Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | Apr. 30, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | ENDOCYTE INC | |
Entity Central Index Key | 1,235,007 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 69,501,640 |
CONDENSED BALANCE SHEETS
CONDENSED BALANCE SHEETS - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents at carrying value | $ 89,831,744 | $ 18,559,130 |
Short-term investments | 83,292,883 | 78,912,297 |
Receivables | 273,044 | |
Prepaid expenses | 1,259,420 | 751,255 |
Other assets | 172,390 | 77,077 |
Total current assets | 174,556,437 | 98,572,803 |
Property and equipment, net | 1,942,852 | 2,182,399 |
Other noncurrent assets | 178,941 | 7,067 |
Total assets | 176,678,230 | 100,762,269 |
Current liabilities: | ||
Accounts payable | 1,414,607 | 376,394 |
Accrued wages and benefits | 1,120,772 | 2,533,133 |
Accrued clinical trial expenses | 1,007,396 | 689,985 |
Accrued expenses and other liabilities | 1,070,302 | 946,668 |
Total current liabilities | 4,613,077 | 4,546,180 |
Deferred revenue, net of current portion | 363,266 | 731,944 |
Total liabilities | 4,976,343 | 5,278,124 |
Stockholders’ equity: | ||
Common stock: $0.001 par value, 100,000,000 shares authorized; 48,203,529 and 69,427,773 shares issued and outstanding at December 31, 2017 and March 31, 2018 | 69,428 | 48,204 |
Additional paid-in capital | 488,929,377 | 404,454,909 |
Accumulated other comprehensive (loss) income | (79,143) | (64,433) |
Retained deficit | (317,217,775) | (308,954,535) |
Total stockholders’ equity | 171,701,887 | 95,484,145 |
Total liabilities and stockholders’ equity | $ 176,678,230 | $ 100,762,269 |
CONDENSED BALANCE SHEETS (Paren
CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2018 | Dec. 31, 2017 |
Statement Of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 69,427,773 | 48,203,529 |
Common stock, shares outstanding | 69,427,773 | 48,203,529 |
CONDENSED STATEMENTS OF OPERATI
CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Revenue: | ||
Collaboration revenue | $ 15,855 | $ 12,500 |
Total revenue | 15,855 | 12,500 |
Operating expenses: | ||
Research and development | 5,255,065 | 7,994,472 |
General and administrative | 3,777,546 | 3,745,262 |
Total operating expenses | 9,032,611 | 11,739,734 |
Loss from operations | (9,016,756) | (11,727,234) |
Other income (expense), net: | ||
Interest income, net | 412,897 | 235,451 |
Other income (expense), net | 1,213 | 3,198 |
Net loss | $ (8,602,646) | $ (11,488,585) |
Net loss per share -basic and diluted (in dollars per share) | $ (0.16) | $ (0.27) |
Items included in other comprehensive income (loss): | ||
Unrealized gain (loss) and amounts reclassified to net loss on available-for-sale securities | $ (14,710) | $ (12,681) |
Other comprehensive income (loss) | (14,710) | (12,681) |
Comprehensive loss | $ (8,617,356) | $ (11,501,266) |
Weighted-average number of common shares used in net loss per share calculation - basic and diluted (in shares) | 55,000,743 | 42,434,709 |
CONDENSED STATEMENT OF STOCKHOL
CONDENSED STATEMENT OF STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Retained Deficit | Total |
Balance at beginning of period at Dec. 31, 2016 | $ (41,196) | ||||
Net loss | $ (11,488,585) | ||||
Unrealized gain (loss) on securities | (12,681) | ||||
Balance at end of period at Mar. 31, 2017 | (53,877) | ||||
Cumulative Effect of New Accounting Principle in Period of Adoption | ASU 2014-09 | $ 339,406 | 339,406 | |||
Balance after adjustment | $ 48,204 | $ 404,454,909 | (64,433) | (308,615,129) | 95,823,551 |
Balance at beginning of period at Dec. 31, 2017 | $ 48,204 | 404,454,909 | (64,433) | (308,954,535) | 95,484,145 |
Balances (in shares) at Dec. 31, 2017 | 48,203,529 | ||||
Exercise of stock options | $ 561 | 2,302,412 | $ 2,302,973 | ||
Exercise of stock options (in shares) | 561,088 | 561,088 | |||
Stock-based compensation | $ 127 | 1,251,211 | $ 1,251,338 | ||
Stock-based compensation (in shares) | 127,442 | ||||
Issuance of common stock in connection with equity offering | $ 20,536 | 80,920,845 | 80,941,381 | ||
Issuance of common stock in connection with equity offering (in shares) | 20,535,714 | ||||
Net loss | (8,602,646) | (8,602,646) | |||
Unrealized gain (loss) on securities | (14,710) | (14,710) | |||
Balance at end of period at Mar. 31, 2018 | $ 69,428 | $ 488,929,377 | $ (79,143) | $ (317,217,775) | $ 171,701,887 |
Balances (in shares) at Mar. 31, 2018 | 69,427,773 |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Operating activities | ||
Net income (loss) | $ (8,602,646) | $ (11,488,585) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 202,644 | 238,347 |
Stock-based compensation | 1,355,800 | 1,132,519 |
Loss on disposal of property and equipment | (1,213) | 2,222 |
Amortization of Debt Discount (Premium) | (192,298) | |
Accretion of bond premium | 43,001 | |
Change in operating assets and liabilities: | ||
Receivables | 177,731 | 22,435 |
Prepaid expenses and other assets | (337,374) | 396,962 |
Accounts payable | 863,915 | (3,085) |
Accrued wages, benefits and other liabilities | (1,155,713) | (814,721) |
Deferred revenue | (15,855) | (12,500) |
Net cash used in operating activities | (7,705,009) | (10,483,405) |
Investing activities | ||
Purchases of property and equipment | (5,225) | (29,536) |
Proceeds from disposal of property and equipment | 46,580 | |
Purchases of investments | 27,703,624 | 14,977,694 |
Proceeds from sale and maturities of investments | 23,500,000 | 28,000,000 |
Net cash provided by investing activities | (4,162,269) | 12,992,770 |
Financing activities | ||
Stock repurchase | (104,462) | (92,929) |
Proceeds from issuance of common stock in connection with equity offering | 80,941,381 | |
Proceeds from the exercise of stock options | 2,302,973 | 16,290 |
Net cash provided by financing activities | 83,139,892 | (76,639) |
Net increase (decrease) in cash and cash equivalents | 71,272,614 | 2,432,726 |
Cash and cash equivalents at beginning of period | 18,559,130 | 31,228,192 |
Cash and cash equivalents at end of period | $ 89,831,744 | $ 33,660,918 |
Nature of Business and Organiza
Nature of Business and Organization | 3 Months Ended |
Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Business and Organization | 1. Nature of Business and Organization Endocyte, Inc. (the “Company”) is a biopharmaceutical company and leader in developing targeted therapies for the treatment of cancer. The Company uses drug conjugation technology to create novel therapeutics and companion imaging agents for personalized targeted therapies. The agents actively target receptors that are over-expressed on diseased cells relative to healthy cells, such as prostate specific membrane antigen (“PSMA”) in prostate cancer. This targeted approach is designed to safely enable the delivery of highly potent drug payloads. The companion imaging agents are designed to identify patients whose disease over-expresses the target of the therapy and who are therefore more likely to benefit from treatment . In September 2017, the Company entered into a Development and License Agreement (the “License Agreement”) with ABX advanced biochemical compounds – Biomedizinische Forschungsreagenzien GmbH (“ABX”), pursuant to which the Company acquired exclusive worldwide rights to develop and commercialize PSMA-617 agents, including the product candidate known as 177 Lu-PSMA-617, a radioligand therapeutic (“RLT”). Following a successful End of Phase 2 meeting with the U.S. Food and Drug Administration (“FDA”), the Company finalized the phase 3 VISION trial design and registration plan for 177 Lu-PSMA-617. The trial will include two interim assessments of efficacy, which could potentially lead to an early approval for 177 Lu-PSMA-617. The Company intends to initiate, in the second quarter of 2018, the VISION trial, an international, prospective, open-label, multicenter, randomized phase 3 study of 177 Lu-PSMA-617 in up to 750 patients with progressive PSMA-positive metastatic castration-resistant prostate cancer (“mCRPC”) who have received at least one novel androgen axis drug (“NAAD”) and at least one taxane regimen. On October 2, 2017, the Company announced its plan to primarily focus its resources on the development of 177 Lu-PSMA-617 and on a targeted effort to generate proof-of-concept data for the EC17 adaptor-controlled chimeric antigen receptor T-cell (“EC17/CAR T-cell”) program, and to explore out-licensing opportunities for all other development programs, such as EC2629 . |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. Significant Accounting Policies Basis of Presentation The accompanying condensed financial statements are prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) for interim financial information to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments, consisting of normal recurring accruals and revisions of estimates, considered necessary for a fair presentation of the accompanying condensed financial statements have been included. Interim results for the three months ended March 31, 2018 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2018 or any other future period. These condensed financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017. Subsequent events have been evaluated through the date of issuance, which is the same as the date this Form 10-Q is filed with the Securities and Exchange Commission (“the SEC”) . Segment 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. All long-lived assets are held in the U.S. The Company views its operations and manages its business in one operating segment . Use of Estimates The preparation of financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual amounts may differ from those estimates . Cash and Cash Equivalents The Company considers cash and all highly liquid investments with a maturity of three months or less at the date of purchase to be cash equivalents. Cash equivalents consist primarily of money market instruments, U.S. government treasury obligations, corporate