Agile Therapeutics (AGXRW) 10-Q 12 May 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2015	11-May-15
Document and Entity Information
Entity Registrant Name	AGILE THERAPEUTICS INC
Entity Central Index Key	1261249
Document Type	10-Q
Document Period End Date	31-Mar-15
Amendment Flag	FALSE
Current Fiscal Year End Date	-19
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		22,202,637
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1

Balance_Sheets

Balance Sheets (USD $)	Mar. 31, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$53,865,380	$40,182,141
Prepaid expenses	495,221	803,775
Total current assets	54,360,601	40,985,916
Property and equipment, net of accumulated depreciation of $290,669 in 2015 and $285,643 in 2014	12,229,840	12,046,267
Prepaid expenses, long-term	1,677,434	1,677,434
Deferred financing costs, net	410,069	98,401
Other assets	18,208	18,208
Total assets	68,696,152	54,826,226
Current liabilities:
Accounts payable	3,309,188	2,631,217
Accrued expenses	1,108,412	1,062,113
Loan payable, current portion		5,003,143
Warrant liability	396,892	296,048
Total current liabilities	4,814,492	8,992,521
Loan payable, long-term	15,124,990	9,827,758
Commitment and contingencies
Stockholders' equity:
Common stock, $.0001 par value, authorized 150,000,000 shares; 22,160,233 shares issued and outstanding as of March 31, 2015 and 18,634,872 shares issued and outstanding as of December 31, 2014	2,217	1,864
Additional paid-in capital	191,684,665	170,395,934
Accumulated deficit	-142,930,212	-134,391,851
Total stockholders' equity	48,756,670	36,005,947
Total liabilities and stockholders' equity	$68,696,152	$54,826,226

Balance_Sheets_Parenthetical

Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Balance Sheets
Accumulated depreciation	$290,669	$285,643
Common stock, par value (in dollars per share)	$0.00	$0.00
Common stock, authorized	150,000,000	150,000,000
Common stock, issued	22,160,233	18,634,872
Common stock, outstanding	22,160,233	18,634,872

Statements_of_Operations

Statements of Operations (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Operating expenses:
Research and development	$5,378,148	$1,394,322
General and administrative	1,598,726	1,053,304
Total operating expenses	6,976,874	2,447,626
Loss from operations	-6,976,874	-2,447,626
Other income (expense)
Interest expense	-425,834	-378,228
Interest income	1,172	56
Change in fair value of warrants	-100,844	12,606
Loss on extinguishment of debt	1,035,981
Loss before benefit from income taxes	-8,538,361	-2,813,192
Benefit from income taxes		3,652,485
Net loss (income)	($8,538,361)	$839,293
Net (loss) income per share (basic)	($0.40)	$0.10
Net (loss) income per share (diluted)	($0.40)	$0.01
Weighted-average shares outstanding (basic)	21,282,692	106,309
Weighted-average shares outstanding (diluted)	21,282,692	822,178

Statements_of_Cash_Flows

Statements of Cash Flows (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities
Net loss (income)	($8,538,361)	$839,293
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation	5,026	2,587
Noncash stock bonus		80,000
Noncash stock based compensation	644,721	228,106
Noncash interest	73,074	33,228
Loss on extinguishment of debt	-1,035,981
Change in fair value of warrants	100,844	-12,606
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	308,554	51,430
Accounts payable and accrued expenses	724,269	-290,451
Net cash (used in) provided by operating activities	-5,645,892	931,587
Cash flows from investing activities
Acquisition of property and equipment	-188,599	-1,070
Net cash used in investing activities	-188,599	-1,070
Cash flows from financing activities
Cash paid for offering costs		-40,160
Proceeds from issuance of long-term debt, net	16,265,000
Repayment of long-term debt	-15,784,150
Cash paid for financing costs	-423,256
Proceeds from the issuance of common stock, net	19,330,613
Proceeds from exercise of stock options	129,523
Net cash provided by (used in) financing activities	19,517,730	-40,160
Net increase in cash and cash equivalents	13,683,239	890,357
Cash and cash equivalents, beginning of period	40,182,141	2,119,646
Cash and cash equivalents, end of period	53,865,380	3,010,003
Supplemental cash flow information
Interest paid	339,261	345,000
Fair value of common stock warrants	$1,184,228

