Rocket Pharmaceuticals (RCKT) 10-Q 9 Nov 18 2018 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2018	Nov. 08, 2018
Document And Entity Information [Abstract]
Entity Registrant Name	ROCKET PHARMACEUTICALS, INC.
Entity Central Index Key	1,281,895
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Common Stock, Shares Outstanding		39,835,500
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 38,076	$ 18,142
Investments	89,402	0
Prepaid expenses and other assets	1,343	813
Total current assets	128,821	18,955
Property and equipment, net	1,245	985
Goodwill	30,815	0
Restricted cash	1,645	207
Deposits	455	0
Investments	32,000	0
Total assets	194,981	20,147
Current liabilities:
Accounts payable and accrued expenses	9,765	2,062
Accrued research and development costs	529	2,459
Total current liabilities	10,294	4,521
Convertible notes, net of unamortized discount	40,629	0
Deferred rent and lease obligations	438	107
Total liabilities	51,361	4,628
Commitments and contingencies (Note 12)
Shareholders' equity:
Common stock, $0.01 par value, 120,000,000 shares authorized; 39,835,500 and 6,795,627 shares issued and outstanding at September 30, 2018 and December 31, 2017, respectively	398	1
Additional paid-in capital	221,983	5,407
Accumulated other comprehensive loss	(207)	0
Accumulated deficit	(78,554)	(31,355)
Total shareholders' equity	143,620	15,519
Total liabilities and shareholders' equity	194,981	20,147
Series A Convertible Preferred Shares [Member]
Shareholders' equity:
Preferred shares	0	16,060
Series B Convertible Preferred Shares [Member]
Shareholders' equity:
Preferred shares	$ 0	$ 25,406

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2018	Dec. 31, 2017
Shareholders' equity:
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	1,000,000	1,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	120,000,000	120,000,000
Common stock, shares issued (in shares)	39,835,500	6,795,627
Common stock, shares outstanding (in shares)	39,835,500	6,795,627
Series A Convertible Preferred Shares [Member]
Shareholders' equity:
Preferred stock, shares authorized (in shares)	300,000	300,000
Preferred stock, shares issued (in shares)	0	128,738
Preferred stock, shares outstanding (in shares)	0	128,738
Series B Convertible Preferred Shares [Member]
Shareholders' equity:
Preferred stock, shares authorized (in shares)	300,000	300,000
Preferred stock, shares issued (in shares)	0	126,909
Preferred stock, shares outstanding (in shares)	0	126,909

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Consolidated Statements of Operations (Unaudited) [Abstract]
Revenue	$ 0	$ 0	$ 0	$ 0
Operating expenses:
Research and development	13,065	4,894	29,590	9,999
General and administrative	2,268	1,831	15,021	3,118
Total operating expenses	15,333	6,725	44,611	13,117
Loss from operations	(15,333)	(6,725)	(44,611)	(13,117)
Research and development incentives	0	0	186	192
Interest expense	(1,176)	0	(4,010)	0
Interest income	459	2	1,264	2
Other income / (expense) net	(39)	0	(28)	0
Net loss	$ (16,089)	$ (6,723)	$ (47,199)	$ (12,923)
Net loss per share attributable to common shareholders - basic and diluted (in dollars per share)	$ (0.40)	$ (0.99)	$ (1.22)	$ (1.90)
Weighted-average common shares outstanding - basic and diluted (in shares)	39,900,551	6,795,627	38,598,304	6,795,627

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Consolidated Statements of Comprehensive Loss (Unaudited) [Abstract]
Net loss	$ (16,089)	$ (6,723)	$ (47,199)	$ (12,923)
Other comprehensive loss
Net unrealized loss on investments	(128)	0	(207)	0
Total comprehensive loss	$ (16,217)	$ (6,723)	$ (47,406)	$ (12,923)

Consolidated Statement of Share

Consolidated Statement of Shareholders' Equity (Unaudited) - 9 months ended Sep. 30, 2018 - USD ($) $ in Thousands	Preferred Stock [Member]Series A Convertible Preferred Shares [Member]	Preferred Stock [Member]Series B Convertible Preferred Shares [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Loss [Member]	Accumulated Deficit [Member]	Total
Beginning Balance at Dec. 31, 2017	$ 16,060	$ 25,406	$ 68	$ 5,340	$ 0	$ (31,355)	$ 15,519
Beginning Balance (in shares) at Dec. 31, 2017	128,738	126,909	6,795,627
Conversion of convertible preferred shares into common shares	$ (16,060)	$ (25,406)	$ 194	41,272	0	0	0
Conversion of convertible preferred shares into common shares (in shares)	(128,738)	(126,909)	19,475,788
Exchange of common shares in connection with the Merger	$ 0	$ 0	$ 68	85,992	0	0	86,060
Exchange of common shares in connection with the Merger (in shares)	0	0	6,805,608
Issuance of common stock, net of issuance costs of $5.3 million	$ 0	$ 0	$ 63	78,455	0	0	78,518
Issuance of common stock, net of issuance costs of $5.3 million (in shares)	0	0	6,325,000
Issuance of common stock pursuant to settlement of restricted stock units	$ 0	$ 0	$ 1	(1)	0	0	0
Issuance of common stock pursuant to settlement of restricted stock units (in shares)	0	0	118,593
Issuance of common stock pursuant to exercise of stock options	$ 0	$ 0	$ 4	145	0	0	149
Issuance of common stock pursuant to exercise of stock options (in shares)	0	0	314,884
Unrealized loss on investments	$ 0	$ 0	$ 0	0	(207)	0	(207)
Share-based compensation	0	0	0	10,780	0	0	10,780
Net loss	0	0	0	0	0	(47,199)	(47,199)
Ending Balance at Sep. 30, 2018	$ 0	$ 0	$ 398	$ 221,983	$ (207)	$ (78,554)	$ 143,620
Ending Balance (in shares) at Sep. 30, 2018	0	0	39,835,500

Consolidated Statement of Sha_2

Consolidated Statement of Shareholders' Equity (Unaudited) (Parenthetical) $ in Millions	9 Months Ended
	Sep. 30, 2018USD ($)
Consolidated Statement of Shareholders' Equity (Unaudited) [Abstract]
Issuance of common shares, issuance costs	$ 5.3

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Operating Activities:
Net loss	$ (47,199)	$ (12,923)
Adjustments to reconcile net loss to net cash used in operating activities:
Accretion of discount on convertible notes	2,241	0
(Increase in) / reduction of lease liability	(180)	1
Depreciation expense	233	142
Share-based compensation expense	10,780	962
Loss on disposal of property and equipment	312	0
Accretion of discount on investments	(484)	0
Changes in operating assets and liabilities:
Prepaid expenses and other assets	511	(615)
Accounts payable and accrued expenses	2,742	571
Accrued research and development costs	(1,930)	1,889
Net cash used in operating activities	(32,974)	(9,973)
Investing activities:
Cash acquired in connection with the Reverse Merger	76,348	0
Purchases of investments	(141,087)	0
Proceeds from maturities of investments	41,255	0
Proceeds from sale of property and equipment	20	0
Purchases of property and equipment	(570)	(730)
Payment of security deposit	(287)	0
Net cash used in investing activities	(24,321)	(730)
Financing activities:
Proceeds from exercise of options	149	0
Proceeds from issuance of common stock, net of issuance costs	78,518	0
Proceeds from issuance of convertible preferred stock, net	0	25,406
Net cash provided by financing activities	78,667	25,406
Net change in cash, cash equivalents and restricted cash	21,372	14,703
Cash, cash equivalents and restricted cash at beginning of period	18,349	9,460
Cash, cash equivalents and restricted cash at end of period	39,721	24,163
Supplemental disclosure of non-cash financing activities:
Conversion of convertible preferred stock into common stock	41,466	0
Supplemental cash flow information:
Cash paid for interest	2,990	0
Cash paid for income taxes	$ 2	$ 0

Nature of Business, Merger and

Nature of Business, Merger and Basis of Presentation	9 Months Ended
	Sep. 30, 2018
Nature of Business, Merger and Basis of Presentation [Abstract]
Nature of Business, Merger and Basis of Presentation	1. Nature of Business, Merger and Basis of Presentation Rocket Pharmaceuticals, Inc. (“Rocket” or the “Company”) is a multi-platform biotechnology company focused on the development of first or best-in-class gene therapies for rare and devastating pediatric diseases. Rocket has lentiviral (“LVV”) programs currently undergoing clinical testing for Fanconi Anemia (“FA”), a genetic defect in the bone marrow that reduces production of blood cells or promotes the production of faulty blood cells, and three additional LVV programs targeting other rare genetic diseases. In addition, Rocket has an adeno-associated virus (“AAV”) program for which it expects to file an investigational new drug (“IND”) application which will permit the commencement of human clinical studies thereafter. Rocket has global commercialization and development rights to all of its product candidates under royalty-bearing license agreements, with the exception of the CRISPR/Cas9 development program (described below) for which Rocket currently only has development rights. Rocket’s two leading LVV and AAV technology platforms are each being designed in collaboration with leading academic and industry partners. Through its gene therapy platforms, Rocket aims to restore normal cellular function by modifying the defective genes that cause each of the targeted disorders. Reverse Merger and Exchange Ratio On January 4, 2018, Rome Merger Sub (“Merger Sub”), a wholly owned subsidiary of Inotek Pharmaceuticals Corporation (“Inotek”), completed its merger with and into Rocket Pharmaceuticals, Ltd. (“Rocket Ltd”), with Rocket Ltd surviving as a wholly owned subsidiary of Inotek. This transaction is referred to as the “Reverse Merger.” The Reverse Merger was effected pursuant to an Agreement and Plan of Merger and Reorganization (the “Merger Agreement”), dated as of September 12, 2017, by and among Inotek, Rocket Ltd and Rome Merger Sub. As a result of the Reverse Merger, each outstanding share of Rocket Ltd share capital (including shares of Rocket Ltd share capital to be issued upon exercise of outstanding share options) automatically converted into the right to receive approximately 76.185 shares of Inotek’s common stock, par value $0.01 per share (the “Exchange Ratio”). Following the closing of the Reverse Merger, holders of Inotek’s common stock immediately prior to the Reverse Merger owned approximately 18.643% on a fully diluted basis, and holders of Rocket Ltd common stock immediately prior to the Reverse Merger owned approximately 81.357% on a fully diluted basis, of Inotek’s common stock. The Reverse Merger has been accounted for as a reverse acquisition under the acquisition method of accounting where Rocket Ltd is considered the accounting acquirer and Inotek is the acquired company for financial reporting purposes. Rocket Ltd was determined to be the accounting acquirer based on the terms of the Merger Agreement and other factors, such as relative voting rights and the composition of the combined company’s board of directors and senior management. The pre-acquisition financial statements of Rocket Ltd became the historical financial statements of Rocket following completion of the Reverse Merger. The historical financial statements, outstanding shares and all other historical share information have been adjusted by multiplying the respective share amount by the Exchange Ratio as if the Exchange Ratio had been in effect for all periods presented. Immediately following the Reverse Merger, the combined company changed its name from “Inotek Pharmaceuticals Corporation” to “Rocket Pharmaceuticals, Inc.” The combined company following the Reverse Merger may be referred to herein as “the combined company,” “Rocket,” or the “Company.” The Company’s common stock remained listed on the Nasdaq Stock Market, with trading having commenced on a post-split basis (giving effect to the Reverse Stock Split described below) and under the new name as of January 5, 2018. The trading symbol also changed on that date from “ITEK” to “RCKT.” Unaudited Interim Consolidated Financial Information The accompanying financial statements should be read in conjunction with the Rocket Ltd 2017 financial statements included in Form 8-K filed on March 7, 2018. The unaudited interim consolidated financial statements have been prepared on the same basis as the audited annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of September 30, 2018 and the results of its operations and its cash flows for the three and nine months ended September 30, 2018 and 2017. The financial data and other information disclosed in these consolidated notes related to the three and nine months ended September 30, 2018 and 2017 are unaudited. The results for the three and nine months ended September 30, 2018 are not necessarily indicative of results to be expected for the year ending December 31, 2018, any other interim periods or any future year or period.

