Aldeyra Therapeutics (ALDX) 10-Q 13 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 13, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Trading Symbol	ALDX
Entity Registrant Name	ALDEYRA THERAPEUTICS, INC.
Entity Central Index Key	1,341,235
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		9,712,521

Balance Sheets (Unaudited)

Balance Sheets (Unaudited) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 30,618,365	$ 8,527,304
Prepaid expenses and other current assets	607,335	232,568
Total current assets	31,225,700	8,759,872
Deferred offering costs	36,236	14,238
Fixed assets, net	88,463	12,993
Total assets	31,350,399	8,787,103
Current liabilities:
Accounts payable	743,623	341,294
Accrued expenses (Note 5)	630,325	908,724
Current portion of credit facility		77,546
Total current liabilities	1,373,948	1,327,564
Credit facility, net of current portion and debt discount	1,281,088	1,175,481
Total liabilities	$ 2,655,036	$ 2,503,045
Commitments and contingencies (Note 10)
Stockholders' equity:
Preferred stock, $0.001 par value, 15,000,000 shares authorized, none issued and outstanding as of September 30, 2015 and December 31, 2014
Common stock, voting, $0.001 par value; 150,000,000 authorized and 9,712,521 shares issued and outstanding as of September 30, 2015 and 5,565,415 shares issued and outstanding as of December 31, 2014	$ 9,712	$ 5,565
Additional paid-in capital	82,931,679	52,790,090
Accumulated deficit	(54,246,028)	(46,511,597)
Total stockholders' equity	28,695,363	6,284,058
Total liabilities and stockholders' equity	$ 31,350,399	$ 8,787,103

Balance Sheets (Unaudited) (Par

Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Preferred Stock, par value	$ 0.001	$ 0.001
Preferred Stock, shares authorized	15,000,000	15,000,000
Preferred Stock, shares issued	0	0
Preferred Stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	9,712,521	5,565,415
Common stock, shares outstanding	9,712,521	5,565,415

Statements of Operations and Co

Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Operating expenses:
Research and development	$ 2,076,410	$ 1,195,668	$ 4,461,941	$ 2,303,854
General and administrative	1,261,196	772,467	3,188,176	2,555,692
Loss from operations	(3,337,606)	(1,968,135)	(7,650,117)	(4,859,546)
Other income (expense):
Change in fair value of preferred stock warrant liabilities				2,327,502
Interest income				3
Interest expense	(28,081)	(41,071)	(84,314)	(210,539)
Total other income (expense), net	(28,081)	(41,071)	(84,314)	2,116,966
Net loss and comprehensive loss	(3,365,687)	(2,009,206)	(7,734,431)	(2,742,580)
Accretion of preferred stock				(333,082)
Deemed dividend				(4,053,570)
Net loss attributable to common stockholders	$ (3,365,687)	$ (2,009,206)	$ (7,734,431)	$ (7,129,232)
Net loss per share attributable to common stockholders:
Basic	$ (0.35)	$ (0.36)	$ (0.94)	$ (2.21)
Diluted	$ (0.35)	$ (0.36)	$ (0.94)	$ (2.89)
Weighted average common shares outstanding:
Basic	9,712,521	5,565,415	8,270,405	3,229,338
Diluted	9,712,521	5,565,415	8,270,405	3,272,730

Statements of Cash Flows (Unaud

Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (7,734,431)	$ (2,742,580)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	1,639,930	1,571,895
Amortization of debt discount - non-cash interest expense	28,061	138,653
Change in fair value of warrant liability, purchase rights and warrant purchase rights		(2,327,502)
Depreciation	10,649	339
Change in assets and liabilities:
Prepaid expenses and other current assets	(374,767)	(194,200)
Deferred Offering Costs	(21,998)
Accounts payable	402,329	140,617
Accrued interest on convertible notes related parties		(2,125)
Accrued expenses	(278,401)	245,788
Net cash used in operating activities	(6,328,628)	(3,169,115)
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions of property and equipment	(86,119)	(6,107)
Net cash used in investing activities	(86,119)	(6,107)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock, net of issuance costs	28,505,808	10,055,005
Net cash provided by financing activities	28,505,808	10,055,005
NET INCREASE IN CASH	22,091,061	6,879,783
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	8,527,304	3,262,354
CASH AND CASH EQUIVALENTS, END OF PERIOD	30,618,365	10,142,137
Cash paid during the period for:
Interest	55,775	77,606
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Deferred Offering Costs	$ 36,236
Accretion of redeemable convertible preferred stock		333,082
Conversion of notes payable		170,000
Net exercise of warrants into common stock		1,191,365
Warrants issued to underwriter in initial public offering		315,388
Series A Preferred Stock [Member]
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Conversion of Series A and B preferred stock upon closing initial public offering		29,369,902
Series B Preferred Stock [Member]
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Conversion of Series A and B preferred stock upon closing initial public offering		$ 9,280,478