Organization_and_Basis_of_Pres

Organization and Basis of Presentation	3 Months Ended
	Mar. 31, 2015
Organization and Basis of Presentation
Organization and Basis of Presentation
	1. Organization and Basis of Presentation
	Nature of Operations
	Agile Therapeutics, Inc. (the “Company”) was incorporated in Delaware on December 22, 1997. The Company is engaged in research and development of transdermal patch technology for use in contraception. The Company’s activities since inception have consisted principally of raising capital, and performing research and development. The Company is headquartered in Princeton, New Jersey.
	The Company is devoting substantially all of its efforts toward research and development of its transdermal patch for use in contraception, and raising capital. The Company has not generated product revenue to date and is subject to a number of risks similar to those of other early stage companies, including dependence on key individuals, the difficulties inherent in the development of commercially usable products, the potential need to obtain additional capital necessary to fund the development of its products, and competition from larger companies. The Company has incurred losses each year since inception. As of March 31 2015, the Company had an accumulated deficit of approximately $142.9 million.
	The Company has financed its operations to date primarily through the issuance and sale of its common stock in its initial public offering (see Note 7), private placements of its common stock and convertible preferred stock, venture loans, and non-dilutive grant funding. The Company expects to continue to incur net losses into the foreseeable future.
	Basis of Presentation
	The accompanying unaudited interim condensed financial statements  have been prepared by the Company, without audit, in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim information and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for reporting on Form 10-Q. Accordingly, certain information and footnote disclosure normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. These interim condensed financial statements should be read in conjunction with the audited financial statements and related notes included in the Company’s annual report on Form 10-K for the year ended December 31, 2014 filed with the SEC.
	In the opinion of management, the unaudited interim condensed financial statements reflects all adjustments, which are normal recurring adjustments, necessary for the fair presentation of the financial information for the interim periods have been made. The results of operations for the three months ended March 31, 2015 are not necessarily indicative of the operating results for the full fiscal year or any future period.

Summary_of_Significant_Account

Summary of Significant Accounting Polices	3 Months Ended
	Mar. 31, 2015
Summary of Significant Accounting Polices
Summary of Significant Accounting Polices
	2. Summary of Significant Accounting Polices
	The Company’s complete listing of significant accounting policies are described in Note 2 to the Company’s audited financial statements as of December 31, 2014 included in its annual report on Form 10-K filed with the SEC.
	Use of Estimates
	The preparation of the Company’s financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The Company bases its estimates and judgments on historical experience and various other assumptions that it believes are reasonable under the circumstances. The amounts of assets and liabilities reported in the Company’s balance sheets and the amounts of expenses reported for each of the periods presented are affected by estimates and assumptions, which are used for, but not limited to, the accounting for common stock warrants, stock-based compensation, income taxes, and accounting for research and development costs. Actual results could differ from those estimates.
	Fair Value of Financial Instruments
	In accordance with ASC 825, Financial Instruments, disclosures of fair value information about financial instruments are required, whether or not recognized in the balance sheet, for which it is practicable to estimate that value. Cash and cash equivalents are carried at fair value (see Note 3).
	Financial instruments, including accounts payable and accrued liabilities, are carried at cost, which approximates fair value given their short-term nature.
	Warrants
	The Company accounts for its warrants to purchase redeemable convertible stock in accordance with ASC 480, Distinguishing Liabilities from Equity. ASC 480 requires that a financial instrument, other than outstanding share, that, at inception, is indexed to an obligation to repurchase the issuer’s equity shares, regardless of the timing or the probability of the redemption feature, and may require the issuer to settle the obligation by transferring assets be classified as a liability. The Company measures the fair value of its warrant liability using an option pricing model with changes in fair value recognized as increases or reductions to other income (expense) in the statement of operations.
	In connection with the completion of the Company’s initial public offering in May 2014, the warrants to purchase shares of Series A-1 and Series A-2 preferred stock expired unexercised and the warrants to purchase shares of Series C preferred stock automatically converted into warrants to purchase shares of common stock.  Warrants with non-standard anti-dilution provisions (referred to as down round protection) are classified as liabilities and re-measured each reporting period.
	The warrants issued in connection with the Company’s debt financing completed in February 2015 (see Note 6) are classified as a component of stockholders’ equity.  The value of such warrants was determined using the Black-Scholes option-pricing model.
	Stock-Based Compensation
	The Company accounts for stock-based compensation in accordance with ASC 718, Compensation-Stock Compensation. The Company grants stock options for a fixed number of shares to employees and non-employees with an exercise price equal to the fair value of the shares at grant date. Compensation cost is recognized for all share-based payments granted and is based on the grant- date fair value estimated using the weighted-average assumption of the Black- Scholes option pricing model based on key assumptions such as stock price, expected volatility and expected term. The equity instrument is not considered to be issued until the instrument vests. As a result, compensation cost is recognized over the requisite service period with an offsetting credit to additional paid-in capital.
	Awards for consultants are accounted for under ASC 505-50, Equity Based Payments to Non-Employees. Any compensation expense related to consultants is marked-to-market over the applicable vesting period as they vest.
	Net (Loss) Income Per Share
	Basic net (loss) income per share is calculated by dividing the net (loss) income attributable to common stockholders by the weighted average number of common shares outstanding for the period, without consideration for common stock equivalents. Diluted net (loss) income per share is calculated by dividing the net (loss) income attributable to common stockholders by the weighted-average number of common shares outstanding plus the effect of dilutive potential common shares outstanding during the period determined using the treasury-stock and if-converted methods. Dilutive potential common shares are comprised of convertible preferred stock, convertible preferred stock warrants and options outstanding under the Company’s equity incentive plan.
	Prior to their conversion in connection with the Company’s initial public offering, the Company’s Series A-1, Series A-2, Series B and Series C convertible preferred stock were entitles to participate in earnings of the Company based upon dividend rights.  Accordingly, prior to the initial public offering, the Company measured net income per share based upon the two-class method.  Net income attributable to common stockholders excludes $829,285 for the three months ended March 31, 2014 for net income attributable to participating securities.
	Potentially dilutive securities that have been excluded from the calculation of diluted net loss per share for the three months ended March 31, 2015, because to do so would be anti-dilutive, are as follows (in common equivalent shares):
		March 31, 2015
	Common stock warrants	242,779
	Common stock options	2,234,191
	Total	2,476,970
	The following table summarizes the Company’s computation of basic and diluted net (loss) income per share for common stockholders:
		Three Months Ended
		March 31
		2015			2014
	Numerator
	Net (loss) income	(8,538,361		)	$	839,293
	Less net income attributable to participating preferred stock	—			(829,180		)
	Net (loss) income attributable to common stockholders	(8,538,361		)	$	10,113
	Denominator
	Denominator for basic and diluted net loss per share	21,282,692			106,309
	Effect of dilutive securities:
	Stock options	—			715,869
	Denominator for diluted net (loss) income per share	21,282,692			822,178
	Net (loss) income per share, basic	$	(0.40	)	$	0.1
	Net (loss) income per share, diluted	$	(0.40	)	$	0.01
	Recent Accounting Pronouncements
	In April 2015, the Financial Accounting Standards Board (FASB) issued an amendment to U.S. GAAP to simplify the balance sheet presentation of the costs for issuing debt.  The changes were adopted in Accounting Standards Update (ASU) No. 2015-03, Interest — Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issue Costs.  Public companies will have to apply the amendments for reporting periods that begin after December 15, 2015.  This amendment requires adoption by revising the balance sheets for periods prior to the effective date.  The Company is currently evaluating the impact of this ASU and does not believe the adoption of this ASU will have a material impact on the Company’s financial position or results of operations.

