Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Nov. 03, 2017 | |
Document and Entity Information | ||
Entity Registrant Name | AGILE THERAPEUTICS INC | |
Entity Central Index Key | 1,261,249 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2017 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 34,186,342 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 |
Balance Sheets
Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 43,806 | $ 48,750 |
Prepaid expenses | 1,161 | 2,768 |
Total current assets | 44,967 | 51,518 |
Property and equipment, net | 13,426 | 12,330 |
Other assets | 18 | 18 |
Total assets | 58,411 | 63,866 |
Current liabilities: | ||
Accounts payable | 2,823 | 2,050 |
Accrued expenses | 1,857 | 3,644 |
Loan payable, current portion | 6,190 | 5,104 |
Warrant liability | 90 | 172 |
Total current liabilities | 10,960 | 10,970 |
Loan payable, long-term | 5,887 | 10,607 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Common stock, $.0001 par value, authorized 150,000,000 shares; 34,158,004 shares issued and outstanding as of September 30, 2017 and 28,759,731 shares issued and outstanding as of December 31, 2016; | 3 | 3 |
Additional paid-in capital | 257,093 | 235,754 |
Accumulated deficit | (215,532) | (193,468) |
Total stockholders' equity | 41,564 | 42,289 |
Total liabilities and stockholders' equity | $ 58,411 | $ 63,866 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2017 | Dec. 31, 2016 |
Balance Sheets | ||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, authorized (in shares) | 150,000,000 | 150,000,000 |
Common stock, issued (in shares) | 34,158,004 | 28,759,731 |
Common stock, outstanding (in shares) | 34,158,004 | 28,759,731 |
Statements of Operations
Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Operating expenses: | ||||
Research and development | $ 3,175 | $ 4,911 | $ 11,694 | $ 15,415 |
General and administrative | 3,526 | 2,180 | 9,130 | 6,497 |
Total operating expenses | 6,701 | 7,091 | 20,824 | 21,912 |
Loss from operations | (6,701) | (7,091) | (20,824) | (21,912) |
Other income (expense) | ||||
Interest expense | (459) | (784) | (1,509) | (1,879) |
Interest income | 78 | 33 | 187 | 83 |
Change in fair value of warrants | (20) | 38 | 82 | 168 |
Loss before benefit from income taxes | (7,102) | (7,804) | (22,064) | (23,540) |
Net loss | $ (7,102) | $ (7,804) | $ (22,064) | $ (23,540) |
Net loss per share - basic and diluted (in dollars per share) | $ (0.22) | $ (0.27) | $ (0.74) | $ (0.84) |
Weighted-average shares outstanding -basic and diluted (in shares) | 31,937,628 | 28,754,458 | 29,847,972 | 28,110,587 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Cash flows from operating activities | ||
Net loss | $ (22,064) | $ (23,540) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 16 | 14 |
Noncash stock based compensation | 2,727 | 2,607 |
Noncash interest | 520 | 759 |
Change in fair value of warrants | (82) | (168) |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | 1,606 | 595 |
Accounts payable and accrued expenses | (1,473) | (648) |
Net cash used in operating activities | (18,750) | (20,381) |
Cash flows from investing activities | ||
Acquisition of property and equipment | (771) | (25) |
Net cash used in investing activities | (771) | (25) |
Cash flows from financing activities | ||
Cash paid for debt financing costs | (175) | |
Principal payments on long-term debt | (4,035) | (985) |
Return of principal payments on long-term debt | 985 | |
Proceeds from the issuance of common stock, net | 18,536 | 37,527 |
Proceeds from exercise of stock options | 76 | 329 |
Net cash provided by financing activities | 14,577 | 37,681 |
Net (decrease) increase in cash and cash equivalents | (4,944) | 17,275 |
Cash and cash equivalents, beginning of period | 48,750 | 34,395 |
Cash and cash equivalents, end of period | 43,806 | 51,670 |
Supplemental cash flow information | ||
Interest paid | $ 1,023 | $ 1,125 |
Organization and Description of
Organization and Description of Business | 9 Months Ended |
Sep. 30, 2017 | |
Organization and Description of Business | |
Organization and Description of Business | 1. Organization and Description of Business Nature of Operations Agile Therapeutics, Inc. (“Agile” or the “Company”) was incorporated in Delaware on December 22, 1997. Agile is a forward-thinking women’s healthcare company dedicated to fulfilling the unmet health needs of today’s women. 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’s lead product candidate, Twirla®, also known as AG200-15, is a once-weekly prescription contraceptive patch that is at the end of Phase 3 clinical development. Substantially all of the Company’s resources are currently dedicated to developing and seeking regulatory approval for Twirla. 