Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | Jun. 10, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Entity Registrant Name | 'ALDEYRA THERAPEUTICS, INC. | ' |
Entity Central Index Key | '0001341235 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 5,565,413 |
Balance_Sheets_Unaudited
Balance Sheets (Unaudited) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Current assets: | ' | ' |
Cash and cash equivalents | $2,145,621 | $3,262,354 |
Prepaid expenses and other current assets | 9,741 | 8,412 |
Total current assets | 2,155,362 | 3,270,766 |
Deferred offering costs | 735,204 | 472,467 |
Total assets | 2,890,566 | 3,743,233 |
Current liabilities: | ' | ' |
Accounts payable | 165,961 | 341,853 |
Convertible notes payable - related parties | 155,097 | 85,000 |
Accrued interest on convertible notes payable - related parties | 4,732 | 2,125 |
Accrued expenses | 133,071 | 117,873 |
Current portion of credit facility | 232,640 | 58,160 |
Total current liabilities | 691,501 | 605,011 |
Credit facility, net of current portion and debt discount | 972,418 | 1,129,015 |
Accrued deferred offering costs | 604,264 | 394,368 |
Convertible preferred stock warrant liability | 132,373 | 253,247 |
Convertible preferred stock warrant liabilities - related parties | 1,626,579 | 3,265,620 |
Total liabilities | 4,027,135 | 5,647,261 |
Commitments and contingencies | ' | ' |
Redeemable convertible preferred stock: | ' | ' |
Redeemable convertible preferred stock | 38,508,866 | 38,317,298 |
Stockholders' deficit: | ' | ' |
Additional paid-in capital | 1,276,803 | 1,102,685 |
Deficit accumulated during the development stage | -40,922,565 | -41,324,338 |
Total stockholders' deficit | -39,645,435 | -40,221,326 |
Total liabilities, redeemable convertible preferred stock and stockholders' deficit | 2,890,566 | 3,743,233 |
Series A Preferred Stock [Member] | ' | ' |
Redeemable convertible preferred stock: | ' | ' |
Redeemable convertible preferred stock | 29,349,977 | 29,291,865 |
Stockholders' deficit: | ' | ' |
Total stockholders' deficit | 29,349,977 | 29,291,865 |
Series B Preferred Stock [Member] | ' | ' |
Redeemable convertible preferred stock: | ' | ' |
Redeemable convertible preferred stock | 9,158,889 | 9,025,433 |
Stockholders' deficit: | ' | ' |
Total stockholders' deficit | 9,158,889 | 9,025,433 |
Common stock, voting [Member] | ' | ' |
Stockholders' deficit: | ' | ' |
Common stock, value | 327 | 327 |
Common stock, non-voting [Member] | ' | ' |
Stockholders' deficit: | ' | ' |
Common stock, value | ' | ' |
Balance_Sheets_Unaudited_Paren
Balance Sheets (Unaudited) (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Series A Preferred Stock [Member] | ' | ' |
Preferred Stock, par value | $0.00 | $0.00 |
Preferred Stock, shares authorized | 24,000,000 | 24,000,000 |
Preferred Stock, shares issued | 980,391 | 980,391 |
Preferred Stock, shares outstanding | 980,391 | 980,391 |
Preferred Stock, Liquidation preference | $36,000,000 | $36,000,000 |
Series B Preferred Stock [Member] | ' | ' |
Preferred Stock, par value | $0.00 | $0.00 |
Preferred Stock, shares authorized | 38,000,000 | 38,000,000 |
Preferred Stock, shares issued | 1,316,681 | 1,316,681 |
Preferred Stock, shares outstanding | 1,316,681 | 1,316,681 |
Preferred Stock, Liquidation preference | $20,377,506 | $20,377,506 |
Common stock, voting [Member] | ' | ' |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 65,000,000 | 65,000,000 |
Common stock, shares issued | 327,365 | 327,365 |
Common stock, shares outstanding | 327,365 | 327,365 |
Common stock, non-voting [Member] | ' | ' |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 65,000,000 | 65,000,000 |
Common stock, shares issued | ' | ' |
Common stock, shares outstanding | ' | ' |
Statements_of_Operations_and_C
Statements of Operations and Comprehensive Income (Loss) (Unaudited) (USD $) | 3 Months Ended | 116 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | |
OPERATING EXPENSES: | ' | ' | ' |
Research and development | $444,278 | $150,233 | $13,291,427 |
General and administrative | 800,646 | 141,305 | 7,160,496 |
Loss from operations | -1,244,924 | -291,538 | -20,451,923 |
OTHER INCOME (EXPENSE): | ' | ' | ' |
Change in fair value of preferred stock warrant liabilities | 1,759,915 | -277,500 | 2,471,700 |
Change in fair value of convertible preferred stock rights and rights option liabilities | ' | -3,390,500 | 15,539,486 |
Value provided in excess of issuance price of Series B Preferred Stock | ' | ' | -21,484,762 |
Other income | ' | ' | 250,756 |
Interest income | 3 | 8 | 188,741 |
Other expenses | ' | ' | -42,566 |
Interest expense | -113,221 | -15,403 | -1,102,372 |
Total other income (expense), net | 1,646,697 | -3,683,395 | -4,179,017 |
Net income (loss) and comprehensive income (loss) | 401,773 | -3,974,933 | -24,630,940 |
Accretion of preferred stock | -191,568 | -123,159 | -2,128,205 |
Allocation of undistributed earnings to preferred stockholders | -223,442 | ' | -11,351,454 |
Deemed dividend to Series A Preferred stockholders | ' | ' | -15,661,898 |
Net loss attributable to common stockholders | ($13,237) | ($4,098,092) | ($53,772,497) |
Net loss per share attributable to common stockholders: | ' | ' | ' |
Basic | ($0.04) | ($13.03) | ' |
Diluted | ($4) | ($13.03) | ' |
Weighted average common shares outstanding: | ' | ' | ' |
Basic | 327,365 | 314,419 | ' |
Diluted | 443,826 | 314,419 | ' |
Statements_of_Redeemable_Conve
Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) (Unaudited) (USD $) | Total | Series A Preferred Stock [Member] | Series B Preferred Stock [Member] | Redeemable Convertible Preferred Stock [Member] | Common stock, voting [Member] | Additional Paid-in Capital [Member] | Deficit Accumulated During the Development Stage [Member] |
Beginning Balance at Aug. 12, 2004 | ' | ' | ' | ' | ' | ' | ' |
Issuance of voting common stock | $3,000 | ' | ' | ' | $250 | $2,750 | ' |
Issuance of voting common stock, Shares | ' | ' | ' | ' | 250,000 | ' | ' |
Stock-based compensation expense | 269 | ' | ' | ' | ' | 269 | ' |
Net income (loss) | -2,322 | ' | ' | ' | ' | ' | -2,322 |
Ending Balance at Dec. 31, 2004 | 947 | ' | ' | ' | 250 | 3,019 | -2,322 |
Ending Balance, Shares at Dec. 31, 2004 | ' | ' | ' | ' | 250,000 | ' | ' |
Stock-based compensation expense | 294 | ' | ' | ' | ' | 294 | ' |
Net income (loss) | -386,454 | ' | ' | ' | ' | ' | -386,454 |
Ending Balance at Dec. 31, 2005 | -385,213 | ' | ' | ' | 250 | 3,313 | -388,776 |
Ending Balance, Shares at Dec. 31, 2005 | ' | ' | ' | ' | 250,000 | ' | ' |
Stock-based compensation expense | 50 | ' | ' | ' | ' | 50 | ' |
Net income (loss) | -939,026 | ' | ' | ' | ' | ' | -939,026 |
Ending Balance at Dec. 31, 2006 | -1,324,189 | ' | ' | ' | 250 | 3,363 | -1,327,802 |
Ending Balance, Shares at Dec. 31, 2006 | ' | ' | ' | ' | 250,000 | ' | ' |
Stock-based compensation expense | 50 | ' | ' | ' | ' | 50 | ' |
Net income (loss) | -523,032 | ' | ' | ' | ' | ' | -523,032 |
Ending Balance at Dec. 31, 2007 | -1,847,171 | ' | ' | ' | 250 | 3,413 | -1,850,834 |
Beginning Balance, Shares at Dec. 31, 2007 | ' | ' | ' | ' | 250,000 | ' | ' |
Issuance of voting common stock | 90,864 | ' | ' | ' | 28 | 90,836 | ' |
Issuance of voting common stock, Shares | ' | ' | ' | ' | 27,941 | ' | ' |
Stock-based compensation expense | 15,437 | ' | ' | ' | ' | 15,437 | ' |
Exercise of stock options | 6,500 | ' | ' | ' | 5 | 6,495 | ' |
Exercise of stock options, Shares | ' | ' | ' | ' | 5,416 | ' | ' |
Shares issued, Value | ' | 4,526,900 | ' | 4,526,900 | ' | ' | ' |
Shares issued, Shares | ' | 490,197 | ' | ' | ' | ' | ' |
Conversion of convertible notes payable and related accrued interest to Series A preferred stock | ' | 2,960,649 | ' | 2,960,649 | ' | ' | ' |
Conversion of convertible notes payable and related accrued interest to Series A preferred stock, Shares | ' | 241,883 | ' | ' | ' | ' | ' |
Accretion of discounts and issuance costs on preferred stock | -99,210 | 99,210 | ' | 99,210 | ' | -99,210 | ' |
Net income (loss) | -2,224,375 | ' | ' | ' | ' | ' | -2,224,375 |
Ending Balance at Dec. 31, 2008 | -4,057,955 | 7,586,759 | ' | 7,586,759 | 283 | 16,971 | -4,075,209 |
Ending Balance, Shares at Dec. 31, 2008 | ' | 732,080 | ' | ' | 283,357 | ' | ' |
Stock-based compensation expense | 23,638 | ' | ' | ' | ' | 23,638 | ' |
Accretion of discounts and issuance costs on preferred stock | -201,050 | 201,050 | ' | 201,050 | ' | -40,609 | -160,441 |
Net income (loss) | -4,975,228 | ' | ' | ' | ' | ' | -4,975,228 |
Ending Balance at Dec. 31, 2009 | -9,210,595 | 7,787,809 | ' | 7,787,809 | 283 | ' | -9,210,878 |
Ending Balance, Shares at Dec. 31, 2009 | ' | 732,080 | ' | ' | 283,357 | ' | ' |
Issuance of voting common stock | 373 | ' | ' | ' | 31 | 342 | ' |
Issuance of voting common stock, Shares | ' | ' | ' | ' | 31,062 | ' | ' |
Stock-based compensation expense | 40,206 | ' | ' | ' | ' | 40,206 | ' |
Shares issued, Value | ' | 2,982,800 | ' | 2,982,800 | ' | ' | ' |
Shares issued, Shares | ' | 248,311 | ' | ' | ' | ' | ' |
Allocation of fair value of investor right to Series A preferred stock | ' | 1,983,500 | ' | 1,983,500 | ' | ' | ' |
Accretion of discounts and issuance costs on preferred stock | -209,304 | 209,304 | ' | 209,304 | ' | -40,548 | -168,756 |
Net income (loss) | -3,590,169 | ' | ' | ' | ' | ' | -3,590,169 |
Ending Balance at Dec. 31, 2010 | -12,969,489 | 12,963,413 | ' | 12,963,413 | 314 | ' | -12,969,803 |
Ending Balance, Shares at Dec. 31, 2010 | ' | 980,391 | ' | ' | 314,419 | ' | ' |
Stock-based compensation expense | 49,592 | ' | ' | ' | ' | 49,592 | ' |
Accretion of discounts and issuance costs on preferred stock | -215,036 | 215,036 | ' | 215,036 | ' | -49,592 | -165,444 |
Net income (loss) | -2,378,064 | ' | ' | ' | ' | ' | -2,378,064 |
Ending Balance at Dec. 31, 2011 | -15,512,997 | 13,178,449 | ' | 13,178,449 | 314 | ' | -15,513,311 |
Ending Balance, Shares at Dec. 31, 2011 | ' | 980,391 | ' | ' | 314,419 | ' | ' |
Stock-based compensation expense | 84,401 | ' | ' | ' | ' | 84,401 | ' |
Issuance of Series B preferred stock, net of issuance costs and discounts, Shares | ' | ' | 387,499 | ' | ' | ' | ' |
Conversion of convertible notes payable and related accrued interest to Series A preferred stock, Shares | ' | ' | 541,496 | ' | ' | ' | ' |
President and CEO contributed services | 170,000 | ' | ' | ' | ' | 170,000 | ' |
Accretion of discounts and issuance costs on preferred stock | -389,487 | 222,820 | 166,667 | 389,487 | ' | -254,401 | -135,086 |
Deemed dividend to Series A Preferred stockholders | -15,661,898 | 15,661,898 | ' | 15,661,898 | ' | ' | -15,661,898 |
Net income (loss) | -23,074,515 | ' | ' | ' | ' | ' | -23,074,515 |
Ending Balance at Dec. 31, 2012 | -54,384,496 | 29,063,167 | 166,667 | 29,229,834 | 314 | ' | -54,384,810 |
Ending Balance, Shares at Dec. 31, 2012 | ' | 980,391 | 928,995 | ' | 314,419 | ' | ' |
Stock-based compensation expense | 1,701,713 | ' | ' | ' | ' | 1,701,713 | ' |
Allocation of fair value of investor right to Series B preferred stock | ' | ' | 6,264,914 | 6,264,914 | ' | ' | ' |
Issuance of Series B preferred stock, net of issuance costs and warrant liability | ' | ' | 2,000,000 | 2,000,000 | ' | ' | ' |
Issuance of Series B preferred stock, net of issuance costs and warrant liability, shares | ' | ' | 387,686 | ' | ' | ' | ' |
President and CEO contributed services | 46,388 | ' | ' | ' | ' | 46,388 | ' |
Issuance of restricted stock awards | 7,147 | ' | ' | ' | 13 | 7,134 | ' |
Issuance of restricted stock awards, Shares | ' | ' | ' | ' | 12,946 | ' | ' |
Accretion of discounts and issuance costs on preferred stock | -822,550 | 228,698 | 593,852 | 822,550 | ' | -822,550 | ' |
Beneficial conversion feature on convertible promissory note | 170,000 | ' | ' | ' | ' | 170,000 | ' |
Net income (loss) | 13,060,472 | ' | ' | ' | ' | ' | 13,060,472 |
Ending Balance at Dec. 31, 2013 | -40,221,326 | 29,291,865 | 9,025,433 | 38,317,298 | 327 | 1,102,685 | -41,324,338 |
Ending Balance, Shares at Dec. 31, 2013 | ' | 980,391 | 1,316,681 | ' | 327,365 | ' | ' |
Stock-based compensation expense | 365,686 | ' | ' | ' | ' | 365,686 | ' |
Accretion of discounts and issuance costs on preferred stock | -191,568 | 58,112 | 133,456 | 191,568 | ' | -191,568 | ' |
Net income (loss) | 401,773 | ' | ' | ' | ' | ' | 401,773 |
Ending Balance at Mar. 31, 2014 | ($39,645,435) | $29,349,977 | $9,158,889 | $38,508,866 | $327 | $1,276,803 | ($40,922,565) |
Ending Balance, Shares at Mar. 31, 2014 | ' | 980,391 | 1,316,681 | ' | 327,365 | ' | ' |
Statements_of_Cash_Flows_Unaud
Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | 116 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' |
Net income (loss) | $401,773 | ($3,974,933) | ($24,630,940) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ' | ' | ' |
Stock-based compensation | 365,686 | 50,447 | 2,371,865 |
Interest converted to preferred stock | ' | ' | 593,473 |
President and CEO contributed services | ' | 42,500 | 216,388 |
Amortization of debt discount - non-cash interest expense | 87,980 | 7,335 | 230,374 |
Change in fair value of warrant liability, purchase rights and warrant purchase rights | -1,759,915 | 3,668,000 | -18,011,186 |
Depreciation | ' | ' | 7,942 |
Change in operating assets and liabilities: (Increase) decrease | ' | ' | ' |
Prepaid expenses and other current assets | -1,329 | -9,423 | -9,741 |
Accounts payable | -175,892 | -61,915 | 165,961 |
Accrued interest on convertible notes payable-related parties | 2,607 | ' | 4,732 |
Accrued expenses | 15,198 | -20,032 | 133,071 |
Net cash used in operating activities | -1,063,892 | -298,021 | -17,443,299 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Acquisitions of property and equipment | ' | ' | -7,942 |
Net cash used in investing activities | ' | ' | -7,942 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Proceeds from convertible notes payable - related parties | ' | ' | 5,130,000 |
Proceeds from issuance of common stock | ' | ' | 3,773 |
Proceeds from issuance of restricted common stock | ' | ' | 7,147 |
