Aldeyra Therapeutics (ALDX) 10-K 30 Mar 17 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2016	Mar. 30, 2017	Jun. 30, 2016
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY
Trading Symbol	ALDX
Entity Registrant Name	ALDEYRA THERAPEUTICS, INC.
Entity Central Index Key	1,341,235
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		15,131,880
Entity Public Float			$ 59,217,833

Balance Sheets

Balance Sheets - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 12,015,061	$ 14,648,866
Marketable securities	12,897,584	12,941,776
Prepaid expenses and other current assets	218,682	497,552
Total current assets	25,131,327	28,088,194
Deferred offering costs		36,236
Fixed assets, net	56,352	80,334
Total assets	25,187,679	28,204,764
Current liabilities:
Accounts payable	275,441	851,160
Accrued expenses	1,946,251	1,186,429
Current portion of credit facility	77,546	77,546
Total current liabilities	2,299,238	2,115,135
Credit facility, net of current portion and debt discount	1,238,624	1,211,310
Total liabilities	3,537,862	3,326,445
Commitments and contingencies (Note 11)
Stockholders' equity:
Preferred stock, $0.001 par value, 15,000,000 shares authorized, none issued and outstanding
Common stock, voting, $0.001 par value; 150,000,000 authorized and 12,576,325 and 9,712,521 shares issued and outstanding, respectively	12,576	9,713
Additional paid-in capital	98,938,446	83,478,851
Accumulated other comprehensive income (loss)	129	(8,361)
Accumulated deficit	(77,301,334)	(58,601,884)
Total stockholders' equity	21,649,817	24,878,319
Total liabilities and stockholders' equity	$ 25,187,679	$ 28,204,764

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2016	Dec. 31, 2015
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	12,576,325	9,712,521
Common stock, shares outstanding	12,576,325	9,712,521

Statements of Operations

Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Operating expenses:
Research and development	$ 13,175,670	$ 7,574,398
General and administrative	5,520,308	4,414,709
Loss from operations	(18,695,978)	(11,989,107)
Other income (expense):
Interest income	102,037	11,126
Interest expense	(105,509)	(112,306)
Total other expense, net	(3,472)	(101,180)
Net loss	$ (18,699,450)	$ (12,090,287)
Net loss per share - basic and diluted	$ (1.65)	$ (1.40)
Weighted average common shares outstanding - basic and diluted	11,352,230	8,633,897

Statements of Comprehensive Los

Statements of Comprehensive Loss - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Statement of Comprehensive Income [Abstract]
Net loss	$ (18,699,450)	$ (12,090,287)
Other comprehensive income/(loss):
Unrealized gain/(loss) on marketable securities	8,490	(8,361)
Total other comprehensive income/(loss)	8,490	(8,361)
Comprehensive loss	$ (18,690,960)	$ (12,098,648)

Statements of Stockholders' Equ

Statements of Stockholders' Equity - USD ($)	Total	Common Voting Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income (Loss), Net of Tax [Member]	Accumulated Deficit [Member]
Beginning Balance at Dec. 31, 2014	$ 6,284,058	$ 5,565	$ 52,790,090		$ (46,511,597)
Beginning Balance, Shares at Dec. 31, 2014		5,565,415
Stock-based compensation	2,187,102		2,187,102
Issuance of common stock, net of issuance costs	28,505,807	$ 4,148	28,501,659
Issuance of common stock, net of issuance costs, Shares		4,147,106
Other comprehensive loss	(8,361)			$ (8,361)
Net loss	(12,090,287)				(12,090,287)
Ending Balance at Dec. 31, 2015	24,878,319	$ 9,713	83,478,851	(8,361)	(58,601,884)
Ending Balance, Shares at Dec. 31, 2015		9,712,521
Stock-based compensation	2,759,753		2,759,753
Issuance of common stock, net of issuance costs	12,613,623	$ 2,760	12,610,863
Issuance of common stock, net of issuance costs, Shares		2,760,000
Issuance of common stock, upon exercise of stock options	$ 89,082	$ 103	88,979
Issuance of common stock, upon exercise of stock options, Shares	103,804	103,804
Other comprehensive loss	$ 8,490			8,490
Net loss	(18,699,450)				(18,699,450)
Ending Balance at Dec. 31, 2016	$ 21,649,817	$ 12,576	$ 98,938,446	$ 129	$ (77,301,334)
Ending Balance, Shares at Dec. 31, 2016		12,576,325

Statements of Stockholders' Eq7

Statements of Stockholders' Equity (Parenthetical)	12 Months Ended
	Dec. 31, 2016USD ($)
Common stock, net of issuance costs	$ 240,000
Common Voting Stock [Member]
Common stock, net of issuance costs	240,000
Additional Paid-in Capital [Member]
Common stock, net of issuance costs	$ 240,000

Statements of Cash Flows

Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (18,699,450)	$ (12,090,287)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	2,759,753	2,187,102
Amortization of debt discount - non-cash interest expense	27,314	35,829
Net amortization of premium on debt securities available for sale	266,106
Depreciation	35,792	18,778
Change in assets and liabilities:
Prepaid expenses and other current assets	278,870	(264,984)
Accounts payable	(575,719)	509,866
Accrued expenses	759,822	291,943
Net cash used in operating activities	(15,147,512)	(9,311,753)
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions of property and equipment	(11,810)	(86,119)
Purchases of marketable securities	(16,048,424)	(12,950,137)
Sales of marketable securities	15,835,000
Net cash used in investing activities	(225,234)	(13,036,256)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock and exercise of options	12,738,941	28,505,807
Deferred offering costs paid in cash		(36,236)
Net cash provided by financing activities	12,738,941	28,469,571
NET (DECREASE)/INCREASE IN CASH	(2,633,805)	6,121,562
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	14,648,866	8,527,304
CASH AND CASH EQUIVALENTS, END OF PERIOD	12,015,061	14,648,866
Cash paid during the period for:
Interest	$ 78,128	$ 74,299