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 September 30, 2017, the Company had an accumulated deficit of approximately $215.5 million. The Company has financed its operations to date primarily through the issuance and sale of its common stock in both public and private offerings (see Note 7), private placements of its convertible preferred stock, venture loans, and non-dilutive grant funding. The Company expects to continue to incur net losses into the foreseeable future. As of September 30, 2017, the Company had cash and cash equivalents of $43.8 million. The Company believes that its existing cash and cash equivalents will not be sufficient to fund its current and planned operations through the next 12 months, which raises substantial doubt about the Company’s ability to continue as a going concern. The Company has based this belief on assumptions and estimates that may prove to be wrong, and the Company could spend its available cash and cash equivalents less or more rapidly than expected. The Company will continue to require additional funding to support its continued development and commercialization efforts for Twirla as well as advancing the development of its other product candidates. Management intends to seek additional capital through equity and/or debt financings or through other sources of financing in the future. Adequate additional funding may not be available to the Company on acceptable terms, or at all. If the Company is unable to raise additional capital when required or on acceptable terms, the Company may be required to delay or scale back the planned development and planned commercialization of Twirla and its business, operating results and financial condition would be adversely affected. The unaudited condensed financial statements as of September 30, 2017 have been prepared under the assumption that the Company will continue as a going concern for the next 12 months. The Company’s ability to continue as a going concern is dependent upon its uncertain ability to obtain additional equity and/or debt financing and reduce expenditures. The unaudited condensed financial statements as of September 30, 2017 do not include any adjustments that might result from the outcome of this uncertainty. 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, 2016 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. Certain prior period amounts have been reclassified to conform to the current period presentation. The results of operations for the three and nine months ended September 30, 2017 are not necessarily indicative of the operating results for the full fiscal year or any future period. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2017 | |
Summary of Significant Accounting Policies | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies The Company’s complete listing of significant accounting policies is described in Note 2 to the Company’s audited financial statements as of December 31, 2016 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 Accounting Standards Codification (“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 an 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 the Black-Scholes 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. As of September 30, 2017, there were outstanding 62,505 warrants to purchase common stock at $6.00 per share. These warrants expire on December 14, 2019. 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 Company elects to account for forfeitures when they occur. 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. The Company also awards restricted stock units (“RSUs”) to employees and its board of directors. RSUs are generally subject to forfeiture if employment terminates prior to the completion of the vesting restrictions. The Company expenses the cost of the RSUs, which is determined to be the fair market value of the shares of common stock underlying the RSUs at the date of grant, ratably over the period during which the vesting restrictions lapse. In April 2017, the Company granted up to 260,000 shares pf performance-based restricted stock units (“Performance Units”) under the Company’s 2014 Incentive Compensation Plan, to executive officers which are primarily contingent upon achievement of performance goals during the performance period beginning on the date of grant and ending on December 31, 2018 as set forth in each officer’s performance unit agreement. For awards with a performance condition which affects the vesting of the Performance Units, cost is recognized only if the performance condition is probable of being satisfied. Given the uncertainty of the achievement of the performance goals during the performance period, the Company has not recorded compensation expense related to these awards for the three and nine months ended September 30, 2017. 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 Per Share Basic net loss per share is calculated by dividing the net loss attributable to common stockholders by the weighted average number of common shares outstanding for the period, without consideration for common stock equivalents. Diluted net loss per share is calculated by dividing the net loss 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. For purposes of diluted net loss per share calculation, common stock warrants, unvested RSUs and stock options are considered to be potentially dilutive securities but are excluded from the calculation of diluted net loss per share because their effect would be anti-dilutive and therefore, basic and diluted net loss per share were the same for all periods presented. The following table sets forth