Proceeds from exercise of stock options | ' | ' | 6,435 |
Borrowings under credit facility, net | ' | ' | 1,500,000 |
Repayments of credit facility | ' | ' | -104,167 |
Cash paid for deferred offering costs | -52,841 | ' | -130,940 |
Net cash provided by (used in) financing activities | -52,841 | 750,436 | 19,596,862 |
NET INCREASE (DECREASE) IN CASH | -1,116,733 | 452,415 | 2,145,621 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 3,262,354 | 1,223,638 | ' |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 2,145,621 | 1,676,053 | 2,145,621 |
Cash paid during the period for: | ' | ' | ' |
Interest | 22,682 | 8,125 | 293,862 |
Income taxes | ' | ' | ' |
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES: | ' | ' | ' |
Accretion of redeemable convertible preferred stock | 191,568 | 123,159 | 2,128,205 |
Fair value of warrants issued in connection with credit facility | ' | ' | 266,052 |
Fair value of warrants, purchase rights and warrant purchase rights issued in connection with redeemable convertible preferred stock | ' | ' | 26,279,400 |
Allocation of fair value of investor purchase rights to redeemable convertible preferred stock | ' | ' | 9,047,714 |
Issuance costs in connection with Series B redeemable convertible preferred stock included in accrued expenses | ' | ' | 62,950 |
Conversion of notes payable - related parties and accrued interest - related parties into Series B redeemable convertible preferred stock | ' | ' | 2,793,474 |
Conversion of bridge loans into Series A redeemable convertible preferred stock | ' | ' | 2,960,649 |
Deferred offering costs not yet paid | 209,896 | ' | 604,264 |
Exercise of Series B warrant purchase rights into warrants | ' | ' | 1,793,600 |
Series B Redeemable Convertible Preferred Stock [Member] | ' | ' | ' |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ' | ' | ' |
Value provided in excess of issuance price of Series B redeemable convertible preferred Stock | ' | ' | 21,484,762 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Net proceeds from issuance of Series redeemable convertible preferred stock | ' | 750,436 | 4,001,165 |
Series A- Redeemable Convertible Preferred Stock [Member] | ' | ' | ' |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Net proceeds from issuance of Series redeemable convertible preferred stock | ' | ' | $9,183,449 |
Nature_of_Business
Nature of Business | 3 Months Ended | |
Mar. 31, 2014 | ||
Accounting Policies [Abstract] | ' | |
Nature of Business | ' | |
1 | NATURE OF BUSINESS | |
Aldeyra Therapeutics, Inc. (the Company) was incorporated in the state of Delaware on August 13, 2004 as Neuron Systems, Inc. On December 20, 2012, the Company changed its name to Aldexa Therapeutics, Inc. and on March 17, 2014 the Company changed its name to Aldeyra Therapeutics, Inc. The Company is developing a treatment for diseases related to high levels of free aldehydes, naturally occurring pro-inflammatory toxins. | ||
The Company’s principal activities to date include raising capital and research and development activities. |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended | |
Mar. 31, 2014 | ||
Accounting Policies [Abstract] | ' | |
Basis of Presentation | ' | |
2 | BASIS OF PRESENTATION | |
The accompanying interim unaudited financial statements and related disclosures are unaudited and have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the Company’s financial statements for the year ended December 31, 2013 included in the Company’s Registration Statement on Form S-1, as amended (File No. 333-193204) (Registration Statement), which was declared effective by the Securities and Exchange Commission (SEC) on May 1, 2014. The financial information as of March 31, 2014, the three months ended March 31, 2014 and 2013 and the cumulative period from August 13, 2004 (Inception) to March 31, 2014 is unaudited but, in the opinion of management, all adjustments, consisting only of normal recurring accruals, considered necessary for a fair statement of the results of these interim periods have been included. The balance sheet data as of December 31, 2013 was derived from audited financial statements. The results of the Company’s operations for any interim period are not necessarily indicative of the results that may be expected for any other interim period or for a full fiscal year. | ||
The Company’s initial public offering of common stock (Initial Public Offering) was completed on May 7, 2014. | ||
Use of estimates | ||
The preparation of financial statements in conformity with GAAP requires management to make estimates that affect the reported amounts of assets and liabilities at the date of the financial statements, disclosure of contingent assets and liabilities, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. | ||
Reverse stock split | ||
On January 23, 2014, the Company’s board of directors and stockholders approved an amendment to the restated certificate of incorporation to effect a one-for-twelve reverse stock split of the Company’s common stock, options for common stock, convertible preferred stock, and warrants for convertible preferred stock which became effective on May 1, 2014, prior to the effectiveness of the Registration Statement (the Reverse Stock Split). The par value and the authorized shares of the common and convertible preferred stock were not adjusted as a result of the Reverse Stock Split. All issued and outstanding common stock, options for common stock, convertible preferred stock, and rights and warrants for convertible preferred stock, as well as the exercise price of each option for common stock, each right and each warrant for convertible preferred stock, and each right for warrants for convertible preferred stock and the conversion price for convertible preferred stock, have been retroactively adjusted to reflect this Reverse Stock Split for all periods presented. All of the share and per share amounts have been adjusted, on a retroactive basis, to reflect the Reverse Stock Split. | ||
Development Stage Operations – The Company’s executive personnel have devoted substantially all of their time to date to the planning and organization of the Company, the process of initiating research and development programs, and securing adequate capital for anticipated growth and operations. The Company is subject to a number of risks, including, but not limited to, the need to raise capital through equity and/or debt financings; the uncertainty of whether the Company’s research and development efforts will result in successful commercial products; competition from larger organizations; dependence on key personnel and uncertain patent protection. The Company is in its development stage as defined by the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 915, Development Stage Entities. |
Net_Income_Loss_Attributable_t
Net Income (Loss) Attributable to Common Stockholders | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Net Income (Loss) Attributable to Common Stockholders | ' | ||||||||
3 | NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS | ||||||||
Net income (loss) attributable to common stockholders | |||||||||
The following table summarizes the computation of basic and diluted net income (loss) per share attributable to common stockholders of the Company: | |||||||||
Three Months Ended March 31, | |||||||||
2014 | 2013 | ||||||||
Numerator: | |||||||||
Basic | |||||||||
Net income (loss) and comprehensive income (loss) | $ | 401,773 | $ | (3,974,933 | ) | ||||
Accretion of preferred stock | (191,568 | ) | (123,159 | ) | |||||
Allocation of undistributed earnings to preferred stockholders | (223,442 | ) | — | ||||||
Net loss attributable to common stockholders – basic | $ | (13,237 | ) | $ | (4,098,092 | ) | |||
Diluted | |||||||||
Net loss attributable to common stockholders – basic | $ | (13,237 | ) | $ | (4,098,092 | ) | |||
Less: change in fair value of derivative liabilities | (1,759,915 | ) | — | ||||||
Net loss available to common stockholders – diluted | $ | (1,773,152 | ) | $ | (4,098,092 | ) | |||
Denominator: | |||||||||
Basic | |||||||||
Weighted-average number of common shares – basic | 327,365 | 314,419 | |||||||
Diluted | |||||||||
Weighted-average number of common shares – basic | 327,365 | 314,419 | |||||||
Stock options (treasury stock) | 4,851 | — | |||||||
Warrants (treasury stock) | 111,610 | — | |||||||
Total weighted average number of common shares – diluted | 443,826 | 314,419 | |||||||
Net loss per share: | |||||||||
Basic | $ | (0.04 | ) | $ | (13.03 | ) | |||
Diluted | $ | (4.00 | ) | $ | (13.03 | ) | |||
Because the Company reported a net loss for the three months ended March 31, 2013, diluted net loss per common share is the same as basic net loss per common share for that period. | |||||||||
The following potentially dilutive securities outstanding, prior to use of the treasury stock method or if-converted method, have been excluded from the computation of diluted weighted-average shares outstanding, because such securities had an antidilutive impact due to losses reported: | |||||||||
Three Months Ended March 31, | |||||||||
2014 | 2013 | ||||||||
Options to purchase stock | — | 67,232 | |||||||
Warrants to purchase Preferred Stock | — | 98,964 | |||||||
Preferred Stock | 303,567 | 1,909,387 | |||||||
Convertible note payable-related parties | 3,810 | — | |||||||
Rights to receive warrants for Preferred Stock | — | 232,248 | |||||||
Investor rights to purchase Preferred Stock | — | 928,995 | |||||||
Total of common equivalent shares | 307,377 | 3,236,826 | |||||||
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
4 | FAIR VALUE MEASUREMENTS | ||||||||||||||||
As of March 31, 2014 and December 31, 2013, the carrying amounts of cash and cash equivalents, prepaid expenses and other current assets, and accounts payable approximated their estimated fair values because of the short term nature of these financial instruments. The carrying value of the Company’s credit facility and convertible notes – related parties in current and long-term liabilities approximates fair value because the Company’s interest rate yield is near current market rates available to the Company. | |||||||||||||||||
Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value are performed in a manner to maximize the use of observable inputs and minimize the use of unobservable inputs. ASC 820, Fair Value Measurements, establishes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value, which are the following: | |||||||||||||||||
Level 1—Quoted prices in active markets that are accessible at the market date for identical unrestricted assets or liabilities. | |||||||||||||||||
Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs for which all significant inputs are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | |||||||||||||||||
Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | |||||||||||||||||
Liabilities measured at fair value on a recurring basis as of March 31, 2014 and December 31, 2013 are as follows. | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
March 31, 2014: | |||||||||||||||||
Liabilities: | |||||||||||||||||
Preferred Stock Warrant Liability – Series B Preferred Stock | $ | — | $ | — | $ | 1,716,421 | $ | 1,716,421 | |||||||||
Preferred Stock Warrant Liability – Series A Preferred Stock | — | — | 42,531 | 42,531 | |||||||||||||
Balance at end of period | $ | — | $ | — | $ | 1,758,952 | $ | 1,758,952 | |||||||||
December 31, 2013: | |||||||||||||||||
Liabilities: | |||||||||||||||||
Preferred Stock Warrant Liability – Series B Preferred Stock | $ | — | $ | — | $ | 3,439,059 | $ | 3,439,059 | |||||||||
Preferred Stock Warrant Liability – Series A Preferred Stock | — | — | 79,808 | 79,808 | |||||||||||||
Balance at end of period | $ | — | $ | — | $ | 3,518,867 | $ | 3,518,867 | |||||||||
The reconciliation of the Company’s liabilities measured at fair value on a recurring basis using unobservable inputs (Level 3) is as follows: | |||||||||||||||||
Preferred stock warrant liability – Series A Preferred Stock: | |||||||||||||||||
Three Months Ended | Year Ended | ||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||
Balance at beginning of period | $ | 79,808 | $ | 87,600 | |||||||||||||
Change in fair value | (37,277 | ) | (7,792 | ) | |||||||||||||
Balance at end of period | $ | 42,531 | $ | 79,808 | |||||||||||||
Preferred stock warrant liability – Series B Preferred Stock: | |||||||||||||||||
Three Months Ended | Year Ended | ||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||
Balance at beginning of period | $ | 3,439,059 | $ | 2,180,500 | |||||||||||||
Exercise of warrants purchase rights into Series B Warrants | — | 1,793,600 | |||||||||||||||
Warrant liability – Series B | — | 177,952 | |||||||||||||||
Change in fair value | (1,722,638 | ) | (712,993 | ) | |||||||||||||
Balance at end of period | $ | 1,716,421 | $ | 3,439,059 | |||||||||||||
The Company’s preferred stock liabilities were classified as level 3 and valued using the Black-Scholes model. The fair values were derived by applying the assumptions described below. These liabilities increased or decreased each period based on the fluctuations of the fair value of the underlying preferred security. | |||||||||||||||||
The estimated stock price used for the March 31, 2014 fair value measurement was based upon the Company’s anticipated Initial Public Offering price at that time using an as-converted method. | |||||||||||||||||
The table below shows the inputs used by instrument to determine the fair value measurements by reporting period: | |||||||||||||||||
March 31, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Preferred stock warrant liability – Series A | |||||||||||||||||
Expected dividend yield | 0 | % | 0 | % | |||||||||||||
Anticipated volatility | 88.57 | % | 88.57 | % | |||||||||||||
Estimated stock price | $ | 11 | $ | 45.2 | |||||||||||||
Exercise price | $ | 12.24 | $ | 12.24 | |||||||||||||
Expected life (years) | 5.04 | 5.28 | |||||||||||||||
Risk free interest rate | 1.45 | % | 1.75 | % | |||||||||||||