Fair_Value_Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2015
Fair Value Measurements
Fair Value Measurements
	3. Fair Value Measurements
	ASC 820, Fair Value Measurements and Disclosures, describes the fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value.
	Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Assets and liabilities that are measured at fair value are reported using a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy maximizes the use of observable inputs and minimizes the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:
		·		Level 1 — Quotes prices in active markets for identical assets and liabilities. The Company’s Level 1 assets and liabilities consist of cash and cash equivalents.
		·		Level 2 — Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted market prices for similar assets or liabilities in active markets or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets and liabilities. The Company has no Level 2 assets or liabilities.
		·		Level 3 — Unobservable inputs that are supported by little or no market data and which require internal development of assumptions about how market participant price the fair value of the assets or liabilities. The Company’s Level 3 liabilities consist of the warrant liability.
	The Company is required to mark the value of its warrant liability to market and recognize the change in valuation in its statements of operations each reporting period.
	The following table sets forth the Company’s financial instruments measured at fair value by level within the fair value hierarchy as of March 31, 2015 and December 31, 2014.
			Level 1		Level 2		Level 3
	March 31, 2015
	Assets:
	Cash and cash equivalents		$	53,807,863	$	—	$	—
	Total assets at fair value		$	53,807,863	$	—	$	—
	Liabilities:
	Common stock warrants		$	—	$	—	$	396,892
	Total liabilities at fair value		$	—	$	—	$	396,892
	The significant assumptions used in preparing the option pricing model for valuing the Company’s warrants as of March 31, 2015 include (i) volatility (75.0%), (ii) risk free interest rate of 1.41% (estimated using treasury bonds with a 4.75 year life), (iii) strike price ($6.00) for the common stock warrants, (iv) fair value of common stock ($9.27) and (v) expected life (4.75 years).
	The following is a rollforward of the fair value of Level 3 warrants:
	Beginning balance at December 31, 2014		$	296,048
	Change in fair value		100,844
	Ending balance at March 31, 2015		$	396,892
			Level 1		Level 2		Level 3
	December 31, 2014
	Assets:
	Cash and cash equivalents		$	40,135,102	$	—	$	—
	Total assets at fair value		$	40,135,102	$	—	$	—
	Liabilities:
	Common stock warrants		—		—		296,048
	Total liabilities at fair value		$	—	$	—	$	296,048
	The significant assumptions used in preparing the option pricing model for valuing the Company’s warrants as of December 31, 2014 include (i) volatility (104.8%), (ii) risk free interest rate of 1.68% (estimated using treasury bonds with a 5 year life), (iii) strike price ($6.00) for the common stock warrants, (iv) fair value of common stock ($6.14) and (v) expected life (five years).
	There were no transfers between Level 1, 2 or 3 during 2013 or 2014. If the Company’s estimates regarding the fair value of its warrants are inaccurate, a future adjustment to these estimated fair values may be required. Additionally, these estimated fair values could change significantly.