the outstanding potentially dilutive securities that have been excluded from the calculation of diluted net loss per share for the three and nine months ended September 30, 2017 and 2016, respectively, because to do so would be anti-dilutive (in common equivalent shares): September 30, 2017 2016 Common stock warrants Common stock options Unvested restricted stock units Total Going Concern Accounting Standards Update (“ASU”) No. 2014-15, Presentation of Financial Statements — Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, defines management’s responsibility to assess an entity’s ability to continue as a going concern, and to provide related footnote disclosures if there is substantial doubt about its ability to continue as a going concern. The Company will perform quarterly evaluations to identify current conditions which may raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued. Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-02, Leases . The new standard establishes a right-of-use (ROU) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the statement of operations. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. A modified retrospective transition approach is required for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The Company will be evaluating the impact of the pending adoption of the new standard on the Company’s financial statements. In July 2017, the FASB issued ASU No. 2017-11, Earnings Per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480); Derivatives and Hedging (Topic 815): (Part 1) Accounting for Certain Financial Instruments with Down Round Features, (Part II) Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception.” This ASU eliminates the requirement to consider “down round” features when determining whether certain equity-linked financial instruments or embedded features are indexed to an entity’s own stock. ASU 2017-11 is effective for annual periods beginning after December 31, 2018. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of ASU 2017-11 on its financial statements. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2017 | |
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 consist of cash and cash equivalents. The Company has no Level 1 liabilities. · 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 September 30, 2017 and December 31, 2016. Level 1 Level 2 Level 3 September 30, 2017 Assets: Cash equivalents $ $ — $ — Total assets at fair value $ $ — $ — Liabilities: Common stock warrants $ — $ — $ Total liabilities at fair value $ — $ — $ The significant assumptions used in preparing the option pricing model for valuing the Company’s warrants as of September 30, 2017 include (i) volatility (70.0%), (ii) risk free interest rate of 1.62% (estimated using treasury bonds with a 2.25 year life), (iii) strike price ($6.00) for the common stock warrants, (iv) fair value of common stock ($4.46) and (v) expected life (2.25 years). The following is a rollforward of the fair value of Level 3 warrants: Beginning balance at December 31, 2016 $ Change in fair value ) Ending balance at September 30, 2017 $ Level 1 Level 2 Level 3 December 31, 2016 Assets: Cash equivalents $ $ — $ — Total assets at fair value $ $ — $ — Liabilities: Common stock warrants $ — $ — $ Total liabilities at fair value $ — $ — $ The significant assumptions used in preparing the option pricing model for valuing the Company’s warrants as of December 31, 2016 include (i) volatility (75.0%), (ii) risk free interest rate of 1.47% (estimated using treasury bonds with a 3 year life), (iii) strike price ($6.00) for the common stock warrants, (iv) fair value of common stock ($5.70) and (v) expected life (three years). There were no transfers between Level 1, 2 or 3 during 2017 or 2016. 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 | 9 Months Ended |
Sep. 30, 2017 | |
Prepaid Expenses | |
Prepaid Expenses | 4. Prepaid Expenses Prepaid expenses consist of the following: September 30, December 31, Prepaid clinical trial expense $ $ Prepaid insurance Other Total prepaid expenses $ $ |
Accrued Liabilities
Accrued Liabilities | 9 Months Ended |
Sep. 30, 2017 | |
Accrued Liabilities | |
Accrued Liabilities | 5. Accrued Liabilities Accrued liabilities consist of the following: September 30, December 31, Employee bonuses $ $ Accrued clinical trial costs Other Total accrued liabilities $ $ |
Loan and Security Agreements
Loan and Security Agreements | 9 Months Ended |
Sep. 30, 2017 | |
