Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Aug. 02, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | GLYCOMIMETICS INC | |
Entity Central Index Key | 1,253,689 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 32,723,045 |
Balance Sheets
Balance Sheets - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Current Assets: | ||
Cash and cash equivalents | $ 119,147,928 | $ 40,041,641 |
Prepaid expenses and other current assets | 502,155 | 478,503 |
Total current assets | 119,650,083 | 40,520,144 |
Property and equipment, net | 1,159,589 | 1,056,332 |
Prepaid research and development expenses | 759,531 | 759,531 |
Deposits | 52,320 | 52,320 |
Total assets | 121,621,523 | 42,388,327 |
Current liabilities: | ||
Accounts payable | 575,111 | 1,565,210 |
Accrued bonuses | 766,464 | 1,432,485 |
Accrued expenses | 4,034,905 | 3,267,371 |
Deferred rent | 70,598 | 68,551 |
Total current liabilities | 5,447,078 | 6,333,617 |
Deferred rent, net of current portion | 742,584 | 753,579 |
Total liabilities | 6,189,662 | 7,087,196 |
Stockholders' equity: | ||
Preferred stock; $0.001 par value; 5,000,000 shares authorized; no shares issued and outstanding at June 30, 2017 and December 31, 2016 | ||
Common stock; $0.001 par value; 100,000,000 shares authorized, 32,716,357 shares issued and outstanding at June 30, 2017; 100,000,000 shares authorized, 23,250,023 shares issued and outstanding at December 31, 2016 | 32,715 | 23,249 |
Additional paid-in capital | 250,468,293 | 154,254,193 |
Accumulated deficit | (135,069,147) | (118,976,311) |
Total stockholders' equity | 115,431,861 | 35,301,131 |
Total liabilities and stockholders' equity | $ 121,621,523 | $ 42,388,327 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2017 | Dec. 31, 2016 |
Balance Sheets | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
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 | 32,716,357 | 23,250,023 |
Common stock, shares outstanding | 32,716,357 | 23,250,023 |
Statements of Operations and Co
Statements of Operations and Comprehensive Loss - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Statements of Operations and Comprehensive (Loss) Income | ||||
Revenue | ||||
Costs and expenses: | ||||
Research and development expense | 5,722,070 | 5,781,176 | 11,600,578 | 11,299,898 |
General and administrative expense | 2,521,805 | 2,312,207 | 4,614,105 | 4,368,560 |
Total costs and expenses | 8,243,875 | 8,093,383 | 16,214,683 | 15,668,458 |
Loss from operations | (8,243,875) | (8,093,383) | (16,214,683) | (15,668,458) |
Other income | 102,079 | 21,813 | 141,574 | 41,910 |
Net loss and comprehensive loss | $ (8,141,796) | $ (8,071,570) | $ (16,073,109) | $ (15,626,548) |
Basic and diluted net loss per common share (in dollars per share) | $ (0.30) | $ (0.41) | $ (0.63) | $ (0.80) |
Basic and diluted weighted average number of common shares (in shares) | 27,239,902 | 19,793,202 | 25,360,167 | 19,432,520 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Operating activities | ||
Net loss | $ (16,073,109) | $ (15,626,548) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 123,916 | 93,941 |
Stock-based compensation expense | 1,833,955 | 1,499,233 |
Changes in assets and liabilities | ||
Prepaid expenses and other current assets | (23,652) | (1,007,209) |
Deposits | (52,320) | |
Accounts payable | (990,099) | 816,924 |
Accrued expenses and bonuses | (31,672) | (2,665,895) |
Deferred rent | (8,948) | 637,229 |
Net cash used in operating activities | (15,169,609) | (16,304,645) |
Investing activities | ||
Purchases of property and equipment | (227,173) | (40,250) |
Net cash used in investing activities | (227,173) | (40,250) |
Financing activities | ||
Proceeds from issuance of common stock, net of issuance costs | 94,405,507 | 22,589,562 |
Proceeds from exercise of stock options | 97,562 | 37,963 |
Net cash provided by financing activities | 94,503,069 | 22,627,525 |
Net change in cash and cash equivalents | 79,106,287 | 6,282,630 |
Cash and cash equivalents, beginning of period | 40,041,641 | 46,802,560 |
Cash and cash equivalents, end of period | 119,147,928 | 53,085,190 |
Non-cash investing and financing activities | ||
Property acquisition included in accounts payable | 20,297 | |
Issuance costs associated with financing included in accounts payable and accrued expenses | $ 133,185 | $ 95,027 |
Description of the Business
Description of the Business | 6 Months Ended |
Jun. 30, 2017 | |
Description of the Business | |
Description of the Business | GLYCOMIMETICS, INC. Notes to Unaudited Financial Statement 1. Description of the Business GlycoMimetics, Inc. (the Company), a Delaware corporation headquartered in Rockville, Maryland, was incorporated on April 4, 2003 and commenced operations on May 21, 2003. The Company is a clinical stage biotechnology company focused on the discovery and development of novel glycomimetic drugs to address unmet medical needs resulting from diseases in which carbohydrate biology plays a key role. Glycomimetics are molecules that mimic the structure of carbohydrates involved in important biological processes. The Company’s proprietary glycomimetics platform is based on its expertise in carbohydrate chemistry and its understanding of the role carbohydrates play in key biological processes. Using this expertise and understanding, the Company is developing a pipeline of proprietary glycomimetics designed to inhibit disease-related functions of carbohydrates, such as the roles they play in inflammation, cancer and infection. The Company’s executive personnel have devoted substantially all of their time to date to the planning and organization of the Company, the process of hiring scientists, initiating research and development programs and securing adequate capital for anticipated growth and operations. The Company has not commercialized any of its drug candidates or commenced commercial operations. The Company is subject to a number of risks similar to those of other companies in similar development stages, including dependence on key individuals, the need to develop commercially viable drugs, competition from other companies, many of whom are larger and better capitalized, and the need to obtain adequate additional financing to fund the development of its drug candidates. The Company has incurred significant operating losses since inception and has relied on its ability to fund its operations through private and public equity financings, and management expects operating losses and negative operating cash flows to continue for the foreseeable future. As the Company continues to incur losses, profitability will be dependent upon the successful development, approval, and commercialization of its drug candidates and achieving a level of revenues adequate to support the Company’s cost structure. The Company may never achieve profitability, and unless and until it does, the Company will continue to need to raise additional capital. Management intends to fund future operations through additional public or private equity or debt offerings and may seek additional capital through arrangements with strategic partners or from other sources. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2017 | |
Summary of Significant Accounting Policies | |
Basis of Presentation and Significant Accounting Policies [Text Block] | 2. Significant Accounting Policies Basis of Accounting The accompanying financial statements were prepared based on the accrual method of accounting in accordance with U.S. generally accepted accounting principles (GAAP). Unaudited Financial Statements The accompanying balance sheet as of June 30, 2017 and statements of operations and comprehensive loss for the three and six months ended June 30, 2017 and 2016 and cash flows for the six months ended June 30, 2017 and 2016 are unaudited. These unaudited financial statements have been prepared in accordance with the rules and regulations for the United States Securities and Exchange Commission (the SEC) for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete annual financial statements. These financial statements should be read in conjunction with the audited financial statements and the accompanying notes for the year ended December 31, 2016 contained in the Company’s Annual Report on Form 10-K filed with the SEC on March 1, 2017. The unaudited interim financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments (consisting of normal recurring adjustments) necessary to state fairly the Company’s financial position as of June 30, 2017, the results of operations for the three and six months ended June 30, 2017 and 2016 and cash flows for the six months ended June 30, 2017 and 2016. The December 31, 2016 balance sheet included herein was derived from audited financial statements, but does not include all disclosures including notes required by GAAP for complete annual financial statements. The financial data and other information disclosed in these notes to the financial statements related to the three and six months ended June 30, 2017 and 2016 are unaudited. Interim results are not necessarily indicative of results for an entire year. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Although actual results could differ from those estimates, management does not believe that such differences would be material. Fair Value Measurements The Company had no assets or liabilities that were measured using quoted prices for similar assets and liabilities or significant unobservable inputs (Level 2 and Level 3 assets and liabilities, respectively) as of June 30, 2017 and December 31, 2016. The carrying value of cash held in money market funds of approximately $117.1 million and $38.0 million as of June 30, 2017 and December 31, 2016, respectively, is included in cash and cash equivalents and approximates market values based on quoted market prices (Level 1 inputs). Concentration of Credit Risk Credit risk represents the risk that the Company would incur a loss if counterparties failed to perform pursuant to the terms of their agreements. Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents. Cash and cash equivalents consist of money market funds with major financial institutions in the United States. These funds may be redeemed upon demand and, therefore, bear minimal risk. The Company does not anticipate any losses on such balances. Revenue Recognition From time to time, the Company is awarded reimbursement contracts for services and development grant contracts with government and non-government entities and philanthropic organizations. Under these contracts, the Company typically is reimbursed for the costs in connection with specific development activities. The Company recognizes revenue to the extent of costs incurred in connection with performance under such grant arrangements. The Company has entered into a collaborative research and development agreement with Pfizer Inc. (Pfizer). The agreement is in the form of a license agreement (the Pfizer Agreement). The Pfizer Agreement calls for a nonrefundable up-front payment and milestone payments upon achieving significant milestone events. The Pfizer Agreement also contemplates royalty payments on future sales of an approved product. There are no performance, cancellation, termination, or refund provisions in the Pfizer Agreement that contain material financial consequences to the Company. The primary deliverable under this arrangement is an exclusive worldwide license to the Company’s rivipansel compound, but the arrangement also includes deliverables related to research and preclinical development activities to be performed by the Company on Pfizer’s behalf. Collaborative research and development agreements can provide for one or more of up-front license fees, research payments, and milestone payments. Agreements with multiple components (deliverables or items) are evaluated according to the provisions of Accounting Standards Codification (ASC) 605-25, Revenue Recognition—Multiple-Element Arrangements , to determine whether the deliverables can be separated into more than one unit of accounting. An item can generally be considered a separate unit of accounting if all of the following criteria are met: (1) the delivered item(s) has value to the customer on a stand-alone basis and (2) if the arrangement includes a general right of return relative to the delivered item(s) then delivery or performance of the undelivered item(s) is considered probable and substantially in control of the Company. Items that cannot be divided into separate units are combined with other units of accounting, as appropriate. Consideration received is allocated among the separate units based on selling price hierarchy. The selling price hierarchy for each deliverable is based on (i) vendor-specific objective evidence (VSOE), if available; (ii) third-party evidence (TPE) of selling price if VSOE is not available; or (iii) an estimated selling price, if neither VSOE nor TPE is available. Management was not able to establish VSOE or TPE for separate unit deliverables, as the Company does not have a history of entering into such arrangements or selling the individual deliverables within such arrangements separately. In addition, there may be significant differentiation in these arrangements, which indicates that comparable third-party pricing may not be available. Management determined that the selling price for the deliverables within the Pfizer Agreement should be determined using its best estimate of selling price. The process of determining the best estimate of selling price involved significant judgment on the Company’s part and included consideration of multiple factors such as estimated direct expenses, other costs, and available clinical development data. Pursuant to ASC 605-25, each required deliverable under the Pfizer Agreement is evaluated to determine whether it qualifies as a separate unit of accounting. Factors considered in this determination include the research capabilities of Pfizer, the proprietary nature of the license and know-how, and the availability of the Company’s glycomimetics technology research expertise in the general marketplace. Based on all relevant facts and circumstances and, most significantly, on the proprietary nature of the Company’s technology and the related proprietary nature of the Company’s research services, management concluded that stand-alone value does not exist for the license, and therefore, the license is not a separate unit of accounting under the Pfizer Agreement and will be combined with the research and development services (including participation on a joint steering committee). The Company has satisfied the deliverables under the Pfizer Agreement. Pursuant to ASC 605-28, Revenue Recognition—Milestone Method , at the inception of agreements that include milestone payments, the Company evaluates whether each milestone is substantive and at risk to both parties on the basis of the contingent nature of the milestone. This evaluation includes an assessment of whether (a) the consideration is commensurate with either (1) the entity’s performance to achieve the milestone, or (2) the enhancement of the value of the delivered item(s) as a result of a specific outcome resulting from the entity’s performance to achieve the milestone, (b) the consideration relates solely to past performance and (c) the consideration is reasonable relative to all of the deliverables and payment terms within the arrangement. In making this assessment, the Company evaluates factors such as scientific, regulatory, commercial and other risks that must be overcome to achieve the respective milestone, the level of effort and investment required to achieve the respective milestone and whether the milestone consideration is reasonable relative to all deliverables and payment terms in the agreement. Non-refundable development and regulatory milestones that are expected to be achieved as a result of the Company’s efforts during the period of substantial involvement are recognized as revenue upon the achievement of the milestone, assuming all other revenue recognition criteria are met. Milestones that are not considered substantive because the Company does not contribute effort to the achievement of such milestones are generally achieved after the period of substantial involvement and are recognized as revenue upon achievement of the milestone, as there are no undelivered elements remaining and no continuing performance obligation, assuming all other revenue recognition criteria are met. In May 2014, the Company recognized $15.0 million in revenue as a result of the first non-refundable milestone payment received from Pfizer. In June 2015, the Company recognized $20.0 million in revenue as a result of Pfizer dosing the first patient in the Phase 3 clinical trial of rivipansel, which triggered the second non-refundable milestone payment. Accrued Liabilities The Company is required to estimate accrued liabilities as part of the process of preparing its financial statements. The estimation of accrued liabilities involves identifying services that have been performed on the Company’s behalf, and then estimating the level of service performed and the associated cost incurred for such services as of each balance sheet date. Accrued liabilities include professional service fees, such as for lawyers and accountants, contract service fees, such as those under contracts with clinical monitors, data management organizations and investigators in conjunction with clinical trials, and fees to contract manufacturers in conjunction with the production of clinical materials. Pursuant to the Company’s assessment of the services that have been performed, the Company recognizes these expenses as the services are provided. Such assessments include: (i) an evaluation by the project manager of the work that has been completed during the period; (ii) measurement of progress prepared internally and/or provided by the third-party service provider; (iii) analyses of data that justify the progress; and (iv) the Company’s judgment. Research and Development Costs Except for payments made in advance of services, research and development costs are expensed as incurred. For payments made in advance, the Company recognizes research and development expense as the services are rendered. Research and development costs primarily consist of salaries and related expenses for personnel, laboratory supplies and raw materials, sponsored research, depreciation of laboratory facilities and leasehold improvements, and utilities costs related to research space. Other research and development expenses include fees paid to consultants and outside service providers including clinical research organizations and clinical manufacturing organizations. Stock-Based Compensation Stock-based payments are accounted for in accordance with the provisions of ASC 718, Compensation—Stock Compensation . The fair value of stock-based payments is estimated, on the date of grant, using the Black-Scholes-Merton model. The resulting fair value is recognized ratably over the requisite service period, which is generally the vesting period of the option. The Company has elected to use the Black-Scholes-Merton option pricing model to value any options granted. The Company will reconsider use of the Black-Scholes-Merton model if additional information becomes available in the future that indicates another model would be more appropriate or if grants issued in future periods have characteristics that prevent their value from being reasonably estimated using this model. A discussion of management’s methodology for developing some of the assumptions used in the valuation model follows: Expected Dividend Yield —The Company has never declared or paid dividends and has no plans to do so in the foreseeable future. Expected Volatility —Volatility is a measure of the amount by which a financial variable such as share price has fluctuated (historical volatility) or is expected to fluctuate (expected volatility) during a period. Prior to the Company’s initial public offering, there was not a market for the Company’s shares. The Company utilizes the historical volatilities of a peer group (e.g., several public entities of similar size, complexity, and stage of development), along with the Company’s historical volatility since its initial public offering, to determine its expected volatility. Risk-Free Interest Rate —This is the U.S. Treasury rate for the week of each option grant during the year, having a term that most closely