and enter into transactions with affiliates, in each case subject to certain exceptions. Upon an event of default, SVB may declare the outstanding obligations payable by us to be immediately due and payable, terminate the commitments and exercise other rights and remedies provided for under the SVB Loan Agreement. The events of default under the SVB Loan Agreement include, among others, payment defaults, covenant defaults, a material adverse change default, bankruptcy and insolvency defaults, cross-defaults to other material indebtedness, judgment defaults, and defaults related to inaccuracy of representations and warranties. Under certain circumstances, a default interest rate will apply on all obligations during the existence of an event of default under the SVB Loan Agreement at a per annum rate of interest equal to 5.0% above the applicable interest rate. SVB and its affiliates have engaged in, and may in the future engage in, banking and other commercial dealings in the ordinary course of business with us or our affiliates. They have received, or may in the future receive, customary fees and commissions for these transactions. Silicon Valley Bank Warrant Agreement In connection with the SVB Loan Agreement, we are obligated to issue Warrants to Purchase Shares of Common Stock of the Company (the “SVB Warrants”), based upon the amount funded, to SVB and its affiliate Life Science Loans II, LLC, pursuant to which SVB and Life Science Loans II, LLC may each purchase up to 24,725 shares (the “Shares”) of the Company’s common stock, par value $0.001 per share (the “Common Stock”) if the Loan is fully funded, subject to adjustment in accordance with the terms of the Warrant, for an exercise price of $9.10 per share. ATM Program On April 27, 2017, we delivered written notice to Cowen and Company LLC that we were terminating our Sales Agreement, dated August 21, 2015, pursuant to Section 11(b) of the agreement. On April 28, 2017, we entered into a Common Stock Sales Agreement with H.C. Wainwright & Co., LLC (“Wainwright”) as sales agent, pursuant to which we may offer and sell, from time to time through Wainwright, shares of our common stock having an aggregate offering price of not more than $18.0 million. In accordance with the agreement, Wainwright will be entitled to a commission at a fixed rate equal to 3.0% of the gross proceeds per share sold. |
Use of Estimates (Policies)
Use of Estimates (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Changes And Error Corrections [Abstract] | |
Use of Estimates | The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in Mast’s consolidated financial statements and accompanying notes. On an ongoing basis, we evaluate our estimates and assumptions, including estimates related to R&D expenses, in-process research and development (“IPR&D”), goodwill, and share-based compensation expenses. We base our estimates on historical experience and various other relevant assumptions we believe to be reasonable under the circumstances. Actual results may differ from these estimates. |
Investment Securities | Investment securities are marketable equity or debt securities. All of Mast’s investment securities are “available-for-sale” securities and carried at fair value. Fair value for securities with short maturities and infrequent secondary market trades typically is determined by using a curve-based evaluation model that utilizes quoted prices for similar securities. The evaluation model takes into consideration the days to maturity, coupon rate and settlement date convention. Net unrealized gains or losses on these securities are included in accumulated other comprehensive loss, which is a separate component of stockholders’ equity. Realized gains and realized losses are included in other (expense)/income, net while amortization of premiums and accretion of discounts are included in interest income. Interest and dividends on available-for-sale securities are included in interest income. We periodically evaluate investment securities for impairment. If we determine that a decline in fair value of any investment security is other than temporary, then the cost basis would be written down to fair value and the decline in value would be charged to earnings. Mast’s investment securities are under the custodianship of a major financial institution and consist of FDIC-insured certificates of deposit. We have classified all of Mast’s available-for-sale investment securities, as current assets on Mast’s consolidated balance sheets because we consider them to be highly liquid and available for use, if needed, in current operations. In the three months ended March 31, 2017, Mast sold $2.2 million of certificates of deposit and recognized a realized loss of $5,000 in other (expense)/income. |
