Marinus Pharmaceuticals (MRNS) 10-Q 9 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Aug. 08, 2016
Document and Entity Information [Abstract]
Entity Registrant Name	MARINUS PHARMACEUTICALS INC
Entity Central Index Key	1,267,813
Document Type	10-Q
Document Period End Date	Jun. 30, 2016
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		19,509,220
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2

BALANCE SHEETS

BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 39,102	$ 51,722
Short-term investments	4,917	4,474
Prepaid expenses and other current assets	385	1,571
Total current assets	44,404	57,767
Property and equipment, net	1,017	31
Investments	744	1,488
Other assets		362
Total assets	46,165	59,648
Current liabilities:
Current portion of notes payable	3,627	2,128
Accounts payable	2,824	3,146
Accrued expenses	3,745	2,161
Total current liabilities	10,196	7,435
Notes payable	3,489	5,236
Other long-term liabilities	149	56
Total liabilities	13,834	12,727
Stockholders' equity:
Preferred stock, $0.001 par value; 25,000,000 shares authorized, no shares issued and outstanding
Common stock, $0.001 par value; 100,000,000 shares authorized, 19,538,451 issued and 19,509,220 outstanding at June 30, 2016 and 19,420,086 issued and 19,390,855 outstanding at December 31, 2015	20	19
Additional paid-in capital	145,662	144,088
Treasury stock at cost, 29,231 shares at June 30, 2016 and December 31, 2015
Accumulated deficit	(113,351)	(97,186)
Total stockholders’ equity	32,331	46,921
Total liabilities and stockholders’ equity	$ 46,165	$ 59,648

BALANCE SHEETS (Parenthetical)

BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2016	Dec. 31, 2015
BALANCE SHEETS
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	25,000,000	25,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	19,538,451	19,420,086
Common stock, shares outstanding	19,509,220	19,390,855
Treasury stock, shares	29,231	29,231

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Expenses:
Research and development	$ 7,258	$ 3,915	$ 12,752	$ 9,384
General and administrative	1,586	1,255	3,190	2,696
Loss from operations	(8,844)	(5,170)	(15,942)	(12,080)
Interest income	34	15	56	28
Interest expense	(124)	(117)	(248)	(232)
Other income (expense)	(15)	(1)	(31)	9
Net loss	$ (8,949)	$ (5,273)	$ (16,165)	$ (12,275)
Per share information:
Net loss per share of common stock-basic and diluted (in dollars per share)	$ (0.46)	$ (0.37)	$ (0.83)	$ (0.87)
Basic and diluted weighted average shares outstanding (in shares)	19,509,220	14,223,739	19,486,944	14,146,431

STATEMENTS OF CASH FLOWS

STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash flows from operating activities
Net loss	$ (16,165)	$ (12,275)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	9	6
Stock-based compensation expense	1,476	771
Amortization of debt issuance costs	4	4
Changes in operating assets and liabilities:
Prepaid expenses and other assets	1,186	219
Accounts payable and accrued expenses	1,228	2,097
Net cash used in operating activities	(12,262)	(9,178)
Cash flows from investing activities
Purchases of investments	(2,434)	(1,740)
Purchases of equipment	(406)
Maturities of short-term investments	2,735	249
Deposit on equipment		(352)
Net cash used in investing activities	(105)	(1,843)
Cash flows from financing activities
Proceeds from exercise of stock options	123	234
Financing costs	(167)
Payments on notes payable	(209)
Net cash (used in) provided by financing activities	(253)	234
Net decrease in cash and cash equivalents	(12,620)	(10,787)
Cash and cash equivalents-beginning of period	51,722	49,720
Cash and cash equivalents-end of period	39,102	38,933
Supplemental disclosure of cash flow information
Cash paid for interest	243	$ 230
Payment on notes payable in accounts payable	43
Property and equipment in accounts payable	$ 227

Description of the Business and

Description of the Business and Liquidity	6 Months Ended
	Jun. 30, 2016
Description of the Business and Liquidity
Description of the Business and Liquidity	1. Description of the Business and Liquidity We are a clinical stage biopharmaceutical company focused on developing and commercializing innovative therapeutics to treat epilepsy and neuropsychiatric disorders. Our clinical stage product candidate, ganaxolone, is a CNS ‑selective GABA A modulator being developed in three different dose forms (intravenous (IV), oral capsule and oral liquid) intended to provide more treatment options to adult and pediatric patient populations in both acute and chronic care settings. Ganaxolone acts on the GABA A receptor, a well ‑characterized target in the brain known for both anti ‑seizure and anti ‑anxiety effects through positive allosteric modulation. Liquidity We have not generated any product revenues and have incurred operating losses since inception. There is no assurance that profitable operations will ever be achieved, and if achieved, could be sustained on a continuing basis. In addition, development activities, clinical and preclinical testing, and commercialization of our product candidates will require significant additional financing. Our accumulated deficit as of June 30, 2016 was $ 113.4 million and we expect to incur substantial losses in future periods. We plan to finance our future operations with a combination of proceeds from the issuance of equity securities, the issuance of additional debt, potential collaborations and revenues from potential future product sales, if any. We have not generated positive cash flows from operations, and there are no assurances that we will be successful in obtaining an adequate level of financing for the development and commercialization of our planned product candidates. In connection with the closing of a secondary public offering during the fourth quarter of 2015, we issued a total of 5,056,003 shares of common stock resulting in aggregate net proceeds, after underwriting discounts and commissions and other estimated offering expenses, of $28.1 million. We believe that our cash, cash equivalents and investment balance as of June 30, 2016 is adequate to fund our operations into the first half of 2018 .

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2016
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The unaudited interim financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). Accordingly, they do not include all information and disclosures necessary for a presentation of our financial position, results of operations and cash flows in conformity with generally accepted accounting principles in the United States of America (GAAP). In the opinion of management, these unaudited interim financial statements reflect all adjustments, consisting primarily of normal recurring accruals, necessary for a fair presentation of our financial position and results of operations and cash flows for the periods presented. The results of operations for interim periods are not necessarily indicative of the results for the full year. These unaudited interim financial statements should be read in conjunction with the audited financial statements for the year ended December 31, 2015 and accompanying notes thereto included in our annual report on Form 10-K filed with the SEC on March 7, 2016. Use of Estimates The preparation of financial statements in conformity with GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from such estimates. Investments Investments purchased with a maturity of more than three months and less than twelve months are classified as short-term investments. Investments purchased with a remaining maturity greater than twelve months are classified as long-term investments. We plan to hold these investments to maturity and have classified these investments as such as defined by GAAP. Recent Accounting Pronouncements In August 2014, the Financial Accounting Standards Board ( FASB) issued Accounting Standards Update ( ASU) No. 2014-15, Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern , which provides guidance on determining when and how to disclose going-concern uncertainties in the financial statements. The new standard requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date the financial statements are issued. An entity must provide certain disclosures if conditions or events raise substantial doubt about the entity’s ability to continue as a going concern. The ASU applies to all entities and is effective for annual periods ending after December 15, 2016, and interim periods thereafter, with early adoption permitted. We do not expect the adoption of this ASU to have a material effect on our interim or annual financial statements. In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs , which changes the presentation of debt issuance costs in financial statements. Under the ASU, an entity presents such costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset. Amortization of the costs is reported as interest expense. We adopted this ASU in the first fiscal quarter of 2016, which required retrospective adjustment to previously issued financial statements. As a result of the adoption of this ASU, we reclassified our capitalized debt issuance costs previously recorded within Other Assets to a contra-liability reducing Notes Payable on the balance sheets. The reclassification w as $ 14 thou sand as of December 31, 2015. This ASU had no effect on our results of operations or liquidity. In February 2016, the FASB issued ASU 2016-02, Leases , which requires that lease arrangements longer than 12 months result in an entity recognizing an asset and liability. The updated guidance is effective for interim and annual periods beginning after December 15, 2018, and early adoption is permitted. We have not evaluated the impact of the updated guidance on our financial statements .

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2016
Fair Value Measurements
Fair Value Measurements	3. Fair Value Measurements FASB accounting guidance defines fair value as the price that would be received to sell an asset or paid to transfer a liability (the exit price) in an orderly transaction between market participants at the measurement date. The accounting guidance outlines a valuation framework and creates a fair value hierarchy in order to increase the consistency and comparability of fair value measurements and the related disclosures. In determining fair value, we use quoted prices and observable inputs. Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from independent sources. The fair value hierarchy is broken down into three levels based on the source of inputs as follows: · Level 1 — Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities. · Level 2 — Valuations based on observable inputs and quoted prices in active markets for similar assets and liabilities. · Level 3 — Valuations based on inputs that are unobservable and models that are significant to the overall fair value measurement. The following fair value hierarchy table presents information about each major category of our financial assets and liabilities measured at fair value on a recurring basis (in thousands): Level 1 Level 2 Level 3 Total June 30, 2016 Assets Money market funds (cash equivalents) $ $ — $ — $ Certificates of deposit — — December 31, 2015 Assets Money market funds (cash equivalents) $ $ — $ — $ Certificates of deposit — —

Accrued Expenses

Accrued Expenses	6 Months Ended
	Jun. 30, 2016
Accrued Expenses
Accrued Expenses	4. Accrued Expenses At June 30, 2016 and December 31, 2015 accrued expenses consisted of the following (in thousands): June 30, December 31, 2016 2015 Payroll and related costs Clinical trials and drug development Professional fees Other Total accrued expenses $ $

Notes Payable

Notes Payable	6 Months Ended
	Jun. 30, 2016
Notes Payable
Notes Payable	5. Notes Payable In April 2014, we borrowed $2.0 million pursuant to a Loan and Security Agreement (LSA) we entered into with a financial institution. Pursuant to the terms of the LSA, we made monthly interest-only payments for outstanding borrowings at an interest rate equal to the greater of (a) prime plus 2.25% or (b) 5.5% until the LSA was amended in December 2014. In December 2014, February 2015, October 2015, and April 2016 we entered into a First, Second, Third and Fourth Amendment to Loan and Security Agreement (collectively, “the Amended LSA”) with the same financial institution. The Amended LSA increased the total term loan availability from $2.0 million to $12.0 million, available in four tranches (in thousands): Term Loan Term Loan Tranche Available Borrowed Borrowed Date A $ $ April 2014 B December 2014 C — * D — * $ $ * As of June 30, 2016, we have the ability to borrow under Tranche D. Our ability to borrow under Tranche C is conditioned upon meeting certain clinical trial milestones. The availability end date for Tranches C and D is September 30, 2016. In connection with the Amended LSA, we borrowed $5.0 million available to us under Tranche B in December 2014. As of June 30, 2016, and pursuant to the terms of the Amended LSA, we were required to make monthly interest-only payments for all outstanding borrowings at an interest rate equal to the greater of (a) prime rate plus 3.25% or (b) 6.5% until June 2016. Commencing in July 2016 and continuing through June 2018, we are required to make monthly payments of 1/24th of our principal borrowings plus interest. As of June 30, 2016, of our outstanding term loan balance of $7.0 million, $3.5 million will be due within the next twelve months, and is classified as the current portion of notes payable on our balance sheet. Interest expense related to the term loans was $121 thousand and $240 thousand for the three and six months ended June 30, 2016, respectively. As of June 30, 2016, we had accrued interest of $39 thousand. There are no financial covenants associated with these term loans. As of June 30, 2016, we were in compliance with all non-financial covenants . Vendor Debt In August 2015, the Company entered into a short-term loan agreement with a third-party vendor to finance insurance premiums. The aggregate amount financed under this agreement was $584 thousand. As of June 30, 2016, there was a balance of $127 thousand, which will be repaid in monthly installments through September 2016 .

Loss Per Share of Common Stock

Loss Per Share of Common Stock	6 Months Ended
	Jun. 30, 2016
Loss Per Share of Common Stock
Loss Per Share of Common Stock	6. Loss Per Share of Common Stock Basic loss per share is computed by dividing net loss applicable to common stockholders by the weighted average number of shares of common stock outstanding during each period. Diluted loss per share includes the effect, if any, from the potential exercise or conversion of securities, such as convertible preferred stock, convertible notes payable, warrants, stock options, and unvested restricted stock, which would result in the issuance of incremental shares of common stock. In computing the basic and diluted net loss per share applicable to common stockholders, the weighted average number of shares remains the same for both calculations due to the fact that when a net loss exists, dilutive shares are not included in the calculation. These potentially dilutive securities are more fully described in Note 8. Our outstanding stock options, which were 1,780,222 and 1,410,712 as of June 30, 2016 and 2015, respectively, have been excluded from the computation of diluted weighted average shares outstanding, as they would be antidilutive. As of June 30, 2016, we had no other potentially dilutive securities.

Investments

Investments	6 Months Ended
	Jun. 30, 2016
Investments
Investments	7. Investments As of June 30, 2016, our investments consisted of certificates of deposit with various financial institutions, with original maturities ranging from three to 18 months. Certificates of deposit with maturities less than 12 months are classified as short-term investments and maturities greater than 12 months are classified as long-term investments on our balance sheet. All investments are classified as held-to-maturity and are recorded at amortized cost. Fair value of our investments approximates the carrying value on our balance sheet.

Stock Option and Incentive Plan

Stock Option and Incentive Plans	6 Months Ended
	Jun. 30, 2016
Stock Option and Incentive Plans
Stock Option and Incentive Plans	8. Stock Option and Incentive Plans In 2005, we adopted the 2005 Stock Option and Incentive Plan (2005 Plan) that authorizes us to grant options, restricted stock and other equity-based awards. As of June 30, 2016, 430,922 options to purchase shares of common stock were outstanding pursuant to grants in connection with the 2005 Plan. No additional shares are available for issuance under the 2005 Plan. Effective August 2014, we adopted our 2014 Equity Incentive Plan (2014 Plan) that authorizes us to grant options, restricted stock, and other equity-based awards, subject to adjustment in accordance with the 2014 Plan. The amount, terms of grants, and exercisability provisions are determined and set by our board of directors. As of June 30, 2016, 1,349,300 options to purchase shares of common stock were outstanding pursuant to grants in connection with the 2014 Plan , and 676,273 shares of common stock were available for future issuance. The amount, terms of grants, and exercisability provisions are determined and set by our board of directors. There were 1,780,222 stock options outstanding as of June 30, 2016 at a weighted-average exercise price of $7.91 per share. Total compensation cost recognized for all stock option awards in the statements of operations is as follows (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Research and development $ $ $ $ General and administrative Total stock-based compensation expense $ $ $ $

Commitments

Commitments	6 Months Ended
	Jun. 30, 2016
Commitments.
Commitments	9. Commitments In June 2015, we entered into a contract with a third party for clinical manufacturing supplies to support our ongoing clinical trials for ganaxolone. Full delivery occurred during the first two quarters of 2016. We recorded $1.7 million and $3.0 million of research and development expense in the three and six months ended June 30, 2016, respectively, related to these supplies, of which $2.0 million is included in accrued expenses as of June 30, 2016. .

Summary of Significant Accoun15

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2016
Summary of Significant Accounting Policies
Basis of Presentation	Basis of Presentation The unaudited interim financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). Accordingly, they do not include all information and disclosures necessary for a presentation of our financial position, results of operations and cash flows in conformity with generally accepted accounting principles in the United States of America (GAAP). In the opinion of management, these unaudited interim financial statements reflect all adjustments, consisting primarily of normal recurring accruals, necessary for a fair presentation of our financial position and results of operations and cash flows for the periods presented. The results of operations for interim periods are not necessarily indicative of the results for the full year. These unaudited interim financial statements should be read in conjunction with the audited financial statements for the year ended December 31, 2015 and accompanying notes thereto included in our annual report on Form 10-K filed with the SEC on March 7, 2016.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from such estimates.
Investments	Investments Investments purchased with a maturity of more than three months and less than twelve months are classified as short-term investments. Investments purchased with a remaining maturity greater than twelve months are classified as long-term investments. We plan to hold these investments to maturity and have classified these investments as such as defined by GAAP.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In August 2014, the Financial Accounting Standards Board ( FASB) issued Accounting Standards Update ( ASU) No. 2014-15, Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern , which provides guidance on determining when and how to disclose going-concern uncertainties in the financial statements. The new standard requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date the financial statements are issued. An entity must provide certain disclosures if conditions or events raise substantial doubt about the entity’s ability to continue as a going concern. The ASU applies to all entities and is effective for annual periods ending after December 15, 2016, and interim periods thereafter, with early adoption permitted. We do not expect the adoption of this ASU to have a material effect on our interim or annual financial statements. In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs , which changes the presentation of debt issuance costs in financial statements. Under the ASU, an entity presents such costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset. Amortization of the costs is reported as interest expense. We adopted this ASU in the first fiscal quarter of 2016, which required retrospective adjustment to previously issued financial statements. As a result of the adoption of this ASU, we reclassified our capitalized debt issuance costs previously recorded within Other Assets to a contra-liability reducing Notes Payable on the balance sheets. The reclassification w as $ 14 thou sand as of December 31, 2015. This ASU had no effect on our results of operations or liquidity. In February 2016, the FASB issued ASU 2016-02, Leases , which requires that lease arrangements longer than 12 months result in an entity recognizing an asset and liability. The updated guidance is effective for interim and annual periods beginning after December 15, 2018, and early adoption is permitted. We have not evaluated the impact of the updated guidance on our financial statements .

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2016
Fair Value Measurements
Summary of major category of financial assets and financial liabilities measured at fair value on a recurring basis	The following fair value hierarchy table presents information about each major category of our financial assets and liabilities measured at fair value on a recurring basis (in thousands): Level 1 Level 2 Level 3 Total June 30, 2016 Assets Money market funds (cash equivalents) $ $ — $ — $ Certificates of deposit — — December 31, 2015 Assets Money market funds (cash equivalents) $ $ — $ — $ Certificates of deposit — —

Accrued Expenses (Tables)

Accrued Expenses (Tables)	6 Months Ended
	Jun. 30, 2016
Accrued Expenses
Schedule of accrued expenses	At June 30, 2016 and December 31, 2015 accrued expenses consisted of the following (in thousands): June 30, December 31, 2016 2015 Payroll and related costs Clinical trials and drug development Professional fees Other Total accrued expenses $ $

Notes Payable (Tables)

Notes Payable (Tables)	6 Months Ended
	Jun. 30, 2016
Notes Payable
Schedule of Loan and Security Agreement	The Amended LSA increased the total term loan availability from $2.0 million to $12.0 million, available in four tranches (in thousands): Term Loan Term Loan Tranche Available Borrowed Borrowed Date A $ $ April 2014 B December 2014 C — * D — * $ $ * As of June 30, 2016, we have the ability to borrow under Tranche D. Our ability to borrow under Tranche C is conditioned upon meeting certain clinical trial milestones. The availability end date for Tranches C and D is September 30, 2016.

Stock Option and Incentive Pl19

Stock Option and Incentive Plans (Tables)	6 Months Ended
	Jun. 30, 2016
Stock Option and Incentive Plans
Schedule of total compensation cost recognized for all stock option awards in the statements of operations	Total compensation cost recognized for all stock option awards in the statements of operations is as follows (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Research and development $ $ $ $ General and administrative Total stock-based compensation expense $ $ $ $

Description of the Business a20

Description of the Business and Liquidity (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2016USD ($)itemshares	Dec. 31, 2015USD ($)
Number of dose forms for modulator | item	3
Liquidity
Accumulated deficit	$ (113,351)	$ (97,186)
Common Stock | Secondary public offering
Liquidity
Common stock issued (in shares) | shares	5,056,003
Proceeds from issuance of common stock, net of issuance costs	$ 28,100

Summary of Significant Accoun21

Summary of Significant Accounting Policies (Details) $ in Thousands	Dec. 31, 2015USD ($)
Accounting Standards Update 2015-03 | Restatement Adjustment
Cumulative effect of change on net assets	$ 14

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value Hierarchy (Details) - Recurring basis - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Money market funds
Assets
Cash and cash equivalents, fair value	$ 35,066	$ 50,682
Certificates of deposit
Assets
Investments	5,661	5,962
Level 1 | Money market funds
Assets
Cash and cash equivalents, fair value	35,066	50,682
Level 1 | Certificates of deposit
Assets
Investments	$ 5,661	$ 5,962

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Accrued Expenses
Payroll and related costs	$ 658	$ 631
Clinical trials and drug development	2,716	1,188
Professional fees	197	190
Other	174	152
Total accrued expenses	$ 3,745	$ 2,161

Notes Payable (Details)

Notes Payable (Details) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Apr. 30, 2014USD ($)	Jun. 30, 2016USD ($)item	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)trancheitem	Jun. 30, 2015USD ($)	Dec. 31, 2015USD ($)	Aug. 31, 2015USD ($)
Notes Payable
Current portion of notes payable		$ 3,627		$ 3,627		$ 2,128
Interest Expense		$ 124	$ 117	$ 248	$ 232
Credit facility
Notes Payable
Proceeds from the issuance of debt	$ 2,000
Accrued interest rate (as a percent)	5.50%	6.50%		6.50%
Number of tranches | tranche				4
Available		$ 12,000		$ 12,000
Borrowed		7,000		$ 7,000
Monthly payments (as a percent)				4.166%
Current portion of notes payable		3,500		$ 3,500
Interest Expense		121		240
Accrued interest		$ 39		$ 39
Number of financial covenants associated with the term loans | item		0		0
Credit facility | Prime rate
Notes Payable
Variable interest rate	prime			prime
Variable rate basis (as a percent)	2.25%			3.25%
Term Loan Tranche A
Notes Payable
Available		$ 2,000		$ 2,000
Borrowed		2,000		2,000
Term Loan Tranche B
Notes Payable
Available		5,000		5,000
Borrowed		5,000		5,000
Term Loan Tranche C
Notes Payable
Available		2,500		2,500
Term Loan Tranche D
Notes Payable
Available		2,500		2,500
Vendor Debt
Notes Payable
Balance of outstanding loan		$ 127		$ 127			$ 584

Loss Per Share of Common Stock

Loss Per Share of Common Stock (Details) - shares	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Stock options
Loss per share of common stock
Antidilutive securities excluded from the computation of diluted weighted average shares outstanding (in shares)	1,780,222	1,410,712

Investments (Details)

Investments (Details) - Certificates of deposit	6 Months Ended
	Jun. 30, 2016
Minimum
Schedule of Held-to-maturity Securities
Investment Term	3 months
Maximum
Schedule of Held-to-maturity Securities
Investment Term	18 months

Stock Option and Incentive Pl27

Stock Option and Incentive Plans - Incentive Plans (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Stock option and incentive plans
Total stock-based compensation expense	$ 738	$ 388	$ 1,476	$ 771
Research and development
Stock option and incentive plans
Total stock-based compensation expense	213	131	446	257
General and administrative
Stock option and incentive plans
Total stock-based compensation expense	$ 525	$ 257	$ 1,030	$ 514
Stock option
Stock option and incentive plans
Stock options outstanding	1,780,222		1,780,222
Weighted average exercise price (in dollars per share)	$ 7.91		$ 7.91
2005 Plan | Stock option
Stock option and incentive plans
Stock options outstanding	430,922		430,922
Common stock reserved for issuance (in shares)	0		0
2014 Plan | Stock option
Stock option and incentive plans
Stock options outstanding	1,349,300		1,349,300
Common stock reserved for issuance (in shares)	676,273		676,273

Commitments (Details)

Commitments (Details) - Research and development - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2016
Supplies expense	$ 1.7	$ 3
Accrued expenses.
Supplies expense		$ 2