resembles the expected life of the option. Expected Term —This is a period of time that the options granted are expected to remain unexercised. Options granted have a maximum term of 10 years. The Company estimates the expected life of the option term to be 6.25 years. The Company uses a simplified method to calculate the average expected term. Expected Forfeiture Rate —Effective on January 1, 2017 with the adoption of ASU 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting , the Company elected to account for forfeitures as they occur. Net Loss Per Common Share Basic net loss per common share is determined by dividing net loss by the weighted-average number of common shares outstanding during the period, without consideration of common stock equivalents. Diluted net loss per share is computed by dividing net loss by the weighted-average number of common stock equivalents outstanding for the period. The treasury stock method is used to determine the dilutive effect of the Company’s stock options, restricted stock units and warrants. Basic and diluted net loss per common share is computed as follows: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Net loss $ (8,141,796) $ (8,071,570) $ (16,073,109) $ (15,626,548) Basic and diluted net loss per common share $ (0.30) $ (0.41) $ (0.63) $ (0.80) Basic and diluted weighted average common shares outstanding 27,239,902 19,793,202 25,360,167 19,432,520 The following potentially dilutive securities outstanding have been excluded from the computation of diluted weighted average common shares outstanding, as they would be anti-dilutive: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Warrants 553,868 578,687 553,868 578,687 Stock options and restricted stock units 3,442,558 2,819,789 3,442,558 2,819,789 Comprehensive Loss Comprehensive loss comprises net loss and other changes in equity that are excluded from net loss. For the three and six months ended June 30, 2017 and 2016, the Company’s net loss equaled comprehensive net loss and, accordingly, no additional disclosure is presented. Recently Issued Accounting Standards Adopted Accounting Standards In March 2016, the FASB issued ASU No. 2016-09, Compensation – Stock Compensation ( Topic 718 ): Improvements to Employee Share-Based Payment Accounting . This ASU includes provisions intended to simplify various aspects related to how share-based payments are accounted for and presented in financial statements including the income tax effects of share-based payments, minimum statutory withholding requirements and forfeitures. The new guidance requires all income tax effects of awards to be recognized in the income statement when the awards vest or are settled. It also allows an employer to repurchase more of an employee’s shares than the current standard for tax withholding purposes without triggering liability accounting and to make a policy election to account for forfeitures as they occur. The Company adopted the provisions of ASU 2016-09 on January 1, 2017. The Company has elected to account for forfeitures as they occur. The Company has applied this change using a modified retrospective method through a cumulative-effect adjustment of $19,727 to accumulated deficit. Additionally, the Company recognized deferred tax assets of $98,767 for the excess tax benefits that arose directly from tax deductions related to equity compensation greater than the amounts recognized for financial reporting and also recognized an increase of an equal amount in the valuation allowance against those deferred tax assets. The Company has adopted the additional provisions in the standard and has determined these provisions do not have a material impact on the financial statements. Accounting Standards Not Yet Adopted On May 28, 2014, the Financial Accounting Standards Board (FASB) issued ASU No. 2014-09, Revenue from Contracts with Customers ( Topic 606 ), requiring an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The updated standard will replace most existing revenue recognition guidance in GAAP when it becomes effective and permits the use of either the retrospective or cumulative effect transition method. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers: Deferral of the Effective Date , which deferred the effective date of the new revenue standard for periods beginning after December 15, 2016 to December 15, 2017, with early adoption permitted but not earlier than the original effective date. Accordingly, the updated standard is effective for the Company in the first quarter of fiscal 2018. The Company is evaluating the Pfizer Agreement to determine the impact of the new revenue standard on the upfront and milestone payments within the Pfizer Agreement. The Company expects to adopt the new standard on January 1, 2018 using the full retrospective transition method. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) , which supersedes existing guidance on accounting for leases in Leases (Topic 840) and generally requires all leases, including operating leases, to be recognized in the statement of financial position as right-of-use assets and lease liabilities by lessees. The provisions of ASU 2016-02 are to be applied using a modified retrospective approach and are effective for reporting periods beginning after December 15, 2018; early adoption is permitted. The Company is currently evaluating the effect that this ASU will have on the financial statements. With the exception of the new standards discussed above, there have been no new accounting pronouncements that have significance, or potential significance, to the Company’s financial statements. |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 6 Months Ended |
Jun. 30, 2017 | |
Prepaid Expenses and Other Current Assets | |
Prepaid Expenses and Other Current Assets | 3. Prepaid Expenses and Other Current Assets The following is a summary of the Company’s prepaid expenses and other current assets: June 30, December 31, 2017 2016 Prepaid expenses $ 434,124 $ 199,195 Other receivables 68,031 268,659 Deposits — 10,649 Prepaid expenses and other current assets $ 502,155 $ 478,503 |
Property and Equipment
Property and Equipment | 6 Months Ended |
Jun. 30, 2017 | |
Property and Equipment | |
Property and Equipment | 4. Property and Equipment Property and equipment, net consists of the following: June 30, December 31, 2017 2016 Furniture and fixtures $ 314,024 $ 262,135 Laboratory equipment 1,268,847 1,130,180 Office equipment 11,084 6,610 Computer equipment 176,826 169,423 Leasehold improvements 569,285 36,128 Construction in progress — 508,417 Property and equipment 2,340,066 2,112,893 Less accumulated depreciation (1,180,477) (1,056,561) Property and equipment, net $ 1,159,589 $ 1,056,332 Depreciation expense was $69,574 and $46,707 for the three months ended June 30, 2017 and 2016, respectively, and $123,916 and $93,941 for the six months ended June 30, 2017 and 2016, respectively. |
Accrued Expenses
Accrued Expenses | 6 Months Ended |
Jun. 30, 2017 | |
Accrued Expenses | |
Accrued Expenses | 5. Accrued Expenses The following is a summary of the Company’s accrued expenses: June 30, December 31, 2017 2016 Accrued research and development expenses $ 2,927,377 $ 2,513,243 Accrued consulting and other professional fees 336,497 148,579 Other accrued expenses 371,563 315,002 Accrued employee benefits 399,468 290,547 Accrued expenses $ 4,034,905 $ 3,267,371 |
Operating Leases
Operating Leases | 6 Months Ended |
Jun. 30, 2017 | |
Operating Leases | |
Operating Leases | 6. Operating Leases The Company leases office and research space in Rockville, Maryland under an operating lease with a term through October 31, 2023 (as amended to date, the Lease) that is subject to annual rent increases. The Company has the right to sublease or assign all or a portion of the premises, subject to the conditions set forth in the Lease. The Lease may be terminated early by either the landlord or the Company in certain circumstances. In connection with the Lease, the Company received rent abatement as a lease incentive. The annual rent increases and rent abatement have been recognized as deferred rent that is being adjusted on a straight-line basis over the term of the Lease. In March 2016, the Company amended the Lease (the Lease Amendment) to lease additional space as of June 1, 2016. In addition to the other terms of the Lease, the Lease Amendment provided for a tenant improvement allowance reflected in the Company’s financial statements as an increase in capitalized leasehold improvements as incurred and an increase in deferred rent. In May 2016, the Company also paid a security deposit of $52,320 to be held until the expiration or termination of the Company’s obligations under the Lease. The term of the Lease Amendment for the additional space continues through October 31, 2023, the same date as for the premises originally leased under the Lease, subject to the Company’s renewal option set forth in the Lease. The Company’s one-time option to terminate the Lease effective as of October 31, 2020 also applies to the additional space. Deferred rent related to the Lease was $813,182 and $822,130 at June 30, 2017 and December 31, 2016, respectively. Total rent expense under the Company’s operating leases was $222,683 and $178,908 for the three months ended June 30, 2017 and 2016, respectively, and $444,171 and $337,279 for the six months ended June 30, 2017 and 2016, respectively. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2017 | |
Stockholders' Equity | |