Preferred stock warrant liabilities – Series B | |||||||||||||||||
Expected dividend yield | 0 | % | 0 | % | |||||||||||||
Anticipated volatility | 88.57 | % | 88.57 | % | |||||||||||||
Estimated stock price | $ | 11 | $ | 19.92 | |||||||||||||
Exercise price | $ | 5.16 | $ | 5.16 | |||||||||||||
Expected life (years) | 3.73–6.65 | 3.97–6.89 | |||||||||||||||
Risk free interest rate | 1.20% – 1.73 | % | 0.78% – 2.45 | % |
Convertible_Notes_Payable_Rela
Convertible Notes Payable - Related Parties | 3 Months Ended | |
Mar. 31, 2014 | ||
Text Block [Abstract] | ' | |
Convertible Notes Payable - Related Parties | ' | |
5 | CONVERTIBLE NOTES PAYABLE – RELATED PARTIES | |
In October 2013, the Company issued a convertible promissory note to Domain Partners VI, L.P., a related party, in a principal amount of $170,000, which was amended in February 2014 to extend its maturity date. The amendment to the note was determined to be a modification in accordance with ASC 470, Debt, and did not result in extinguishment. The note accrued interest at a rate of 6% per annum, and was to become due and payable in June 2014 unless converted into shares of the Company’s capital stock prior to such time pursuant to its terms. | ||
The Company recorded the difference between the current Series B Preferred Stock Conversion price and the fair value of the Series B Preferred Stock at the date of issuance, limited to the face amount of the convertible promissory note of $170,000, as a beneficial conversion feature. This is reflected as a debt discount and is being amortized to interest expense through the note’s maturity date. At March 31, 2014, the note is shown on the accompanying balance sheet net of a debt discount of $14,903. | ||
Upon the Company’s Initial Public Offering in May 2014, the note automatically converted into 21,250 shares of the Company’s common stock. |
Credit_Facility
Credit Facility | 3 Months Ended | |
Mar. 31, 2014 | ||
Debt Disclosure [Abstract] | ' | |
Credit Facility | ' | |
6 | CREDIT FACILITY | |
On April 12, 2012, the Company entered into a loan and security agreement (Credit Facility) with a bank with availability in the amount of $500,000, to provide additional capital for general working capital purposes and for capital expenditures. Interest accrued from the date of each advance equal to the greater of (a) 2.75% above the prime rate then in effect per annum, or (b) 6.50% per annum. Any amounts outstanding were payable in 24 equal monthly installments of principal, plus all accrued interest, beginning on May 12, 2013 until the loan maturity date of April 13, 2015. There were no penalties for prepayment of the principal balance. The Credit Facility was subject to certain financial covenants. The interest rate since inception of this loan has been in accordance with (b) above, 6.50%. In conjunction with obtaining the Credit Facility, the Company issued a warrant to purchase for 2,042 shares of Series A Preferred Stock. The warrant was valued at $88,100 on the date of issuance and recorded as a discount on the Credit Facility and is being amortized using the effective interest method through the maturity date of the Credit Facility. | ||
During 2012, the Company received two advance payments totaling $500,000, the maximum borrowings under the Credit Facility. In accordance with this agreement, the Company was only required to make monthly interest payments until April 12, 2013, at which time the Company was to begin making monthly principal payments in a fixed amount of $20,833 plus interest. | ||
On November 20, 2013, the Company amended their Credit Facility with the same bank. The amendment provided an additional $1.0 million of available funds under the facility. The Company received an advance payment of $1.0 million in November 2013 through a term loan. The amended Credit Facility calls for interest only payments at a 6.50% interest rate per annum from November 2013 through November 2014 for all amounts outstanding, inclusive of those amounts originally drawn during 2012 prior to the amendment, at which point, the Company is required to make principal payments of $58,160 plus interest through the maturity date of the term loans in November 2016. The Credit Facility, as amended, may have financial covenants established at a future date. | ||
Both the original Credit Facility and the Credit Facility, as amended, are secured by all the intellectual property of the Company. | ||
In conjunction with obtaining the amended Credit Facility, the Company issued a warrant exercisable for 9,692 shares of Series B Preferred Stock with an exercise price of $5.16 per share and a term of seven years. The warrant was valued at $177,952 and, together with the fair value of the warrant issued in connection with the original Credit Facility ($88,100), was recorded as a discount on the Credit Facility. These discounts are being amortized using the effective interest method through the current maturity date of the Credit Facility in November 2016. The amendment to the Credit Facility was determined to be a modification in accordance with ASC 470, Debt, and did not result in extinguishment. | ||
At March 31, 2014, the Credit Facility is shown net of a debt discount of $190,774. |
Income_Taxes
Income Taxes | 3 Months Ended | |
Mar. 31, 2014 | ||
Income Tax Disclosure [Abstract] | ' | |
Income Taxes | ' | |
7 | INCOME TAXES | |
No provision for taxes has been recorded as the Company has incurred losses since inception for tax purposes. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. | ||
In assessing the realizability of net deferred taxes in accordance with ASC 740, Income Taxes, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. Based on the weight of available evidence, primarily the incurrence of net losses since inception and anticipated net losses in the near future, the Company does not consider it more likely than not that some or all of the net deferred taxes will be realized. Accordingly, a 100% valuation allowance has been applied against net deferred taxes. | ||
Under the provisions of the Internal Revenue Code, certain substantial changes in the Company’s ownership may result in a limitation on the amount of net operating loss carryforwards which can be used in future years. | ||
All tax years are open for examination by the taxing authorities for both federal and state purposes. | ||
The Company accounts for uncertain tax positions pursuant to ASC 740 which prescribes a recognition threshold and measurement process for financial statement recognition of uncertain tax positions taken or expected to be taken in a tax return. If the tax position meets this threshold, the benefit to be recognized is measured as the tax benefit having the highest likelihood of being realized upon ultimate settlement with the taxing authority. The Company recognizes interest accrued related to unrecognized tax benefits and penalties in the provision for income taxes. Management is not aware of any uncertain tax positions. |
Stock_Incentive_Plan
Stock Incentive Plan | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||
Stock Incentive Plan | ' | ||||||||||||
8 | STOCK INCENTIVE PLAN | ||||||||||||
The Company has three incentive plans. One was adopted in 2004 (2004 Plan) and provided for the granting of stock options and restricted stock awards to employees, board members and consultants and generally prescribed a contractual term of seven years. The 2004 Plan terminated in August 2010. However, grants made under the 2004 Plan are still governed by that plan. As of March 31, 2014, options to purchase 23,954 shares of common stock at an exercise price of $3.24 per share remained outstanding under the 2004 Plan. | |||||||||||||
The Company approved the 2010 Employee, Director and Consultant Equity Incentive Plan (2010 Plan) in September 2010 to replace the 2004 Plan. The 2010 Plan provided for the granting of stock options and restricted stock awards to certain employees, members of the board of directors and consultants of the Company. As of March 31, 2014, the number of shares of common stock authorized for issuance in connection with the 2010 Plan was 681,788. As of March 31, 2014, there were 14,649 shares available for issuance under the 2010 Plan. | |||||||||||||
The 2010 Plan terminated upon the Initial Public Offering. However, grants made under the 2010 Plan are still governed by that plan. | |||||||||||||
The Company approved the 2013 Equity Incentive Plan (2013 Plan) in October 2013. The 2013 Plan became effective immediately on adoption although no awards were to be made under it until the effective date of the Registration Statement for the Initial Public Offering. The 2013 Plan provides for the granting of stock options, restricted stock, stock appreciation rights, stock units, and performance cash awards to certain employees, members of the board of directors and consultants of the Company. As of March 31, 2014, the number of shares of common stock authorized for issuance in connection with the 2013 Plan was 625,000. As of the first business day of each fiscal year of the Company during the term of the Plan, commencing on the first day of the Company’s 2015 fiscal year, the aggregate number of common shares that may be issued under the Plan shall automatically increase by a number equal to the least of (a) 4% of the total number of common shares outstanding on the last calendar day of the prior fiscal year, (b) subject to adjustment for certain corporate transactions, 333,333 common shares, or (c) a number of common shares determined by the Company’s board of directors. | |||||||||||||
Options granted for the year ended December 31, 2013 include two grants of options exercisable for a total of 32,014 common shares for which vesting is contingent on certain performance conditions. For options granted containing performance conditions, the fair value is determined on the date of grant. For the three months ended March 31, 2014, there was no expense recorded relating to the options as the performance conditions were not met. | |||||||||||||
There were 609,842 stock options outstanding at March 31, 2014 and December 31, 2013 with a weighted average exercise price of $1.48. No options were granted during the three months ended March 31, 2014. The following table summarizes information about stock options exercisable at March 31, 2014: | |||||||||||||
Period Ending | Number | Outstanding | Exercisable | ||||||||||
Exercisable | Shares | Shares | |||||||||||
Weighted- | Weighted- | ||||||||||||
Average | Average | ||||||||||||
Remaining | Remaining | ||||||||||||
Contractual | Contractual | ||||||||||||
Life | Life | ||||||||||||
March 31, 2014 | 106,285 | 9.18 | 7.94 | ||||||||||
The Company has also issued stock options to non-employees at various grant dates from inception. In determining the expense associated with their vesting, those non-employee stock options were valued using the Black-Scholes option-pricing model using the fair value of the common stock and the following assumptions: | |||||||||||||
March 31, 2014 | |||||||||||||
Expected dividend yield | 0 | % | |||||||||||
Anticipated volatility | 88.57 | % | |||||||||||
Estimated stock price | $ | 11 | |||||||||||
Exercise price | $ | 0.552 | |||||||||||
Expected life (years) | 9.44 | ||||||||||||
Risk free interest rate | 2.68 | % | |||||||||||
There were no options granted to consultants during the three-month period ended March 31, 2014. The stock-based compensation is subject to remeasurement and is being expensed over the related service term. | |||||||||||||
Stock-based compensation is recognized for stock options granted to employees and non-employees and has been reported in the Company’s statement of operations as follows: | |||||||||||||
Three Months Ended | Three Months Ended | Cumulative Period | |||||||||||
March 31, 2014 | March 31, 2013 | from August 13, | |||||||||||
2004 (Inception) to | |||||||||||||
March 31, 2014 | |||||||||||||
Research and development expenses | $ | 78,526 | $ | 49,319 | $ | 820,266 | |||||||
General and administrative expenses | 287,160 | 1,128 | 1,551,599 | ||||||||||
Total stock-based compensation expense | $ | 365,686 | $ | 50,447 | $ | 2,371,865 | |||||||
Contributed_Services
Contributed Services | 3 Months Ended | |
Mar. 31, 2014 | ||
Compensation And Retirement Disclosure [Abstract] | ' | |
Contributed Services | ' | |
9 | CONTRIBUTED SERVICES | |
The Company’s President and Chief Executive Officer (CEO) was hired on January 6, 2012 on a half-time basis and on April 15, 2013, he began working full-time for the Company. During the period from January 6, 2012 through October 14, 2013, he was not paid a salary by the Company and was an employee and paid a salary by Domain Associates, LLC (Domain), a related party. The value of his services has been reflected in the statement of operations as an expense and recorded as a contribution of capital. For the three months ended March 31, 2013, the value of his services was $42,500. There were no contributed services for the three month period ended March 31, 2014. |
Redeemable_Convertible_Preferr
Redeemable Convertible Preferred Stock | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||
Redeemable Convertible Preferred Stock | ' | ||||||||||||||||||
10 | REDEEMABLE CONVERTIBLE PREFERRED STOCK | ||||||||||||||||||
Series A Preferred Stock | |||||||||||||||||||
In June 2008, the Company authorized a total of 13,764,706 shares of Series A redeemable, convertible preferred stock (Series A Preferred Stock) of which 490,197 shares were issued for $12.24 per share resulting in gross proceeds of $6.0 million and 241,883 shares were issued in connection with the conversion of $2.8 million of bridge notes and related $200,649 of accrued interest. | |||||||||||||||||||