Fair Value of Financial Instruments | Mast’s cash equivalents are recorded at cost plus accrued interest, which approximates fair value. Mast’s investment securities are carried at fair value. The fair value of financial assets and liabilities is measured under a framework that establishes “levels” which are defined as follows: (i) Level 1 fair value is determined from observable, quoted prices in active markets for identical assets or liabilities; (ii) Level 2 fair value is determined from inputs, other than Level 1 inputs, that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities, and (iii) Level 3 fair value is determined using the entity’s own assumptions about the inputs that market participants would use in pricing an asset or liability. |
Property and Equipment | Property and equipment are stated at cost, less accumulated depreciation and amortization. Property and equipment are depreciated using the straight-line method over the estimated useful lives of the assets, which generally is three to five years. Leasehold improvements are amortized over the economic life of the asset or the lease term, whichever is shorter. Repairs and maintenance are expensed as incurred. |
Recent Accounting Pronouncements | In January 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) Business Combinations (Topic 805): Clarifying the Definition of A Business In March 2016, the FASB issued ASU Compensation – Stock Compensation In February 2016, the FASB issued ASU No. 2016-02, Leases (ASC 842) (“ASU 2016-02”), ASU 2016-02 sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). The new standard requires lessees to classify leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. Accounting Standards Codification (“ASC”) 842 supersedes the previous leases standard, ASC 840 Leases. The standard is effective on January 1, 2019, with early adoption permitted. We are in the process of evaluating the impact of this new guidance. In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern |
Goodwill and IPR&D (Tables)
Goodwill and IPR&D (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Summary of Goodwill and IPR&D | At March 31, 2017 and December 31, 2016, our goodwill and IPR&D consisted of the following (in thousands): Goodwill $ 3,007 IPR&D Acquired IPR&D related to SynthRx acquisition 500 Acquired IPR&D related to Aires acquisition 2,000 Total Goodwill and IPR&D $ 5,507 |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Investments Debt And Equity Securities [Abstract] | |
Investment Securities | At March 31, 2017 and December 31, 2016, Mast’s investment securities were as follows (in thousands): March 31, December 31, 2017 2016 Fair value of investment securities $ — $ 2,740 Cost basis of investment securities — 2,739 March 31, December 31, 2017 2016 Net unrealized (gains)/losses on investment securities $ — $ (1 ) |
Fair Value of Financial Instr24
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Values of Cash Equivalents and Investment Securities | Mast had no cash equivalents or investment securities as of March 31, 2017. The fair values of Mast’s cash equivalents and investment securities as of December 31, 2016 are summarized in the following table (in thousands): Fair Value Determined Under: Total Fair Value (Level 1) (Level 2) (Level 3) At December 31, 2016: Cash equivalents $ 3,517 $ 3,517 $ — $ — Investment securities $ 2,740 $ — $ 2,740 $ — |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Payables And Accruals [Abstract] | |
Accrued Liabilities | Accrued liabilities at March 31, 2017 and December 31, 2016 were as follows (in thousands): March 31, December 31, 2017 2016 Accrued R&D agreements and study expenses $ 1,255 $ 1,401 Accrued transaction-related expenses 733 248 Other accrued liabilities 253 325 Total accrued liabilities $ 2,241 $ 1,974 |
Debt Facility (Tables)