Nature of Business

Nature of Business	12 Months Ended
	Dec. 31, 2016
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 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 a biotechnology company focused primarily on the development of new products for inflammation, inborn errors of metabolism and other diseases that are thought to be related to endogenously generated toxic and pro-inflammatory chemical species known as aldehydes. The ongoing research and development activities will be subject to extensive regulation by numerous governmental authorities in the United States. Prior to marketing in the United States, any drug developed by the Company must undergo rigorous preclinical and clinical testing and an extensive regulatory approval process implemented by the United States Food and Drug Administration (FDA) under the Food, Drug and Cosmetic Act. The Company has limited experience in conducting and managing the preclinical and clinical testing necessary to obtain regulatory approval. There can be no assurance that the Company will not encounter problems in the clinical trials that will cause the Company or the FDA to delay or suspend clinical trials. The Company’s success will depend in part on its ability to obtain patents and product license rights, maintain trade secrets, and operate without infringing on the property rights of others, both in the United States and other countries. There can be no assurance that patents issued to or licensed by the Company will not be challenged, invalidated, circumvented, or that the rights granted thereunder will provide proprietary protection or competitive advantages to the Company. The Company’s principal activities to date include raising capital and research and development activities.

Basis of Presentation

Basis of Presentation	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Basis of Presentation	2. BASIS OF PRESENTATION Basis of Presentation and Management’s Plans Liquidity and Management’s Plans On May 7, 2014, the Company closed its Initial Public Offering, in which 1,500,000 shares of common stock were sold at a price to the public of $8.00 per share for an aggregate offering price of $12.0 million. The offer and sale of all of the shares in the Initial Public Offering were registered under the Securities Act of the 1933, as amended, pursuant to a registration statement on Form S-1 (File No. 333-193204), which was declared effective by the SEC on May 1, 2014. The Company raised approximately $10.0 million in net proceeds after deducting underwriting discounts and commissions of $0.8 million, $1.0 million in prepaid offering and printing costs and other offering costs of $0.2 million. On January 15, 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 warrants will expire 3 years from the 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 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 50,000 shares per day. Following Aldeyra’s notification to the warrant holders of its exercise of the redemption right under the warrants, each warrant holder will have the option to exercise their warrants prior to the redemption date rather than having them redeemed. The Company raised approximately $7.1 million in net proceeds in the private placement of common stock and warrants. On January 22, 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 exercise price of the warrant is $9.50 per share. The warrant will expire 3 years from the date of issuance. The warrant does not include a net-exercise feature. The warrant may be redeemed by the Company at a price of $0.001 per share upon notice to the holder 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 50,000 shares per day. Following Aldeyra’s notification to the warrant holder of its exercise of the redemption right under the warrant, the warrant holder will have the option to exercise the warrant prior to the redemption date rather than having it redeemed. The Company raised approximately $1.9 million in net proceeds in the private placement of common stock and a warrant to purchase common stock. On May 22, 2015, the Company raised approximately $19.5 million, after deducting underwriting discounts and commissions and other offering expenses, 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. In June 2016, the Company closed an underwritten public offering in which the Company sold, an aggregate of 2,760,000 shares of common stock, including 360,000 shares sold in connection with the exercise in full by the underwriter of its option to purchase additional shares. The net proceeds of the offering, including the full exercise of the option, were approximately $12.6 million, after deducting the underwriting discounts and commissions and the other offering expenses payable by the Company. In February 2017, the Company closed an underwritten public offering in which we sold, 2,555,555 shares of its common stock, including 333,333 shares sold in connection with the exercise in full by the underwriters of their option to purchase additional shares. The net proceeds of the offering, including the full exercise of the option, were approximately $10.5 million, after deducting the underwriting discounts and commissions and the other estimated offering expenses payable by Aldeyra. In addition, as discussed in Note 7, the Company entered into its credit facility (the Credit Facility) in April 2012 and it has been subsequently amended to make term loans in a principal amount of up to $5,000,000 available to the Company with proceeds to be used first to refinance outstanding loans from Pacific Western, second to fund expenses related to the Company’s clinical trials, and the remainder for general working capital purposes. The term loans are to be made available to the Company upon the following terms: (i) $2,000,000 was made available on November 10, 2014; and (ii) $3.0 million (the Tranche B Loan) which was made available to the Company in May 2016 following the satisfaction of certain conditions, including receipt of positive phase 2 data in noninfectious anterior uveitis. Each 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. In November 2016, the Company amended its Credit Facility such that any term loan the Company may draw is payable as interest-only prior to November 2017 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. The Company’s management believes that its currently available resources, including the funds from the February 2017 public offering and amounts available under the Credit Facility, will provide sufficient funds to enable the Company to meet its obligations into at least the third quarter of 2018 based on its current business plan. The Company will need to raise additional capital to implement its near-term business plan. 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 Segment Information Cash and Cash Equivalents RRAs are collateralized by deposits in the form of ‘Government Securities and Obligations’ for an amount not less than 102% of their value. The Company does not record an asset or liability related to the collateral as the Company is not permitted to sell or repledge the associated collateral. The Company has a policy that the collateral has at least an A (or equivalent) credit rating. The Company utilizes a third party custodian to manage the exchange of funds and ensure that collateral received is maintained at 102% of the value of the RRAs on a daily basis. RRAs with original maturities of greater than three months are classified as marketable securities. Marketable Securities Fair Value of Financial Instruments Concentration of Credit Risk Intellectual Property Income Taxes Income Taxes 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. Research and Development Costs Stock-Based Compensation Compensation – Stock Compensation Equity instruments issued to nonemployees are accounted for under the provisions of ASC 718 and ASC 505-50, Equity – Equity-Based Payments to Non-Employees From time to time the Company may grant awards with performance conditions necessary to be achieved in order to vest in the award. The Company records compensation expense for those awards over the vesting period of the award to the extent the performance conditions are deemed probable of achievement. From time to time the Company may grant awards with a market condition necessary to be achieved in order to vest in the award. The Company records compensation expense for those awards over the vesting period of the award on a straight-line basis utilizing Monte Carlo simulations to estimate the timing and number of shares that are most likely to vest. Comprehensive Loss Net Loss Per Share Basic net loss per share available to common stockholders is calculated by dividing the net loss available to common stockholders by the weighted-average number of common shares outstanding during the period, without consideration for common stock equivalents. Diluted net loss per share available to common stockholders is computed by dividing the net loss available to common stockholders by the weighted-average number of common share equivalents outstanding for the period determined using the treasury-stock method. For purposes of this calculation, stock options, restricted stock units and common stock warrants are considered to be common stock equivalents and are only included in the calculation of diluted net loss per share available to common stockholders when their effect is dilutive. Recent Accounting Pronouncements In August 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-15 (ASU 2016-15), Statement of Cash Flows. The standard is intended to reduce the diversity in practice around how certain transactions are classified within the statement of cash flows. ASU 2016-15 is effective for fiscal years beginning after December 15, 2017, with early adoption permitted. ASU 2016-15 may be adopted retrospectively or prospectively if it is impractical to apply the amendments retrospectively. The Company does not expect this standard to have a material impact on its financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instrument-Credit Losses (ASU 2016-13). ASU 2016-13 requires a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019. The Company does not expect this standard to have a material impact on its financial statements. In March 2016, the FASB issued ASU No. 2016-09 Improvements to Employee Share-Based Payment Accounting (ASU 2016-09), to simplify the accounting for stock compensation. This update focuses on income tax accounting, award classification, estimating forfeitures, and cash flow presentation. ASU 2016-09 is effective for fiscal years beginning after December 15, 2016. The Company does not expect this standard to have a material impact on its financial statements. In February 2016, the FASB issued ASU No. 2016-02 (ASU 2016-02), Leases. ASU 2016-02 requires lessees to recognize on the balance sheet a right-of-use asset, representing its right to use the underlying asset for the lease term, and a lease liability for all leases with terms greater than 12 months. The guidance also requires qualitative and quantitative disclosures designed to assess the amount, timing, and uncertainty of cash flows arising from leases. The standard requires the use of a modified retrospective transition approach, which includes a number of optional practical expedients that entities may elect to apply. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018. The Company does not expect this standard to have a material impact on its financial statements. In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities (ASU 2016-01). ASU 2016-01 amends the guidance on the classification and measurement of financial instruments. Although ASU 2016-01 retains many current requirements, it significantly revises accounting related to the classification and measurement of investments in equity securities and the presentation of certain fair value changes for financial liabilities measured at fair value. ASU 2016-01 also amends certain disclosure requirements associated with the fair value of financial instruments and is effective for fiscal years beginning after December 15, 2017. The Company does not expect this standard to have a material impact on its financial statements. In November 2015, the FASB issued ASU No. 2015-17, Income Taxes (ASU 2015-17). ASU 2015-17 simplifies the presentation of deferred income taxes by requiring that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The current requirement that deferred tax liabilities and assets of a tax-paying component of an entity be offset and presented as a single amount is not affected by the amendments in ASU 2015-17. ASU 2015-17 is effective for fiscal years beginning after December 15, 2016. The Company does not expect this standard to have a material impact on its financial statements. In April 2015, the FASB issued 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 fiscal years beginning after December 15, 2016. The Company does not expect this standard to have a material impact on its financial statements. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in ASC 605, Revenue Recognition. This ASU is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. ASU 2014-09 is effective for fiscal years beginning after December 15, 2017. The Company does not expect this standard to have a material impact on its financial statements.