In connection with the sale of Series A Preferred Stock, in June 2008, the Company recorded a separate preferred stock liability as the investors received the right to purchase from the Company, on the same terms, 248,311 additional shares of Series A Preferred Stock in a second tranche (Series A Rights). The original purchasers of the Series A Preferred Stock in the June transaction had the ability to sell some of the shares of the Series A Preferred Stock and still retained the ability to exercise the right to the future purchase of Series A Preferred Stock and, accordingly, the Series A Rights were determined to be a freestanding derivative liability instrument. | |||||||||||||||||||
At the time of issuance, the Company recorded a liability for the initial fair value of the Series A Rights. The Series A Rights were valued at $1.5 million using the Black-Scholes pricing model with the following assumptions: two year expected term, a risk-free rate of 2.98% and volatility of 88.57%. The initial value assigned to the rights was recorded as a discount to the Series A Preferred Stock and the discount is being accreted over the period through the earliest redemption date of the Series A Preferred Stock as a non-cash dividend. | |||||||||||||||||||
As the Series A Rights are exerciseable for shares of a redeemable instrument, they are classified as a liability in accordance with ASC 480, Distinguishing Liabilities from Equity, and are subject to re-measurement at each balance sheet date and changes to fair value are recognized as a component of other income (expense) in the accompanying statement of operations and comprehensive loss. | |||||||||||||||||||
In February 2010, the Series A Preferred Stock investors exercised their Series A Rights to purchase all of the additional shares of Series A Preferred Stock contemplated under the right in a second tranche sale of Series A Preferred Stock. In connection with the second tranche sale, there were 248,311 shares of Series A Preferred Stock issued, all of which were from the exercise of the Series A Rights. The second tranche sale resulted in gross proceeds to the Company of $3.0 million. | |||||||||||||||||||
In connection with the exercise of the Series A Rights, the Company performed a final valuation of the Series A Rights immediately prior to exercise resulting in a valuation of approximately $1.9 million and reclassified the fair value on extinguishment to the Series A Preferred Stock purchased in the second tranche. | |||||||||||||||||||
In connection with a December 2012 preferred stock transaction, certain features of the Series A Preferred Stock were modified. The significant changes included the following: | |||||||||||||||||||
• | Liquidation preference increased from one times the original issue price of the Series A Preferred Stock to three times the original issue price. | ||||||||||||||||||
• | Participation preference originally capped at three times the original issuance price to no cap on participation. | ||||||||||||||||||
• | Conversion terms were modified to allow for the conversion price to fully ratchet down to the price on subsequent issuance of equity at a lower price. The terms previously only allowed for a partial ratchet to the lower conversion price. | ||||||||||||||||||
The change in the terms of the Series A Preferred Stock were evaluated and the change was determined to be a modification. The Company recorded a deemed dividend of $15.7 million for the year ended December 31, 2012 calculated based on the difference in the fair value immediately before and immediately after the modification. This deemed dividend was recognized as an increase to the face value of Series A Preferred Stock with an offset to retained earnings. | |||||||||||||||||||
Series B Preferred Stock | |||||||||||||||||||
In December 2012, the Company authorized a total of 36,205,634 shares of Series B redeemable, convertible preferred stock (Series B Preferred Stock) of which 387,499 shares were issued for $5.16 per share resulting in gross proceeds of $2.0 million and 541,496 shares were issued in connection with the conversion of $2.2 million of convertible notes and related $593,474 of accrued interest. | |||||||||||||||||||
Each investor participating in the December 2012 Series B financings, including those holding the Convertible Notes that were converted in connection with the December Series B Preferred Stock financing, received warrants exercisable for a number of shares of Series B Preferred Stock (Series B Warrants) equal to the 25% of the shares of Series B Preferred Stock purchased in the financing transaction. There was a total of 96,921 shares underlying Series B Warrants issued in connection with the transaction. The Series B Warrants have an exercise price of $5.16 per share, are immediately exercisable and have a term of five years. As the Series B Warrants are exercisable for redeemable shares, the Company recorded a liability in accordance with ASC 480 for the initial fair value of the Series B Warrants. The Series B Warrants were valued at $2.2 million using the Black-Scholes pricing model with the following assumptions: a term of 5 years, a risk-free rate of 0.77%, volatility of 88.57% and fair value on date of issuance of $25.44 per share. | |||||||||||||||||||
In connection with the sale of Series B Preferred Stock in December 2012, the Company recorded a separate preferred stock liability as the investors received the right to purchase from the Company, on the same terms, 928,995 additional shares of Series B Preferred Stock, in a second tranche (Series B Rights). The Series B Right also provided for warrants (Series B Rights-Warrants) exercisable for Series B Preferred Stock to be issued with the shares exercised under Series B Rights with the same terms and conditions as those warrants issued to the purchasers of the Series B Preferred Stock in the first tranche (Series B Rights-Warrants). The Series B Rights provided warrants for 25% of the shares of the Series B Preferred Stock exercised under the right for purchase in the second tranche. The original purchasers of the Series B Preferred Stock in the December transaction had the ability to sell some of the shares of the Series B Preferred Stock and still retained the ability to exercise the right to the future purchase of Series B Preferred Stock and, accordingly, the Series B Rights were determined to be a freestanding derivative liability instrument. | |||||||||||||||||||
The Company recorded a preferred stock liability in December 2012 for the initial fair value of the Company’s obligation to sell the convertible preferred stock for the second tranche of Series B Preferred Stock and the associated warrants that would be provided. The Series B Rights preferred stock liability was valued at $18.9 million using the Black-Scholes pricing model with the following assumptions: a 10 month expected term, a risk-free rate of 0.15%, volatility of 88.57% and fair value on date of issuance of $25.44 per share. The Series B Rights-Warrants preferred stock liability was valued at $5.2 million using the Black-Scholes pricing model with the following assumptions: a 10 month expected term, a risk-free rate of 0.13% volatility of 88.57% and fair value on date of issuance of $22.44 per underlying warrant. | |||||||||||||||||||
The initial values assigned to the Series B Rights, Series B Rights-Warrants and Series B Warrants were recorded as discounts to the Series B Preferred Stock to the extent of gross proceeds received in connection with the financing transaction and those discounts are being accreted over the period through the earliest redemption date of the Series B Preferred Stock via recordings of a non-cash dividend. The amount of value received in excess of issuance price of Series B Preferred Stock of $21.5 million was recorded as an expense in the statements of operations and comprehensive income (loss). | |||||||||||||||||||
The Series B Rights, Series B Rights-Warrants and Series B Warrants are each exercisable into shares or share options for redeemable stock and are classified as liabilities in accordance with ASC 480 and are subject to re-measurement at each balance sheet date and changes to fair value are recognized as a component of other income (expense) in the statement of operations and comprehensive loss. | |||||||||||||||||||
In August 2013, the Series B investors exercised their right and purchased 387,686 additional shares of Series B Preferred Stock in connection with the second tranche. The second tranche sale resulted in gross proceeds of $2.0 million. The Company performed a final valuation of the exercised Series B Rights immediately prior to exercise resulting in a valuation of approximately $6.3 million and reclassified the fair value upon extinguishment to the Series B Preferred Stock purchased in the second tranche. The combination of the $2.0 million gross cash proceeds and the $6.3 million fair value of the Series B Rights resulted in an initial fair value of the Series B Preferred Stock issued in August 2013 of $8.3 million, prior to any discounts for direct costs associated with the transaction. The resulting warrants associated with the exercised Series B Rights were initially recorded at the final fair value of the Series B warrant purchase rights on the date of exercise and continued to be carried at fair value and those warrants remain outstanding as of December 31, 2013. The unexercised Series B Rights for 541,309 shares of Series B Preferred Stock and the associated Series B Rights-Warrants expired on October 1, 2013. As the unexercised Series B Rights and associated Series B Rights-Warrants had intrinsic value on the date of expiration, the Company recorded a gain of $10.5 million relating to the final fair value measurement adjustment on the date of expiration. | |||||||||||||||||||
The following is a summary of the Company’s redeemable convertible preferred stock. | |||||||||||||||||||
Preferred stock consisted of the following as of March 31, 2014: | |||||||||||||||||||
Preferred | Issuance Date | Preferred Shares | Redemption | Carrying | |||||||||||||||
Shares | Issued and | Value | Value | ||||||||||||||||
Authorized | Outstanding | ||||||||||||||||||
Series A - voting | 12,000,000 | June 2008 and February 2010 | 875,995 | $ | 10,722,191 | $ | 24,748,667 | ||||||||||||
Series A - nonvoting | 12,000,000 | June 2008 and February 2010 | 104,396 | $ | 1,277,807 | 4,601,310 | |||||||||||||
$ | 29,349,977 | ||||||||||||||||||
Series B - voting | 19,000,000 | December 2012 and August 2013 | 1,182,854 | $ | 6,102,107 | $ | 7,935,817 | ||||||||||||
Series B - nonvoting | 19,000,000 | December 2012 and August 2013 | 133,827 | $ | 690,387 | 1,223,072 | |||||||||||||
$ | 9,158,889 | ||||||||||||||||||
Preferred stock consisted of the following as of December 31, 2013: | |||||||||||||||||||
Preferred | Issuance Date | Preferred Shares | Redemption | Carrying | |||||||||||||||
Shares | Issued and | Value | Value | ||||||||||||||||
Authorized | Outstanding | ||||||||||||||||||
Series A - voting | 12,000,000 | June 2008 and February 2010 | 875,995 | $ | 10,722,191 | $ | 24,695,300 | ||||||||||||
Series A - nonvoting | 12,000,000 | June 2008 and February 2010 | 104,396 | $ | 1,277,807 | 4,596,565 | |||||||||||||
$ | 29,291,865 | ||||||||||||||||||
Series B - voting | 19,000,000 | December 2012 and August 2013 | 1,182,854 | $ | 6,102,107 | $ | 7,834,317 | ||||||||||||
Series B - nonvoting | 19,000,000 | December 2012 and August 2013 | 133,827 | $ | 690,387 | 1,191,116 | |||||||||||||
$ | 9,025,433 | ||||||||||||||||||
The differences between the respective preferred stock redemption values and carrying values are being accreted over the period from the date of issuance to the earliest redemption date of June 23, 2015. Costs incurred in connection with the issuances of Series A - voting, Series A - nonvoting, Series B - voting and Series B - nonvoting redeemable convertible preferred stock, (collectively, the “Preferred Stock”) through March 31, 2014 and December 31, 2013, were approximately $119,501, which have been recorded as a reduction to the carrying amounts of Preferred Stock, and are being accreted to the carrying value of the applicable preferred stock to the earliest redemption date of June 23, 2015. Upon the closing of the Company’s Initial Public Offering, the remaining issuance costs were accreted to the carrying value of the applicable preferred stock. | |||||||||||||||||||
Conversion – Each share of Preferred Stock was convertible into either shares of Voting Common Stock or Non-Voting Common Stock, at the election of the holder at any time after the date of issuance of such share. The conversion price was initially defined as the original issue price of $12.24 for Series A Preferred Stock and $5.16 for Series B Preferred Stock. Preferred Stock was subject to adjustments from time to time for stock splits, stock dividends, and recapitalization. Additionally, the conversion price of each of the series of convertible preferred stock was subject to adjustment upon certain deemed sales of common stock at a price less than the then applicable conversion price. The conversion to common stock results from dividing the applicable original issue price by the applicable conversion price. Each share of Voting Preferred Stock and each share of Non-Voting Preferred Stock was convertible into one share of the same such series of Non-Voting Preferred Stock or one share of the same such series of Voting Preferred Stock without the payment of any additional consideration by the holder. The Series A Preferred Stock and Series B Preferred Stock was convertible into shares of Voting Common Stock or Non-Voting Common Stock at the election of the holder and automatically converted into shares of Voting Common Stock or Non-Voting Common Stock in the event of (i) election of holders of at least 67% of the respective outstanding Series A and Series B Preferred Stock (Series A and Series B voting as separate single classes) or (ii) upon the closing of an initial public offering of at least $30.0 million in proceeds to the corporation and a public offering price per share equal to at least $15.4764 (subject to adjustments for stock dividends, splits, combinations and similar events). | |||||||||||||||||||