Debt Facility (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Summary of Components of Debt Facility Carrying Value | The following table summarizes the components of the debt facility carrying value (in thousands): As of March 31, 2017 Short-term Long-term Principal payments to lender and end of term charge $ 1,555 $ 2,135 Accrued interest 25 — Debt issuance costs — (145 ) Debt discount related to warrants — (57 ) Carrying value $ 1,580 $ 1,933 |
Share-Based Compensation Expe27
Share-Based Compensation Expense (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Estimated Share-based Compensation Expense Related to Equity Awards Granted to Employees and Non-employee Directors | Share-based compensation expense related to equity awards granted to our employees and non-employee directors for the three months ended March 31, 2017 and 2016 was as follows (in thousands): Three Months Ended March 31, 2017 2016 Selling, general and administrative expense $ 367 $ 424 Research and development expense 94 235 Share-based compensation expense $ 461 $ 659 |
Summary of Shares Underlying Option Awards | The following tables summarize equity award activity during such three-month period: Shares Underlying Option Awards Weighted-Average Exercise Price Outstanding at December 31, 2016 315,203 $ 46.38 Granted — $ — Exercised — $ — Expired/forfeited (29,386 ) $ 50.21 Outstanding at March 31, 2017 285,817 $ 45.98 |
Summary of Restricted Stock | RSUs: Shares Underlying RSUs Fair Value Outstanding at December 31, 2016 — $ — Granted 72,588 $ 9.80 Exercised — $ — Expired/forfeited (227 ) $ 9.80 Outstanding at March 31, 2017 72,361 $ 9.80 |
Net Loss Per Common Share (Tabl
Net Loss Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Weighted-average Number of Those Common Stock Equivalents Outstanding | The weighted-average number of those common stock equivalents outstanding for each of the periods presented is set forth in the table below: Three Months Ended March 31, 2017 2016 Options 295,622 433,265 RSUs 59,593 — Warrants 1,152,231 1,289,228 |
Supplemental Cash Flow Inform29
Supplemental Cash Flow Information (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | Non-cash investing and financing transactions presented separately from the condensed consolidated statements of cash flows for the three months ended March 31, 2017 and 2016 are as follows (in thousands): Three Months Ended March 31, 2017 2016 Cash paid for interest on debt facility $ 76 $ 288 Supplemental disclosures of non-cash investing and financing activities: Fair value of warrants issued in connection with debt facility $ — $ 26 Unrealized loss (gain) on investment securities $ 1 $ (22 ) Financing costs in accounts payable and accrued liabilities $ — $ 167 Debt issuance costs in accounts payable and accrued liabilities $ 3 $ 10 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Outstanding Warrants to Purchase Shares of Common Stock | At March 31, 2017, outstanding warrants to purchase shares of common stock are as follows: Shares Underlying Outstanding Warrants Exercise Price Expiration Date 401,391 $ 45.50 June 2018 314,446 $ 52.50 November 2019 32,467 $ 7.00 August 2020 403,927 $ 29.40 February 2021 1,152,231 |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) $ in Millions | Apr. 27, 2017 | Mar. 31, 2017USD ($) |
Basis Of Presentation [Line Items] | ||
Cash, Cash Equivalents, and Investment Securities | $ 7.8 | |
Working capital | 1.6 | |
Aravas Inc. [Member] | ||
Basis Of Presentation [Line Items] | ||
Cash, Cash Equivalents, and Investment Securities | 10.5 | |
Aggregate proceeds from exercise of previously issued warrants to purchase shares | $ 4 | |
Subsequent Event [Member] | ||
Basis Of Presentation [Line Items] | ||
reverse stock split ratio | 0.0142 | |
Reverse stock split ratio, description | one new share for every 70 shares | |
Subsequent Event [Member] | Aravas Inc. [Member] | ||
Basis Of Presentation [Line Items] | ||
Exchange ratio for each one outstanding common stock under merger agreement | 0.5860 | |
Savara Inc. [Member] | ||
Basis Of Presentation [Line Items] | ||
Merger agreement, effective date | Jan. 6, 2017 | |
Merger and related transactions completion date | Apr. 27, 2017 |
Goodwill and IPR&D - Summary of
Goodwill and IPR&D - Summary of Goodwill and IPR&D (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Goodwill And Intangible Assets [Line Items] | ||