Prepaid_Expenses

Prepaid Expenses	3 Months Ended
	Mar. 31, 2015
Prepaid Expenses
Prepaid Expenses
	4. Prepaid Expenses
	Prepaid expenses consist of the following:
		March 31, 2015		December 31,
				2014
	Prepaid clinical trial expense	$	1,677,434	$	1,677,434
	Prepaid insurance	427,494		761,842
	Other	67,727		41,933
	Total prepaid expenses	$	2,172,655	$	2,481,209
	Prepaid expenses, short-term	$	495,221	$	803,775
	Prepaid expenses, long-term	1,677,434		1,677,434
	Total prepaid expenses	$	2,172,655	$	2,481,209
	Prepaid expenses, long-term represents non-refundable advances to the Company’s clinical research organization which will be applied against final invoices in accordance with the contractual terms of the arrangement.

Accrued_Liabilities

Accrued Liabilities	3 Months Ended
	Mar. 31, 2015
Accrued Liabilities
Accrued Liabilities
	5. Accrued Liabilities
	Accrued liabilities consist of the following:
		March 31, 2015		December 31,
				2014
	Employee bonuses	$	211,297	$	665,050
	Accrued clinical trial costs	770,897		254,333
	Other	126,218		142,730
	Total accrued liabilities	$	1,108,412	$	1,062,113

Loan_and_Security_Agreements

Loan and Security Agreements	3 Months Ended
	Mar. 31, 2015
Loan and Security Agreements
Loan and Security Agreements
	6. Loan and Security Agreements
	Oxford Finance LLC
	In December 2012, the Company entered into a Loan and Security Agreement (the “Oxford Loan”) with Oxford Finance LLC (“Oxford”) pursuant to which the Company borrowed a total of $15.0 million from Oxford. The Oxford Loan accrued interest at a fixed annual rate equal to 9.20% (three-month U.S. Libor rate of 0.47% plus 8.73%).
	Interest on the Oxford Loan was payable monthly and principal was due in 30 equal consecutive monthly installments beginning on February 1, 2015 and ending on July 1, 2017.  In addition, the Company was required to make a final payment of $675,000 on the maturity date of the Oxford Loan (July 1, 2017).
	In February 2015, the Company terminated and repaid all amounts outstanding under the Oxford Loan and recorded a loss on the extinguishment of the Oxford Loan (see further discussion below).
	Hercules Technology Growth Capital, Inc.
	In February 2015, the Company entered into a loan and security agreement (the “Hercules Loan”) with Hercules Technology Growth Capital, Inc. (“Hercules”) for a term loan of up to $25.0 million.  A first tranche of $16.5 million was funded upon execution of the loan agreement, approximately $15.5 million of which was used to repay the Company’s existing term loan with Oxford.  The Company is scheduled to make interest only payments on the loan until July 1, 2016, which period may be extended under certain circumstances.  Under the terms of the loan and security agreement, the Company may, but is not obligated to, draw an additional tranche of up to $8.5 million prior to July 1, 2016, subject to the achievement of certain clinical milestones, which may be extended to December 31, 2016 under certain circumstances.
	The Hercules Loan accrues interest at a rate of the greater of 9.0% or 9.0% plus Prime minus 4.25% and is payable monthly.  Principal is due in 30 equal consecutive monthly installments beginning on July 1, 2016 and ending on December 1, 2018.  In addition, the Company is required to make a final payment of $610,500 on the maturity date of the Hercules Loan (December 1, 2018).
	The Company may prepay all, but not less than all, of the Hercules Loan subject to a prepayment premium of 3.0% of the outstanding principal if prepaid during the first year, 2.0% of the outstanding principal if prepaid during the second year and 1.0% of the outstanding principal if prepaid after the second year. The obligations of the Company under the Hercules Loan are secured by a perfected first position lien on all of the assets of the Company, excluding intellectual property assets.
	In connection with the loan agreement, the Company issued Hercules a warrant to purchase 180,274 shares of the Company’s common stock at an exercise price of $5.89 per share and granted Hercules the right to participate in future equity financings in an amount up to $2.0 million while the loan and warrant are outstanding.
	The Company allocated the proceeds of $16.5 million in accordance with ASC 470 based on the relative fair values.  The relative fair value of the warrants of approximately $1.2 million at the time of issuance, which was determined using the Black-Scholes option-pricing model, was recorded as additional paid-in capital and reduced the carrying value of the debt.  The discount on the debt is being amortized to interest expense over the term of the debt.
	As a result of the repayment of the Oxford Loan, the Company recorded a loss on the extinguishment of debt of approximately $1.0 million on the Company’s statement of operations for the three months ended March 31, 2015, representing a prepayment premium, the unamortized discount of the Oxford Loan and the write off of deferred financing costs.