Risks and Liquidity

Risks and Liquidity	9 Months Ended
	Sep. 30, 2018
Risks and Liquidity [Abstract]
Risks and Liquidity	2. Risks and Liquidity The Company has not generated any revenue and has incurred losses since inception. Operations of the Company are subject to certain risks and uncertainties, including, among others, uncertainty of drug candidate development, technological uncertainty, uncertainty regarding patents and proprietary rights, having no commercial manufacturing experience, marketing or sales capability or experience, dependency on key personnel, compliance with government regulations and the need to obtain additional financing. Drug candidates currently under development will require significant additional research and development efforts, including extensive preclinical and clinical testing and regulatory approval, prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel infrastructure and extensive compliance-reporting capabilities. The Company’s drug candidates are in the development stage. There can be no assurance that the Company’s research and development will be successfully completed, that adequate protection for the Company’s intellectual property will be obtained, that any products developed will obtain necessary government approval or that any approved products will be commercially viable. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will generate significant revenue from product sales. The Company operates in an environment of rapid change in technology and substantial competition from pharmaceutical and biotechnology companies. The Company’s consolidated financial statements have been prepared on the basis of continuity of operations, realization of assets and the satisfaction of liabilities in the ordinary course of business. The Company has experienced negative cash flows from operations and had an accumulated deficit of $78,554 as of September 30, 2018. As of September 30, 2018, the Company has $159,478 of cash, cash equivalents and investments. Rocket expects such resources would be sufficient to fund its operating expenses and capital expenditure requirements into 2020. In the longer term, the future viability of the Company is dependent on its ability to generate cash from operating activities or to raise additional capital to finance its operations. The Company’s failure to raise capital as and when needed could have a negative impact on its financial condition and ability to pursue its business strategies.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2018
Summary of Significant Accounting Policies [Abstract]
Summary of Significant Accounting Policies	3. Summary of Significant Accounting Policies Principles of Consolidation The unaudited consolidated financial statements represent the consolidation of the accounts of the Company and its subsidiaries in conformity with accounting principles generally accepted in the United States (“US GAAP”). All intercompany accounts have been eliminated in consolidation. Use of Estimates The preparation of the consolidated financial statements in conformity with US 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 expenses during the reporting period. Significant estimates and assumptions reflected in these consolidated financial statements include but are not limited to, goodwill impairment, the accrual of research and development expenses, the valuation of equity transactions and share-based awards. Changes in estimates and assumptions are reflected in reported results in the period in which they become known. Actual results could differ from those estimates. Cash, Cash Equivalents and Restricted Cash Cash, cash equivalents and restricted cash consists of bank deposits, certificates of deposit and money market accounts with financial institutions. Cash equivalents are carried at cost which approximates fair value due to their short-term nature and which the Company believes do not have a material exposure to credit risk. The Company considers all highly liquid investments with maturities of three months or less from the date of purchase to be cash equivalents. The Company’s cash and cash equivalent accounts, at times, may exceed federally insured limits. The Company has not experienced any losses in such accounts. Restricted cash consists of deposits collateralizing letter of credits issued by a bank in connection with the Company’s operating leases (See Note 12) and a deposit collateralizing a letter of credit issued by a bank supporting the Company’s Corporate Credit Card. As of September 30, 2018 and December 31, 2017, restricted cash was $1,645 and $207, respectively. Cash, cash equivalents and restricted cash consist of the following: September 30, December 31, 2018 2017 Cash and cash equivalents $ 38,076 $ 18,142 Restricted cash 1,645 207 $ 39,721 $ 18,349 Investments Investments consist of investments in United States Treasury securities. Management determines the appropriate classification of these securities at the time they are acquired and evaluates the appropriateness of such classifications at each balance sheet date. The Company classifies its investments as available-for-sale pursuant to Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) 320, Investments—Debt and Equity Securities The Company reviews investments for other-than-temporary impairment whenever the fair value of an investment is less than the amortized cost and evidence indicates that an investment’s carrying amount is not recoverable within a reasonable period of time. Other-than-temporary impairments of investments are recognized in the consolidated statements of operations if the Company has experienced a credit loss, has the intent to sell the investment, or if it is more likely than not that the Company will be required to sell the investment before recovery of the amortized cost basis. Evidence considered in this assessment includes reasons for the impairment, compliance with the Company’s investment policy, the severity and the duration of the impairment and changes in value subsequent to the end of the period. The weighted average maturity of the Company’s investment portfolio is 6.5 months and the average duration of the Company’s long-term investments is 15 months. Short-term investments at September 30, 2018 consist of the following: Cost Unrealized Fair Basis Losses Value Current: United States Treasury securities 89,502 (100 ) 89,402 $ 89,502 $ (100 ) $ 89,402 Long-term investments at September 30, 2018 consist of the following: Cost Unrealized Fair Basis Losses Value Long-term: United States Treasury securities 32,107 (107 ) 32,000 $ 32,107 $ (107 ) $ 32,000 The Company evaluated its securities for other-than-temporary impairment and determined that no such impairment existed at September 30, 2018. Goodwill Business combinations are accounted for under the acquisition method (see Note 4). The total cost of an acquisition is allocated to the underlying identifiable net assets, based on their respective estimated fair values as of the acquisition date. Determining the fair value of assets acquired and liabilities assumed requires management’s judgment and often involves the use of significant estimates and assumptions, including assumptions with respect to future cash inflows and outflows, discount rates, asset lives and market multiples, among other items. Assets acquired and liabilities assumed are recorded at their estimated fair values. The excess of the purchase price over the estimated fair values of the net assets acquired is recorded as goodwill. Goodwill is tested for impairment annually as of December 31, or more frequently when events or changes in circumstances indicate that the asset might be impaired. Examples of such events or circumstances include, but are not limited to, a significant adverse change in legal or business climate, an adverse regulatory action or unanticipated competition. In January 2017, the FASB issued ASU No. 2017-04, “Intangibles- Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment”, an amendment to simplify the subsequent quantitative measurement of goodwill by eliminating step two from the goodwill impairment test. As amended, an entity will recognize an impairment charge for the amount by which the carrying amount of a reporting unit exceeds its fair value, not to exceed the total amount of goodwill allocated to the reporting unit. An entity still has the option to perform the qualitative test for a reporting unit to determine if the quantitative impairment test is necessary. Entities should apply for the amendment prospectively. The Company early adopted this guidance as of January 1, 2018 and will apply it when performing its annual goodwill impairment test. The Company has determined there were no indicators of goodwill impairment as of September 30, 2018. Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Depreciation expense is recognized using the straight-line method over the useful life of the asset. The estimated useful lives are three to five years. Expenditures for repairs and maintenance of assets are charged to expense as incurred. Upon retirement or sale, the cost and related accumulated depreciation of assets disposed of are removed from the accounts and any resulting gain or loss is included in loss from operations. If the carrying amount of the assets or asset group is not recoverable on an undiscounted cash flow basis, impairment is recognized to the extent that the carrying value exceeds its fair value. Fair Value Measurements The Company is required to disclose information on all assets and liabilities reported at fair value that enables an assessment of the inputs used in determining the reported fair values. FASB ASC 820, Fair Value Measurements and Disclosures Level 1—Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2—Valuations based on quoted prices for similar assets or liabilities in markets that are not active or for which all significant inputs are observable, either directly or indirectly. Level 3—Valuations that require inputs that reflect the Company’s own assumptions that are both significant to the fair value measurement and unobservable. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The fair value of the Company’s financial instruments, including cash and cash equivalents, prepaid expenses and other assets, accounts payable and accrued expenses approximate their respective carrying values due to the short-term nature of these instruments. The fair value of the 2021 Convertible Notes as of September 30, 2018 was $54,751. The Company’s assets and liabilities measured at fair value on a recurring basis include its short term investments. Deferred Rent and Lease Liability The Company recognizes rent expense on a straight-line basis, after considering the effect of rent escalation provisions resulting in a level rent expense recognized over the lease term. For the lease liability, the Company reduces the rent expense on a straight-line basis over the remaining life of the lease. Research and Development Research and development costs, which include salaries and staff costs, license costs, regulatory and scientific consulting fees, as well as contract research, and share-based compensation expense, are accounted for in accordance with ASC Topic 730, Research and Development (“ASC 730”). The Company does not currently have any commercial biopharmaceutical products, and does not expect to have any for several years, if at all. Accordingly, research and development costs are expensed as incurred. While certain of the Company’s research and development costs may have future benefits, the policy of expensing all research and development expenditures is predicated on the fact that the Company has no history of successful commercialization of product candidates to base any estimate of the number of future periods that would be benefited. Foreign Currency Transactions Certain transactions during the three and nine months ended September 30, 2018 and 2017 are denominated in Euros. Gains and losses on foreign currency transactions are not significant for the three and nine months ended September 30, 2018 and 2017. Share-Based Compensation The Company measures the cost of employee services received in exchange for an award of equity instruments based on the fair value of the award on the grant date. That cost is recognized on a straight-line basis over the period during which the employee is required to provide service in exchange for the award. The fair value of options on the date of grant is calculated using the Black-Scholes option pricing model based on key assumptions such as stock price, expected volatility and expected term. The Company’s estimates of these assumptions are primarily based on the trading price of the Company’s stock, historical data, peer company data and judgment regarding future trends and factors. The fair value of restricted stock awards is based on the intrinsic value of such awards on the date of grant. Compensation cost for stock purchase rights under the employee stock purchase plan is measured and recognized on the date the Company becomes obligated to issue shares of common stock and is based on the difference between the fair value of the Company’s common stock and the purchase price on such date. The Company classifies share-based compensation expense in its statement of operations in the same manner in which the award recipient’s payroll costs are classified or in which the award recipient’s service payments are classified. The Company recognizes compensation expense for only the portion of awards that are expected to vest. Forfeitures are recorded as they occur. The Company measures the compensation expense of share options and other share-based awards granted to employees and directors using the grant date fair value of the award and recognizes compensation expense as determined by the Black-Scholes Option pricing model on a straight-line basis over their requisite service period, which is generally the vesting period of the respective award. Effective July 1, 2018, the Company adopted ASU No. 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting NYC Biotechnology Tax Credit Program New York City allows investors and owners of emerging technology companies focused on biotechnology to claim a tax credit against the General Corporation Tax and Unincorporated Business Tax for amounts paid or incurred for certain facilities, operations, and employee training in New York City. The credit is recognized as research and development incentives when approved by New York City of the eligibility for the credit and the credit amount. During the nine months ended September 30, 2018 and 2017, the Company recorded research and development incentive income of $186 and $192, respectively. Income Taxes The Company accounts for income taxes under the asset and liability method. The Company recognizes deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, as well as for operating loss and tax credit carry-forwards. The Company measures deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which the Company expects to recover or settle those temporary differences. The Company recognizes the effect of a change in tax rates on deferred tax assets and liabilities in the results of operations in the period that includes the enactment date. The Company reduces the measurement of a deferred tax asset, if necessary, by a valuation allowance if it is more likely than not that the Company will not realize some or all of the deferred tax asset. The Company’s deferred tax assets relate primarily to its net operating loss carryforwards and other balance sheet differences. In accordance with ASC 740 “Income Taxes”, the Company recorded a full valuation allowance to fully offset the gross deferred tax asset because it is not more likely than not that the Company will realize future benefits associated with these deferred tax assets at September 30, 2018 and December 31, 2017. The Company accounts for uncertainty in income taxes recognized in the financial statements by applying a two-step process to determine the amount of tax benefit to be recognized. First, the tax position must be evaluated to determine the likelihood that it will be sustained upon external examination by the taxing authorities. If the tax position is deemed more-likely-than-not to be sustained, the tax position is then assessed to determine the amount of benefit to recognize in the financial statements. The amount of the benefit that may be recognized is the largest amount that has a greater than 50% likelihood of being realized upon ultimate settlement. The provision for income taxes includes the effects of any resulting tax reserves, or unrecognized tax benefits, that are considered appropriate as well as the related net interest and penalties. On December 22, 2017, the Tax Cut and Jobs Act (the “Act”), was signed into law by the President of the United States. The Act includes a number of provisions, including the lowering of the U.S. corporate tax rate from 34 percent to 21 percent, effective January 1, 2018 and the establishment of a territorial-style system for taxing foreign-source income of domestic multinational corporations. The Company is in the process of quantifying the tax impacts of The Act, but at this time does not believe the provisions will have a material impact on the Company’s financial reporting. The Company will continue to monitor and quantify the impact of the Act and will record any adjustments in accordance with the guidance in Staff Accounting Bulletin No. 118. Net Loss Per Share The Company calculates net loss per share in accordance with FASB ASC 260, Earnings per Share. In connection with the Reverse Merger, all of the convertible preferred shares were converted into common stock. This conversion was in accordance with the original terms. Segment Reporting Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company views its operations and manages its business in one operating segment. Comprehensive Loss Comprehensive loss is defined as the change in equity of a business enterprise during a period from transactions, and other events and circumstances from non-owner sources, and currently consists of net loss and changes in unrealized gains and losses on investments as of September 30, 2018. Recent Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), as amended, which supersedes the current leasing guidance and upon adoption, will require lessees to recognize right-of-use assets and lease liabilities on the balance sheet for all leases with terms longer than 12 months. The new standard is effective for the Company for the annual period beginning after December 15, 2018, and can be early adopted. Upon the adoption of the guidance, operating leases are capitalized on the balance at the present value of lease payments. See Note 12 for commitment and contingencies footnote for operating leases. The Company is currently completing its calculations of the assets and liabilities to be recorded and required additional disclosures The FASB issued ASU 2018-11 in July 2018, which includes certain amendments to ASU 2016-02 intended to provide relief in implementing the new standard. Among these amendments is the option to not restate comparative periods presented in the financial statements. The Company intends to elect this new transition approach, using a cumulative-effect adjustment on the effective date of the standard, with comparative periods presented in accordance with the previous guidance in ASC 840. The Company will take advantage of the transition package of practical expedients permitted within ASU 2016-02, which allows the Company to not reassess previous accounting conclusions around whether arrangements are or contain leases, the classification of leases, and the treatment of initial direct costs. The Company also expects to make an accounting policy election to exclude leases with an initial term of 12 months or less from the balance sheet. The Company anticipates that due to this new accounting standard, it will recognize additional assets and corresponding liabilities related to operating leases and is currently evaluating the potential impact that ASU 2016-02 may have on the Company’s financial position, results of operations, and related footnotes. In January 2017, the FASB issued ASU 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business (“ASU 2017-01”). ASU 2017-01 provides that when substantially all of the fair value of the assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets, the set is not a business. ASU 2017-01 is effective to annual period beginning after December 31, 2018 and interim period within annual periods beginning after December 31, 2019. Adoption of ASU 2017-09 may impact the Company’s accounting for future acquisitions.

Acquisition Accounting

Acquisition Accounting	9 Months Ended
	Sep. 30, 2018
Acquisition Accounting [Abstract]
Acquisition Accounting	4. Acquisition Accounting The identifiable assets and liabilities of Inotek are allocated in the Company’s consolidated financial statements at their fair values at the acquisition date, January 4, 2018. Goodwill, is calculated as the excess value of consideration paid over the fair value of assets acquired and liabilities assumed. The acquisition-date fair value of the consideration transferred is as follows: Number of shares of the combined company owned by Inotek shareholders 6,805,608 Number of shares issuable in connection with fully vested RSUs of Inotek immediately prior to the Reverse Merger 271,718 Inotek common stock on the acquisition date 7,077,326 Price per share of Inotek common stock on acquisition date $ 12.16 Total purchase price $ 86,060 The following table summarizes the fair value purchase price allocation of the assets acquired and liabilities assumed at the date of acquisition which is subject to adjustment as the Company finalizes it valuation: Cash and cash equivalents $ 76,348 Short term investments 21,292 Prepaid expense and other assets 1,041 Property and equipment 256 Deposits 168 Goodwill 30,815 Accounts payable and accrued expenses (4,961 ) Convertible notes (38,388 ) Unfavorable lease liability (511 ) Net assets acquired $ 86,060 The goodwill of $30,815 represents the premium over the purchase price. Goodwill is mainly attributable to the value of cash and cash equivalents and short term investments acquired as of the acquisition date and access to capital markets. The allocation of the purchase price with the assistance of a third party valuation, is based on certain management assumptions. The Company incurred and expensed acquisition costs of $147 for the nine months ended September 30, 2018. The following supplemental unaudited pro forma information presents the Company’s financial results as if the acquisition of Inotek had occurred on January 1, 2017: Nine Months Ended September 30, 2018 2017 Revenue $ - $ - Net loss (50,093 ) (35,760 ) The above unaudited pro forma information was determined based on the historical US GAAP results of the Company and Inotek. The unaudited pro forma consolidated results are not necessarily indicative of what the Company’s consolidated results of operations actually would have been if the acquisition was completed on January 1, 2017. The unaudited pro forma consolidated net loss includes pro forma adjustments primarily relating to the following non-recurring items directly attributable to the business combination: (1) Elimination of $4,512 of transaction costs for both the Company and Inotek from the nine months ended September 30, 2018; (2) Elimination of $3,459 of stock-based compensation expense related to the acceleration of vesting and modification of certain previously unvested Inotek awards in connection with the Reverse Merger from the nine months ended September 30, 2018; (3) Elimination of $1,622 of expense related to severance and stay bonuses from the nine months ended September 30, 2018; (4) To adjust interest expense incurred in connection with the 2021 Convertible Notes assumed in connection with the Reverse Merger based on the fair value of the 2021 Convertible Notes on the date of the Reverse Merger, as if it occurred on January 1, 2017; (5) To adjust depreciation expense associated with property and equipment acquired in connection with the Reverse Merger based on the fair value of the property and equipment on the date of the Reverse Merger, as if it occurred on January 1, 2017; and (6) To adjust expense associated with operating lease obligations assumed in connection with the Merger based on the fair value of the leases on the date of the Merger, as if it occurred on January 1, 2017.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2018
Fair Value of Financial Instruments [Abstract]
Fair Value of Financial Instruments	5. Fair Value of Financial Instruments Items measured at fair value on a recurring basis are the Company’s investments. The following table sets forth the Company’s financial instruments that were measured at fair value on a recurring basis by level within the fair value hierarchy: Fair Value Measurements as of September 30, 2018 Using: Level 1 Level 2 Level 3 Total Assets: Money market mutual funds (included in cash and cash equivalents) $ 26,980 $ - $ - $ 26,980 United States Treasury securities 121,402 - - 121,402 Investments 121,402 - - 121,402 $ 148,382 $ - $ - $ 148,382 The Company classifies its money market mutual funds and United States Treasury securities as Level 1 assets under the fair value hierarchy, as these assets have been valued using quoted market prices in active markets without any valuation adjustment.

Property and Equipment

Property and Equipment	9 Months Ended
	Sep. 30, 2018
Property and Equipment [Abstract]
Property and Equipment	6. Property and Equipment The Company’s property and equipment consisted of the following: September 30, December 31, 2018 2017 Laboratory equipment $ 1,140 $ 1,042 Computer equipment 167 98 Furniture and fixtures 259 115 Leasehold improvements 64 — 1,630 1,255 Less: accumulated depreciation (385 ) (270 ) $ 1,245 $ 985 During the three and nine months ended September 30, 2018, the Company recognized $76 and $233 of depreciation expense, respectively. During the three and nine months ended September 30, 2017, the Company recognized $61 and $142 of depreciation expense, respectively.

Accounts Payable and Accrued Ex

Accounts Payable and Accrued Expenses	9 Months Ended
	Sep. 30, 2018
Accounts Payable and Accrued Expenses [Abstract]
Accounts Payable and Accrued Expenses	7. Accounts Payable and Accrued Expenses At September 30, 2018 and December 31, 2017, the Company’s accounts payable and accrued expenses consisted of the following: September 30, December 31, 2018 2017 Bonus $ 995 $ 703 Research and development 6,844 814 Severance and benefits 160 138 Professional fees 336 382 Government grant payable 527 — Accrued interest 493 — Accrued vacation 95 — Other 315 25 $ 9,765 $ 2,062

Debt

Debt	9 Months Ended
	Sep. 30, 2018
Debt [Abstract]
Debt	8. Debt On January 4, 2018, in connection with the Reverse Merger, Inotek’s obligations under its outstanding convertible notes, with an aggregate principal value of $52,000, were assumed by the Company (the “2021 Convertible Notes”). The 2021 Convertible Notes were issued in 2016 and mature on August 1, 2021 (“Maturity Date”). The 2021 Convertible Notes are unsecured, accrue interest at a rate of 5.75% per annum and interest is payable semi-annually on February 1 and August 1 of each year. Each holder of a 2021 Convertible Note (the “Holder”) has the option until the close of business on the second business day immediately preceding the Maturity Date to convert all, or any portion, of the 2021 Convertible Notes held by it at a conversion rate of 31.1876 shares of the Company’s common stock per $1 principal amount of 2021 Convertible Notes (the “Conversion Rate”). The Conversion Rate is subject to adjustment from time to time upon the occurrence of certain events, including the issuance of stock dividends and payment of cash dividends. In addition, in certain circumstances, the Conversion Rate will be increased in respect of a Holder’s conversion of 2021 Convertible Notes in connection with the occurrence of one or more corporate events specified in the indenture (as supplemented, the “Indenture”) governing the 2021 Convertible Notes (each such specified corporate event, a “Make-Whole Fundamental Change”) that occurs prior to the Maturity Date (a “Make-Whole Fundamental Change Conversion”) or in respect of a Holder’s voluntary conversion of 2021 Convertible Notes other than in connection with a Make-Whole Fundamental Change (a “Voluntary Conversion”). In connection with a Make-Whole Fundamental Change Conversion or a Voluntary Conversion, the Company will increase the Conversion Rate for the 2021 Convertible Notes surrendered for conversion by a number of additional shares of the Company’s common stock set forth in the Additional Shares Make-Whole Table in the Indenture, based on the applicable Stock Price (as defined in the Indenture) and Effective Date (as defined in the Indenture) for such conversion. The additional shares potentially issuable in connection with a Make-Whole Fundamental Change Conversion or a Voluntary Conversion range from 0 to 6.2375 per $1 principal amount of 2021 Convertible Notes, subject to adjustment. If the Stock Price applicable to any conversion is greater than $160.00 per share, the Conversion Rate will not be increased. If the Stock Price applicable to any conversion is less than $26.72 per share, the Conversion Rate in connection with a Make-Whole Fundamental Change Conversion will not be increased but it will be increased by 6.2375 shares in connection with a Voluntary Conversion. Upon conversion, Holders of the 2021 Convertible Notes will receive shares of the Company’s common stock and cash in lieu of fractional shares. Upon the occurrence of a Fundamental Change, the occurrence of certain change of control transactions or delisting events (as defined in the Indenture), each Holder may require the Company to repurchase for cash all or any portion of the 2021 Convertible Notes held by such Holder at a repurchase price equal to 100% of the principal amount thereof, plus accrued and unpaid interest thereon. The Company, at its option, may redeem for cash all or any portion of the 2021 Convertible Notes if the last reported sale price of a share of the Company’s common stock is equal to or greater than 200% of the conversion price for the 2021 Convertible Notes then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending within the five trading days immediately preceding the date on which the Company provides notice of redemption, at a redemption price equal to 100% of the principal amount of the 2021 Convertible Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. If an Event of Default (as defined in the Indenture), other than certain events of bankruptcy, insolvency or reorganization involving the Company, occurs and is continuing, the trustee under the Indenture (the “Trustee”) or the Holders of at least 25% in principal amount of the outstanding 2021 Convertible Notes may declare 100% of the principal of and accrued and unpaid interest, if any, on all of the 2021 Convertible Notes to be due and payable immediately. Upon the occurrence of an Event of Default relating to bankruptcy, insolvency or reorganization involving the Company, 100% of the principal of and accrued and unpaid interest, if any, on all of the 2021 Convertible Notes would become due and payable automatically. Notwithstanding the foregoing, the Indenture provides that, to the extent the Company elects, the sole remedy for an Event of Default relating to certain failures by the Company to comply with certain reporting covenants in the Indenture, will (i) for the first 90 days after the occurrence of such an Event of Default, consist exclusively of the right to receive additional interest on the 2021 Convertible Notes at a rate equal to 0.25% per annum of the principal amount of the 2021 Convertible Notes outstanding for each day during such 90-day period on which such an Event of Default is continuing and (ii) for the period from, and including, the 91st day after the occurrence of such an Event of Default to, and including, the 180th day after the occurrence of such an Event of Default, consist exclusively of the right to receive additional interest on the 2021 Convertible Notes at a rate equal to 0.50% per annum of the principal amount of the 2021 Convertible Notes outstanding for each day during such additional 90-day period on which such an Event of Default is continuing (such additional interest, “Additional Interest”). After 180 days, if such Event of Default is not cured or waived, the 2021 Convertible Notes would be subject to acceleration in accordance with the Indenture. The 2021 Convertible Notes are considered a hybrid financial instrument consisting of a fixed interest rate “host” and various embedded features that required evaluation as potential embedded derivatives under FASB ASC 815, Derivatives and Hedging The Company recorded the 2021 Convertible Notes at their fair value of $38,388 on January 4, 2018, the date of the acquisition. The difference between the fair value of the 2021 Convertible Notes and the principal value represents a discount on the notes that is being amortized to interest expense over the remaining term using the effective interest method. As of September 30, 2018, the stated interest rate was 5.75%, and the effective interest rate was 15.3%. The table below summarizes the carrying value of the 2021 Convertible Notes as of September 30, 2018: Principal amount $ 52,000 Discount (11,371 ) Carrying value as of September 30, 2018 $ 40,629 Accretion of the 2021 Convertible Notes discount was $787 and $2,241 for the three and nine months ended September 30, 2018, respectively.

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Sep. 30, 2018
Shareholders' Equity [Abstract]
Shareholders' Equity	9. Shareholders’ Equity Preferred Shares On January 4, 2018, immediately prior to and in connection with the closing of the Reverse Merger, and in accordance with the original terms of the convertible preferred shares, all of the outstanding convertible preferred shares of Rocket Ltd were converted into an aggregate of 19,475,788 shares of common stock. Exchange Ratio On January 4, 2018, in connection with the Reverse Merger, Rocket’s historical share and per share information has been adjusted in the consolidated financial statements presented to give effect to the Exchange Ratio. Common Shares At the time of the Reverse Merger, Rocket Ltd’s outstanding shares of common stock were 26,281,396 which includes 19,475,788 issued upon the conversion of Rocket Ltd’s convertible preferred stock. On January 24, 2018, the Company entered into an underwriting agreement (the “Underwriting Agreement”) with Cowen and Company, LLC and Evercore Group L.L.C., as representatives (the “Representatives”) of the several underwriters (collectively with the Representatives, the “Underwriters”), pursuant to which the Company sold 6,325,000 shares of common stock (the “Shares”), which includes 825,000 shares that were sold pursuant to an option granted to the Underwriters (the “Offering”). The Shares were sold in the Offering at a public offering price of $13.25 per share in which the Company received gross proceeds of $83,806 net of $5,288 of offering costs, commission and legal and other expenses for net proceeds from the Offering of $78,518, after deducting the underwriting discounts and commissions and legal and accounting costs.

Share-Based Awards

Share-Based Awards	9 Months Ended
	Sep. 30, 2018
Share-Based Awards [Abstract]
Share-Based Awards	10. Share-Based Awards 2015 Share Option Plan The Rocket Ltd 2015 Share Option Plan provides for the Company to grant incentive stock options or nonqualified stock options for the purchase of common shares to employees, members of the board of directors and consultants. The 2015 Share Option Plan is administered by an administrative committee appointed by the board of directors or, in the absence of such appointment, the entire board of directors. The exercise prices, vesting and other restrictions are determined at the discretion of the board of directors, or their committee if so delegated, except that the exercise price per share of share options may not be less than 100% of the fair market value of the share of common shares on the date of grant (or 110% of the fair market value in the case of an employee who owns shares representing more than 10% of the voting power of all classes of shares for the Company) and the term of share options may not be greater than ten years (or five years in the case of an employee who owns shares representing more than 10% of the voting power of all classes of shares for the Company). The Company generally grants share-based awards with service conditions only (“service-based” awards). As required by the 2015 Share Option Plan, the exercise price for share options granted was not to be less than the fair value of common shares as determined by the Company as of the date of grant. The Company valued its common shares by taking into consideration its most recently available valuation of common shares performed by management and the board of directors as well as additional factors which may have changed since the date of the most recent contemporaneous valuation through the date of grant. The total number of shares that may be issued under the 2015 Share Option Plan was 9,904,050 shares; however, the 2,944,702 shares that remained available under the 2015 Share Option Plan were added to the share reserve of the 2014 Plan in connection with the Reverse Merger. By virtue of the terms of the Merger Agreement, each stock option outstanding under the Rocket Ltd 2015 Share Option Plan immediately prior to the consummation of the Reverse Merger was automatically converted into a stock option exercisable for a number of shares of the Company’s common stock calculated based on the exchange ratio and the exercise price per share of such outstanding stock option. Pursuant to the Merger Agreement, the Company sponsored Inotek’s equity compensation plans: the Amended and Restated 2014 Stock Option and Incentive Plan (the “2014 Plan”), the 2004 Stock Option and Incentive Plan (the “2004 Plan”), and the 2014 Employee Stock Purchase Plan (“ESPP”) and assumed all stock options and restricted stock units (“RSUs”) outstanding under each of the plans immediately prior to the effective time of the Reverse Merger. Amended and Restated 2014 Stock Option and Incentive Plan In August 2014, Inotek’s board of directors adopted the 2014 Plan for the issuance of incentive and non-qualified stock options, restricted stock, and other equity awards, all for common stock, as determined by the board of directors, to employees, officers, directors, consultants, and advisors of Inotek and its subsidiaries. Pursuant to the provisions of the 2014 Plan and approval by the board of directors, on January 1, 2018 an additional 272,227 shares were added to the 2014 Plan representing 4% of total common shares issued and outstanding at December 31, 2017. Second Amended and Restated 2014 Stock Option and Incentive Plan In March 2018, Rocket’s board of directors approved the Second Amended and Restated 2014 Stock Option and Incentive Plan (the “Revised 2014 Plan”) which was subsequently approved by the Company’s shareholders at the Annual Meeting held on June 25, 2018. The Revised 2014 Plan contains the following material features and changes from the 2014 Plan: · Provide for an aggregate maximum number of shares of common stock initially authorized for issuance of 4,294,830 shares (the “Initial Limit”). On January 1, 2019, and each January 1 thereafter for the term of the Revised 2014 Plan, the number of shares reserved and available under the Revised 2014 Plan will automatically increase by 4% of the number of shares of our common stock issued and outstanding on the immediately preceding December 31; · Increase the number of shares of stock underlying stock options or stock appreciation rights that may be granted to any one individual in any single calendar year to 1,000,000 shares of common stock, and an increase in the number of shares of stock that may be issued in the form of incentive stock options; · Eliminates certain provisions relating to awards of “performance-based compensation”; and · Expires on June 25, 2028. 2004 Stock Option and Incentive Plan In July 2004, Inotek’s board of directors adopted the 2004 Plan for the issuance of incentive stock options, restricted stock, and other equity awards, all for common stock, as determined by the board of directors to employees, officers, directors, consultants, and advisors of Inotek and its subsidiaries. Only stock options were granted under the 2004 Plan. The 2004 Plan expired in February 2014 but remains effective for all outstanding options. All of the stock options granted under the 2004 Plan were fully vested at the time of the Reverse Merger. Vesting of all unvested Inotek option awards issued and outstanding was accelerated at the effective time of the Reverse Merger, and all such option awards issued and outstanding at the time of the Reverse Merger, aggregating to 523,456, remained issued and outstanding. For accounting purposes, since the acceleration of vesting was negotiated in contemplation of the Reverse Merger, the remaining unrecognized compensation expense associated with the original grant date fair value of the options of $2,997 was recognized in the Company’s consolidated statement of operations for the nine months ended September 30, 2018. In addition, the exercise period for all Inotek options outstanding at the effective time of the Reverse Merger was extended beyond the respective periods provided in the original awards. The Company recorded $462 in connection with the extension of the exercise periods in the consolidated statement of operations for the nine months ended September 30, 2018, equal to the difference in the fair value of the options immediately prior to and immediately following the modification of the exercise period. Share Option Valuation The weighted average assumptions that the Company used in the Black-Scholes pricing model to determine the fair value of the share options granted to employees and directors were as follows: Nine Months Ended September 30, 2018 2017 (unaudited) Risk-free interest rate 2.61 % 2.02 % Expected term (in years) 5.78 5.75 Expected volatility 88.30 % 91.83 % Expected dividend yield 0.00 % 0.00 % Exercise price $ 17.76 $ 2.12 Fair value of common stock $ 17.76 $ 1.63 The weighted average assumptions that the Company used in the Black-Scholes pricing model to determine the fair value of the share options granted to non-employees were as follows: Nine Months Ended September 30, 2018 Risk-free interest rate 2.84 % Expected term (in years) 9.95 Expected volatility 82.29 % Expected dividend yield 0.00 % Exercise price $ 19.71 Fair value of common stock $ 23.62 The Company recognizes compensation expense for only the portion of awards that are expected to vest. The following table summarizes stock option activity for the nine months ended September 30, 2018 under the Revised 2014 Plan: Number of Shares Weighted Average Exercise Price Weighted Average Contractual Term (Years) Aggregate Intrinsic Value Outstanding as of December 31, 2017 * 6,959,347 $ 1.06 8.17 $ 27,175 Assumed as part of merger with Inotek 523,456 2.01 7.03 Granted 1,454,878 17.79 9.49 Exercised (314,884 ) - Forfeited (146,995 ) 3.02 Outstanding as of September 30, 2018 8,475,802 $ 4.15 7.72 $ 173,524 Options vested and exercisable as of September 30, 2018 6,296,798 $ 1.15 6.70 $ 117,161 * Affected by Exchange Ratio Restricted Stock Units All unvested Inotek RSU awards issued and outstanding were accelerated at the effective time of the Reverse Merger. For accounting purposes, since the acceleration of vesting upon change of control was included in the original terms of the award, the remaining unrecognized compensation expense associated with the original grant date fair value of the RSU awards was recognized as a pre-merger expense of Inotek. The following table summarizes the RSU activity for the nine months ended September 30, 2018 under the Revised 2014 Plan: Number of Shares Outstanding as of December 31, 2017 - Assumed as part of merger with Inotek 271,719 Settled (118,593 ) Outstanding as of September 30, 2018 153,126 As of September 30, 2018, due to lockup agreements signed in conjunction with the Reverse Merger, 153,126 RSU’s remain unsettled. The aggregate intrinsic value of stock options is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s common stock for those stock options that had exercise prices lower than the fair value of the Company’s common stock. The weighted average grant-date fair value per share of stock options granted during the three months ended September 30, 2018 and 2017 was $16.03 and $1.69, respectively. The weighted average grant-date fair value per share of stock options granted during the nine months ended September 30, 2018 and 2017 was $13.11 and $1.63, respectively. The total fair value of options vested during the nine months ended September 30, 2018 and 2017 was $49,458 and $385, respectively. Employee Stock Purchase Plan In November 2014, Inotek’s board of directors adopted and the stockholders approved the ESPP. The ESPP provides that the number of shares reserved and available for issuance under the ESPP shall be cumulatively increased each January 1, beginning on January 1, 2016, by the lesser of (i) 150,000 shares of common stock or (ii) the number of shares necessary to set the number of shares of common stock under the ESPP at 1% percent of the outstanding number of shares as of January 1 of the applicable year. However, the board of directors reserves the right to determine that there will be no increase for any year or that any increase will be for a lesser number of shares. On January 1, 2018, 6,562 shares were added to the ESPP. On September 11, 2018, the board of directors determined that there would be no increase in shares reserved and available for issuance under the ESPP on January 1, 2019. As of September 30, 2018, there were 68,256 shares available for issuance under the ESPP. Share-Based Compensation Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Research and development $ 2,223 $ 89 $ 5,075 $ 243 General and administrative 389 612 5,705 719 Total share based compensation expense $ 2,612 $ 701 $ 10,780 $ 962 As of September 30, 2018, the Company had an aggregate of $18,366 of unrecognized share-based compensation cost, which is expected to be recognized over the weighted average period of 2.18 years.

Net Loss Per Share

Net Loss Per Share	9 Months Ended
	Sep. 30, 2018
Net Loss Per Share [Abstract]
Net Loss Per Share	11. Net Loss Per Share Basic and diluted net loss per share attributable to common shareholders was calculated as follows: Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Numerator: Net loss attributable to common shareholders $ (16,089 ) $ (6,723 ) $ (47,199 ) $ (12,923 ) Denominator: Weighted-average common shares outstanding - basic and diluted 39,900,551 6,795,627 38,598,304 6,795,627 Net loss per share attributable to common shareholders - basic and diluted $ (0.40 ) $ (0.99 ) $ (1.22 ) $ (1.90 ) The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common shareholders for the periods indicated because including them would have had an anti-dilutive effect: Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Shares issuable upon conversion of the 2021 Convertible Notes 1,620,948 - 1,620,948 - Warrants exercisable for common shares 14,102 - 14,102 - Options to purchase common shares 8,475,802 6,756,695 8,475,802 6,756,695 Redeemable Series A convertible preferred shares (as converted to common shares) - 9,807,905 - 9,807,564 Redeemable Series A convertible preferred shares (as converted to common shares) - 9,668,562 - 9,668,224 10,110,852 26,233,162 10,110,852 26,232,483

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2018
Commitments and Contingencies [Abstract]
Commitments and Contingencies	12. Commitments and Contingencies Operating Leases On March 31, 2016, the Company entered into a lease agreement for its office and laboratory space at the Alexandria Center for Life Sciences in New York, New York with a term ending on July 31, 2021 (the “NY Lease Agreement”). In connection with the NY Lease Agreement, the Company established an irrevocable standby letter of credit (“ARE LOC”) with a bank. The ARE LOC serves as the Company’s security deposit on the lease, in which the landlord is the beneficiary. The Company has a certificate of deposit with a bank as collateral for the ARE LOC which is classified as restricted cash in the consolidated balance sheets. On June 28, 2018, the Company entered into Amendment No.1 to the NY Lease Agreement, whereby the landlord agreed to relieve the Company of its obligations under the lease for a portion of the leased space upon the takeover of the space by a replacement tenant. The Company agreed to extend the lease for the remaining laboratory space by one additional year. The Company recorded an additional rent expense of $94 related to the early exit from the lease during the three months ended June 30, 2018. A replacement tenant has executed a new lease for the office space and as of September 7, 2018, the Company was relieved of its obligations for rent and security deposit for the office space. In October 2018, the Company provided a new letter of credit for $89 (the “New ARE LOC”) relating to the remaining lab space and the existing ARE LOC of $209 was released back to the Company. The New ARE LOC expires and is automatically renewed April 8 of each succeeding calendar year until October 29, 2020, unless written notice is provided no later than 90 days before the then existing expiration date. The Company continues to maintain laboratory space at the Alexandria Center for Life Sciences facility as its hub for research and development activities. On June 7, 2018, the Company entered into a three year lease agreement with ESRT Empire State Building, L.L.C. for office space in the Empire State Building (the “ESB Lease Agreement”). In connection with the ESB Lease Agreement, the Company established an irrevocable standby letter of credit (the “Empire LOC”) with a bank for $936 which expires on June 30, 2019 and is renewed automatically for a one year period until its expiration date of September 30, 2021. The Empire LOC serves as the Company’s security deposit on the lease in which the landlord is the beneficiary. The Company has a certificate of deposit of $936 with a bank as collateral for the Empire LOC which is classified as part of restricted cash in the consolidated balance sheets as of September 30, 2018. In January 2018, in connection with the Reverse Merger, the Company assumed an operating lease for Inotek’s former headquarters in Lexington, Massachusetts, with a term ending in February 2023 (the “MA Lease Agreement”). In May 2018, the Company separated from the last legacy employee of Inotek and abandoned use of the leased space at that time. In connection with the abandonment of the Massachusetts lease, the Company recorded a liability at the present value of the difference between the lease payments and projected sublease income at the cease use date of $435. The difference between the lease liability recorded at acquisition and the $435 lease abandonment is a deferred gain which is being recognized to other income over the remaining life of the lease. In addition, as of May 2018, the Company wrote off the remaining furniture and fixtures of $205. In July 2018, the Company signed an agreement to sublease a portion of the Lexington, Massachusetts space and in September 2018, the Company signed an agreement to sublease the remaining portion of the Lexington, Massachusetts space. On August 14, 2018, Rocket entered into a lease for approximately 92,000 rentable square feet in Cranbury, New Jersey, for internal process development and research activities to support the Company’s pipeline (the “NJ Lease Agreement”). The term of the NJ Lease Agreement will commence for 72,000 rentable square feet upon substantial completion of leasehold improvements (the “Commencement Date”), and the remaining 20,000 square feet will commence upon the earlier of the Company’s election to commence the lease of such additional space or thirty months from the Commencement Date. The NJ Lease Agreement has a term of fifteen years from the Commencement Date, with an option to renew for two consecutive five-year renewal terms. Estimated rent payments are $1,200 per annum, payable in monthly installments, depending upon the nature of the leased space, and subject to certain annual base rent increases of 3%. The total commitment under the lease is estimated to be approximately $26,492 over the 15 year term of the lease. During the three months ended September 30, 2018, the Company delivered a cash security deposit of $287 to the landlord in connection with the NJ Lease Agreement which has been reflected in deposits in the consolidated balance sheets. The total restricted cash balance for the Company’s operating leases at September 30, 2018 is $1,145. Rent expense was $567 and $424 for the nine months ended September 30, 2018 and 2017. Rent expense was $134 and $139 for the three months ended September 30, 2018 and 2017, respectively. As of September 30, 2018, the remaining aggregate annual commitments pursuant to the leases, as amended, are as follows: 2018 (remaining three months) 115 2019 1,121 2020 1,692 2021 1,685 2022 1,739 Thereafter 21,759 Total $ 28,111 Securities Litigation On January 6, 2017, a purported stockholder of Inotek filed a putative class action in the U.S. District Court for the District of Massachusetts, captioned Whitehead v. Inotek Pharmaceuticals Corporation, et al. trabodenoson From time to time, the Company may be subject to other various legal proceedings and claims that arise in the ordinary course of its business activities. Although the results of litigation and claims cannot be predicted with certainty, the Company does not believe it is party to any other claim or litigation the outcome of which, if determined adversely to the Company, would individually or in the aggregate be reasonably expected to have a material adverse effect on its business. Regardless of the outcome, litigation can have an adverse impact on the Company because of defense and settlement costs, diversion of management resources and other factors. Indemnification Arrangements Pursuant to its bylaws and as permitted under Delaware law, the Company has indemnification obligations to directors, officers, employees or agents of the Company or anyone serving in these capacities. The maximum potential amount of future payments the Company could be required to pay is unlimited. The Company has insurance that reduces its monetary exposure and would enable it to recover a portion of any future amounts paid. As a result, the Company believes that the estimated fair value of these indemnification commitments is minimal. Throughout the normal course of business, the Company has agreements with vendors that provide goods and services required by the Company to run its business. In some instances, vendor agreements include language that requires the Company to indemnify the vendor from certain damages caused by the Company’s use of the vendor’s goods and/or services. The Company has insurance that would allow it to recover a portion of any future amounts that could arise from these indemnifications. As a result, the Company believes that the estimated fair value of these indemnification commitments is minimal.

Agreements Related to Intellect

Agreements Related to Intellectual Property	9 Months Ended
	Sep. 30, 2018
Agreements Related to Intellectual Property [Abstract]
Agreements Related to Intellectual Property	13. Agreements Related to Intellectual Property The Company has various license and research and collaboration arrangements. The transactions principally resulted in the acquisition of rights to intellectual property which is in the preclinical phase and has not been tested for safety or feasibility. In all cases, the Company did not acquire tangible assets, processes, protocols or operating systems. The Company expenses the acquired intellectual property rights as of the acquisition date on the basis that the cost of intangible assets purchased from others for use in research and development activities, has no alternative future uses. License 161101 and SRA 161101 On April 20, 2018, the Company entered into Amendment No. 1 to the clinical trial agreement with the Fred Hutchinson Research Cancer Center (“Hutch”) for the clinical trial entitled: Gene Therapy for Patients with Fanconi Anemia Complementation Group A. The Company agreed to pay $108 for additional budgeted amounts for the period from March 2018 through August 2018. LAD-I (leukocyte adhesion deficiency-I) Agreement with CIEMAT On March 1, 2018, the Company entered into Amendment No. 1 to the LAD-1 Master Research Agreement whereby the Company and Centro de Investigaciones Energéticas, Medioambientales y Tecnológicas (“CIEMAT”) agreed to a modification of the original commitment from Rocket down by approximately $444. PKD pyruvate kinase deficiency License Agreement with CIEMAT On September 17, 2018, the Company entered into Amendment No. 1 to the PKD Master Research Agreement whereby the Company and CIEMAT agreed to a modification of the original commitment from Rocket down by approximately $1,168.

Strategic Research Collaboratio

Strategic Research Collaboration	9 Months Ended
	Sep. 30, 2018
Strategic Research Collaboration [Abstract]
Strategic Research Collaboration	14. Strategic Research Collaboration On May 16, 2018, Rocket and the Stanford University School of Medicine (“Stanford University”) entered into a strategic collaboration to support the advancement of FA and PKD gene therapy research. Under the terms of the collaboration agreement, Stanford University will serve as the lead clinical trial research center in the U.S. for the planned FA registrational trial and would also be the lead U.S. site for PKD clinical trials. The project will also separately evaluate the potential for non-myeloablative, non-genotoxic antibody-based conditioning regimens as a future development possibility that may be applied across bone marrow-derived disorders. In addition, Rocket agreed to support expansion of Stanford University’s Laboratory for Cell and Gene Therapy (“LCGM”) in efforts to further enhance the development of Rocket’s internal pipeline. Rocket agreed to fund up to $3.5 million for the LCGM expansion upon which 40% or $1.4 million was due upon execution of the agreement and the balance are due upon the achievement of certain milestones. $1.4 million of the $3.5 million milestone payments was paid during the three months ended September 30, 2018. During the three months ended September 30, 2018, none of the remaining milestones were met with regard to the LCGM.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2018
Related Party Transactions [Abstract]
Related Party Transactions	15. Related Party Transactions During January 2018, the Company sold certain furniture and fixtures from the Inotek former corporate headquarters to a director of the Company for $20. During March 2018, the Company entered into a consulting agreement with a member of the Board of Directors for strategic and corporate consulting services to be provided to the Company. The Company accrued $32 as of September 30, 2018 relating to services provided under this consulting agreement. During April 2018, the Company entered into a consulting agreement with a different member of the Board of Directors for business development consulting services. Payments for the services under the agreement are $28 per quarter, and the Company may terminate the agreement with 14 days’ notice. The Company accrued $28 as of September 30, 2018 relating to services provided under this consulting agreement.

401(k) Savings Plan

401(k) Savings Plan	9 Months Ended
	Sep. 30, 2018
401(k) Savings Plan [Abstract]
401(k) Savings Plan	16. 401(k) Savings Plan The Company has a defined contribution savings plan (the “Plan”) under Section 401(k) of the Internal Revenue Code of 1986. This Plan covers substantially all employees who meet minimum age and service requirements and allows participants to defer a portion of their annual compensation on a pre-tax basis. Company contributions to the Plan may be made at the discretion of the Company’s board of directors. The Company has elected to match 4% of employee contributions to the Plan, subject to certain limitations. The Company’s matching contribution for the three months ended September 30, 2018 was $23 and $26 respectively, and for the nine months ended September 30, 2018 and 2017, was $89 and $63.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2018
Summary of Significant Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The unaudited consolidated financial statements represent the consolidation of the accounts of the Company and its subsidiaries in conformity with accounting principles generally accepted in the United States (“US GAAP”). All intercompany accounts have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements in conformity with US 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 expenses during the reporting period. Significant estimates and assumptions reflected in these consolidated financial statements include but are not limited to, goodwill impairment, the accrual of research and development expenses, the valuation of equity transactions and share-based awards. Changes in estimates and assumptions are reflected in reported results in the period in which they become known. Actual results could differ from those estimates.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash Cash, cash equivalents and restricted cash consists of bank deposits, certificates of deposit and money market accounts with financial institutions. Cash equivalents are carried at cost which approximates fair value due to their short-term nature and which the Company believes do not have a material exposure to credit risk. The Company considers all highly liquid investments with maturities of three months or less from the date of purchase to be cash equivalents. The Company’s cash and cash equivalent accounts, at times, may exceed federally insured limits. The Company has not experienced any losses in such accounts. Restricted cash consists of deposits collateralizing letter of credits issued by a bank in connection with the Company’s operating leases (See Note 12) and a deposit collateralizing a letter of credit issued by a bank supporting the Company’s Corporate Credit Card. As of September 30, 2018 and December 31, 2017, restricted cash was $1,645 and $207, respectively. Cash, cash equivalents and restricted cash consist of the following: September 30, December 31, 2018 2017 Cash and cash equivalents $ 38,076 $ 18,142 Restricted cash 1,645 207 $ 39,721 $ 18,349
Investments	Investments Investments consist of investments in United States Treasury securities. Management determines the appropriate classification of these securities at the time they are acquired and evaluates the appropriateness of such classifications at each balance sheet date. The Company classifies its investments as available-for-sale pursuant to Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) 320, Investments—Debt and Equity Securities The Company reviews investments for other-than-temporary impairment whenever the fair value of an investment is less than the amortized cost and evidence indicates that an investment’s carrying amount is not recoverable within a reasonable period of time. Other-than-temporary impairments of investments are recognized in the consolidated statements of operations if the Company has experienced a credit loss, has the intent to sell the investment, or if it is more likely than not that the Company will be required to sell the investment before recovery of the amortized cost basis. Evidence considered in this assessment includes reasons for the impairment, compliance with the Company’s investment policy, the severity and the duration of the impairment and changes in value subsequent to the end of the period. The weighted average maturity of the Company’s investment portfolio is 6.5 months and the average duration of the Company’s long-term investments is 15 months. Short-term investments at September 30, 2018 consist of the following: Cost Unrealized Fair Basis Losses Value Current: United States Treasury securities 89,502 (100 ) 89,402 $ 89,502 $ (100 ) $ 89,402 Long-term investments at September 30, 2018 consist of the following: Cost Unrealized Fair Basis Losses Value Long-term: United States Treasury securities 32,107 (107 ) 32,000 $ 32,107 $ (107 ) $ 32,000 The Company evaluated its securities for other-than-temporary impairment and determined that no such impairment existed at September 30, 2018.
Goodwill	Goodwill Business combinations are accounted for under the acquisition method (see Note 4). The total cost of an acquisition is allocated to the underlying identifiable net assets, based on their respective estimated fair values as of the acquisition date. Determining the fair value of assets acquired and liabilities assumed requires management’s judgment and often involves the use of significant estimates and assumptions, including assumptions with respect to future cash inflows and outflows, discount rates, asset lives and market multiples, among other items. Assets acquired and liabilities assumed are recorded at their estimated fair values. The excess of the purchase price over the estimated fair values of the net assets acquired is recorded as goodwill. Goodwill is tested for impairment annually as of December 31, or more frequently when events or changes in circumstances indicate that the asset might be impaired. Examples of such events or circumstances include, but are not limited to, a significant adverse change in legal or business climate, an adverse regulatory action or unanticipated competition. In January 2017, the FASB issued ASU No. 2017-04, “Intangibles- Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment”, an amendment to simplify the subsequent quantitative measurement of goodwill by eliminating step two from the goodwill impairment test. As amended, an entity will recognize an impairment charge for the amount by which the carrying amount of a reporting unit exceeds its fair value, not to exceed the total amount of goodwill allocated to the reporting unit. An entity still has the option to perform the qualitative test for a reporting unit to determine if the quantitative impairment test is necessary. Entities should apply for the amendment prospectively. The Company early adopted this guidance as of January 1, 2018 and will apply it when performing its annual goodwill impairment test. The Company has determined there were no indicators of goodwill impairment as of September 30, 2018.
Property and Equipment	Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Depreciation expense is recognized using the straight-line method over the useful life of the asset. The estimated useful lives are three to five years. Expenditures for repairs and maintenance of assets are charged to expense as incurred. Upon retirement or sale, the cost and related accumulated depreciation of assets disposed of are removed from the accounts and any resulting gain or loss is included in loss from operations. If the carrying amount of the assets or asset group is not recoverable on an undiscounted cash flow basis, impairment is recognized to the extent that the carrying value exceeds its fair value.
Fair Value Measurements	Fair Value Measurements The Company is required to disclose information on all assets and liabilities reported at fair value that enables an assessment of the inputs used in determining the reported fair values. FASB ASC 820, Fair Value Measurements and Disclosures Level 1—Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2—Valuations based on quoted prices for similar assets or liabilities in markets that are not active or for which all significant inputs are observable, either directly or indirectly. Level 3—Valuations that require inputs that reflect the Company’s own assumptions that are both significant to the fair value measurement and unobservable. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The fair value of the Company’s financial instruments, including cash and cash equivalents, prepaid expenses and other assets, accounts payable and accrued expenses approximate their respective carrying values due to the short-term nature of these instruments. The fair value of the 2021 Convertible Notes as of September 30, 2018 was $54,751. The Company’s assets and liabilities measured at fair value on a recurring basis include its short term investments.
Deferred Rent and Lease Liability	Deferred Rent and Lease Liability The Company recognizes rent expense on a straight-line basis, after considering the effect of rent escalation provisions resulting in a level rent expense recognized over the lease term. For the lease liability, the Company reduces the rent expense on a straight-line basis over the remaining life of the lease.
Research and Development	Research and Development Research and development costs, which include salaries and staff costs, license costs, regulatory and scientific consulting fees, as well as contract research, and share-based compensation expense, are accounted for in accordance with ASC Topic 730, Research and Development (“ASC 730”). The Company does not currently have any commercial biopharmaceutical products, and does not expect to have any for several years, if at all. Accordingly, research and development costs are expensed as incurred. While certain of the Company’s research and development costs may have future benefits, the policy of expensing all research and development expenditures is predicated on the fact that the Company has no history of successful commercialization of product candidates to base any estimate of the number of future periods that would be benefited.
Foreign Currency Transactions	Foreign Currency Transactions Certain transactions during the three and nine months ended September 30, 2018 and 2017 are denominated in Euros. Gains and losses on foreign currency transactions are not significant for the three and nine months ended September 30, 2018 and 2017.
Share-Based Compensation	Share-Based Compensation The Company measures the cost of employee services received in exchange for an award of equity instruments based on the fair value of the award on the grant date. That cost is recognized on a straight-line basis over the period during which the employee is required to provide service in exchange for the award. The fair value of options on the date of grant is calculated using the Black-Scholes option pricing model based on key assumptions such as stock price, expected volatility and expected term. The Company’s estimates of these assumptions are primarily based on the trading price of the Company’s stock, historical data, peer company data and judgment regarding future trends and factors. The fair value of restricted stock awards is based on the intrinsic value of such awards on the date of grant. Compensation cost for stock purchase rights under the employee stock purchase plan is measured and recognized on the date the Company becomes obligated to issue shares of common stock and is based on the difference between the fair value of the Company’s common stock and the purchase price on such date. The Company classifies share-based compensation expense in its statement of operations in the same manner in which the award recipient’s payroll costs are classified or in which the award recipient’s service payments are classified. The Company recognizes compensation expense for only the portion of awards that are expected to vest. Forfeitures are recorded as they occur. The Company measures the compensation expense of share options and other share-based awards granted to employees and directors using the grant date fair value of the award and recognizes compensation expense as determined by the Black-Scholes Option pricing model on a straight-line basis over their requisite service period, which is generally the vesting period of the respective award. Effective July 1, 2018, the Company adopted ASU No. 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting
NYC Biotechnology Tax Credit Program	NYC Biotechnology Tax Credit Program New York City allows investors and owners of emerging technology companies focused on biotechnology to claim a tax credit against the General Corporation Tax and Unincorporated Business Tax for amounts paid or incurred for certain facilities, operations, and employee training in New York City. The credit is recognized as research and development incentives when approved by New York City of the eligibility for the credit and the credit amount. During the nine months ended September 30, 2018 and 2017, the Company recorded research and development incentive income of $186 and $192, respectively.
Income Taxes	Income Taxes The Company accounts for income taxes under the asset and liability method. The Company recognizes deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, as well as for operating loss and tax credit carry-forwards. The Company measures deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which the Company expects to recover or settle those temporary differences. The Company recognizes the effect of a change in tax rates on deferred tax assets and liabilities in the results of operations in the period that includes the enactment date. The Company reduces the measurement of a deferred tax asset, if necessary, by a valuation allowance if it is more likely than not that the Company will not realize some or all of the deferred tax asset. The Company’s deferred tax assets relate primarily to its net operating loss carryforwards and other balance sheet differences. In accordance with ASC 740 “Income Taxes”, the Company recorded a full valuation allowance to fully offset the gross deferred tax asset because it is not more likely than not that the Company will realize future benefits associated with these deferred tax assets at September 30, 2018 and December 31, 2017. The Company accounts for uncertainty in income taxes recognized in the financial statements by applying a two-step process to determine the amount of tax benefit to be recognized. First, the tax position must be evaluated to determine the likelihood that it will be sustained upon external examination by the taxing authorities. If the tax position is deemed more-likely-than-not to be sustained, the tax position is then assessed to determine the amount of benefit to recognize in the financial statements. The amount of the benefit that may be recognized is the largest amount that has a greater than 50% likelihood of being realized upon ultimate settlement. The provision for income taxes includes the effects of any resulting tax reserves, or unrecognized tax benefits, that are considered appropriate as well as the related net interest and penalties. On December 22, 2017, the Tax Cut and Jobs Act (the “Act”), was signed into law by the President of the United States. The Act includes a number of provisions, including the lowering of the U.S. corporate tax rate from 34 percent to 21 percent, effective January 1, 2018 and the establishment of a territorial-style system for taxing foreign-source income of domestic multinational corporations. The Company is in the process of quantifying the tax impacts of The Act, but at this time does not believe the provisions will have a material impact on the Company’s financial reporting. The Company will continue to monitor and quantify the impact of the Act and will record any adjustments in accordance with the guidance in Staff Accounting Bulletin No. 118.
Net Loss Per Share	Net Loss Per Share The Company calculates net loss per share in accordance with FASB ASC 260, Earnings per Share. In connection with the Reverse Merger, all of the convertible preferred shares were converted into common stock. This conversion was in accordance with the original terms.
Segment Reporting	Segment Reporting Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company views its operations and manages its business in one operating segment.
Comprehensive Loss	Comprehensive Loss Comprehensive loss is defined as the change in equity of a business enterprise during a period from transactions, and other events and circumstances from non-owner sources, and currently consists of net loss and changes in unrealized gains and losses on investments as of September 30, 2018.
Recent Accounting Pronouncement's	Recent Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), as amended, which supersedes the current leasing guidance and upon adoption, will require lessees to recognize right-of-use assets and lease liabilities on the balance sheet for all leases with terms longer than 12 months. The new standard is effective for the Company for the annual period beginning after December 15, 2018, and can be early adopted. Upon the adoption of the guidance, operating leases are capitalized on the balance at the present value of lease payments. See Note 12 for commitment and contingencies footnote for operating leases. The Company is currently completing its calculations of the assets and liabilities to be recorded and required additional disclosures The FASB issued ASU 2018-11 in July 2018, which includes certain amendments to ASU 2016-02 intended to provide relief in implementing the new standard. Among these amendments is the option to not restate comparative periods presented in the financial statements. The Company intends to elect this new transition approach, using a cumulative-effect adjustment on the effective date of the standard, with comparative periods presented in accordance with the previous guidance in ASC 840. The Company will take advantage of the transition package of practical expedients permitted within ASU 2016-02, which allows the Company to not reassess previous accounting conclusions around whether arrangements are or contain leases, the classification of leases, and the treatment of initial direct costs. The Company also expects to make an accounting policy election to exclude leases with an initial term of 12 months or less from the balance sheet. The Company anticipates that due to this new accounting standard, it will recognize additional assets and corresponding liabilities related to operating leases and is currently evaluating the potential impact that ASU 2016-02 may have on the Company’s financial position, results of operations, and related footnotes. In January 2017, the FASB issued ASU 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business (“ASU 2017-01”). ASU 2017-01 provides that when substantially all of the fair value of the assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets, the set is not a business. ASU 2017-01 is effective to annual period beginning after December 31, 2018 and interim period within annual periods beginning after December 31, 2019. Adoption of ASU 2017-09 may impact the Company’s accounting for future acquisitions.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2018
Summary of Significant Accounting Policies [Abstract]
Cash, Cash Equivalents and Restricted Cash	Cash, cash equivalents and restricted cash consist of the following: September 30, December 31, 2018 2017 Cash and cash equivalents $ 38,076 $ 18,142 Restricted cash 1,645 207 $ 39,721 $ 18,349
Investment	Short-term investments at September 30, 2018 consist of the following: Cost Unrealized Fair Basis Losses Value Current: United States Treasury securities 89,502 (100 ) 89,402 $ 89,502 $ (100 ) $ 89,402 Long-term investments at September 30, 2018 consist of the following: Cost Unrealized Fair Basis Losses Value Long-term: United States Treasury securities 32,107 (107 ) 32,000 $ 32,107 $ (107 ) $ 32,000

Acquisition Accounting (Tables)

Acquisition Accounting (Tables)	9 Months Ended
	Sep. 30, 2018
Acquisition Accounting [Abstract]
Acquisition-date Fair Value of Consideration	The acquisition-date fair value of the consideration transferred is as follows: Number of shares of the combined company owned by Inotek shareholders 6,805,608 Number of shares issuable in connection with fully vested RSUs of Inotek immediately prior to the Reverse Merger 271,718 Inotek common stock on the acquisition date 7,077,326 Price per share of Inotek common stock on acquisition date $ 12.16 Total purchase price $ 86,060
Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the fair value purchase price allocation of the assets acquired and liabilities assumed at the date of acquisition which is subject to adjustment as the Company finalizes it valuation: Cash and cash equivalents $ 76,348 Short term investments 21,292 Prepaid expense and other assets 1,041 Property and equipment 256 Deposits 168 Goodwill 30,815 Accounts payable and accrued expenses (4,961 ) Convertible notes (38,388 ) Unfavorable lease liability (511 ) Net assets acquired $ 86,060
Pro Forma Information	The following supplemental unaudited pro forma information presents the Company’s financial results as if the acquisition of Inotek had occurred on January 1, 2017: Nine Months Ended September 30, 2018 2017 Revenue $ - $ - Net loss (50,093 ) (35,760 )

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2018
Fair Value of Financial Instruments [Abstract]
Fair Value of Financial Instruments Measured on Recurring Basis	The following table sets forth the Company’s financial instruments that were measured at fair value on a recurring basis by level within the fair value hierarchy: Fair Value Measurements as of September 30, 2018 Using: Level 1 Level 2 Level 3 Total Assets: Money market mutual funds (included in cash and cash equivalents) $ 26,980 $ - $ - $ 26,980 United States Treasury securities 121,402 - - 121,402 Investments 121,402 - - 121,402 $ 148,382 $ - $ - $ 148,382

Property and Equipment (Tables)

Property and Equipment (Tables)	9 Months Ended
	Sep. 30, 2018
Property and Equipment [Abstract]
Property and Equipment	The Company’s property and equipment consisted of the following: September 30, December 31, 2018 2017 Laboratory equipment $ 1,140 $ 1,042 Computer equipment 167 98 Furniture and fixtures 259 115 Leasehold improvements 64 — 1,630 1,255 Less: accumulated depreciation (385 ) (270 ) $ 1,245 $ 985

Accounts Payable and Accrued _2

Accounts Payable and Accrued Expenses (Tables)	9 Months Ended
	Sep. 30, 2018
Accounts Payable and Accrued Expenses [Abstract]
Accounts Payable and Accrued Expenses	At September 30, 2018 and December 31, 2017, the Company’s accounts payable and accrued expenses consisted of the following: September 30, December 31, 2018 2017 Bonus $ 995 $ 703 Research and development 6,844 814 Severance and benefits 160 138 Professional fees 336 382 Government grant payable 527 — Accrued interest 493 — Accrued vacation 95 — Other 315 25 $ 9,765 $ 2,062

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2018
Debt [Abstract]
Carrying Value of Convertible Notes	The table below summarizes the carrying value of the 2021 Convertible Notes as of September 30, 2018: Principal amount $ 52,000 Discount (11,371 ) Carrying value as of September 30, 2018 $ 40,629

Share-Based Awards (Tables)

Share-Based Awards (Tables)	9 Months Ended
	Sep. 30, 2018
Share-Based Awards [Abstract]
Weighted-Average Assumptions for Stock Options	The weighted average assumptions that the Company used in the Black-Scholes pricing model to determine the fair value of the share options granted to employees and directors were as follows: Nine Months Ended September 30, 2018 2017 (unaudited) Risk-free interest rate 2.61 % 2.02 % Expected term (in years) 5.78 5.75 Expected volatility 88.30 % 91.83 % Expected dividend yield 0.00 % 0.00 % Exercise price $ 17.76 $ 2.12 Fair value of common stock $ 17.76 $ 1.63 The weighted average assumptions that the Company used in the Black-Scholes pricing model to determine the fair value of the share options granted to non-employees were as follows: Nine Months Ended September 30, 2018 Risk-free interest rate 2.84 % Expected term (in years) 9.95 Expected volatility 82.29 % Expected dividend yield 0.00 % Exercise price $ 19.71 Fair value of common stock $ 23.62
Stock Option Activity	The following table summarizes stock option activity for the nine months ended September 30, 2018 under the Revised 2014 Plan: Number of Shares Weighted Average Exercise Price Weighted Average Contractual Term (Years) Aggregate Intrinsic Value Outstanding as of December 31, 2017 * 6,959,347 $ 1.06 8.17 $ 27,175 Assumed as part of merger with Inotek 523,456 2.01 7.03 Granted 1,454,878 17.79 9.49 Exercised (314,884 ) - Forfeited (146,995 ) 3.02 Outstanding as of September 30, 2018 8,475,802 $ 4.15 7.72 $ 173,524 Options vested and exercisable as of September 30, 2018 6,296,798 $ 1.15 6.70 $ 117,161 * Affected by Exchange Ratio
RSU Activity	The following table summarizes the RSU activity for the nine months ended September 30, 2018 under the Revised 2014 Plan: Number of Shares Outstanding as of December 31, 2017 - Assumed as part of merger with Inotek 271,719 Settled (118,593 ) Outstanding as of September 30, 2018 153,126
Stock-Based Compensation Expense	Share-Based Compensation Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Research and development $ 2,223 $ 89 $ 5,075 $ 243 General and administrative 389 612 5,705 719 Total share based compensation expense $ 2,612 $ 701 $ 10,780 $ 962

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	9 Months Ended
	Sep. 30, 2018
Net Loss Per Share [Abstract]
Basic and Diluted Net Loss Per Share	Basic and diluted net loss per share attributable to common shareholders was calculated as follows: Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Numerator: Net loss attributable to common shareholders $ (16,089 ) $ (6,723 ) $ (47,199 ) $ (12,923 ) Denominator: Weighted-average common shares outstanding - basic and diluted 39,900,551 6,795,627 38,598,304 6,795,627 Net loss per share attributable to common shareholders - basic and diluted $ (0.40 ) $ (0.99 ) $ (1.22 ) $ (1.90 )
Antidilutive Securities Excluded from Computation of Diluted Net Loss Per Share	The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common shareholders for the periods indicated because including them would have had an anti-dilutive effect: Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Shares issuable upon conversion of the 2021 Convertible Notes 1,620,948 - 1,620,948 - Warrants exercisable for common shares 14,102 - 14,102 - Options to purchase common shares 8,475,802 6,756,695 8,475,802 6,756,695 Redeemable Series A convertible preferred shares (as converted to common shares) - 9,807,905 - 9,807,564 Redeemable Series A convertible preferred shares (as converted to common shares) - 9,668,562 - 9,668,224 10,110,852 26,233,162 10,110,852 26,232,483

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2018
Commitments and Contingencies [Abstract]
Remaining Aggregate Annual Commitments	As of September 30, 2018, the remaining aggregate annual commitments pursuant to the leases, as amended, are as follows: 2018 (remaining three months) 115 2019 1,121 2020 1,692 2021 1,685 2022 1,739 Thereafter 21,759 Total $ 28,111

Nature of Business, Merger an_2

Nature of Business, Merger and Basis of Presentation (Details)	Jan. 04, 2018$ / sharesshares	Sep. 30, 2018ProgramPlatform$ / shares	Dec. 31, 2017$ / shares
Programs in Clinical Testing [Abstract]
Number of additional programs in preclinical stages targeting other rare genetic diseases | Program		3
Number of technology platforms designed in collaboration with academic and industry partners | Platform		2
Reverse Merger and Exchange Ratio [Abstract]
Common stock, par value (in dollars per share)		$ 0.01	$ 0.01
Common Stock [Member]
Reverse Merger and Exchange Ratio [Abstract]
Ownership percentage on fully diluted basis	81.357%
Common Stock [Member] | Inotek [Member]
Reverse Merger and Exchange Ratio [Abstract]
Ownership percentage on fully diluted basis	18.643%
Inotek [Member] | Common Stock [Member]
Reverse Merger and Exchange Ratio [Abstract]
Number of shares received pursuant to merger agreement (in shares) | shares	76.185
Common stock, par value (in dollars per share)	$ 0.01

Risks and Liquidity (Details)

Risks and Liquidity (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Risks and Liquidity [Abstract]
Accumulated deficit	$ (78,554)	$ (31,355)
Cash, cash equivalents and investments	$ 159,478

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2018USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)Segment	Sep. 30, 2017USD ($)	Dec. 31, 2017USD ($)	Jan. 04, 2018USD ($)	Dec. 31, 2016USD ($)
Restricted Cash [Abstract]
Cash and cash equivalents	$ 38,076		$ 38,076		$ 18,142
Restricted cash	1,645		1,645		207
Total	39,721	$ 24,163	39,721	$ 24,163	$ 18,349		$ 9,460
Investments [Abstract]
Realized gains (losses) on investment	0	0	0	0
Net unrealized losses on investment	(128)	$ 0	$ (207)	0
Weighted average maturity period of investment portfolio			6 months 15 days
Average duration of long-term investments			15 months
Investments [Abstract]
Other than temporary impairment	0		$ 0
NYC Biotechnology Tax Credit Program [Abstract]
Research and development incentive income			$ 186	$ 192
Income Taxes [Abstract]
Federal corporate tax rate			21.00%		34.00%
Segment Reporting [Abstract]
Number of operating segments | Segment			1
Minimum [Member]
Property and Equipment [Abstract]
Estimated useful lives			3 years
Maximum [Member]
Property and Equipment [Abstract]
Estimated useful lives			5 years
2021 Convertible Notes [Member]
Debt Instrument [Line Items]
Fair value convertible note	54,751		$ 54,751			$ 38,388
Short-term Investments [Member]
Investments [Abstract]
Cost basis	89,502		89,502
Unrealized losses	(100)		(100)
Fair value	89,402		89,402
Short-term Investments [Member] | United States Treasury Securities [Member]
Investments [Abstract]
Cost basis	89,502		89,502
Unrealized losses	(100)		(100)
Fair value	89,402		89,402
Long Term Investments [Member]
Investments [Abstract]
Cost basis	32,107		32,107
Unrealized losses	(107)		(107)
Fair value	32,000		32,000
Long Term Investments [Member] | United States Treasury Securities [Member]
Investments [Abstract]
Cost basis	32,107		32,107
Unrealized losses	(107)		(107)
Fair value	$ 32,000		$ 32,000

Acquisition Accounting (Details

Acquisition Accounting (Details) - USD ($) $ / shares in Units, $ in Thousands	Jan. 04, 2018	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Estimated Fair Values of Assets Acquired and Liabilities Assumed [Abstract]
Goodwill		$ 30,815		$ 0
Non-recurring Items Directly Attributable to Business Combination [Abstract]
Share-based compensation expense		10,780	$ 962
Inotek [Member]
Acquisition-date Fair Value of Consideration Transferred [Abstract]
Number of shares issuable - consideration transferred (in shares)	7,077,326
Price per share of Inotek common stock on acquisition date (in dollars per share)	$ 12.16
Total purchase price	$ 86,060
Estimated Fair Values of Assets Acquired and Liabilities Assumed [Abstract]
Cash and cash equivalents	76,348
Short-term investments	21,292
Prepaid expense and other assets	1,041
Property and equipment	256
Deposits	168
Goodwill	30,815
Accounts payable and accrued expenses	(4,961)
Convertible notes	(38,388)
Unfavorable lease liability	(511)
Net assets acquired	$ 86,060
Acquisition Cost Incurred [Abstract]
Acquisition costs incurred		147
Supplemental Unaudited Pro Forma Information [Abstract]
Revenue		0	0
Net loss		(50,093)	$ (35,760)
Inotek [Member] | Restricted Stock Units [Member]
Acquisition-date Fair Value of Consideration Transferred [Abstract]
Number of shares issuable - consideration transferred (in shares)	271,718
Inotek [Member] | Common Stock [Member]
Acquisition-date Fair Value of Consideration Transferred [Abstract]
Number of shares issuable - consideration transferred (in shares)	6,805,608
Inotek [Member] | Acquisition-related Costs [Member]
Non-recurring Items Directly Attributable to Business Combination [Abstract]
Transaction costs		4,512
Share-based compensation expense		3,459
Severance and stay bonuses expenses		$ 1,622

Fair Value of Financial Instr_3

Fair Value of Financial Instruments (Details) - Recurring [Member] $ in Thousands	Sep. 30, 2018USD ($)
Assets
Fair value of financial instruments	$ 148,382
Money Market Mutual Funds [Member]
Assets
Cash and cash equivalents	26,980
United States Treasury Securities [Member]
Assets
Cash and cash equivalents	121,402
Investments [Member]
Assets
Cash and cash equivalents	121,402
Level 1 [Member]
Assets
Fair value of financial instruments	148,382
Level 1 [Member] | Money Market Mutual Funds [Member]
Assets
Cash and cash equivalents	26,980
Level 1 [Member] | United States Treasury Securities [Member]
Assets
Cash and cash equivalents	121,402
Level 1 [Member] | Investments [Member]
Assets
Cash and cash equivalents	121,402
Level 2 [Member]
Assets
Fair value of financial instruments	0
Level 2 [Member] | Money Market Mutual Funds [Member]
Assets
Cash and cash equivalents	0
Level 2 [Member] | United States Treasury Securities [Member]
Assets
Cash and cash equivalents	0
Level 2 [Member] | Investments [Member]
Assets
Cash and cash equivalents	0
Level 3 [Member]
Assets
Fair value of financial instruments	0
Level 3 [Member] | Money Market Mutual Funds [Member]
Assets
Cash and cash equivalents	0
Level 3 [Member] | United States Treasury Securities [Member]
Assets
Cash and cash equivalents	0
Level 3 [Member] | Investments [Member]
Assets
Cash and cash equivalents	$ 0

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Property and Equipment's [Abstract]
Property and equipment, Gross	$ 1,630		$ 1,630		$ 1,255
Less: accumulated depreciation	(385)		(385)		(270)
Property and equipment, net	1,245		1,245		985
Depreciation expense	76	$ 61	233	$ 142
Laboratory Equipment [Member]
Property and Equipment's [Abstract]
Property and equipment, Gross	1,140		1,140		1,042
Computer Equipment [Member]
Property and Equipment's [Abstract]
Property and equipment, Gross	167		167		98
Furniture and Fixtures [Member]
Property and Equipment's [Abstract]
Property and equipment, Gross	259		259		115
Leasehold Improvements [Member]
Property and Equipment's [Abstract]
Property and equipment, Gross	$ 64		$ 64		$ 0

Accounts Payable and Accrued _3

Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Accounts Payable and Accrued Expenses [Abstract]
Bonus	$ 995	$ 703
Research and development	6,844	814
Severance and benefits	160	138
Professional fees	336	382
Government grant payable	527	0
Accrued interest	493	0
Accrued vacation	95	0
Other	315	25
Total	$ 9,765	$ 2,062

Debt (Details)

Debt (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2018	Sep. 30, 2017	Jan. 04, 2018	Dec. 31, 2017
Debt [Abstract]
Accretion of debt discount		$ 2,241	$ 0
Carrying value of convertible notes [Abstract]
Carrying value	$ 40,629	$ 40,629			$ 0
2021 Convertible Notes [Member]
Debt [Abstract]
Debt instrument maturity date		Aug. 1, 2021
Convertible senior notes, interest rate, stated percentage	5.75%	5.75%
Debt conversion ratio		31.1876
Conversion price (in dollars per share)	$ 1	$ 1
Percentage of common stock conversion price		200.00%
Number of trading days immediately preceding notice of redemption		5 days
Redemption price percentage		100.00%
Percentage of convertible notes due and payable in event of default		100.00%
Debt instrument, additional interest in the event of default for first 90 Days		0.25%
Debt instrument, additional interest in the event of default between 91st Day to 180th Day		0.50%
Effective interest rate	15.30%	15.30%
Fair value convertible note	$ 54,751	$ 54,751		$ 38,388
Accretion of debt discount	787	2,241
Carrying value of convertible notes [Abstract]
Principal amount	52,000	52,000
Discount	(11,371)	(11,371)
Carrying value	$ 40,629	$ 40,629
2021 Convertible Notes [Member] | Minimum [Member]
Debt [Abstract]
Debt conversion ratio		0
Stock price considered for conversion rate (in dollars per share)	$ 26.72	$ 26.72
Percentage holders of principal amount of debt		25.00%
2021 Convertible Notes [Member] | Maximum [Member]
Debt [Abstract]
Debt conversion ratio		6.2375
Stock price considered for conversion rate (in dollars per share)	$ 160	$ 160