Disclosure of stockholders' equity and share-based compensation | 7. Stockholders’ Equity At-The-Market Equity Offering On March 1, 2016, the Company entered into an at-the-market sales agreement with Cowen and Company, LLC to sell the Company’s securities under a shelf registration statement filed in March 2015. The at-the market sales agreement was terminated on May 23, 2017. During the six months ended June 30, 2017, the Company issued and sold 1,388,647 shares of common stock under the at-the-market sales agreement. The shares were sold at a weighted average price per share of $5.55, for aggregate net proceeds of $7.4 million, after deducting commissions and offering expenses. Equity Offering In May 2017, the Company completed a public offering in which the Company sold 8,050,000 shares of its common stock at a price to the public of $11.50 per share. The Company received net proceeds of $86.8 million from this offering, after deducting underwriting discounts, commissions and other offering expenses. 2003 Stock Incentive Plan The 2003 Stock Incentive Plan (the 2003 Plan) provided for the grant of incentives and nonqualified stock options and restricted stock awards. The exercise price for incentive stock options must be at least equal to the fair value of the common stock on the grant date. Unless otherwise stated in a stock option agreement, 25% of the shares subject to an option grant will vest upon the first anniversary of the vesting start date and thereafter at the rate of one forty-eighth of the option shares per month as of the first day of each month after the first anniversary. Upon termination of employment by reasons other than death, cause, or disability, any vested options shall terminate 60 days after the termination date. Stock options terminate 10 years from the date of grant. The 2003 Plan expired on May 21, 2013. A summary of the Company’s stock option activity under the 2003 Plan for the six months ended June 30, 2017 is as follows: Weighted-Average Remaining Aggregate Outstanding Weighted-Average Contractual Term Intrinsic Value Options Exercise Price (Years) (In thousands) Outstanding as of December 31, 2016 729,819 $ 1.26 3.2 Options exercised (16,608) 1.65 Options forfeited — — Outstanding as of June 30, 2017 713,211 1.25 2.7 $ 7,070 Vested as of June 30, 2017 713,211 1.25 2.7 $ 7,070 Exercisable as of June 30, 2017 713,211 1.25 2.7 $ 7,070 As of June 30, 2017, the options under the 2003 Plan were fully expensed. Total intrinsic value of the options exercised during the six months ended June 30, 2017 and 2016 was $103,638 and $87,852, respectively, and total cash received for options exercised was $27,358 and $37,963 during the six months ended June 30, 2017 and 2016, respectively. The total fair value of shares underlying options which vested in the six months ended June 30, 2017 and 2016 was $1,573 and $12,488, respectively. 2013 Equity Incentive Plan The Company’s board of directors adopted, and its stockholders approved, its 2013 Equity Incentive Plan (the 2013 Plan) effective on January 9, 2014. The 2013 Plan provides for the grant of incentive stock options within the meaning of Section 422 of the Internal Revenue Code to the Company’s employees and its parent and subsidiary corporations’ employees, and for the grant of nonstatutory stock options, restricted stock awards, restricted stock unit awards, stock appreciation rights, performance stock awards and other forms of stock compensation to its employees, including officers, consultants and directors. The 2013 Plan also provides for the grant of performance cash awards to the Company’s employees, consultants and directors. Unless otherwise stated in a stock option agreement, 25% of the shares subject to an option grant will typically vest upon the first anniversary of the vesting start date and thereafter at the rate of one forty-eighth of the option shares per month as of the first day of each month after the first anniversary. Upon termination of employment by reasons other than death, cause, or disability, any vested options will terminate 90 days after the termination date, unless otherwise set forth in a stock option agreement. Stock options generally terminate 10 years from the date of grant. Authorized Shares The maximum number of shares of common stock that initially could be issued under the 2013 Plan was 1,000,000 shares, plus any shares subject to stock options or similar awards granted under the 2003 Plan that expire or terminate without having been exercised in full or are forfeited to or repurchased by the Company. The number of shares of common stock reserved for issuance under the 2013 Plan automatically increases on January 1 of each year until January 1, 2023, by 3% of the total number of shares of common stock outstanding on December 31 of the preceding calendar year, or a lesser number of shares as may be determined by the Company’s board of directors. The maximum number of shares that may be issued pursuant to exercise of incentive stock options under the 2013 Plan is 20,000,000 shares. As of January 1, 2017, the number of shares of common stock that may be issued under the 2013 Plan was automatically increased by 697,500 shares, representing 3% of the total number of shares of common stock outstanding on December 31, 2016, increasing the number of shares of common stock available for issuance under the 2013 Plan to 2,837,201 shares. Shares issued under the 2013 Plan may be authorized but unissued or reacquired shares of common stock. Shares subject to stock awards granted under the 2013 Plan that expire or terminate without being exercised in full, or that are paid out in cash rather than in shares, will not reduce the number of shares available for issuance under the 2013 Plan. Additionally, shares issued pursuant to stock awards under the 2013 Plan that the Company repurchases or that are forfeited, as well as shares reacquired by the Company as consideration for the exercise or purchase price of a stock award or to satisfy tax withholding obligations related to a stock award, will become available for future grant under the 2013 Plan. A summary of the Company’s stock option activity under the 2013 Plan for the six months ended June 30, 2017 is as follows: Weighted-Average ccc Remaining Aggregate Outstanding Weighted-Average Contractual Term Intrinsic Value Options Exercise Price (Years) (In thousands) Outstanding as of December 31, 2016 2,066,105 $ 7.41 7.9 Options granted 669,638 7.01 Options exercised (11,079) 6.34 Options forfeited (17,067) 7.34 Outstanding as of June 30, 2017 2,707,597 7.32 7.8 $ 10,938 Vested or expected to vest as of June 30, 2017 2,707,597 7.32 7.8 $ 10,938 Exercisable as of June 30, 2017 1,359,958 7.85 6.9 $ 4,843 The weighted-average fair value of the options granted during the six months ended June 30, 2017 and 2016 was $4.72 per share and $3.36 per share, respectively, applying the Black-Scholes-Merton option pricing model utilizing the following weighted-average assumptions: Six Months Ended Six Months Ended June 30, 2017 June 30, 2016 Expected term 6.25 years 6.25 years Expected volatility Risk-free interest rate Expected dividend yield As of June 30, 2017, there was $5,752,558 of total unrecognized compensation expense related to unvested options under the 2013 Plan that will be recognized over a weighted-average period of approximately 2.3 years. Total intrinsic value of the options exercised during the six months ended June 30, 2017 was $82,249 and total cash received for options exercised was $70,204 during the six months ended June 30, 2017. There were no options granted under the 2013 Plan that were exercised during the six months ended June 30, 2016. The total fair value of shares underlying options which vested in the six months ended June 30, 2017 and 2016 was $2,252,276 and $1,576,879, respectively. A restricted stock unit (RSU) is a stock award that entitles the holder to receive shares of the Company’s common stock as the award vests. The fair value of each RSU is based on the closing price of the Company’s stock on the date of grant. The Company has granted RSUs with service conditions (service RSUs) that vest in three equal annual installments provided that the employee remains employed with the Company. As of June 30, 2017, there was $41,020 of unrecognized compensation costs related to unvested service RSUs. The following is a summary of RSU activity under the 2013 Plan for the six months ended June 30, 2017: Weighted-Average Number Grant Date of Shares Fair Value Unvested at December 31, 2016 16,916 $ 5.04 Granted — — Forfeited — — Vested 4,833 4.61 Unvested at June 30, 2017 12,083 5.21 Stock-based compensation expense was classified on the statement of operations as follows for the three and six months ended June 30, 2017 and 2016: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Research and development expense $ 314,904 $ 257,998 $ 626,687 $ 511,280 General and administrative expense 676,204 513,689 1,207,268 987,953 Total stock-based compensation expense $ 991,108 $ 771,687 $ 1,833,955 $ 1,499,233 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2017 | |
Income Taxes | |
Income Taxes | 8. Income Taxes The Company has not recorded any tax provision or benefit for the six months ended June 30, 2017 and 2016. The Company has provided a valuation allowance for the full amount of its net deferred tax assets since realization of any future benefit from deductible temporary differences, net operating loss carryforwards and research and development credits is not more-likely-than-not to be realized at June 30, 2017 and December 31, 2016. |
Research and License Agreements
Research and License Agreements | 6 Months Ended |
Jun. 30, 2017 | |
Revenue Recognition [Abstract] | |