As of March 31, 2014 and December 31, 2013, there were no changes in the applicable conversion price for the Series B. As of December 31, 2013, the applicable conversion price for the Series A was reduced to $5.16 as a result of the two issuances of Series B preferred stock. | |||||||||||||||||||
In connection with the Initial Public Offering, holders of at least 67% of the respective outstanding Series A and Series B Preferred Stock (Series A and Series B voting as separate single classes) elected to automatically convert the Series A Preferred Stock and Series B Preferred Stock into common stock. |
Stock_Purchase_Warrants
Stock Purchase Warrants | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Text Block [Abstract] | ' | ||||||
Stock Purchase Warrants | ' | ||||||
11 | STOCK PURCHASE WARRANTS | ||||||
On April 12, 2012, in connection with the signing of the Credit Facility agreement, the Company granted warrants to purchase 2,042 shares of Series A Preferred Stock (Series A Warrants) at an exercise price of $12.24 per share to a commercial bank. The warrant was exercisable immediately and had a seven-year life. As the Series A Warrants were exercisable for shares of redeemable stock, they were classified as a liability in accordance with ASC 480-10 and marked to market at each reporting period with changes in fair value being reported as a component of operating income/expense in the statement of operations and comprehensive income (loss). The Series A Warrants were initially valued at $88,100 using the Black-Scholes pricing model with the following assumptions: risk-free interest rate of 1.44%; dividend yield of zero; expected volatility rate of 88.57%; with an expected life of seven years. | |||||||
On December 20, 2012, in connection with the sale and issuance of Series B Preferred Stock on that date, the Company granted warrants to purchase 96,921 shares of Series B Preferred Stock at an exercise price of $5.16 per share to the Series B Preferred Stock investors. The warrants were exercisable immediately and have a five-year life. The December issuance of the warrants was initially valued at $2.2 million using the Black-Scholes pricing model with the following assumptions: risk-free interest rate of 0.77%; dividend yield of zero; expected volatility rate of 88.57%; with an expected life of five years. | |||||||
On August 14, 2013, in connection with the sale and issuance of Series B Preferred Stock on that date, the Company granted warrants to purchase 96,921 shares of Series B Preferred Stock at an exercise price of $5.16 per share to the Series B Preferred Stock investors. The warrants were exercisable immediately and had a five-year life. The August issuance of warrants was initially valued at $1.8 million using the Black-Scholes pricing model with the following assumptions: risk-free interest rate of 1.48%; dividend yield of zero; expected volatility rate of 88.57%; with an expected life of five years. | |||||||
On November 20, 2013, the Company granted a warrant exercisable for 9,692 shares of Series B Preferred Stock to Square 1 Bank in connection with the amendment to the Credit Facility. The warrant has an exercise price of $5.16 and a term of seven years. The December 2012, August 2013 and November 2013 warrants are collectively referred to as the “Series B Warrants.” | |||||||
The Series A Warrants and Series B Warrants are classified as a liability in accordance with ASC 480 and are subject to remeasurement at each balance sheet date and changes to fair value are recognized as a component of other income (expense) in the statement of operations and comprehensive income (loss). | |||||||
As of March 31, 2014, the following warrants to purchase Preferred Stock were outstanding: | |||||||
Number of Underlying | Exercise Price per Share | Warrant Expiration Date | Type of Equity Security | ||||
Shares | |||||||
2,042 | $12.24 | 4/12/19 | Series A Preferred Stock | ||||
96,921 | $5.16 | 12/20/17 | Series B Preferred Stock | ||||
96,921 | $5.16 | 8/14/18 | Series B Preferred Stock | ||||
9,692 | $5.16 | 11/20/20 | Series B Preferred Stock | ||||
The Company recognizes all of its warrants in its balance sheet as liabilities as they are exercisable for redeemable preferred stock. The liability is revalued at each reporting period and changes in the fair value of the liability are included on the statement of operations and comprehensive income (loss). The initial recognition and subsequent changes in fair value of the liability have no effect on the Company’s cash flows. | |||||||
The Company estimates the fair value of the warrants at each reporting period using the Black-Scholes pricing model. |
Related_Party_Transactions
Related Party Transactions | 3 Months Ended | |
Mar. 31, 2014 | ||
Related Party Transactions [Abstract] | ' | |
Related Party Transactions | ' | |
12 | RELATED PARTY TRANSACTIONS | |
In November 2013, the Company entered into a letter agreement with each of its CEO and Chief Operating Officer (COO) that became effective on the effective date of the Initial Public Offering. The letter agreements were subsequently amended in February 2014. Pursuant to these letter agreements, if the Company terminates the employment of its CEO or COO without cause or if such executive resigns for good reason, then he will be eligible to receive: continued payment of base salary for 12 months; a lump-sum cash payment equal to the greater of such executive’s target bonus for the year in which such termination occurs or the actual bonus paid to the executive with respect to our most recently completed fiscal year; payment by the Company of the monthly premiums under COBRA for such executive and their eligible dependents for up to 12 months following the termination of such executive’s employment; and accelerated vesting and exercisability with respect to all equity or equity-based awards held by such executive officer as if such executive officer has completed an additional 12 months of service with the Company, and up to 12 months following such termination to exercise any then-outstanding stock options or stock appreciation rights. Such payments are contingent on the officer’s executing and not revoking a release of claims against the Company. As of March 31, 2014 and December 31, 2013, the Company assessed the likelihood for these events to occur and has determined that a liability related to these agreements is not likely to occur and therefore has not been recorded. | ||
Convertible Promissory Note - In October 2013, the Company issued a convertible promissory note to Domain Partners VI, L.P., in a principal amount of $170,000, which was amended in February 2014 to extend its maturity date. The note accrued interest at a rate of 6% per annum, and would have become due and payable in June 2014 unless it converted into shares of the Company’s capital stock prior to such time pursuant to its terms. | ||
Upon the Company’s Initial Public Offering in May 2014, the note automatically converted into 21,250 shares of the Company’s common stock. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended | |
Mar. 31, 2014 | ||
Commitments And Contingencies Disclosure [Abstract] | ' | |
Commitments and Contingencies | ' | |
13 | COMMITMENTS AND CONTINGENCIES | |
Guarantees and Indemnifications - As permitted under Delaware law, the Company indemnifies its officers and directors for certain events or occurrences while the officer or director is, or was, serving at the Company’s request in such capacity. The term of the indemnification is for the officer’s or director’s lifetime. Through March 31, 2014, the Company had not experienced any losses related to these indemnification obligations and no material claims were outstanding. The Company does not expect significant claims related to these indemnification obligations, and consequently, concluded that the fair value of these obligations is negligible, and no related reserves were established. | ||
Other Contractual Arrangements - In February 2010, the Company entered into a license and supply agreement providing the Company with an exclusive license to certain technology and access to purchase materials at certain costs. Under the terms of the license and supply agreement, the Company is obligated to make milestone payments up to an aggregate of $2.15 million upon reaching certain development and regulatory milestones in the development of the Company’s product. Upon commercialization of the Company’s product containing the licensed technology, the Company would be obligated to pay royalties based on net sales subject to an annual cap. The license and supply agreement runs through the 7th anniversary of the expiration of all patents licensed under the agreement, which the Company estimates to be April 2036, unless terminated earlier. |
Subsequent_Events
Subsequent Events | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Subsequent Events [Abstract] | ' | ||||||||
Subsequent Events | ' | ||||||||
14 | SUBSEQUENT EVENTS | ||||||||
On May 7, 2014 the Company closed the Initial Public Offering whereby the Company sold a total of 1,500,000 shares of common stock at $8.00 per share for net proceeds of $11,032,406 (after underwriting discounts and commissions and estimated offering costs). Upon the effectiveness of the Registration Statement relating to the Initial Public Offering, all outstanding shares of the Company’s convertible preferred stock were converted into 3,642,799 shares of common stock; all preferred stock warrants were net exercised for preferred stock and subsequently converted into 74,001 shares of common stock. Upon the closing of the Initial Public Offering, the convertible promissory note payable to Domain was converted into 21,250 shares of common stock. | |||||||||
The financial statements as of March 31, 2014 and December 31, 2013, including share and per share amounts, do not include the effects of the Initial Public Offering. | |||||||||
The balance sheet data presented below shows, on a pro forma basis, the impact on certain balance sheet items of the significant debt and equity transactions which occurred since March 31, 2014 through June 10, 2014. Specifically, the pro forma balance sheet data give effect to the following in connection with the Initial Public Offering: (i) the conversion of all of the Company’s outstanding shares of convertible preferred stock into an aggregate of 3,642,799 shares of common stock, (ii) the sale of 1,500,000 shares of common stock at a price to the public of $8.00 per share in the Initial Public Offering, net of underwriting discounts and offering costs, (iii) the issuance of 21,250 shares of common stock pursuant to the conversion of the outstanding amounts owed under the convertible note payable to Domain, and (iv) the net exercise of preferred stock warrants and accompanying conversion into common stock. | |||||||||
As of March 31, 2014 | |||||||||
Actual | Pro Forma | ||||||||
Balance Sheet Data: | |||||||||
Cash and cash equivalents | $ | 2,145,621 | $ | 13,178,027 | |||||
Total current assets | 2,155,362 | 13,131,736 | |||||||
Total assets | 2,890,566 | 13,131,736 | |||||||
Total current liabilities | 691,501 | 1,135,936 | |||||||
Total liabilities | 4,027,135 | 2,108,356 | |||||||
Total stockholders’ equity (deficit) | (39,645,435 | ) | 11,023,380 |
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Use of estimates | ' |
Use of estimates | |
The preparation of financial statements in conformity with GAAP requires management to make estimates that affect the reported amounts of assets and liabilities at the date of the financial statements, disclosure of contingent assets and liabilities, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. | |
Reverse stock split | ' |
Reverse stock split | |
On January 23, 2014, the Company’s board of directors and stockholders approved an amendment to the restated certificate of incorporation to effect a one-for-twelve reverse stock split of the Company’s common stock, options for common stock, convertible preferred stock, and warrants for convertible preferred stock which became effective on May 1, 2014, prior to the effectiveness of the Registration Statement (the Reverse Stock Split). The par value and the authorized shares of the common and convertible preferred stock were not adjusted as a result of the Reverse Stock Split. All issued and outstanding common stock, options for common stock, convertible preferred stock, and rights and warrants for convertible preferred stock, as well as the exercise price of each option for common stock, each right and each warrant for convertible preferred stock, and each right for warrants for convertible preferred stock and the conversion price for convertible preferred stock, have been retroactively adjusted to reflect this Reverse Stock Split for all periods presented. All of the share and per share amounts have been adjusted, on a retroactive basis, to reflect the Reverse Stock Split. | |
Development Stage Operations | ' |
Development Stage Operations – The Company’s executive personnel have devoted substantially all of their time to date to the planning and organization of the Company, the process of initiating research and development programs, and securing adequate capital for anticipated growth and operations. The Company is subject to a number of risks, including, but not limited to, the need to raise capital through equity and/or debt financings; the uncertainty of whether the Company’s research and development efforts will result in successful commercial products; competition from larger organizations; dependence on key personnel and uncertain patent protection. The Company is in its development stage as defined by the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 915, Development Stage Entities. | |
Fair Value Measurements | ' |
Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value are performed in a manner to maximize the use of observable inputs and minimize the use of unobservable inputs. ASC 820, Fair Value Measurements, establishes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value, which are the following: | |