Net Loss Per Share

Net Loss Per Share	12 Months Ended
	Dec. 31, 2016
Earnings Per Share [Abstract]
Net Loss Per Share	3. NET LOSS PER SHARE The following table summarizes the computation of basic and diluted net loss per share: Years ended December 31, 2016 2015 Net loss – basic and diluted $ (18,699,450 ) $ (12,090,287 ) Weighted-average number of common shares – basic and diluted 11,352,230 8,633,897 Net loss per share – basic and diluted $ (1.65 ) $ (1.40 ) The following potentially dilutive securities outstanding, prior to use of the treasury stock method, have been excluded from the computation of diluted weighted-average shares outstanding, because such securities had an antidilutive impact: Years ended December 31, 2016 2015 Options to purchase common stock 1,498,585 1,077,330 Warrants to purchase common stock 1,384,608 1,384,608 Restricted stock units 27,096 — Total of common stock equivalents 2,910,289 2,461,938

Cash, Cash Equivalents and Mark

Cash, Cash Equivalents and Marketable Securities	12 Months Ended
	Dec. 31, 2016
Cash and Cash Equivalents [Abstract]
Cash, Cash Equivalents and Marketable Securities	4. CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES At December 31, 2016, cash, cash equivalents and marketable securities were comprised of: Carrying Unrecognized Unrecognized Estimated Fair Cash Current Cash $ 394,849 $ — $ — $ 394,849 $ 394,849 $ — Money market funds 70,212 — — 70,212 70,212 — U.S. reverse repurchase agreements 11,550,000 — — 11,550,000 11,550,000 — U.S. government agency securities 12,897,455 1,396 (1,267 ) 12,897,584 — 12,897,584 Available for Sale(1) 24,447,455 1,396 (1,267 ) 24,447,584 11,550,000 12,897,584 Total Cash, cash equivalents and current marketable securities $ 12,015,061 $ 12,897,584 (1) Available for sale securities are reported at fair value with unrealized gains and losses reported net of taxes in other comprehensive income. Fair value of government securities and obligations and corporate debt securities were estimated using quoted broker prices and significant other observable inputs. The contractual maturities of all available for sale securities are less than one year at December 31, 2016.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurements	5. 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 Level 1 Level 2 Level 3 There were no liabilities measured at fair value at December 31, 2016 or 2015, respectively. December 31, 2016 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 70,212 $ — $ — $ 70,212 U.S. reverse repurchase agreements — 11,550,000 — 11,550,000 U.S. government agency securities — 12,897,584 — 12,897,584 Total assets at fair value $ 70,212 $ 24,447,584 $ — $ 24,517,796 December 31, 2015 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 35,886 $ — $ — $ 35,886 U.S. reverse repurchase agreements — 12,950,000 — 12,950,000 U.S. government agency securities — 12,941,776 — 12,941,776 Total assets at fair value $ 35,886 $ 25,891,776 $ — $ 25,927,662 Financial instruments including cash equivalents and accounts payable are carried in the financial statements at amounts that approximate their fair value based on the short maturities of those instruments. The carrying amount of the Company’s term loans under its credit facility approximates market rates currently available to the Company. Marketable securities are carried at fair value.

Accrued Expenses

Accrued Expenses	12 Months Ended
	Dec. 31, 2016
Payables and Accruals [Abstract]
Accrued Expenses	6. ACCRUED EXPENSES Accrued expenses at December 31, 2016 and 2015 were: 2016 2015 Accrued compensation $ 983,449 $ 413,172 Accrued research and development 913,838 574,742 Accrued general & administrative 48,964 198,515 Accrued expenses $ 1,946,251 $ 1,186,429