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 on the maturity date of the Oxford Loan (July 1, 2017). In connection with the Oxford Loan, the Company issued Oxford warrants to purchase 62,505 shares of common stock at an exercise price of $6.00 per share. These warrants expire on December 14, 2019. 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 Capital, Inc. In February 2015, the Company entered into a loan and security agreement (the “Hercules Loan”) with Hercules Capital, Inc. (“Hercules”) for a term loan of up to $25.0 million. In August 2016, the Company entered into the First Amendment to Loan and Security Agreement (the “First Amendment”) with Hercules which amended certain terms of the Hercules Loan. In May 2017, the Company entered into the Second Amendment to Loan and Security Agreement (the “Second Amendment”) with Hercules which further amended certain terms of the Hercules Loan. A first tranche of $16.5 million was funded upon execution of the Hercules Loan, approximately $15.5 million of which was used to repay the Company’s existing term loan with Oxford. The First Amendment extended the Company’s option to draw down the second tranche of $8.5 million (the “Second Term Loan Advance”) of the term loan facility provided under the Hercules Loan (the “Term Loan”) until March 31, 2017, and makes the Second Term Loan Advance subject to the consent of Hercules, among other customary conditions. The Second Amendment further extended the Company’s option to draw the Second Term Loan Advance until January 31, 2018, and continues to make the Second Term Loan Advance subject to the consent of Hercules, among other customary conditions. The First Amendment also extended the interest-only payments until January 31, 2017, in connection with the first tranche of $16.5 million (the “First Term Loan Advance” and together with the Second Term Loan Advance, the “Term Loan Advances”). The First Amendment provides the Term Loan will mature on December 1, 2018. As a result of the First Amendment, and in connection with the extension of the interest-only period from the First Term Loan Advance, Hercules returned to the Company the principal payments paid by the Company in July and August 2016, which such returned payments will once again constitute outstanding Term Loan advances under the Hercules Loan. In connection with the execution of the First Amendment, the Company paid Hercules a facility fee of $165. The facility fee represents a debt issue cost which is being reflected as a reduction to the carrying amount of loan payable in accordance with ASU 2015-03. Such issue costs are being amortized to interest expense over the life of the loan using the effective interest method. 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 23 consecutive monthly installments beginning on February 1, 2017 and ending on December 1, 2018. In addition, the Company is required to make a final payment of $610.5 on the maturity date of the Hercules Loan (December 1, 2018). The amount of the end of term final payment is being accrued over the loan term as interest expense. The Company may prepay all, but not less than all, of the Hercules Loan subject to a prepayment premium of 1.0% of the outstanding principal. 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 Hercules Loan, 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 which expires on February 24, 2020 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 significant assumptions used in preparing the option pricing model for valuing the Company’s warrant issued to Hercules include (i) volatility (75.0%), (ii) risk free interest rate of 1.22% (estimated using treasury bonds with a 4 year life), (iii) strike price ($5.89) for the common stock warrant, (iv) fair value of common stock ($9.82) and (v) expected life (four years). The discount on the debt is being amortized to interest expense over the term of the debt. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2017 | |
Stockholders' Equity | |
Stockholders' Equity | 7. Stockholders’ Equity Shelf Registration Statement On June 19, 2015, the Company filed a universal shelf registration statement with the SEC for the issuance of common stock, preferred stock, warrants, rights, debt securities and units up to an aggregate amount of $150.0 million (the “2015 Shelf Registration Statement”). On July 1, 2015, the 2015 Shelf Registration Statement was declared effective by the SEC. The Company completed offerings of common stock in both January 2016 and August 2017 utilizing the 2015 Shelf Registration Statement (see below). In the future, the Company may also periodically offer one or more of these securities in amounts, prices and terms to be announced when and if the securities are offered. At the time any of the securities covered by the 2015 Shelf Registration Statement are offered for sale, a prospectus supplement will be prepared and filed with the SEC containing specific information about the terms of any such offering. 2016 Public Offering of Common Stock In January 2016, the Company completed an underwritten public offering of 5,511,812 shares of its common stock at a public offering price of $6.35 per share. In February 2016, the underwriters of the public offering of common stock exercised in full their option to purchase an additional 826,771 shares of common stock at the public offering price of $6.35 per share, less underwriting discounts and commissions. A total of 6,338,583 shares of common stock were sold in the public offering resulting in total net proceeds of approximately $37.5 million. One of the Company’s stockholders, who was also affiliated with a member of the Company’s board of directors at the time of the public offering, purchased 393,700 shares of common stock for approximately $2.5 million in the public offering. 2017 Public Offering of Common Stock In August 2017, the Company completed an underwritten public offering of 5,333,334 shares of its common stock at a public offering price of $3.75 per share. Proceeds from the this offering, net of underwriting discounts, commissions and other offering costs were approximately $18.5 million. Stock-Based Compensation Expense Stock-based compensation expense was allocated as follows: Three Months Ended 2017 2016 Research and development $ $ General and administrative Total stock-based compensation expense $ $ Nine Months Ended 2017 2016 Research and development $ $ General and administrative Total stock-based compensation expense $ $ |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2017 | |