Research and License Agreement | 9. Research and License Agreements In October 2011, the Company and Pfizer entered into the Pfizer Agreement that provides Pfizer an exclusive worldwide license to rivipansel for vaso-occlusive crisis associated with sickle cell disease and for other diseases for which the drug candidate may be developed. The Company was responsible for completion of the Phase 2 clinical trial, after which Pfizer assumed all further development and commercialization responsibilities. Upon execution of the Pfizer Agreement, the Company received an up-front payment of $22.5 million. The Pfizer Agreement also provides for potential milestone payments of up to $115.0 million upon the achievement of specified development milestones, including the dosing of the first patients in Phase 3 clinical trials for up to two indications and the first commercial sale of a licensed product in the United States and selected European countries for up to two indications; potential milestone payments of up to $70.0 million upon the achievement of specified regulatory milestones, including the acceptance of our filings for regulatory approval by regulatory authorities in the United States and Europe for up to two indications; and potential milestone payments of up to $135.0 million upon the achievement of specified levels of annual net sales of licensed products. Pfizer has the right to terminate the Pfizer Agreement by giving prior written notice. The Company has determined that each potential future clinical, development and regulatory milestone is substantive. Although sales-based milestones are not considered substantive, they are still recognized upon achievement of the milestone (assuming all other revenue recognition criteria have been met) because there are no undelivered elements that would preclude revenue recognition at that time. The Company is also eligible to receive royalties on future sales contingent upon annual net sales thresholds. In addition, the Company and Pfizer have formed a joint steering committee that will oversee and coordinate activities as set forth in the research program. The $22.5 million up-front payment was recognized over a period of 1.5 years. In May 2014, Pfizer made a $15.0 million non-refundable milestone payment to the Company, which was recognized as revenue by the Company in May 2014 when earned. In June 2015, Pfizer dosed the first patient in the Phase 3 clinical trial of rivipansel, which triggered a non-refundable milestone payment to the Company of $20.0 million, which the Company recognized as revenue in June 2015. The Company did not recognize any revenue under the Pfizer Agreement during the three and six months ended June 30, 2017 or 2016. In February 2004, the Company entered into a research services agreement (the Research Agreement) with the University of Basel (the University) for biological evaluation of selectin antagonists. Certain patents covering the rivipansel compound are subject to provisions of the Research Agreement. Under the terms of the Research Agreement, the Company will owe to the University 10% of all future milestone and royalty payments received from Pfizer with respect to rivipansel. There were no milestone payments due to the University for the three and six months ended June 30, 2017 or 2016. |
Summary of Significant Accoun15
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Summary of Significant Accounting Policies | |
Basis of Accounting | Basis of Accounting The accompanying financial statements were prepared based on the accrual method of accounting in accordance with U.S. generally accepted accounting principles (GAAP). |
Unaudited Financial Statements | Unaudited Financial Statements The accompanying balance sheet as of June 30, 2017 and statements of operations and comprehensive loss for the three and six months ended June 30, 2017 and 2016 and cash flows for the six months ended June 30, 2017 and 2016 are unaudited. These unaudited financial statements have been prepared in accordance with the rules and regulations for the United States Securities and Exchange Commission (the SEC) for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete annual financial statements. These financial statements should be read in conjunction with the audited financial statements and the accompanying notes for the year ended December 31, 2016 contained in the Company’s Annual Report on Form 10-K filed with the SEC on March 1, 2017. The unaudited interim financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments (consisting of normal recurring adjustments) necessary to state fairly the Company’s financial position as of June 30, 2017, the results of operations for the three and six months ended June 30, 2017 and 2016 and cash flows for the six months ended June 30, 2017 and 2016. The December 31, 2016 balance sheet included herein was derived from audited financial statements, but does not include all disclosures including notes required by GAAP for complete annual financial statements. The financial data and other information disclosed in these notes to the financial statements related to the three and six months ended June 30, 2017 and 2016 are unaudited. Interim results are not necessarily indicative of results for an entire year. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Although actual results could differ from those estimates, management does not believe that such differences would be material. |
Fair Value Measurements | Fair Value Measurements The Company had no assets or liabilities that were measured using quoted prices for similar assets and liabilities or significant unobservable inputs (Level 2 and Level 3 assets and liabilities, respectively) as of June 30, 2017 and December 31, 2016. The carrying value of cash held in money market funds of approximately $117.1 million and $38.0 million as of June 30, 2017 and December 31, 2016, respectively, is included in cash and cash equivalents and approximates market values based on quoted market prices (Level 1 inputs). |
Concentration of Credit Risk | Concentration of Credit Risk Credit risk represents the risk that the Company would incur a loss if counterparties failed to perform pursuant to the terms of their agreements. Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents. Cash and cash equivalents consist of money market funds with major financial institutions in the United States. These funds may be redeemed upon demand and, therefore, bear minimal risk. The Company does not anticipate any losses on such balances. |
Revenue Recognition | Revenue Recognition From time to time, the Company is awarded reimbursement contracts for services and development grant contracts with government and non-government entities and philanthropic organizations. Under these contracts, the Company typically is reimbursed for the costs in connection with specific development activities. The Company recognizes revenue to the extent of costs incurred in connection with performance under such grant arrangements. The Company has entered into a collaborative research and development agreement with Pfizer Inc. (Pfizer). The agreement is in the form of a license agreement (the Pfizer Agreement). The Pfizer Agreement calls for a nonrefundable up-front payment and milestone payments upon achieving significant milestone events. The Pfizer Agreement also contemplates royalty payments on future sales of an approved product. There are no performance, cancellation, termination, or refund provisions in the Pfizer Agreement that contain material financial consequences to the Company. The primary deliverable under this arrangement is an exclusive worldwide license to the Company’s rivipansel compound, but the arrangement also includes deliverables related to research and preclinical development activities to be performed by the Company on Pfizer’s behalf. Collaborative research and development agreements can provide for one or more of up-front license fees, research payments, and milestone payments. Agreements with multiple components (deliverables or items) are evaluated according to the provisions of Accounting Standards Codification (ASC) 605-25, Revenue Recognition—Multiple-Element Arrangements , to determine whether the deliverables can be separated into more than one unit of accounting. An item can generally be considered a separate unit of accounting if all of the following criteria are met: (1) the delivered item(s) has value to the customer on a stand-alone basis and (2) if the arrangement includes a general right of return relative to the delivered item(s) then delivery or performance of the undelivered item(s) is considered probable and substantially in control of the Company. Items that cannot be divided into separate units are combined with other units of accounting, as appropriate. Consideration received is allocated among the separate units based on selling price hierarchy. The selling price hierarchy for each deliverable is based on (i) vendor-specific objective evidence (VSOE), if available; (ii) third-party evidence (TPE) of selling price if VSOE is not available; or (iii) an estimated selling price, if neither VSOE nor TPE is available. Management was not able to establish VSOE or TPE for separate unit deliverables, as the Company does not have a history of entering into such arrangements or selling the individual deliverables within such arrangements separately. In addition, there may be significant differentiation in these arrangements, which indicates that comparable third-party pricing may not be available. Management determined that the selling price for the deliverables within the Pfizer Agreement should be determined using its best estimate of selling price. The process of determining the best estimate of selling price involved significant judgment on the Company’s part and included consideration of multiple factors such as estimated direct expenses, other costs, and available clinical development data. Pursuant to ASC 605-25, each required deliverable under the Pfizer Agreement is evaluated to determine whether it qualifies as a separate unit of accounting. Factors considered in this determination include the research capabilities of Pfizer, the proprietary nature of the license and know-how, and the availability of the Company’s glycomimetics technology research expertise in the general marketplace. Based on all relevant facts and circumstances and, most significantly, on the proprietary nature of the Company’s technology and the related proprietary nature of the Company’s research services, management concluded that stand-alone value does not exist for the license, and therefore, the license is not a separate unit of accounting under the Pfizer Agreement and will be combined with the research and development services (including participation on a joint steering committee). The Company has satisfied the deliverables under the Pfizer Agreement. Pursuant to ASC 605-28, Revenue Recognition—Milestone Method , at the inception of agreements that include milestone payments, the Company evaluates whether each milestone is substantive and at risk to both parties on the basis of the contingent nature of the milestone. This evaluation includes an assessment of whether (a) the consideration is commensurate with either (1) the entity’s performance to achieve the milestone, or (2) the enhancement of the value of the delivered item(s) as a result of a specific outcome resulting from the entity’s performance to achieve the milestone, (b) the consideration