Credit Facility

Credit Facility	12 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
Credit Facility	7. CREDIT FACILITY The Company’s long-term debt obligation consists of amounts the Company is obligated to repay under its Credit Facility with Pacific Western, of which $1.4 million was outstanding as of December 31, 2016. The Company entered into the Credit Facility in April 2012 and it has been subsequently amended to make term loans in a principal amount of up to $5,000,000 available to the Company with proceeds to be used first to refinance outstanding loans from Pacific Western, second to fund expenses related to its clinical trials, and the remainder for general working capital purposes. The term loans are to be made available upon the following terms: (i) $2,000,000 was made available on November 10, 2014; and (ii) $3.0 million (the Tranche B Loan) which was made available to the Company in May 2016 following the satisfaction of certain conditions, including receipt of positive phase 2 data in noninfectious anterior uveitis. Each 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. In November 2016, we amended our Credit Facility such that any term loan the Company draws is payable as interest-only prior to November 2017 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. As of December 31, 2016, $1.4 million was outstanding under the Credit Facility. Future maturities of the existing term loans under the Credit Facility as of December 31, 2016 are as follows: 2017 $ 77,546 2018 465,278 2019 465,278 2020 387,731 Total $ 1,395,833 In conjunction with obtaining the November 2013 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 (Note 12). The warrant was valued at $178,000 and, together with the fair value of the warrant issued in connection with the April 12, 2012 Credit Facility ($88,000), 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 2018. All amendments to the credit facility were determined to be modifications in accordance with ASC 470, Debt At December 31, 2016 and 2015, the Credit Facility is shown net of a remaining debt discount of $80,000 and $107,000, respectively.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Income Taxes	8. INCOME TAXES No provision for federal and state 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 As of December 31, 2016, the Company had Federal and State income tax net operating loss (“NOL”) carryforwards of approximately $42.8 million and $39.9 million, respectively, which will expire at various dates through 2036. As of December 31, 2016, the Company had Federal and State research and development tax credit carryforwards of approximately $1.2 million and $178,000, respectively, which will expire at various dates through 2036. Significant components of the Company’s deferred tax assets and liabilities at December 31, 2016 and 2015 are as follows: 12/31/2016 12/31/2015 Deferred Tax Assets Federal & State NOL carryforward $ 16,669,295 $ 10,115,458 Federal & State R&D credit carryforward 1,271,891 667,688 Intangibles – net 700,215 932,060 Accounts payable and accrued expenses 772,841 591,843 Stock options 2,399,666 2,152,854 Fixed assets – net 3,861 213 Gross deferred tax assets 21,817,769 14,460,116 Valuation Allowance – US (21,786,477 ) (14,418,095 ) Net Deferred Tax Assets 31,292 42,021 Deferred Tax Liabilities Note Discounts (31,292 ) (42,021 ) Gross deferred tax liabilities (31,292 ) (42,021 ) TOTAL $ — $ — The change in valuation allowance of $7.4 million from December 31, 2015 to December 31, 2016 is driven by no tax benefit being recorded on the current year loss from operations. Under Section 382 of the Internal Revenue Code of 1986, as amended (Code), a corporation that undergoes an “ownership change” is subject to limitations on its ability to utilize its pre-change net operating losses (NOLs) and certain other tax assets (tax attributes) to offset future taxable income. In general, an ownership change occurs if the aggregate stock ownership of certain stockholders increases by more than 50 percentage points over such stockholders’ lowest percentage ownership during the testing period (generally three years). Transactions involving the Company’s common stock, even those outside the Company’s control, such as purchases or sales by investors, within the testing period could result in an ownership change. A limitation on the Company’s ability to utilize some or all of its NOLs or credits could have a material adverse effect on the Company’s results of operations and cash flows. Prior to 2016, Aldeyra underwent two ownership changes and it is possible that additional ownership changes have occurred since. However, the Company’s management believes that it has sufficient “Built-In-Gain” to offset the Section 382 of the Code limitation generated by such ownership changes. Any future ownership changes, including those resulting from the Company’s recent or future financing activities, may cause the Company’s existing tax attributes to have additional limitations. All tax years are open for examination by the taxing authorities for both federal and state purposes. A reconciliation of the federal statutory tax rate of 34% to the Company’s effective income tax rates are as follows: Years ended December 31, 2016 2015 Statutory tax rate 34.00 % 34.00 % State taxes, net of federal benefits 5.24 % 5.22 % Federal research and development credits 2.84 % 1.92 % Change in valuation allowance (39.42 )% (40.10 )% Stock-based compensation (2.63 )% 0.00 % Other (0.03 )% (1.04 )% Effective tax rate 0.00 % 0.00 % 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	12 Months Ended
	Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock Incentive Plan	9. 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 December 31, 2016, options to purchase 23,954 shares of common stock at a weighted average 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 December 31, 2016, options to purchase 489,846 shares of common stock at a weighted average exercise price of $1.58 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, 2015, the number of shares of common stock authorized for issuance in connection with the 2013 Plan was 847,614. On January 1 of each year the aggregate number of common shares that may be issued under the Plan shall automatically increase. As of January 1, 2016, the number of shares of common stock that may be issued under the 2013 Plan was automatically increased by 333,333 shares. In June 2016, the 2013 Plan was amended to provide an increase of 700,000 shares of common stock authorized for issuance increasing the number of shares of common stock available for issuance under the 2013 Plan to 1,880,950 shares and that the annual increase would equal a number of shares equal to the least of (a) 7% 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, 1,000,000 common shares, or (c) a number of common shares determined by the Company’s board of directors. As of December 31, 2016, options to purchase 984,786 shares of common stock at a weighted average exercise price of $6.18 per share and restricted stock units of 27,096 remained outstanding under the 2013 Plan. As of December 31, 2016, there were 869,068 shares of common stock available for grant under the 2013 Plan. As of January 1, 2017, the number of shares of common stock that may be issued under the 2013 Plan was automatically increased by 880,343 shares, increasing the number of shares of common stock available for issuance under the 2013 Plan to 2,761,293. Terms of stock award agreements, including vesting requirements, are determined by the board of directors, 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 Company recognizes stock-based compensation expense over the requisite service period. The Company’s share-based awards are accounted for as equity instruments. The amounts included in the consolidated statements of operations relating to stock-based compensation are as follows: Year ended December 31, 2016 2015 Research and development expenses $ 1,167,142 $ 841,289 General and administrative expenses 1,592,611 1,345,813 Total stock-based compensation expense $ 2,759,753 $ 2,187,102 The following table summarizes option activity under the incentive plans for the years ended December 31, 2016 and 2015: Number of Weighted Weighted Aggregate Outstanding at December 31, 2015 1,077,330 $ 3.98 Granted 759,314 5.43 Cancelled (63,096 ) 4.85 Forfeited (171,159 ) 6.30 Exercised (103,804 ) 0.88 463,604 Outstanding at December 31, 2016 1,498,585 $ 4.63 7.86 $ 2,185,696 Exercisable at December 31, 2016 802,532 $ 2.34 7.10 $ 1,874,659 (a) The aggregate intrinsic value in this table was calculated on the positive difference, if any, between the closing market value of our common stock on December 31, 2016 of $5.35 and the price of the underlying options. The Company records stock-based compensation related to stock options granted at fair value. During the years ended December 31, 2016 and 2015, the Company used the Black-Scholes option-pricing model to estimate the fair value of stock option grants and to determine the related compensation expense. The assumptions used in calculating the fair value of stock-based payment awards represent management’s best estimates. The weighted-average fair value of options granted was $ 5.43 and $7.78 for the years ended December 31, 2016 and 2015, respectively. The assumptions used in determining fair value of the employee stock options for the years ended December 2016 and 2015, are as follows: December 31, 2016 December 31, 2015 Expected dividend yield 0 % 0 % Anticipated volatility 88.57 % 88.57 % Estimated stock price $ 3.94 - $7.48 $ 7.19 - $8.37 Exercise price $ 3.94 - $7.48 $ 7.19 - $8.37 Expected life (years) 5.50 - 6.25 5.50 - 6.25 Risk free interest rate 0.59% - 2.20 % 0.27% - 1.91 % The dividend yield of zero is based on the fact that the Company has never paid cash dividends and have no present intention to pay cash dividends. Expected volatility is based on the historical volatility of a group of similar companies. The Company has also computed the historical volatility of the Company’s historical information regarding the volatility of its stock price and has determined that a volatility estimate of 89% is reasonable. The Company has estimated the expected life of our employee stock options using the “simplified” method, whereby, the expected life equals the average of the vesting term and the original contractual term of the option for service-based awards since the Company doesn’t have sufficient historical or implied data of its own. The risk-free interest rates for periods within the expected life of the option are based on the yields of zero-coupon United States Treasury securities. At December 31, 2016, there is approximately $3.2 million of unrecognized compensation cost relating to stock options outstanding, which the Company expects to recognize over a weighted average period 2.11 years. Total unrecognized compensation cost will be adjusted for future forfeitures, if necessary. Restricted Stock Units Restricted stock units are not included in issued and outstanding common stock until the shares are vested and released. During the year ended December 31, 2016, the Company granted a restricted stock unit award for 27,096 underlying shares of common stock with a weighted-average grant date fair value of $6.33 per share. As of December 31, 2016, the outstanding restricted stock units had unamortized stock-based compensation of $134,281 with a weighted-average remaining recognition period of 3.33 years and no aggregate intrinsic value. Employee Stock Purchase Plan In March 2016, the Company’s Board of Directors approved the 2016 Employee Stock Purchase Plan (2016 ESPP), which became effective in June 2016 following the approval of the Company’s stockholders. The 2016 ESPP authorizes the initial issuance of up to a total of 97,500 shares of the Company’s common stock to participating employees. The number of shares reserved for issuance under the 2016 ESPP automatically increases on the first business day of each fiscal year, commencing in 2017, by a number equal to the lesser of (i) 1% of the shares of common stock outstanding on the last business day of the prior fiscal year; or (ii) the number of shares determined by the Company’s Board of Directors. Unless otherwise determined by the administrator of the 2016 ESPP, two offering periods of six months’ duration will begin each year on January 1 and July 1. As of December 31, 2016, there was no activity under the 2016 ESPP. On January 1, 2017, the number of shares available for issuance under the 2016 ESPP was automatically increased by 125,763 shares, increasing the number of shares of common stock available for issuance under the 2016 ESPP to 223,263.

