Paratek Pharmaceuticals (PRTK) 10-Q 11 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 31, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Trading Symbol	PRTK
Entity Registrant Name	PARATEK PHARMACEUTICALS, INC.
Entity Central Index Key	1,178,711
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		17,561,327

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Current assets
Cash and cash equivalents	$ 148,742	$ 95,856
Accounts receivable	496	4,434
Other current assets	4,788	1,039
Total current assets	154,026	101,329
Restricted cash	3,078	2,946
Fixed assets, net	465	49
Intangible assets, net	1,675	4,814
Goodwill	829	829
Other long-term assets	28
Total assets	160,101	109,967
Current liabilities
Accounts payable and other accrued expenses	5,375	2,915
Accrued contract research	5,529	826
Current portion of Intermezzo reserve	463
Total current liabilities	11,367	3,741
Intermezzo reserve, net of current portion	2,368	2,850
Contingent obligations	1,820	4,560
Other liabilities	3,557	3,592
Total liabilities	$ 19,112	$ 14,743
Commitments and contingencies (Note 13)
Stockholders’ equity
Preferred stock, value
Common stock, $0.001 par value, 100,000,000 shares authorized, 17,561,327 and 14,417,936 issued and outstanding at June 30, 2015 and December 31, 2014, respectively	$ 18	$ 14
Additional paid-in capital	365,169	293,076
Accumulated deficit	(224,198)	(197,866)
Total stockholders’ equity	140,989	95,224
Total liabilities and stockholders’ equity	$ 160,101	$ 109,967
Series A Junior Preferred Stock [Member]
Stockholders’ equity
Preferred stock, value

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2015	Dec. 31, 2014
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	4,000,000	4,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	17,561,327	14,417,936
Common stock, shares outstanding	17,561,327	14,417,936
Series A Junior Preferred Stock [Member]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenue
Research and development collaborations	$ 0	$ 294	$ 0	$ 342
Operating expenses:
Research and development	10,998	837	17,739	1,363
General and administrative	4,281	1,338	8,552	1,791
Impairment of intangible asset	0	0	2,761	0
Changes in fair value of contingent consideration	400	0	(2,740)	0
Total operating expenses	15,679	2,175	26,312	3,154
Loss from operations	(15,679)	(1,881)	(26,312)	(2,812)
Other income and expenses:
Interest expense, net	(25)	(384)	(25)	(556)
Loss on mark-to-market of notes and warrants	0	0	0	(119)
Other income (expense), net	5	(5)	5	6
Net loss	(15,699)	(2,270)	(26,332)	(3,481)
Unaccreted dividends on convertible preferred stock	0	(737)	0	(939)
Net loss attributable to common stockholders	$ (15,699)	$ (3,007)	$ (26,332)	$ (4,420)
Basic and diluted net loss per common share	$ (0.96)	$ (42.23)	$ (1.71)	$ (63.72)
Weighted average common shares outstanding Basic and diluted	16,372,694	71,209	15,400,819	69,365

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Net loss	$ (26,332)	$ (3,481)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	394	10
Stock-based compensation expense	1,427	318
Noncash interest expense	0	417
Impairment of intangible asset	2,761	0
Changes in fair value of contingent consideration	(2,740)	0
Loss on mark-to-market on convertible notes and preferred stock warrants	0	156
Other gains, net	0	(14)
Changes in operating assets and liabilities, net of effects of merger
Accounts receivable and other current assets	189	(261)
Accounts payable and accrued expenses	7,650	(6,107)
Other liabilities and other assets	(569)	3,198
Net cash used in operating activities	(17,220)	(5,764)
Investing activities
(Purchase) sale of fixed assets	(431)	14
Increase in restricted cash	(132)	0
Net cash provided by (used in) investing activities	(563)	14
Financing activities
Proceeds from exercise of stock options	234	0
Proceeds from sale of stock	70,435	5,480
Refund of financing	0	(831)
Net cash provided by financing activities	70,669	4,649
Net increase (decrease) in cash	52,886	(1,101)
Cash and cash equivalents at beginning of period	95,856	1,212
Cash and cash equivalents at end of period	148,742	111
Supplemental disclosure of noncash financing activities
Conversion of prefunding to non-convertible note	0	520
Conversion From Preferred Stock And Convertible Notes To Series A Convertible Preferred Stock
Supplemental disclosure of noncash financing activities
Issuance of new Series A convertible preferred stock in exchange for previously issued preferred stock and convertible notes	$ 0	$ 21,140

Description of the Business

Description of the Business	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Description of the Business	1. Description of the business Paratek Pharmaceuticals, Inc. (the “Company” or “Paratek”) is a Delaware corporation with its corporate office in Boston, Massachusetts and an office in King of Prussia, Pennsylvania. The Company is a clinical stage biopharmaceutical company focused on the development and commercialization of innovative therapeutics based upon tetracycline chemistry. The Company has used its expertise in biology and tetracycline chemistry to create chemically diverse and biologically distinct small molecules derived from the minocycline core structure. The Company’s two lead product candidates are the antibacterials omadacycline and sarecycline. Omadacycline entered into Phase 3 clinical development in June 2015. Sarecycline entered Phase 3 clinical development in December 2014. Prior to October 30, 2014, the name of the Company was Transcept Pharmaceuticals, Inc. (“Transcept”). On October 30, 2014, Transcept completed its business combination with Paratek Pharmaceuticals, Inc. (“Old Paratek”) in accordance with the terms of the Agreement and Plan of Merger and Reorganization, dated as of June 30, 2014, by and among Transcept, Tigris Merger Sub, Inc. (“Merger Sub”), Tigris Acquisition Sub, LLC (“Merger LLC”) and Paratek (the “Merger Agreement”), pursuant to which Merger Sub merged with and into Paratek, with Paratek surviving as a wholly-owned subsidiary of Transcept (the “Merger”), followed by the merger of Paratek with and into Merger LLC, with Merger LLC surviving as a wholly-owned subsidiary of Transcept. Also on October 30, 2014, in connection with, and prior to the completion of, the Merger, Transcept effected a 1-for-12 reverse stock split of its common stock (the “Reverse Stock Split”), and immediately following the Merger, Transcept changed its name to “Paratek Pharmaceuticals, Inc.”, and Merger LLC changed its name to “Paratek Pharma, LLC.” Following the completion of the Merger, the business conducted by Paratek Pharmaceuticals Inc. became primarily the business conducted by Paratek. These condensed consolidated financial statements reflect the historical results of Paratek prior to the Merger, and do not include the historical results of Transcept prior to the completion of the Merger. All 2014 share and per share disclosures have been adjusted to reflect the exchange of shares in the Merger, and the 1-for-12 reverse stock split of the common stock on October 30, 2014. Immediately prior to the Merger, Old Paratek sold 8,068,766 shares of its common stock for an aggregate purchase price of $93.0 million to certain existing Paratek stockholders and certain new investors in Paratek (the “Financing”). Immediately prior to the closing of the Financing, the $6.0 million in aggregate principal amount outstanding under, and all accrued interest on, the 2014 Notes (as defined in Note 11 below) converted into 1,335,632 shares of Old Paratek’s common stock based on a conversion price of $0.778 per share. Further, and also immediately prior to the closing of the Financing, each share of Old Paratek’s preferred stock outstanding at that time was converted into shares of Old Paratek’s common stock at a ratio determined in accordance with Paratek’s certificate of incorporation then in effect. The parties to the Financing and to the conversion of the 2014 Notes include officers, employees and directors of Paratek, making these transactions related party in nature. Under the terms of the Merger Agreement, Transcept issued shares of its common stock to Old Paratek’s stockholders, at an exchange rate of 0.0675 shares of common stock, after taking into account the Reverse Stock Split, in exchange for each share of Old Paratek common stock outstanding immediately prior to the Merger. Transcept also assumed all of the stock options outstanding under the Old Paratek 2014 Equity Incentive Plan, as amended (the “Paratek Plan”), and stock warrants of Old Paratek outstanding immediately prior to the Merger, with such stock options and warrants henceforth representing the right to purchase a number of shares of Transcept common stock equal to 0.0675 multiplied by the number of shares of Old Paratek common stock previously represented by such options and warrants. Transcept also assumed the Paratek Plan. After consummation of the Merger, the Old Paratek stockholders, warrant holders and option holders owned approximately 89.6% of the fully-diluted common stock of Paratek, with Transcept’s stockholders and optionholders immediately prior to the Merger, whose shares of Paratek common stock (including shares received upon the cancellation of existing options) remain outstanding after the Merger, owning approximately 10.4% of the fully-diluted common stock of Paratek. Under generally accepted accounting principles in the United States, the Merger is treated as a “reverse merger” under the purchase method of accounting. For accounting purposes, Old Paratek is considered to have acquired Transcept.