debt securities and repurchase agreements that are maintained by an investment manager . Investments Investments consist primarily of investments in U.S. Treasuries and corporate debt securities, which could also include commercial paper, that are maintained by an investment manager. Management determines the appropriate classification of marketable securities at the time of purchase and reevaluates such classification as of each balance sheet date. Available-for-sale securities are carried at fair value, with the unrealized gains and losses reported in other comprehensive income (loss). Realized gains and losses and declines in value judged to be other-than-temporary on available-for-sale securities are included in other income (loss). The Company considers and accounts for other-than-temporary impairments according to the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 320, Investments — Debt and Equity Securities (“ASC 320”). The cost of securities sold is based on the specific-identification method. Discounts and premiums on debt securities are amortized to interest income and expensed over the term of the security . Revenue Recognition Commencing with reporting periods beginning January 1, 2018, the Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers . The Company’s contract revenues consist of revenues from license and collaboration agreements. License and collaboration revenue is primarily generated through agreements with strategic partners for the development and potential commercialization of our product candidates. The terms of the agreement typically include non-refundable upfront fees, funding of research and development activities, payments based upon achievement of milestones and potential royalties on net product sales. Non-refundable upfront fees and funding of research and development activities are considered fixed consideration, while milestone payments and royalties are identified as variable consideration. The Company recognizes revenues from license and collaboration agreements to depict the transfer of promised goods or services in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. In order to determine the appropriate amount of revenue to be recognized as the Company fulfills its obligations under a contract, the Company follows the following steps for in-scope transactions: 1) identification of the contract with a customer, 2) identification of the separate performance obligations in the contract, 3) determination of the transaction price, 4) allocation of the transaction price to the separate performance obligations in the contract, and 5) recognition of revenue when or as the Company satisfies a performance obligation. The Company’s performance obligations may include license rights, research and development services, services associated with regulatory submission and approval processes and services related to potential commercialization processes. Significant judgment may be required to determine the level of effort required under an arrangement and the period over which the Company expects to satisfy its performance obligations under the arrangement. If the Company cannot reasonably estimate when its performance obligations either are satisfied or become inconsequential, then revenue recognition is deferred until the Company can reasonably make such estimates. Revenue is then recognized over the remaining estimated period of performance using the cumulative catch-up method. License Agreements If the license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenue from non-refundable, upfront fees allocated to the license when the license is transferred to the licensee and the licensee is able to use and benefit from the license. For licenses that may be bundled with other promises, the Company will utilize judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from non-refundable, upfront fees. Because the drug development process is lengthy and the Company’s collaboration agreements typically cover activities over several years, this approach may result in the deferral of significant amounts of revenue into future periods. Each reporting period, the Company will evaluate the measure of progress and, if necessary, adjust the measure of performance and related revenue recognition. Milestone Payments At the inception of each arrangement that includes milestone payments, the Company evaluates whether the milestones are considered probable of being achieved and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the value of the associated milestone (such as a regulatory submission by the Company) is included in the transaction price. Milestone payments that are not within the control of the Company, such as approvals from regulators, are not considered probable of being achieved until those approvals are received. When the Company’s assessment of probability of achievement changes and variable consideration becomes probable, any additional estimated consideration is allocated to each performance obligation based on the estimated relative standalone selling prices of the promised good or service underlying each performance obligation and recorded in license, collaboration, and other revenues based upon when the customer obtains control of each element. Royalty Payments For arrangements that include sales-based royalties, including milestone payments based on the level of sales, and the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (a) when the related sales occur, or (b) when the performance obligation to which some or all of the royalty has been allocated has been satisfied. To date, none of the Company’s products have been approved and therefore the Company has not earned any royalty revenue from product sales. Research and Development Expenses Research and development expenses represent costs associated with the ongoing development of novel therapeutics and companion imaging agents for personalized targeted therapies and include salaries and employee benefits, supplies, facility costs related to research activities, and expenses for clinical trials. The Company records accruals for clinical trial expenses based on the estimated amount of work completed. The Company monitors patient enrollment levels and related activities to the extent possible through internal reviews, correspondence, and discussions with research organizations. In the event that a clinical trial is terminated early, the Company records, in the period of termination, an accrual for the estimated remaining costs to complete and close out the trial pursuant to ASC Topic 420, Exit or Disposal Cost Obligations , as a terminated trial does not provide any future economic benefit to the Company. See Note 10 – Restructuring Costs of the Notes to Condensed Financial Statements contained herein for costs incurred during the three months ended March 31, 2018 related to the Company’s restructuring activities . Upfront payments made in connection with business collaborations and research and development arrangements are evaluated under ASC Subtopic 730-20, Research and Development Arrangements . Amounts related to future research and development are capitalized as prepaid research and development and are expensed over the service period based upon the level of services provided. As of March 31, 2018, the Company had approximately $0.6 million of capitalized research and development costs included in prepaid expenses . Acquired In-Process Research and Development Expense The Company has acquired and may continue to acquire the rights to develop and commercialize new drug candidates. In accordance with ASC Subtopic 730-25, Accounting for Research and Development Costs , the upfront payments to acquire a new drug compound, as well as future milestone payments when paid or payable, are immediately expensed as acquired in-process research and development (“IPR&D”) in transactions other than a business combination provided that the drug has not achieved regulatory approval for marketing and, absent obtaining such approval, has no alternative future use. Upon obtaining regulatory approval for marketing, any related milestone payments may be capitalized and amortized over the life of the asset. Stock-Based Compensation The Company accounts for its stock-based compensation pursuant to ASC Topic 718, Compensation — Stock Compensation (“ASC 718”), which requires the recognition of the fair value of stock-based compensation in net income. Stock-based compensation consists of stock options, which are granted at exercise prices at or above the fair market value of the Company’s common stock on the dates of grant, service-based restricted stock units (“RSUs”) and shares available for purchase under the Company’s 2010 Employee Stock Purchase Plan (“ESPP”). For RSUs and stock options issued by the Company, stock-based compensation expense is recognized ratably over the service period . The Company recognizes compensation cost based on the grant date fair value estimated in accordance with the provisions of ASC 718. Net Loss Per Share Basic net loss per share is calculated by dividing the net loss attributable 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 is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common share equivalents outstanding for the period determined using the treasury-stock method and the if-converted method. For purposes of this calculation, stock options, warrants, RSUs and shares to be purchased under the ESPP are considered to be common stock equivalents and are only included in the calculation of diluted net loss per share when their effect is dilutive . Common stock equivalents As of March 31, 2017 and 2018, the following number of potential common stock equivalents were outstanding: As of March 31, 2017 2018 Outstanding common stock options 6,860,968 5,996,771 Outstanding warrants 34,647 722,000 Outstanding RSUs 616,912 1,524,581 Shares to be purchased under the ESPP 30,121 20,456 Total 7,542,648 8,263,808 These common stock equivalents were excluded from the determination of diluted net loss per share due to their anti-dilutive effect on earnings. The increase in outstanding warrants was due to warrants issued in connection with the License Agreement. For additional information on the outstanding warrants, see Note 8 – Warrants of the Notes to Condensed Financial Statements contained herein. |
