Chiasma (CHMA) 10-Q 31 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Aug. 25, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Trading Symbol	CHMA
Entity Registrant Name	CHIASMA, INC
Entity Central Index Key	1,339,469
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		23,930,199

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Current assets:
Cash	$ 63,266,889	$ 40,160,435
Prepaid expenses and other current assets	466,031	311,299
Total current assets	63,732,920	40,471,734
Property and equipment, net	570,644	615,242
Deferred offering costs	1,890,066
Other assets	327,248	311,730
Total assets	66,520,878	41,398,706
Current liabilities:
Accounts payable	1,165,602	317,994
Current maturities of long-term liabilities	1,700,000
Accrued expenses and other current liabilities	3,062,272	4,000,294
Total current liabilities	5,927,874	4,318,288
Long-term liabilities	3,534,577	4,612,450
Total liabilities	9,462,451	8,930,738
Redeemable convertible preferred stock, $0.01 par value:
Total redeemable convertible preferred stock	138,985,514	104,485,972
Stockholders' deficit:
Common stock, $0.01 par value, 175,000,000 and 250,000,000 shares authorized at December 31, 2014 and June 30, 2015; respectively; 44,326 and 206,631 shares issued and outstanding at December 31, 2014 and June 30, 2015; respectively;	2,066	443
Additional paid-in capital	11,595,958	9,489,627
Accumulated deficit	(93,525,111)	(81,508,074)
Total stockholders' deficit	(81,927,087)	(72,018,004)
Total liabilities, redeemable convertible preferred stock and stockholders' deficit	66,520,878	41,398,706
Series B1 Redeemable Convertible Preferred Stock [Member]
Redeemable convertible preferred stock, $0.01 par value:
Total redeemable convertible preferred stock	9,143,823	9,143,823
Stockholders' deficit:
Total stockholders' deficit	9,143,823	9,143,823
Series C Redeemable Convertible Preferred Stock [Member]
Redeemable convertible preferred stock, $0.01 par value:
Total redeemable convertible preferred stock	40,430,250	40,430,250
Stockholders' deficit:
Total stockholders' deficit	40,430,250	40,430,250
Series D Redeemable Convertible Preferred Stock [Member]
Redeemable convertible preferred stock, $0.01 par value:
Total redeemable convertible preferred stock	22,054,186	22,054,186
Stockholders' deficit:
Total stockholders' deficit	22,054,186	22,054,186
Series E Redeemable Convertible Preferred Stock [Member]
Redeemable convertible preferred stock, $0.01 par value:
Total redeemable convertible preferred stock	67,357,255	32,857,713
Stockholders' deficit:
Total stockholders' deficit	$ 67,357,255	$ 32,857,713

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	250,000,000	175,000,000
Common stock, shares issued	206,631	44,326
Common stock, shares outstanding	206,631	44,326
Series B1 Redeemable Convertible Preferred Stock [Member]
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	1,134,997	1,134,997
Preferred stock, shares issued	1,134,997	1,134,997
Preferred stock, shares outstanding	1,134,997	1,134,997
Preferred stock, liquidation value	$ 7,218,438
Preferred stock, redemption value	$ 7,218,438
Series C Redeemable Convertible Preferred Stock [Member]
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	40,719,409	40,719,409
Preferred stock, shares issued	40,430,250	40,430,250
Preferred stock, shares outstanding	40,430,250	40,430,250
Preferred stock, liquidation value	$ 40,430,250
Preferred stock, redemption value	$ 40,430,250
Series D Redeemable Convertible Preferred Stock [Member]
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	38,504,439	38,504,439
Preferred stock, shares issued	38,504,439	38,504,439
Preferred stock, shares outstanding	38,504,439	38,504,439
Preferred stock, liquidation value	$ 22,054,186
Preferred stock, redemption value	$ 22,054,186
Series E Redeemable Convertible Preferred Stock [Member]
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	80,774,458	45,000,000
Preferred stock, shares issued	69,722,786	33,774,763
Preferred stock, shares outstanding	69,722,786	33,774,763
Preferred stock, liquidation value	$ 69,722,786
Preferred stock, redemption value	$ 69,722,786

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Statement [Abstract]
Revenue from license agreement		$ 5,987,848		$ 10,561,326
Operating Expenses:
Research and development	$ 4,158,749	1,200,533	$ 6,377,535	2,850,078
Marketing, general and administrative	3,436,543	547,377	5,367,753	1,501,695
Total operating expenses	7,595,292	1,747,910	11,745,288	4,351,773
Income (loss) from operations	(7,595,292)	4,239,938	(11,745,288)	6,209,553
Other expense, net	108,796	39,795	198,278	64,634
Income (loss) before provision for income taxes	(7,704,088)	4,200,143	(11,943,566)	6,144,919
Provision for income taxes	68,741	194,361	73,471	65,102
Net income (loss)	(7,772,829)	4,005,782	(12,017,037)	6,079,817
Accretion of redeemable convertible preferred stock	(189,054)	(348,074)	(286,575)	(687,818)
Net income (loss) attributable to common stockholders	$ (7,961,883)	$ 3,657,708	$ (12,303,612)	$ 5,391,999
Net income (loss) per share attributable to common stockholders - basic	$ (50.36)	$ 83.42	$ (106.79)	$ 123.38
Weighted-average common shares outstanding - basic	158,104	43,848	115,213	43,702
Net income (loss) per share attributable to common stockholders - diluted	$ (50.36)	$ 0.36	$ (106.79)	$ 0.54
Weighted-average common shares outstanding - diluted	158,104	11,196,563	115,213	11,175,185