Summary of Significant Accounti

Summary of Significant Accounting Policies and Basis of Presentation	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies and Basis of Presentation	2. Summary of Significant Accounting Policies and Basis of Presentation Summary of Significant Accounting Policies The significant accounting policies described in the Company’s audited financial statements as of and for the year ended December 31, 2014, and the notes thereto, which are included in the Annual Report on Form 10-K/A, have had no material changes during the six months ended June 30, 2015. Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) as found in the Accounting Standards Codification, or ASC, and Accounting Standards Update, or ASU, of the Financial Accounting Standards Board, or FASB, and pursuant to the rules and regulations of the Securities and Exchange Commission. The accompanying condensed consolidated financial statements are unaudited. The unaudited interim financial statements have been prepared on the same basis as the audited financial statements as of and for the year ended December 31, 2014, and, in the opinion of management, reflect all adjustments, consisting of normal recurring adjustments, necessary for the fair presentation of the Company’s financial position and results of operations for the interim periods ended June 30, 2015 and 2014. The results of operations for the interim periods are not necessarily indicative of the results of operations to be expected for the year ending December 31, 2015. The accompanying balance sheet as of December 31, 2014, was derived from the Company’s audited financial statements included in the Company’s Annual Report on Form 10-K/A. The unaudited interim financial statements should be read in conjunction with the audited financial statements as of and for the year ended December 31, 2014, and notes thereto, which are included in the Company’s Annual Report on Form 10-K/A. Principles of Consolidation The accompanying unaudited condensed consolidated financial statements include the results of operations of Paratek Pharmaceuticals, Inc. and its wholly-owned subsidiaries, Paratek Pharma, LLC, Paratek Securities Corporation, Transcept Pharma, Inc., and Paratek UK, Ltd. All significant intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates The preparation of the accompanying unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management of the Company to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reported period. These estimates are based on management’s best knowledge of current events and actions the Company may undertake in the future. Estimates are used in accounting for, among other items, intangible assets, goodwill, contingent liabilities, stock-based compensation arrangements, useful lives for depreciation and amortization of long-lived assets and valuation allowances on deferred tax assets. Actual results could differ from those estimates. Segment and Geographic Information Operating segments are defined as components of an enterprise engaging in business activities for which discrete financial information is available and regularly reviewed by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Company views its operations and manages its business in one operating segment.

Merger Agreement

Merger Agreement	6 Months Ended
	Jun. 30, 2015
Business Combinations [Abstract]
Merger Agreement	3. Merger Agreement As described in Note 1, the Company completed the Merger with Transcept on October 30, 2014 for the principal purposes of utilizing the cash resources held by Transcept to continue the development of the late-stage product candidate held by Paratek and for the access to capital markets afforded by Transcept’s public listing. Pro forma information The following unaudited pro forma information presents a summary of the Company’s consolidated results of operations as if the Merger had taken place as of January 1, 2014 (in thousands): Three Months Ended June 30, 2014 Six Months Ended June 30, 2014 Pro forma combined revenues $ 656 $ 1,122 Pro forma combined net loss $ (6,332 ) $ (10,550 ) Pro forma basic and diluted net loss per share $ (69.63 ) $ (119.01 )

Intangible Assets, Net

Intangible Assets, Net	6 Months Ended
	Jun. 30, 2015
Goodwill And Intangible Assets Disclosure [Abstract]
Intangible Assets, Net	4. Intangible Assets, Net Intangible assets consist of the following (in thousands): June 30, 2015 December 31, 2014 Intermezzo product rights $ 1,410 $ 4,550 TO-2070 product rights 440 440 Gross intangible assets 1,850 4,990 Less: Accumulated amortization (175 ) (176 ) Net intangible assets $ 1,675 $ 4,814 Intermezzo and TO-2070 product rights were acquired through the Merger with Transcept on October 30, 2014. Refer to Note 6, License and Collaboration Agreements, Commitments and Contingencies As a result of the District Court’s ruling, the Company performed an interim impairment test of the Intermezzo product rights in connection with the preparation of its unaudited condensed consolidated financial statements for the first quarter of 2015. This impairment test utilized probability-weighted cash flow estimation and sale proceeds income approaches with consideration to the timing of payments of associated contingent obligations to former Transcept stockholders. Based on the intangible asset impairment test performed, the Company recorded a non-cash impairment charge of $2.8 million. The impairment charge was calculated as the difference between the fair value of the Intermezzo product rights as of March 31, 2015 and the carrying value of the asset as of December 31, 2014, partially offset by accumulated amortization of $0.3 million that was eliminated as part of the adjustment. The Company appealed the District Court’s ruling during the current quarter and the appeal is still pending as of June 30, 2015. The Company performed another interim impairment test of the Intermezzo product rights in connection with the preparation of its unaudited condensed consolidated financial statements for the second quarter of 2015. Given the significant uncertainty concerning the ultimate disposition of the Intermezzo product, the fair value of the Intermezzo product rights was evaluated using probability-weighted cash flow estimation and sale proceeds income approaches with consideration to the timing of payments of associated contingent obligations to former Transcept stockholders. Based on the intangible asset impairment test performed, it was determined that the projected undiscounted future cash flows exceeded the book value of the intangible asset and no additional impairment charge was recorded. The adjusted carrying value of the Intermezzo product rights are being amortized over a remaining useful life of four years. After the impairment charge, accumulated amortization of the Intermezzo product rights at June 30, 2015 was $76,909, and amortization expense for the three and six months ended June 30, 2015 was $76,909. The TO-2070 product rights are being amortized over an estimated three-year useful life. Accumulated amortization of the TO-2070 product rights at June 30, 2015 was $97,778, and amortization expense for the three and six months ended June 30, 2015 was $36,667 and $73,333, respectively.

Net Loss Per Share Available to

Net Loss Per Share Available to Common Stockholders	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Net Loss Per Share Available to Common Stockholders	5. Net Loss Per Share Available to Common Stockholders Basic net loss per share available to common stockholders is calculated by dividing the net loss available to common stockholders by the weighted-average number of common shares outstanding during the period, without consideration for common stock equivalents. Diluted net loss per share available to common stockholders is computed by dividing the net loss available to common stockholders by the weighted-average number of common share equivalents outstanding for the period determined using the treasury- stock method or the as if converted method, as applicable. For purposes of this calculation, convertible preferred stock, stock options, convertible preferred stock warrants and common stock warrants are considered to be common stock equivalents and are only included in the calculation of diluted net loss per share available to common stockholders when their effect is dilutive. The following table presents the computation of basic and diluted net loss per share reflecting the effect of the reverse stock split in connection with the Merger (in thousands, except share and per share data): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Numerator Net loss $ (15,699 ) $ (2,270 ) $ (26,332 ) $ (3,481 ) Less: Unaccreted dividends on convertible preferred stock — (737 ) — (939 ) Net loss attributable to common stockholders $ (15,699 ) $ (3,007 ) $ (26,332 ) $ (4,420 ) Denominator Weighted-average common shares outstanding 16,372,694 71,209 15,400,819 69,365 Net loss per share—basic and diluted $ (0.96 ) $ (42.23 ) $ (1.71 ) $ (63.72 ) The following outstanding shares subject to options and warrants to purchase common stock were antidilutive due to a net loss in the periods presented and, therefore, were excluded from the dilutive securities computation as of the dates indicated below: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Excluded potentially dilutive securities (1) Shares subject to options to purchase common stock 1,825,896 813,040 1,825,896 813,040 Unvested restricted stock 217,000 — 217,000 — Shares subject to warrants to purchase common stock 14,734 — 14,734 — Convertible preferred stock — 236,250 — 236,250 Shares subject to warrants to purchase preferred stock — 11,858 — 11,858 Totals 2,057,630 1,061,148 2,057,630 1,061,148 ( 1) The number of shares is based on the maximum number of shares issuable on exercise or conversion of the related securities as of June 30, 2015 and 2014. Such amounts have not been adjusted for the treasury stock method or weighted average outstanding calculations as required if the securities were dilutive.