Nature of Business

Nature of Business	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business	1. NATURE OF BUSINESS Aldeyra Therapeutics, Inc. (the Company or Aldeyra) was incorporated in the state of Delaware. The Company is developing a treatment for diseases thought to be related to high levels of 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	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	2. BASIS OF PRESENTATION The accompanying interim unaudited condensed 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 and related footnotes for the year ended December 31, 2014 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014, which was filed with the Securities and Exchange Commission on March 23, 2015. The financial information as of September 30, 2015, the three and nine months ended September 30, 2015 and 2014 is unaudited, but in the opinion of management, all adjustments, consisting only of normal recurring adjustments, considered necessary for a fair presentation of the financial position, results of operations and cash flows at the dates and for the periods presented of the results of these interim periods have been included. The balance sheet data as of December 31, 2014 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. On January 14, 2015, the Company sold, in a private placement, an aggregate of approximately 1.1 million shares of common stock at a price of $7.00 per share. Investors received warrants to purchase up to approximately 1.1 million shares of common stock at an exercise price of $9.50. The Company raised approximately $7.1 million in net proceeds in the private placement of common stock and warrants. Additionally, on January 21, 2015, in a subsequent private placement, the Company sold an aggregate of 211,528 shares of common stock at a price of $9.33 per share and a warrant to purchase up to 211,528 shares of common stock at a price of $0.125 per share subject to the warrant. The Company raised approximately $1.9 million in net proceeds in the private placement of common stock and a warrant to purchase common stock. In both transactions, the exercise price of the warrants is $9.50 per share. The warrants will expire 3 years from their respective date of issuance. The warrants do not include a net-exercise feature. The warrants may be redeemed by the Company at a price of $0.001 per share upon notice to the holders thereof in the event that the closing bid for Aldeyra’s common stock for each of the fifteen consecutive trading days prior to such redemption is at least $20.00 per share and the average trading volume of Aldeyra’s common stock during such period is at least 50,000 shares per day. Following Aldeyra’s notification to the warrant holders of its exercise of the redemption right under the warrants, the warrant holders will have the option to exercise the warrants prior to the redemption date rather than having them redeemed. In addition, the Company raised approximately $19.6 million, after deducting underwriting discounts and commissions and other offering expenses, which closed on May 22, 2015, through the issuance and sale of 2,822,500 shares of common stock in a follow-on public offering, including shares sold pursuant to the underwriters exercise of their option to purchase additional shares of common stock. The Company’s management believes that its currently available resources, including amounts potentially available under its credit facility (Note 5), will provide sufficient funds to enable the Company to meet its expected obligations into approximately 2017 based on the Company’s current business plan. However, these amounts will not be sufficient for the Company to commercialize its product candidates or conduct any substantial, additional development requirements requested by the U.S. Food and Drug Administration (FDA). Additional funding may not be available to the Company on acceptable terms, or at all. If the Company is unable to secure additional capital, or meet financial covenants that could be implemented under the Company’s term loans in certain circumstances, it will be required to significantly decrease the amount of planned expenditures, and may be required to cease operations. Curtailment of operations would cause significant delays in the Company’s efforts to introduce its products to market, which is critical to the realization of its business plan and the future operations of the Company. 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. Recently issued accounting standards In April 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2015-03, “Simplifying the Presentation of Debt Issuance Costs” (“ASU 2015-03”). The amendments in ASU 2015-03 require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. ASU 2015-03 is effective for the Company in the first quarter of fiscal year 2017, with early adoption permitted. ASU 2015-03 should be applied on a retrospective basis to each individual period presented. Upon implementation, the change in reporting debt issuance costs will require the Company to reclassify any deferred financing costs from an asset to a reduction of the reported debt balance. The application of ASU 2015-03 is expected to reduce the Company’s total assets and liabilities but is not expected to have an impact on stockholders’ equity, results of operations or cash flows.

Net Loss Attributable to Common

Net Loss Attributable to Common Stockholders	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Net Loss Attributable to Common Stockholders	3. NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS Net loss attributable to common stockholders The following table summarizes the computation of basic and diluted net loss per share attributable to common stockholders of the Company: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Numerator: Basic Net loss and comprehensive loss $ (3,365,687 ) $ (2,009,206 ) $ (7,734,431 ) $ (2,742,580 ) Accretion of preferred stock — — — (333,082 ) Deemed dividend — — — (4,053,570 ) Net loss attributable to common stockholders – basic $ (3,365,687 ) $ (2,009,206 ) $ (7,734,431 ) $ (7,129,232 ) Diluted Net loss attributable to common stockholders – basic (3,365,687 ) (2,009,206 ) (7,734,431 ) (7,129,232 ) Less: change in fair value of derivative liabilities — — — (2,327,502 ) Net loss available to common stockholders – diluted $ (3,365,687 ) $ (2,009,206 ) $ (7,734,431 ) $ (9,456,734 ) Denominator: Basic Weighted-average number of common shares – basic 9,712,521 5,565,415 8,270,405 3,229,338 Diluted Weighted-average number of common shares – basic 9,712,521 5,565,415 8,270,405 3,229,338 Warrants to purchase preferred stock (treasury stock) — — — 43,392 Total weighted average number of common shares – diluted 9,712,521 5,565,415 8,270,405 3,272,730 Net loss per share: Basic $ (0.35 ) $ (0.36 ) $ (0.94 ) $ (2.21 ) Diluted $ (0.35 ) $ (0.36 ) $ (0.94 ) $ (2.89 ) 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: Three Months ended September 30, Nine Months ended September 30, 2015 2014 2015 2014 Options to purchase common stock 1,077,330 874,032 1,077,300 874,032 Warrants to purchase common stock 1,384,608 60,000 1,384,608 60,000 Total of common stock equivalents 2,461,938 934,032 2,461,908 934,032

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	4. FAIR VALUE MEASUREMENTS As of September 30, 2015 and December 31, 2014, 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 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 Level 1 Level 2 Level 3 There were no assets or liabilities measured at fair value at September 30, 2015 or December 31, 2014.

Accrued Expenses

Accrued Expenses	9 Months Ended
	Sep. 30, 2015
Payables and Accruals [Abstract]
Accrued Expenses	5. ACCRUED EXPENSES Accrued expenses at September 30, 2015 and December 31, 2014 were: September 30, December 31, 2015 2014 Accrued compensation $ 201,604 $ 444,786 Accrued research and development 186,394 313,642 Accrued general & administrative 119,663 101,457 Accrued other 122,664 48,839 Accrued expenses $ 630,325 $ 908,724

Credit Facility

Credit Facility	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Credit Facility	6. CREDIT FACILITY In April 2012, the Company entered into a loan and security agreement (the Credit Facility) with Pacific Western Bank, as successor in interest to Square 1 Bank (Pacific Western) which was amended in November 2013, November 2014 and March 2015. Pursuant to the amended Credit Facility, Pacific Western agreed to make term loans in a principal amount of up to $5,000,000 available to the Company with proceeds to be used to refinance outstanding loans from Pacific Western, and to fund expenses related to the Company’s clinical trials, and the remainder for general working capital purposes. Under the terms of the amended Credit Facility, (i) $2,000,000 was made available in November 2014; and (ii) $3,000,000 (the Tranche B Loan) is to be made available to the Company following the satisfaction of certain conditions, including receipt of positive Phase 2 data (as determined by the Aldeyra Board of Directors) in either Sjögren-Larsson Syndrome or noninfectious anterior uveitis. As of September 30, 2015, $1,395,833 was outstanding under the Credit Facility. The term loan accrues interest from its date of issue at a variable annual interest rate equal to the greater of 2.0% plus prime or 5.25% per annum. The effective interest rate through September 30, 2015 was 6.04%. Subsequent to September 30, 2015, the Company amended the Credit Facility, extending the interest only period and the period to satisfy the conditions for Tranche B Loan. The term loan made is payable as interest-only prior to November 2016 and thereafter is payable in monthly installments of principal plus accrued interest over 36 months. The Credit Facility is collateralized by the Company’s assets, including its intellectual property. At September 30, 2015, the Credit Facility is shown net of a remaining debt discount of $114,745 which is being amortized using the effective interest method through the current maturity date of the Credit Facility, November 2019.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	7. INCOME TAXES No provision for federal 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 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	9 Months Ended
	Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based 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 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 September 30, 2015, 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. The 2010 Plan terminated upon the Initial Public Offering. However, grants made under the 2010 Plan are still governed by that plan. As of September 30, 2015, options to purchase 585,888 shares of common stock at a weighted average exercise price of $1.41 per share remained outstanding under the 2010 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 December 31, 2014, the number of shares of common stock authorized for issuance in connection with the 2013 Plan was 625,000. On January 1 of each 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. As of January 1, 2015, the number of shares of common stock that may be issued under the 2013 Plan was automatically increased by 222,617 shares, increasing the number of shares of common stock available for issuance under the 2013 Plan to 847,617 shares. As of September 30, 2015, options to purchase 467,488 shares of common stock at a weighted average exercise price of $7.25 per share remained outstanding under the 2013 Plan. Terms of stock award agreements, including vesting requirements, are determined by the Company’s board of directors or its compensation committee, subject to the provisions of the respective plan they were granted. Options granted by the Company typically vest over a four year period. Certain of the options are subject to acceleration of vesting in the event of certain change of control transactions. The options may be granted for a term of up to ten years from the date of grant. The exercise price for options granted under the 2013 Plan must be at a price no less than 100% of the fair market value of a common share on the date of grant. The following table summarizes information about stock options exercisable at September 30, 2015: Period Ending Number Outstanding Exercisable September 30, 2015 425,911 8.31 7.64 During the year ended December 31, 2013, the Company granted two options exercisable for a total of 32,014 common shares for which vesting is contingent on certain performance and market-based conditions. For options granted containing performance conditions, the fair value is determined on the date of grant. For the nine months ended September 30, 2015, there was $200,376 expense recorded relating to the options granted in 2013 as the expense was accelerated as a result of market-based conditions being satisfied in January 2015 and the options vested. Options to purchase an aggregate of 203,298 shares of common stock were granted in the nine months ended September 30, 2015. No stock options were exercised, forfeited or cancelled during the three or nine months ended September 30, 2015. The total aggregate intrinsic value of stock options outstanding and exercisable as of September 30, 2015 was $1,719,626. 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 September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Research and development expenses $ 181,081 $ 181,162 $ 649,305 $ 463,161 General and administrative expenses 355,188 276,627 990,625 1,108,734 Total stock-based compensation expense $ 536,269 $ 457,789 $ 1,639,930 $ 1,571,895 As of September 30, 2015, unamortized stock-based compensation was $4,028,645 and will be recognized over a weighted average period of 3.74 years.