Condensed Consolidated Stateme5

Condensed Consolidated Statement of Redeemable Convertible Preferred Stock and Stockholders' Deficit (Unaudited) - 6 months ended Jun. 30, 2015 - USD ($)	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Series B1 Redeemable Convertible Preferred Stock [Member]	Series C Redeemable Convertible Preferred Stock [Member]	Series D Redeemable Convertible Preferred Stock [Member]	Series E Redeemable Convertible Preferred Stock [Member]	Redeemable Convertible Preferred Stock [Member]
Beginning balance (Audited) at Dec. 31, 2014	$ (72,018,004)	$ 443	$ 9,489,627	$ (81,508,074)	$ 9,143,823	$ 40,430,250	$ 22,054,186	$ 32,857,713	$ 104,485,972
Beginning balance, shares (Audited) at Dec. 31, 2014		44,326			1,134,997	40,430,250	38,504,439	33,774,763
Stock-based compensation	871,821		871,821
Exercise of warrants	3,429	$ 375	3,054
Exercise of warrants, Shares		37,544
Exercise of stock options	$ 28,072	$ 1,248	26,824
Exercise of stock options, Shares	124,761	124,761
Receipt on account of shares	$ 1,229		1,229
Vested portion of restricted shares	12,600		12,600
Issuance of Series E redeemable convertible preferred stock, net of issuance costs of $257,680 and warrants for common stock	1,477,378		1,477,378					$ 34,212,967	34,212,967
Issuance of Series E redeemable convertible preferred stock, net of issuance costs of $257,680 and warrants for common stock, shares								35,948,023
Accretion of redeemable convertible preferred stock	(286,575)		(286,575)					$ 286,575	286,575
Net loss	(12,017,037)			(12,017,037)
Ending balance at Jun. 30, 2015	$ (81,927,087)	$ 2,066	$ 11,595,958	$ (93,525,111)	$ 9,143,823	$ 40,430,250	$ 22,054,186	$ 67,357,255	$ 138,985,514
Ending balance, shares at Jun. 30, 2015		206,631			1,134,997	40,430,250	38,504,439	69,722,786

Condensed Consolidated Stateme6

Condensed Consolidated Statement of Redeemable Convertible Preferred Stock and Stockholders' Deficit (Unaudited) (Parenthetical) - USD ($)	6 Months Ended
	Jun. 30, 2015
Redeemable convertible preferred stock, issuance costs	$ 987,189
Series E Redeemable Convertible Preferred Stock [Member]
Redeemable convertible preferred stock, issuance costs	257,680
Redeemable Convertible Preferred Stock [Member]
Redeemable convertible preferred stock, issuance costs	$ 257,680

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ (12,017,037)	$ 6,079,817
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization	98,574	141,027
Stock-based compensation	871,821	508,905
Gain on sale of property and equipment	(4,286)	(9,356)
Changes in operating assets and liabilities:
Deferred income taxes	513	(106,187)
Prepaid expenses and other current assets	(116,990)	54,148
Accounts payable	358,453	(2,150,420)
Accrued expenses and other current liabilities	(1,351,745)	(4,684,880)
Deferred revenue		(278,826)
Other assets	(9,712)	(1,155)
Long-term liabilities	252,527	101,157
Net cash used in operating activities	(11,917,882)	(345,770)
CASH FLOWS FROM INVESTING ACTIVITIES
Decrease (increase) in value of other assets	(44,060)	24,608
Proceeds from sale of property and equipment	11,500	10,862
Purchases of property and equipment	(61,190)
Net cash provided by (used in) investing activities	(93,750)	35,470
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of Series E convertible preferred stock and warrants for common stock, net	35,690,345
Deferred offering costs	(987,189)
Exercise of stock options	410,272	1,687
Exercise of warrants	3,429
Proceeds on account of exercise of options	1,229
Net cash provided by financing activities	35,118,086	1,687
Net increase (decrease) in cash	23,106,454	(308,613)
Cash at beginning of period	40,160,435	12,849,579
Cash at end of period	63,266,889	12,540,966
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for income taxes	27,720	$ 13,810
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Deferred offering costs	$ 902,877