New Accounting Pronouncements
New Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements | 3. New Accounting Pronouncements Recently Issued Accounting Standards In February 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-02, Leases , an update to ASC Topic 842, Leases . This guidance requires lessees to recognize leases as assets and liabilities on their balance sheets but recognize expenses on their income statements in a manner similar to the current accounting guidance. For lessors, the guidance also modifies the classification criteria and the accounting for sales-type and direct finance leases. This update is effective for the Company for interim and annual reporting periods beginning January 1, 2019 unless it elects early adoption. The Company is currently evaluating the impact, if any, the adoption of this guidance will have on its financial statements. Recently Adopted Accounting Standards In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), to clarify the principles used to recognize revenue for all entities. Under ASU 2014-09 as subsequently amended and clarified (“ASC 606”), an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In order to do so, an entity would follow the five-step process for in-scope transactions: 1) identify the contract with a customer, 2) identify the separate performance obligations in the contract, 3) determine the transaction price, 4) allocate the transaction price to the separate performance obligations in the contract, and 5) recognize revenue when (or as) the entity satisfies a performance obligation. ASC 606 was effective for the Company for interim and annual reporting periods beginning January 1, 2018. The Company adopted ASC 606 in the three months ended March 31, 2018 using the modified retrospective method by recognizing the cumulative effect of initially applying the new revenue standard as an adjustment to the opening balance of retained deficit. The cumulative effect related to the adoption of ASC 606 was a $0.3 million decrease to the opening balance of retained deficit at January 1, 2018. The Company had deferred revenue related to its agreement with Nihon Medi-Physic Co., LTD. (“NMP”) of approximately $0.4 million at March 31, 2018 and will record the revenue on a straight-line basis over the remaining estimated performance obligation period of approximately six years. The Company currently has a limited number of contracts with customers and only one revenue stream, which relates to collaboration and licensing arrangements, and which represents all of the revenue earned in the three months ended March 31, 2018. The adoption of ASC 606 did not have a material impact on the Company’s financial statements and is not expected to have a material impact on the Company’s financial statements on an ongoing basis. |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2018 | |
Stockholders' Equity Note [Abstract] | |
Other Comprehensive Income (Loss) | 4. Other Comprehensive Income (Loss) The following tables summarize the accumulated balances related to each component of other comprehensive loss for the three months ended March 31, 2017 and 2018: Accumulated Unrealized Net Other Losses Comprehensive on Securities Losses Balance at December 31, 2016 $ (41,196) $ (41,196) Unrealized loss (12,681) (12,681) Other comprehensive loss (12,681) (12,681) Balance at March 31, 2017 $ (53,877) $ (53,877) Accumulated Unrealized Net Other Losses Comprehensive on Securities Losses Balance at December 31, 2017 $ (64,433) $ (64,433) Unrealized loss (14,710) (14,710) Other comprehensive loss (14,710) (14,710) Balance at March 31, 2018 $ (79,143) $ (79,143) |
Investments
Investments | 3 Months Ended |
Mar. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | 5. Investments The Company applies the fair value measurement and disclosure provisions of ASC Topic 820, Fair Value Measurements and Disclosures (“ASC 820”). ASC 820, which defines fair value, establishes a framework for measuring fair value in GAAP, and expands disclosures about fair value measurements. Investments consist primarily of investments with maturities greater than three months, but no longer than 24 months, when purchased . ASC 820 establishes a three-level valuation hierarchy for fair value measurements. These valuation techniques are based upon the transparency of inputs (observable and unobservable) to the valuation of an asset or liability as of the measurement date. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. These two types of inputs create the following fair value hierarchy : Level 1 — Valuation is based on quoted prices for identical assets or liabilities in active markets. Level 2 — Valuation is based on quoted prices for similar assets or liabilities in active markets, or other inputs that are observable for the asset or liability, either directly or indirectly, for the full term of the financial instrument. Level 3 — Valuation is based upon other unobservable inputs that are significant to the fair value measurement. The fair value of the Company’s fixed income securities is based on a market approach using quoted market values. The following table summarizes the fair value of cash and cash equivalents and investments as of December 31, 2017: Fair Value Description Cost Level 1 Level 2 (Carrying Value) Cash Cash $ 2,544,972 $ 2,544,972 $ — $ 2,544,972 Cash equivalents (maturity of 3 months or less) Repurchase agreements 10,000,000 — 10,000,000 10,000,000 Money market funds 6,014,158 6,014,158 — 6,014,158 Cash and cash equivalents $ 18,559,130 $ 8,559,130 $ 10,000,000 $ 18,559,130 Short-term investments (due within 1 year) U.S. government treasury obligations $ 63,034,548 $ 62,970,115 $ — $ 62,970,115 Corporate obligations 15,942,182 — 15,942,182 15,942,182 Total short-term investments $ 78,976,730 $ 62,970,115 $ 15,942,182 $ 78,912,297 The following table summarizes the fair value of cash and cash equivalents and investments as of March 31, 2018: Fair Value Description Cost Level 1 Level 2 (Carrying Value) Cash Cash $ 8,423,398 $ 8,423,398 $ — $ 8,423,398 Cash equivalents (maturity of 3 months or less) Repurchase agreements 10,000,000 — 10,000,000 10,000,000 Money market funds 16,993,446 — 16,993,446 U.S. government treasury obligations 34,955,020 34,956,700 — 34,956,700 Corporate obligations 19,459,253 — 19,458,200 19,458,200 Cash and cash equivalents $ 89,831,117 $ 60,373,544 $ 29,458,200 $ 89,831,744 Short-term investments (due within 1 year) U.S. government treasury obligations $ 56,621,253 $ 56,550,250 $ — $ 56,550,250 Corporate obligations 26,751,400 — 26,742,633 26,742,633 Total short-term investments $ 83,372,653 $ 56,550,250 $ 26,742,633 $ 83,292,883 All securities held at December 31, 2017 and March 31, 2018, were classified as available-for-sale as defined by ASC 320. Total unrealized gross gains were $1,756 as of March 31, 2018. There were no unrealized gross gains as of December 31, 2017. Total unrealized gross losses were $64,433 and $80,899 as of December 31, 2017 and March 31, 2018, respectively. The Company does not consider any of the unrealized losses to be other-than-temporary impairments because the Company has the intent and ability to hold investments until they recover in value. There were no total realized gross gains or total realized gross losses for the three months ended March 31, 2017 and 2018. |
Collaborations and Other Arrang
Collaborations and Other Arrangements | 3 Months Ended |
Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Collaborations | 6. Collaboration and Other Arrangements ABX Development and License Agreement In September 2017, the Company entered into the License Agreement with ABX that grants the Company exclusive worldwide rights to develop and commercialize PSMA-617 agents. Under the terms of the License Agreement, the Company will be responsible for, and bear the future costs of, worldwide development and commercialization of PSMA-617. As consideration for the exclusive license, the Company made an upfront cash payment on September 29, 2017 of approximately $11.9 million to ABX, consisting of $12.0 million less an immaterial expense reimbursement amount, and issued to ABX 2,000,000 shares of the Company’s common stock (see Note 7 – Stockholders’ Equity (Deficit) of the Notes to Condensed Financial Statements for additional information regarding this issuance) and two warrants to purchase, in the aggregate, 4,000,000 shares of the Company’s common stock (see Note 8 – Warrants of the Notes to Condensed Financial Statements for additional information regarding the warrants). The License Agreement also obligates the Company to pay ABX regulatory milestone payments of up to $25.0 million, sales milestone payments of up to $135.0 million, and tiered royalties, beginning in the mid-teens and not to exceed the mid-twenties, based on percentages of net sales . In addition, under a three-party agreement, entered into in October 2017, among the Company, the University of Sydney (the “University”) and ANZUP, a cooperative cancer trials group operating in Australia and New Zealand pursuing research in genito-urinary malignancies, ANZUP sponsors jointly with the University a randomized phase 2 multi-center TheraP trial of 177 Lu-PSMA-617 versus cabazitaxel in 200 mCRPC patients. The TheraP trial commenced enrollment in the first quarter of 2018. Under the three-party agreement, the Company provides the PSMA-617 precursor molecule and financial support for the trial. The Company will have access to data generated from the trial, which is a potentially important supportive trial for future regulatory submissions. The primary financial obligations