Stock Purchase Warrants

Stock Purchase Warrants	12 Months Ended
	Dec. 31, 2016
Text Block [Abstract]
Stock Purchase Warrants	10. 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 December 31, 2016.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	11. COMMITMENTS AND CONTINGENCIES Guarantees and Indemnifications Other Contractual Arrangements The Company’s gross future minimum payments under all non-cancelable operating leases as of December 31, 2016, are $107,195 for the year ending December 31, 2017.

Subsequent Event

Subsequent Event	12 Months Ended
	Dec. 31, 2016
Subsequent Events [Abstract]
Subsequent Event	12. SUBSEQUENT EVENT In February 2017, the Company closed an underwritten public offering in which it sold, 2,555,555 shares of its common stock, including 333,333 shares sold in connection with the exercise in full by the underwriters of their option to purchase additional shares. The net proceeds of the offering, including the full exercise of the option, were approximately $10.5 million, after deducting the underwriting discounts and commissions and the other estimated offering expenses payable by Aldeyra.

Basis of Presentation (Policies

Basis of Presentation (Policies)	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Basis of Presentation and Management's Plans	Basis of Presentation and Management’s Plans
Liquidity and Management's Plans	Liquidity and Management’s Plans On May 7, 2014, the Company closed its Initial Public Offering, in which 1,500,000 shares of common stock were sold at a price to the public of $8.00 per share for an aggregate offering price of $12.0 million. The offer and sale of all of the shares in the Initial Public Offering were registered under the Securities Act of the 1933, as amended, pursuant to a registration statement on Form S-1 (File No. 333-193204), which was declared effective by the SEC on May 1, 2014. The Company raised approximately $10.0 million in net proceeds after deducting underwriting discounts and commissions of $0.8 million, $1.0 million in prepaid offering and printing costs and other offering costs of $0.2 million. On January 15, 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 warrants will expire 3 years from the 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 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 50,000 shares per day. Following Aldeyra’s notification to the warrant holders of its exercise of the redemption right under the warrants, each warrant holder will have the option to exercise their warrants prior to the redemption date rather than having them redeemed. The Company raised approximately $7.1 million in net proceeds in the private placement of common stock and warrants. On January 22, 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 exercise price of the warrant is $9.50 per share. The warrant will expire 3 years from the date of issuance. The warrant does not include a net-exercise feature. The warrant may be redeemed by the Company at a price of $0.001 per share upon notice to the holder 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 50,000 shares per day. Following Aldeyra’s notification to the warrant holder of its exercise of the redemption right under the warrant, the warrant holder will have the option to exercise the warrant prior to the redemption date rather than having it redeemed. The Company raised approximately $1.9 million in net proceeds in the private placement of common stock and a warrant to purchase common stock. On May 22, 2015, the Company raised approximately $19.5 million, after deducting underwriting discounts and commissions and other offering expenses, 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. In June 2016, the Company closed an underwritten public offering in which the Company sold, an aggregate of 2,760,000 shares of common stock, including 360,000 shares sold in connection with the exercise in full by the underwriter of its option to purchase additional shares. The net proceeds of the offering, including the full exercise of the option, were approximately $12.6 million, after deducting the underwriting discounts and commissions and the other offering expenses payable by the Company. In February 2017, the Company closed an underwritten public offering in which we sold, 2,555,555 shares of its common stock, including 333,333 shares sold in connection with the exercise in full by the underwriters of their option to purchase additional shares. The net proceeds of the offering, including the full exercise of the option, were approximately $10.5 million, after deducting the underwriting discounts and commissions and the other estimated offering expenses payable by Aldeyra. In addition, as discussed in Note 7, the Company entered into its credit facility (the Credit Facility) in April 2012 and it has been subsequently amended to make term loans in a principal amount of up to $5,000,000 available to the Company with proceeds to be used first to refinance outstanding loans from Pacific Western, second to fund expenses related to the Company’s clinical trials, and the remainder for general working capital purposes. The term loans are to be made available to the Company upon the following terms: (i) $2,000,000 was made available on November 10, 2014; and (ii) $3.0 million (the Tranche B Loan) which was made available to the Company in May 2016 following the satisfaction of certain conditions, including receipt of positive phase 2 data in noninfectious anterior uveitis. Each 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. In November 2016, the Company amended its Credit Facility such that any term loan the Company may draw is payable as interest-only prior to November 2017 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. The Company’s management believes that its currently available resources, including the funds from the February 2017 public offering and amounts available under the Credit Facility, will provide sufficient funds to enable the Company to meet its obligations into at least the third quarter of 2018 based on its current business plan. The Company will need to raise additional capital to implement its near-term business plan. 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	Use of Estimates
Segment Information	Segment Information