relates solely to past performance and (c) the consideration is reasonable relative to all of the deliverables and payment terms within the arrangement. In making this assessment, the Company evaluates factors such as scientific, regulatory, commercial and other risks that must be overcome to achieve the respective milestone, the level of effort and investment required to achieve the respective milestone and whether the milestone consideration is reasonable relative to all deliverables and payment terms in the agreement. Non-refundable development and regulatory milestones that are expected to be achieved as a result of the Company’s efforts during the period of substantial involvement are recognized as revenue upon the achievement of the milestone, assuming all other revenue recognition criteria are met. Milestones that are not considered substantive because the Company does not contribute effort to the achievement of such milestones are generally achieved after the period of substantial involvement and are recognized as revenue upon achievement of the milestone, as there are no undelivered elements remaining and no continuing performance obligation, assuming all other revenue recognition criteria are met. In May 2014, the Company recognized $15.0 million in revenue as a result of the first non-refundable milestone payment received from Pfizer. In June 2015, the Company recognized $20.0 million in revenue as a result of Pfizer dosing the first patient in the Phase 3 clinical trial of rivipansel, which triggered the second non-refundable milestone payment. |
Accrued Liabilities | Accrued Liabilities The Company is required to estimate accrued liabilities as part of the process of preparing its financial statements. The estimation of accrued liabilities involves identifying services that have been performed on the Company’s behalf, and then estimating the level of service performed and the associated cost incurred for such services as of each balance sheet date. Accrued liabilities include professional service fees, such as for lawyers and accountants, contract service fees, such as those under contracts with clinical monitors, data management organizations and investigators in conjunction with clinical trials, and fees to contract manufacturers in conjunction with the production of clinical materials. Pursuant to the Company’s assessment of the services that have been performed, the Company recognizes these expenses as the services are provided. Such assessments include: (i) an evaluation by the project manager of the work that has been completed during the period; (ii) measurement of progress prepared internally and/or provided by the third-party service provider; (iii) analyses of data that justify the progress; and (iv) the Company’s judgment. |
Research and Development Costs | Research and Development Costs Except for payments made in advance of services, research and development costs are expensed as incurred. For payments made in advance, the Company recognizes research and development expense as the services are rendered. Research and development costs primarily consist of salaries and related expenses for personnel, laboratory supplies and raw materials, sponsored research, depreciation of laboratory facilities and leasehold improvements, and utilities costs related to research space. Other research and development expenses include fees paid to consultants and outside service providers including clinical research organizations and clinical manufacturing organizations. |
Stock-Based Compensation | Stock-Based Compensation Stock-based payments are accounted for in accordance with the provisions of ASC 718, Compensation—Stock Compensation . The fair value of stock-based payments is estimated, on the date of grant, using the Black-Scholes-Merton model. The resulting fair value is recognized ratably over the requisite service period, which is generally the vesting period of the option. The Company has elected to use the Black-Scholes-Merton option pricing model to value any options granted. The Company will reconsider use of the Black-Scholes-Merton model if additional information becomes available in the future that indicates another model would be more appropriate or if grants issued in future periods have characteristics that prevent their value from being reasonably estimated using this model. A discussion of management’s methodology for developing some of the assumptions used in the valuation model follows: Expected Dividend Yield —The Company has never declared or paid dividends and has no plans to do so in the foreseeable future. Expected Volatility —Volatility is a measure of the amount by which a financial variable such as share price has fluctuated (historical volatility) or is expected to fluctuate (expected volatility) during a period. Prior to the Company’s initial public offering, there was not a market for the Company’s shares. The Company utilizes the historical volatilities of a peer group (e.g., several public entities of similar size, complexity, and stage of development), along with the Company’s historical volatility since its initial public offering, to determine its expected volatility. Risk-Free Interest Rate —This is the U.S. Treasury rate for the week of each option grant during the year, having a term that most closely resembles the expected life of the option. Expected Term —This is a period of time that the options granted are expected to remain unexercised. Options granted have a maximum term of 10 years. The Company estimates the expected life of the option term to be 6.25 years. The Company uses a simplified method to calculate the average expected term. Expected Forfeiture Rate —Effective on January 1, 2017 with the adoption of ASU 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting , the Company elected to account for forfeitures as they occur. |
Net Loss Per Common Share | Net Loss Per Common Share Basic net loss per common share is determined by dividing net loss by the weighted-average number of common shares outstanding during the period, without consideration of common stock equivalents. Diluted net loss per share is computed by dividing net loss by the weighted-average number of common stock equivalents outstanding for the period. The treasury stock method is used to determine the dilutive effect of the Company’s stock options, restricted stock units and warrants. Basic and diluted net loss per common share is computed as follows: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Net loss $ (8,141,796) $ (8,071,570) $ (16,073,109) $ (15,626,548) Basic and diluted net loss per common share $ (0.30) $ (0.41) $ (0.63) $ (0.80) Basic and diluted weighted average common shares outstanding 27,239,902 19,793,202 25,360,167 19,432,520 The following potentially dilutive securities outstanding have been excluded from the computation of diluted weighted average common shares outstanding, as they would be anti-dilutive: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Warrants 553,868 578,687 553,868 578,687 Stock options and restricted stock units 3,442,558 2,819,789 3,442,558 2,819,789 |
Comprehensive Loss | Comprehensive Loss Comprehensive loss comprises net loss and other changes in equity that are excluded from net loss. For the three and six months ended June 30, 2017 and 2016, the Company’s net loss equaled comprehensive net loss and, accordingly, no additional disclosure is presented. |
Recently Issued Accounting Standards | Recently Issued Accounting Standards Adopted Accounting Standards In March 2016, the FASB issued ASU No. 2016-09, Compensation – Stock Compensation ( Topic 718 ): Improvements to Employee Share-Based Payment Accounting . This ASU includes provisions intended to simplify various aspects related to how share-based payments are accounted for and presented in financial statements including the income tax effects of share-based payments, minimum statutory withholding requirements and forfeitures. The new guidance requires all income tax effects of awards to be recognized in the income statement when the awards vest or are settled. It also allows an employer to repurchase more of an employee’s shares than the current standard for tax withholding purposes without triggering liability accounting and to make a policy election to account for forfeitures as they occur. The Company adopted the provisions of ASU 2016-09 on January 1, 2017. The Company has elected to account for forfeitures as they occur. The Company has applied this change using a modified retrospective method through a cumulative-effect adjustment of $19,727 to accumulated deficit. Additionally, the Company recognized deferred tax assets of $98,767 for the excess tax benefits that arose directly from tax deductions related to equity compensation greater than the amounts recognized for financial reporting and also recognized an increase of an equal amount in the valuation allowance against those deferred tax assets. The Company has adopted the additional provisions in the standard and has determined these provisions do not have a material impact on the financial statements. Accounting Standards Not Yet Adopted On May 28, 2014, the Financial Accounting Standards Board (FASB) issued ASU No. 2014-09, Revenue from Contracts with Customers ( Topic 606 ), requiring an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The updated standard will replace most existing revenue recognition guidance in GAAP when it becomes effective and permits the use of either the retrospective or cumulative effect transition method. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers: Deferral of the Effective Date , which deferred the effective date of the new revenue standard for periods beginning after December 15, 2016 to December 15, 2017, with early adoption permitted but not earlier than the original effective date. Accordingly, the updated standard is effective for the Company in the first quarter of fiscal 2018. The Company is evaluating the Pfizer Agreement to determine the impact of the new revenue standard on the upfront and milestone payments within the Pfizer Agreement. The Company expects to adopt the new standard on January 1, 2018 using the full retrospective transition method. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) , which supersedes existing guidance on accounting for leases in Leases (Topic 840) and generally requires all leases, including operating leases, to be recognized in the statement of financial position as right-of-use assets and lease liabilities by lessees. The provisions of ASU 2016-02 are to be applied using a modified retrospective approach and are effective for reporting periods beginning after December 15, 2018; early adoption is permitted. The Company is currently evaluating the effect that this ASU will have on the financial statements. With the exception of the new standards discussed above, there have been no new accounting pronouncements that have significance, or potential significance, to the Company’s financial statements. |