of the trial, along with labeling PSMA-617 with Lutetium-177, will be the responsibility of the University and ANZUP . NMP License and Commercialization Agreement In August 2013, the Company entered into a license and commercialization agreement with NMP that grants NMP the right to develop and commercialize etarfolatide in Japan for use in connection with any folate receptor-targeted therapeutic drug in Japan. The Company received a $1.0 million non-refundable upfront payment, is eligible for up to $4.5 million based on the successful achievement of regulatory goals for etarfolatide in five different cancer indications and is eligible to receive double-digit percentage royalties on sales of etarfolatide in Japan. For revenue recognition purposes, the Company historically viewed the agreement with NMP as a multiple element arrangement upon execution of the agreement in 2013. The Company’s deliverables were accounted for as a single unit of account, therefore the non-refundable upfront payment was being recognized on a straight-line basis over the performance period which had been determined to continue through the estimated termination date of the contract, or through the end of 2033. In the three months ended March 31, 2018, the Company adopted ASC 606 and therefore analyzed the agreement with NMP using the five-step process as described in Note 3 – New Accounting Pronouncements of the Notes to Condensed Financial Statements contained herein. The Company determined that the upfront payment of $1.0 million relates to one performance obligation, which was determined to be the successful development and commercialization of etarfolatide in connection with a related folate receptor-targeted therapeutic drug in Japan, and should be allocated over the performance period that the Company estimates will be required to satisfy the combined performance obligation rather than the period over which the final undelivered item was estimated to be delivered, which was the life of the contract, under the previous standard. Under the modified retrospective method of adoption of ASC 606, t he Company recorded a cumulative effect adjustment to reduce deferred revenue by $0.3 million and to decrease its retained deficit at January 1, 2018. The Company had deferred revenue related to the agreement with NMP of approximately $0.4 million at March 31, 2018 and will continue to record the revenue on a straight-line basis over the remaining estimated performance obligation period of approximately six years. The adoption of ASC 606 did not have a material effect on the Company’s financial statements. The arrangement with NMP includes milestone payments of up to approximately $4.5 million and the milestones are based on the commencement of clinical trials in Japan for specific and non-specific indications and filing for approval in Japan for specific and non-specific indications. The Company evaluated each of these milestone payments and believes that all of the milestones should be excluded from the transaction price due to substantial performance risk. In order for the milestones to be reached, the Company must complete additional clinical trials which show a positive outcome or receive approval from a regulatory authority. To date, the products have not been approved in Japan and no revenue has been recognized related to the regulatory milestones or royalties. NMP has the right to terminate the collaboration agreement on 90 days notice prior to the first commercial sale in Japan and six months notice after the first commercial sale in Japan. NMP also has the right to terminate the agreement on six months notice if the Company fails to launch any folate receptor-targeted therapeutic drug after receiving regulatory approval in Japan. NMP and the Company each have the right to terminate the agreement due to the material breach or insolvency of the other party. Upon termination of the agreement depending on the circumstances, the parties have varying rights and obligations with respect to licensing and related regulatory materials and data. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2018 | |
Equity [Abstract] | |
Stockholders' Equity (Deficit) | 7. Stockholders’ Equity (Deficit) Public Offering of Common Stock On March 2, 2018, the Company closed an underwritten registered public offering of 20,535,714 shares of its common stock, which included the underwriters’ exercise in full of their option to purchase additional shares. The shares were sold at a public offering price of $4. 20 per share. In the three months ended March 31, 2018, the Company received aggregate net proceeds from the offering of approximately $80.9 million, after deducting underwriting discounts and commissions of $5.2 million and offering expenses paid by the Company of $0.1 million. Issuances Related to the License Agreement In connection with the License Agreement, the Company issued to ABX on September 29, 2017, 2,000,000 unregistered shares of the Company’s common stock and two warrants to purchase up to 4,000,000 shares of the Company’s common stock, one of which warrants to purchase 3,278,000 shares was exercised on that same day. Pursuant to a Registration Rights Agreement entered into with ABX, the Company registered for resale these 6,000,000 shares of common stock with the SEC on a Form S-3 Registration Statement that was declared effective on October 24, 2017 . Stock-Based Compensation Plans The Company has had stock-based compensation plans since 1997. The awards made under the plans adopted in 1997 and 2007 consisted of stock options. The 2010 Equity Incentive Plan (the “2010 Plan”), which is the only plan under which awards may currently be made, authorizes awards in the form of stock options, stock appreciation rights, restricted stock, RSUs, performance-based RSUs and performance units and performance shares. Awards under the 2010 Plan may be made to employees, directors and certain consultants as determined by the compensation committee of the board of directors. There were 11,850,563 and 13,296,563 shares of common stock authorized and reserved under these plans at December 31, 2017 and March 31, 2018, respectively . Stock Options Under the various plans, employees have been granted incentive stock options, while directors and consultants have been granted non-qualified options. The plans allow the holder of an option to purchase common stock at the exercise price, which was at or above the fair value of the Company’s common stock on the date of grant . Generally, options granted under the 1997 and 2007 plans in connection with an employee’s commencement of employment vested over a four-year period with one-half of the shares subject to the grant vesting after two years of employment and the remaining options vesting monthly over the remainder of the four-year period. Options granted under the 1997 and 2007 plans for performance or promotions vested monthly over a four-year period. Generally, options granted under the 2010 Plan vest annually over a three-year or four-year period. Unexercised stock options terminate on the tenth anniversary date after the date of grant. The Company recognizes stock-based compensation expense over the requisite service period of the individual grantees, which generally equals the vesting period. The Company utilizes a Black-Scholes option-pricing model to estimate the value of stock options. The Black-Scholes model allows the use of a range of assumptions related to historical volatility, risk-free interest rate, employee exercise behavior and dividend yield. The Company is using the “simplified” method for “plain vanilla” options to estimate the expected term of the stock option grants. Under this approach, the weighted-average expected life is presumed to be the average of the vesting term and the contractual term of the option. The risk-free interest rate assumption is derived from the weighted-average yield of a U.S. Treasury security with the same term as the expected life of the options, and the dividend yield assumption is based on historical experience and the Company’s estimate of future dividend yields . The weighted-average value of the individual options granted during the three months ended March 31, 2017 and 2018 were determined using the following assumptions. Three Months Ended March 31, 2017 2018 Expected volatility % 102.03 % Risk-free interest rate 2.12 % 2.65 % Weighted-average expected life (in years) 6.3 6.4 Dividend yield % % The Company’s stock option activity and related information are summarized as follows: Weighted-Average Remaining Weighted-Average Contractual Term Aggregate Options Exercise Price (In Years) Intrinsic Value Outstanding at January 1, 2018 5,878,660 $ 5.93 Granted during period 688,192 3.07 Exercised during period (561,088) 4.10 Expired during period (8,993) 3.06 Outstanding at March 31, 2018 5,996,771 $ 5.78 6.18 $ 22,125,418 Exercisable at March 31, 2018 4,290,445 $ 6.92 5.02 $ 11,551,954 As of March 31, 2018, the total remaining unrecognized compensation cost related to stock options granted was $3.4 million, which is expected to be recognized over a weighted average period of approximately 2.0 years. Restricted Stock Units RSUs are service-based awards that will vest and be paid in the form of one share of the Company’s common stock for each RSU, generally in two, three or four equal annual installments beginning on the first anniversary of the date of grant of an RSU. As of March 31, 2018, the Company had 1,524,581 RSU awards outstanding. As of March 31, 2018, the total remaining unrecognized compensation cost related to RSUs was $5.7 million, which is expected to be recognized over a weighted average period of approximately 1.4 years. The following table sets forth the number of RSUs that were granted, vested and forfeited in the period indicated: Restricted Weighted-Average Stock Grant Units Date Fair Value Outstanding at January 1, 2018 1,383,770 $ 5.05 Granted during period 301,958 3.02 Vested during period (161,147) 4.27 Outstanding at March 31, 2018 1,524,581 $ 4.73 Employee Stock Purchase Plan At January 1, 2018, 769,542 common shares were available for issuance under the ESPP. Shares may be issued under the ESPP twice a year. There were no purchases in the three months ended March 31, 2018. At March 31, 2018, there were 769,542 common shares available for issuance under the ESPP. |