Cash and Cash Equivalents	Cash and Cash Equivalents RRAs are collateralized by deposits in the form of ‘Government Securities and Obligations’ for an amount not less than 102% of their value. The Company does not record an asset or liability related to the collateral as the Company is not permitted to sell or repledge the associated collateral. The Company has a policy that the collateral has at least an A (or equivalent) credit rating. The Company utilizes a third party custodian to manage the exchange of funds and ensure that collateral received is maintained at 102% of the value of the RRAs on a daily basis. RRAs with original maturities of greater than three months are classified as marketable securities.
Marketable Securities	Marketable Securities
Fair Value of Financial Instruments	Fair Value of Financial Instruments
Concentration of Credit Risk	Concentration of Credit Risk
Intellectual Property	Intellectual Property
Income Taxes	Income Taxes Income Taxes 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.
Research and Development Costs	Research and Development Costs
Stock-Based Compensation	Stock-Based Compensation Compensation – Stock Compensation Equity instruments issued to nonemployees are accounted for under the provisions of ASC 718 and ASC 505-50, Equity – Equity-Based Payments to Non-Employees From time to time the Company may grant awards with performance conditions necessary to be achieved in order to vest in the award. The Company records compensation expense for those awards over the vesting period of the award to the extent the performance conditions are deemed probable of achievement. From time to time the Company may grant awards with a market condition necessary to be achieved in order to vest in the award. The Company records compensation expense for those awards over the vesting period of the award on a straight-line basis utilizing Monte Carlo simulations to estimate the timing and number of shares that are most likely to vest.
Comprehensive Loss	Comprehensive Loss
Net Loss Per Share	Net Loss Per Share Basic net loss per share available to common stockholders is calculated by dividing the net loss available to common stockholders by the weighted-average number of common shares outstanding during the period, without consideration for common stock equivalents. Diluted net loss per share available to common stockholders is computed by dividing the net loss available to common stockholders by the weighted-average number of common share equivalents outstanding for the period determined using the treasury-stock method. For purposes of this calculation, stock options, restricted stock units and common stock warrants are considered to be common stock equivalents and are only included in the calculation of diluted net loss per share available to common stockholders when their effect is dilutive.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In August 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-15 (ASU 2016-15), Statement of Cash Flows. The standard is intended to reduce the diversity in practice around how certain transactions are classified within the statement of cash flows. ASU 2016-15 is effective for fiscal years beginning after December 15, 2017, with early adoption permitted. ASU 2016-15 may be adopted retrospectively or prospectively if it is impractical to apply the amendments retrospectively. The Company does not expect this standard to have a material impact on its financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instrument-Credit Losses (ASU 2016-13). ASU 2016-13 requires a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019. The Company does not expect this standard to have a material impact on its financial statements. In March 2016, the FASB issued ASU No. 2016-09 Improvements to Employee Share-Based Payment Accounting (ASU 2016-09), to simplify the accounting for stock compensation. This update focuses on income tax accounting, award classification, estimating forfeitures, and cash flow presentation. ASU 2016-09 is effective for fiscal years beginning after December 15, 2016. The Company does not expect this standard to have a material impact on its financial statements. In February 2016, the FASB issued ASU No. 2016-02 (ASU 2016-02), Leases. ASU 2016-02 requires lessees to recognize on the balance sheet a right-of-use asset, representing its right to use the underlying asset for the lease term, and a lease liability for all leases with terms greater than 12 months. The guidance also requires qualitative and quantitative disclosures designed to assess the amount, timing, and uncertainty of cash flows arising from leases. The standard requires the use of a modified retrospective transition approach, which includes a number of optional practical expedients that entities may elect to apply. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018. The Company does not expect this standard to have a material impact on its financial statements. In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities (ASU 2016-01). ASU 2016-01 amends the guidance on the classification and measurement of financial instruments. Although ASU 2016-01 retains many current requirements, it significantly revises accounting related to the classification and measurement of investments in equity securities and the presentation of certain fair value changes for financial liabilities measured at fair value. ASU 2016-01 also amends certain disclosure requirements associated with the fair value of financial instruments and is effective for fiscal years beginning after December 15, 2017. The Company does not expect this standard to have a material impact on its financial statements. In November 2015, the FASB issued ASU No. 2015-17, Income Taxes (ASU 2015-17). ASU 2015-17 simplifies the presentation of deferred income taxes by requiring that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The current requirement that deferred tax liabilities and assets of a tax-paying component of an entity be offset and presented as a single amount is not affected by the amendments in ASU 2015-17. ASU 2015-17 is effective for fiscal years beginning after December 15, 2016. The Company does not expect this standard to have a material impact on its financial statements. In April 2015, the FASB issued 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 fiscal years beginning after December 15, 2016. The Company does not expect this standard to have a material impact on its financial statements. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in ASC 605, Revenue Recognition. This ASU is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. ASU 2014-09 is effective for fiscal years beginning after December 15, 2017. The Company does not expect this standard to have a material impact on its financial statements.