License and Collaboration Agree

License and Collaboration Agreements	6 Months Ended
	Jun. 30, 2015
Text Block [Abstract]
License and Collaboration Agreements	6. License and Collaboration Agreements Allergan plc In July 2007, the Company and Allergan plc, or Allergan, entered into a collaborative research and license agreement, or the Allergan Collaboration Agreement, under which the Company granted Allergan an exclusive license to research, develop and commercialize tetracycline products for use in the United States for the treatment of acne and rosacea. Since Allergan did not exercise its development option with respect to the treatment of rosacea prior to initiation of a Phase 3 trial for the product, the license grant to Allergan converted to a non-exclusive license for the treatment of rosacea as of December 2014. Under the terms of the Allergan Collaboration Agreement, the Company and Allergan are responsible for, and are obligated to use, commercially reasonable efforts to conduct specified development activities for the treatment of acne and, if requested by Allergan, the Company may conduct certain additional development activities to the extent the Company determines in good faith that the Company has the necessary resources available for such activities. Allergan has agreed to reimburse the Company for our costs and expenses, including third-party costs, incurred in conducting any such development activities. Under the terms of the Allergan Collaboration Agreement, Allergan is responsible for and is obligated to use commercially reasonable efforts to develop and commercialize tetracycline compounds that are specified in the agreement for the treatment of acne. Allergan failed to elect to advance the development of sarecycline for the treatment of rosacea in accordance with the terms of the agreement so the license granted to Allergan was converted to a non-exclusive license for the treatment of rosacea. The Company has agreed during the term of the Allergan Collaboration Agreement not to directly or indirectly develop or commercialize any tetracycline compounds in the United States for the treatment of acne and rosacea, and Allergan has agreed during the term of the Allergan Collaboration Agreement not to directly or indirectly develop or commercialize any tetracycline compound included as part of the agreement for any use other than as provided in the agreement. The Company earned an upfront fee in the amount of $4.0 million upon the execution of the Allergan Collaboration Agreement, $1.0 million upon filing of an investigational new drug application in 2010, and $2.5 million upon initiation of Phase 2 trials in 2012. In December 2014, the Company also earned $4.0 million upon initiation of Phase 3 trials associated with the Allergan Collaboration Agreement. In addition, Allergan may be required to pay the Company an aggregate of approximately $17.0 million upon the achievement of specified future regulatory milestones, the next being $5.0 million upon acceptance by the U.S. Food and Drug Administration, or FDA, of a New Drug Application, or NDA, submission. Allergan is also obligated to pay the Company tiered royalties, ranging from the mid-single digits to the low double digits, based on net sales of tetracycline compounds developed under the Allergan Collaboration Agreement, with a standard royalty reduction post patent expiration for such product for the remainder of the royalty term. Allergan’s obligation to pay the Company royalties for each tetracycline compound it commercializes under the Allergan Collaboration Agreement expires on the later of the expiration of the last to expire patent that covers the tetracycline compound in the United States and the date on which generic drugs that compete with the tetracycline compound reach a certain threshold market share in the United States. Either the Company or Allergan may terminate the Allergan Collaboration Agreement for certain specified reasons at any time after Allergan has commenced development of any tetracycline compound, including if Allergan determines that it would not be commercially viable to continue to develop or commercialize the tetracycline compound and/or that it is unlikely to obtain regulatory approval of the tetracycline compound, and, in any case, no backup tetracycline compound is in development or ready to be developed and the parties are unable to agree on an extension of the development program or an alternative course of action. Either the Company or Allergan may terminate the Allergan Collaboration Agreement for the other party’s uncured breach of a material term of the agreement on 60 days’ notice (unless the breach relates to a payment term, which requires a 30-day notice) or upon the bankruptcy of the other party that is not discharged within 60 days. Upon the termination of the Allergan Collaboration Agreement by Allergan for the Company’s breach, Allergan’s license will continue following the effective date of termination, subject to the payment by Allergan of the applicable milestone and royalty payments specified in the agreement unless our breach was with respect to certain specified obligations, in which event the obligation of Allergan to pay us any further royalty or milestone payments will terminate. Upon the termination of the Allergan Collaboration Agreement by us for Allergan’s breach or the voluntary termination of the agreement by Allergan, Allergan’s license under the agreement will terminate. The Company determined whether the performance obligations under this collaboration could be accounted for separately or as a single unit of accounting. The Company determined that the license, participation on steering committees and research and development services performance obligations during the research period of the CRL Agreement represented a single unit of accounting. As the Company could not reasonably estimate its level of effort, the Company recognized revenue from the upfront payment, milestone payment and research and development services payments using the contingency-adjusted performance model over the expected development period. The development period was completed in June 2010. Under this model, when a milestone was earned or research and development services were rendered, revenue was immediately recognized on a pro-rata basis in the period the milestone was achieved or services were delivered based on the time elapsed from the effective date of the agreement. Thereafter, the remaining portion was recognized on a straight-line basis over the remaining development period. The Company has determined that each potential future clinical, regulatory and commercialization milestone is substantive. In making this determination, pursuant to ASC 605-28-50-2, the Company considered and concluded that each individual milestone: (i) relates solely to the past performance of the intellectual property to achieve the milestone; (ii) is reasonable relative to all of the deliverables and payment terms in the arrangement; and (iii) is commensurate with the enhanced value of the intellectual property as a result of the milestone achievement. As the Company’s obligations under this arrangement have been completed, all future milestones, which are all considered substantive, will be recognized as revenue when achieved. Also, the Company, at its discretion, may provide manufacturing process development services to Allergan in exchange for full-time equivalent based cost reimbursements. The Company determined that the manufacturing process development services are considered a separate unit of accounting as (i) they are set at the Company’s discretion, (ii) they have stand-alone value, as these services could be performed by third parties, and (iii) the full-time equivalent rate paid for such services rendered is considered fair value. Therefore, the Company recognizes cost reimbursements for manufacturing process development services as revenue as the services are performed. Tufts University In February 1997, the Company and Tufts University, or Tufts, entered into a license agreement under which the Company acquired an exclusive license to certain patent applications and other intellectual property of Tufts related to the drug resistance field to develop and commercialize products for the treatment or prevention of bacterial or microbial diseases or medical conditions in humans or animals or for agriculture. The Company subsequently entered into nine amendments to that agreement, collectively the Tufts License Agreement, to include patent applications filed after the effective date of the original license agreement, to exclusively license additional technology from Tufts, to expand the field of the agreement to include disinfectant applications, and to change the royalty rate and percentage of sublicense income paid by the Company to Tufts under sublicense agreements with specified sublicensees. The Company is obligated under the Tufts License Agreement to provide Tufts with annual diligence reports and a business plan and to meet certain other diligence milestones. The Company has the right to grant sublicenses of the licensed rights to third parties, which will be subject to the prior approval of Tufts unless the proposed sublicensee meets a certain net worth or market capitalization threshold. The Company is primarily responsible for the preparation, filing, prosecution and maintenance of all patent applications and patents covering the intellectual property licensed under the Tufts License Agreement at its sole expense. The Company has the first right, but not the obligation, to enforce the licensed intellectual property against infringement by third parties. The Company issued Tufts 1,024 shares of the Company’s common stock on the date of execution of the original license agreement, and the Company may be required to make certain payments of up to $0.3 million to Tufts upon the achievement by products developed under the agreement of specified development and regulatory approval milestones. The Company has already made a payment of $50,000 to Tufts for achieving the first milestone following commencement of the Phase 3 non-registration clinical trial for omadacycline. The Company is also obligated to pay Tufts a minimum royalty payment in the amount of $25,000 per year, if the Company does not sponsor at least $100,000 of research at Tufts in such year. In the past, the Company has opted to satisfy its minimum royalty obligations to Tufts by providing an equivalent amount of sponsored research or receiving a waiver from Tufts with respect to such obligations. The Company expects that it will satisfy its future minimum royalty obligations to Tufts by making an annual royalty payment of $25,000 to Tufts. In addition, the Company is obligated to pay Tufts royalties based on gross sales of products, as defined in the agreement, ranging in the low single digits depending on the applicable field of use for such product sale. If the Company enters into a sublicense under the Tufts License Agreement, the Company will be obligated to pay Tufts a percentage, ranging from the low-to-mid teens based on the applicable field of use for such product, of the license maintenance fees or sublicense issue fees paid to the Company by the sublicensee and the lesser of a percentage, ranging from the low tens to the high twenties based on the applicable field of use for such product, of the royalty payments made to the Company by the sublicensee or the amount of royalty payments that would have been paid by the Company to Tufts if the Company had sold the products. Unless terminated earlier, the Tufts License Agreement will expire at the same time as the last-to-expire patent in the patent rights licensed to the Company under the agreement and after any such expiration the Company will continue to have an exclusive, fully-paid-up license to such intellectual property licensed from Tufts. Tufts has the right to terminate the agreement upon 30 days’ notice should the Company fail to make a material payment under the Tufts License Agreement or commit a material breach of the agreement and not cure such failure or breach within such 30 day period, or if, after the Company has started to commercialize a product under the Tufts License Agreement, the Company ceases to carry on its business for a period of 90 consecutive days. The Company has the right to terminate the Tufts License Agreement at any time upon 180 days’ notice. Tufts has the right to convert the Company’s exclusive license to a non-exclusive license if the Company does not commercialize a product licensed under the agreement within a specified time period. The Company also agreed to pay Tufts royalties based on gross sales of products, as defined in the Tufts License Agreement, ranging in the low single digits depending on the applicable field of use for such product sale. If the Company enters into a sublicense under the Tufts License Agreement, it will be obligated to pay Tufts a percentage, ranging from the low-to-mid teens based on the applicable field of use for such product, of the license maintenance fees or sublicense issue fees paid to the Company by the sublicensee and the lesser of a percentage, ranging from the low teens to the high twenties based on the applicable field of use for such product, of the royalty payments made to the Company by the sublicensee or the amount of royalty payments that would have been paid by us to Tufts if the Company had sold the products. Purdue Pharma L.P. In July 2009, the Company and Purdue Pharma L.P., or Purdue Pharma, entered into a collaboration agreement, or the Purdue Collaboration Agreement, that grants an exclusive license to Purdue Pharma to commercialize Intermezzo in the United States and pursuant to which: · Purdue Pharma paid the Company a $25.0 million non-refundable license fee in August 2009; · Purdue Pharma paid the Company a $10.0 million non-refundable intellectual property milestone in December 2011 when the first of two issued formulation patents was listed in the FDA’s Approved Drug Products with Therapeutic Equivalence Evaluations, or Orange Book; · Purdue Pharma paid the Company a $10.0 million non-refundable intellectual property milestone in August 2012 when the first of two issued methods of use patents was listed in the FDA’s Orange Book; · The Company transferred the Intermezzo NDA to Purdue Pharma, and Purdue Pharma is obligated to assume the expense associated with maintaining the NDA and further development of Intermezzo in the United States, including any expense associated with post-approval studies; · Purdue Pharma is obligated to commercialize Intermezzo in the United States at its expense using commercially reasonable efforts; · Purdue Pharma is obligated to pay the Company tiered base royalties on net sales of Intermezzo in the United States ranging from the mid-teens up to the mid-20% level, with each such royalty tiers subject to an increase by a percentage in the low single digits upon a specified anniversary of regulatory approval of Intermezzo. The base royalty is tiered depending upon the achievement of certain fixed net sales thresholds by Purdue Pharma, which net sales levels reset each year for the purpose of calculating the royalty. The royalty tiers are subject to reductions upon generic entry and patent expiration. Purdue Pharma is obligated to pay royalties until the later of 15 years from the date of first commercial sale in the United States or the expiration of patent claims related to Intermezzo; and · Purdue Pharma is obligated to pay the Company up to an additional $70.0 million upon the achievement of certain net sales targets for Intermezzo in the United States. The Company had an option to co-promote Intermezzo to psychiatrists in the United States and such option was terminated as a result of the Merger. The Purdue Collaboration Agreement expires on the expiration of Purdue Pharma’s royalty obligations. Purdue Pharma has the right to terminate the Purdue Collaboration Agreement at any time upon advance notice of 180 days. The Purdue Collaboration Agreement is also subject to termination by Purdue Pharma in the event of FDA or governmental action that materially impairs Purdue Pharma’s ability to commercialize Intermezzo or the occurrence of a serious event with respect to the safety of Intermezzo. The Purdue Collaboration Agreement may also be terminated by the Company upon Purdue Pharma commencing an action that challenges the validity of Intermezzo related patents. The Company also has the right to terminate the Purdue Collaboration Agreement immediately if Purdue Pharma is excluded from participation in federal healthcare programs. The Purdue Collaboration Agreement may also be terminated by either party in the event of a material breach by or insolvency of the other party. The Company also granted Purdue Pharma and an associated company the right to negotiate for the commercialization of Intermezzo in Mexico in 2013 but retained the rights to commercialize Intermezzo in the rest of the world. In December 2013, Purdue Pharma notified the Company that it intended to discontinue use of the Purdue Pharma sales force to actively market Intermezzo to healthcare professionals during the first quarter of 2014. In October 2014, the Company announced that its board of directors had approved a special dividend of, among other things, the right to receive, on a pro rata basis, 100% of any royalty income received by the Company pursuant to the Purdue License Agreement and 90% of any cash proceeds from a sale or disposition of Intermezzo, less fees and expenses incurred in connection with such activity, to the extent that either occurs prior to the second anniversary of the closing date of the Merger. Shin Nippon Biomedical Laboratories Ltd. In September 2013, the Company and Shin Nippon Biomedical Laboratories Ltd., or SNBL, entered into a License Agreement, or SNBL License Agreement, pursuant to which SNBL granted the Company an exclusive worldwide license to commercialize SNBL’s proprietary nasal drug delivery technology to develop TO-2070. The Company was developing TO-2070 as a treatment for acute migraine using SNBL’s proprietary nasal powder drug delivery system. Under the SNBL License Agreement, the Company was required to fund all development and regulatory approval with respect to TO-2070. Pursuant to the SNBL License Agreement, the Company paid an upfront nonrefundable technology license fee of $1.0 million, and the Company was also obligated to pay up to an aggregate of $41.5 million upon the achievement of certain development, regulatory and sales milestones, and tiered, low double-digit royalties on annual net sales of TO-2070. In September 2014, the Company and SNBL entered into a Termination Agreement and Release, or the SNBL Termination Agreement, pursuant to which, among other things, the SNBL License Agreement was terminated and the Company assigned all of its rights, interest and title to the TO-2070 assets to SNBL in exchange for a portion of certain future net revenue received by SNBL as set forth in the SNBL Termination Agreement, up to an aggregate of $2.0 million.