Related Party Transactions | |
Related Party Transactions | 8. Related Party Transactions Between March 17, 2014 and July 6, 2016, one of the Managing Partners of SmartPharma LLC, or SmartPharma, an entity which provides commercial and business development consulting services to the Company, served as Chief Commercial Officer of the Company. 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 $0.6 and $3.3 of fees for the three and nine months ended September 30, 2016. In connection with the resignation of our Chief Commercial Officer, who was affiliated with SmartPharma, on July 6, 2016, the Company appointed a new Chief Commercial Officer. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies | |
Commitments and Contingencies | 9. Commitments and Contingencies Legal Proceedings On January 6, 2017, and January 20, 2017, two previously disclosed complaints captioned Peng v. Agile Therapeutics, Inc., Alfred Altomari, and Elizabeth Garner , No. 17-cv-119 (D.N.J.), and Lichtenthal v. Agile Therapeutics, Inc., Alfred Altomari, and Elizabeth Garner , No. 17-cv-405 (D.N.J.), respectively, were filed in the United States District Court for the District of New Jersey on behalf of a putative class of investors who purchased shares of the Company’s common stock from March 9, 2016, through January 3, 2017. The complaints alleged violations of the federal securities laws based on public statements made regarding the Company’s Phase 3 SECURE clinical trial and sought an unspecified amount of damages to be determined at trial. The Company denied all allegations in the complaints. On May 15, 2017, the complaints were consolidated the lawsuits as In re Agile Therapeutics, Inc. Securities Litigation , Master File No. 17-cv-119 (D.N.J.), and Hoyt W. Clark was appointed as a class representative for the putative class. On June 26, 2017, Mr. Clark agreed to dismiss the consolidated case voluntarily, without payment by the Company of any consideration and with each side bearing its own attorneys’ fees and costs. The presiding judge dismissed the consolidated action with prejudice as to all defendants on July 13, 2017. The Company records a provision for contingent losses when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. An unfavorable outcome to any legal matter, if material, could have an adverse effect on the Company’s operations or its financial position. As of September 30, 2017, the Company has not recorded a provision for any contingent losses. |
Summary of Significant Accoun15
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Summary of Significant Accounting Policies | |
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 Accounting Standards Codification (“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 an 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 the Black-Scholes 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. As of September 30, 2017, there were outstanding 62,505 warrants to purchase common stock at $6.00 per share. These warrants expire on December 14, 2019. 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 Company elects to account for forfeitures when they occur. 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. The Company also awards restricted stock units (“RSUs”) to employees and its board of directors. RSUs are generally subject to forfeiture if employment terminates prior to the completion of the vesting restrictions. The Company expenses the cost of the RSUs, which is determined to be the fair market value of the shares of common stock underlying the RSUs at the date of grant, ratably over the period during which the vesting restrictions lapse. In April 2017, the Company granted up to 260,000 shares pf performance-based restricted stock units (“Performance Units”) under the Company’s 2014 Incentive Compensation Plan, to executive officers which are primarily contingent upon achievement of performance goals during the performance period beginning on the date of grant and ending on December 31, 2018 as set forth in each officer’s performance unit agreement. For awards with a performance condition which affects the vesting of the Performance Units, cost is recognized only if the performance condition is probable of being satisfied. Given the uncertainty of the achievement of the performance goals during the performance period, the Company has not recorded compensation expense related to these awards for the three and nine months ended September 30, 2017. 