Goodwill | $ 3,007 | $ 3,007 |
Total Goodwill and IPR&D | 5,507 | 5,507 |
SynthRx [Member] | ||
Goodwill And Intangible Assets [Line Items] | ||
In-process research and development | 500 | 500 |
Aires [Member] | ||
Goodwill And Intangible Assets [Line Items] | ||
In-process research and development | $ 2,000 | $ 2,000 |
Goodwill and IPR&D - Additional
Goodwill and IPR&D - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 |
Goodwill And Intangible Assets [Line Items] | |||
Acquired IPR&D carrying value | $ 2,500 | $ 2,500 | |
SynthRx [Member] | Vepoloxamer [Member] | |||
Goodwill And Intangible Assets [Line Items] | |||
Acquired IPR&D carrying value | $ 500 | $ 6,500 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Schedule Of Investment Income Reported Amounts By Category [Line Items] | |
Proceeds from sales of certificates of deposit | $ 2,241,000 |
Certificates of Deposit [Member] | Other (Expense) Income [Member] | |
Schedule Of Investment Income Reported Amounts By Category [Line Items] | |
Available-for-sale securities, recognized realized loss | $ 5,000 |
Investment Securities - Investm
Investment Securities - Investment Securities (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Mar. 31, 2017 | |
Investment Holdings [Abstract] | ||
Fair value of investment securities | $ 2,740,000 | $ 0 |
Cost basis of investment securities | 2,739,000 | |
Net unrealized (gains)/losses on investment securities | $ (1,000) |
Fair Value of Financial Instr36
Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Fair Value Disclosures [Abstract] | ||
Cash equivalents | $ 0 | |
Investment securities | $ 0 | $ 2,740,000 |
Fair Value of Financial Instr37
Fair Value of Financial Instruments - Fair Values of Cash Equivalents and Investment Securities (Detail) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | $ 0 | |
Investment securities | $ 0 | $ 2,740,000 |
Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 3,517,000 | |
Investment securities | 2,740,000 | |
Fair Value Determined Under Level 1 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 3,517,000 | |
Fair Value Determined Under Level 2 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities | $ 2,740,000 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Property, Plant and Equipment [Line Items] | |
Lease obligations | $ 40,000 |
Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful Lives | 3 years |
Minimum [Member] | Capital Lease [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful Lives | 3 years |
Rate of interest on capital lease | 8.00% |
Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful Lives | 5 years |
Maximum [Member] | Capital Lease [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful Lives | 5 years |
Rate of interest on capital lease | 14.00% |
Accrued Liabilities - Accrued L
Accrued Liabilities - Accrued Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Payables And Accruals [Abstract] | ||
Accrued R&D agreements and study expenses | $ 1,255 | $ 1,401 |
Accrued transaction-related expenses | 733 | 248 |
Other accrued liabilities | 253 | 325 |
Total accrued liabilities | $ 2,241 | $ 1,974 |
Accrued Liabilities - Additiona
Accrued Liabilities - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Accrued Liabilities [Line Items] | ||
Accrued R&D agreements and study expenses | $ 1,255 | $ 1,401 |
Vepoloxamer [Member] | ||
Accrued Liabilities [Line Items] | ||
Accrued R&D agreements and study expenses | $ 800 |
Debt Facility - Additional Info
Debt Facility - Additional Information (Detail) - USD ($) | Aug. 31, 2017 | Apr. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2015 | Apr. 27, 2017 | Dec. 31, 2016 | Oct. 14, 2016 | Mar. 31, 2016 | Feb. 29, 2016 | Feb. 25, 2016 | Sep. 28, 2015 | Aug. 11, 2015 |
Line Of Credit Facility [Line Items] | ||||||||||||
Interest rate terms of each tranche | The interest rate for the principal balance under the Loan Agreement is the greater of (i) 8.95% plus the prime rate as reported in The Wall Street Journal minus 3.25%, and (ii) 8.95%, determined on a daily basis. | |||||||||||
Interest rate for each tranche | 8.95% | |||||||||||
Interest rate decreases if prime rate is used | (3.25%) | |||||||||||
Interest rate at end of period | 9.70% | |||||||||||
Final payment due on date of maturity | $ 712,500 | $ 712,500 | ||||||||||