Common Stock

Common Stock	6 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Common Stock	7. Common Stock On January 12, 2015, the Company filed a registration statement on Form S-3 with the Securities and Exchange Commission to sell shares of Company common stock, par value $0.001 per share, in an aggregate amount of up to $200.0 million to the public in a registered offering or offerings. Under this shelf registration, the Company completed an underwritten offering on May 5, 2015 of 3,089,000 shares of common stock at a public offering price of $24.50 per share, which includes 229,000 shares of common stock issued upon the exercise, in part, by the underwriters of an option to purchase additional shares from the Company. The aggregate proceeds received by the Company, after underwriting discounts and commissions and other offering expenses, were $70.4 million.

Accounts Payable and Accrued Ex

Accounts Payable and Accrued Expenses	6 Months Ended
	Jun. 30, 2015
Payables And Accruals [Abstract]
Accounts Payable and Accrued Expenses	8. Accounts Payable and Accrued Expenses Accrued expenses consist of the following (in thousands): June 30, 2015 December 31, 2014 Accounts payable $ 321 $ 489 Acrued legal costs 1,209 876 Intermezzo payable 997 399 Accrued compensation 975 544 Accrued contract manufacturing 903 70 Accrued professional fees 795 322 Accrued other 175 215 Total $ 5,375 $ 2,915

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	9. Fair Value Measurements Financial instruments, including cash, restricted cash, accounts receivable, accounts payable, accrued expenses and the Intermezzo reserve are carried on the condensed consolidated financial statements at amounts that approximate fair value. Fair values are based on assumptions concerning the amount and timing of estimated future cash flows and assumed discount rates, reflecting varying degrees of perceived risk. The following tables present information about the Company’s financial liabilities that have been measured at fair value as of June 30, 2015 and December 31, 2014, and indicate the fair value hierarchy of the valuation inputs utilized to determine such fair value. In general, fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities. Fair values determined by Level 2 inputs utilize observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities or other inputs that are observable market data. Fair values determined by Level 3 inputs utilize unobservable data points for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability (in thousands): Description Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value at June 30, 2015 Liabilities Contingent obligations $ — $ — $ 1,820 $ 1,820 $ — $ — $ 1,820 $ 1,820 Description Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value at 2014 Liabilities Contingent obligations $ — $ — $ 4,560 $ 4,560 $ — $ — $ 4,560 $ 4,560 Contingent obligations represent the right for former Transcept shareholders to receive certain contingent amounts, in the future, consisting of: (i) one hundred percent of any royalty income received by the Company prior to October 30, 2016, pursuant to the United States License and Collaboration Agreement, dated July 31, 2009, as amended November 1, 2011, by and between Transcept and Purdue Pharmaceutical Products L.P.; (ii) one hundred percent of any payments received by the Company pursuant to the termination of a License Agreement with Shin Nippon Biomedical Laboratories Ltd., SNBL, which granted the Company an exclusive worldwide license to commercialize SNBL’s proprietary nasal drug delivery technology for development of TO-2070, a proprietary nasal powder drug delivery system; (iii) ninety percent of any cash proceeds from a sale or disposition of Intermezzo (less all fees and expenses incurred by the Company in connection with such sale or disposition following the closing date); provided such sale or disposition occurs prior to October 30, 2016, and (iv) the amount, if any, of the $3.0 million Intermezzo reserve deposited at closing which is remaining at October 30, 2016. As of June 30, 2015, the fair value of the contingent obligations to former Transcept stockholders was determined using probability-weighted scenario methodologies, employing cash-flow and sale proceeds income approaches with consideration to the potential timing of possible payments to former Transcept stockholders. During the quarter ended March 31, 2015, the outcome of an Intermezzo patent infringement trial triggered an evaluation of the carrying value of the Intermezzo product rights and related contingent liability in light of an expected decline in Intermezzo sales. As a result of the evaluation, the Company recorded a reduction in contingent obligations to former Transcept shareholders of $3.1 million during the quarter ended March 31, 2015. The Company appealed the outcome of the trial during the current quarter and the appeal is still pending as of June 30, 2015. Based on estimated probability of success of the appeal, the Company recorded an increase in contingent obligations to former Transcept shareholders of $0.4 million. Material assumptions used to value contingent obligations to former Transcept stockholders with respect to Intermezzo product rights include: — Probabilities associated with the various outcomes of the ongoing ANDA litigation and the potential sale of Intermezzo product rights; — The forecasted Intermezzo product revenues and associated royalties due the Company, as well as the appropriate discount rate given consideration to the market and forecast risk involved; and — The potential proceeds associated with, and timing of, the sale of the Company’s Intermezzo product rights. Material assumptions used to value contingent obligations to former Transcept stockholders with respect to the TO-2070 product rights include: — Probabilities associated with SNBL licensing the TO-2070 asset under the SNBL Termination Agreement; and — Potential proceeds associated with, and timing of, the potential payments in accordance with the SNBL Termination Agreement. The following table provides a roll forward of the fair value of contingent obligations categorized as Level 3 instruments, for the six months ended June 30, 2015 (in thousands): Contingent liability— former Transcept stockholders Balances at December 31, 2014 $ 4,560 Change in fair value (2,740 ) Payments made - Balances at June 30, 2015 $ 1,820

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2015
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based Compensation	10. Stock-Based Compensation The Company recognizes compensation expense of stock-based awards over the vesting periods of the awards, net of estimated forfeitures. The following table presents stock-based compensation expense included in the Company’s consolidated statements of operations (in thousands): Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Research and development expense $ 275 $ 8 $ 291 $ 16 General and administrative expense 910 5 1,136 12 Total stock-based compensation expense $ 1,185 $ 13 $ 1,427 $ 28 Stock-based compensation expense is estimated as of the grant date based on the fair value of the award and is recognized as expense over the requisite service period, which generally represents the vesting period. The Company estimates the fair value of its stock options using the Black-Scholes option-pricing model. The weighted-average assumptions used to determine the value of the stock option grants is as follows: Six months ended June 30, 2015 2015 2014 Volatility 58.4%-59.3% 72.0 % Weighted average risk-free interest rate 1.6%-1.9% 1.9 % Expected dividend yield — — Expected life of options (in years) 5.3-6.3 5.8 Stock Option Plan Activity An evergreen provision in the Company’s 2006 Stock Option Plan resulted in an additional 125,000 shares of the Company’s common stock becoming available for issuance on January 1, 2015. During the six months ended June 30, 2015, the Company’s Board of Directors granted 217,000 restricted stock units to executives and employees of the Company and 842,769 stock options to directors, officers, employees and consultants to the Company under the 2006 Stock Option Plan with time vesting provisions ranging from one to four years. The Company’s Board of Directors adopted a 2015 Inducement Plan in accordance with NASDAQ Rule 5635(c)(4), reserving 360,000 shares of common stock solely for the grant of inducement stock options to new employees, and granting 260,000 options under the plan to two executives of the Company with four-year time vesting provisions. The Company’s Board of Directors also adopted a 2015 Equity Incentive Plan, or 2015 Plan, that was ratified by Company stockholders at the Annual Meeting held on June 9, 2015. The 2015 Plan is intended to be the successor to and continuation of the Transcept Pharmaceuticals, Inc. 2006 Incentive Award Plan, as amended, or 2006 Plan, and the Paratek Pharmaceuticals, Inc. 2014 Equity Incentive Plan, or 2014 Plan, and collectively, the Prior Plans. When the 2015 Plan became effective, no additional stock awards were granted under the Prior Plans, although all outstanding stock awards granted under the Prior Plans will continue to be subject to the terms and conditions as set forth in the agreements evidencing such stock awards and the terms of the Prior Plans. Further, in February 2015 the Company’s Board of Directors modified the vesting terms attendant to eight grants to four executives of the Company aggregating 483,114 options previously granted under its 2014 Equity Incentive Plan from strictly time- based vesting to include certain performance-based vesting terms associated with completion of data lock in the Company’s Phase 3 clinical trials of omadacycline for the treatment of acute bacterial skin and skin structure infections, or ABSSSI, and community- acquired bacterial pneumonia, or CABP. The Company recognizes compensation cost for awards with performance conditions if and when the Company concludes that it is probable that the performance condition will be achieved over the requisite service period. Since the Company believes it is more likely than not that data lock will be reached on the Phase 3 ABSSSI and CABP clinical trials, the sum of the incremental compensation cost and any remaining unrecognized compensation cost for the original award on the modification date will be recognized, on a prospective basis, through the projected date of data lock on the Phase 3 ABSSSI and CABP clinical trials. Total shares available for future issuance under the the 2015 Inducement Plan and the 2015 Equity Incentive Plan are 768,000 shares as of June 30, 2015. Stock options A summary of stock option activity for the six months ended June 30, 2015 is as follows: Number of Shares Weighted Average Exercise Price Weighted– Average Remaining Contractual Term (in Years) Aggregate Intrinsic Value Outstanding Balances at December 31, 2014 781,568 $ 4.30 Granted 1,102,769 25.78 Exercised (54,391 ) 4.30 Forfeited (4,050 ) 24.07 Balances at June 30, 2015 1,825,896 $ 17.23 9.49 $ 16,375 Exercisable June 30, 2015 68,329 $ 8.92 9.15 $ 1,156 Vested and expected to vest June 30, 2015 1,727,904 $ 15.62 9.47 $ 18,234 Total unrecognized compensation expense for all stock-based awards was $17.1 million as of June 30, 2015. This amount will be recognized over a weighted-average period of 1.67 years. Restricted Stock A summary of restricted stock activity for the six months ended June 30, 2015 is as follows: Number of Shares Weighted Average Grant Date Fair Value Unvested balance at December 31, 2014 - $ - Granted 217,000 25.37 Vested - - Forfeited - - Unvested balance at June 30, 2015 217,000 $ 25.37

Nonconvertible Senior Secured P

Nonconvertible Senior Secured Promissory Notes	6 Months Ended
	Jun. 30, 2015
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Nonconvertible Senior Secured Promissory Notes	11. Nonconvertible Senior Secured Promissory Notes In March 2014, the Company issued nonconvertible senior secured promissory notes (the “2014 Notes”) to certain individuals and entities in the original aggregate principal amount of $6.0 million in connection with a concurrent recapitalization of the Company’s capital stock. The 2014 Notes were collateralized by substantially all of the assets of the Company and accrued interest at a rate of 10% per annum. The holders of the 2014 Notes included officers, employees and directors of the Company, making the 2014 Notes related party in nature. Pursuant to the terms of the 2014 Notes, the aggregate amount of principal outstanding was to have become due and payable upon the first to occur of June 30, 2014 or a number of other defined events that had not transpired and, as a result, an event of default existed that the lenders agreed to forbear subject to a Debt Conversion Agreement (the “Debt Conversion Agreement”) entered into in June 2014. The lead lenders committed to a minimum investment of $3.3 million in the March 2014 secured debt financing. The terms of the March 2014 secured debt financing included a provision that required the other existing holders of the Company’s outstanding convertible notes to participate in the offering of the 2014 Notes based on their pro rata share of the remaining $2.8 million offering amount. The convertible note holders who contributed their pro rata share to the March 2014 secured debt financing converted their existing principal amount of convertible notes outstanding into 2.25 shares of newly designated Series A Convertible Preferred Stock (“New Series A Convertible Preferred Stock”) for every $1.00 of principal outstanding. The convertible note holders who did not contribute their pro rata share to the March 2014 secured debt financing converted their existing principal amount of convertible notes outstanding into 1.00 share of New Series A Convertible Preferred Stock for every $1.00 of principal outstanding. Moreover, all accrued interest as of February 28, 2014 was converted into New Series A Convertible Preferred Stock on a dollar-for-dollar basis. Upon the closing of the March 2014 transactions, $15.6 million of principal and $2.2 million of accrued interest related to the existing convertible notes converted into 2,256,674 shares of New Series A Convertible Preferred Stock. Pursuant to the terms of the March 2014 secured debt financing, in April 2014, the lead lenders invested the difference between $2.8 million and the amount invested by other holders of the existing convertible notes to bring the total financing proceeds to $6.0 million. The amount of this additional investment by the lead lenders was $0.7 million. In connection with this additional investment, the lead lenders received warrants exercisable for 9,614 shares of New Series A Convertible Preferred Stock with an exercise price of $0.15 per share (the “New Series A Warrants”). The New Series A Warrants have a term of seven years. The New Series A Warrants were recorded at an initial fair value of approximately $40,000.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	12 . There is no provision for federal and state income taxes since the Company has historically incurred operating losses. Deferred tax assets and deferred tax liabilities are recognized based on temporary differences between the financial reporting and tax bases of assets and liabilities using statutory rates. Management of the Company has evaluated the positive and negative evidence bearing upon the realizability of its deferred tax assets, which are comprised principally of net operating loss carryforwards and research and development credits. Under the applicable accounting standards, management has considered the Company’s history of losses and concluded that it is more likely than not that the Company will not recognize the benefits of federal and state deferred tax assets. Accordingly, a full valuation allowance has been established against the Company’s otherwise recognizable net deferred tax assets.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2015
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	13. Commitments and Contingencies Intermezzo Patent Litigation In July 2012, the Company received notifications from three companies, Allergan Elizabeth LLC, or Allergan Elizabeth, Watson Laboratories, Inc.—Florida, or Watson, and Novel Laboratories, Inc. (Novel), in September 2012, from each of Par Pharmaceutical, Inc. and Par Formulations Private Ltd., together, the Par Entities, in February 2013 from Dr. Reddy’s Laboratories, Inc. and Dr. Reddy’s Laboratories, Ltd., together, Dr. Reddy’s, and in July 2013 from TWi Pharmaceuticals, Inc., or Twi, stating that each has filed with the FDA an Abbreviated New Drug Application, or ANDA, that references Intermezzo. Refer to Item 3 Legal Proceedings The United States District Court for the District of New Jersey, or the District Court, held a consolidated trial between December 1, 2014 and December 15, 2014 involving Paratek, Purdue, and their patent infringement claims against Allergan Elizabeth, Novel, and Dr. Reddy’s. The District Court then received post-trial briefing and held a February 13, 2015 post-trial hearing. On March 27, 2015, the District Court issued an order and accompanying opinion finding that: (a) the asserted claims of U.S. Patent Nos. 7,682,628, 8,242,131, and 8,252,809, together, the “’628, ‘131, and ‘809 patents, are invalid as obvious; (b) Allergan Elizabeth, Novel, and Dr. Reddy’s infringe the ‘131 patent; (c) Novel infringes the ‘628 patent; and (d) Novel and Dr. Reddy’s infringe the ‘809 patent. On April 9, 2015, the District Court entered final judgment consistent with the March 27, 2015 opinion and order referenced above. As a result of the District Court’s findings, the intangible assets representing Intermezzo product rights have been impaired and the related contingent obligation has been reduced in light of an expected decline in Intermezzo sales. Refer to Note 4 Intangible Assets, Net Fair Value Measurements The Company and Purdue jointly appealed the District Court’s final judgment to the United States Court of Appeals for the Federal Circuit on May 6, 2015. On July 13, 2015, the Company and Purdue filed their opening brief in the appeal. The appeal is pending. Stockholder Suit On October 2, 2014, Continuum Capital, on behalf of itself and a putative class of similarly situated stockholders of the Company, filed a lawsuit in the California Superior Court for Contra Costa County, or the Superior Court, against the Company and its then current board members (only one of whom remains as a director) as well as against the entity then known as Paratek Pharmaceuticals, Inc., or Old Paratek, which merged with a wholly-owned subsidiary of the Company on October 30, 2014. The complaint alleges that the Company’s board members breached fiduciary duties to stockholders in connection with the Company’s merger transaction with Old Paratek announced on June 30, 2014, and that the Company and its board of directors failed to make adequate disclosures in soliciting stockholder approval of the merger transaction, and that Old Paratek aided and abetted the alleged breaches. After expedited discovery, the parties agreed in principal to a settlement and release of all claims by a defined class of pre-merger stockholders of the Company. In furtherance of the settlement, the Company supplemented its disclosures regarding the merger transaction and paid negotiated plaintiffs’ attorneys’ fee of $0.6 million. The settlement was approved by the Superior Court on May 21, 2015. The case has been dismissed, final judgement has been entered, and the time for appeal has expired. Defendants deny any wrongdoing and agreed to settle the action to eliminate the burden and expense of further litigation. From time to time the Company is involved in legal proceedings arising in the ordinary course of business. The Company believes there is no other litigation pending that could have, individually or in the aggregate, a material adverse effect on its results of operations or financial condition. The Company does not believe that any of the above matters will result in a liability that is probable or estimable at June 30, 2015.