Stockholders_Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2015
Stockholders' Equity
Stockholders' Equity
	7. Stockholders’ Equity
	Initial Public Offering and Related Transactions
	On May 29, 2014, the Company completed its initial public offering selling 9,166,667 shares of common stock at $6.00 per share.  Proceeds from the Company’s initial public offering, net of underwriting discounts and commissions and other offering costs, were $49.7 million.
	In addition, each of the following occurred in connection with the completion of the Company’s IPO on May 29, 2014:
		·		the conversion of all outstanding shares of convertible preferred stock into 8,809,325 shares of common stock
		·		the conversion of the aggregate principal amount of $3.0 million and accrued interest under the Company’s outstanding convertible subordinated promissory notes into 503,450 shares of common stock.
	Private Placement
	In January 2015, the Company completed a private placement of approximately 3.4 million shares of common stock at $5.85 per share.  Proceeds from the Company’s private placement, net of commissions and other offering costs, were approximately $19.3 million.
	Stock-Based Compensation Expense
	Stock-based compensation expense related to stock options was allocated as follows:
			Three Months Ended
			March 31
			2015		2014
	Research and development		$	315,907	$	126,525
	General and administrative		328,814		101,581
	Total stock-based compensation expense		$	644,721	$	228,106

Income_Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2015
Income Taxes
Income Taxes
	8. Income Taxes
	Sale of New Jersey Net Operating Losses
	The Company received approval to sell a portion of the Company’s New Jersey net operating losses (NOLs) as part of the Technology Business Tax Certificate Program sponsored by The New Jersey Economic Development Authority. Under the program, emerging biotechnology companies with unused NOLs and unused research and development credits are allowed to sell these benefits to other companies. On February 27, 2014, the Company completed the sale of NOLs totaling approximately $39.1 million for net proceeds of approximately $3.6 million. Such proceeds are reflected as a tax benefit for three months ended March 31, 2014.

Related_Party_Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2015
Related Party Transactions
Related Party Transactions
	9. Related Party Transactions
	Effective March 17, 2014, one of the Managing Partners of SmartPharma LLC or SmartPharma, an entity which provides commercial and business development consulting services to the Company was appointed Chief Commercial Officer. In connection with the appointment of this individual as Chief Commercial Officer, the Company amended its consulting agreement with SmartPharma to remove this individual from the list of persons providing service under the consulting agreement. SmartPharma invoiced the Company $26,100 and $71,050 of fees for the three months ended March 31, 2015 and 2014, respectively.

Summary_of_Significant_Account1

Summary of Significant Accounting Polices (Polices)	3 Months Ended
	Mar. 31, 2015
Summary of Significant Accounting Polices
Use of Estimates
	Use of Estimates
	The preparation of the Company’s financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The Company bases its estimates and judgments on historical experience and various other assumptions that it believes are reasonable under the circumstances. The amounts of assets and liabilities reported in the Company’s balance sheets and the amounts of expenses reported for each of the periods presented are affected by estimates and assumptions, which are used for, but not limited to, the accounting for common stock warrants, stock-based compensation, income taxes, and accounting for research and development costs. Actual results could differ from those estimates.
Fair Value of Financial Instruments
	Fair Value of Financial Instruments
	In accordance with ASC 825, Financial Instruments, disclosures of fair value information about financial instruments are required, whether or not recognized in the balance sheet, for which it is practicable to estimate that value. Cash and cash equivalents are carried at fair value (see Note 3).
	Financial instruments, including accounts payable and accrued liabilities, are carried at cost, which approximates fair value given their short-term nature.
Warrants
	Warrants
	The Company accounts for its warrants to purchase redeemable convertible stock in accordance with ASC 480, Distinguishing Liabilities from Equity. ASC 480 requires that a financial instrument, other than outstanding share, that, at inception, is indexed to an obligation to repurchase the issuer’s equity shares, regardless of the timing or the probability of the redemption feature, and may require the issuer to settle the obligation by transferring assets be classified as a liability. The Company measures the fair value of its warrant liability using an option pricing model with changes in fair value recognized as increases or reductions to other income (expense) in the statement of operations.
	In connection with the completion of the Company’s initial public offering in May 2014, the warrants to purchase shares of Series A-1 and Series A-2 preferred stock expired unexercised and the warrants to purchase shares of Series C preferred stock automatically converted into warrants to purchase shares of common stock.  Warrants with non-standard anti-dilution provisions (referred to as down round protection) are classified as liabilities and re-measured each reporting period.
	The warrants issued in connection with the Company’s debt financing completed in February 2015 (see Note 6) are classified as a component of stockholders’ equity.  The value of such warrants was determined using the Black-Scholes option-pricing model.
Stock-Based Compensation
	Stock-Based Compensation
	The Company accounts for stock-based compensation in accordance with ASC 718, Compensation-Stock Compensation. The Company grants stock options for a fixed number of shares to employees and non-employees with an exercise price equal to the fair value of the shares at grant date. Compensation cost is recognized for all share-based payments granted and is based on the grant- date fair value estimated using the weighted-average assumption of the Black- Scholes option pricing model based on key assumptions such as stock price, expected volatility and expected term. The equity instrument is not considered to be issued until the instrument vests. As a result, compensation cost is recognized over the requisite service period with an offsetting credit to additional paid-in capital.
	Awards for consultants are accounted for under ASC 505-50, Equity Based Payments to Non-Employees. Any compensation expense related to consultants is marked-to-market over the applicable vesting period as they vest.
Net (Loss) Income Per Share
	Net (Loss) Income Per Share
	Basic net (loss) income per share is calculated by dividing the net (loss) income attributable to common stockholders by the weighted average number of common shares outstanding for the period, without consideration for common stock equivalents. Diluted net (loss) income per share is calculated by dividing the net (loss) income attributable to common stockholders by the weighted-average number of common shares outstanding plus the effect of dilutive potential common shares outstanding during the period determined using the treasury-stock and if-converted methods. Dilutive potential common shares are comprised of convertible preferred stock, convertible preferred stock warrants and options outstanding under the Company’s equity incentive plan.
	Prior to their conversion in connection with the Company’s initial public offering, the Company’s Series A-1, Series A-2, Series B and Series C convertible preferred stock were entitles to participate in earnings of the Company based upon dividend rights.  Accordingly, prior to the initial public offering, the Company measured net income per share based upon the two-class method.  Net income attributable to common stockholders excludes $829,285 for the three months ended March 31, 2014 for net income attributable to participating securities.
	Potentially dilutive securities that have been excluded from the calculation of diluted net loss per share for the three months ended March 31, 2015, because to do so would be anti-dilutive, are as follows (in common equivalent shares):
		March 31, 2015
	Common stock warrants	242,779
	Common stock options	2,234,191
	Total	2,476,970
	The following table summarizes the Company’s computation of basic and diluted net (loss) income per share for common stockholders:
		Three Months Ended
		March 31
		2015			2014
	Numerator
	Net (loss) income	(8,538,361		)	$	839,293
	Less net income attributable to participating preferred stock	—			(829,180		)
	Net (loss) income attributable to common stockholders	(8,538,361		)	$	10,113
	Denominator
	Denominator for basic and diluted net loss per share	21,282,692			106,309
	Effect of dilutive securities:
	Stock options	—			715,869
	Denominator for diluted net (loss) income per share	21,282,692			822,178
	Net (loss) income per share, basic	$	(0.40	)	$	0.1
	Net (loss) income per share, diluted	$	(0.40	)	$	0.01
Recent Accounting Pronouncements
	Recent Accounting Pronouncements
	In April 2015, the Financial Accounting Standards Board (FASB) issued an amendment to U.S. GAAP to simplify the balance sheet presentation of the costs for issuing debt.  The changes were adopted in Accounting Standards Update (ASU) No. 2015-03, Interest — Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issue Costs.  Public companies will have to apply the amendments for reporting periods that begin after December 15, 2015.  This amendment requires adoption by revising the balance sheets for periods prior to the effective date.  The Company is currently evaluating the impact of this ASU and does not believe the adoption of this ASU will have a material impact on the Company’s financial position or results of operations.