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	Jan. 24, 2018	Jan. 04, 2018	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Shareholders' Equity Disclosure [Abstract]
Common stock, shares outstanding (in shares)		26,281,396	39,835,500		6,795,627
Gross proceeds, offering amount			$ 78,518	$ 0
Underwriting expenses			$ 5,300
Common Stock [Member]
Shareholders' Equity Disclosure [Abstract]
Conversion of convertible preferred shares into common shares (in shares)		(19,475,788)	19,475,788
Number of shares sold (in shares)			6,325,000
Underwriting Agreement [Member]
Shareholders' Equity Disclosure [Abstract]
Number of shares sold (in shares)	6,325,000
Options granted (in shares)	825,000
Public offering price (in dollars per share)	$ 13.25
Gross proceeds, offering amount	$ 83,806
Underwriting expenses	5,288
Net proceeds, offering amount	$ 78,518

Share-Based Awards, Stock Optio

Share-Based Awards, Stock Option and Incentive Plan (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Stock Option and Incentive Plan [Abstract]
Stock-based compensation expense	$ 2,612	$ 701	$ 10,780	$ 962
Stock Options [Member]
Stock Option and Incentive Plan [Abstract]
Assumed as part of merger (in shares)			523,456
2015 Share Option Plan [Member] | Stock Options [Member]
Stock Option and Incentive Plan [Abstract]
Exercise price per share of share options to fair market value of ordinary shares on date of grant, employees with at least 10% voting power	110.00%		110.00%
Term of share options for employees with at least 10% voting power.			5 years
Number of shares available for issuance (in shares)	9,904,050		9,904,050
2015 Share Option Plan [Member] | Stock Options [Member] | Minimum [Member]
Stock Option and Incentive Plan [Abstract]
Exercise price per share of share options to fair market value of ordinary shares on date of grant	100.00%		100.00%
2015 Share Option Plan [Member] | Stock Options [Member] | Maximum [Member]
Stock Option and Incentive Plan [Abstract]
Term Period of share options			10 years
Amended and Restated 2014 Stock Option and Incentive Plan [Member]
Stock Option and Incentive Plan [Abstract]
Additional number of shares authorized (in shares)			272,227
Percentage of shares outstanding used to calculate annual increase in number of shares that can be issued			4.00%
Amended and Restated 2014 Stock Option and Incentive Plan [Member] | Stock Options [Member]
Stock Option and Incentive Plan [Abstract]
Number of shares available for issuance (in shares)	2,944,702		2,944,702
Second Amended and Restated 2014 Stock Option and Incentive Plan [Member]
Stock Option and Incentive Plan [Abstract]
Number of shares authorized (in shares)	4,294,830		4,294,830
Percentage of shares outstanding used to calculate annual increase in number of shares that can be issued			4.00%
Second Amended and Restated 2014 Stock Option and Incentive Plan [Member] | Single Individual [Member] | Maximum [Member]
Stock Option and Incentive Plan [Abstract]
Number of shares authorized (in shares)	1,000,000		1,000,000
2004 Stock Option and Incentive Plan [Member]
Stock Option and Incentive Plan [Abstract]
Stock-based compensation expense			$ 2,997
Incremental compensation cost			$ 462
2004 Stock Option and Incentive Plan [Member] | Inotek [Member]
Stock Option and Incentive Plan [Abstract]
Assumed as part of merger (in shares)			523,456

Share-Based Awards, Share Optio

Share-Based Awards, Share Option Valuation (Details) - Stock Options [Member] - USD ($) $ / shares in Units, $ in Thousands		9 Months Ended		12 Months Ended
		Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017	[1]
Stock Option Activity [Roll Forward]
Outstanding at beginning of period (in shares)	[1]	6,959,347
Assumed as part of merger (in shares)		523,456
Granted (in shares)		1,454,878
Exercised (in shares)		(314,884)
Forfeited (in shares)		(146,995)
Outstanding at end of period (in shares)		8,475,802		6,959,347
Options vested and exercisable at end of period (in shares)		6,296,798
Weighted Average Exercise Price [Abstract]
Outstanding at beginning of period (in dollars per share)	[1]	$ 1.06
Assumed as part of merger (in dollars per share)		2.01
Granted (in dollars per share)		17.79
forfeited (in dollars per share)		3.02
Outstanding at end of period (in dollars per share)		4.15		$ 1.06
Options vested and exercisable at end of period (in dollars per share)		$ 1.15
Weighted-Average Remaining Contractual Term [Abstract]
Outstanding		7 years 8 months 19 days		8 years 2 months 1 day
Assumed as part of merger		7 years 11 days
Granted		9 years 5 months 26 days
Options vested and exercisable		6 years 8 months 12 days
Aggregate Intrinsic Value [Abstract]
Outstanding		$ 173,524		$ 27,175
Options vested and exercisable		$ 117,161
Employees and Directors [Member]
Weighted-Average Assumptions [Abstract]
Risk-free interest rate		2.61%	2.02%
Expected term		5 years 9 months 11 days	5 years 9 months
Expected volatility		88.30%	91.83%
Expected dividend yield		0.00%	0.00%
Exercise price (in dollars per share)		$ 17.76	$ 2.12
Fair value of common stock (in dollars per share)		$ 17.76	$ 1.63
Non-Employees [Member]
Weighted-Average Assumptions [Abstract]
Risk-free interest rate		2.84%
Expected term		9 years 11 months 12 days
Expected volatility		82.29%
Expected dividend yield		0.00%
Exercise price (in dollars per share)		$ 19.71
Fair value of common stock (in dollars per share)		$ 23.62
[1]	Affected by Exchange Ratio

Share-Based Awards, Restricted

Share-Based Awards, Restricted Stock Units (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Stock Options [Member]
RSU Activity [Roll Forward]
Weighted average grant date fair value of shares granted (in dollars per share)	$ 16.03	$ 1.69	$ 13.11	$ 1.63
Total fair value of options vested			$ 49,458	$ 385
2014 Share Option Plan [Member] | Restricted Stock Units [Member]
RSU Activity [Roll Forward]
Outstanding at beginning of period (in shares)			0
Settled (in shares)			(118,593)
Outstanding at end of period (in shares)	153,126		153,126
2014 Share Option Plan [Member] | Restricted Stock Units [Member] | Inotek [Member]
RSU Activity [Roll Forward]
Assumed as part of reverse merger (in shares)			271,719

Share-Based Awards, Employee St

Share-Based Awards, Employee Stock Purchase Plan (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Sep. 11, 2018
Share-based Compensation [Abstract]
Stock-based compensation expense	$ 2,612	$ 701	$ 10,780	$ 962
Employee Stock Purchase Plan [Member]
Share-based Compensation [Abstract]
Annual maximum increase in number of shares that can be issued under ESPP (in shares)			150,000
Percentage of shares outstanding used to calculate annual increase in number of shares that can be issued			1.00%
Number of shares added to ESPP (in shares)			6,562
Number of shares available for issuance (in shares)	68,256		68,256		0
Shares issued under ESPP (in shares)			0
Stock-based compensation expense			$ 0

Share-Based Awards, Share-Based

Share-Based Awards, Share-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Stock-Based Compensation Expense [Abstract]
Stock-based compensation expense	$ 2,612	$ 701	$ 10,780	$ 962
Unrecognized share-based compensation cost	18,366		$ 18,366
Weighted average period expected to recognize unrecognized share-based compensation cost			2 years 2 months 5 days
Research and Development [Member]
Stock-Based Compensation Expense [Abstract]
Stock-based compensation expense	2,223	89	$ 5,075	243
General and Administrative [Member]
Stock-Based Compensation Expense [Abstract]
Stock-based compensation expense	$ 389	$ 612	$ 5,705	$ 719

Net Loss Per Share (Details)

Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Numerator:
Net loss attributable to common shareholders	$ (16,089)	$ (6,723)	$ (47,199)	$ (12,923)
Denominator:
Weighted-average common shares outstanding - basic and diluted (in shares)	39,900,551	6,795,627	38,598,304	6,795,627
Net loss per share attributable to common shareholders - basic and diluted (in dollars per share)	$ (0.40)	$ (0.99)	$ (1.22)	$ (1.90)
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Securities excluded from computation of diluted net loss per share (in shares)	10,110,852	26,233,162	10,110,852	26,232,483
Shares Issuable upon Conversion of the 2021 Convertible Notes [Member]
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Securities excluded from computation of diluted net loss per share (in shares)	1,620,948	0	1,620,948	0
Warrants Exercisable for Common Shares [Member]
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Securities excluded from computation of diluted net loss per share (in shares)	14,102	0	14,102	0
Options to Purchase Common Shares [Member]
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Securities excluded from computation of diluted net loss per share (in shares)	8,475,802	6,756,695	8,475,802	6,756,695
Redeemable Series A Convertible Preferred Shares [Member]
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Securities excluded from computation of diluted net loss per share (in shares)	0	9,807,905	0	9,807,564
Redeemable Series A Convertible Preferred Shares [Member]
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Securities excluded from computation of diluted net loss per share (in shares)	0	9,668,562	0	9,668,224

Commitments and Contingencies_2

Commitments and Contingencies (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)ft²LeaseAgreement	Sep. 30, 2017USD ($)	Oct. 31, 2018USD ($)	Jun. 07, 2018USD ($)	Dec. 31, 2017USD ($)
Operating Leases [Abstract]
Restricted cash	$ 1,645		$ 1,645				$ 207
Rent expense	134	$ 139	567	$ 424
Remaining Aggregate Annual Commitments [Abstract]
2018 (remaining three months)	115		115
2,019	1,121		1,121
2,020	1,692		1,692
2,021	1,685		1,685
2,022	1,739		1,739
Thereafter	21,759		21,759
Total	28,111		28,111
Property Subject to Operating Lease [Member]
Operating Leases [Abstract]
Restricted cash	1,145		$ 1,145
NY Lease Agreement [Member]
Operating Leases [Abstract]
Letter of credit expiration date			Oct. 29, 2020
Number of days written notice			90 days
Term of lease agreement			1 year
Early exit from lease			$ 94
Letter of credit	209		$ 209
Lease expiration date			Feb. 28, 2023
NY Lease Agreement [Member] | Subsequent Events [Member]
Operating Leases [Abstract]
Letter of credit					$ 89
Empire State Building, L.L.C [Member]
Operating Leases [Abstract]
Letter of credit expiration date			Jun. 30, 2019
Term of lease agreement			3 years
Term of renewal lease agreement			1 year
Renewal lease agreement expiration date			Sep. 30, 2021
Letter of credit						$ 936
Certificate of deposit						$ 936
MA Lease Agreement [Member]
Operating Leases [Abstract]
Accrued rent liability	435		$ 435
MA Lease Agreement [Member] | Furniture and Fixtures [Member]
Operating Leases [Abstract]
Write off of furniture and fixtures			$ 205
NJ Lease Agreement [Member]
Operating Leases [Abstract]
Term of lease agreement			15 years
Term of renewal lease agreement			5 years
Area of lease | ft²			92,000
Area handed to commence term of lease | ft²			72,000
Area handed over upon earlier of election to commence lease of additional space | ft²			20,000
Number of options to renew lease agreement | LeaseAgreement			2
Estimated rent payments			$ 1,200
Percentage of annual increase in base rent			3.00%
Estimated total lease commitment amount	26,492		$ 26,492
Cash security deposit	$ 287		$ 287
NJ Lease Agreement [Member] | Maximum [Member]
Operating Leases [Abstract]
Period of time to commence lease of additional space			30 months

Agreements Related to Intelle_2

Agreements Related to Intellectual Property (Details) - USD ($) $ in Thousands	Sep. 17, 2018	Mar. 01, 2018	Sep. 30, 2018
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Payable amount for additional budgeted amounts			$ 108
LAD-I [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Intellectual property change in budget amount		$ (444)
PKD [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Intellectual property change in budget amount	$ (1,168)

Strategic Research Collaborat_2

Strategic Research Collaboration (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2018USD ($)	Sep. 30, 2018USD ($)
Collaboration Agreement [Abstract]
Funding in strategic research collaboration	$ 3,500	$ 3,500
Percentage of funding due upon execution of the agreement		40.00%
Initial funding due upon the execution of the agreement	1,400	$ 1,400
Milestone payment made during period	$ (1,400)

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended
	Jan. 31, 2018	Sep. 30, 2018	Sep. 30, 2017
Related Party Transaction [Abstract]
Proceeds from sale of property and equipment		$ 20	$ 0
Member of the Board of Directors [Member]
Related Party Transaction [Abstract]
Accrued consulting services		32
Member of the Board of Directors Two [Member]
Related Party Transaction [Abstract]
Accrued consulting services		28
Business development consulting services expense (per quarter)		$ 28
Termination notice period for business development consulting services agreement		14 days
Director [Member]
Related Party Transaction [Abstract]
Proceeds from sale of property and equipment	$ 20

401(k) Savings Plan (Details)

401(k) Savings Plan (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
401(k) Savings Plan [Abstract]
Percentage of matching employee contributions			4.00%
Matching employee contributions	$ 23	$ 26	$ 89	$ 63