Level 1—Quoted prices in active markets that are accessible at the market date for identical unrestricted assets or liabilities. | |
Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs for which all significant inputs are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | |
Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. |
Net_Income_Loss_Attributable_t1
Net Income (Loss) Attributable to Common Stockholders (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Computation of Basic and Diluted Net Income (Loss) per Share Attributable to Common Stockholders | ' | ||||||||
The following table summarizes the computation of basic and diluted net income (loss) per share attributable to common stockholders of the Company: | |||||||||
Three Months Ended March 31, | |||||||||
2014 | 2013 | ||||||||
Numerator: | |||||||||
Basic | |||||||||
Net income (loss) and comprehensive income (loss) | $ | 401,773 | $ | (3,974,933 | ) | ||||
Accretion of preferred stock | (191,568 | ) | (123,159 | ) | |||||
Allocation of undistributed earnings to preferred stockholders | (223,442 | ) | — | ||||||
Net loss attributable to common stockholders – basic | $ | (13,237 | ) | $ | (4,098,092 | ) | |||
Diluted | |||||||||
Net loss attributable to common stockholders – basic | $ | (13,237 | ) | $ | (4,098,092 | ) | |||
Less: change in fair value of derivative liabilities | (1,759,915 | ) | — | ||||||
Net loss available to common stockholders – diluted | $ | (1,773,152 | ) | $ | (4,098,092 | ) | |||
Denominator: | |||||||||
Basic | |||||||||
Weighted-average number of common shares – basic | 327,365 | 314,419 | |||||||
Diluted | |||||||||
Weighted-average number of common shares – basic | 327,365 | 314,419 | |||||||
Stock options (treasury stock) | 4,851 | — | |||||||
Warrants (treasury stock) | 111,610 | — | |||||||
Total weighted average number of common shares – diluted | 443,826 | 314,419 | |||||||
Net loss per share: | |||||||||
Basic | $ | (0.04 | ) | $ | (13.03 | ) | |||
Diluted | $ | (4.00 | ) | $ | (13.03 | ) | |||
Computation of Diluted Weighted-Average Shares Outstanding | ' | ||||||||
The following potentially dilutive securities outstanding, prior to use of the treasury stock method or if-converted method, have been excluded from the computation of diluted weighted-average shares outstanding, because such securities had an antidilutive impact due to losses reported: | |||||||||
Three Months Ended March 31, | |||||||||
2014 | 2013 | ||||||||
Options to purchase stock | — | 67,232 | |||||||
Warrants to purchase Preferred Stock | — | 98,964 | |||||||
Preferred Stock | 303,567 | 1,909,387 | |||||||
Convertible note payable-related parties | 3,810 | — | |||||||
Rights to receive warrants for Preferred Stock | — | 232,248 | |||||||
Investor rights to purchase Preferred Stock | — | 928,995 | |||||||
Total of common equivalent shares | 307,377 | 3,236,826 | |||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Schedule of Liabilities Measured at Fair Value on Recurring Basis | ' | ||||||||||||||||
Liabilities measured at fair value on a recurring basis as of March 31, 2014 and December 31, 2013 are as follows. | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
March 31, 2014: | |||||||||||||||||
Liabilities: | |||||||||||||||||
Preferred Stock Warrant Liability – Series B Preferred Stock | $ | — | $ | — | $ | 1,716,421 | $ | 1,716,421 | |||||||||
Preferred Stock Warrant Liability – Series A Preferred Stock | — | — | 42,531 | 42,531 | |||||||||||||
Balance at end of period | $ | — | $ | — | $ | 1,758,952 | $ | 1,758,952 | |||||||||
December 31, 2013: | |||||||||||||||||
Liabilities: | |||||||||||||||||
Preferred Stock Warrant Liability – Series B Preferred Stock | $ | — | $ | — | $ | 3,439,059 | $ | 3,439,059 | |||||||||
Preferred Stock Warrant Liability – Series A Preferred Stock | — | — | 79,808 | 79,808 | |||||||||||||
Balance at end of period | $ | — | $ | — | $ | 3,518,867 | $ | 3,518,867 | |||||||||
Schedule of Inputs Used by Instrument to Determine the Fair Value Measurements | ' | ||||||||||||||||
The table below shows the inputs used by instrument to determine the fair value measurements by reporting period: | |||||||||||||||||
March 31, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Preferred stock warrant liability – Series A | |||||||||||||||||
Expected dividend yield | 0 | % | 0 | % | |||||||||||||
Anticipated volatility | 88.57 | % | 88.57 | % | |||||||||||||
Estimated stock price | $ | 11 | $ | 45.2 | |||||||||||||
Exercise price | $ | 12.24 | $ | 12.24 | |||||||||||||
Expected life (years) | 5.04 | 5.28 | |||||||||||||||
Risk free interest rate | 1.45 | % | 1.75 | % | |||||||||||||
Preferred stock warrant liabilities – Series B | |||||||||||||||||
Expected dividend yield | 0 | % | 0 | % | |||||||||||||
Anticipated volatility | 88.57 | % | 88.57 | % | |||||||||||||
Estimated stock price | $ | 11 | $ | 19.92 | |||||||||||||
Exercise price | $ | 5.16 | $ | 5.16 | |||||||||||||
Expected life (years) | 3.73–6.65 | 3.97–6.89 | |||||||||||||||
Risk free interest rate | 1.20% – 1.73 | % | 0.78% – 2.45 | % | |||||||||||||
Level 3 [Member] | ' | ||||||||||||||||
Schedule of Reconciliation of Liabilities Measured at Fair Value on Recurring Basis | ' | ||||||||||||||||
The reconciliation of the Company’s liabilities measured at fair value on a recurring basis using unobservable inputs (Level 3) is as follows: | |||||||||||||||||
Preferred stock warrant liability – Series A Preferred Stock: | |||||||||||||||||
Three Months Ended | Year Ended | ||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||
Balance at beginning of period | $ | 79,808 | $ | 87,600 | |||||||||||||
Change in fair value | (37,277 | ) | (7,792 | ) | |||||||||||||
Balance at end of period | $ | 42,531 | $ | 79,808 | |||||||||||||
Preferred stock warrant liability – Series B Preferred Stock: | |||||||||||||||||
Three Months Ended | Year Ended | ||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||
Balance at beginning of period | $ | 3,439,059 | $ | 2,180,500 | |||||||||||||
Exercise of warrants purchase rights into Series B Warrants | — | 1,793,600 | |||||||||||||||
Warrant liability – Series B | — | 177,952 | |||||||||||||||
Change in fair value | (1,722,638 | ) | (712,993 | ) | |||||||||||||
Balance at end of period | $ | 1,716,421 | $ | 3,439,059 | |||||||||||||
Stock_Incentive_Plan_Tables
Stock Incentive Plan (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Summary of Stock Options Exercisable | ' | ||||||||||||
The following table summarizes information about stock options exercisable at March 31, 2014: | |||||||||||||
Period Ending | Number | Outstanding | Exercisable | ||||||||||
Exercisable | Shares | Shares | |||||||||||
Weighted- | Weighted- | ||||||||||||
Average | Average | ||||||||||||
Remaining | Remaining | ||||||||||||
Contractual | Contractual | ||||||||||||
Life | Life | ||||||||||||
March 31, 2014 | 106,285 | 9.18 | 7.94 | ||||||||||
Schedule of Stock-Based Compensation Expense | ' | ||||||||||||
Stock-based compensation is recognized for stock options granted to employees and non-employees and has been reported in the Company’s statement of operations as follows: | |||||||||||||
Three Months Ended | Three Months Ended | Cumulative Period | |||||||||||
March 31, 2014 | March 31, 2013 | from August 13, | |||||||||||
2004 (Inception) to | |||||||||||||
March 31, 2014 | |||||||||||||
Research and development expenses | $ | 78,526 | $ | 49,319 | $ | 820,266 | |||||||
General and administrative expenses | 287,160 | 1,128 | 1,551,599 | ||||||||||
Total stock-based compensation expense | $ | 365,686 | $ | 50,447 | $ | 2,371,865 | |||||||
Non-employee stock options [Member] | ' | ||||||||||||
Schedule of Fair Value of Stock Option Assumptions | ' | ||||||||||||
In determining the expense associated with their vesting, those non-employee stock options were valued using the Black-Scholes option-pricing model using the fair value of the common stock and the following assumptions: | |||||||||||||
March 31, 2014 | |||||||||||||
Expected dividend yield | 0 | % | |||||||||||
Anticipated volatility | 88.57 | % | |||||||||||
Estimated stock price | $ | 11 | |||||||||||
Exercise price | $ | 0.552 | |||||||||||
Expected life (years) | 9.44 | ||||||||||||
Risk free interest rate | 2.68 | % |
Redeemable_Convertible_Preferr1
Redeemable Convertible Preferred Stock (Tables) | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||
Summary of Redeemable Convertible Preferred Stock | ' | ||||||||||||||||||
The following is a summary of the Company’s redeemable convertible preferred stock. | |||||||||||||||||||
Preferred stock consisted of the following as of March 31, 2014: | |||||||||||||||||||
Preferred | Issuance Date | Preferred Shares | Redemption | Carrying | |||||||||||||||
Shares | Issued and | Value | Value | ||||||||||||||||
Authorized | Outstanding | ||||||||||||||||||
Series A - voting | 12,000,000 | June 2008 and February 2010 | 875,995 | $ | 10,722,191 | $ | 24,748,667 | ||||||||||||
Series A - nonvoting | 12,000,000 | June 2008 and February 2010 | 104,396 | $ | 1,277,807 | 4,601,310 | |||||||||||||
$ | 29,349,977 | ||||||||||||||||||
Series B - voting | 19,000,000 | December 2012 and August 2013 | 1,182,854 | $ | 6,102,107 | $ | 7,935,817 | ||||||||||||
Series B - nonvoting | 19,000,000 | December 2012 and August 2013 | 133,827 | $ | 690,387 | 1,223,072 | |||||||||||||
$ | 9,158,889 | ||||||||||||||||||
Preferred stock consisted of the following as of December 31, 2013: | |||||||||||||||||||
Preferred | Issuance Date | Preferred Shares | Redemption | Carrying | |||||||||||||||
Shares | Issued and | Value | Value | ||||||||||||||||
Authorized | Outstanding | ||||||||||||||||||
Series A - voting | 12,000,000 | June 2008 and February 2010 | 875,995 | $ | 10,722,191 | $ | 24,695,300 | ||||||||||||
Series A - nonvoting | 12,000,000 | June 2008 and February 2010 | 104,396 | $ | 1,277,807 | 4,596,565 | |||||||||||||
$ | 29,291,865 | ||||||||||||||||||
Series B - voting | 19,000,000 | December 2012 and August 2013 | 1,182,854 | $ | 6,102,107 | $ | 7,834,317 | ||||||||||||
Series B - nonvoting | 19,000,000 | December 2012 and August 2013 | 133,827 | $ | 690,387 | 1,191,116 | |||||||||||||
$ | 9,025,433 | ||||||||||||||||||
Stock_Purchase_Warrants_Tables
Stock Purchase Warrants (Tables) | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Text Block [Abstract] | ' | ||||||
Warrants to Purchase Preferred Stock Outstanding | ' | ||||||
As of March 31, 2014, the following warrants to purchase Preferred Stock were outstanding: | |||||||
Number of Underlying | Exercise Price per Share | Warrant Expiration Date | Type of Equity Security | ||||
Shares | |||||||
2,042 | $12.24 | 4/12/19 | Series A Preferred Stock | ||||
96,921 | $5.16 | 12/20/17 | Series B Preferred Stock | ||||
96,921 | $5.16 | 8/14/18 | Series B Preferred Stock | ||||
9,692 | $5.16 | 11/20/20 | Series B Preferred Stock |
Subsequent_Events_Tables
Subsequent Events (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Subsequent Events [Abstract] | ' | ||||||||
Summary of Pro Forma Basis Balance Sheet Items Impact on Significant Debt and Equity Transactions | ' | ||||||||
The balance sheet data presented below shows, on a pro forma basis, the impact on certain balance sheet items of the significant debt and equity transactions which occurred since March 31, 2014 through June 10, 2014. | |||||||||
As of March 31, 2014 | |||||||||
Actual | Pro Forma | ||||||||
Balance Sheet Data: | |||||||||
Cash and cash equivalents | $ | 2,145,621 | $ | 13,178,027 | |||||
Total current assets | 2,155,362 | 13,131,736 | |||||||
Total assets | 2,890,566 | 13,131,736 | |||||||
Total current liabilities | 691,501 | 1,135,936 | |||||||
Total liabilities | 4,027,135 | 2,108,356 | |||||||
Total stockholders’ equity (deficit) | (39,645,435 | ) | 11,023,380 |
Basis_of_Presentation_Addition
Basis of Presentation - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2014 | |
Equity [Abstract] | ' |
Initial public offering completion date | 7-May-14 |
Reverse stock split ratio | 'One-for-twelve |
Net_Income_Loss_Attributable_t2
Net Income (Loss) Attributable to Common Stockholders - Computation of Basic and Diluted Net Income (Loss) per Share Attributable to Common Stockholders (Detail) (USD $) | 3 Months Ended | 5 Months Ended | 12 Months Ended | 116 Months Ended | |||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2004 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | Dec. 31, 2008 | Dec. 31, 2007 | Dec. 31, 2006 | Dec. 31, 2005 | Mar. 31, 2014 | |
Basic | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) and comprehensive income (loss) | $401,773 | ($3,974,933) | ($2,322) | $13,060,472 | ($23,074,515) | ($2,378,064) | ($3,590,169) | ($4,975,228) | ($2,224,375) | ($523,032) | ($939,026) | ($386,454) | ($24,630,940) |
Accretion of preferred stock | -191,568 | -123,159 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,128,205 |
Allocation of undistributed earnings to preferred stockholders | -223,442 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -11,351,454 |
Net loss attributable to common stockholders | -13,237 | -4,098,092 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -53,772,497 |
Diluted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss attributable to common stockholders - basic | -13,237 | -4,098,092 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -53,772,497 |
Less: change in fair value of derivative liabilities | -1,759,915 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss available to common stockholders - diluted | ($1,773,152) | ($4,098,092) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average number of common shares - basic | 327,365 | 314,419 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Diluted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average number of common shares - basic | 327,365 | 314,419 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options (treasury stock) | 4,851 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants (treasury stock) | 111,610 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total weighted average number of common shares - diluted | 443,826 | 314,419 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | ($0.04) | ($13.03) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Diluted | ($4) | ($13.03) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net_Income_Loss_Attributable_t3