Warrants
Warrants | 3 Months Ended |
Mar. 31, 2018 | |
Equity [Abstract] | |
Warrant Disclosure [Text Block] | 8. Warrants In connection with the License Agreement, the Company issued to ABX on September 29, 2017, two warrants to purchase up to 4,000,000 shares of the Company’s common stock, at a per share exercise price of $1.39, which is equal to the average closing price of the Company’s common stock during the 30 calendar days prior to September 29 , 2017. The Company accounted for the warrants at fair value in stockholders’ equity. The warrants contain a conversion feature in the case of certain mergers or consolidations by the Company. Immediately upon issuance, ABX assigned the warrants to an affiliate and certain related parties, which exercised a warrant for 3,278,000 shares on September 29, 2017, resulting in proceeds to the Company in the amount of approximately $4.6 million. The remaining warrant, covering an aggregate of 722,000 shares, remained outstanding as of March 31, 2018, is exercisable until September 29, 2027, and is subject to restrictions on transfer. This warrant was valued using the Black-Scholes model utilizing a ten-year term, the Company’s historic volatility of 91.1%, and an interest rate of 2.28% which is the risk free interest rate of a treasury bond with the same term as the warrants, which are level 2 fair value measurements. There were no other outstanding warrants as of March 31, 2018 . |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 9. Income Taxes The Company accounts for income taxes under the liability method in accordance with the provisions of ASC Topic 740, Income Taxes . The Company recognizes future tax benefits, such as net operating losses, to the extent those benefits are expected to be realized in future periods. Due to uncertainty surrounding the realization of its deferred tax assets, the Company has recorded a valuation allowance against its net deferred tax assets. The Company experienced a change in ownership as defined under Section 382 of the U.S. Internal Revenue Code (the “Code”) in August 2011. As a result, the future use of its net operating losses and credit equivalents, after giving effect to net unrealized built-in gains, were previously limited, but the limitations associated with the change in ownership in August 2011 ended as of December 31, 2017. All amounts are available for use if the Company generates future taxable income prior to expiration of the net operating losses, which will begin in 2021. The utilization of the net operating loss carryforwards could be limited beyond the Company's generation of taxable income if an additional change in the underlying ownership of the Company's common stock has occurred, resulting in a limitation on the amounts that could be utilized in any given period under Section 382 of the Code. On December 22, 2017, the President of the United States signed into law the Tax Cuts and Jobs Act (the “2017 Tax Act”) which, among other provisions, reduces the corporate income tax rate from 35% to 21% effective January 1, 2018. The Company’s estimate of the impacts of the 2017 Tax Act are provisional and are based upon its analysis and interpretations of currently available information. Uncertainties remain regarding the impact of the 2017 Tax Act due to future regulatory and rulemaking processes, prospects of additional corrective or supplemental legislation, and potential trade or other litigation. These uncertainties, along with the Company’s completion of the calculations and potential changes in its initial assumptions as new information becomes available, could cause the actual charge to ultimately differ from the provisional amount recorded in 2017 related to the enactment of the 2017 Tax Act. All provisional amounts recorded by the Company are fully reserved. |
Restructuring Costs
Restructuring Costs | 3 Months Ended |
Mar. 31, 2018 | |
Restructuring Costs [Abstract] | |
Restructuring and Related Activities Disclosure [Text Block] | 10. Restructuring Costs In June 2017, the Company refocused its clinical development efforts and aligned its resources to focus on the Company’s highest value opportunities while maintaining key capabilities. The Company’s restructuring activities included a reduction of its workforce by approximately 40%, as well as stopping enrollment in its EC1456 phase 1b trial as the assessment of trial data did not yield the level of clinical activity necessary to support continued advancement of EC1456. In December 2017, the Company stopped enrollment in its EC1456 ovarian cancer surgical trial. Pursuant to ASC Topic 420, Exit or Disposal Cost Obligations , the Company recorded $2.3 million of restructuring expenses in the second quarter of 2017 as follows: · included in research and development expenses were expenses for employee termination benefits of $0.9 million, $0.9 million for the remaining EC1456 phase 1b trial expenses, including site close-out expenses, $0.3 million related to other restructuring expenses, and $0.1 million related to fixed asset impairment charges; and · included in general and administrative expenses were expenses for employee termination benefits of $0.1 million. As of March 31, 2018, the Company had paid all severance and other costs related to the restructuring activities, and had a clinical trial accrual balance related to the EC1456 phase 1b trial termination of $23,300, which is expected to be fully paid by the end of the second quarter of 2018 . The following table summarizes the remaining restructuring accruals for the three months ended March 31, 2018: EC1456 Phase 1b Trial Termination Accrual Balance, January 1, 2018 $ 106,900 Amounts paid in the three months ended March 31, 2018 (83,600) Balance, March 31, 2018 $ 23,300 |
Significant Accounting Polici17
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying condensed financial statements are prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) for interim financial information to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments, consisting of normal recurring accruals and revisions of estimates, considered necessary for a fair presentation of the accompanying condensed financial statements have been included. Interim results for the three months ended March 31, 2018 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2018 or any other future period. These condensed financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017. Subsequent events have been evaluated through the date of issuance, which is the same as the date this Form 10-Q is filed with the Securities and Exchange Commission (“the SEC”) . |
Segment Information | Segment 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. All long-lived assets are held in the U.S. The Company views its operations and manages its business in one operating segment . |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual amounts may differ from those estimates . |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers cash and all highly liquid investments with a maturity of three months or less at the date of purchase to be cash equivalents. Cash equivalents consist primarily of money market instruments, U.S. government treasury obligations, corporate debt securities and repurchase agreements that are maintained by an investment manager . |
Investments | Investments Investments consist primarily of investments in U.S. Treasuries and corporate debt securities, which could also include commercial paper, that are maintained by an investment manager. Management determines the appropriate classification of marketable securities at the time of purchase and reevaluates such classification as of each balance sheet date. Available-for-sale securities are carried at fair value, with the unrealized gains and losses reported in other comprehensive income (loss). Realized gains and losses and declines in value judged to be other-than-temporary on available-for-sale securities are included in other income (loss). The Company considers and accounts for other-than-temporary impairments according to the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 320, Investments — Debt and Equity Securities (“ASC 320”). The cost of securities sold is based on the specific-identification method. Discounts and premiums on debt securities are amortized to interest income and expensed over the term of the security . |