Recently Adopted Accounting Pro

Recently Adopted Accounting Pronouncements	6 Months Ended
	Jun. 30, 2015
Accounting Changes And Error Corrections [Abstract]
Recently Adopted Accounting Pronouncements	14. Recently Adopted Accounting Pronouncements From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies and adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its financial position or results of operations upon adoption. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements—Going Concern In February 2015, the FASB issued updated accounting guidance on consolidation requirements. This update changes the guidance with respect to the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. This guidance is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015, with early adoption permitted. The Company does not expect adoption of this guidance will have a material impact on its financial statements. In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs

Summary of Significant Accoun20

Summary of Significant Accounting Policies and Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies The significant accounting policies described in the Company’s audited financial statements as of and for the year ended December 31, 2014, and the notes thereto, which are included in the Annual Report on Form 10-K/A, have had no material changes during the six months ended June 30, 2015.
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) as found in the Accounting Standards Codification, or ASC, and Accounting Standards Update, or ASU, of the Financial Accounting Standards Board, or FASB, and pursuant to the rules and regulations of the Securities and Exchange Commission. The accompanying condensed consolidated financial statements are unaudited. The unaudited interim financial statements have been prepared on the same basis as the audited financial statements as of and for the year ended December 31, 2014, and, in the opinion of management, reflect all adjustments, consisting of normal recurring adjustments, necessary for the fair presentation of the Company’s financial position and results of operations for the interim periods ended June 30, 2015 and 2014. The results of operations for the interim periods are not necessarily indicative of the results of operations to be expected for the year ending December 31, 2015. The accompanying balance sheet as of December 31, 2014, was derived from the Company’s audited financial statements included in the Company’s Annual Report on Form 10-K/A. The unaudited interim financial statements should be read in conjunction with the audited financial statements as of and for the year ended December 31, 2014, and notes thereto, which are included in the Company’s Annual Report on Form 10-K/A.
Principles of Consolidation	Principles of Consolidation The accompanying unaudited condensed consolidated financial statements include the results of operations of Paratek Pharmaceuticals, Inc. and its wholly-owned subsidiaries, Paratek Pharma, LLC, Paratek Securities Corporation, Transcept Pharma, Inc., and Paratek UK, Ltd. All significant intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of the accompanying unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management of the Company to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reported period. These estimates are based on management’s best knowledge of current events and actions the Company may undertake in the future. Estimates are used in accounting for, among other items, intangible assets, goodwill, contingent liabilities, stock-based compensation arrangements, useful lives for depreciation and amortization of long-lived assets and valuation allowances on deferred tax assets. Actual results could differ from those estimates.
Segment and Geographic Information	Segment and Geographic Information Operating segments are defined as components of an enterprise engaging in business activities for which discrete financial information is available and regularly reviewed by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Company views its operations and manages its business in one operating segment.

Merger Agreement (Tables)

Merger Agreement (Tables)	6 Months Ended
	Jun. 30, 2015
Business Combinations [Abstract]
Summary of Company's Consolidated Results of Operations	The following unaudited pro forma information presents a summary of the Company’s consolidated results of operations as if the Merger had taken place as of January 1, 2014 (in thousands): Three Months Ended June 30, 2014 Six Months Ended June 30, 2014 Pro forma combined revenues $ 656 $ 1,122 Pro forma combined net loss $ (6,332 ) $ (10,550 ) Pro forma basic and diluted net loss per share $ (69.63 ) $ (119.01 )

Intangible Assets, Net (Tables)

Intangible Assets, Net (Tables)	6 Months Ended
	Jun. 30, 2015
Goodwill And Intangible Assets Disclosure [Abstract]
Schedule of Intangible Asset	Intangible assets consist of the following (in thousands): June 30, 2015 December 31, 2014 Intermezzo product rights $ 1,410 $ 4,550 TO-2070 product rights 440 440 Gross intangible assets 1,850 4,990 Less: Accumulated amortization (175 ) (176 ) Net intangible assets $ 1,675 $ 4,814

Net Loss Per Share Available 23

Net Loss Per Share Available to Common Stockholders (Tables)	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Computation of Basic and Diluted Net Loss Per Share Available to Common Stockholders	The following table presents the computation of basic and diluted net loss per share reflecting the effect of the reverse stock split in connection with the Merger (in thousands, except share and per share data): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Numerator Net loss $ (15,699 ) $ (2,270 ) $ (26,332 ) $ (3,481 ) Less: Unaccreted dividends on convertible preferred stock — (737 ) — (939 ) Net loss attributable to common stockholders $ (15,699 ) $ (3,007 ) $ (26,332 ) $ (4,420 ) Denominator Weighted-average common shares outstanding 16,372,694 71,209 15,400,819 69,365 Net loss per share—basic and diluted $ (0.96 ) $ (42.23 ) $ (1.71 ) $ (63.72 )
Antidilutive Shares Excluded from Computation of Diluted Net Income (Loss) Per Share	The following outstanding shares subject to options and warrants to purchase common stock were antidilutive due to a net loss in the periods presented and, therefore, were excluded from the dilutive securities computation as of the dates indicated below: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Excluded potentially dilutive securities (1) Shares subject to options to purchase common stock 1,825,896 813,040 1,825,896 813,040 Unvested restricted stock 217,000 — 217,000 — Shares subject to warrants to purchase common stock 14,734 — 14,734 — Convertible preferred stock — 236,250 — 236,250 Shares subject to warrants to purchase preferred stock — 11,858 — 11,858 Totals 2,057,630 1,061,148 2,057,630 1,061,148 ( 1) The number of shares is based on the maximum number of shares issuable on exercise or conversion of the related securities as of June 30, 2015 and 2014. Such amounts have not been adjusted for the treasury stock method or weighted average outstanding calculations as required if the securities were dilutive.