Summary_of_Significant_Account2

Summary of Significant Accounting Polices (Tables)	3 Months Ended
	Mar. 31, 2015
Summary of Significant Accounting Polices
Schedule of potentially dilutive securities excluded from calculation of diluted net loss per share
	Potentially dilutive securities that have been excluded from the calculation of diluted net loss per share for the three months ended March 31, 2015, because to do so would be anti-dilutive, are as follows (in common equivalent shares):
		March 31, 2015
	Common stock warrants	242,779
	Common stock options	2,234,191
	Total	2,476,970
Summary of computation of basic and diluted net (loss) income per share
		Three Months Ended
		March 31
		2015			2014
	Numerator
	Net (loss) income	(8,538,361		)	$	839,293
	Less net income attributable to participating preferred stock	—			(829,180		)
	Net (loss) income attributable to common stockholders	(8,538,361		)	$	10,113
	Denominator
	Denominator for basic and diluted net loss per share	21,282,692			106,309
	Effect of dilutive securities:
	Stock options	—			715,869
	Denominator for diluted net (loss) income per share	21,282,692			822,178
	Net (loss) income per share, basic	$	(0.40	)	$	0.1
	Net (loss) income per share, diluted	$	(0.40	)	$	0.01

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2015
Fair Value Measurements
Schedule of financial instruments measured at fair value by level within fair value hierarchy		Level 1		Level 2		Level 3
	March 31, 2015
	Assets:
	Cash and cash equivalents	$	53,807,863	$	—	$	—
	Total assets at fair value	$	53,807,863	$	—	$	—
	Liabilities:
	Common stock warrants	$	—	$	—	$	396,892
	Total liabilities at fair value	$	—	$	—	$	396,892
		Level 1		Level 2		Level 3
	December 31, 2014
	Assets:
	Cash and cash equivalents	$	40,135,102	$	—	$	—
	Total assets at fair value	$	40,135,102	$	—	$	—
	Liabilities:
	Common stock warrants	—		—		296,048
	Total liabilities at fair value	$	—	$	—	$	296,048
Schedule of rollforward of fair value of Level 3 warrants	Beginning balance at December 31, 2014	$	296,048
	Change in fair value	100,844
	Ending balance at March 31, 2015	$	396,892