Nature of the Business and Summ

Nature of the Business and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Nature of the Business and Summary of Significant Accounting Policies	1. Nature of the Business and Summary of Significant Accounting Policies Chiasma, Inc. is a late-stage biopharmaceutical company incorporated in 2001 under the laws of the State of Delaware. The Company is dedicated to improving the lives of patients suffering from orphan diseases by developing and commercializing novel oral therapies that are available only as injections. The Company has completed a multinational Phase 3 clinical trial of its most advanced Transient Permeability Enhancer platform-based product candidate, oral octreotide, for the treatment of acromegaly and has filed a New Drug Application (“NDA”) with the United States Food and Drug Administration (“FDA”). In August, 2015, the Company received notice that the NDA was accepted for filing to permit a substantive review. The FDA also has conditionally accepted the proposed trade name of Mycapssa for oral octreotide. Since its inception, the Company has devoted substantially all of its efforts to business planning, research and development, recruiting management and technical staff, and raising capital, and has financed its operations through the issuance of redeemable convertible preferred stock, long-term debt, and proceeds from a license agreement. Chiasma, Inc. is headquartered in Massachusetts and has a wholly owned subsidiary; Chiasma (Israel) Ltd. Chiasma, Inc. and Chiasma (Israel) Ltd. are herein collectively referred to as the “Company”. The Company’s research and development facilities are in Israel. The Company is subject to risks common to companies in the biopharmaceutical development industry. 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 required regulatory approval or that any approved products will be commercially viable. Even if the Company’s development efforts are successful, it is uncertain when, if ever, the Company will generate significant product sales. The Company operates in an environment of rapid technological change and substantial competition from pharmaceutical and biotechnology companies. Liquidity The Company has incurred significant losses from operations since its inception and expects losses to continue for the foreseeable future. The Company’s success depends primarily on the successful development and regulatory approval of its product candidates, including its lead product oral octreotide capsules. The Company expects its research and development expenses to increase in connection with its planned European Phase III clinical trial of oral octreotide for the treatment of patients with acromegaly, its planned Phase II clinical trial of oral octreotide for the treatment of patients with neuroendocrine tumors (NET) and other potential studies of oral octreotide. In addition, if the Company obtains marketing approval for oral octreotide, it may incur significant sales, marketing, in-licensing and outsourced manufacturing expenses, as well as continued research and development expenses. As a result of becoming a public company on July 15, 2015, the Company expects to incur additional costs associated with operating as a public company. Therefore, the Company expects to continue to incur significant and increasing operating losses for the foreseeable future. The Company may seek additional capital through a combination of private and public equity offerings, debt financings and collaborations and strategic and licensing arrangements. If adequate funds are not available to the Company on a timely basis, or at all, the Company may be required to terminate or delay clinical trials or other development activities for oral octreotide or for one or more indications for which it is developing octreotide, or delay its establishment of sales and marketing capabilities or other activities that may be necessary to commercialize oral octreotide, if the Company obtains marketing approval. Basis of Presentation The Company has prepared the accompanying unaudited condensed consolidated financial statements pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statements and should be read in conjunction with the Company’s audited consolidated financial statements as of and for the years ended December 31, 2014 and 2013 and notes thereto, included in the Company’s prospectus filed with the SEC pursuant to Rule 424(b)(4) on July 16, 2015 (the “Prospectus”). In the opinion of management, the Company has prepared the accompanying unaudited condensed consolidated financial statements on the same basis as its audited financial statements, and these financial statements include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the results of the interim periods presented. The operating results for the interim periods presented are not necessarily indicative of the results expected for the full year 2015. On July 21, 2015, the Company completed the sale of 7,319,750 shares of its common stock in its initial public offering (the “IPO”), at a price to the public of $16.00 per share, resulting in net proceeds to the Company of approximately $106.4 million after deducting underwriting discounts and commissions and estimated offering expenses payable by the Company. In preparation for the IPO, the Company’s board of directors and stockholders approved a 1-for-9.132 reverse stock split (the “Reverse Split”) of the Company’s common stock effective June 30, 2015. All share and per share amounts in the unaudited financial statements contained herein and notes thereto have been retroactively adjusted, where necessary, to give effect to the Reverse Split. In connection with the closing of the IPO on July 21, 2015, all of the Company’s outstanding redeemable convertible preferred stock automatically converted into 16,403,011 shares of common stock. The significant increase in shares outstanding in July 2015 is expected to impact the year-over-year comparability of the Company’s net loss per share calculations over the next year. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported and disclosed in the financial statements and the accompanying notes. Actual results could differ materially from these estimates. On an ongoing basis, we evaluate our estimates, fair values of financial instruments, useful lives of property and equipment, income taxes, and contingent liabilities, among others. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Recently Issued Accounting Pronouncements In May 2014, Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers In July 2015, the FASB affirmed its proposal to defer the effective date of the guidance in ASU 2014-09 for all entities by one year. As a result, if the proposal is formally adopted by the issuance of a new ASU, the new revenue standard (currently discussed in ASU 2014-09) would be effective for the Company for annual reporting periods beginning after December 15, 2017. The FASB also affirmed its proposal to permit all entities to early adopt the guidance in the new revenue standard, but not before annual periods beginning after December 15, 2016. In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern

Net Income (Loss) per Share Att

Net Income (Loss) per Share Attributable to Common Stockholders	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Net Income (Loss) per Share Attributable to Common Stockholders	2. Net Income (Loss) per Share Attributable to Common Stockholders Basic net income (loss) per share attributable to common stockholders is computed by dividing the net income (loss) attributable to common stockholders by the weighted-average common shares outstanding for the period. Because the Company has reported net loss attributable to common stockholders for the three and six months ended June 30, 2015, basic and diluted net loss per share attributable to common stockholders are the same for these periods. All redeemable convertible preferred stock, common stock warrants, and stock options have been excluded from the computation of diluted weighted-average shares outstanding because such securities would have an anti-dilutive impact due to net losses reported during the three and six months ended June 30, 2015. The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended June 30, Six Months Ended June 30, 2014 2015 2014 2015 Numerator: Net income (loss) attributable to common stockholders, basic $ 3,657,708 $ (7,961,883 ) $ 5,391,999 $ (12,303,612 ) Accretion of redeemable convertible preferred stock 348,074 — 687,818 — Net income (loss) attributable to common stockholders, diluted $ 4,005,782 $ (7,961,883 ) $ 6,079,817 $ (12,303,612 ) Denominator: Weighted average common shares outstanding, basic 43,848 158,104 43,702 115,213 Effects of dilutive securities: Warrants to purchase common stock 1,722,067 — 1,722,067 — Options to employees 662,623 — 641,391 — Preferred shares 8,768,025 — 8,768,025 — Weighted average common shares outstanding, diluted 11,196,563 158,104 11,175,185 115,213 Net income (loss) per share attributable to common stockholders, basic $ 83.42 $ (50.36 ) $ 123.38 $ (106.79 ) Net income (loss) per share attributable to common stockholders, diluted $ 0.36 $ (50.36 ) $ 0.54 $ (106.79 ) For the three and six months ended June 30, 2014, 467,888 and 489,120 options, respectively, have been excluded from the calculation of the diluted income per share since their effect was anti-dilutive.

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	6 Months Ended
	Jun. 30, 2015
Payables and Accruals [Abstract]
Accrued Expenses and Other Current Liabilities	3. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following: December 31, 2014 June 30, 2015 Accrued professional fees and others $ 373,727 $ 939,316 Accrued research and development expenses 3,028,389 1,292,809 Accrued payroll and employee benefits 598,178 830,147 Total accrued expenses and other current liabilities $ 4,000,294 $ 3,062,272

License Agreement

License Agreement	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
License Agreement	4. License Agreement In December 2012, the Company executed a license agreement with F. Hoffmann-La Roche Ltd. and Hoffmann-La Roche Inc. (collectively “Roche”), which was effective in January 2013, and granted Roche an exclusive, non-transferable license to the Company’s intellectual property related to oral octreotide. Under the terms of the agreement, Roche obtained worldwide rights to research, develop, make, import, export, sell, market or distribute the commercial product. The Company retained certain research and development activities under a joint development plan. The Company retained all rights to the intellectual property contained in the agreement. The agreement provided for an upfront payment of $65,000,000, future consideration of up to $530,000,000 in development and commercial milestones, and the right to receive tiered, double-digit royalties on net sales of oral octreotide. The Company’s total service obligations of $85,000,000 were recognized over the expected service period using the proportional performance method of revenue recognition. During the six months ended June 30, 2014, the Company recognized $10,561,326 in revenue for services rendered. In July 2014, Roche terminated the license agreement and returned all rights and documentation granted under the agreement to the Company. The Company was relieved of further obligations under the agreement. There was no remaining revenue to be recognized in the three and six month periods ended June 30, 2015. Subsequent to the termination of the Roche agreement, the Company purchased from Roche active pharmaceutical ingredient (“API”) supplies to continue the development and manufacturing of oral octreotide as well as Roche’s proposed trade name for oral octreotide for an aggregate amount of $5,100,000 payable in three equal annual installments of $1,700,000 in January 2016, January 2017 and January 2018. The difference between the aggregate purchase price and the present value of the installment payments represents the interest component of the financing arrangement and is being recorded as interest expense over the payment term. Other than these payments, the Company has no other financial and operational obligations to Roche. Following the termination of the license agreement, the Company is not entitled to further payments from Roche, Roche has no remaining rights to oral octreotide and the Company retains all rights to oral octreotide and all related intellectual property.

Redeemable Convertible Preferre

Redeemable Convertible Preferred Stock	6 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Redeemable Convertible Preferred Stock	5. Redeemable Convertible Preferred Stock In February 2015, the Company increased the number of authorized shares of Series E redeemable convertible preferred stock (“Series E preferred”) to a total of 80,774,458 shares and subsequently sold and issued an aggregate of 35,948,023 shares of Series E preferred at $1.00 per share for gross proceeds of $35,948,023, net of issuance costs of $257,680. In connection with the issuance of Series E preferred, the Company issued to the holders of Series E preferred warrants to purchase 984,116 shares of the Company’s common stock, with an exercise price of $9.13 per share, which is accounted for as a discount on the issuance of Series E preferred.

Warrants

Warrants	6 Months Ended
	Jun. 30, 2015
Text Block [Abstract]
Warrants	6. Warrants A summary of warrant activity is as follows: Three Months Ended June 30, Six Months Ended June 30, 2014 2015 2014 2015 Warrants outstanding, beginning of period 1,752,818 3,624,012 1,752,818 2,677,440 Exercised — — — (37,544 ) Issuances — — — 984,116 Warrants outstanding, end of period 1,752,818 3,624,012 1,752,818 3,624,012 In connection with the issuance of Series E preferred in February 2015, the Company issued to holders of Series E preferred warrants to purchase 984,116 shares of the Company’s common stock, with an exercise price of $9.13 per share, which is accounted for as a discount on the issuance of Series E preferred. These common stock warrants were classified as a component of stockholders’ equity because they are free standing financial instruments that are legally detachable and separately exercisable from the redeemable convertible preferred stock, are contingently exercisable, do not embody an obligation for the Company to repurchase its own shares, and permit the holders to receive a fixed number of common shares upon exercise. In addition, the common stock warrants require physical settlement and do not provide any guarantee of value or return. Common stock warrants were initially recorded at their relative fair value and were not subsequently remeasured. Common stock warrants were valued using a Black-Scholes option-pricing model (“Black-Scholes”) (level 3) based on the following assumptions: Expected volatility 75 % Expected term (years) 1.75 Risk-free interest rate 0.47 % Expected dividend yield 0 %

Stock Compensation

Stock Compensation	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock Compensation	7. Stock Compensation In February 2015, the board of directors approved the grant of options to purchase an aggregate of 122,644 shares of common stock, at an exercise price of $3.29 per share, to directors. The options will vest over a period of four years, and have a 10 year term. The fair value of each of the stock options granted, estimated at the date of grant using Black-Scholes, was $2.62. In April 2015, the board of directors approved the grant of options to purchase an aggregate of 1,507,234 shares of common stock to certain officers, directors and employees, at an exercise price of $5.57 per share. The options will vest over a period of four years, and have a 10 year term. The fair value of each of the stock options granted, estimated at the date of grant using Black-Scholes, was $3.72. During April and May 2015, directors and former employees exercised options to purchase an aggregate of 124,761 shares of common stock. 116,258 of the shares were issued as restricted stock as they were exercised prior to full vesting. The proceeds from the issuance of the restricted stock are presented as long term liability, since the Company has the right to acquire back the unvested portion of the restricted stock following termination of the services of their holder. The long term liability is released to additional paid in capital per the original vesting schedule of the options. As of June 30, 2015 the outstanding balance of the liability was $ 369,600. In June 2015, the board of directors approved the grant of options to purchase an aggregate of 628,539 shares of common stock to certain officers, employees and consultants at an exercise price of $8.13 per share. The options will vest over a period of four years, and have a 10 year term. The fair value of each of the stock options granted, estimated at the date of grant using Black-Scholes, was $5.47. Stock-based compensation expense is classified in the consolidated statements of operations as follows: Three Months Ended June 30, Six Months Ended June 30, 2014 2015 2014 2015 Stock-based compensation expense: Research and development $ 224,830 $ 342,951 $ 270,720 $ 479,157 Marketing, general and administrative 155,378 307,911 238,185 392,664 $ 380,208 $ 650,862 $ 508,905 $ 871,821 For stock option awards, the fair value of the options is estimated at the grant date using the Black-Scholes option-pricing model, taking into account the terms and conditions upon which options are granted. The fair value of the options is amortized on a straight-line basis over the requisite service period of the awards. The weighted average grant date fair value per share relating to outstanding stock options granted during the three and six months ended June 30, 2015 was $4.24 and $4.15 respectively. The fair value of each option granted to employees and directors was calculated on the date of grant or the date of modification of a grant using the following weighted average assumptions: Three Months Ended Six Months Ended 2014 2015 2014 2015 Expected stock price volatility 85 % 75 % 85 % 75 % Risk-free interest rate 1.32 % 1.70 % 1.32 % 1.70 % Expected term (years) 4.02 6.25 4.02 6.25 Expected dividend yield 0 % 0 % 0 % 0 % Exercise price: Expected stock price volatility: Risk-free interest rate: Expected term (in years): Expected dividend yield: For options granted to non-employees, the expected life of the option used is ten years, which is the contractual term of each such option. All other assumptions used to calculate the grant date fair value are generally consistent with the assumptions used for options granted to employees. The table below summarizes activity related to stock options: Number of Weighted- Weighted-Average Aggregate Intrinsic Outstanding as of December 31, 2014 1,501,062 $ 2.04 7.02 $ 2,466,647 Granted 2,258,417 6.16 Exercised (124,761 ) 3.29 Forfeited (2,508 ) 3.96 Outstanding as of June 30, 2015 3,632,210 $ 4.56 8.46 $ 41,568,280 Exercisable as of June 30, 2015 874,499 $ 1.57 4.84 $ 12,620,206 Vested or expected to vest as of June 30, 2015 3,632,210 $ 4.56 8.46 $ 41,568,280 At June 30, 2015, there was $10,760,169 of unrecognized compensation cost related to stock options, which is expected to be recognized over a weighted-average period of 3.68 years.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	8. Income Taxes Provision for income taxes was $68,741 and $194,361 for the three months ended June 30, 2015 and 2014, respectively. Provision for income taxes was $73,471 and $65,102 for the six months ended June 30, 2015 and 2014, respectively. The Company’s effective rate differs from the U.S. federal statutory income tax rate of 34% primarily due to a full valuation allowance against the Company’s U.S. deferred tax asset in each period presented. As of June 30, 2015 and 2014, the Company had provided a liability for $318,646 and $193,569 respectively, for uncertain tax positions related to various income tax matters which was classified as other long-term liabilities. As of June 30, 2015 and 2014, the Company accrued interest related to uncertain tax positions of $10,139 and $4,292, respectively. These uncertain tax positions would impact the Company’s effective tax rate, if recognized. The Company does not expect that the amounts of uncertain tax positions will change significantly within the next 12 months. The Company files U.S. federal, various state and Israeli income tax returns. The associated tax filings remain subject to examination by applicable tax authorities for a certain length of time following the tax year to which those filings relate. In the United States and Israel, the 2011 and subsequent tax years remain subject to examination by the applicable taxing authorities as of June 30, 2015. However, U.S. tax attributes that were generated prior to 2011 may still be adjusted upon examination by federal, state or local tax authorities if they either have been or will be used in a future period.

Commitments

Commitments	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments	9. Commitments During May 2015, the Company entered into a sublease agreement for commercial office space with an eleven month term. The monthly lease costs are $19,093 and the Company was required to provide a security deposit in the amount of $38,135.

Subsequent Event

Subsequent Event	6 Months Ended
	Jun. 30, 2015
Subsequent Events [Abstract]
Subsequent Event	10. Subsequent Event On July 21, 2015, the Company completed the sale of 7,319,750 shares of its common stock in its IPO, at a price to the public of $16.00 per share, resulting in net proceeds to the Company of approximately $106.4 million after deducting underwriting discounts and commissions and estimated offering expenses payable by the Company. The following events occurred subsequent to June 30, 2015: • On July 21, 2015 all of the Company’s outstanding redeemable convertible preferred stock automatically converted into 16,403,011 shares of common stock and; • On July 21, 2015 the Company’s amended and restated certificate of incorporation became effective, authorizing 125,000,000 shares of common stock and 5,000,000 shares of undesignated preferred stock. The table below shows, on a pro forma basis, the impact of the Company’s IPO on certain condensed consolidated balance sheet items as if the transaction occurred on June 30, 2015: June 30, 2015 Pro forma June 30, 2015 Cash $ 63,266,889 $ 170,671,958 Deferred offering costs 1,890,066 — Redeemable convertible preferred stock 138,985,514 — Common stock 2,066 239,294 Additional paid-in capital 11,595,958 256,762,124 Total Stockholders’ (deficit) equity $ (81,927,087 ) $ 163,476,307

Nature of the Business and Su18

Nature of the Business and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Liquidity	Liquidity The Company has incurred significant losses from operations since its inception and expects losses to continue for the foreseeable future. The Company’s success depends primarily on the successful development and regulatory approval of its product candidates, including its lead product oral octreotide capsules. The Company expects its research and development expenses to increase in connection with its planned European Phase III clinical trial of oral octreotide for the treatment of patients with acromegaly, its planned Phase II clinical trial of oral octreotide for the treatment of patients with neuroendocrine tumors (NET) and other potential studies of oral octreotide. In addition, if the Company obtains marketing approval for oral octreotide, it may incur significant sales, marketing, in-licensing and outsourced manufacturing expenses, as well as continued research and development expenses. As a result of becoming a public company on July 15, 2015, the Company expects to incur additional costs associated with operating as a public company. Therefore, the Company expects to continue to incur significant and increasing operating losses for the foreseeable future. The Company may seek additional capital through a combination of private and public equity offerings, debt financings and collaborations and strategic and licensing arrangements. If adequate funds are not available to the Company on a timely basis, or at all, the Company may be required to terminate or delay clinical trials or other development activities for oral octreotide or for one or more indications for which it is developing octreotide, or delay its establishment of sales and marketing capabilities or other activities that may be necessary to commercialize oral octreotide, if the Company obtains marketing approval.
Basis of Presentation	Basis of Presentation The Company has prepared the accompanying unaudited condensed consolidated financial statements pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statements and should be read in conjunction with the Company’s audited consolidated financial statements as of and for the years ended December 31, 2014 and 2013 and notes thereto, included in the Company’s prospectus filed with the SEC pursuant to Rule 424(b)(4) on July 16, 2015 (the “Prospectus”). In the opinion of management, the Company has prepared the accompanying unaudited condensed consolidated financial statements on the same basis as its audited financial statements, and these financial statements include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the results of the interim periods presented. The operating results for the interim periods presented are not necessarily indicative of the results expected for the full year 2015. On July 21, 2015, the Company completed the sale of 7,319,750 shares of its common stock in its initial public offering (the “IPO”), at a price to the public of $16.00 per share, resulting in net proceeds to the Company of approximately $106.4 million after deducting underwriting discounts and commissions and estimated offering expenses payable by the Company. In preparation for the IPO, the Company’s board of directors and stockholders approved a 1-for-9.132 reverse stock split (the “Reverse Split”) of the Company’s common stock effective June 30, 2015. All share and per share amounts in the unaudited financial statements contained herein and notes thereto have been retroactively adjusted, where necessary, to give effect to the Reverse Split. In connection with the closing of the IPO on July 21, 2015, all of the Company’s outstanding redeemable convertible preferred stock automatically converted into 16,403,011 shares of common stock. The significant increase in shares outstanding in July 2015 is expected to impact the year-over-year comparability of the Company’s net loss per share calculations over the next year.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported and disclosed in the financial statements and the accompanying notes. Actual results could differ materially from these estimates. On an ongoing basis, we evaluate our estimates, fair values of financial instruments, useful lives of property and equipment, income taxes, and contingent liabilities, among others. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In May 2014, Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers In July 2015, the FASB affirmed its proposal to defer the effective date of the guidance in ASU 2014-09 for all entities by one year. As a result, if the proposal is formally adopted by the issuance of a new ASU, the new revenue standard (currently discussed in ASU 2014-09) would be effective for the Company for annual reporting periods beginning after December 15, 2017. The FASB also affirmed its proposal to permit all entities to early adopt the guidance in the new revenue standard, but not before annual periods beginning after December 15, 2016. In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern

Net Income (Loss) per Share A19

Net Income (Loss) per Share Attributable to Common Stockholders (Tables)	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Earnings Per Share	The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended June 30, Six Months Ended June 30, 2014 2015 2014 2015 Numerator: Net income (loss) attributable to common stockholders, basic $ 3,657,708 $ (7,961,883 ) $ 5,391,999 $ (12,303,612 ) Accretion of redeemable convertible preferred stock 348,074 — 687,818 — Net income (loss) attributable to common stockholders, diluted $ 4,005,782 $ (7,961,883 ) $ 6,079,817 $ (12,303,612 ) Denominator: Weighted average common shares outstanding, basic 43,848 158,104 43,702 115,213 Effects of dilutive securities: Warrants to purchase common stock 1,722,067 — 1,722,067 — Options to employees 662,623 — 641,391 — Preferred shares 8,768,025 — 8,768,025 — Weighted average common shares outstanding, diluted 11,196,563 158,104 11,175,185 115,213 Net income (loss) per share attributable to common stockholders, basic $ 83.42 $ (50.36 ) $ 123.38 $ (106.79 ) Net income (loss) per share attributable to common stockholders, diluted $ 0.36 $ (50.36 ) $ 0.54 $ (106.79 )

Accrued Expenses and Other Cu20

Accrued Expenses and Other Current Liabilities (Tables)	6 Months Ended
	Jun. 30, 2015
Payables and Accruals [Abstract]
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consist of the following: December 31, 2014 June 30, 2015 Accrued professional fees and others $ 373,727 $ 939,316 Accrued research and development expenses 3,028,389 1,292,809 Accrued payroll and employee benefits 598,178 830,147 Total accrued expenses and other current liabilities $ 4,000,294 $ 3,062,272

Warrants (Tables)

Warrants (Tables)	6 Months Ended
	Jun. 30, 2015
Text Block [Abstract]
Summary of Warrant Activity	A summary of warrant activity is as follows: Three Months Ended June 30, Six Months Ended June 30, 2014 2015 2014 2015 Warrants outstanding, beginning of period 1,752,818 3,624,012 1,752,818 2,677,440 Exercised — — — (37,544 ) Issuances — — — 984,116 Warrants outstanding, end of period 1,752,818 3,624,012 1,752,818 3,624,012

Stock Compensation (Tables)

Stock Compensation (Tables)	6 Months Ended
	Jun. 30, 2015
Common Stock Warrants Valuation Assumptions	The fair value of each option granted to employees and directors was calculated on the date of grant or the date of modification of a grant using the following weighted average assumptions: Three Months Ended Six Months Ended 2014 2015 2014 2015 Expected stock price volatility 85 % 75 % 85 % 75 % Risk-free interest rate 1.32 % 1.70 % 1.32 % 1.70 % Expected term (years) 4.02 6.25 4.02 6.25 Expected dividend yield 0 % 0 % 0 % 0 %
Schedule of Stock-based Compensation Expense Classification	Stock-based compensation expense is classified in the consolidated statements of operations as follows: Three Months Ended June 30, Six Months Ended June 30, 2014 2015 2014 2015 Stock-based compensation expense: Research and development $ 224,830 $ 342,951 $ 270,720 $ 479,157 Marketing, general and administrative 155,378 307,911 238,185 392,664 $ 380,208 $ 650,862 $ 508,905 $ 871,821
Schedule of Stock Option Activity	The table below summarizes activity related to stock options: Number of Weighted- Weighted-Average Aggregate Intrinsic Outstanding as of December 31, 2014 1,501,062 $ 2.04 7.02 $ 2,466,647 Granted 2,258,417 6.16 Exercised (124,761 ) 3.29 Forfeited (2,508 ) 3.96 Outstanding as of June 30, 2015 3,632,210 $ 4.56 8.46 $ 41,568,280 Exercisable as of June 30, 2015 874,499 $ 1.57 4.84 $ 12,620,206 Vested or expected to vest as of June 30, 2015 3,632,210 $ 4.56 8.46 $ 41,568,280
Warrant [Member]
Common Stock Warrants Valuation Assumptions	Common stock warrants were valued using a Black-Scholes option-pricing model (“Black-Scholes”) (level 3) based on the following assumptions: Expected volatility 75 % Expected term (years) 1.75 Risk-free interest rate 0.47 % Expected dividend yield 0 %

Subsequent Event (Tables)

Subsequent Event (Tables)	6 Months Ended
	Jun. 30, 2015
Pro Forma Stockholders' Equity [Member]
Impact of IPO on Certain Condensed Consolidated Balance Sheet Items	The table below shows, on a pro forma basis, the impact of the Company’s IPO on certain condensed consolidated balance sheet items as if the transaction occurred on June 30, 2015: June 30, 2015 Pro forma June 30, 2015 Cash $ 63,266,889 $ 170,671,958 Deferred offering costs 1,890,066 — Redeemable convertible preferred stock 138,985,514 — Common stock 2,066 239,294 Additional paid-in capital 11,595,958 256,762,124 Total Stockholders’ (deficit) equity $ (81,927,087 ) $ 163,476,307

Nature of the Business and Su24

Nature of the Business and Summary of Significant Accounting Policies - Additional Information (Detail) - IPO [Member] $ / shares in Units, $ in Millions	Jul. 21, 2015USD ($)$ / sharesshares	Jun. 30, 2015
Subsequent Event [Line Items]
Common stock reverse stock split ratio		0.1095050372
Subsequent Event [Member]
Subsequent Event [Line Items]
Sale of common stock, shares	7,319,750
Sale of common stock, Per share | $ / shares	$ 16
Net proceeds from issue of shares | $	$ 106.4
Conversion of redeemable convertible preferred stock outstanding into common stock	16,403,011

Net Income (Loss) Per Share A25

Net Income (Loss) Per Share Attributable to Common Stockholders - Schedule of Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Numerator:
Net income (loss) attributable to common stockholders, basic	$ (7,961,883)	$ 3,657,708	$ (12,303,612)	$ 5,391,999
Accretion of redeemable convertible preferred stock	189,054	348,074	286,575	687,818
Net income (loss) attributable to common stockholders, diluted	$ (7,961,883)	$ 4,005,782	$ (12,303,612)	$ 6,079,817
Denominator:
Weighted average common shares outstanding, basic	158,104	43,848	115,213	43,702
Effects of dilutive securities:
Warrants to purchase common stock		1,722,067		1,722,067
Options to employees		662,623		641,391
Preferred shares		8,768,025		8,768,025
Weighted average common shares outstanding, diluted	158,104	11,196,563	115,213	11,175,185
Net income (loss) per share attributable to common stockholders, basic	$ (50.36)	$ 83.42	$ (106.79)	$ 123.38
Net income (loss) per share attributable to common stockholders, diluted	$ (50.36)	$ 0.36	$ (106.79)	$ 0.54

Net Income (Loss) Per Share A26

Net Income (Loss) Per Share Attributable to Common Stockholders - Additional Information (Detail) - Jun. 30, 2014 - shares	Total	Total
Earnings Per Share [Abstract]
Number of antidilutive securities excluded from computation of earnings per share	467,888	489,120

Accrued Expenses and Other Cu27

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Detail) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Payables and Accruals [Abstract]
Accrued professional fees and others	$ 939,316	$ 373,727
Accrued research and development expenses	1,292,809	3,028,389
Accrued payroll and employee benefits	830,147	598,178
Total accrued expenses and other current liabilities	$ 3,062,272	$ 4,000,294

License Agreement - Additional

License Agreement - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended		19 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Jul. 31, 2014
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Revenue from licensing and services		$ 5,987,848		$ 10,561,326
F. Hoffmann-La Roche Ltd. and Hoffmann-La Roche Inc [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Upfront payment received			$ 65,000,000
Aggregate service revenue recognized					$ 85,000,000
Revenue from licensing and services	$ 0		0	$ 10,561,326
F. Hoffmann-La Roche Ltd. and Hoffmann-La Roche Inc [Member] | Maximum [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Future consideration in development and commercial milestones			530,000,000
Roche Active Pharmaceutical Ingredient [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Aggregate amount of obligation	5,100,000		5,100,000
Contractual obligation, installment to be paid in next 12 months (January 2016)	1,700,000		1,700,000
Contractual obligation, installment to be paid in January 2017	1,700,000		1,700,000
Contractual obligation, installment to be paid in January 2018	$ 1,700,000		$ 1,700,000

Redeemable Convertible Prefer29

Redeemable Convertible Preferred Stock - Additional Information (Detail) - USD ($)	Feb. 28, 2015	Jun. 30, 2015
Temporary Equity [Line Items]
Issuance costs net		$ 987,189
Series E Redeemable Convertible Preferred Stock [Member]
Temporary Equity [Line Items]
Shares authorized for issuance	80,774,458
Stock issuance, shares issued	35,948,023
Sale of common stock, Per share	$ 1
Gross proceeds from issuance of stock	$ 35,948,023
Issuance costs net	$ 257,680	$ 257,680
Warrants to purchase common shares	984,116
Exercise price, common per share	$ 9.13

Warrants - Summary of Warrant A

Warrants - Summary of Warrant Activity (Detail) - Warrant [Member]	6 Months Ended
	Jun. 30, 2015shares
Class of Warrant or Right [Line Items]
Beginning balance	2,677,440
Exercised	(37,544)
Issuances	984,116
Ending balance	3,624,012

Warrants - Additional Informati

Warrants - Additional Information (Detail) - Feb. 28, 2015 - Series E Redeemable Convertible Preferred Stock [Member] - $ / shares	Total
Warrant activity line items
Warrants to purchase common shares	984,116
Exercise price, common per share	$ 9.13

Warrants - Common Stock Warrant

Warrants - Common Stock Warrants Valuation Assumptions (Detail)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Class of Warrant or Right [Line Items]
Expected volatility	75.00%	85.00%	75.00%	85.00%
Expected term (years)	6 years 3 months	4 years 7 days	6 years 3 months	4 years 7 days
Risk-free interest rate	1.70%	1.32%	1.70%	1.32%
Expected dividend yield	0.00%	0.00%	0.00%	0.00%
Warrant [Member]
Class of Warrant or Right [Line Items]
Expected volatility			75.00%
Expected term (years)			1 year 9 months
Risk-free interest rate			0.47%
Expected dividend yield			0.00%