Stock Purchase Warrants

Stock Purchase Warrants	9 Months Ended
	Sep. 30, 2015
Text Block [Abstract]
Stock Purchase Warrants	9. STOCK PURCHASE WARRANTS On January 14, 2015, the Company sold, in a private placement, an aggregate of approximately 1.1 million shares of common stock at a price of $7.00 per share. Investors received warrants to purchase up to approximately 1.1 million shares of common stock at an exercise price of $9.50. The Company raised approximately $7.1 million in net proceeds in the private placement of common stock and warrants. Additionally, on January 21, 2015, in a subsequent private placement, the Company sold an aggregate of 211,528 shares of common stock at a price of $9.33 per share and a warrant to purchase up to 211,528 shares of common stock at a price of $0.125 per share subject to the warrant. The Company raised approximately $1.9 million in net proceeds in the private placement of common stock and a warrant to purchase common stock. In both transactions, the exercise price of the warrants is $9.50 per share. The warrants will expire 3 years from their respective date of issuance. The warrants do not include a net-exercise feature. The warrants may be redeemed by the Company at a price of $0.001 per share upon notice to the holders thereof in the event that the closing bid for Aldeyra’s common stock for each of the fifteen consecutive trading days prior to such redemption is at least $20.00 per share and the average trading volume of Aldeyra’s common stock during such period is at least 50,000 shares per day. Following Aldeyra’s notification to the warrant holders of its exercise of the redemption right under the warrants, the warrant holders will have the option to exercise the warrants prior to the redemption date rather than having them redeemed. In connection with the Initial Public Offering, the Company issued the underwriters of the offering warrants to purchase up to 60,000 shares of common stock. The warrants are exercisable beginning on May 1, 2015 for cash or on a cashless basis at a per share price of $10.00. The warrants will expire on May 1, 2019. All of the warrants above were outstanding at September 30, 2015.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	10. COMMITMENTS AND CONTINGENCIES In the ordinary course of its business, the Company may be involved in various legal proceedings involving contractual and employment relationships, trademark rights, and a variety of other matters. The Company is not aware of any pending legal proceedings that will have a material impact on the Company’s financial position or results of operations.

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [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.
Recently Issued Accounting Standards	Recently issued accounting standards In April 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2015-03, “Simplifying the Presentation of Debt Issuance Costs” (“ASU 2015-03”). The amendments in ASU 2015-03 require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. ASU 2015-03 is effective for the Company in the first quarter of fiscal year 2017, with early adoption permitted. ASU 2015-03 should be applied on a retrospective basis to each individual period presented. Upon implementation, the change in reporting debt issuance costs will require the Company to reclassify any deferred financing costs from an asset to a reduction of the reported debt balance. The application of ASU 2015-03 is expected to reduce the Company’s total assets and liabilities but is not expected to have an impact on stockholders’ equity, results of operations or cash flows.

Net Loss Attributable to Comm17

Net Loss Attributable to Common Stockholders (Tables)	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Computation of Basic and Diluted Net Loss per Share Attributable to Common Stockholders	The following table summarizes the computation of basic and diluted net loss per share attributable to common stockholders of the Company: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Numerator: Basic Net loss and comprehensive loss $ (3,365,687 ) $ (2,009,206 ) $ (7,734,431 ) $ (2,742,580 ) Accretion of preferred stock — — — (333,082 ) Deemed dividend — — — (4,053,570 ) Net loss attributable to common stockholders – basic $ (3,365,687 ) $ (2,009,206 ) $ (7,734,431 ) $ (7,129,232 ) Diluted Net loss attributable to common stockholders – basic (3,365,687 ) (2,009,206 ) (7,734,431 ) (7,129,232 ) Less: change in fair value of derivative liabilities — — — (2,327,502 ) Net loss available to common stockholders – diluted $ (3,365,687 ) $ (2,009,206 ) $ (7,734,431 ) $ (9,456,734 ) Denominator: Basic Weighted-average number of common shares – basic 9,712,521 5,565,415 8,270,405 3,229,338 Diluted Weighted-average number of common shares – basic 9,712,521 5,565,415 8,270,405 3,229,338 Warrants to purchase preferred stock (treasury stock) — — — 43,392 Total weighted average number of common shares – diluted 9,712,521 5,565,415 8,270,405 3,272,730 Net loss per share: Basic $ (0.35 ) $ (0.36 ) $ (0.94 ) $ (2.21 ) Diluted $ (0.35 ) $ (0.36 ) $ (0.94 ) $ (2.89 )
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: Three Months ended September 30, Nine Months ended September 30, 2015 2014 2015 2014 Options to purchase common stock 1,077,330 874,032 1,077,300 874,032 Warrants to purchase common stock 1,384,608 60,000 1,384,608 60,000 Total of common stock equivalents 2,461,938 934,032 2,461,908 934,032

Accrued Expenses (Tables)

Accrued Expenses (Tables)	9 Months Ended
	Sep. 30, 2015
Payables and Accruals [Abstract]
Schedule of Accrued Expenses	Accrued expenses at September 30, 2015 and December 31, 2014 were: September 30, December 31, 2015 2014 Accrued compensation $ 201,604 $ 444,786 Accrued research and development 186,394 313,642 Accrued general & administrative 119,663 101,457 Accrued other 122,664 48,839 Accrued expenses $ 630,325 $ 908,724

Stock Incentive Plan (Tables)

Stock Incentive Plan (Tables)	9 Months Ended
	Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of Stock Options Exercisable	The following table summarizes information about stock options exercisable at September 30, 2015: Period Ending Number Outstanding Exercisable September 30, 2015 425,911 8.31 7.64
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 September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Research and development expenses $ 181,081 $ 181,162 $ 649,305 $ 463,161 General and administrative expenses 355,188 276,627 990,625 1,108,734 Total stock-based compensation expense $ 536,269 $ 457,789 $ 1,639,930 $ 1,571,895

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	May. 22, 2015	Jan. 21, 2015	Jan. 14, 2015
Equity [Abstract]
Common stock shares sold	2,822,500	211,528	1,100,000
Common stock issued price per share		$ 9.33	$ 7
Warrants redeemable into common shares		211,528	1,100,000
Exercise price of warrants		$ 9.50	$ 9.50
Private placement of common stock and warrants raised		$ 1.9	$ 7.1
Warrant to purchase Common stock exercise price		$ 0.125
Warrants expiration date		3 years
Warrants redemption price		$ 0.001
Share price of common stock		$ 20
Trading volume of common stock		50,000
Proceeds from initial public offering net of underwriting discounts, commissions and offering costs	$ 19.6

Net Loss Attributable to Comm21

Net Loss Attributable to Common Stockholders - Computation of Basic and Diluted Net Loss per Share Attributable to Common Stockholders (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Basic
Net loss and comprehensive loss	$ (3,365,687)	$ (2,009,206)	$ (7,734,431)	$ (2,742,580)
Accretion of preferred stock				(333,082)
Deemed dividend				(4,053,570)
Net loss attributable to common stockholders - basic	(3,365,687)	(2,009,206)	(7,734,431)	(7,129,232)
Diluted
Net loss attributable to common stockholders - basic	(3,365,687)	(2,009,206)	(7,734,431)	(7,129,232)
Less: change in fair value of derivative liabilities				(2,327,502)
Net loss available to common stockholders - diluted	$ (3,365,687)	$ (2,009,206)	$ (7,734,431)	$ (9,456,734)
Basic
Weighted-average number of common shares - basic	9,712,521	5,565,415	8,270,405	3,229,338
Diluted
Weighted-average number of common shares - basic	9,712,521	5,565,415	8,270,405	3,229,338
Warrants to purchase preferred stock (treasury stock)				43,392
Total weighted average number of common shares - diluted	9,712,521	5,565,415	8,270,405	3,272,730
Net loss per share:
Basic	$ (0.35)	$ (0.36)	$ (0.94)	$ (2.21)
Diluted	$ (0.35)	$ (0.36)	$ (0.94)	$ (2.89)

Net Loss Attributable to Comm22

Net Loss Attributable to Common Stockholders - Computation of Diluted Weighted-Average Shares Outstanding (Detail) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total of common stock equivalents	2,461,938	934,032	2,461,908	934,032
Options to Purchase Common Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total of common stock equivalents	1,077,330	874,032	1,077,300	874,032
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total of common stock equivalents	1,384,608	60,000	1,384,608	60,000

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Fair Value Disclosures [Abstract]
Liabilities measured at fair value on a recurring basis	$ 0	$ 0
Assets measured at fair value on a recurring basis	$ 0	$ 0

Accrued Expenses - Schedule of

Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Payables and Accruals [Abstract]
Accrued compensation	$ 201,604	$ 444,786
Accrued research and development	186,394	313,642
Accrued general & administrative	119,663	101,457
Accrued other	122,664	48,839
Accrued expenses	$ 630,325	$ 908,724