Prepaid_Expenses_Tables

Prepaid Expenses (Tables)	3 Months Ended
	Mar. 31, 2015
Prepaid Expenses
Schedule of prepaid expenses by component and classification		March 31, 2015		December 31,
				2014
	Prepaid clinical trial expense	$	1,677,434	$	1,677,434
	Prepaid insurance	427,494		761,842
	Other	67,727		41,933
	Total prepaid expenses	$	2,172,655	$	2,481,209
	Prepaid expenses, short-term	$	495,221	$	803,775
	Prepaid expenses, long-term	1,677,434		1,677,434
	Total prepaid expenses	$	2,172,655	$	2,481,209

Accrued_Liabilities_Tables

Accrued Liabilities (Tables)	3 Months Ended
	Mar. 31, 2015
Accrued Liabilities
Schedule of components of accrued liabilities		March 31, 2015		December 31,
				2014
	Employee bonuses	$	211,297	$	665,050
	Accrued clinical trial costs	770,897		254,333
	Other	126,218		142,730
	Total accrued liabilities	$	1,108,412	$	1,062,113

Stockholders_Equity_Tables

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2015
Stockholders' Equity
Schedule of stock-based compensation expense related to stock options		Three Months Ended
		March 31
		2015		2014
	Research and development	$	315,907	$	126,525
	General and administrative	328,814		101,581
	Total stock-based compensation expense	$	644,721	$	228,106

Organization_and_Basis_of_Pres1

Organization and Basis of Presentation (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Organization and Basis of Presentation
Accumulated deficit	$142,930,212	$134,391,851

Summary_of_Significant_Account3

Summary of Significant Accounting Polices (Details) (USD $)	3 Months Ended
	Mar. 31, 2014
Net income per share measured based upon the two-class method
Net income attributable to participating securities excluded from net income attributable to common stockholders	$829,285

Summary_of_Significant_Account4

Summary of Significant Accounting Polices (Details 2)	3 Months Ended
	Mar. 31, 2015
Anti-dilutive securities
Anti-dilutive securities excluded from the calculation of diluted net loss per share (in shares)	2,476,970
Warrants
Anti-dilutive securities
Anti-dilutive securities excluded from the calculation of diluted net loss per share (in shares)	242,779
Stock options
Anti-dilutive securities
Anti-dilutive securities excluded from the calculation of diluted net loss per share (in shares)	2,234,191

Summary_of_Significant_Account5

Summary of Significant Accounting Polices (Details 3) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Numerator
Net loss (income)	($8,538,361)	$839,293
Less net income attributable to participating preferred stock		-829,180
Net (loss) income	($8,538,361)	$10,113
Denominator
Denominator for basic and diluted net loss per share (in shares)	21,282,692	106,309
Effect of dilutive securities: Stock options (in shares)		715,869
Denominator for diluted net (loss) income per share (in shares)	21,282,692	822,178
Net (loss) income per share, basic (in dollars per share)	($0.40)	$0.10
Net (loss) income per share, diluted (in dollars per share)	($0.40)	$0.01

Fair_Value_Measurements_Detail

Fair Value Measurements (Details) (USD $)	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Liabilities:
Liability	$396,892	$296,048
Recurring | Level 3 | Warrants | Liabilities | Option pricing model
Significant assumptions used in preparing the option pricing model for valuing the Company's warrants
Volatility (as a percent)	75.00%	104.80%
Risk free interest rate (as a percent)	1.41%	1.68%
Life of treasury bonds	4 years 9 months	5 years
Strike price (in dollars per share)	$6	$6
Fair value of stock (in dollars per share)	$9.27	$6.14
Expected life	4 years 9 months	5 years
Recurring | Measured at fair value | Level 1
Assets:
Cash and cash equivalents	53,807,863	40,135,102
Total assets at fair value	53,807,863	40,135,102
Recurring | Measured at fair value | Level 3
Liabilities:
Total liabilities at fair value	396,892	296,048
Recurring | Measured at fair value | Level 3 | Warrants
Liabilities:
Liability	$396,892	$296,048

Fair_Value_Measurements_Detail1

Fair Value Measurements (Details 2) (USD $)	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Fair value measurements
Asset transfers out of Level 1 into Level 2	$0	$0
Asset transfers out of Level 2 into Level 1	0	0
Asset transfers into (out of) Level 3	0	0
Liability transfers out of Level 1 into Level 2	0	0
Liability transfers out of Level 2 into Level 1	0	0
Liability transfers into (out of) Level 3	0	0
Liabilities | Warrants
Rollforward of the fair value of Level 3 warrants
Beginning balance	296,048
Change in fair value	100,844
Ending balance	$396,892

Prepaid_Expenses_Details

Prepaid Expenses (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Prepaid Expenses
Prepaid clinical trial expense	$1,677,434	$1,677,434
Prepaid insurance	427,494	761,842
Other	67,727	41,933
Total prepaid expenses	2,172,655	2,481,209
Prepaid expenses, short-term and long-term
Prepaid expenses, short-term	495,221	803,775
Prepaid expenses, long-term	1,677,434	1,677,434
Total prepaid expenses	$2,172,655	$2,481,209

Accrued_Liabilities_Details

Accrued Liabilities (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Accrued Liabilities
Employee bonuses	$211,297	$665,050
Accrued clinical trial costs	770,897	254,333
Other	126,218	142,730
Total accrued liabilities	$1,108,412	$1,062,113