Significant Accounting Policies
Significant Accounting Policies - 10-Q (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Net Loss Per Share of Common Stock | |
Computation of Basic and Diluted Earnings Per Share | Basic and diluted net loss per common share is computed as follows: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Net loss $ (8,141,796) $ (8,071,570) $ (16,073,109) $ (15,626,548) Basic and diluted net loss per common share $ (0.30) $ (0.41) $ (0.63) $ (0.80) Basic and diluted weighted average common shares outstanding 27,239,902 19,793,202 25,360,167 19,432,520 |
Potentially Dilutive Securities Outstanding | The following potentially dilutive securities outstanding have been excluded from the computation of diluted weighted average common shares outstanding, as they would be anti-dilutive: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Warrants 553,868 578,687 553,868 578,687 Stock options and restricted stock units 3,442,558 2,819,789 3,442,558 2,819,789 |
Prepaid Expenses and Other Cu17
Prepaid Expenses and Other Current Assets (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Prepaid Expenses and Other Current Assets | |
Summary of Prepaid Expenses and Other Current Assets | The following is a summary of the Company’s prepaid expenses and other current assets: June 30, December 31, 2017 2016 Prepaid expenses $ 434,124 $ 199,195 Other receivables 68,031 268,659 Deposits — 10,649 Prepaid expenses and other current assets $ 502,155 $ 478,503 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Property and Equipment | |
Summary of Property and Equipment, Net | Property and equipment, net consists of the following: June 30, December 31, 2017 2016 Furniture and fixtures $ 314,024 $ 262,135 Laboratory equipment 1,268,847 1,130,180 Office equipment 11,084 6,610 Computer equipment 176,826 169,423 Leasehold improvements 569,285 36,128 Construction in progress — 508,417 Property and equipment 2,340,066 2,112,893 Less accumulated depreciation (1,180,477) (1,056,561) Property and equipment, net $ 1,159,589 $ 1,056,332 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Accrued Expenses | |
Summary of Accrued Expenses | June 30, December 31, 2017 2016 Accrued research and development expenses $ 2,927,377 $ 2,513,243 Accrued consulting and other professional fees 336,497 148,579 Other accrued expenses 371,563 315,002 Accrued employee benefits 399,468 290,547 Accrued expenses $ 4,034,905 $ 3,267,371 |
Stockholders Equity (Tables)
Stockholders Equity (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Stock-Based Compensation Expense | Stock-based compensation expense was classified on the statement of operations as follows for the three and six months ended June 30, 2017 and 2016: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Research and development expense $ 314,904 $ 257,998 $ 626,687 $ 511,280 General and administrative expense 676,204 513,689 1,207,268 987,953 Total stock-based compensation expense $ 991,108 $ 771,687 $ 1,833,955 $ 1,499,233 |
2003 Stock Incentive Plan | |
Company's Stock Option Activity | A summary of the Company’s stock option activity under the 2003 Plan for the six months ended June 30, 2017 is as follows: Weighted-Average Remaining Aggregate Outstanding Weighted-Average Contractual Term Intrinsic Value Options Exercise Price (Years) (In thousands) Outstanding as of December 31, 2016 729,819 $ 1.26 3.2 Options exercised (16,608) 1.65 Options forfeited — — Outstanding as of June 30, 2017 713,211 1.25 2.7 $ 7,070 Vested as of June 30, 2017 713,211 1.25 2.7 $ 7,070 Exercisable as of June 30, 2017 713,211 1.25 2.7 $ 7,070 |
2013 Equity Incentive Plan | |
Company's Stock Option Activity | A summary of the Company’s stock option activity under the 2013 Plan for the six months ended June 30, 2017 is as follows: Weighted-Average ccc Remaining Aggregate Outstanding Weighted-Average Contractual Term Intrinsic Value Options Exercise Price (Years) (In thousands) Outstanding as of December 31, 2016 2,066,105 $ 7.41 7.9 Options granted 669,638 7.01 Options exercised (11,079) 6.34 Options forfeited (17,067) 7.34 Outstanding as of June 30, 2017 2,707,597 7.32 7.8 $ 10,938 Vested or expected to vest as of June 30, 2017 2,707,597 7.32 7.8 $ 10,938 Exercisable as of June 30, 2017 1,359,958 7.85 6.9 $ 4,843 |
Weighted-Average Fair Value of Options Granted | Six Months Ended Six Months Ended June 30, 2017 June 30, 2016 Expected term 6.25 years 6.25 years Expected volatility Risk-free interest rate Expected dividend yield |
Summary of RSU Activity | The following is a summary of RSU activity under the 2013 Plan for the six months ended June 30, 2017: Weighted-Average Number Grant Date of Shares Fair Value Unvested at December 31, 2016 16,916 $ 5.04 Granted — — Forfeited — — Vested 4,833 4.61 Unvested at June 30, 2017 12,083 5.21 |
Summary of Significant Accoun21
Summary of Significant Accounting Policies (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 18 Months Ended | ||||
Jun. 30, 2015 | May 31, 2014 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Mar. 31, 2013 | Dec. 31, 2016 | |
Share-based Compensation | ||||||||
Expected term | 6 years 3 months | 6 years 3 months | ||||||
Level 1 | ||||||||
Fair Value Measurements | ||||||||
Carrying value of cash held in money market fund | $ 117,100,000 | $ 117,100,000 | $ 38,000,000 | |||||
Level 2 | ||||||||
Fair Value Measurements | ||||||||
Assets measured at fair value levels 2 or 3 | 0 | 0 | 0 | |||||
Liabilities measured at fair value levels 2 or 3 | 0 | 0 | 0 | |||||
Level 3 | ||||||||
Fair Value Measurements | ||||||||
Assets measured at fair value levels 2 or 3 | 0 | 0 | 0 | |||||
Liabilities measured at fair value levels 2 or 3 | 0 | $ 0 | $ 0 | |||||
Maximum | ||||||||
Share-based Compensation | ||||||||
Expiration period | 10 years | |||||||
Pfizer | License Agreement | ||||||||
Revenue Recognition | ||||||||
Milestone revenue | $ 0 | $ 0 | $ 0 | $ 0 | ||||
Pfizer | License Agreement | Up-Front Payment Arrangement | ||||||||
Revenue Recognition | ||||||||
Upfront payment revenue recognized | $ 22,500,000 | |||||||
Recognition period of up-front payment | 1 year 6 months | |||||||
Achievement Of Specified Development Milestone | Pfizer | License Agreement | ||||||||
Revenue Recognition | ||||||||
Milestone revenue | $ 20,000,000 | $ 15,000,000 |
Significant Accounting Polici22
Significant Accounting Policies - Computation of Basic and Diluted Earnings Per Share - 10Q (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Summary of Significant Accounting Policies | ||||
Net loss | $ (8,141,796) | $ (8,071,570) | $ (16,073,109) | $ (15,626,548) |
Earnings Per Share, Basic and Diluted | $ (0.30) | $ (0.41) | $ (0.63) | $ (0.80) |
Basic and diluted weighted average common shares outstanding | 27,239,902 | 19,793,202 | 25,360,167 | 19,432,520 |
Significant Accounting Polici23
Significant Accounting Policies - Common Stock Equivalents Included in Calculation of Diluted Net Income Per Common Share -10-Q (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Warrants [Member] | ||||
Anti-dilutive securities | 553,868 | 578,687 | 553,868 | 578,687 |
Stock Options and Restricted Stock Units [Member] | ||||
Anti-dilutive securities | 3,442,558 | 2,819,789 | 3,442,558 | 2,819,789 |
Significant Accounting Polici24
Significant Accounting Policies - Recently Issued Accounting Standards (Details) - ASU 2016-09 | Jan. 01, 2017USD ($) |
New accounting pronouncement, modified retrospective method | |
Deferred tax assets for equity compensation | $ 98,767 |
Deferred tax assets, valuation allowance | 98,767 |
Accumulated Deficit | |
New accounting pronouncement, modified retrospective method | |
Cumulative effect adjustment for modified retrospective transition to ASU 2016-09 | $ 19,727 |
Prepaid Expenses and Other Cu25
Prepaid Expenses and Other Current Assets - Summary of Prepaid Expenses and Other Current Assets (Detail) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Prepaid Expenses and Other Current Assets | ||
Prepaid expenses | $ 434,124 | $ 199,195 |
Other receivables | 68,031 | 268,659 |
Deposits | 10,649 | |
Prepaid expenses and other current assets | $ 502,155 | $ 478,503 |
Property and Equipment (Detail)
Property and Equipment (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Property, Plant and Equipment [Line Items] | |||||
Property and equipment | $ 2,340,066 | $ 2,340,066 | $ 2,112,893 | ||
Less accumulated depreciation | (1,180,477) | (1,180,477) | (1,056,561) | ||
Property and equipment, net | 1,159,589 | 1,159,589 | 1,056,332 | ||
Depreciation of property and equipment | 69,574 | $ 46,707 | 123,916 | $ 93,941 | |
Furniture and Fixtures | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment | 314,024 | 314,024 | 262,135 | ||
Laboratory Equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment | 1,268,847 | 1,268,847 | 1,130,180 | ||
Office Equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment | 11,084 | 11,084 | 6,610 | ||
Computer Equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment | 176,826 | 176,826 | 169,423 | ||
Leasehold Improvements | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment | $ 569,285 | $ 569,285 | 36,128 | ||
Construction in Progress | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment | $ 508,417 |
Accrued Expenses - Summary of A
Accrued Expenses - Summary of Accrued Expenses (Detail) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Accrued Expenses | ||
Accrued research and development expenses | $ 2,927,377 | $ 2,513,243 |