Net Income (Loss) Attributable to Common Stockholders - Computation of Diluted Weighted-Average Shares Outstanding (Detail) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Total of common equivalent shares | 307,377 | 3,236,826 |
Options to purchase stock [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Total of common equivalent shares | ' | 67,232 |
Warrants to purchase Preferred Stock [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Total of common equivalent shares | ' | 98,964 |
Preferred Stock [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Total of common equivalent shares | 303,567 | 1,909,387 |
Convertible note payable-related parties [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Total of common equivalent shares | 3,810 | ' |
Rights to receive warrants for Preferred Stock [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Total of common equivalent shares | ' | 232,248 |
Investor rights to purchase Preferred Stock [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Total of common equivalent shares | ' | 928,995 |
Fair_Value_Measurements_Schedu
Fair Value Measurements - Schedule of Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Liabilities: | ' | ' |
Liabilities measured at fair value on a recurring basis | $1,758,952 | $3,518,867 |
Warrant [Member] | Series B Preferred Stock [Member] | ' | ' |
Liabilities: | ' | ' |
Liabilities measured at fair value on a recurring basis | 1,716,421 | 3,439,059 |
Warrant [Member] | Series A Preferred Stock [Member] | ' | ' |
Liabilities: | ' | ' |
Liabilities measured at fair value on a recurring basis | 42,531 | 79,808 |
Level 1 [Member] | ' | ' |
Liabilities: | ' | ' |
Liabilities measured at fair value on a recurring basis | ' | ' |
Level 1 [Member] | Warrant [Member] | Series B Preferred Stock [Member] | ' | ' |
Liabilities: | ' | ' |
Liabilities measured at fair value on a recurring basis | ' | ' |
Level 1 [Member] | Warrant [Member] | Series A Preferred Stock [Member] | ' | ' |
Liabilities: | ' | ' |
Liabilities measured at fair value on a recurring basis | ' | ' |
Level 2 [Member] | ' | ' |
Liabilities: | ' | ' |
Liabilities measured at fair value on a recurring basis | ' | ' |
Level 2 [Member] | Warrant [Member] | Series B Preferred Stock [Member] | ' | ' |
Liabilities: | ' | ' |
Liabilities measured at fair value on a recurring basis | ' | ' |
Level 2 [Member] | Warrant [Member] | Series A Preferred Stock [Member] | ' | ' |
Liabilities: | ' | ' |
Liabilities measured at fair value on a recurring basis | ' | ' |
Level 3 [Member] | ' | ' |
Liabilities: | ' | ' |
Liabilities measured at fair value on a recurring basis | 1,758,952 | 3,518,867 |
Level 3 [Member] | Warrant [Member] | Series B Preferred Stock [Member] | ' | ' |
Liabilities: | ' | ' |
Liabilities measured at fair value on a recurring basis | 1,716,421 | 3,439,059 |
Level 3 [Member] | Warrant [Member] | Series A Preferred Stock [Member] | ' | ' |
Liabilities: | ' | ' |
Liabilities measured at fair value on a recurring basis | $42,531 | $79,808 |
Fair_Value_Measurements_Schedu1
Fair Value Measurements - Schedule of Reconciliation of Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) | 3 Months Ended | 116 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | |
Warrant [Member] | Warrant [Member] | Warrant [Member] | Warrant [Member] | ||||
Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Series B Preferred Stock [Member] | Series B Preferred Stock [Member] | ||||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Balance at beginning of period | $3,518,867 | ' | ' | $79,808 | $87,600 | $3,439,059 | $2,180,500 |
Exercise of warrants purchase rights into Series B Warrants | ' | ' | -1,793,600 | ' | ' | ' | 1,793,600 |
Warrant liability - Series B | ' | ' | -266,052 | ' | ' | ' | 177,952 |
Change in fair value | 1,759,915 | -277,500 | 2,471,700 | -37,277 | -7,792 | -1,722,638 | -712,993 |
Balance at end of period | $1,758,952 | ' | $1,758,952 | $42,531 | $79,808 | $1,716,421 | $3,439,059 |
Fair_Value_Measurements_Schedu2
Fair Value Measurements - Schedule of Inputs Used by Instrument to Determine the Fair Value Measurements (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Series A Preferred Stock [Member] | ' | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' | ' |
Preferred stock warrant liability, Expected dividend yield | 0.00% | 0.00% | ' |
Preferred stock warrant liability, Anticipated volatility | 88.57% | 88.57% | ' |
Preferred stock warrant liability, Estimated stock price | $11 | $45.20 | ' |
Preferred stock warrant liability, Exercise price | $12.24 | $12.24 | ' |
Preferred stock warrant liability, Expected life (years) | '5 years 15 days | '5 years 3 months 11 days | ' |
Preferred stock warrant liability, Risk free interest rate | 1.45% | 1.75% | ' |
Series B Preferred Stock [Member] | ' | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' | ' |
Preferred stock warrant liability, Expected dividend yield | 0.00% | 0.00% | ' |
Preferred stock warrant liability, Anticipated volatility | 88.57% | 88.57% | 88.57% |
Preferred stock warrant liability, Estimated stock price | $11 | $19.92 | $25.44 |
Preferred stock warrant liability, Exercise price | $5.16 | $5.16 | ' |
Preferred stock warrant liability, Expected life (years) | ' | ' | '10 months |
Preferred stock warrant liability, Risk free interest rate | ' | ' | 0.15% |
Minimum [Member] | Series B Preferred Stock [Member] | ' | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' | ' |
Preferred stock warrant liability, Expected life (years) | '3 years 8 months 23 days | '3 years 11 months 19 days | ' |
Preferred stock warrant liability, Risk free interest rate | 1.20% | 0.78% | ' |
Maximum [Member] | Series B Preferred Stock [Member] | ' | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' | ' |
Preferred stock warrant liability, Expected life (years) | '6 years 7 months 24 days | '6 years 10 months 21 days | ' |
Preferred stock warrant liability, Risk free interest rate | 1.73% | 2.45% | ' |
Convertible_Notes_Payable_Rela1
Convertible Notes Payable - Related Parties - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended |
Oct. 31, 2013 | Mar. 31, 2014 | |
Short-term Debt [Line Items] | ' | ' |
Convertible note interest rate | 6.00% | ' |
Convertible note payable-related parties [Member] | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Convertible promissory note | $170,000 | ' |
Convertible note interest rate | 6.00% | ' |
Convertible note maturity extended date | 28-Feb-14 | ' |
Debt discount | ' | $14,903 |
Initial public offering | ' | 'May 2014 |
Converted into common stock | ' | 21,250 |
Credit_Facility_Additional_Inf
Credit Facility - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | |||||
Nov. 20, 2013 | Apr. 12, 2012 | Mar. 31, 2014 | Dec. 31, 2012 | Nov. 20, 2013 | Aug. 14, 2013 | Dec. 20, 2012 | Apr. 12, 2012 | Nov. 20, 2013 | Mar. 31, 2014 | |
Payments | Series B Preferred Stock [Member] | Series B Preferred Stock [Member] | Series B Preferred Stock [Member] | Series A Preferred Stock [Member] | Credit Facility [Member] | Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount borrowing under credit facility | ' | $500,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Credit Facility, interest accrued description | ' | ' | 'To provide additional capital for general working capital purposes and for capital expenditures. Interest accrued from the date of each advance equal to the greater of (a) 2.75% above the prime rate then in effect per annum, or (b) 6.50% per annum. | ' | ' | ' | ' | ' | ' | ' |
Amounts outstanding payable frequency | ' | ' | '24 equal monthly installments | ' | ' | ' | ' | ' | ' | ' |
Monthly installment beginning date | ' | ' | 12-May-13 | ' | ' | ' | ' | ' | ' | ' |
Monthly installment maturity date | ' | ' | 13-Apr-15 | ' | ' | ' | ' | ' | ' | ' |
Penalties for prepayment of the principal balance | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate per annum | 6.50% | 6.50% | ' | ' | ' | ' | ' | ' | ' | ' |
Warrant issued to purchase shares of Series A Preferred Stock | ' | ' | ' | ' | 9,692 | 96,921 | 96,921 | 2,042 | ' | ' |
Warrant value | 177,952 | 88,100 | ' | ' | ' | ' | ' | ' | ' | ' |
Loan and security agreement basis spread on prime rate | ' | 2.75% | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowings under credit facility | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' |
Number of advance payments received | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' |
Monthly interest payments end date | ' | ' | ' | 12-Apr-13 | ' | ' | ' | ' | ' | ' |
Monthly principal payments | ' | ' | ' | 20,833 | ' | ' | ' | ' | ' | ' |
Current borrowings capacity under credit facility | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' |
Advance payment received in November 2013 through term loan | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' |
Credit Facility, period of interest only payments | ' | ' | 'November 2013 through November 2014 | ' | ' | ' | ' | ' | ' | ' |
Principal payments | 58,160 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity period of term loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2016-11 |
Warrant exercisable | ' | ' | ' | ' | 9,692 | ' | ' | ' | ' | ' |
Exercise price of warrants per share | ' | ' | ' | ' | 5.16 | 5.16 | 5.16 | 12.24 | ' | ' |
Warrant exercisable, term | ' | ' | ' | ' | '7 years | ' | ' | ' | ' | ' |
Net of debt discount amount | ' | ' | $190,774 | ' | ' | ' | ' | ' | ' | ' |
Credit facility maturity date | ' | ' | '2016-11 | ' | ' | ' | ' | ' | ' | ' |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Provision for income tax benefit | $0 |
Deferred tax assets valuation allowance | 100.00% |
Stock_Incentive_Plan_Additiona
Stock Incentive Plan - Additional Information (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Dec. 31, 2013 | |
Incentive_Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Number of incentive plans | 3 | ' |
Number of stock options outstanding | 609,842 | 609,842 |
Exercise price per share of common stock | $1.48 | $1.48 |
Options exercisable | 106,285 | ' |
Expense relating to options | $0 | ' |
Number of options granted | 0 | ' |
Consultants [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Number of options granted | 0 | ' |
2004 Plan [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Stock incentive plans, contractual term | 'Seven years | ' |
Stock incentive plan, termination date | 'August 2010 | ' |
Number of stock options outstanding | 23,954 | ' |
Exercise price per share of common stock | $3.24 | ' |
2010 Plan [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Issuance of common stock authorized | 681,788 | ' |
Shares available for issuance | 14,649 | ' |
2013 Plan [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Issuance of common stock authorized | 625,000 | ' |
Percentage of increase in common shares outstanding | 4.00% | ' |
Increase in common stock outstanding | $333,333 | ' |
Two grants [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Options exercisable | ' | 32,014 |
Stock_Incentive_Plan_Summary_o
Stock Incentive Plan - Summary of Stock Options Exercisable (Detail) | 3 Months Ended |
Mar. 31, 2014 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' |
Number Exercisable | 106,285 |
Outstanding Shares Weighted- Average Remaining Contractual Life | '9 years 2 months 5 days |
Exercisable Shares Weighted- Average Remaining Contractual Life | '7 years 11 months 9 days |
Stock_Incentive_Plan_Schedule_
Stock Incentive Plan - Schedule of Fair Value of Stock Option Assumptions (Detail) (Non-employee stock options [Member], USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Non-employee stock options [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Expected dividend yield | 0.00% |
Expected volatility | 88.57% |
Estimated stock price | $11 |
Exercise price | $0.55 |
Expected life (years) | '9 years 5 months 9 days |
Risk free interest rate | 2.68% |
Stock_Incentive_Plan_Schedule_1
Stock Incentive Plan - Schedule of Stock-Based Compensation Expense (Detail) (USD $) | 3 Months Ended | 116 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Total stock-based compensation expense | $365,686 | $50,447 | $2,371,865 |
Research and development expenses [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Total stock-based compensation expense | 78,526 | 49,319 | 820,266 |
General and administrative expenses [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Total stock-based compensation expense | $287,160 | $1,128 | $1,551,599 |
Contributed_Services_Additiona
Contributed Services - Additional Information (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Commitments And Contingencies Disclosure [Abstract] | ' | ' |
Contributed services description | 'During the period from January 6, 2012 through October 14, 2013, he was not paid a salary by the Company and was an employee and paid a salary by Domain Associates, LLC (Domain), a related party. The value of his services has been reflected in the statement of operations as an expense and recorded as a contribution of capital. | ' |
Contributed services fee to President and Chief Executive Officer | $0 | $42,500 |
Redeemable_Convertible_Preferr2
Redeemable Convertible Preferred Stock - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 116 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | |||||||||||
Mar. 31, 2014 | Dec. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2008 | Mar. 31, 2014 | Dec. 31, 2013 | Apr. 12, 2012 | Feb. 28, 2010 | Jun. 30, 2008 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 20, 2013 | Aug. 14, 2013 | Dec. 20, 2012 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2013 | |