Stock Compensation - Additional

Stock Compensation - Additional Information (Detail) - USD ($)	1 Months Ended				3 Months Ended	6 Months Ended
	Jun. 30, 2015	May. 31, 2015	Apr. 30, 2015	Feb. 28, 2015	Jun. 30, 2015	Jun. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock options granted	628,539		1,507,234			2,258,417
Stock options exercise price, per share	$ 8.13		$ 5.57			$ 6.16
Stock options vesting period	4 years		4 years
Stock options expiration period	10 years		10 years
Estimated fair value of stock option granted	$ 5.47		$ 3.72		$ 4.24	$ 4.15
Stock options exercised						124,761
Unrecognized compensation cost related to stock options, expected to be recognized	$ 10,760,169				$ 10,760,169	$ 10,760,169
Expected recognition, weighted-average period						3 years 8 months 5 days
Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock options granted				122,644
Stock options exercise price, per share				$ 3.29
Stock options vesting period				4 years
Stock options expiration period				10 years
Estimated fair value of stock option granted				$ 2.62
Director and Former Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options exercised		124,761	124,761
Liability, balance outstanding	$ 369,600				$ 369,600	$ 369,600
Director and Former Employees [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock, shares issued						116,258

Stock Compensation - Schedule o

Stock Compensation - Schedule of Stock-based Compensation Expense Classification (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Stock-based compensation expense:
Stock-based compensation expenses	$ 650,862	$ 380,208	$ 871,821	$ 508,905
Research and Development [Member]
Stock-based compensation expense:
Stock-based compensation expenses	342,951	224,830	479,157	270,720
Marketing, General and Administrative [Member]
Stock-based compensation expense:
Stock-based compensation expenses	$ 307,911	$ 155,378	$ 392,664	$ 238,185

Stock Compensation - Schedule35

Stock Compensation - Schedule of Fair Value Calculation of Option Granted (Detail)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Expected stock price volatility	75.00%	85.00%	75.00%	85.00%
Risk-free interest rate	1.70%	1.32%	1.70%	1.32%
Expected term (years)	6 years 3 months	4 years 7 days	6 years 3 months	4 years 7 days
Expected dividend yield	0.00%	0.00%	0.00%	0.00%

Stock Compensation - Schedule36

Stock Compensation - Schedule of Stock Option Activity (Detail) - USD ($)	1 Months Ended		6 Months Ended	12 Months Ended
	Jun. 30, 2015	Apr. 30, 2015	Jun. 30, 2015	Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Beginning balance			1,501,062
Number of stock options, Granted	628,539	1,507,234	2,258,417
Number of stock options, Exercised			(124,761)
Number of stock options, Forfeited			(2,508)
Ending balance	3,632,210		3,632,210	1,501,062
Number of stock options, Exercisable	874,499		874,499
Number of stock options, Vested and expected to vest	3,632,210		3,632,210
Weighted-average exercise price options outstanding, Beginning balance			$ 2.04
Weighted-average exercise price options, Granted	$ 8.13	$ 5.57	6.16
Weighted-average exercise price options, Exercised			3.29
Weighted-average exercise price options, Forfeited			3.96
Weighted-average exercise price options outstanding, Ending balance	4.56		4.56	$ 2.04
Weighted-average exercise price options, Exercisable	1.57		1.57
Weighted-average exercise price options, Vested and expected to vest	$ 4.56		$ 4.56
Weighted- average remaining life outstanding options			8 years 5 months 16 days	7 years 7 days
Weighted- average remaining life options, Exercisable			4 years 10 months 2 days
Weighted- average remaining life options, Vested and expected to vest			8 years 5 months 16 days
Aggregate Intrinsic Value options outstanding, Beginning balance			$ 2,466,647
Aggregate Intrinsic Value options outstanding, Ending balance	$ 41,568,280		41,568,280	$ 2,466,647
Aggregate Intrinsic Value options, exercisable	12,620,206		12,620,206
Aggregate Intrinsic Value options, vested and expected to vest	$ 41,568,280		$ 41,568,280

Income Tax - Additional Informa

Income Tax - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 68,741	$ 194,361	$ 73,471	$ 65,102
U.S. federal statutory income tax rate			34.00%
Liability for uncertain tax positions	$ 318,646	$ 193,569	$ 318,646	193,569
Accrued interest related to uncertain tax positions			$ 10,139	$ 4,292

Commitments - Additional Inform

Commitments - Additional Information (Detail) - 6 months ended Jun. 30, 2015 - USD ($)	Total
Commitments and Contingencies Disclosure [Abstract]
Sublease agreement, term of contract	11 months
Subleases agreement monthly payment	$ 19,093
Subleases agreement security deposit	$ 38,135

Subsequent Event - Additional I

Subsequent Event - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	Jul. 21, 2015	Jun. 30, 2015	Dec. 31, 2014
Subsequent Event [Line Items]
Common stock, shares authorized		250,000,000	175,000,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Common stock, shares authorized	125,000,000
Preferred stock, shares authorized	5,000,000
Subsequent Event [Member] | IPO [Member]
Subsequent Event [Line Items]
Sale of common stock, shares	7,319,750
Sale of common stock, Per share	$ 16
Net proceeds from issue of shares	$ 106.4
Issuance of additional shares of common stock	16,403,011

Subsequent Event - Impact of IP

Subsequent Event - Impact of IPO on Certain Condensed Consolidated Balance Sheet Items (Detail) - USD ($)	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2013
Condensed Balance Sheet Statements, Captions [Line Items]
Cash	$ 63,266,889	$ 40,160,435	$ 12,540,966	$ 12,849,579
Deferred offering costs	1,890,066
Redeemable convertible preferred stock	138,985,514	104,485,972
Common stock	2,066	443
Additional paid-in capital	11,595,958	9,489,627
Total Stockholders' (deficit) equity	(81,927,087)	$ (72,018,004)
Pro Forma Stockholders' Equity [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Cash	170,671,958
Common stock	239,294
Additional paid-in capital	256,762,124
Total Stockholders' (deficit) equity	$ 163,476,307

Uncategorized Items - chma-2015

Label	Element	Value
Warrant [Member]
Class of Warrant or Right, Outstanding	us-gaap_ClassOfWarrantOrRightOutstanding	1,752,818
Class of Warrant or Right, Outstanding	us-gaap_ClassOfWarrantOrRightOutstanding	1,752,818
Class of Warrant or Right, Outstanding	us-gaap_ClassOfWarrantOrRightOutstanding	1,752,818
Class of Warrant or Right, Outstanding	us-gaap_ClassOfWarrantOrRightOutstanding	3,624,012