Loan agreement payment terms | The interest rate for the principal balance under the Loan Agreement is the greater of (i) 8.95% plus the prime rate as reported in The Wall Street Journal minus 3.25%, and (ii) 8.95%, determined on a daily basis. The interest rate as of March 31, 2017 was 9.70%. Monthly payments under the Loan Agreement were interest only until July 1, 2016. On July 1, 2016, Mast started making monthly payments of principal and interest. Payments will continue through the scheduled maturity date of January 1, 2019. | |||||||||||
Debt prepayment charges on principal balance | 2.00% | |||||||||||
Cash and cash equivalents | $ 7,771,000 | $ 23,052,000 | $ 8,542,000 | $ 23,521,000 | ||||||||
Warrants issued to purchase shares of common stock | 1,152,231 | 415,584 | ||||||||||
Exercise price of warrants per share | $ 29.40 | |||||||||||
Warrants to Hercules [Member] | ||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||
Exercise price of warrants per share | $ 19.25 | |||||||||||
Warrants, expected term | 5 years | |||||||||||
Warrants, expected volatility rate | 83.00% | |||||||||||
Warrants, risk free interest rate | 1.20% | |||||||||||
Warrants, expected dividend yield | 0.00% | |||||||||||
Amortization of debt discount | $ 400,000 | |||||||||||
Maximum [Member] | Warrants to Hercules [Member] | ||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||
Warrants issued to purchase shares of common stock | 32,467 | |||||||||||
Prime Rate [Member] | ||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||
Interest rate spread for each tranche | 8.95% | |||||||||||
Third Amendment [Member] | Subsequent Event [Member] | Warrants to Hercules [Member] | ||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||
Warrants issued to purchase shares of common stock | 32,467 | |||||||||||
Exercise price of warrants per share | $ 7 | |||||||||||
Third Amendment [Member] | Subsequent Event [Member] | Maximum [Member] | Warrants to Hercules [Member] | ||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||
Warrants issued to purchase shares of common stock | 32,467 | |||||||||||
Loan and Security Agreement [Member] | Hercules [Member] | ||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||
Secured loan amount | $ 15,000,000 | |||||||||||
Debt prepayment charges, option one | 1.00% | |||||||||||
Debt prepayment charges, option two | 2.00% | |||||||||||
Prepayment penalty | 0 | |||||||||||
Payments of debt issuance costs | 275,000 | |||||||||||
Commitment fee | $ 25,000 | |||||||||||
Loan and Security Agreement [Member] | Hercules [Member] | First Advance [Member] | ||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||
Loan borrowed amount | $ 5,000,000 | |||||||||||
Loan and Security Agreement [Member] | Hercules [Member] | Second Advance [Member] | ||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||
Loan borrowed amount | $ 10,000,000 | |||||||||||
Prepayment of outstanding principal | $ 10,000,000 | |||||||||||
Fifth Amendment [Member] | ||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||
Loan agreement amendment date | Mar. 3, 2017 | |||||||||||
Loan agreement maturity date | Jan. 1, 2019 | |||||||||||
Fifth Amendment [Member] | Scenario Forecast [Member] | Minimum [Member] | ||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||
Cash and cash equivalents | $ 2,000,000 | |||||||||||
Targeted proceeds from issuance or sale of equity and debt financing | $ 20,000,000 | |||||||||||
Fifth Amendment [Member] | Subsequent Event [Member] | Minimum [Member] | ||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||
Cash and cash equivalents | $ 4,000,000 | |||||||||||
Targeted proceeds from issuance or sale of equity and debt financing | $ 6,000,000 |
Debt Facility - Summary of Comp
Debt Facility - Summary of Components of Debt Facility Carrying Value (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Debt Disclosure [Abstract] | ||
Principal payments to lender and end of term charge, Short-term | $ 1,555 | |
Accrued interest, Short-term | 25 | |
Carrying value, Short-term | 1,580 | $ 1,548 |
Principal payments to lender and end of term charge, Long-term | 2,135 | |
Debt issuance costs, Long-term | (145) | |
Debt discount related to warrants, Long-term | (57) | |
Carrying value, Long-term | $ 1,933 | $ 2,285 |
Share-Based Compensation Expe43
Share-Based Compensation Expense - Estimated Share-based Compensation Expense Related to Equity Awards Granted to Employees and Non-employee Directors (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Share-based compensation expense | $ 461 | $ 659 |
Selling, General and Administrative Expense [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Share-based compensation expense | 367 | 424 |
Research and Development Expense [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Share-based compensation expense | $ 94 | $ 235 |
Share-Based Compensation Expe44
Share-Based Compensation Expense - Summary of Shares Underlying Option Awards (Detail) | 3 Months Ended |
Mar. 31, 2017$ / sharesshares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Shares Underlying Option Awards, Outstanding at beginning balance | shares | 315,203 |
Shares Underlying Option Awards, Expired/forfeited | shares | (29,386) |
Shares Underlying Option Awards, Outstanding at ending balance | shares | 285,817 |
Weighted-Average Exercise Price, beginning balance | $ / shares | $ 46.38 |
Weighted-Average Exercise Price, Expired/forfeited | $ / shares | 50.21 |
Weighted-Average Exercise Price, ending balance | $ / shares | $ 45.98 |
Share-Based Compensation Expe45
Share-Based Compensation Expense - Summary of Restricted Stock (Detail) | 3 Months Ended |
Mar. 31, 2017$ / sharesshares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Shares Underlying RSUs, Granted | shares | 72,588 |
Shares Underlying RSUs, Expired/forfeited | shares | (227) |
Shares Underlying RSUs, Outstanding at ending balance | shares | 72,361 |
Fair Value, Granted | $ / shares | $ 9.80 |
Fair Value, Expired/forfeited | $ / shares | 9.80 |
Fair Value, ending balance | $ / shares | $ 9.80 |
Share-Based Compensation Expe46
Share-Based Compensation Expense - Additional Information (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2017USD ($)shares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Unrecognized compensation cost | $ | $ 2.1 |
Expected to be recognized over a weighted-average period | 2 years |
Number of stock options to purchase common stock that will terminate before merger if not exercised | shares | 239,801 |
Net Loss Per Common Share - Wei
Net Loss Per Common Share - Weighted-average Number of Those Common Stock Equivalents Outstanding (Detail) - shares | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Options [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities | 295,622 | 433,265 |
RSUs [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities | 59,593 | |
Warrants [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities | 1,152,231 | 1,289,228 |
Supplemental Cash Flow Inform48
Supplemental Cash Flow Information - Supplemental Cash Flow Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Supplemental Cash Flow Elements [Abstract] | ||
Cash paid for interest on debt facility | $ 76 | $ 288 |
Supplemental disclosures of non-cash investing and financing activities: | ||
Fair value of warrants issued in connection with debt facility | 26 | |
Unrealized loss (gain) on investment securities | 1 | (22) |
Financing costs in accounts payable and accrued liabilities | 167 | |
Debt issuance costs in accounts payable and accrued liabilities | $ 3 | $ 10 |
Stockholder's Equity - Addition
Stockholder's Equity - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 38 Months Ended | |||||
Feb. 29, 2016 | Aug. 31, 2015 | Feb. 28, 2014 | Mar. 31, 2017 | Mar. 31, 2017 | Apr. 27, 2017 | Feb. 25, 2016 | Apr. 30, 2011 | |
Class of Warrant or Right [Line Items] | ||||||||
Gross proceeds of financing | $ 8,000,000 | $ 29,400,000 | ||||||
Common stock, shares issued | 415,584 | 1,042,905 | ||||||
Warrants issued to purchase shares of common stock | 415,584 | 1,152,231 | 1,152,231 | |||||
Net proceeds from financing | $ 7,300,000 | $ 28,100,000 | ||||||
Exercise price of warrants per share | $ 29.40 | |||||||
Warrants expiration date | Feb. 16, 2021 | |||||||
Weighted average sale price | $ 28 | |||||||
Remaining gross proceeds of financing | $ 18,000,000 | |||||||
Warrants to Hercules [Member] | ||||||||
Class of Warrant or Right [Line Items] | ||||||||
Exercise price of warrants per share | $ 19.25 | |||||||
Warrants exercisable period | Aug. 11, 2020 | |||||||
Subsequent Event [Member] | Third Amendment [Member] | Warrants to Hercules [Member] | ||||||||
Class of Warrant or Right [Line Items] | ||||||||
Warrants issued to purchase shares of common stock | 32,467 | |||||||
Exercise price of warrants per share | $ 7 | |||||||
SynthRx [Member] | ||||||||
Class of Warrant or Right [Line Items] | ||||||||
Common stock shares to be issued upon achieving milestones | 178,257 | |||||||
First Milestone - FDA Acceptance [Member] | ||||||||
Class of Warrant or Right [Line Items] | ||||||||
Common stock shares to be issued upon achieving milestones | 54,848 | |||||||
Second Milestone - FDA Approval [Member] | ||||||||
Class of Warrant or Right [Line Items] | ||||||||
Common stock shares to be issued upon achieving milestones | 123,409 | |||||||
Maximum [Member] | ||||||||
Class of Warrant or Right [Line Items] | ||||||||
Amount available to sell under equity program | $ 30,000,000 | $ 30,000,000 | ||||||
Maximum [Member] | Warrants to Hercules [Member] | ||||||||
Class of Warrant or Right [Line Items] | ||||||||
Warrants issued to purchase shares of common stock | 32,467 | |||||||
Maximum [Member] | Subsequent Event [Member] | Third Amendment [Member] | Warrants to Hercules [Member] | ||||||||
Class of Warrant or Right [Line Items] | ||||||||
Warrants issued to purchase shares of common stock | 32,467 |
Stockholder's Equity - Outstand
Stockholder's Equity - Outstanding Warrants to Purchase Shares of Common Stock (Detail) - $ / shares | 3 Months Ended | |
Mar. 31, 2017 | Feb. 29, 2016 | |
Class of Warrant or Right [Line Items] | ||
Shares Underlying Outstanding Warrants | 1,152,231 | 415,584 |
Exercise Price | $ 29.40 | |
Exercise Price One [Member] | ||
Class of Warrant or Right [Line Items] | ||
Shares Underlying Outstanding Warrants | 401,391 | |
Exercise Price | $ 45.50 | |
Expiration Date | 2018-06 | |
Exercise Price Two [Member] | ||
Class of Warrant or Right [Line Items] | ||
Shares Underlying Outstanding Warrants | 314,446 | |
Exercise Price | $ 52.50 | |
Expiration Date | 2019-11 | |
Exercise Price Three [Member] | ||
Class of Warrant or Right [Line Items] | ||
Shares Underlying Outstanding Warrants | 32,467 | |
Exercise Price | $ 7 | |
Expiration Date | 2020-08 | |
Exercise Price Four [Member] | ||
Class of Warrant or Right [Line Items] | ||
Shares Underlying Outstanding Warrants | 403,927 | |
Exercise Price | $ 29.40 | |
Expiration Date | 2021-02 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) | May 02, 2017USD ($) | Apr. 28, 2017USD ($)Tranche$ / sharesshares | Apr. 27, 2017USD ($)shares | Mar. 31, 2017$ / sharesshares | Dec. 31, 2016$ / shares | Feb. 29, 2016$ / sharesshares | Dec. 31, 2015USD ($) | Sep. 28, 2015USD ($) | Aug. 11, 2015USD ($) |
Subsequent Event [Line Items] | |||||||||
Warrants issued to purchase shares of common stock | shares | 1,152,231 | 415,584 | |||||||
Common stock, par value | $ / shares | $ 0.001 | $ 0.001 | |||||||
Exercise price of warrants per share | $ / shares | $ 29.40 | ||||||||
Loan and Security Agreement [Member] | Hercules [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Loan and security agreement, maximum amount | $ 15,000,000 | ||||||||
Loan and Security Agreement [Member] | First Advance [Member] | Hercules [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Loan borrowed amount | $ 5,000,000 | ||||||||
Loan and Security Agreement [Member] | Second Advance [Member] | Hercules [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Loan borrowed amount | $ 10,000,000 | ||||||||
Subsequent Event [Member] | SVB Warrants [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Common stock, par value | $ / shares | $ 0.001 | ||||||||
Subsequent Event [Member] | H.C. Wainwright & Co., LLC [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Sales commissions in fixed percentage of gross proceeds per share | 3.00% | ||||||||
Subsequent Event [Member] | H.C. Wainwright & Co., LLC [Member] | Maximum [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Amount available to sell under equity program | $ 18,000,000 | ||||||||
Subsequent Event [Member] | Cowen and Company LLC [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Sales agreement termination date | Apr. 27, 2017 | ||||||||
Subsequent Event [Member] | Fifth Amendment to Loan Agreement and Third Amendment to Warrant Agreement with Hercules [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Loan agreement amendment date | Apr. 27, 2017 | ||||||||