Minimum [Member] | Preferred Stock [Member] | Preferred Stock [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Series B Preferred Stock [Member] | Series B Preferred Stock [Member] | Series B Preferred Stock [Member] | Series B Preferred Stock [Member] | Series B Preferred Stock [Member] | Series B Preferred Stock [Member] | Series B Preferred Stock [Member] | Series B Preferred Stock [Member] | Series B Preferred Stock [Member] | Series B Preferred Stock [Member] | Series B Preferred Stock [Member] | Series B Preferred Stock [Member] | Series B Preferred Stock [Member] | ||||
Series A Rights [Member] | Series A Rights [Member] | Minimum [Member] | Minimum [Member] | Preferred Stock Warrant Liability [Member] | Series B Warrants [Member] | Series B Rights-Warrants [Member] | Second tranche [Member] | Second tranche [Member] | |||||||||||||||||
Fair Value [Member] | |||||||||||||||||||||||||
Temporary Equity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, shares authorized | ' | ' | ' | ' | ' | ' | 13,764,706 | ' | ' | ' | ' | ' | ' | ' | 36,205,634 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, shares issued | ' | ' | ' | ' | ' | ' | 490,197 | ' | ' | ' | ' | ' | ' | ' | 387,499 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued, per share price | ' | ' | ' | ' | ' | ' | $12.24 | ' | ' | ' | ' | ' | ' | ' | $5.16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross proceeds from sale of shares | ' | ' | ' | ' | ' | ' | $6,000,000 | ' | ' | ' | $3,000,000 | ' | ' | ' | $2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
New shares issued | ' | ' | ' | ' | ' | ' | 241,883 | ' | ' | ' | ' | ' | ' | ' | 541,496 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
New shares issued, conversion amount | ' | ' | ' | ' | ' | ' | 2,800,000 | ' | ' | ' | ' | 1,500,000 | ' | ' | 2,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued interest | ' | ' | ' | ' | ' | ' | 200,649 | ' | ' | ' | ' | ' | ' | ' | 593,474 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected term | ' | ' | ' | ' | ' | ' | ' | '5 years 15 days | '5 years 3 months 11 days | ' | ' | '2 years | ' | ' | '10 months | ' | ' | ' | '3 years 8 months 23 days | '3 years 11 months 19 days | '10 months | '5 years | ' | ' | ' |
Risk-free interest rate | ' | ' | ' | ' | ' | ' | ' | 1.45% | 1.75% | ' | ' | 2.98% | ' | ' | 0.15% | ' | ' | ' | 1.20% | 0.78% | 0.13% | 0.77% | ' | ' | ' |
Volatility rate | ' | ' | ' | ' | ' | ' | ' | 88.57% | 88.57% | ' | ' | 88.57% | 88.57% | 88.57% | 88.57% | ' | ' | ' | ' | ' | 88.57% | 88.57% | ' | ' | ' |
Shares issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 248,311 | ' | ' | ' | 387,499 | ' | ' | ' | ' | ' | ' | 928,995 | ' | ' | ' |
Fair value of shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deemed dividend | ' | 15,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion rate of warrants to preferred stock purchased | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrant exercisable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,692 | ' | ' | ' | ' | ' | 96,921 | ' | ' | ' |
Exercise price of warrants per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12.24 | ' | ' | ' | ' | ' | 5.16 | 5.16 | 5.16 | ' | ' | ' | 5.16 | ' | ' | ' |
Warrants, fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,200,000 | ' | ' | ' |
Fair value of share, per share | ' | ' | ' | ' | ' | ' | ' | $11 | $45.20 | ' | ' | ' | $11 | $19.92 | $25.44 | ' | ' | ' | ' | ' | $22.44 | $25.44 | ' | ' | ' |
Preferred Stock, Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,900,000 | ' | ' | ' | ' | ' | 5,200,000 | ' | ' | 8,300,000 | 6,300,000 |
Amount of value received in excess of issuance price | ' | ' | 21,484,762 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares purchased by investors | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 387,686 | ' |
Gross proceeds from sale of shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | ' |
Rights-warrants expiration date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Oct-13 | ' | ' |
Gain on fair value measurement adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,500,000 | ' | ' |
Preferred stock, unexercised | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 541,309 | ' | ' |
Preferred stock, redemption date | 23-Jun-15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Costs incurred in connection with issuance of redeemable convertible preferred stock | ' | ' | ' | ' | 119,501 | 119,501 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion price initially defined as original issue price per share | ' | ' | ' | ' | ' | ' | ' | $12.24 | ' | ' | ' | ' | $5.16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Voting rights interest | 67.00% | ' | 67.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock conversion description | 'Each share of Voting Preferred Stock and each share of Non-Voting Preferred Stock was convertible into one share of the same such series of Non-Voting Preferred Stock or one share of the same such series of Voting Preferred Stock without the payment of any additional consideration by the holder. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from initial public offer | ' | ' | ' | ' | $30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Initial public offering price per share | ' | ' | ' | $15.48 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reduction in conversion price | ' | ' | ' | ' | ' | ' | ' | ' | $5.16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redeemable_Convertible_Preferr3
Redeemable Convertible Preferred Stock - Summary of Redeemable Convertible Preferred Stock (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
Preferred Units [Line Items] | ' | ' |
Carrying Value | $38,508,866 | $38,317,298 |
Series A Preferred Stock [Member] | ' | ' |
Preferred Units [Line Items] | ' | ' |
Preferred Shares Authorized | 24,000,000 | 24,000,000 |
Preferred Shares Issued | 980,391 | 980,391 |
Preferred Shares Outstanding | 980,391 | 980,391 |
Carrying Value | 29,349,977 | 29,291,865 |
Series A Preferred Stock [Member] | Voting [Member] | ' | ' |
Preferred Units [Line Items] | ' | ' |
Preferred Shares Authorized | 12,000,000 | 12,000,000 |
Issuance Date | 'June 2008 and February 2010 | 'June 2008 and February 2010 |
Preferred Shares Issued | 875,995 | 875,995 |
Preferred Shares Outstanding | 875,995 | 875,995 |
Redemption Value | 10,722,191 | 10,722,191 |
Carrying Value | 24,748,667 | 24,695,300 |
Series A Preferred Stock [Member] | Nonvoting [Member] | ' | ' |
Preferred Units [Line Items] | ' | ' |
Preferred Shares Authorized | 12,000,000 | 12,000,000 |
Issuance Date | 'June 2008 and February 2010 | 'June 2008 and February 2010 |
Preferred Shares Issued | 104,396 | 104,396 |
Preferred Shares Outstanding | 104,396 | 104,396 |
Redemption Value | 1,277,807 | 1,277,807 |
Carrying Value | 4,601,310 | 4,596,565 |
Series B Preferred Stock [Member] | ' | ' |
Preferred Units [Line Items] | ' | ' |
Preferred Shares Authorized | 38,000,000 | 38,000,000 |
Preferred Shares Issued | 1,316,681 | 1,316,681 |
Preferred Shares Outstanding | 1,316,681 | 1,316,681 |
Carrying Value | 9,158,889 | 9,025,433 |
Series B Preferred Stock [Member] | Voting [Member] | ' | ' |
Preferred Units [Line Items] | ' | ' |
Preferred Shares Authorized | 19,000,000 | 19,000,000 |
Issuance Date | 'December 2012 and August 2013 | 'December 2012 and August 2013 |
Preferred Shares Issued | 1,182,854 | 1,182,854 |
Preferred Shares Outstanding | 1,182,854 | 1,182,854 |
Redemption Value | 6,102,107 | 6,102,107 |
Carrying Value | 7,935,817 | 7,834,317 |
Series B Preferred Stock [Member] | Nonvoting [Member] | ' | ' |
Preferred Units [Line Items] | ' | ' |
Preferred Shares Authorized | 19,000,000 | 19,000,000 |
Issuance Date | 'December 2012 and August 2013 | 'December 2012 and August 2013 |
Preferred Shares Issued | 133,827 | 133,827 |
Preferred Shares Outstanding | 133,827 | 133,827 |
Redemption Value | 690,387 | 690,387 |
Carrying Value | $1,223,072 | $1,191,116 |
Stock_Purchase_Warrants_Additi
Stock Purchase Warrants - Additional Information (Detail) (USD $) | 0 Months Ended | ||||||
Nov. 20, 2013 | Aug. 14, 2013 | Dec. 20, 2012 | Aug. 14, 2013 | Dec. 20, 2012 | Apr. 12, 2012 | Apr. 12, 2012 | |
Series B Preferred Stock [Member] | Series B Preferred Stock [Member] | Series B Preferred Stock [Member] | Series B Preferred Stock [Member] | Series B Preferred Stock [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | |
Black-Scholes pricing model [Member] | Black-Scholes pricing model [Member] | Black-Scholes pricing model [Member] | |||||
Class of Warrant or Right [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Warrants to purchase shares | 9,692 | 96,921 | 96,921 | ' | ' | 2,042 | ' |
Exercise price of warrants per share | 5.16 | 5.16 | 5.16 | ' | ' | 12.24 | ' |
Warrant exercisable term | '7 years | '5 years | '5 years | ' | ' | '7 years | ' |
Issuance of warrants | ' | ' | ' | $1,800,000 | $2,200,000 | ' | $88,100 |
Risk-free interest rate | ' | 1.48% | 0.77% | ' | ' | 1.44% | ' |
Expected dividend yield | ' | 0.00% | 0.00% | ' | ' | 0.00% | ' |
Expected volatility rate | ' | 88.57% | 88.57% | ' | ' | 88.57% | ' |
Expected life (in years) | ' | '5 years | '5 years | ' | ' | '7 years | ' |
Stock_Purchase_Warrants_Warran
Stock Purchase Warrants - Warrants to Purchase Preferred Stock Outstanding (Detail) | Apr. 12, 2012 | Mar. 31, 2014 | Nov. 20, 2013 | Aug. 14, 2013 | Dec. 20, 2012 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 |
Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Series B Preferred Stock [Member] | Series B Preferred Stock [Member] | Series B Preferred Stock [Member] | Series B Preferred Stock [Member] | Series B Preferred Stock [Member] | Series B Preferred Stock [Member] | |
4/12/2019 [Member] | 12/20/2017 [Member] | 8/14/2018 [Member] | 11/20/2020 [Member] | |||||
Class of Warrant or Right [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Underlying Shares | 2,042 | 2,042 | 9,692 | 96,921 | 96,921 | 96,921 | 96,921 | 9,692 |
Exercise Price per Share | 12.24 | 12.24 | 5.16 | 5.16 | 5.16 | 5.16 | 5.16 | 5.16 |
Warrant Expiration Date | ' | 12-Apr-19 | ' | ' | ' | 20-Dec-17 | 14-Aug-18 | 20-Nov-20 |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | Oct. 31, 2013 | 7-May-14 | 31-May-14 |
Subsequent Event [Member] | Subsequent Event [Member] | ||
Related Party Transaction [Line Items] | ' | ' | ' |
Convertible promissory note principal amount | $170,000 | ' | ' |
Convertible promissory note interest rate | 6.00% | ' | ' |
Debt converted to common stock | ' | 21,250 | 21,250 |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Feb. 28, 2010 | |
Commitments And Contingencies Disclosure [Abstract] | ' | ' |
Outstanding material claims | $0 | ' |
Reserve for indemnification | 0 | ' |
Milestone payments upon reaching development and regulatory milestone | ' | $2,150,000 |
License and supply agreement termination description | 'The license and supply agreement runs through the 7th anniversary of the expiration of all patents licensed under the agreement, which the Company estimates to be April 2036, unless terminated earlier. | ' |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (Subsequent Event [Member], USD $) | 0 Months Ended | 1 Months Ended |
7-May-14 | 31-May-14 | |
Subsequent Event [Line Items] | ' | ' |
Net proceeds from initial public offering | $11,032,406 | ' |
Common stock issued in connection with conversion of preferred stocks | 3,642,799 | ' |
Number of preferred stock warrants were converted into common stock | 74,001 | ' |
Convertible promissory note payable to converted into common stock | 21,250 | 21,250 |
Pro Forma [Member] | ' | ' |
Subsequent Event [Line Items] | ' | ' |
Common stock issued in connection with conversion of preferred stocks | 3,642,799 | ' |
Convertible promissory note payable to converted into common stock | 21,250 | ' |
Initial Public Offering [Member] | ' | ' |
Subsequent Event [Line Items] | ' | ' |
Common stock issued in initial public offering | 1,500,000 | ' |
Common stock issued price per share | $8 | ' |
Initial Public Offering [Member] | Pro Forma [Member] | ' | ' |
Subsequent Event [Line Items] | ' | ' |
Common stock issued in initial public offering | 1,500,000 | ' |
Common stock issued price per share | $8 | ' |
Subsequent_Events_Summary_of_P
Subsequent Events - Summary of Pro Forma Basis Balance Sheet Items Impact on Significant Debt and Equity Transactions (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | Dec. 31, 2008 | Dec. 31, 2007 | Dec. 31, 2006 | Dec. 31, 2005 | Dec. 31, 2004 |
Balance Sheet Data: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | $2,145,621 | $3,262,354 | $1,676,053 | $1,223,638 | ' | ' | ' | ' | ' | ' | ' | ' |
Total current assets | 2,155,362 | 3,270,766 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | 2,890,566 | 3,743,233 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total current liabilities | 691,501 | 605,011 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total liabilities | 4,027,135 | 5,647,261 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total stockholders' equity (deficit) | -39,645,435 | -40,221,326 | ' | -54,384,496 | -15,512,997 | -12,969,489 | -9,210,595 | -4,057,955 | -1,847,171 | -1,324,189 | -385,213 | 947 |
Pro Forma [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance Sheet Data: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 13,178,027 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total current assets | 13,131,736 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | 13,131,736 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total current liabilities | 1,135,936 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total liabilities | 2,108,356 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total stockholders' equity (deficit) | $11,023,380 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |