InVivo Therapeutics (NVIVQ) 10-Q 4 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	May 01, 2017
Document and Entity Information
Entity Registrant Name	INVIVO THERAPEUTICS HOLDINGS CORP.
Entity Central Index Key	1,292,519
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		32,154,376
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 14,440	$ 21,464
Restricted cash	361	361
Short-term marketable securities	11,649	11,577
Prepaid expenses and other current assets	940	451
Total current assets	27,390	33,853
Long-term marketable securities	751
Property, equipment and leasehold improvements, net	395	510
Other assets	415	421
Total assets	28,951	34,784
Current liabilities:
Accounts payable	1,038	1,011
Loan payable, current portion	430	423
Derivative warrant liability	1,073	1,314
Deferred rent, current portion	147	141
Accrued expenses	1,421	1,959
Total current liabilities	4,109	4,848
Loan payable, net of current portion	742	852
Deferred rent, net of current portion	95	135
Other liabilities	36
Total liabilities	4,982	5,835
Commitments and contingencies
Stockholders' equity:
Common stock, $0.00001 par value, authorized 100,000,000 shares; issued and outstanding 32,123,392 shares at March 31, 2017; issued and outstanding 32,044,087 shares at December 31, 2016	1	1
Accumulated other comprehensive loss	(2)
Additional paid-in capital	187,523	185,955
Accumulated deficit	(163,553)	(157,007)
Total stockholders' equity	23,969	28,949
Total liabilities and stockholders' equity	$ 28,951	$ 34,784

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2017	Dec. 31, 2016
Consolidated Balance Sheets
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, authorized	100,000,000	100,000,000
Common stock, issued	32,123,392	32,044,087
Common stock, outstanding	32,123,392	32,044,087

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Operating expenses:
Research and development	$ 3,384	$ 2,568
General and administrative	3,285	2,999
Total operating expenses	6,669	5,567
Operating loss	(6,669)	(5,567)
Other income (expense):
Interest income	57	54
Interest expense	(20)	(63)
Derivatives gain (loss)	241	(1,047)
Other income (expense), net	278	(1,056)
Net loss	$ (6,391)	$ (6,623)
Net loss per share, basic and diluted (in dollars per share)	$ (0.20)	$ (0.24)
Weighted average number of common shares outstanding, basic and diluted	32,080,141	28,171,606
Other comprehensive loss:
Net loss	$ (6,391)	$ (6,623)
Other comprehensive loss:
Unrealized loss on marketable securities	(2)
Comprehensive loss	$ (6,393)	$ (6,623)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities:
Net loss	$ (6,391)	$ (6,623)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	135	146
Derivatives (gain) loss	(241)	1,047
Common stock issued to 401(k) plan	51	51
Share-based compensation expense	1,315	1,153
Non-cash investment (income) expense, net	12	(70)
Changes in operating assets and liabilities:
Prepaid expenses	(489)	(433)
Other assets	1	3
Accounts payable	27	(83)
Accrued expenses and other liabilities	(536)	512
Net cash used in operating activities	(6,140)	(4,157)
Cash flows from investing activities:
Purchases of marketable securities	(6,761)	(2,452)
Sales of marketable securities	5,950	2,760
Purchases of property and equipment	(16)	(50)
Net cash (used in) provided by investing activities	(827)	258
Cash flows from financing activities:
Proceeds from exercise of stock options	17	36
Proceeds from issuance of stock under ESPP	29
Repayment of loan payable	(103)	(96)
Proceeds from issuance of common stock and warrants		29,910
Net cash (used in) provided by financing activities	(57)	29,850
Increase (decrease) in cash and cash equivalents	(7,024)	25,951
Cash and cash equivalents at beginning of period	21,464	14,920
Cash and cash equivalents at end of period	14,440	40,871
Supplemental disclosure of cash flow information and non-cash transactions:
Cash paid for interest	$ 20	$ 28

NATURE OF OPERATIONS, BASIS OF

NATURE OF OPERATIONS, BASIS OF PRESENTATION AND RECENT ACCOUNTING PRONOUNCEMENTS	3 Months Ended
	Mar. 31, 2017
NATURE OF OPERATIONS, BASIS OF PRESENTATION AND RECENT ACCOUNTING PRONOUNCEMENTS
NATURE OF OPERATIONS, BASIS OF PRESENTATION AND RECENT ACCOUNTING PRONOUNCEMENTS	1. NATURE OF OPERATIONS, BASIS OF PRESENTATION AND RECENT ACCOUNTING PRONOUNCEMENTS Business InVivo Therapeutics Holdings Corp. was incorporated on April 2, 2003 under the name of Design Source, Inc., and on October 26, 2010 acquired the business of InVivo Therapeutics Corporation, which was incorporated on November 28, 2005, and continued the existing business operations of InVivo Therapeutics Corporation as a wholly-owned subsidiary of InVivo Therapeutics Holdings Corp. Unless otherwise noted herein, the “Company” refers to InVivo Therapeutics Holdings Corp. and its wholly-owned subsidiary on a consolidated basis. The Company is a research and clinical-stage biomaterials and biotechnology company with a focus on the treatment of spinal cord injuries. Its proprietary technologies incorporate intellectual property licensed under the Company’s exclusive, worldwide license from Boston Children’s Hospital and the Massachusetts Institute of Technology, as well as intellectual property that has been developed internally in collaboration with its advisors and partners. Since its inception, the Company has devoted substantially all of its efforts to business planning, research and development, recruiting management and technical staff, acquiring operating assets, and raising capital. The Company has historically financed its operations primarily through the sale of equity-related securities. At March 31, 2017, the Company had consolidated cash, cash equivalents, and marketable securities of $26.8 million. The Company has not achieved profitability and may not be able to realize sufficient revenue to achieve or sustain profitability in the future. The Company does not expect to be profitable in the next several years, but rather expects to incur additional operating losses. The Company has limited liquidity and capital resources and must obtain significant additional capital resources in order to sustain its product development efforts, for acquisition of technologies and intellectual property rights, for preclinical and clinical testing of its anticipated products, for pursuit of regulatory approvals, for acquisition of capital equipment, laboratory and office facilities, for establishment of production capabilities, for selling, general, and administrative expenses, and for other working capital requirements. The Company expects that it will need additional capital to fund its operations, which it may raise through a combination of equity offerings, debt financings, other third party funding, marketing and distribution arrangements, and other collaborations, strategic alliances, and licensing arrangements. The Company’s financial statements as of March 31, 2017 were prepared under the assumption that the Company will continue as a going concern. Given the Company’s development plans, it estimates cash resources will be sufficient to fund its operations into the beginning of the second quarter of 2018. This estimate is based on assumptions that may prove to be wrong; expenses could prove to be significantly higher, leading to a more rapid consumption of the Company’s existing resources. Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States (“GAAP”) consistent with those applied in, and should be read in conjunction with, the Company’s audited financial statements and related footnotes for the year ended December 31, 2016 included in the Company’s Annual Report on Form 10-K as filed with the United States Securities and Exchange Commission (“SEC”) on March 10, 2017. The unaudited consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, which are, in the opinion of management, necessary for a fair presentation of the Company’s financial position as of March 31, 2017 and its results of operations and cash flows for the interim period presented and are not necessarily indicative of results for subsequent interim periods or for the full year. The interim financial statements do not include all of the information and footnotes required by GAAP for complete financial statements as allowed by the relevant SEC rules and regulations; however, the Company believes that its disclosures are adequate to ensure that the information presented is not misleading. Reclassifications Certain amounts in the prior period financial statements have been reclassified to conform to the current period presentation. Marketable securities were previously included in cash and cash equivalents on the balance sheet but are now reflected as a separate line item on the balance sheet. Cash activities related to the purchase and sale of marketable securities have been reflected within investing activities in the statement of cash flows. The unrealized gains or losses related to these marketable securities are immaterial for the prior period presented. Recently Issued Accounting Pronouncements In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Accounting (“ASU 2016-09”) to require changes to several areas of employee share-based payment accounting in an effort to simplify share-based reporting. The update revises requirements in the following areas: minimum statutory withholding, accounting for income taxes, forfeitures, and intrinsic value accounting for private entities. ASU 2016-09 is effective for annual reporting periods beginning after December 15, 2016, including interim reporting periods within each annual reporting period. The Company adopted this standard on January 1, 2017. Prior to adoption, the Company recognized share-based compensation, net of estimated forfeitures, over the vesting period of the grant. Upon adoption of ASU 2016-09, the Company elected to change its accounting policy to recognize forfeitures as they occur. The Company continues to recognize share-based compensation over the vesting period of the grant. The new forfeiture policy election was adopted using a modified retrospective approach with a cumulative effect adjustment of $155,000 recorded to accumulated deficit on the balance sheet as of January 1, 2017. Prior to January 1, 2017, the Company recognized the excess tax benefits of stock-based compensation expense as additional paid-in capital and tax deficiencies of stock-based compensation expense in the income tax provision or as additional paid-in capital to the extent that there were sufficient recognized excess tax benefits previously recognized. Previously, the excess tax benefits reduced taxes payable prior to being recognized as an increase in additional paid-in capital, and therefore the Company had not recognized certain deferred tax assets that could be attributed to tax deductions. As a result of the adoption, the deferred tax assets associated with certain net operating losses increased, which was offset by a corresponding increase in the valuation allowance and therefore the adoption of this standard did not impact our consolidated financial statements for the period ended March 31, 2017. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) . The guidance in this ASU supersedes the leasing guidance in Topic 840, Leases . Under the new guidance, lessees are required to recognize lease assets and lease liabilities on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance leases or operating leases, with classification affecting the pattern of expense recognition in the statement of operations. The new standard is effective for annual reporting periods beginning after December 15, 2018, including interim reporting periods within each annual reporting period. The Company is currently evaluating the impact of the adoption of this ASU on the financial statements. In August 2016, the FASB issued ASU No. 2016-15, Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”) to address how certain cash receipts and cash payments are presented and classified in the statement of cash flows in an effort to reduce existing diversity in practice. The update includes eight specific cash flow issues and provides guidance on the appropriate cash flow presentation for each. ASU 2016-15 is effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within each annual reporting period. The Company does not expect the adoption of this guidance to have a material impact on the financial statements. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230) : Restricted Cash to clarify how entities should present restricted cash and restricted cash equivalents in the statement of cash flows. Under this new update, entities are required to show the changes in the total of cash, cash equivalents, restricted cash, and restricted cash equivalents in the statement of cash flows. This guidance will be applied retrospectively and is effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within each annual reporting period. The Company is currently evaluating the impact of the adoption of this ASU on the financial statements. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”) to provide updated guidance on revenue recognition. ASU 2014-09 requires a company to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, companies may need to use more judgment and make more estimates than under today’s guidance. These may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price, and allocating the transaction price to each separate performance obligation. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date , which deferred the effective date of ASU 2014-09 by one year. Accordingly, ASU 2014-09 is effective for public business entities for annual reporting periods beginning after December 15, 2017, including interim reporting periods within each annual reporting period. In March 2016, the FASB issued ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross Versus Net) , which clarifies the implementation guidance on principal versus agent considerations. In April 2016, the FASB issued ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing , which clarifies certain aspects of identifying performance obligations and licensing implementation guidance. In May 2016, the FASB issued ASU No. 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients , which relates to disclosures of remaining performance obligations, as well as other amendments to guidance on collectability, non-cash consideration, and the presentation of sales and other similar taxes collected from customers. These standards have the same effective date and transition date of December 15, 2017. Currently, this guidance is not applicable to the Company as the Company is still in the research and development stage. However, the Company will continue to evaluate the impact of adopting ASU 2014-09 on its consolidated financial statements when the Company begins to generate revenue.