Revenue Recognition | Revenue Recognition Commencing with reporting periods beginning January 1, 2018, the Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers . The Company’s contract revenues consist of revenues from license and collaboration agreements. License and collaboration revenue is primarily generated through agreements with strategic partners for the development and potential commercialization of our product candidates. The terms of the agreement typically include non-refundable upfront fees, funding of research and development activities, payments based upon achievement of milestones and potential royalties on net product sales. Non-refundable upfront fees and funding of research and development activities are considered fixed consideration, while milestone payments and royalties are identified as variable consideration. The Company recognizes revenues from license and collaboration agreements to depict the transfer of promised goods or services in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. In order to determine the appropriate amount of revenue to be recognized as the Company fulfills its obligations under a contract, the Company follows the following steps for in-scope transactions: 1) identification of the contract with a customer, 2) identification of the separate performance obligations in the contract, 3) determination of the transaction price, 4) allocation of the transaction price to the separate performance obligations in the contract, and 5) recognition of revenue when or as the Company satisfies a performance obligation. The Company’s performance obligations may include license rights, research and development services, services associated with regulatory submission and approval processes and services related to potential commercialization processes. Significant judgment may be required to determine the level of effort required under an arrangement and the period over which the Company expects to satisfy its performance obligations under the arrangement. If the Company cannot reasonably estimate when its performance obligations either are satisfied or become inconsequential, then revenue recognition is deferred until the Company can reasonably make such estimates. Revenue is then recognized over the remaining estimated period of performance using the cumulative catch-up method. License Agreements If the license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenue from non-refundable, upfront fees allocated to the license when the license is transferred to the licensee and the licensee is able to use and benefit from the license. For licenses that may be bundled with other promises, the Company will utilize judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from non-refundable, upfront fees. Because the drug development process is lengthy and the Company’s collaboration agreements typically cover activities over several years, this approach may result in the deferral of significant amounts of revenue into future periods. Each reporting period, the Company will evaluate the measure of progress and, if necessary, adjust the measure of performance and related revenue recognition. Milestone Payments At the inception of each arrangement that includes milestone payments, the Company evaluates whether the milestones are considered probable of being achieved and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the value of the associated milestone (such as a regulatory submission by the Company) is included in the transaction price. Milestone payments that are not within the control of the Company, such as approvals from regulators, are not considered probable of being achieved until those approvals are received. When the Company’s assessment of probability of achievement changes and variable consideration becomes probable, any additional estimated consideration is allocated to each performance obligation based on the estimated relative standalone selling prices of the promised good or service underlying each performance obligation and recorded in license, collaboration, and other revenues based upon when the customer obtains control of each element. Royalty Payments For arrangements that include sales-based royalties, including milestone payments based on the level of sales, and the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (a) when the related sales occur, or (b) when the performance obligation to which some or all of the royalty has been allocated has been satisfied. To date, none of the Company’s products have been approved and therefore the Company has not earned any royalty revenue from product sales. |
Research and Development Expenses | Research and Development Expenses Research and development expenses represent costs associated with the ongoing development of novel therapeutics and companion imaging agents for personalized targeted therapies and include salaries and employee benefits, supplies, facility costs related to research activities, and expenses for clinical trials. The Company records accruals for clinical trial expenses based on the estimated amount of work completed. The Company monitors patient enrollment levels and related activities to the extent possible through internal reviews, correspondence, and discussions with research organizations. In the event that a clinical trial is terminated early, the Company records, in the period of termination, an accrual for the estimated remaining costs to complete and close out the trial pursuant to ASC Topic 420, Exit or Disposal Cost Obligations , as a terminated trial does not provide any future economic benefit to the Company. See Note 10 – Restructuring Costs of the Notes to Condensed Financial Statements contained herein for costs incurred during the three months ended March 31, 2018 related to the Company’s restructuring activities . Upfront payments made in connection with business collaborations and research and development arrangements are evaluated under ASC Subtopic 730-20, Research and Development Arrangements . Amounts related to future research and development are capitalized as prepaid research and development and are expensed over the service period based upon the level of services provided. As of March 31, 2018, the Company had approximately $0.6 million of capitalized research and development costs included in prepaid expenses . |
Acquired In-Process Research and Development Expense | Acquired In-Process Research and Development Expense The Company has acquired and may continue to acquire the rights to develop and commercialize new drug candidates. In accordance with ASC Subtopic 730-25, Accounting for Research and Development Costs , the upfront payments to acquire a new drug compound, as well as future milestone payments when paid or payable, are immediately expensed as acquired in-process research and development (“IPR&D”) in transactions other than a business combination provided that the drug has not achieved regulatory approval for marketing and, absent obtaining such approval, has no alternative future use. Upon obtaining regulatory approval for marketing, any related milestone payments may be capitalized and amortized over the life of the asset. |
Stock-Based Compensation | Stock-Based Compensation The Company accounts for its stock-based compensation pursuant to ASC Topic 718, Compensation — Stock Compensation (“ASC 718”), which requires the recognition of the fair value of stock-based compensation in net income. Stock-based compensation consists of stock options, which are granted at exercise prices at or above the fair market value of the Company’s common stock on the dates of grant, service-based restricted stock units (“RSUs”) and shares available for purchase under the Company’s 2010 Employee Stock Purchase Plan (“ESPP”). For RSUs and stock options issued by the Company, stock-based compensation expense is recognized ratably over the service period . The Company recognizes compensation cost based on the grant date fair value estimated in accordance with the provisions of ASC 718. |
Net Loss Per Share | Net Loss Per Share Basic net loss per share is calculated by dividing the net loss attributable 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 is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common share equivalents outstanding for the period determined using the treasury-stock method and the if-converted method. For purposes of this calculation, stock options, warrants, RSUs and shares to be purchased under the ESPP are considered to be common stock equivalents and are only included in the calculation of diluted net loss per share when their effect is dilutive . Common stock equivalents As of March 31, 2017 and 2018, the following number of potential common stock equivalents were outstanding: As of March 31, 2017 2018 Outstanding common stock options 6,860,968 5,996,771 Outstanding warrants 34,647 722,000 Outstanding RSUs 616,912 1,524,581 Shares to be purchased under the ESPP 30,121 20,456 Total 7,542,648 8,263,808 These common stock equivalents were excluded from the determination of diluted net loss per share due to their anti-dilutive effect on earnings. The increase in outstanding warrants was due to warrants issued in connection with the License Agreement. For additional information on the outstanding warrants, see Note 8 – Warrants of the Notes to Condensed Financial Statements contained herein. |
Significant Accounting Polici18
Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Schedule of common stock equivalents excluded due to anti-dilutive effect | As of March 31, 2017 2018 Outstanding common stock options 6,860,968 5,996,771 Outstanding warrants 34,647 722,000 Outstanding RSUs 616,912 1,524,581 Shares to be purchased under the ESPP 30,121 20,456 Total 7,542,648 8,263,808 |
Other Comprehensive Income (L19
Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Other Comprehensive Income (Loss), Tax [Abstract] | |
Schedule of components of other comprehensive income | The following tables summarize the accumulated balances related to each component of other comprehensive loss for the three months ended March 31, 2017 and 2018: Accumulated Unrealized Net Other Losses Comprehensive on Securities Losses Balance at December 31, 2016 $ (41,196) $ (41,196) Unrealized loss (12,681) (12,681) Other comprehensive loss (12,681) (12,681) Balance at March 31, 2017 $ (53,877) $ (53,877) Accumulated Unrealized Net Other Losses Comprehensive on Securities Losses Balance at December 31, 2017 $ (64,433) $ (64,433) Unrealized loss (14,710) (14,710) Other comprehensive loss (14,710) (14,710) Balance at March 31, 2018 $ (79,143) $ (79,143) |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of the fair value of cash and cash equivalents and investments | The following table summarizes the fair value of cash and cash equivalents and investments as of December 31, 2017: Fair Value Description Cost Level 1 Level 2 (Carrying Value) Cash Cash $ 2,544,972 $ 2,544,972 $ — $ 2,544,972 Cash equivalents (maturity of 3 months or less) Repurchase agreements 10,000,000 — 10,000,000 10,000,000 Money market funds 6,014,158 6,014,158 — 6,014,158 Cash and cash equivalents $ 18,559,130 $ 8,559,130 $ 10,000,000 $ 18,559,130 Short-term investments (due within 1 year) U.S. government treasury obligations $ 63,034,548 $ 62,970,115 $ — $ 62,970,115 Corporate obligations 15,942,182 — 15,942,182 15,942,182 Total short-term investments $ 78,976,730 $ 62,970,115 $ 15,942,182 $ 78,912,297 The following table summarizes the fair value of cash and cash equivalents and investments as of March 31, 2018: Fair Value Description Cost Level 1 Level 2 (Carrying Value) Cash Cash $ 8,423,398 $ 8,423,398 $ — $ 8,423,398 Cash equivalents (maturity of 3 months or less) Repurchase agreements 10,000,000 — 10,000,000 10,000,000 Money market funds 16,993,446 — 16,993,446 U.S. government treasury obligations 34,955,020 34,956,700 — 34,956,700 Corporate obligations 19,459,253 — 19,458,200 19,458,200 Cash and cash equivalents $ 89,831,117 $ 60,373,544 $ 29,458,200 $ 89,831,744 Short-term investments (due within 1 year) U.S. government treasury obligations $ 56,621,253 $ 56,550,250 $ — $ 56,550,250 Corporate obligations 26,751,400 — 26,742,633 26,742,633 Total short-term investments $ 83,372,653 $ 56,550,250 $ 26,742,633 $ 83,292,883 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Equity [Abstract] | |
Schedule of weighted-average valuation assumptions | Three Months Ended March 31, 2017 2018 Expected volatility % 102.03 % Risk-free interest rate 2.12 % 2.65 % Weighted-average expected life (in years) 6.3 6.4 Dividend yield % % |
Schedule of stock option activity | Weighted-Average Remaining Weighted-Average Contractual Term Aggregate Options Exercise Price (In Years) Intrinsic Value Outstanding at January 1, 2018 5,878,660 $ 5.93 Granted during period 688,192 3.07 Exercised during period (561,088) 4.10 Expired during period (8,993) 3.06 Outstanding at March 31, 2018 5,996,771 $ 5.78 6.18 $ 22,125,418 Exercisable at March 31, 2018 4,290,445 $ 6.92 5.02 $ 11,551,954 |
Schedule of restricted stock unit activity | Restricted Weighted-Average Stock Grant Units Date Fair Value Outstanding at January 1, 2018 1,383,770 $ 5.05 Granted during period 301,958 3.02 Vested during period (161,147) 4.27 Outstanding at March 31, 2018 1,524,581 $ 4.73 |
Nature of Business and Organi22
Nature of Business and Organization (Details) | 1 Months Ended |
Sep. 30, 2017personitem | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of interim assessments in trial | item | 2 |
Number of patients with progressive PSMA-positive metastatic castration-resistant prostrate cancer | person | 750 |
Significant Accounting Polici23
Significant Accounting Policies (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2018USD ($)segment | |
Research and Development Expense | |
Capitalized research and development costs | $ | $ 0.6 |
Segment Information | |
Number of Operating Segments | segment | 1 |
Significant Accounting Polici24
Significant Accounting Policies - Net Loss Per Share (Details) - shares | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Common stock equivalents | ||
Antidilutive securities excluded from computation of earnings per share | 8,263,808 | 7,542,648 |
Outstanding common stock options | ||
Common stock equivalents | ||
Antidilutive securities excluded from computation of earnings per share | 5,996,771 | 6,860,968 |
Outstanding warrants | ||
Common stock equivalents | ||
Antidilutive securities excluded from computation of earnings per share | 722,000 | 34,647 |
RSUs | ||
Common stock equivalents | ||
Antidilutive securities excluded from computation of earnings per share | 1,524,581 | 616,912 |
Shares to be purchased under the ESPP | ||
Common stock equivalents | ||
Antidilutive securities excluded from computation of earnings per share | 20,456 | 30,121 |
New Accounting Pronouncements (
New Accounting Pronouncements (Details) | 3 Months Ended | |
Mar. 31, 2018USD ($)item | Dec. 31, 2017USD ($) | |
New Accounting Pronouncement or Change in Accounting Principle, Retrospective Adjustments [Abstract] | ||
Deferred revenue, net of current portion | $ | $ 363,266 | $ 731,944 |
Performance obligation period of recognition | 6 years | |
Number of revenue streams | item | 1 |
Other Comprehensive Income (L26
Other Comprehensive Income (Loss) - components (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance at beginning of period | $ 95,484,145 | |
Balance at end of period | 171,701,887 | |
Unrealized Net Gains (Losses) on Securities | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance at beginning of period | (64,433) | $ (41,196) |
Unrealized gain (loss) | (14,710) | (12,681) |
Other comprehensive income (loss) | (14,710) | (12,681) |
Balance at end of period | (79,143) | (53,877) |
Accumulated Other Comprehensive Income (Loss) | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance at beginning of period | (64,433) | (41,196) |
Unrealized gain (loss) | (14,710) | (12,681) |
Other comprehensive income (loss) | (14,710) | (12,681) |
Balance at end of period | $ (79,143) | $ (53,877) |
Investments (Details)
Investments (Details) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Cash | ||||
Cash | $ 8,423,398 | $ 2,544,972 | ||
Cash equivalents | ||||
Cash and cash equivalents at carrying value | 89,831,744 | 18,559,130 | $ 33,660,918 | $ 31,228,192 |
Short-term Investments | ||||
Short-term investments (due within 1 year) | ||||
Available-for-sale securities, amortized cost | 83,372,653 | 78,976,730 | ||
Available-for-sale securities | 83,292,883 | 78,912,297 | ||
Short-term Investments | U.S. government treasury obligations | ||||
Short-term investments (due within 1 year) | ||||
Available-for-sale securities, amortized cost | 56,621,253 | 63,034,548 | ||
Available-for-sale securities | 56,550,250 | 62,970,115 | ||
Short-term Investments | Corporate obligations | ||||
Short-term investments (due within 1 year) | ||||
Available-for-sale securities, amortized cost | 26,751,400 | 15,942,182 | ||
Available-for-sale securities | 26,742,633 | 15,942,182 | ||
Cash Equivalents [Member] | ||||
Cash equivalents | ||||
Cash and cash equivalents at cost | 89,831,117 | 18,559,130 | ||
Cash and cash equivalents at carrying value | 89,831,744 | 18,559,130 | ||
FDIC insured deposits and money market funds | ||||
Cash equivalents | ||||
Cash equivalents at cost | 10,000,000 | |||
Cash Equivalents, at Carrying Value | 10,000,000 | |||
Repurchase Agreements | ||||
Cash equivalents | ||||
Cash equivalents at cost | 10,000,000 | |||
Cash Equivalents, at Carrying Value | 10,000,000 | |||
Money Market Funds | ||||
Cash equivalents | ||||
Cash equivalents at cost | 16,993,446 | 6,014,158 | ||
Cash Equivalents, at Carrying Value | 16,993,446 | 6,014,158 | ||
U.S. government treasury obligations | ||||
Cash equivalents | ||||
Cash equivalents at cost | 34,955,020 | |||
Cash Equivalents, at Carrying Value | 34,956,700 | |||
Corporate obligations | ||||
Cash equivalents | ||||
Cash equivalents at cost | 19,459,253 | |||
Cash Equivalents, at Carrying Value | 19,458,200 | |||
Level 1 | ||||
Cash | ||||
Cash | 8,423,398 | 2,544,972 | ||
Level 1 | Short-term Investments | ||||
Short-term investments (due within 1 year) | ||||
Available-for-sale securities | 56,550,250 | 62,970,115 | ||
Level 1 | Short-term Investments | U.S. government treasury obligations | ||||
Short-term investments (due within 1 year) | ||||
Available-for-sale securities | 56,550,250 | 62,970,115 | ||
Level 1 | Cash Equivalents [Member] | ||||
Cash equivalents | ||||
Cash and cash equivalents at carrying value | 60,373,544 | 8,559,130 | ||
Level 1 | Money Market Funds | ||||
Cash equivalents | ||||
Cash Equivalents, at Carrying Value | 16,993,446 | 6,014,158 | ||
Level 1 | U.S. government treasury obligations | ||||
Cash equivalents | ||||
Cash Equivalents, at Carrying Value | 34,956,700 | |||
Level 2 | Short-term Investments | ||||
Short-term investments (due within 1 year) | ||||
Available-for-sale securities | 26,742,633 | 15,942,182 | ||
Level 2 | Short-term Investments | Corporate obligations | ||||
Short-term investments (due within 1 year) | ||||
Available-for-sale securities | 26,742,633 | 15,942,182 | ||
Level 2 | Cash Equivalents [Member] | ||||
Cash equivalents | ||||
Cash and cash equivalents at carrying value | 29,458,200 | 10,000,000 | ||
Level 2 | FDIC insured deposits and money market funds | ||||
Cash equivalents | ||||
Cash Equivalents, at Carrying Value | $ 10,000,000 | |||
Level 2 | Repurchase Agreements | ||||
Cash equivalents | ||||
Cash Equivalents, at Carrying Value | 10,000,000 | |||
Level 2 | Corporate obligations | ||||
Cash equivalents | ||||
Cash Equivalents, at Carrying Value | $ 19,458,200 |
Investments unrealized gains (D
Investments unrealized gains (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |||
Unrealized gain on securities | $ 1,756 | $ 0 | |
Unrealized loss on securities | 80,899 | 64,433 | |
Realized gain on securities | 0 | $ 0 | |
Realized loss on securities | $ 0 | $ 0 |
Collaborations and Other Arra29
Collaborations and Other Arrangements - ABX (Details) $ in Millions | Sep. 29, 2017USD ($)itemshares | Oct. 31, 2017person | Sep. 30, 2017person | Mar. 31, 2018item |
ABX Development and License Agreement | ||||
Number of patients with mCRPC included in study | person | 750 | |||
ABX | License Agreement | ||||
ABX Development and License Agreement | ||||
Upfront cash payment | $ 11.9 | |||
Total consideration excluding common stock shares and warrants | $ 12 | |||
Issuance of common stock in connection with development and license agreement (in shares) | shares | 2,000,000 | |||
Number of warrants issued per agreement | item | 2 | |||
Aggregate number of common stock shares that may be purchased by exercise of warrants | shares | 4,000,000 | |||
ABX | Maximum | License Agreement | ||||
ABX Development and License Agreement | ||||
Aggregate number of common stock shares that may be purchased by exercise of warrants | shares | 4,000,000 | |||
ABX | Achievement Of Regulatory Milestones | License Agreement | ||||
ABX Development and License Agreement | ||||
Potential milestone payments to be paid | $ 25 | |||
ABX | Achievement Of Sales Milestones | License Agreement | ||||
ABX Development and License Agreement | ||||
Potential milestone payments to be paid | $ 135 | |||
University of Sydney | Anzup | Three Party Agreement [Member] | ||||
ABX Development and License Agreement | ||||
Number of parties in the agreement | item | 3 | |||
Number of patients with mCRPC included in study | person | 200 |
Collaborations and Other Arra30
Collaborations and Other Arrangements - NMP (Details) | 1 Months Ended | 3 Months Ended | 56 Months Ended | ||
Aug. 31, 2013USD ($)item | Mar. 31, 2018USD ($) | Mar. 31, 2018USD ($) | Jan. 01, 2018USD ($) | Dec. 31, 2017USD ($) | |
NMP License and Commercialization Agreement | |||||
Retained deficit | $ (317,217,775) | $ (317,217,775) | $ (308,954,535) | ||
Performance obligation period of recognition | 6 years | ||||
Deferred revenue | $ 363,266 | 363,266 | $ 731,944 | ||
ASU 2014-09 | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | |||||
NMP License and Commercialization Agreement | |||||
Retained deficit | $ 300,000 | ||||
Deferred revenue | $ (300,000) | ||||
NMP | License And Commercialization Agreement | |||||
NMP License and Commercialization Agreement | |||||
Upfront payment received | $ 1,000,000 | ||||
Performance obligation | $ 1,000,000 | ||||
Performance obligation period of recognition | 6 years | ||||
Deferred revenue | $ 400,000 | 400,000 | |||
Milestone revenue recognized | $ 0 | ||||
Period of time for termination notice to be given prior to the first commercial sale in Japan | 90 days | ||||
Period of time for termination notice to be given after the first commercial sale in Japan | 6 months | ||||
Period of time for termination notice to be given after Company receives regulatory approval in Japan but fails to launch the product | 6 months | ||||
NMP | Achievement Of Regulatory Milestones | License And Commercialization Agreement | |||||
NMP License and Commercialization Agreement | |||||
Number of cancer indications requiring achievement of regulatory goals | item | 5 | ||||
NMP | Achievement Of Regulatory Milestones | Maximum | License And Commercialization Agreement | |||||
NMP License and Commercialization Agreement | |||||
Potential milestone payment | $ 4,500,000 |
Stockholders' Equity - Issuance
Stockholders' Equity - Issuances Related to the License Agreement (Details) | Mar. 02, 2018$ / sharesshares | Oct. 24, 2017shares | Sep. 29, 2017itemshares | Mar. 31, 2018USD ($) |
Common Stock Offering [Abstract] | ||||
Issuance of common stock in connection with equity offering (in shares) | 20,535,714 | |||
Share price | $ / shares | $ 4.20 | |||
Net proceeds from issuance of stock | $ | $ 80,941,381 | |||
Underwriting discounts and commissions | $ | 5,200,000 | |||
Offering expenses | $ | $ 100,000 | |||
Issuances Related to the License Agreement | ||||
Number of shares of common stock filed on registration statement per Registration Rights Agreement | 6,000,000 | |||
License Agreement | ABX | ||||
Issuances Related to the License Agreement | ||||
Common stock issued per agreement | 2,000,000 | |||
Number Of Warrants Issued Per Agreement | item | 2 | |||
Aggregate number of common stock shares that may be purchased by exercise of warrants | 4,000,000 | |||
Number of warrants exercised | item | 1 | |||
Stock Issued During Period Shares Warrant Exercise | 3,278,000 | |||
License Agreement | ABX | Maximum | ||||
Issuances Related to the License Agreement | ||||
Aggregate number of common stock shares that may be purchased by exercise of warrants | 4,000,000 |
Stockholders' Equity - Stock Op
Stockholders' Equity - Stock Options assumptions (Details) - shares | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Fair Value Assumptions | |||
Expected volatility | 102.03% | 93.02% | |
Risk-free interest rate | 2.65% | 2.12% | |
Weighted-average expected life (in years) | 6 years 4 months 24 days | 6 years 3 months 18 days | |
Dividend yield | 0.00% | 0.00% | |
1997 And 2007 Plans | Service Based Options | |||
Additional disclosures | |||
Vesting period | 4 years | ||
1997 And 2007 Plans | Service Based Options | Service based vesting, first period | |||
Additional disclosures | |||
Vesting period | 2 years | ||
Shares that will vest (as a percentage) | 0.50% | ||
1997 And 2007 Plans | Performance Based Options | |||
Additional disclosures | |||
Vesting period | 4 years | ||
2010 Equity Incentive Plan | |||
Stock-Based Compensation Plans | |||
Shares authorized and reserved | 13,296,563 | 11,850,563 | |
2010 Equity Incentive Plan | Minimum | |||
Additional disclosures | |||
Vesting period | 3 years | ||
2010 Equity Incentive Plan | Maximum | |||
Additional disclosures | |||
Vesting period | 4 years |
Stockholders' Equity - Stock 33
Stockholders' Equity - Stock Option Activity (Details) | 3 Months Ended |
Mar. 31, 2018USD ($)$ / sharesshares | |
Equity [Abstract] | |
Unrecognized compensation cost, net of forfeitures | $ | $ 3,400,000 |
Weighted average period to recognize stock compensation expense | 2 years |
Options | |
Outstanding, Beginning Balance | shares | 5,878,660 |
Granted during period | shares | 688,192 |
Exercised during period | shares | (561,088) |
Expired during period | shares | (8,993) |
Outstanding, Ending Balance | shares | 5,996,771 |
Weighted-Average Exercise Price | |
Outstanding, Beginning Balance | $ / shares | $ 5.93 |
Granted during period | $ / shares | 3.07 |
Exercised during period | $ / shares | 4.10 |
Expired during period | $ / shares | 3.06 |
Outstanding, Ending Balance | $ / shares | $ 5.78 |
Additional disclosures | |
Options, Exercisable | shares | 4,290,445 |
Weighted Average Exercise Price, Exercisable | $ / shares | $ 6.92 |
Weighted Average Remaining Contractual Term | 6 years 2 months 5 days |
Weighted Average Remaining Contractual Term exercisable at end of period | 5 years 7 days |
Aggregate Intrinsic Value | $ | $ 22,125,418 |
Aggregate Intrinsic Value, exercisable at end of period | $ | $ 11,551,954 |
Stockholders' Equity - Restrict
Stockholders' Equity - Restricted Stock Units (Details) $ / shares in Units, $ in Millions | 3 Months Ended |
Mar. 31, 2018USD ($)$ / sharesshares | |
Restricted Stock Units | |
Weighted average period to recognize stock compensation expense | 2 years |
RSUs | |
Restricted Stock Units | |
Number of shares of common stock to be paid upon vesting of RSU | 1 |
Unrecognized compensation cost | $ | $ 5.7 |
Weighted average period to recognize stock compensation expense | 1 year 4 months 24 days |
Restricted Stock Units | |
Outstanding at beginning of period | 1,383,770 |
Granted during period | 301,958 |
Vested during period | (161,147) |
Outstanding at the end of the period | 1,524,581 |
Weighted-Average Grant Date Fair Value | |
Outstanding beginning of period | $ / shares | $ 5.05 |
Granted during period | $ / shares | 3.02 |
Vested during period | $ / shares | 4.27 |
Outstanding end of period | $ / shares | $ 4.73 |
Minimum | 2010 Equity Incentive Plan | |
Restricted Stock Units | |
Vesting period | 3 years |
Minimum | RSUs | |
Restricted Stock Units | |
Vesting period | 3 years |
Maximum | 2010 Equity Incentive Plan | |
Restricted Stock Units | |
Vesting period | 4 years |
Maximum | RSUs | |
Restricted Stock Units | |
Vesting period | 4 years |
Stockholders' Equity - ESPP (De
Stockholders' Equity - ESPP (Details) - Shares to be purchased under the ESPP - shares | 3 Months Ended | |
Mar. 31, 2018 | Jan. 01, 2018 | |
Employee Stock Purchase Plan (Abstract) | ||
Shares available for issuance under ESPP | 769,542 | 769,542 |
Number of shares purchased under ESPP | 0 |
Warrants (Details)
Warrants (Details) $ / shares in Units, $ in Millions | Sep. 29, 2017USD ($)item$ / sharesshares | Mar. 31, 2018itemshares |
Class of Warrant or Right [Line Items] | ||
Number of calendar days prior to warrant issue the average closing price of common stock used to determine warrant exercise price | 30 days | |
Common Stock | ||
Class of Warrant or Right [Line Items] | ||
Warrant exercise price | $ / shares | $ 1.39 | |
Warrant One | ||
Class of Warrant or Right [Line Items] | ||
Proceeds from Warrant Exercises | $ | $ 4.6 | |
Warrant Two | ||
Class of Warrant or Right [Line Items] | ||
Number of shares into which the remaining warrant could be converted | 722,000 | |
Expected term of warrants | 10 years | |
Historic volatility used to value the warrants | 91.10% | |
Interest rate assumption used to value the warrants | 2.28% | |
Number of other warrants outstanding | item | 0 | |
License Agreement | ABX | ||
Class of Warrant or Right [Line Items] | ||
Number Of Warrants Issued Per Agreement | item | 2 | |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 4,000,000 | |
Stock Issued During Period Shares Warrant Exercise | 3,278,000 | |
License Agreement | Maximum | ABX | ||
Class of Warrant or Right [Line Items] | ||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 4,000,000 |
Income Taxes (Details)
Income Taxes (Details) | Jan. 01, 2018 | Dec. 31, 2017 |
Effect Of Tax Cuts And Jobs Act Of 2017 Accounting Incomplete Provisional [Abstract] | ||
Corporate income tax rate | 21.00% | 35.00% |
Restructuring Costs (Details)
Restructuring Costs (Details) - USD ($) | 1 Months Ended | 3 Months Ended | |
Jun. 30, 2017 | Mar. 31, 2018 | Jun. 30, 2017 | |
Restructuring Costs | |||
Reduction in workforce (as a percent) | 40.00% | ||
Restructuring expense | $ 2,300,000 | ||
EC1456 Phase 1 Trial Termination Accrual | |||
Restructuring Costs | |||
Accrual balance | $ 106,900 | ||
Restructuring Reserve [Roll Forward] | |||
Balance at beginning of period | (106,900) | ||
Amounts paid during the period | (83,600) | ||
Balance at end of period | $ (23,300) | ||
General and Administrative Expense | |||
Restructuring Costs | |||
Employee termination benefits | 100,000 | ||
Research and Development Expense. | |||
Restructuring Costs | |||
Employee termination benefits | 900,000 | ||
Remaining EC1456 phase 1b trial expenses, including site close-out expenses | 900,000 | ||
Other restructuring expenses | 300,000 | ||
Fixed asset impairment | $ 100,000 |