Loan_and_Security_Agreements_D

Loan and Security Agreements (Details) (USD $)	3 Months Ended		1 Months Ended		12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Feb. 28, 2015	Dec. 31, 2012	Dec. 31, 2014
					installment
Loan and Security Agreements
Repayment of existing term loan	$15,784,150
Value of warrants	1,184,228
Interest expense, including accretion of the value of the related warrants and amortization of deferred financing costs	425,834	378,228
Loss on extinguishment of debt	1,035,981
Secured debt | Oxford Loan
Loan and Security Agreements
Loss on extinguishment of debt	1,000,000
Secured debt | Oxford Loan
Loan and Security Agreements
Amount borrowed				15,000,000
Repayment of existing term loan			15,500,000
Fixed interest rate (as a percent)					9.20%
Number of consecutive monthly principal installments					30
Final payment					675,000
Secured debt | February 2015 Loan and Security Agreement
Loan and Security Agreements
Maximum borrowing capacity			25,000,000
Amount borrowed			16,500,000
Additional amount available			8,500,000
Number of consecutive monthly principal installments	30
Final payment	610,500
Secured debt | February 2015 Loan and Security Agreement | Minimum
Loan and Security Agreements
Fixed interest rate (as a percent)	9.00%
Secured debt | February 2015 Loan and Security Agreement | Hercules
Loan and Security Agreements
Number of warrants (in shares)			180,274
Exercise price of warrants (in dollars per share)			$5.89
Value of warrants			1,200,000
Secured debt | February 2015 Loan and Security Agreement | Equity financings | Hercules | Right to participate in future equity financings | Maximum
Loan and Security Agreements
Equity financings amount			$2,000,000
Secured debt | LIBOR | Oxford Loan
Loan and Security Agreements
Variable rate basis					three-month U.S. Libor rate
Variable interest rate margin (as a percent)					8.73%
Secured debt | LIBOR | Oxford Loan | Minimum
Loan and Security Agreements
Variable rate base (as a percent)					0.47%
Secured debt | Prime | February 2015 Loan and Security Agreement
Loan and Security Agreements
Variable rate basis	Prime minus 4.25%
Variable interest rate margin (as a percent)	9.00%
Variable rate adjustment (as a percent)	4.25%
Secured debt | First year | February 2015 Loan and Security Agreement
Loan and Security Agreements
Prepayment premium as percentage of outstanding principal	3.00%
Secured debt | Second year | February 2015 Loan and Security Agreement
Loan and Security Agreements
Prepayment premium as percentage of outstanding principal	2.00%
Secured debt | After the second year | February 2015 Loan and Security Agreement
Loan and Security Agreements
Prepayment premium as percentage of outstanding principal	1.00%

Stockholders_Equity_Details

Stockholders' Equity (Details) (USD $)	0 Months Ended
	29-May-14
Convertible Promissory Notes, April 2014
Stockholders' equity
Aggregate principal amount converted	$3,000,000
Convertible Promissory Notes, April 2014 | Common stock
Stockholders' equity
Number of common shares into which convertible subordinated promissory notes were converted (in shares)	503,450
Redeemable Convertible Preferred Stock | Common stock
Stockholders' equity
Number of common shares into which convertible preferred stock was converted	8,809,325
Initial public offering
Stockholders' equity
Proceeds from offering, net of underwriting discounts and commissions and other offering costs	$49,700,000
Initial public offering | Common stock
Stockholders' equity
Common stock issued (in shares)	9,166,667
Share price (in dollars per share)	$6

Stockholders_Equity_Details_2

Stockholders' Equity (Details 2) (Private Placement, USD $)	1 Months Ended
In Millions, except Share data, unless otherwise specified	Jan. 31, 2015
Stockholders' equity
Proceeds from sale of stock, net of commissions and other offering costs	$19.30
Common stock
Stockholders' equity
Issuance of stock (in shares)	3,400,000
Share price (in dollars per share)	$5.85

Stockholders_Equity_Details_3

Stockholders' Equity (Details 3) (Stock options, USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Stock-Based Compensation Expense
Total stock-based compensation expense	$644,721	$228,106
Research and development
Stock-Based Compensation Expense
Total stock-based compensation expense	315,907	126,525
General and administrative
Stock-Based Compensation Expense
Total stock-based compensation expense	$328,814	$101,581

Income_Taxes_Details

Income Taxes (Details) (State, New Jersey, Sale of NOLs and research and development credits, USD $)	0 Months Ended
In Millions, unless otherwise specified	Feb. 27, 2014	Feb. 27, 2014
State | New Jersey | Sale of NOLs and research and development credits
Sale of New Jersey Net Operating Losses
NOLs	$39.10	$39.10
Net proceeds from sale	$3.60

Related_Party_Transactions_Det

Related Party Transactions (Details) (SmartPharma, Commercial and business development consulting services, USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
SmartPharma | Commercial and business development consulting services
Related party transactions
Fees invoiced by the related party	$26,100	$71,050