Accrued consulting and other professional fees | 336,497 | 148,579 |
Other accrued expenses | 371,563 | 315,002 |
Accrued employee benefits | 399,468 | 290,547 |
Accrued expenses | $ 4,034,905 | $ 3,267,371 |
Operating Leases (Details)
Operating Leases (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | May 31, 2016 | |
Deferred Rent Credit | $ 813,182 | $ 813,182 | $ 822,130 | |||
Operating leases, rent expense | 222,683 | $ 178,908 | 444,171 | $ 337,279 | ||
Security deposit paid | $ 52,320 | $ 52,320 | $ 52,320 | |||
Rockville | ||||||
Security deposit paid | $ 52,320 |
Stockholders' Equity - Equity O
Stockholders' Equity - Equity Offerings - 10Q (Detail) - Common Stock - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 6 Months Ended |
May 31, 2017 | Jun. 30, 2017 | |
At The Market Equity Offering | ||
Equity offerings | ||
Issuance of common stock, net of issuance costs, shares | 1,388,647 | |
Weighted average price per share issued | $ 5.550 | |
Aggregate net proceeds from stock sale | $ 7.4 | |
Public Equity Offering | ||
Equity offerings | ||
Issuance of common stock, net of issuance costs, shares | 8,050,000 | |
Weighted average price per share issued | $ 11.50 | |
Aggregate net proceeds from stock sale | $ 86.8 |
Stockholders' Equity - Incentiv
Stockholders' Equity - Incentive Plans (Detail) - USD ($) | Jan. 01, 2017 | Jan. 09, 2014 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 |
Maximum | |||||
Incentive plans | |||||
Expiration period | 10 years | ||||
2003 Stock Incentive Plan | |||||
Incentive plans | |||||
Period from date of termination that any vested options shall expire | 60 days | ||||
Expiration period | 10 years | ||||
Intrinsic value of options exercised | $ 103,638 | $ 87,852 | |||
Cash proceeds from exercise of stock options | $ 27,358 | 37,963 | |||
Options exercised | 16,608 | ||||
Fair value of shares vested | $ 1,573 | $ 12,488 | |||
2003 Stock Incentive Plan | Upon first anniversary of start date | |||||
Incentive plans | |||||
Percent of shares subject to option grant that will vest | 25.00% | ||||
2003 Stock Incentive Plan | Each month after the first anniversary | |||||
Incentive plans | |||||
Percent of shares subject to option grant that will vest | 2.083% | ||||
2013 Equity Incentive Plan | |||||
Incentive plans | |||||
Period from date of termination that any vested options shall expire | 90 days | ||||
Expiration period | 10 years | ||||
Unrecognized compensation expense related to unvested options | $ 5,752,558 | ||||
Period for unrecognized compensation expense related to unvested options yet has not been recognized | 2 years 3 months 18 days | ||||
Intrinsic value of options exercised | $ 82,249 | ||||
Cash proceeds from exercise of stock options | $ 70,204 | ||||
Options exercised | 11,079 | 0 | |||
Fair value of shares vested | $ 2,252,276 | $ 1,576,879 | |||
2013 Equity Incentive Plan | Upon first anniversary of start date | |||||
Incentive plans | |||||
Percent of shares subject to option grant that will vest | 25.00% | ||||
2013 Equity Incentive Plan | Each month after the first anniversary | |||||
Incentive plans | |||||
Percent of shares subject to option grant that will vest | 2.083% | ||||
Common Stock | 2013 Equity Incentive Plan | |||||
Authorized shares | |||||
Common stock authorized under 2013 plan | 2,837,201 | 1,000,000 | |||
Automatic increase in number of shares reserved for issuance as a percentage of the total common stock outstanding at the end of the prior year | 3.00% | 3.00% | |||
Maximum number of shares that may be issued pursuant to exercise of incentive stock | 20,000,000 | ||||
Increase in number of shares of common stock | 697,500 |
Stockholders' Equity - Company'
Stockholders' Equity - Company's Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
2003 Stock Incentive Plan | |||
OUTSTANDING OPTIONS | |||
Outstanding at beginning of period | 729,819 | ||
Options exercised | (16,608) | ||
Outstanding at end of period | 713,211 | 729,819 | |
WEIGHTED-AVERAGE EXERCISE PRICE | |||
Outstanding at beginning of period | $ 1.26 | ||
Options exercised | 1.65 | ||
Outstanding at end of period | $ 1.25 | $ 1.26 | |
VESTED AND EXPECTED TO VEST | |||
Outstanding options | 713,211 | ||
Weighted-Average Exercise Price | $ 1.25 | ||
Weighted-Average Remaining Contractual Term | 2 years 8 months 12 days | ||
Aggregate Intrinsic Value (in thousands) | $ 7,070 | ||
ADDITIONAL DISCLOSURES | |||
Outstanding options exercisable at end of period | 713,211 | ||
Weighted-average exercise price exercisable at end of period | $ 1.25 | ||
Weighted-average contractual term (years) exercisable at end of period | 2 years 8 months 12 days | ||
Aggregate intrinsic value (in thousands) exercisable at end of period | $ 7,070 | ||
Weighted-average contractual term outstanding | 2 years 8 months 12 days | 3 years 2 months 12 days | |
Aggregate intrinsic value (in thousands) outstanding at end of period | $ 7,070 | ||
2013 Equity Incentive Plan | |||
OUTSTANDING OPTIONS | |||
Outstanding at beginning of period | 2,066,105 | ||
Options granted | 669,638 | ||
Options exercised | (11,079) | 0 | |
Options forfeited | (17,067) | ||
Outstanding at end of period | 2,707,597 | 2,066,105 | |
WEIGHTED-AVERAGE EXERCISE PRICE | |||
Outstanding at beginning of period | $ 7.41 | ||
Options granted | 7.01 | ||
Options exercised | 6.34 | ||
Options forfeited | 7.34 | ||
Outstanding at end of period | $ 7.32 | $ 7.41 | |
VESTED AND EXPECTED TO VEST | |||
Outstanding options | 2,707,597 | ||
Weighted-Average Exercise Price | $ 7.32 | ||
Weighted-Average Remaining Contractual Term | 7 years 9 months 18 days | ||
Aggregate Intrinsic Value (in thousands) | $ 10,938 | ||
ADDITIONAL DISCLOSURES | |||
Outstanding options exercisable at end of period | 1,359,958 | ||
Weighted-average exercise price exercisable at end of period | $ 7.85 | ||
Weighted-average contractual term (years) exercisable at end of period | 6 years 10 months 24 days | ||
Aggregate intrinsic value (in thousands) exercisable at end of period | $ 4,843 | ||
Weighted-average contractual term outstanding | 7 years 9 months 18 days | 7 years 10 months 24 days | |
Aggregate intrinsic value (in thousands) outstanding at end of period | $ 10,938 |
Stockholders' Equity - Weighted
Stockholders' Equity - Weighted-Average assumptions (Detail) - $ / shares | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Weighted-average assumptions | ||
Expected term | 6 years 3 months | 6 years 3 months |
2013 Equity Incentive Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted-average fair value of the options granted | $ 4.72 | $ 3.36 |
Weighted-average assumptions | ||
Expected volatility | 75.19% | 68.82% |
Risk-free interest rate | 2.09% | 1.70% |
Expected dividend yield | 0.00% | 0.00% |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of RSU Activity (Detail) - RSU [Member] - 2013 Equity Incentive Plan | 6 Months Ended |
Jun. 30, 2017USD ($)installment$ / sharesshares | |
Restricted Stock Units information | |
Unrecognized compensation expense related to unvested service RSUs | $ | $ 41,020 |
Number of vesting installments | installment | 3 |
NUMBER OF SHARES | |
Unvested at beginning of period | shares | 16,916 |
Granted | shares | 0 |
Forfeited | shares | 0 |
Vested | shares | 4,833 |
Unvested at end of period | shares | 12,083 |
WEIGHTED-AVERAGE GRANT DATE FAIR VALUE | |
Unvested at beginning of period | $ / shares | $ 5.04 |
Granted | $ / shares | 0 |
Forfeited | $ / shares | 0 |
Vested | $ / shares | 4.61 |
Unvested at end of period | $ / shares | $ 5.21 |
Stockholders' Equity - Stock-Ba
Stockholders' Equity - Stock-Based Compensation Expense (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Stock-based compensation expense | ||||
Total stock-based compensation expense | $ 991,108 | $ 771,687 | $ 1,833,955 | $ 1,499,233 |
Research and Development | ||||
Stock-based compensation expense | ||||
Total stock-based compensation expense | 314,904 | 257,998 | 626,687 | 511,280 |
General and Administrative Expense | ||||
Stock-based compensation expense | ||||
Total stock-based compensation expense | $ 676,204 | $ 513,689 | $ 1,207,268 | $ 987,953 |
Income Taxes - 10-Q (Details)
Income Taxes - 10-Q (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Income Taxes | ||
Income tax (benefit) provision | $ 0 | $ 0 |
Research and License Agreemen36
Research and License Agreements - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 18 Months Ended | ||||
Jun. 30, 2015USD ($) | May 31, 2014USD ($) | Oct. 31, 2011USD ($)item | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2013USD ($) | |
Research and License Agreements | ||||||||
Research and Development Expense | $ 5,722,070 | $ 5,781,176 | $ 11,600,578 | $ 11,299,898 | ||||
License Agreement | Pfizer | ||||||||
Research and License Agreements | ||||||||
Milestone revenue | 0 | 0 | $ 0 | 0 | ||||
License Agreement | Pfizer | Up-Front Payment Arrangement | ||||||||
Research and License Agreements | ||||||||
Upfront payment received | $ 22,500,000 | |||||||
Upfront payment revenue recognized | $ 22,500,000 | |||||||
Recognition period of up-front payment | 1 year 6 months | |||||||
Research Services Agreement | University Of Basel | ||||||||
Research and License Agreements | ||||||||
Royalty payment due against license fees received (as a percent) | 10.00% | |||||||
Milestone payment obligation | $ 0 | $ 0 | $ 0 | $ 0 | ||||
Achievement Of Specified Development Milestone | License Agreement | Pfizer | ||||||||
Research and License Agreements | ||||||||
Milestone revenue | $ 20,000,000 | $ 15,000,000 | ||||||
Achievement Of Specified Development Milestone | License Agreement | Pfizer | Maximum | ||||||||
Research and License Agreements | ||||||||
Potential milestone payments | $ 115,000,000 | |||||||
Number of indications | item | 2 | |||||||
Achievement Of Specified Regulatory Milestone | License Agreement | Pfizer | Maximum | ||||||||
Research and License Agreements | ||||||||
Potential milestone payments | $ 70,000,000 | |||||||
Number of indications | item | 2 | |||||||
Achievement Of Specified Levels Of Annual Net Sales Of Licensed Products | License Agreement | Pfizer | Maximum | ||||||||
Research and License Agreements | ||||||||
Potential milestone payments | $ 135,000,000 |