Subsequent Event [Member] | Sixth Amendment to Loan Agreement with Hercules [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Loan agreement amendment date | May 2, 2017 | ||||||||
Subsequent Event [Member] | Loan and Security Agreement [Member] | Hercules [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Repayment of obligations | $ 3,700,000 | ||||||||
Subsequent Event [Member] | Loan and Security Agreement [Member] | Silicon Valley Bank [Member] | Term Loan [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Loan and security agreement, effective date | May 2, 2017 | ||||||||
Loan and security agreement, maximum amount | $ 15,000,000 | ||||||||
Number of tranches | Tranche | 2 | ||||||||
Interest rate, basis spread | 4.25% | ||||||||
Debt instrument, frequency of periodic interest payments | monthly | ||||||||
Debt instrument maturity date | Mar. 1, 2021 | ||||||||
Customary closing fees | 6.00% | ||||||||
Increase in applicable interest rate in event of default | 5.00% | ||||||||
Subsequent Event [Member] | Loan and Security Agreement [Member] | Silicon Valley Bank [Member] | Term Loan [Member] | Within First Anniversary of Closing Date [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Prepayment fee | 3.00% | ||||||||
Subsequent Event [Member] | Loan and Security Agreement [Member] | Silicon Valley Bank [Member] | Term Loan [Member] | Between First and Second Anniversaries of Closing Date [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Prepayment fee | 2.00% | ||||||||
Subsequent Event [Member] | Loan and Security Agreement [Member] | Silicon Valley Bank [Member] | Term Loan [Member] | Thereafter [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Prepayment fee | 1.00% | ||||||||
Subsequent Event [Member] | Loan and Security Agreement [Member] | Silicon Valley Bank [Member] | Term Loan [Member] | First Advance [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Loan and security agreement, maximum amount | $ 7,500,000 | ||||||||
Loan borrowed amount | $ 7,500,000 | ||||||||
Subsequent Event [Member] | Loan and Security Agreement [Member] | Silicon Valley Bank [Member] | Term Loan [Member] | Second Advance [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Loan and security agreement, maximum amount | $ 7,500,000 | ||||||||
Subsequent Event [Member] | Full-Time Employees [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Total amount of cash bonus payments | $ 153,000 | ||||||||
Subsequent Event [Member] | Common Stock [Member] | SVB Warrants [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Exercise price of warrants per share | $ / shares | $ 9.10 | ||||||||
Subsequent Event [Member] | Common Stock [Member] | Maximum [Member] | SVB Warrants [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Warrants issued to purchase shares of common stock | shares | 24,725 | ||||||||
Subsequent Event [Member] | Restricted Stock Units (RSUs) [Member] | 2015 Omnibus Incentive Plan [Member] | Common Stock [Member] | Full-Time Employees [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Total number of shares of common stock issuable upon vesting of RSUs | shares | 14,006 | ||||||||
Subsequent Event [Member] | Restricted Stock Units (RSUs) [Member] | 2015 Omnibus Incentive Plan [Member] | Common Stock [Member] | Full-time Employees and Non-employee Directors [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Total number of shares of common stock issuable upon vesting of RSUs | shares | 58,355 | ||||||||
Subsequent Event [Member] | Stock Option [Member] | 2015 Omnibus Incentive Plan [Member] | Common Stock [Member] | Full-time Employees and Non-employee Directors [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Shares of common stock returned to Omnibus Incentive Plan upon cancellation of stock options | shares | 239,801 | ||||||||
Subsequent Event [Member] | Aravas Inc. [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Exchange ratio for each one outstanding common stock under merger agreement | 0.5860 | ||||||||
Subsequent Event [Member] | Savara Inc. [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Aggregate cash severance payments | $ 1,800,000 | ||||||||
Savara Inc. [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Merger and related transactions completion date | Apr. 27, 2017 |