Accounts Payable and Accrued 24

Accounts Payable and Accrued Expenses (Tables)	6 Months Ended
	Jun. 30, 2015
Payables And Accruals [Abstract]
Schedule of Accrued Expenses	Accrued expenses consist of the following (in thousands): June 30, 2015 December 31, 2014 Accounts payable $ 321 $ 489 Acrued legal costs 1,209 876 Intermezzo payable 997 399 Accrued compensation 975 544 Accrued contract manufacturing 903 70 Accrued professional fees 795 322 Accrued other 175 215 Total $ 5,375 $ 2,915

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Schedule of Financial Assets and Liabilities Measured at Fair Value	Fair values determined by Level 2 inputs utilize observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities or other inputs that are observable market data. Fair values determined by Level 3 inputs utilize unobservable data points for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability (in thousands): Description Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value at June 30, 2015 Liabilities Contingent obligations $ — $ — $ 1,820 $ 1,820 $ — $ — $ 1,820 $ 1,820 Description Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value at 2014 Liabilities Contingent obligations $ — $ — $ 4,560 $ 4,560 $ — $ — $ 4,560 $ 4,560
Rollforward of Fair Value of Contingent Obligations	The following table provides a roll forward of the fair value of contingent obligations categorized as Level 3 instruments, for the six months ended June 30, 2015 (in thousands): Contingent liability— former Transcept stockholders Balances at December 31, 2014 $ 4,560 Change in fair value (2,740 ) Payments made - Balances at June 30, 2015 $ 1,820

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2015
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of Stock Based Compensation Expense Included in Company's Consolidated Statements of Operations	The following table presents stock-based compensation expense included in the Company’s consolidated statements of operations (in thousands): Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Research and development expense $ 275 $ 8 $ 291 $ 16 General and administrative expense 910 5 1,136 12 Total stock-based compensation expense $ 1,185 $ 13 $ 1,427 $ 28
Schedule of Share-based Payment Award, Stock Options, Weighted-Average Valuation Assumptions	The weighted-average assumptions used to determine the value of the stock option grants is as follows: Six months ended June 30, 2015 2015 2014 Volatility 58.4%-59.3% 72.0 % Weighted average risk-free interest rate 1.6%-1.9% 1.9 % Expected dividend yield — — Expected life of options (in years) 5.3-6.3 5.8
Schedule of Share-based Compensation, Stock Options, Activity	A summary of stock option activity for the six months ended June 30, 2015 is as follows: Number of Shares Weighted Average Exercise Price Weighted– Average Remaining Contractual Term (in Years) Aggregate Intrinsic Value Outstanding Balances at December 31, 2014 781,568 $ 4.30 Granted 1,102,769 25.78 Exercised (54,391 ) 4.30 Forfeited (4,050 ) 24.07 Balances at June 30, 2015 1,825,896 $ 17.23 9.49 $ 16,375 Exercisable June 30, 2015 68,329 $ 8.92 9.15 $ 1,156 Vested and expected to vest June 30, 2015 1,727,904 $ 15.62 9.47 $ 18,234
Schedule of Share-based Compensation, Restricted Stock, Activity	A summary of restricted stock activity for the six months ended June 30, 2015 is as follows: Number of Shares Weighted Average Grant Date Fair Value Unvested balance at December 31, 2014 - $ - Granted 217,000 25.37 Vested - - Forfeited - - Unvested balance at June 30, 2015 217,000 $ 25.37

Description of the Business - A

Description of the Business - Additional Information (Detail) $ / shares in Units, $ in Millions	May. 05, 2015shares	Oct. 29, 2014USD ($)shares	Jun. 30, 2015	Dec. 31, 2014USD ($)$ / sharesshares
Organization [Line Items]
Reverse stock split of common stock			1-for-12
Reverse stock split ratio		0.0833
Purchase price of PPI common stock shares, prior to merger		$ 93
Number of shares of common stock sold | shares	3,089,000	8,068,766
Number of shares of common stock converted | shares				1,335,632
Common stock conversion price | $ / shares				$ 0.778
Exchange rate of common stock shares			6.75%
Old Paratek Stockholders [Member]
Organization [Line Items]
Percentage of ownership on fully diluted common stock			89.60%
Former TSPT Stockholders [Member]
Organization [Line Items]
Percentage of ownership on fully diluted common stock			10.40%
2014 Notes [Member]
Organization [Line Items]
Principal amount outstanding				$ 6

Summary of Significant Accoun28

Summary of Significant Accounting Policies and Basis of Presentation - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2015Item
Regulatory Assets [Abstract]
Number of operating segments	1

Merger Agreement - Summary of C

Merger Agreement - Summary of Company's Consolidated Results of Operations (Detail) - Jun. 30, 2014 - USD ($) $ / shares in Units, $ in Thousands	Total	Total
Business Acquisition Pro Forma Information [Abstract]
Pro forma combined revenues	$ 656	$ 1,122
Pro forma combined net loss	$ (6,332)	$ (10,550)
Pro forma basic and diluted net loss per share	$ (69.63)	$ (119.01)

Intangible Assets, Net - Schedu

Intangible Assets, Net - Schedule of Intangible Assets (Detail) - USD ($)	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014
Indefinite-lived Intangible Assets [Line Items]
Gross intangible assets	$ 1,850,000		$ 4,990,000
Less: Accumulated amortization	(175,000)		(176,000)
Net intangible assets	1,675,000		4,814,000
Intermezzo Product Rights [Member]
Indefinite-lived Intangible Assets [Line Items]
Gross intangible assets	1,410,000		4,550,000
Less: Accumulated amortization	(76,909)	$ (300,000)
TO-2070 Product Rights [Member]
Indefinite-lived Intangible Assets [Line Items]
Gross intangible assets	440,000		$ 440,000
Less: Accumulated amortization	$ (97,778)

Intangible Assets, Net - Additi

Intangible Assets, Net - Additional Information (Detail) - USD ($)	3 Months Ended			6 Months Ended
	Jun. 30, 2015	Mar. 31, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Finite-Lived Intangible Assets [Line Items]
Impairment of intangible asset	$ 0	$ 2,800,000	$ 0	$ 2,761,000	$ 0
Accumulated amortization	175,000			175,000		$ 176,000
Additional asset impairment charge				0
Intermezzo Product Rights [Member]
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	76,909	$ 300,000		$ 76,909
Estimated useful life				4 years
Amortization expense	76,909			$ 76,909
TO-2070 Product Rights [Member]
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	97,778			$ 97,778
Estimated useful life				3 years
Amortization expense	$ 36,667			$ 73,333

Net Loss Per Share Available 32

Net Loss Per Share Available to Common Stockholders - Computation of Basic and Diluted Net Loss Per Share Available to Common Stockholders (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Earnings Per Share [Abstract]
Net loss	$ (15,699)	$ (2,270)	$ (26,332)	$ (3,481)
Less: Unaccreted dividends on convertible preferred stock		(737)		(939)
Net loss attributable to common stockholders	$ (15,699)	$ (3,007)	$ (26,332)	$ (4,420)
Weighted-average common shares outstanding	16,372,694	71,209	15,400,819	69,365
Net loss per share—basic and diluted	$ (0.96)	$ (42.23)	$ (1.71)	$ (63.72)

Net Loss Per Share Available 33

Net Loss Per Share Available to Common Stockholders - Antidilutive Shares Excluded from Computation of Diluted Net Income (Loss) Per Share (Detail) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Excluded potentially dilutive securities	2,057,630	1,061,148	2,057,630	1,061,148
Convertible Preferred Stock [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Excluded potentially dilutive securities		236,250		236,250
Unvested Restricted Stock [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Excluded potentially dilutive securities	217,000		217,000
Common Stock [Member] | Stock Option [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Excluded potentially dilutive securities	1,825,896	813,040	1,825,896	813,040
Common Stock [Member] | Warrant [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Excluded potentially dilutive securities	14,734		14,734
Preferred Stock [Member] | Warrant [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Excluded potentially dilutive securities		11,858		11,858

License and Collaboration Agr34

License and Collaboration Agreements - Additional Information (Detail) - USD ($)	1 Months Ended					6 Months Ended	12 Months Ended
	Dec. 31, 2014	Aug. 31, 2012	Dec. 31, 2011	Jul. 31, 2009	Feb. 28, 1997	Jun. 30, 2015	Jan. 31, 2012	Jan. 31, 2010	Aug. 31, 2009
Allergan [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Aggregated amount payable future regulatory milestones						$ 17,000,000
Milestone payments on acceptance of an NDA submission						5,000,000
Allergan [Member] | Crl Agreement [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Fees earned								$ 4,000,000
Allergan [Member] | New Drug Application [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Fees earned								$ 1,000,000
Allergan [Member] | Crl Agreement Phase 2 Trials [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Fees earned							$ 2,500,000
Allergan [Member] | Crl Agreement Phase 3 Trials [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Fees earned	$ 4,000,000
Tufts [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Milestone payments, maximum						300,000
Milestone payments, paid						50,000,000
Royalty, payable						25,000,000
Minimum amount of research to be sponsored						$ 100,000,000
Shares issued					1,024
Purdue Pharma [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Non-refundable license fees									$ 25,000,000
Range of company tier base royalties on net sales of Intermezzo						From the mid-teens up to the mid-20% level
Validity of collaboration agreement				15 years
Advance notice to terminate collaboration agreement						180 days
Rate of royalty receivable						100.00%
Cash proceeds from sale or disposition of intermezzo						90.00%
Purdue Pharma [Member] | Maximum [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Payment on achievement of net sales criteria						$ 70,000,000
Purdue Pharma [Member] | Intellectual Property [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Non-refundable milestone payments made		$ 10,000,000	$ 10,000,000
SNBL [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Non refundable license fee						1,000,000
Aggregate amount obligated for achievement of certain development						41,500,000
SNBL [Member] | Maximum [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Payment on achievement of net sales criteria						$ 2,000,000

Common Stock - Additional Infor

Common Stock - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	May. 05, 2015	Oct. 29, 2014	Jun. 30, 2015	Jan. 12, 2015	Dec. 31, 2014
Equity [Abstract]
Common stock, par value			$ 0.001	$ 0.001	$ 0.001
Common stock amount			$ 18	$ 200,000	$ 14
Common stock issued on public offering	3,089,000	8,068,766
Additional common stock issued price per share to underwriters			$ 24.50
Additional common stock issued to underwriters			229,000
Aggregate proceeds received by the company			$ 70,400

Accounts Payable and Accrued 36

Accounts Payable and Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Payables And Accruals [Abstract]
Accounts payable	$ 321	$ 489
Acrued legal costs	1,209	876
Intermezzo payable	997	399
Accrued compensation	975	544
Accrued contract manufacturing	903	70
Accrued professional fees	795	322
Accrued other	175	215
Total	$ 5,375	$ 2,915

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Financial Assets and Liabilities Measured at Fair Value (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Liabilities
Total fair value	$ 1,820	$ 4,560
Contingent Obligations [Member]
Liabilities
Liability fair value Disclosure	1,820	4,560
Quoted Prices in Active Markets (Level 1) [Member]
Liabilities
Total fair value	0
Significant Other Observable Inputs (Level 2) [Member]
Liabilities
Total fair value	0
Significant Unobservable Inputs (Level 3) [Member]
Liabilities
Total fair value	1,820	4,560
Significant Unobservable Inputs (Level 3) [Member] | Contingent Obligations [Member]
Liabilities
Liability fair value Disclosure	$ 1,820	$ 4,560

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2015	Mar. 31, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Fair Value Disclosures [Abstract]
Contingent cash amount to be paid as percent of payments received by Transcept on or before second anniversary				100.00%
Contingent cash amount to be paid as percent of payments received by Transcept for net sales criteria achievement	100.00%			100.00%
Contingent cash amount to be paid as percent of cash proceeds from sale or disposition of Intermezzo				90.00%
Intermezzo Expense Reserve				$ 3,000
Changes in fair value of contingent consideration	$ 400	$ (3,100)	$ 0	$ (2,740)	$ 0

Fair Value Measurements - Roll

Fair Value Measurements - Roll Forward of Fair Value of Contingent Obligations (Detail) - Contingent Obligations [Member] $ in Thousands	6 Months Ended
	Jun. 30, 2015USD ($)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balances	$ 4,560
Change in fair value	(2,740)
Ending balances	$ 1,820

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Based Compensation Expense Included in Company's Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Lien Items]
Total stock-based compensation expense	$ 1,185	$ 13	$ 1,427	$ 28
Research and Development Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Lien Items]
Total stock-based compensation expense	275	8	291	16
General and Administrative Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Lien Items]
Total stock-based compensation expense	$ 910	$ 5	$ 1,136	$ 12

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Share-based Payment Award, Stock Options, Weighted-Average Valuation Assumptions (Detail) - Employee Stock Option [Member]	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility		72.00%
Weighted average risk-free interest rate		1.90%
Expected life of options (in years)		5 years 9 months 18 days
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility	58.40%
Weighted average risk-free interest rate	1.60%
Expected life of options (in years)	5 years 3 months 18 days
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility	59.30%
Weighted average risk-free interest rate	1.90%
Expected life of options (in years)	6 years 3 months 18 days

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2015USD ($)PlanEmployeesshares	Jan. 01, 2015shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted in period	1,102,769
2006 Stock Option Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options reserved for future issuance		125,000
Awards granted in period	0
2006 Stock Option Plan [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Inducement stock options, vesting period	1 year
2006 Stock Option Plan [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Inducement stock options, vesting period	4 years
2006 Stock Option Plan [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted under 2014 plan	217,000
2006 Stock Option Plan [Member] | Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted under 2014 plan	842,769
2015 Inducement Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Inducement stock options, vesting period	4 years
Total shares available for future issuance	768,000
2015 Inducement Plan [Member] | New Employee [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options reserved for future issuance	360,000
2015 Inducement Plan [Member] | Executive [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options reserved for future issuance	260,000
2014 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted under 2014 plan	483,114
Awards granted in period	0
Number of grants amended | Plan	8
Grants amended, Number of executive and employees | Employees	4
2015 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shares available for future issuance	768,000
Stock Compensation Plan [Member] | Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost related to unvested share-based arrangements | $	$ 17.1
Weighted average compensation cost recognition period	1 year 8 months 1 day

Stock-Based Compensation - Sc43

Stock-Based Compensation - Schedule of Share-based Compensation, Stock Options, Activity (Detail) - Jun. 30, 2015 - USD ($) $ / shares in Units, $ in Thousands	Total
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Number of Shares Outstanding, Beginning Balances	781,568
Number of Shares Outstanding, Granted	1,102,769
Number of Shares Outstanding, Exercised	(54,391)
Number of Shares Outstanding, Forfeited	(4,050)
Number of Shares Outstanding, Ending Balances	1,825,896
Number of Shares Outstanding, Exercisable	68,329
Number of Shares Outstanding, Vested and expected to vest	1,727,904
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Weighted Average Exercise Price, Beginning Balances	$ 4.30
Weighted Average Exercise Price, Options Granted	25.78
Weighted Average Exercise Price, Options Exercised	4.30
Weighted Average Exercise Price, Options Forfeited	24.07
Weighted Average Exercise Price, Ending Balances	17.23
Weighted Average Exercise Price, Exercisable	8.92
Weighted Average Exercise Price, Vested and expected to vest	$ 15.62
Share-based Compensation Arrangement by Share-based Payment Award, Options, Weighted-Average Remaining Contractual Term (in Years)
Options Outstanding, Weighted-Average Remaining Contractual Term (in Years)	9 years 5 months 27 days
Option Exercisable,Weighted-Average Remaining Contractual Term (in Years)	9 years 1 month 24 days
Option Exercisable,Vested and expected to vest,Weighted-Average Remaining Contractual Term (in Years)	9 years 5 months 19 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Aggregate Intrinsic Value
Options Outstanding, Aggregate Intrinsic Value	$ 16,375
Options Exercisable,Aggregate Intrinsic Value	1,156
Vested and expected to vest,Aggregate Intrinsic Value	$ 18,234

Stock-Based Compensation - Sc44

Stock-Based Compensation - Schedule of Share-based Compensation, Restricted Stock, Activity (Detail) - 6 months ended Jun. 30, 2015 - Restricted Stock [Member] - $ / shares	Total
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Number of Shares, Granted	217,000
Unvested Number of Shares, Ending Balance	217,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted Average Grant Date Fair Value, Granted	$ 25.37
Unvested Weighted Average Grant Date Fair Value, Ending Balance	$ 25.37

Nonconvertible Senior Secured45

Nonconvertible Senior Secured Promissory Notes - Additional Information (Detail) - Mar. 31, 2014 - Employee, Officer and Director [Member] - USD ($)	Total
2014 Notes [Member]
Debt Instrument [Line Items]
Principal amount of convertible notes	$ 15,600,000
Accrued interest related to convertible notes	2,200,000
Additional investment amount	$ 700,000
Period of warrants	7 years
2014 Notes [Member] | Noncontributing Party [Member]
Debt Instrument [Line Items]
Number of shares issuable	1
2014 Notes [Member] | Series A Convertible Preferred Stock [Member]
Debt Instrument [Line Items]
Shares issued upon conversion	2,256,674
Warrants exercisable	9,614
2014 Notes [Member] | Series A Convertible Preferred Stock [Member] | Contributing Party [Member]
Debt Instrument [Line Items]
Number of shares issuable	2.25
2014 Notes [Member] | New Series A Warrants [Member]
Debt Instrument [Line Items]
Convertible Preferred Stock, per share	$ 0.15
Initial fair value of warrants	$ 40,000
March 2014 Notes [Member]
Debt Instrument [Line Items]
Nonconvertible senior secured promissory notes	6,000,000
March 2014 Notes [Member] | Existing Convertible Note Holders [Member]
Debt Instrument [Line Items]
Nonconvertible senior secured promissory notes	2,800,000
Senior Secured Nonconvertible Promissory Notes [Member] | 2014 Notes [Member]
Debt Instrument [Line Items]
Aggregate principal amount of nonconvertible senior promissory notes	$ 6,000,000
Rate of interest	10.00%
Lead Lenders Investment [Member] | March 2014 Notes [Member]
Debt Instrument [Line Items]
Nonconvertible senior secured promissory notes	$ 3,300,000

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2015USD ($)
Income Tax Disclosure [Abstract]
Provision for federal income taxes	$ 0
Provision for state income taxes	$ 0

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2015USD ($)
Commitments And Contingencies Disclosure [Abstract]
Litigation settlement amount	$ 0.6