Credit Facility - Additional In

Credit Facility - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2015USD ($)
Pacific Western Bank [Member]
Line of Credit Facility [Line Items]
Proceeds from credit facility	$ 2,000,000
Debt instrument annual interest rate	5.25%
Loan repayment period	36 months
Credit facility outstanding	$ 1,395,833
Debt instrument effective interest rate	6.04%
Pacific Western Credit Facility [Member]
Line of Credit Facility [Line Items]
Net of debt discount amount	$ 114,745
Line of credit facility maturity date	2019-11
Term Loan [Member] | Pacific Western Bank [Member]
Line of Credit Facility [Line Items]
Credit facility amount	$ 5,000,000
Term Loan [Member] | Prime Rate [Member] | Pacific Western Bank [Member]
Line of Credit Facility [Line Items]
Debt instrument variable annual interest rate	2.00%
Tranche B Loans [Member] | Pacific Western Bank [Member]
Line of Credit Facility [Line Items]
Proceeds from credit facility	$ 3,000,000

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2015USD ($)
Income Tax Disclosure [Abstract]
Provision for income tax benefit	$ 0
Deferred tax assets valuation allowance	100.00%

Stock Incentive Plan - Addition

Stock Incentive Plan - Additional Information (Detail)	Jan. 01, 2015shares	Sep. 30, 2015USD ($)$ / sharesshares	Sep. 30, 2015USD ($)Incentive_Plan$ / sharesshares	Dec. 31, 2014shares	Dec. 31, 2013shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of incentive plans | Incentive_Plan			3
Fair value of a common stock percentage			100.00%
Options granted, vesting period			4 years
Options exercisable		425,911	425,911
Unrecognized compensation cost | $		$ 4,028,645	$ 4,028,645
Weighted average period			3 years 8 months 27 days
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option granted in term years			10 years
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			2010-08
Options to purchase of shares of common stock		23,954	23,954
Exercise price per share of common stock | $ / shares		$ 3.24	$ 3.24
2010 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options to purchase of shares of common stock		585,888	585,888
Exercise price per share of common stock | $ / shares		$ 1.41	$ 1.41
2013 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options to purchase of shares of common stock		467,488	467,488
Exercise price per share of common stock | $ / shares		$ 7.25	$ 7.25
Issuance of common stock authorized				625,000
Percentage of increase in common shares outstanding			4.00%
Increase in common stock outstanding | $		$ 333,333	$ 333,333
Common stock issued under 2013 plan	222,617
Common stock available for issuance	847,617
Two Grants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options exercisable					32,014
Expense relating to options | $			$ 200,376
Stock options granted			203,298
Stock options exercised		0	0
Stock options forfeited or cancelled		0	0
Aggregate intrinsic value of stock options outstanding and exercisable | $		$ 1,719,626	$ 1,719,626

Stock Incentive Plan - Summary

Stock Incentive Plan - Summary of Stock Options Exercisable (Detail)	9 Months Ended
	Sep. 30, 2015shares
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Number Exercisable	425,911
Outstanding Options Weighted-Average Remaining Contractual Life	8 years 3 months 22 days
Exercisable Options Weighted-Average Remaining Contractual Life	7 years 7 months 21 days

Stock Incentive Plan - Schedule

Stock Incentive Plan - Schedule of Stock-Based Compensation Expense (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	$ 536,269	$ 457,789	$ 1,639,930	$ 1,571,895
Research and Development Expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	181,081	181,162	649,305	463,161
General and Administrative Expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	$ 355,188	$ 276,627	$ 990,625	$ 1,108,734

Stock Purchase Warrants - Addit

Stock Purchase Warrants - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	May. 22, 2015	Jan. 21, 2015	Jan. 14, 2015	Sep. 30, 2015
Class of Warrant or Right [Line Items]
Common stock shares sold	2,822,500	211,528	1,100,000
Common stock issued price per share		$ 9.33	$ 7
Warrants redeemable into common shares		211,528	1,100,000
Exercise price of warrants		$ 9.50	$ 9.50
Private placement of common stock and warrants raised		$ 1.9	$ 7.1
Warrant to purchase Common stock exercise price		$ 0.125
Warrants expiration date		3 years
Warrants redemption price		$ 0.001
Share price of common stock		$ 20
Trading volume of common stock		50,000
Warrant [Member]
Class of Warrant or Right [Line Items]
Warrants redeemable into common shares				60,000
Exercise price of warrants				$ 10
Warrants exercisable date				May 1, 2015
Warrants expiration date				May 1, 2019