CASH AND CASH EQUIVALENTS

CASH AND CASH EQUIVALENTS	3 Months Ended
	Mar. 31, 2017
CASH AND CASH EQUIVALENTS.
CASH AND CASH EQUIVALENTS	2. CASH AND CASH EQUIVALENTS As of March 31, 2017, the Company held $14.4 million in cash and cash equivalents. From time to time, the Company may have cash balances in financial institutions in excess of insurance limits. The Company has never experienced any losses related to these balances. The Company considers only those investments that are highly liquid, readily convertible to cash, and that mature within three months from date of purchase to be cash equivalents. At March 31, 2017 and December 31, 2016, cash equivalents were comprised of money market funds and other short-term investments. Cash and cash equivalents consisted of the following: March 31, December 31, (In thousands) 2017 2016 Cash $ 103 $ 111 Money market funds 14,337 21,353 Total cash and cash equivalents $ 14,440 $ 21,464

RESTRICTED CASH

RESTRICTED CASH	3 Months Ended
	Mar. 31, 2017
RESTRICTED CASH
RESTRICTED CASH	3. RESTRICTED CASH Restricted cash as of March 31, 2017 and December 31, 2016 was $361,000 and included a $50,000 security deposit related to the Company’s credit card account and a $311,000 standby letter of credit in favor of a landlord (see Note 6).

MARKETABLE SECURITIES

MARKETABLE SECURITIES	3 Months Ended
	Mar. 31, 2017
MARKETABLE SECURITIES
MARKETABLE SECURITIES	4. MARKETABLE SECURITIES The Company invests its excess cash in fixed income instruments denominated and payable in U.S. dollars, including money market accounts, commercial paper, asset-backed securities, and corporate obligations, in accordance with the Company’s investment policy that primarily seeks to maintain adequate liquidity and preserve capital. As of March 31, 2017 and December 31, 2016, the Company’s investment portfolio consisted of marketable securities with an original maturity of greater than 90 days. The Company has designated all investments as available-for-sale and therefore such investments are reported at fair value. Unrealized losses on marketable securities are recorded in accumulated other comprehensive loss, a component of stockholders’ equity, on the balance sheet. The following table summarizes the Company’s investments in marketable securities by category as of March 31, 2017 and December 31, 2016: (In thousands) Amortized Cost Unrealized Gains Unrealized Losses Fair Value March 31, 2017 Current (due within 1 year or less) Commercial paper 6,484 — — 6,484 Corporate obligations 5,167 — (2) 5,165 Noncurrent (due after 1 year) Asset backed security 751 — — 751 Total $ 12,402 $ — $ (2) $ 12,400 December 31, 2016 Current (due within 1 year or less) Commercial paper 4,240 — — 4,240 Corporate obligations 7,337 — — 7,337 Total $ 11,577 $ — $ — $ 11,577

FAIR VALUE OF ASSETS AND LIABIL

FAIR VALUE OF ASSETS AND LIABILITIES	3 Months Ended
	Mar. 31, 2017
FAIR VALUE OF ASSETS AND LIABILITIES
FAIR VALUE OF ASSETS AND LIABILITIES	5. FAIR VALUE OF ASSETS AND LIABILITIES The Company groups its assets and liabilities generally measured at fair value into three levels based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. Level 1 — Valuation is based on quoted prices in active markets for identical assets or liabilities. Level 1 assets and liabilities generally include debt and equity securities that are traded in an active exchange market. Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities. Level 2 — Valuation is based on observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 — Valuation is based on unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. The Company uses valuation methods and assumptions that consider, among other factors, the fair value of the underlying stock, risk-free interest rate, volatility, expected life, and dividend rates in estimating fair value for the warrants considered to be derivative instruments (see Notes 11 and 12). Assets and liabilities measured at fair value on a recurring basis are summarized below: At March 31, 2017 (In thousands) Level 1 Level 2 Level 3 Fair Value Cash equivalents $ 14,337 $ — $ — $ 14,337 Marketable securities — 12,400 — 12,400 Derivative warrant liability $ — $ 1,073 $ — $ 1,073 At December 31, 2016 (In thousands) Level 1 Level 2 Level 3 Fair Value Cash equivalents $ 21,353 $ — $ — $ 21,353 Marketable securities — 11,577 — 11,577 Derivative warrant liability $ — $ 1,314 $ — $ 1,314