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 Per Share | Net Loss Per Share Basic net loss per share is calculated by dividing the net loss attributable to common stockholders by the weighted average number of common shares outstanding for the period, without consideration for common stock equivalents. Diluted net loss per share is calculated by dividing the net loss 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. For purposes of diluted net loss per share calculation, common stock warrants, unvested RSUs and stock options are considered to be potentially dilutive securities but are excluded from the calculation of diluted net loss per share because their effect would be anti-dilutive and therefore, basic and diluted net loss per share were the same for all periods presented. The following table sets forth the outstanding potentially dilutive securities that have been excluded from the calculation of diluted net loss per share for the three and nine months ended September 30, 2017 and 2016, respectively, because to do so would be anti-dilutive (in common equivalent shares): September 30, 2017 2016 Common stock warrants Common stock options Unvested restricted stock units Total |
Going Concern | Going Concern Accounting Standards Update (“ASU”) No. 2014-15, Presentation of Financial Statements — Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, defines management’s responsibility to assess an entity’s ability to continue as a going concern, and to provide related footnote disclosures if there is substantial doubt about its ability to continue as a going concern. The Company will perform quarterly evaluations to identify current conditions which may raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-02, Leases . The new standard establishes a right-of-use (ROU) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the statement of operations. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. A modified retrospective transition approach is required for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The Company will be evaluating the impact of the pending adoption of the new standard on the Company’s financial statements. In July 2017, the FASB issued ASU No. 2017-11, Earnings Per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480); Derivatives and Hedging (Topic 815): (Part 1) Accounting for Certain Financial Instruments with Down Round Features, (Part II) Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception.” This ASU eliminates the requirement to consider “down round” features when determining whether certain equity-linked financial instruments or embedded features are indexed to an entity’s own stock. ASU 2017-11 is effective for annual periods beginning after December 31, 2018. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of ASU 2017-11 on its financial statements. |
Summary of Significant Accoun16
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Summary of Significant Accounting Policies | |
Schedule of outstanding potentially dilutive securities excluded from calculation of diluted net loss per share | The following table sets forth the outstanding potentially dilutive securities that have been excluded from the calculation of diluted net loss per share for the three and nine months ended September 30, 2017 and 2016, respectively, because to do so would be anti-dilutive (in common equivalent shares): September 30, 2017 2016 Common stock warrants Common stock options Unvested restricted stock units Total |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Measurements | |
Schedule of financial instruments measured at fair value by level within the fair value hierarchy | Level 1 Level 2 Level 3 September 30, 2017 Assets: Cash equivalents $ $ — $ — Total assets at fair value $ $ — $ — Liabilities: Common stock warrants $ — $ — $ Total liabilities at fair value $ — $ — $ Level 1 Level 2 Level 3 December 31, 2016 Assets: Cash equivalents $ $ — $ — Total assets at fair value $ $ — $ — Liabilities: Common stock warrants $ — $ — $ Total liabilities at fair value $ — $ — $ |
Schedule of rollforward of the fair value of Level 3 warrants | Beginning balance at December 31, 2016 $ Change in fair value ) Ending balance at September 30, 2017 $ |
Prepaid Expenses (Tables)
Prepaid Expenses (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Prepaid Expenses | |
Schedule of prepaid expenses | September 30, December 31, Prepaid clinical trial expense $ $ Prepaid insurance Other Total prepaid expenses $ $ |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Accrued Liabilities | |
Schedule of accrued liabilities | September 30, December 31, Employee bonuses $ $ Accrued clinical trial costs Other Total accrued liabilities $ $ |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Stockholders' Equity | |
Schedule of allocation of stock-based compensation expense | Three Months Ended 2017 2016 Research and development $ $ General and administrative Total stock-based compensation expense $ $ Nine Months Ended 2017 2016 Research and development $ $ General and administrative Total stock-based compensation expense $ $ |
Organization and Description 21
Organization and Description of Business (Details) - USD ($) $ in Thousands | 9 Months Ended | |||
Sep. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Dec. 31, 2015 | |
Organization and Description of Business | ||||
Product revenue | $ 0 | |||
Accumulated deficit | (215,532) | $ (193,468) | ||
Cash and cash equivalents | $ 43,806 | $ 48,750 | $ 51,670 | $ 34,395 |
Summary of Significant Accoun22
Summary of Significant Accounting Policies - Warrants (Details) - Warrants - Common stock warrants | Sep. 30, 2017$ / sharesshares |
Warrants | |
Common stock that can be purchased with warrants (in shares) | shares | 62,505 |
Exercise price of warrants (in dollars per share) | $ / shares | $ 6 |
Summary of Significant Accoun23
Summary of Significant Accounting Policies - Stock-Based Compensation (Details) - Performance-based RSUs - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended |
Apr. 30, 2017 | Sep. 30, 2017 | Sep. 30, 2017 | |
Stock-Based Compensation | |||
Granted (in shares) | 260,000 | ||
Share-based compensation expense | $ 0 | $ 0 |
Summary of Significant Accoun24
Summary of Significant Accounting Policies - Outstanding Potentially Dilutive Securities that are Anti-Dilutive (Details) - shares | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Anti-dilutive securities | ||
Anti-dilutive securities excluded from the calculation of diluted net loss per share (in shares) | 4,306,091 | 3,106,052 |
Common stock warrants | ||
Anti-dilutive securities | ||
Anti-dilutive securities excluded from the calculation of diluted net loss per share (in shares) | 242,779 | 242,779 |
Common stock options | ||
Anti-dilutive securities | ||
Anti-dilutive securities excluded from the calculation of diluted net loss per share (in shares) | 3,798,951 | 2,829,939 |
Performance-based RSUs | ||
Anti-dilutive securities | ||
Anti-dilutive securities excluded from the calculation of diluted net loss per share (in shares) | 264,361 | 33,334 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Instruments Measured at Fair Value by Hierarchy Level and Significant Assumptions Used for Warrants (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Liabilities: | ||
Common stock warrants | $ 90 | $ 172 |
Recurring | Level 1 | ||
Assets: | ||
Total assets at fair value | 43,745 | 48,659 |
Recurring | Level 1 | Cash equivalents | ||
Assets: | ||
Cash equivalents | 43,745 | 48,659 |
Recurring | Level 3 | ||
Liabilities: | ||
Total liabilities at fair value | 90 | 172 |
Recurring | Level 3 | Warrants | Common stock warrants | ||
Liabilities: | ||
Common stock warrants | $ 90 | $ 172 |
Recurring | Level 3 | Warrants | Common stock warrants | Option pricing model | ||
Significant assumptions used in preparing the option pricing model for valuing the Company's warrants | ||
Volatility (as a percent) | 70.00% | 75.00% |
Risk free interest rate (as a percent) | 1.62% | 1.47% |
Life of treasury bonds | 2 years 3 months | 3 years |
Strike price (in dollars per share) | $ 6 | $ 6 |
Fair value of common stock (in dollars per share) | $ 4.46 | $ 5.70 |
Expected life (in years) | 2 years 3 months | 3 years |
Fair Value Measurements - Roll
Fair Value Measurements - Roll forward of Fair Value of Level 3 Warrants and Transfers Between Levels (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
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 | 172,000 | |
Change in fair value | (82,000) | |
Ending balance | $ 90,000 | $ 172,000 |
Prepaid Expenses (Details)
Prepaid Expenses (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Prepaid Expenses | ||
Prepaid clinical trial expense | $ 327 | $ 2,005 |
Prepaid insurance | 626 | 665 |
Other | 208 | 98 |
Total prepaid expenses | $ 1,161 | $ 2,768 |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Accrued Liabilities | ||
Employee bonuses | $ 946 | $ 1,041 |
Accrued clinical trial costs | 281 | 1,908 |
Other | 630 | 695 |
Total accrued liabilities | $ 1,857 | $ 3,644 |
Loan and Security Agreements -
Loan and Security Agreements - Oxford Loan and Hercules Loan (Details) | 1 Months Ended | 9 Months Ended | ||
Feb. 28, 2015USD ($)$ / sharesshares | Dec. 31, 2012USD ($)installment$ / sharesshares | Sep. 30, 2017USD ($)installment$ / sharesshares | Aug. 31, 2016USD ($) | |
Warrants | Common stock warrants | Hercules Capital, Inc. | ||||
Loan and Security Agreements | ||||
Common stock that can be purchased with warrants (in shares) | shares | 180,274 | |||
Exercise price of warrants (in dollars per share) | $ / shares | $ 5.89 | |||
Significant assumptions used in preparing the option pricing model for valuing the Company's warrants | ||||
Volatility (as a percent) | 75.00% | |||
Risk free interest rate (as a percent) | 1.22% | |||
Life of treasury bonds | 4 years | |||
Strike price (in dollars per share) | $ / shares | $ 5.89 | |||
Fair value of common stock (in dollars per share) | $ / shares | $ 9.82 | |||
Expected life (in years) | 4 years | |||
Additional Paid-in Capital | Hercules Capital, Inc. | ||||
Loan and Security Agreements | ||||
Fair value of common stock warrant issued with debt financing | $ 1,200,000 | |||
Warrants | Common stock warrants | ||||
Loan and Security Agreements | ||||
Common stock that can be purchased with warrants (in shares) | shares | 62,505 | |||
Exercise price of warrants (in dollars per share) | $ / shares | $ 6 | |||
Warrants | Common stock warrants | Oxford Finance LLC | ||||
Loan and Security Agreements | ||||
Common stock that can be purchased with warrants (in shares) | shares | 62,505 | |||
Exercise price of warrants (in dollars per share) | $ / shares | $ 6 | |||
Secured debt | Oxford Loan | Oxford Finance LLC | ||||
Loan and Security Agreements | ||||
Amount borrowed | $ 15,000,000 | |||
Number of consecutive monthly principal installments | installment | 30 | |||
Final payment | $ 675,000 | |||
Repayment of existing debt | 15,500,000 | |||
Secured debt | Hercules Loan | Hercules Capital, Inc. | ||||
Loan and Security Agreements | ||||
Maximum borrowing capacity | 25,000,000 | |||
Facility Fee | $ 165,000 | |||
Fixed interest rate (as a percent) | 9.00% | |||
Number of consecutive monthly principal installments | installment | 23 | |||
Final payment | $ 610,500 | |||
Prepayment premium as percentage of outstanding principal | 1.00% | |||
Discount on debt | 1,200,000 | |||
Secured debt | Hercules Loan Tranche One | Hercules Capital, Inc. | ||||
Loan and Security Agreements | ||||
Amount borrowed | 16,500,000 | |||
Secured debt | Hercules Loan Tranche Two | Hercules Capital, Inc. | ||||
Loan and Security Agreements | ||||
Additional amount available | $ 8,500,000 | |||
Secured debt | LIBOR | Oxford Loan | Oxford Finance LLC | ||||
Loan and Security Agreements | ||||
Interest rate (as a percent) | 9.20% | |||
Variable rate basis | Three-month U.S. Libor | |||
Variable rate base (as a percent) | 0.47% | |||
Variable interest rate margin (as a percent) | 8.73% | |||
Secured debt | Prime | Hercules Loan | Hercules Capital, Inc. | ||||
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% | |||
Equity financings | Right to participate in future equity financings | Hercules Capital, Inc. | Maximum | ||||
Loan and Security Agreements | ||||
Equity financings amount | $ 2,000,000 |
Stockholders' Equity - Shelf Re
Stockholders' Equity - Shelf Registration Statement (Details) $ in Millions | Jun. 19, 2015USD ($) |
2015 Shelf Registration | |
Sale of stock | |
Aggregate amount of securities issuable | $ 150 |
Stockholders' Equity - 2016 Pub
Stockholders' Equity - 2016 Public Offering of Common Stock (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 2 Months Ended | 9 Months Ended | ||
Feb. 29, 2016$ / sharesshares | Jan. 31, 2016USD ($)shareholder$ / sharesshares | Feb. 29, 2016USD ($)$ / sharesshares | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | |
Sale of stock | |||||
Proceeds from the issuance of common stock, net | $ | $ 18,536 | $ 37,527 | |||
2016 Public Offering | |||||
Sale of stock | |||||
Proceeds from the issuance of common stock, net | $ | $ 37,500 | ||||
2016 Public Offering | Stockholders affiliated with members of board of directors | |||||
Sale of stock | |||||
Number of stockholders affiliated with members of board of directors who purchased shares | shareholder | 1 | ||||
Proceeds from the issuance of common stock, net | $ | $ 2,500 | ||||
2016 Public Offering | Common Stock | |||||
Sale of stock | |||||
Common stock issued (in shares) | shares | 5,511,812 | 6,338,583 | |||
Share price (in dollars per share) | $ / shares | $ 6.35 | ||||
2016 Public Offering | Common Stock | Stockholders affiliated with members of board of directors | |||||
Sale of stock | |||||
Common stock issued (in shares) | shares | 393,700 | ||||
Underwriter purchase option | Common Stock | |||||
Sale of stock | |||||
Common stock issued (in shares) | shares | 826,771 | ||||
Share price (in dollars per share) | $ / shares | $ 6.35 | $ 6.35 |
Stockholders' Equity - 2017 Pub
Stockholders' Equity - 2017 Public Offering of Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 9 Months Ended | |
Aug. 31, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | |
Sale of stock | |||
Proceeds from the issuance of common stock, net | $ 18,536 | $ 37,527 | |
2017 Public Offering | |||
Sale of stock | |||
Proceeds from the issuance of common stock, net | $ 18,500 | ||
Common Stock | 2017 Public Offering | |||
Sale of stock | |||
Common stock issued (in shares) | 5,333,334 | ||
Share price (in dollars per share) | $ 3.75 |
Stockholders' Equity - Allocati
Stockholders' Equity - Allocation of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Stock-Based Compensation Expense | ||||
Total stock-based compensation expense | $ 967 | $ 940 | $ 2,727 | $ 2,607 |
Research and development | ||||
Stock-Based Compensation Expense | ||||
Total stock-based compensation expense | 309 | 299 | 889 | 796 |
General and administrative | ||||
Stock-Based Compensation Expense | ||||
Total stock-based compensation expense | $ 658 | $ 641 | $ 1,838 | $ 1,811 |
Related Party Transactions (Det
Related Party Transactions (Details) - SmartPharma | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2016USD ($) | Sep. 30, 2016USD ($) | Jul. 06, 2016person | |
Related party transactions | |||
Number of Managing Partners appointed to Chief Commercial Officer | person | 1 | ||
Commercial and business development consulting services | |||
Related party transactions | |||
Fees invoiced by the related party | $ | $ 600 | $ 3,300 |