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2017
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	6. COMMITMENTS AND CONTINGENCIES Leases On November 30, 2011, the Company entered into a commercial lease for 26,150 square feet of office, laboratory, and manufacturing space in Cambridge, Massachusetts (as amended on September 17, 2012, the “Cambridge Lease”). The term of the Cambridge Lease is six years and three months, with one five-year extension option. The terms of the Cambridge Lease require a standby letter of credit in the amount of $311,000 (see Note 3). The Cambridge Lease contains rent holidays and rent escalation clauses. The Company recognizes rent expense on a straight-line basis over the term of the Cambridge Lease and records the difference between the amount charged to expense and the rent paid as a deferred rent liability. As of March 31, 2017, the amount of deferred rent liability was $242,000. Pursuant to the terms of the non-cancelable lease agreements in effect at March 31, 2017, the future minimum rent commitments are as follows (in thousands): Year Ended December 31, 2017 968 2018 1,088 Total $ 2,056 Total rent expense for the three-month periods ended March 31, 2017 and 2016 was $268,000 and $287,000, respectively. On March 31, 2016, the Company entered into a short-term lease with CRISPR Therapeutics, as subtenant, to sub-lease 5,233 square feet of the Facility (the “Sublease”). The lease term was from April 1, 2016 through January 31, 2017. On March 31, 2016, the Company received $51,000 covering the first month’s rent and a security deposit under the terms of the Sublease. The funds received for the security deposit, $26,000, were classified as a component of accrued expenses on the balance sheet as of December 31, 2016. The Sublease terminated on January 31, 2017 and the security deposit was returned to the subtenant. Compensation Arrangement The Company entered into a compensation arrangement with an executive during September 2016 which provided for a future cash payment by the Company to the executive based on the February 13, 2017 stock price of the executive’s former employer. The award is earned over a period of one year. Accordingly, the expense related to the compensation arrangement was approximately $87,000 for the three-month period ended March 31, 2017. The final payment was determined on February 13, 2017 and the unearned portion is classified as a prepaid expense included within prepaid expenses and other current assets on the balance sheet. This prepaid expense is being amortized on a straight-line basis until the one year service period ends in September 2017. Litigation Lawsuits with Former Employee In November 2013, the Company filed a lawsuit against Francis Reynolds, its former Chairman, Chief Executive Officer and Chief Financial Officer, in Middlesex Superior Court, Middlesex County, Massachusetts ( InVivo Therapeutics Holdings Corp. v. Reynolds, Civil Action No. 13-5004 ). The complaint alleges breaches of fiduciary duties, breach of contract, conversion, misappropriation of corporate assets, unjust enrichment, and corporate waste, and seeks monetary damages and an accounting. The lawsuit involves approximately $500,000 worth of personal and/or exorbitant expenses that the Company alleges Mr. Reynolds inappropriately caused it to pay while he was serving as the Company’s Chief Executive Officer, Chief Financial Officer, President, and Chairman of the Company’s Board of Directors. On December 6, 2013, Mr. Reynolds answered the complaint, and filed counterclaims against the Company and the Company’s Board of Directors. The counterclaims allege two counts of breach of contract, two counts of breach of the covenant of good faith and fair-dealing, and tortious interference with a contract, and seek monetary damages and a declaratory judgment. The counterclaims related to Mr. Reynolds’s allegations that the Company and the Company’s Board of Directors interfered with the performance of his duties under the terms of his employment agreement, and that Mr. Reynolds was entitled to additional shares upon the exercise of certain stock options that he did not receive. On January 9, 2014, the Company, along with the directors named in the counterclaims, filed the Company’s answer. Discovery has now been completed and the Company’s motion for summary judgment on all counts of the complaint and Reynolds’ opposition to the motion for summary judgment was filed with the court on March 3, 2017. The court has scheduled oral argument on the motion for summary judgment for May 11, 2017. The Company intends to continue to defend itself against these claims and, to date, the Company has not recorded any provision for losses that may arise. On July 22, 2016, Mr. Reynolds filed a lawsuit against the Company, certain present and former members of the Company’s Board of Directors, and an employee of the Company in Hillsborough County Superior Court, Southern District, Hillsborough County, New Hampshire ( Reynolds v. InVivo Therapeutics Holdings Corp, et al. ) alleging defamation, conspiracy, and tortious interference, and seeking monetary damages. In August 2016, the lawsuit was removed to the United States District Court for the District of New Hampshire. The Company filed a motion to dismiss this action and after oral argument on November 28, 2016, the Court on November 30, 2016 issued an order dismissing the case for lack of personal jurisdiction. The judgment was entered on the docket on December 1, 2016, and the deadline for appealing that decision has passed. Shareholder Matters and Investigations On July 31, 2014, a putative securities class action lawsuit was filed in the United States District Court for the District of Massachusetts, naming the Company and Mr. Reynolds as defendants (the “Securities Class Action”). The lawsuit alleges violations of the Securities Exchange Act of 1934 in connection with allegedly false and misleading statements related to the timing and completion of the clinical study of the Company’s Neuro-Spinal Scaffold ™ implant. The plaintiff sought class certification for purchasers of the Company’s common stock during the period from April 5, 2013 through August 26, 2013 and unspecified damages. On April 3, 2015, the United States District Court for the District of Massachusetts dismissed the plaintiff’s claim with prejudice. On May 4, 2015, the plaintiff filed a notice of appeal of this decision. Following the submission of briefs by the parties, the Court of Appeals heard oral arguments on April 6, 2016. On January 9, 2017, the Court of Appeals for the First Circuit issued an order and opinion affirming the dismissal of the Securities Class Action with prejudice. The time period for plaintiff to appeal the United States Supreme Court expired on April 10, 2017. On January 23, 2015, Shawn Luger, a purported shareholder of the Company, sent the Company a letter (the “Shareholder Demand”) demanding that the Board of Directors take action to remedy purported breaches of fiduciary duties allegedly related to the claimed false and misleading statements that are the subject of the Securities Class Action. The Board of Directors completed its investigation of the matters raised in the Shareholder Demand and voted unanimously not to pursue any litigation against any current or former director, officer, or employee of the Company with respect to the matters set forth in the Shareholder Demand. On August 14, 2015, Mr. Luger filed a shareholder derivative lawsuit in the Superior Court of Suffolk County for the Commonwealth of Massachusetts on behalf of the Company against certain present and former board members and company executives alleging the same breaches of fiduciary duties purportedly set forth in the Shareholder Demand. On February 5, 2016, the Superior Court of Suffolk County dismissed the plaintiff’s claims with prejudice. On March 4, 2016, the plaintiff filed a notice of appeal of this decision. Following the submission of brief by the parties, the Appeals Court heard oral argument on December 13, 2016. On January 3, 2017, the Appeals Court issued an order and opinion affirming the dismissal of all claims with prejudice. The time period for Mr. Luger to appeal the Appeals Court’s judgment has expired.

ACCRUED EXPENSES

ACCRUED EXPENSES	3 Months Ended
	Mar. 31, 2017
ACCRUED EXPENSES
ACCRUED EXPENSES	7. ACCRUED EXPENSES Accrued expenses consisted of the following: March 31, December 31, (In thousands) 2017 2016 Accrued bonus $ 382 $ 906 Accrued payroll 208 126 Accrued vacation 157 91 Accrued severance 293 385 Other accrued expenses 381 451 Total accrued expenses $ 1,421 $ 1,959

LOAN PAYABLE

LOAN PAYABLE	3 Months Ended
	Mar. 31, 2017
LOAN PAYABLE
LOAN PAYABLE	8. LOAN PAYABLE In October 2012, the Company entered into a loan agreement with the Massachusetts Development Finance Agency (“MassDev”). The loan agreement provided the Company with a $2.0 million line of credit from the Commonwealth of Massachusetts’ Emerging Technology Fund, with $200,000 designated to be used for working capital purposes and the remainder to be used for the purchase of capital equipment. The annual interest rate on the loan is fixed at 6.5% with interest-only payments for the first thirty months, commencing on November 1, 2012, and then equal installments of interest and principal over the next fifty-four months, until the final maturity of the loan on October 5, 2019. Commencing on May 1, 2015, equal monthly payments of $41,000 are due until loan maturity. Therefore, for the years ending December 31, 2017, 2018, and 2019, $319,000, $452,000 and $400,000, respectively, will be due. In October 2012, as part of the agreement, the Company issued MassDev a warrant for the purchase of 9,037 shares of the Company’s common stock. The warrant has a seven-year term and is exercisable at $6.64 per share. The fair value of the warrant was determined to be $32,000 and is being amortized through interest expense over the life of the note. Amortization expense in each of the three-month periods ended March 31, 2017 and 2016 was $1,000 and was included in interest expense in the Company’s consolidated statements of operations. The equipment line of credit is secured by substantially all the assets of the Company, excluding intellectual property. Interest expense related to this loan for the three-month periods ended March 31, 2017 and 2016 was $20,000 and $29,000, respectively.

COMMON STOCK

COMMON STOCK	3 Months Ended
	Mar. 31, 2017
COMMON STOCK.
COMMON STOCK	9. COMMON STOCK The Company has authorized 100,000,000 shares of common stock, $0.00001 par value per share, of which 32,123,392 shares were issued and outstanding as of March 31, 2017 and 32,044,087 shares were issued and outstanding as of December 31, 2016. During the three months ended March 31, 2017, the Company issued an aggregate of 58,403 shares of common stock upon the exercise of a stock option and received cash proceeds from such exercise of $16,960. During the three months ended March 31, 2017, the Company issued an aggregate of 12,916 shares of common stock with a fair value of $50,952 to the Company’s 401(k) plan as a matching contribution. During the three months ended March 31, 2017, the Company issued an aggregate of 7,986 shares of common stock under the Company’s Employee Stock Purchase Plan (the “ESPP”) and received cash proceeds of approximately $28,510. During the year ended December 31, 2016, the Company issued an aggregate of 135,205 shares of common stock upon the exercise of stock options and received cash proceeds from such exercises of $191,000. During the year ended December 31, 2016, the Company issued an aggregate of 4,979 shares of common stock upon the cashless exercise of warrants. During the year ended December 31, 2016, the Company issued an aggregate of 37,528 shares of common stock with a fair value of $208,000 to the Company’s 401(k) plan as a matching contribution. During the year ended December 31, 2016, the Company issued an aggregate of 16,729 shares of common stock under the ESPP and received cash proceeds of $91,000. In March 2016, the Company closed an underwritten public offering of an aggregate of 4,293,333 shares of common stock and warrants to purchase an aggregate of 2,146,666 shares of common stock at a price to the public of $7.49 per share of common stock and $0.01 per warrant. The net proceeds to the Company, after deducting underwriting discounts and offering expenses, were approximately $29.9 million. The warrants have a per share exercise price of $10.00, or approximately 133% of the public offering price of the common stock, are exercisable immediately, and expire on March 18, 2021. The warrants contain a cashless exercise feature whereby shares are withheld to cover the exercise cost and the warrant holder receives a net issuance of the remaining shares. The Company is utilizing the net proceeds from the offering to fund ongoing clinical trials and for general corporate purposes.

STOCK OPTIONS

STOCK OPTIONS	3 Months Ended
	Mar. 31, 2017
STOCK OPTIONS.
STOCK OPTIONS	10. STOCK OPTIONS In 2007, the Company’s Board of Directors adopted, and the Company’s shareholders subsequently approved, the 2007 Employee, Director and Consultant Stock Plan (the “2007 Plan”). Pursuant to the 2007 Plan, the Company’s Board of Directors (or committees and/or executive officers delegated by the Board of Directors) may grant incentive and nonqualified stock options to the Company’s employees, officers, directors, consultants and advisors. On October 26, 2010, the Company’s Board of Directors adopted, and the Company’s shareholders subsequently approved, the 2010 Equity Incentive Plan (as subsequently amended, the “2010 Plan”). The 2010 Plan provided for grants of incentive stock options to employees, and nonqualified stock options and restricted common stock to employees, consultants, and non-employee directors of the Company. In April 2015, the Company’s Board of Directors adopted, and the Company’s shareholders subsequently approved, the 2015 Equity Incentive Plan (the “2015 Plan”). The 2015 Plan provides for grants of incentive stock options to employees, and nonqualified stock options, restricted common stock, restricted stock units, and stock appreciation rights to employees, consultants, and non-employee directors of the Company. As of March 31, 2017, the total number of shares authorized for issuance under the 2015 Plan was 4,322,355 shares, consisting of 4,000,000 initially approved under the 2015 Plan shares plus the 322,355 shares that remained available for grant under the 2010 Plan at the time of its termination. Upon approval of the 2015 Plan by the Company’s shareholders on June 16, 2015, the 2010 Plan was terminated and no additional shares or share awards have been subsequently granted under the 2010 Plan. Options issued under the 2007 Plan, 2010 Plan, and 2015 Plan (collectively, the “Plans”) are exercisable for up to 10 years from the date of issuance. As of March 31, 2017, there were outstanding options to purchase an aggregate of 2,233,050, 1,721,246 and 77,460 shares under the 2015 Plan, 2010 Plan and 2007 Plan, respectively. As of December 31, 2016, there were outstanding options to purchase an aggregate of 1,222,085, 1,821,487 and 150,207 shares under the 2015 Plan, 2010 Plan and 2007 Plan, respectively. In March 2015, the Company’s Board of Directors adopted, and the Company’s shareholders subsequently approved, the ESPP. The ESPP allows employees to buy company stock twice per year through after-tax payroll deductions at a discount from market. The Company’s Board of Directors initially authorized 187,500 shares for issuance under the ESPP. Commencing on the first day of the year ended December 31, 2016 and on the first day of each year thereafter during the term of the ESPP, the number of shares of common stock reserved for issuance shall be increased by the lesser of (i) 1% of the Company’s outstanding shares of common stock on such date, (ii) 50,000 shares, or (iii) a lesser amount determined by the Board of Directors. Under the terms of the ESPP, in no event shall the aggregate number of shares reserved for issuance during the term of the ESPP exceed 1,250,000 shares. As of March 31, 2017 and December 31, 2016, there were 262,785 and 220,771 shares reserved for issuance under the ESPP, respectively. The ESPP is considered a compensatory plan with the related compensation cost recognized over each six-month offering period. As of March 31, 2017, $11,000 of employee payroll deductions have been withheld since January 1, 2017, the commencement of the current offering period, and are included in accrued expenses on the balance sheet. The compensation expense related to the ESPP for the three-month periods ended March 31, 2017 and 2016 was $4,000 and $11,000, respectively, and is included in stock-based compensation expense. In January 2017, 7,986 shares that were purchased as of December 31, 2016 were issued under the ESPP. Share-based compensation For the three-month periods ended March 31, 2017 and 2016, the Company recorded stock-based compensation expense of $1.3 million and $1.2 million, respectively, inclusive of the expense related to the ESPP. Stock-based compensation expense for the three-month period ended March 31, 2017 includes $24,000 of expense related to a stock option modification. As discussed above, the Company adopted ASU 2016-09 on January 1, 2017. Prior to the adoption of this standard, the Company recognized share-based compensation, net of estimated forfeitures, over the vesting period of the grant. Upon adoption of ASU 2016-09, the Company elected to change its accounting policy to recognize forfeitures as they occur. The Company continues to recognize share-based compensation over the vesting period of the grant. The new forfeiture policy election was adopted using a modified retrospective approach with a cumulative effect adjustment of $155,000 recorded to accumulated deficit on the balance sheet as of January 1, 2017. The Company estimates the fair value of each option award on the date of grant using the Black-Scholes option pricing model. The Company uses historical data, as well as subsequent events occurring prior to the issuance of the financial statements, to estimate option exercises and employee terminations within the valuation model. The expected term of options granted under the Plans, all of which qualify as “plain vanilla,” is based on the average of the contractual term (10 years) and the vesting period (generally, 48 months). For non-employee options, the expected term is the contractual term. The risk-free rate is based on the yield of a U.S. Treasury security with a term consistent with the option. A summary of option activity as of March 31, 2017 and changes for the three-month period then ended are presented below: Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Options Shares Price Term in Years Value Outstanding at December 31, 2016 3,193,785 $ 7.52 Granted 1,114,463 $ 4.34 Forfeited (218,089) $ 8.21 Exercised (58,403) $ 0.29 Outstanding at March 31, 2017 4,031,756 $ 6.71 7.85 $ 326,568 Vested at March 31, 2017 1,831,440 $ 7.87 6.33 $ 318,837 The weighted average grant-date fair value of options granted during the three-month period ended March 31, 2017 was $3.54 per share. The total fair value of options that vested in the three-month period ended March 31, 2017 was $943,000. As of March 31, 2017, total unrecognized compensation expense related to non-vested share-based option compensation arrangements amounted to $10.0 million and is estimated to be recognized over a period of 2.70 years.

WARRANTS

WARRANTS	3 Months Ended
	Mar. 31, 2017
WARRANTS.
WARRANTS	11. WARRANTS The following table presents information about warrants to purchase common stock issued and outstanding at March 31, 2017: Number of Exercise Year Issued Classification Warrants Price Date of Expiration 2010 Equity 343,931 $ 5.60 10/26/2017 - 12/3/2017 2010 Equity 306,838 $ 4.00 8/30/2017 - 12/3/2017 2012 Equity 6,054 $ 6.64 10/5/2019 2014 Liability 587,950 $ 3.87 5/9/2019 2016 Equity 2,146,666 $ 10.00 3/18/2021 Total 3,391,439 Weighted average exercise price $ 7.94 Weighted average life in years 2.99 In March 2016, the Company closed an underwritten public offering of an aggregate of 4,293,333 shares of common stock and warrants to purchase an aggregate of 2,146,666 shares of common stock, at a price to the public of $7.49 per share of common stock and $0.01 per warrant. The net proceeds to the Company, after deducting underwriting discounts and offering expenses, were approximately $29.9 million. The warrants have a per share exercise price of $10.00, or approximately 133% of the public offering price of the common stock issued in the March 2016 offering, and expire on March 18, 2021. The warrants are immediately exercisable at the option of each holder, in whole or in part, in cash (except in the case of a cashless exercise as discussed below). The exercise price and number of shares of common stock issuable upon exercise of the warrants will be subject to adjustment in the event of any stock split, reverse stock split, stock dividend, recapitalization, or similar transaction, among other events as described in the warrants. In the event that shares of common stock underlying the warrants are no longer registered under the Securities Exchange Act of 1934, as amended, the holder may, in its sole discretion, exercise the warrant in whole or in part and, in lieu of making cash payment, elect instead to receive upon such exercise the net number of shares of common stock determined according to the formula set forth in the warrant. The fair value of the warrants was estimated at $11.7 million using a Black-Scholes model with the following assumptions: expected volatility of 112.8%, risk free interest rate of 1.3%, expected life of five years and no dividends. The Company assessed whether the warrants required accounting as derivatives. The Company determined that the warrants were (1) indexed to the Company’s own stock and (2) classified in stockholders’ equity in accordance with FASB Accounting Standards Codification Topic 815, Derivatives and Hedging . As such, the Company concluded that the warrants meet the scope exception for determining whether the instruments require accounting as derivatives and accordingly are classified in stockholders’ equity.

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS	3 Months Ended
	Mar. 31, 2017
DERIVATIVE INSTRUMENTS
DERIVATIVE INSTRUMENTS	12. DERIVATIVE INSTRUMENTS The warrants issued in connection with the Company’s May 2014 public offering to purchase 1,750,156 shares of the common stock have anti-dilution protection provisions and, under certain conditions, require the Company to automatically reprice the warrants. Accordingly, these warrants are accounted for as derivative warrant liabilities. The Company used the Binomial Lattice option pricing model and assumptions that consider, among other factors, the fair value of the underlying stock, risk-free interest rate, volatility, expected life, and dividend rates in estimating fair value for the warrants considered to be derivative instruments. Changes in the fair value of the derivative warrant liabilities are recognized currently in the Company’s consolidated statement of operations as a non-cash derivative gain or loss. For the three-month periods ended March 31, 2017 and 2016, the Company recorded a loss of $241,000 and a gain of $1.0 million, respectively, in other income (expense) in the statement of operations. The fair value of these derivative instruments at March 31, 2017 and December 31, 2016 was $1.1 million and $1.3 million, respectively, and included as a derivative warrant liability in current liabilities on the balance sheet. The assumptions used principally in determining the fair value of the warrants were as follows: March 31, December 31, 2017 2016 Risk free interest rate 1.3 % % Expected dividend yield — % — % Contractual term (in years) 2.1 Expected volatility 78 % 89 % The primary underlying risk exposure pertaining to the warrants is the change in fair value of the underlying common stock for each reporting period. The table below presents the changes in derivative warrant liability during the three-month periods ended March 31, 2017 and 2016: Three Months Ended March 31, (In thousands) 2017 2016 Balance at December 31, $ 1,314 $ 1,907 (Decrease) increase in the fair value of the warrants (241) 1,047 Balance at March 31, $ 1,073 $ 2,954 The Company’s March 2016 public offering resulted in a repricing of the existing warrants. The warrants’ prices were decreased from $5.75 per share to $3.87 per share. In addition, the number of warrants increased from 395,716 to 587,950. The decrease in the liability for the three months ended March 31, 2017 was primarily driven by the decrease in the fair value of the underlying stock price since December 31, 2016.

NET LOSS PER COMMON SHARE

NET LOSS PER COMMON SHARE	3 Months Ended
	Mar. 31, 2017
NET LOSS PER COMMON SHARE
NET LOSS PER COMMON SHARE	13. NET LOSS PER COMMON SHARE Basic net loss per share of common stock has been computed by dividing net loss by the weighted average number of shares outstanding during the period. Diluted net income per share of common stock has been computed by dividing net income by the weighted average number of shares outstanding plus the dilutive effect, if any, of outstanding stock options, warrants and convertible securities. Diluted net loss per share of common stock has been computed by dividing the net loss for the period by the weighted average number of shares of common stock outstanding during such period. In a net loss period, options, warrants related to the Company’s May 2014 capital raise, which include an antidilution provisions, and convertible securities are anti-dilutive and therefore excluded from diluted loss per share calculations. For the three-month periods ended March 31, 2017 and 2016, the following potentially dilutive securities were not included in the computation of net loss per share because the effect would be anti-dilutive: At March 31, 2017 2016 Stock options 4,031,756 3,055,578 Warrants 3,391,439 3,495,679 7,423,195 6,551,257

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2017
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	14. SUBSEQUENT EVENTS The Company has evaluated all events and transactions that occurred after the balance sheet date through the date of this filing. During this period, the Company did not have any material subsequent events that impacted its financial statements or disclosures.

NATURE OF OPERATIONS, BASIS O20

NATURE OF OPERATIONS, BASIS OF PRESENTATION AND RECENT ACCOUNTING PRONOUNCEMENTS (Policies)	3 Months Ended
	Mar. 31, 2017
NATURE OF OPERATIONS, BASIS OF PRESENTATION AND RECENT ACCOUNTING PRONOUNCEMENTS
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States (“GAAP”) consistent with those applied in, and should be read in conjunction with, the Company’s audited financial statements and related footnotes for the year ended December 31, 2016 included in the Company’s Annual Report on Form 10-K as filed with the United States Securities and Exchange Commission (“SEC”) on March 10, 2017. The unaudited consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, which are, in the opinion of management, necessary for a fair presentation of the Company’s financial position as of March 31, 2017 and its results of operations and cash flows for the interim period presented and are not necessarily indicative of results for subsequent interim periods or for the full year. The interim financial statements do not include all of the information and footnotes required by GAAP for complete financial statements as allowed by the relevant SEC rules and regulations; however, the Company believes that its disclosures are adequate to ensure that the information presented is not misleading.
Reclassifications	Reclassifications Certain amounts in the prior period financial statements have been reclassified to conform to the current period presentation. Marketable securities were previously included in cash and cash equivalents on the balance sheet but are now reflected as a separate line item on the balance sheet. Cash activities related to the purchase and sale of marketable securities have been reflected within investing activities in the statement of cash flows. The unrealized gains or losses related to these marketable securities are immaterial for the prior period presented.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Accounting (“ASU 2016-09”) to require changes to several areas of employee share-based payment accounting in an effort to simplify share-based reporting. The update revises requirements in the following areas: minimum statutory withholding, accounting for income taxes, forfeitures, and intrinsic value accounting for private entities. ASU 2016-09 is effective for annual reporting periods beginning after December 15, 2016, including interim reporting periods within each annual reporting period. The Company adopted this standard on January 1, 2017. Prior to adoption, the Company recognized share-based compensation, net of estimated forfeitures, over the vesting period of the grant. Upon adoption of ASU 2016-09, the Company elected to change its accounting policy to recognize forfeitures as they occur. The Company continues to recognize share-based compensation over the vesting period of the grant. The new forfeiture policy election was adopted using a modified retrospective approach with a cumulative effect adjustment of $155,000 recorded to accumulated deficit on the balance sheet as of January 1, 2017. Prior to January 1, 2017, the Company recognized the excess tax benefits of stock-based compensation expense as additional paid-in capital and tax deficiencies of stock-based compensation expense in the income tax provision or as additional paid-in capital to the extent that there were sufficient recognized excess tax benefits previously recognized. Previously, the excess tax benefits reduced taxes payable prior to being recognized as an increase in additional paid-in capital, and therefore the Company had not recognized certain deferred tax assets that could be attributed to tax deductions. As a result of the adoption, the deferred tax assets associated with certain net operating losses increased, which was offset by a corresponding increase in the valuation allowance and therefore the adoption of this standard did not impact our consolidated financial statements for the period ended March 31, 2017. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) . The guidance in this ASU supersedes the leasing guidance in Topic 840, Leases . Under the new guidance, lessees are required to recognize lease assets and lease liabilities on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance leases or operating leases, with classification affecting the pattern of expense recognition in the statement of operations. The new standard is effective for annual reporting periods beginning after December 15, 2018, including interim reporting periods within each annual reporting period. The Company is currently evaluating the impact of the adoption of this ASU on the financial statements. In August 2016, the FASB issued ASU No. 2016-15, Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”) to address how certain cash receipts and cash payments are presented and classified in the statement of cash flows in an effort to reduce existing diversity in practice. The update includes eight specific cash flow issues and provides guidance on the appropriate cash flow presentation for each. ASU 2016-15 is effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within each annual reporting period. The Company does not expect the adoption of this guidance to have a material impact on the financial statements. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230) : Restricted Cash to clarify how entities should present restricted cash and restricted cash equivalents in the statement of cash flows. Under this new update, entities are required to show the changes in the total of cash, cash equivalents, restricted cash, and restricted cash equivalents in the statement of cash flows. This guidance will be applied retrospectively and is effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within each annual reporting period. The Company is currently evaluating the impact of the adoption of this ASU on the financial statements. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”) to provide updated guidance on revenue recognition. ASU 2014-09 requires a company to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, companies may need to use more judgment and make more estimates than under today’s guidance. These may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price, and allocating the transaction price to each separate performance obligation. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date , which deferred the effective date of ASU 2014-09 by one year. Accordingly, ASU 2014-09 is effective for public business entities for annual reporting periods beginning after December 15, 2017, including interim reporting periods within each annual reporting period. In March 2016, the FASB issued ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross Versus Net) , which clarifies the implementation guidance on principal versus agent considerations. In April 2016, the FASB issued ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing , which clarifies certain aspects of identifying performance obligations and licensing implementation guidance. In May 2016, the FASB issued ASU No. 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients , which relates to disclosures of remaining performance obligations, as well as other amendments to guidance on collectability, non-cash consideration, and the presentation of sales and other similar taxes collected from customers. These standards have the same effective date and transition date of December 15, 2017. Currently, this guidance is not applicable to the Company as the Company is still in the research and development stage. However, the Company will continue to evaluate the impact of adopting ASU 2014-09 on its consolidated financial statements when the Company begins to generate revenue.

CASH AND CASH EQUIVALENTS (Tabl

CASH AND CASH EQUIVALENTS (Tables)	3 Months Ended
	Mar. 31, 2017
CASH AND CASH EQUIVALENTS.
Schedule of cash and cash equivalents	March 31, December 31, (In thousands) 2017 2016 Cash $ 103 $ 111 Money market funds 14,337 21,353 Total cash and cash equivalents $ 14,440 $ 21,464

MARKETABLE SECURITIES (Tables)

MARKETABLE SECURITIES (Tables)	3 Months Ended
	Mar. 31, 2017
MARKETABLE SECURITIES
Schedule of short-term investments in marketable securities by category	(In thousands) Amortized Cost Unrealized Gains Unrealized Losses Fair Value March 31, 2017 Current (due within 1 year or less) Commercial paper 6,484 — — 6,484 Corporate obligations 5,167 — (2) 5,165 Noncurrent (due after 1 year) Asset backed security 751 — — 751 Total $ 12,402 $ — $ (2) $ 12,400 December 31, 2016 Current (due within 1 year or less) Commercial paper 4,240 — — 4,240 Corporate obligations 7,337 — — 7,337 Total $ 11,577 $ — $ — $ 11,577

FAIR VALUE OF ASSETS AND LIAB23

FAIR VALUE OF ASSETS AND LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2017
FAIR VALUE OF ASSETS AND LIABILITIES
Summary of assets and liabilities measured at fair value on a recurring basis	At March 31, 2017 (In thousands) Level 1 Level 2 Level 3 Fair Value Cash equivalents $ 14,337 $ — $ — $ 14,337 Marketable securities — 12,400 — 12,400 Derivative warrant liability $ — $ 1,073 $ — $ 1,073 At December 31, 2016 (In thousands) Level 1 Level 2 Level 3 Fair Value Cash equivalents $ 21,353 $ — $ — $ 21,353 Marketable securities — 11,577 — 11,577 Derivative warrant liability $ — $ 1,314 $ — $ 1,314

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	3 Months Ended
	Mar. 31, 2017
COMMITMENTS AND CONTINGENCIES
Future minimum rent commitments	Pursuant to the terms of the non-cancelable lease agreements in effect at March 31, 2017, the future minimum rent commitments are as follows (in thousands): Year Ended December 31, 2017 968 2018 1,088 Total $ 2,056

ACCRUED EXPENSES (Tables)

ACCRUED EXPENSES (Tables)	3 Months Ended
	Mar. 31, 2017
ACCRUED EXPENSES
Summary of accrued expenses	March 31, December 31, (In thousands) 2017 2016 Accrued bonus $ 382 $ 906 Accrued payroll 208 126 Accrued vacation 157 91 Accrued severance 293 385 Other accrued expenses 381 451 Total accrued expenses $ 1,421 $ 1,959

STOCK OPTIONS (Tables)

STOCK OPTIONS (Tables)	3 Months Ended
	Mar. 31, 2017
STOCK OPTIONS.
Summary of option activity	Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Options Shares Price Term in Years Value Outstanding at December 31, 2016 3,193,785 $ 7.52 Granted 1,114,463 $ 4.34 Forfeited (218,089) $ 8.21 Exercised (58,403) $ 0.29 Outstanding at March 31, 2017 4,031,756 $ 6.71 7.85 $ 326,568 Vested at March 31, 2017 1,831,440 $ 7.87 6.33 $ 318,837

WARRANTS (Tables)

WARRANTS (Tables)	3 Months Ended
	Mar. 31, 2017
WARRANTS.
Schedule of information about warrants to purchase common stock issued and outstanding	Number of Exercise Year Issued Classification Warrants Price Date of Expiration 2010 Equity 343,931 $ 5.60 10/26/2017 - 12/3/2017 2010 Equity 306,838 $ 4.00 8/30/2017 - 12/3/2017 2012 Equity 6,054 $ 6.64 10/5/2019 2014 Liability 587,950 $ 3.87 5/9/2019 2016 Equity 2,146,666 $ 10.00 3/18/2021 Total 3,391,439 Weighted average exercise price $ 7.94 Weighted average life in years 2.99

DERIVATIVE INSTRUMENTS (Tables)

DERIVATIVE INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2017
DERIVATIVE INSTRUMENTS
Assumptions used in determining fair value of warrants	March 31, December 31, 2017 2016 Risk free interest rate 1.3 % % Expected dividend yield — % — % Contractual term (in years) 2.1 Expected volatility 78 % 89 %
Changes in derivative warrant liability	Three Months Ended March 31, (In thousands) 2017 2016 Balance at December 31, $ 1,314 $ 1,907 (Decrease) increase in the fair value of the warrants (241) 1,047 Balance at March 31, $ 1,073 $ 2,954

NET LOSS PER COMMON SHARE (Tabl

NET LOSS PER COMMON SHARE (Tables)	3 Months Ended
	Mar. 31, 2017
NET LOSS PER COMMON SHARE
Schedule of potentially dilutive securities were not included in the computation of net loss per share because effect would be anti-dilutive	At March 31, 2017 2016 Stock options 4,031,756 3,055,578 Warrants 3,391,439 3,495,679 7,423,195 6,551,257

NATURE OF OPERATIONS, BASIS O30

NATURE OF OPERATIONS, BASIS OF PRESENTATION AND RECENT ACCOUNTING PRONOUNCEMENTS (Detail) $ in Millions	Mar. 31, 2017USD ($)
NATURE OF OPERATIONS, BASIS OF PRESENTATION AND RECENT ACCOUNTING PRONOUNCEMENTS
Cash, cash equivalents and marketable securities	$ 26.8

NATURE OF OPERATIONS, BASIS O31

NATURE OF OPERATIONS, BASIS OF PRESENTATION AND RECENT ACCOUNTING PRONOUNCEMENTS, ASU 2016-09 (Details)	Jan. 01, 2017USD ($)
ASU 2016-09
New accounting pronouncements
Cumulative effect adjustment	$ 155,000

CASH AND CASH EQUIVALENTS (Deta

CASH AND CASH EQUIVALENTS (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
Cash and cash equivalents
Cash and cash equivalents	$ 14,440	$ 21,464	$ 40,871	$ 14,920
Cash
Cash and cash equivalents
Cash and cash equivalents	103	111
Money market funds
Cash and cash equivalents
Cash and cash equivalents	$ 14,337	$ 21,353

RESTRICTED CASH (Details)

RESTRICTED CASH (Details) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Restricted cash
Restricted cash	$ 361,000	$ 361,000
Security deposit related to credit card account
Restricted cash
Restricted cash	$ 50,000
Standby letter of credit in favor of a landlord
Restricted cash
Restricted cash		$ 311,000

MARKETABLE SECURITIES, SHORT-TE

MARKETABLE SECURITIES, SHORT-TERM INVESTMENT IN MARKETABLE SECURITIES (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Marketable securities by category
Amortized Cost	$ 12,402	$ 11,577
Unrealized Losses	(2)
Fair Value	$ 12,400	$ 11,577
Maximum
Marketable securities by category
Maturity period	1 year	1 year
Minimum
Marketable securities by category
Maturity period	1 year
Commercial paper
Marketable securities by category
Amortized Cost	$ 6,484	$ 4,240
Fair Value	6,484	4,240
Corporate obligations
Marketable securities by category
Amortized Cost	5,167	7,337
Unrealized Losses	(2)
Fair Value	5,165	$ 7,337
Asset-backed Securities
Marketable securities by category
Amortized Cost	751
Fair Value	$ 751

FAIR VALUES OF ASSETS AND LIABI

FAIR VALUES OF ASSETS AND LIABILITIES (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Assets and liabilities measured at fair value on a recurring basis
Marketable securities	$ 12,400	$ 11,577
Derivative warrant liability	1,073	1,314
Recurring basis
Assets and liabilities measured at fair value on a recurring basis
Cash equivalents	14,337	21,353
Marketable securities	12,400	11,577
Derivative warrant liability	1,073	1,314
Recurring basis | Level 1
Assets and liabilities measured at fair value on a recurring basis
Cash equivalents	14,337	21,353
Recurring basis | Level 2
Assets and liabilities measured at fair value on a recurring basis
Marketable securities	12,400	11,577
Derivative warrant liability	$ 1,073	$ 1,314

COMMITMENTS AND CONTINGENCIES,

COMMITMENTS AND CONTINGENCIES, LEASES (Details) - Cambridge Lease	Sep. 17, 2012USD ($)ft²item	Mar. 31, 2017USD ($)
Commitments
Lease space (in square feet) | ft²	26,150
Term of commercial lease	6 years 3 months 18 days
Number of options to extend lease | item	1
Term of lease extension option	5 years
Standby letter of credit	$ 311,000
Deferred rent liability		$ 242,000

COMMITMENTS AND CONTINGENCIES37

COMMITMENTS AND CONTINGENCIES, FUTURE MINIMUM RENT COMMITMENTS (Details)	3 Months Ended
	Mar. 31, 2017USD ($)	Mar. 31, 2016USD ($)ft²	Sep. 17, 2012ft²
Cambridge Lease
Future minimum rent commitments
2,017	$ 968,000
2,018	1,088,000
Total	2,056,000
Commitments
Total rent expense	$ 268,000	$ 287,000
Lease space (in square feet) | ft²			26,150
CRISPR Therapeutics lease
Commitments
Lease space (in square feet) | ft²		5,233
Tenant security deposit and first month's rent		$ 51,000
Tenant security deposit		$ 26,000

COMMITMENTS AND CONTINGENCIES38

COMMITMENTS AND CONTINGENCIES, COMPENSATION (Details) - Executive - USD ($)	1 Months Ended	3 Months Ended
	Sep. 30, 2016	Mar. 31, 2017
Compensation Arrangement
Term of award	1 year
Compensation expense		$ 87,000

COMMITMENTS AND CONTINGENCIES39

COMMITMENTS AND CONTINGENCIES, LITIGATION (Details)	Dec. 06, 2013item	Nov. 30, 2013USD ($)
InVivo Therapeutics Holdings Corp. v. Reynolds
Litigation
Value of damages sought worth of personal and/or exorbitant expenses | $		$ 500,000
Reynolds counterclaim against InVivo Therapeutics Holdings Corp.
Litigation
Number of breach of contract claims	2
Number of breach of covenant of good faith and fair-dealing claims	2

ACCRUED EXPENSES (Details)

ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
ACCRUED EXPENSES
Accrued bonus	$ 382	$ 906
Accrued payroll	208	126
Accrued vacation	157	91
Accrued severance	293	385
Other accrued expenses	381	451
Total accrued expenses	$ 1,421	$ 1,959

LOAN PAYABLE (Details)

LOAN PAYABLE (Details) - USD ($)	May 01, 2015	Oct. 31, 2012	Mar. 31, 2017	Mar. 31, 2016	Feb. 29, 2016
Loans Payable
Interest expense			$ 20,000	$ 63,000
Warrants
Loans Payable
Number of shares into which a warrant may be converted				587,950	395,716
Exercise price of warrant (in dollars per share)				$ 3.87	$ 5.75
Equipment Line of Credit
Loans Payable
Interest expense			20,000	$ 29,000
MassDev
Loans Payable
Line of credit, maximum		$ 2,000,000
Line of credit for working capital purpose		$ 200,000
Fixed interest rate (as a percent)		6.50%
Period for interest-only payments		30 months
Period for charging equal installments of interest and principal		54 months
Maturity date		Oct. 5, 2019
Commencement date of monthly installments	May 1, 2015
Amount of monthly payment	$ 41,000
Future Principal payment due : 2017			319,000
Future Principal payment due : 2018			452,000
Future Principal payment due : 2019			400,000
MassDev | Common Stock
Loans Payable
Number of shares into which a warrant may be converted		9,037
MassDev | Warrants
Loans Payable
Warrant period		7 years
Exercise price of warrant (in dollars per share)		$ 6.64
Fair value of warrants		$ 32,000
MassDev | Warrants | Interest Expense
Loans Payable
Amortization of deferred financing costs			$ 1,000	$ 1,000

COMMON STOCK, PAR VALUE (Detail

COMMON STOCK, PAR VALUE (Details) - $ / shares	Mar. 31, 2017	Dec. 31, 2016
Common stock, number of shares, par value and other disclosures
Common stock, authorized	100,000,000	100,000,000
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, issued	32,123,392	32,044,087
Common stock, outstanding	32,123,392	32,044,087

COMMON STOCK, TRANSACTIONS (Det

COMMON STOCK, TRANSACTIONS (Details) - USD ($)	1 Months Ended	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016	Feb. 29, 2016
Common stock disclosures
Proceeds from exercise of stock options		$ 17,000	$ 36,000
Proceeds from issuance of stock under ESPP		$ 29,000
Public Offering, March 2016
Common stock disclosures
Issuance of stock in public offering (in shares)	4,293,333
Common Stock
Common stock disclosures
Issuance of common stock upon exercise of stock options (in shares)		58,403		135,205
Proceeds from exercise of stock options		$ 16,960		$ 191,000
Issuance of common stock upon cashless exercise of warrants (in shares)				4,979
Issuance of common stock to 401(k) plan (in shares)		12,916		37,528
Issuance of common stock to 401(k) plan		$ 50,952		$ 208,000
Stock issued under ESPP (in shares)		7,986		16,729
Proceeds from issuance of stock under ESPP		$ 28,510		$ 91,000
Common Stock | Public Offering, March 2016
Common stock disclosures
Warrants for purchase of common stock (in shares)	2,146,666		2,146,666
Equity issuance (in price per unit)	$ 7.49		$ 7.49
Warrants
Common stock disclosures
Warrants for purchase of common stock (in shares)	587,950		587,950		395,716
Exercise price (in dollars per unit)	$ 3.87		$ 3.87		$ 5.75
Warrants | Public Offering, March 2016
Common stock disclosures
Equity issuance (in price per unit)	0.01		0.01
Exercise price (in dollars per unit)	$ 10		$ 10
Percentage of warrant exercises price over public offering price	133.00%
Common Stock And Warrants | Public Offering, March 2016
Common stock disclosures
Issuance of stock in public offering (in shares)	4,293,333
Net proceeds from issuance of equity (in dollars)	$ 29,900,000

STOCK OPTIONS (Details)

STOCK OPTIONS (Details) - USD ($)	Jan. 01, 2017	Jan. 31, 2017	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016	Mar. 31, 2017	Apr. 30, 2015	Mar. 31, 2015
Stock options
Stock-based compensation (in dollars)			$ 1,300,000	$ 1,200,000
Stock Options
Stock options
Granted (in shares)			1,114,463
Expected term			10 years
Options to purchase common stock outstanding (in shares)			4,031,756		3,193,785	4,031,756
Stock option modification (in dollars)			$ 24,000
Vesting period			48 months
2007 Plan
Stock options
Options to purchase common stock outstanding (in shares)			77,460		150,207	77,460
2007 Plan | Stock Options
Stock options
Expected term			10 years
2010 Plan
Stock options
Shares available for future grants			322,355			322,355
Granted (in shares)						0
Options to purchase common stock outstanding (in shares)			1,721,246		1,821,487	1,721,246
2010 Plan | Stock options
Stock options
Expected term			10 years
2015 Plan
Stock options
Shares authorized for issuance			4,322,355			4,322,355	4,000,000
Options to purchase common stock outstanding (in shares)			2,233,050		1,222,085	2,233,050
2015 Plan | Stock options
Stock options
Expected term			10 years
Employee Stock Purchase Plan
Stock options
Shares authorized for issuance								187,500
Percentage of outstanding shares reserved for future issuance			1.00%
Increase in shares of common stock reserved for issuance (in shares)			50,000
Maximum aggregate number of shares reserved for issuance during term of employee stock purchase plan			262,785		220,771	262,785
Offering Period			6 months
Employee payroll deductions (in dollars)			$ 11,000
Stock issued under ESPP (in shares)		7,986
Stock-based compensation (in dollars)			$ 4,000		$ 11,000
Employee Stock Purchase Plan | Maximum
Stock options
Maximum aggregate number of shares reserved for issuance during term of employee stock purchase plan			1,250,000			1,250,000
Common Stock
Stock options
Stock issued under ESPP (in shares)			7,986		16,729
ASU 2016-09
Stock options
Cumulative effect adjustment (in dollars)	$ 155,000

STOCK OPTIONS, SUMMARY OF OPTIO

STOCK OPTIONS, SUMMARY OF OPTION ACTIVITY - (Details) - Stock Options - USD ($)	3 Months Ended
	Mar. 31, 2017
Summary of option activity - Shares
Outstanding at the beginning of year (in shares)	3,193,785
Granted (in shares)	1,114,463
Forfeited (in shares)	(218,089)
Exercised (in shares)	(58,403)
Outstanding at the end of period (in shares)	4,031,756
Vested at the end of period (in shares)	1,831,440
Summary of option activity - Weighted Average Exercise Price
Outstanding at the beginning of year (in dollars per shares)	$ 7.52
Granted (in dollars per shares)	4.34
Forfeited (in dollars per shares)	8.21
Exercised (in dollars per shares)	0.29
Outstanding at the end of period (in dollars per shares)	6.71
Vested at the end of period (in dollars per share)	$ 7.87
Option activity disclosures
Weighted Average Remaining Contractual Term - Outstanding	7 years 10 months 6 days
Weighted Average Remaining Contractual Term - Vested	6 years 3 months 29 days
Aggregate Intrinsic Value - Outstanding (in dollars)	$ 326,568,000
Aggregate Intrinsic Value - Vested (in dollars)	$ 318,837,000
Stock Option
Weighted average grant-date fair value of options granted	$ 3.54
Total fair value of options vested	$ 943,000
Total unrecognized compensation expense, related to non-vested share-based compensation arrangements	$ 10,000,000
Period for unrecognized compensation expense is estimated to be recognized	2 years 8 months 12 days

WARRANTS (Details)

WARRANTS (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2017	Dec. 31, 2016	Feb. 29, 2016
Warrants to purchase common stock issued and outstanding
Number of Warrants		3,391,439
Weighted average exercise price		$ 7.94
Weighted average life in years		2 years 11 months 27 days
Public Offering, March 2016
Warrants to purchase common stock issued and outstanding
Number of shares issued under underwritten public offering (in shares)	4,293,333
Warrants | Public Offering, March 2016
Warrants to purchase common stock issued and outstanding
Percentage of warrant exercises price over public offering price	133.00%
Common Stock | Public Offering, March 2016
Warrants to purchase common stock issued and outstanding
Warrants for purchase of common stock (in shares)	2,146,666
Equity issuance (in price per unit)	$ 7.49
Warrants
Warrants to purchase common stock issued and outstanding
Warrant Exercise Price	$ 3.87			$ 5.75
Warrants for purchase of common stock (in shares)	587,950			395,716
Fair value of warrants
Expected volatility (as a percent)		78.00%	89.00%
Risk-free interest rate (as a percent)		1.30%	1.20%
Expected term (in years)		2 years 1 month 6 days	2 years 4 months 24 days
Warrants | Public Offering, March 2016
Warrants to purchase common stock issued and outstanding
Warrant Exercise Price	$ 10
Equity issuance (in price per unit)	$ 0.01
Percentage of warrant exercises price over public offering price	133.00%
Fair value of warrants
Fair value of warrants		$ 11.7
Expected volatility (as a percent)		112.80%
Risk-free interest rate (as a percent)		1.30%
Expected term (in years)		5 years
Expected dividend yield (as a percent)		0.00%
Common Stock And Warrants | Public Offering, March 2016
Warrants to purchase common stock issued and outstanding
Number of shares issued under underwritten public offering (in shares)	4,293,333
Net proceeds from issuance of equity (in dollars)	$ 29.9
Equity | Derivative with Exercise Price One
Warrants to purchase common stock issued and outstanding
Warrants Issued Year		2,010
Number of Warrants		343,931
Warrant Exercise Price		$ 5.60
Equity | Derivative with Exercise Price One | Minimum
Warrants to purchase common stock issued and outstanding
Expiration date		Oct. 26, 2017
Equity | Derivative with Exercise Price One | Maximum
Warrants to purchase common stock issued and outstanding
Expiration date		Dec. 3, 2017
Equity | Derivative with Exercise Price Two
Warrants to purchase common stock issued and outstanding
Warrants Issued Year		2,010
Number of Warrants		306,838
Warrant Exercise Price		$ 4
Equity | Derivative with Exercise Price Two | Minimum
Warrants to purchase common stock issued and outstanding
Expiration date		Aug. 30, 2017
Equity | Derivative with Exercise Price Two | Maximum
Warrants to purchase common stock issued and outstanding
Expiration date		Dec. 3, 2017
Equity | Derivative with Exercise Price Three
Warrants to purchase common stock issued and outstanding
Warrants Issued Year		2,012
Number of Warrants		6,054
Warrant Exercise Price		$ 6.64
Expiration date		Oct. 5, 2019
Equity | Derivative with Exercise Price Five
Warrants to purchase common stock issued and outstanding
Warrants Issued Year		2,016
Number of Warrants		2,146,666
Warrant Exercise Price		$ 10
Expiration date		Mar. 18, 2021
Liability | Derivative with Exercise Price Four
Warrants to purchase common stock issued and outstanding
Warrants Issued Year		2,014
Number of Warrants		587,950
Warrant Exercise Price		$ 3.87
Expiration date		May 9, 2019

DERIVATIVE INSTRUMENTS (Details

DERIVATIVE INSTRUMENTS (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016	Feb. 29, 2016	Dec. 31, 2015
Derivative instruments
Derivatives (gain) loss	$ (241,000)	$ 1,047,000
Derivative instruments, fair value	1,073,000		$ 1,314,000
Other Income (Expense)
Derivative instruments
Derivatives (gain) loss	241,000	$ (1,000,000)
Warrants
Derivative instruments
Number of shares into which a warrant may be converted		587,950		395,716
Derivative instruments, fair value	$ 1,073,000	$ 2,954,000	$ 1,314,000		$ 1,907,000
Warrants | Public Offering, May 2014
Derivative instruments
Number of shares into which a warrant may be converted	1,750,156

DERIVATIVE INSTRUMENTS, FAIR VA

DERIVATIVE INSTRUMENTS, FAIR VALUE OF WARRANTS (Details) - Warrants	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Fair value of warrants
Risk-free interest rate (as a percent)	1.30%	1.20%
Expected term (in years)	2 years 1 month 6 days	2 years 4 months 24 days
Expected volatility (as a percent)	78.00%	89.00%

DERIVATIVE INSTRUMENTS, CHANGES

DERIVATIVE INSTRUMENTS, CHANGES IN DERIVATIVE WARRANT LIABILITY (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Changes in Derivative Warrant Liability
Balance at beginning of year	$ 1,314
Balance at end of period	1,073
Warrants
Changes in Derivative Warrant Liability
Balance at beginning of year	1,314	$ 1,907
(Decrease) increase in the fair value of the warrants	(241)	1,047
Balance at end of period	$ 1,073	$ 2,954

DERIVATIVE INSTRUMENTS, WARRANT

DERIVATIVE INSTRUMENTS, WARRANT PRICES (Details) - Warrants - $ / shares	Mar. 31, 2016	Feb. 29, 2016
Class of Warrant or Right
Exercise price (in dollars per unit)	$ 3.87	$ 5.75
Warrants issued (in shares)	587,950	395,716

NET LOSS PER COMMON SHARE (Deta

NET LOSS PER COMMON SHARE (Details) - shares	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Anti-dilutive
Potentially dilutive securities not included in computation of net loss per share because effect would be anti-dilutive (in shares)	7,423,195	6,551,257
Stock options
Anti-dilutive
Potentially dilutive securities not included in computation of net loss per share because effect would be anti-dilutive (in shares)	4,031,756	3,055,578
Warrants
Anti-dilutive
Potentially dilutive securities not included in computation of net loss per share because effect would be anti-dilutive (in shares)	3,391,439	3,495,679