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	12 Months Ended
	Dec. 31, 2016
Earnings Per Share [Abstract]
Computation of Basic and Diluted Net Loss per Share	The following table summarizes the computation of basic and diluted net loss per share: Years ended December 31, 2016 2015 Net loss – basic and diluted $ (18,699,450 ) $ (12,090,287 ) Weighted-average number of common shares – basic and diluted 11,352,230 8,633,897 Net loss per share – basic and diluted $ (1.65 ) $ (1.40 )
Computation of Diluted Weighted-Average Shares Outstanding	The following potentially dilutive securities outstanding, prior to use of the treasury stock method, have been excluded from the computation of diluted weighted-average shares outstanding, because such securities had an antidilutive impact: Years ended December 31, 2016 2015 Options to purchase common stock 1,498,585 1,077,330 Warrants to purchase common stock 1,384,608 1,384,608 Restricted stock units 27,096 — Total of common stock equivalents 2,910,289 2,461,938

Cash, Cash Equivalents and Ma23

Cash, Cash Equivalents and Marketable Securities (Tables)	12 Months Ended
	Dec. 31, 2016
Cash and Cash Equivalents [Abstract]
Schedule of Cash, Cash Equivalents and Marketable Securities	At December 31, 2016, cash, cash equivalents and marketable securities were comprised of: Carrying Unrecognized Unrecognized Estimated Fair Cash Current Cash $ 394,849 $ — $ — $ 394,849 $ 394,849 $ — Money market funds 70,212 — — 70,212 70,212 — U.S. reverse repurchase agreements 11,550,000 — — 11,550,000 11,550,000 — U.S. government agency securities 12,897,455 1,396 (1,267 ) 12,897,584 — 12,897,584 Available for Sale(1) 24,447,455 1,396 (1,267 ) 24,447,584 11,550,000 12,897,584 Total Cash, cash equivalents and current marketable securities $ 12,015,061 $ 12,897,584 (1) Available for sale securities are reported at fair value with unrealized gains and losses reported net of taxes in other comprehensive income.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2016
Fair Value Disclosures [Abstract]
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis	There were no liabilities measured at fair value at December 31, 2016 or 2015, respectively. December 31, 2016 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 70,212 $ — $ — $ 70,212 U.S. reverse repurchase agreements — 11,550,000 — 11,550,000 U.S. government agency securities — 12,897,584 — 12,897,584 Total assets at fair value $ 70,212 $ 24,447,584 $ — $ 24,517,796 December 31, 2015 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 35,886 $ — $ — $ 35,886 U.S. reverse repurchase agreements — 12,950,000 — 12,950,000 U.S. government agency securities — 12,941,776 — 12,941,776 Total assets at fair value $ 35,886 $ 25,891,776 $ — $ 25,927,662

Accrued Expenses (Tables)

Accrued Expenses (Tables)	12 Months Ended
	Dec. 31, 2016
Payables and Accruals [Abstract]
Schedule of Accrued Expenses	Accrued expenses at December 31, 2016 and 2015 were: 2016 2015 Accrued compensation $ 983,449 $ 413,172 Accrued research and development 913,838 574,742 Accrued general & administrative 48,964 198,515 Accrued expenses $ 1,946,251 $ 1,186,429

Credit Facility (Tables)

Credit Facility (Tables)	12 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
Schedule of Future Maturities of Existing Term Loans	Future maturities of the existing term loans under the Credit Facility as of December 31, 2016 are as follows: 2017 $ 77,546 2018 465,278 2019 465,278 2020 387,731 Total $ 1,395,833

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Components of Deferred Tax Assets and Liabilities	Significant components of the Company’s deferred tax assets and liabilities at December 31, 2016 and 2015 are as follows: 12/31/2016 12/31/2015 Deferred Tax Assets Federal & State NOL carryforward $ 16,669,295 $ 10,115,458 Federal & State R&D credit carryforward 1,271,891 667,688 Intangibles – net 700,215 932,060 Accounts payable and accrued expenses 772,841 591,843 Stock options 2,399,666 2,152,854 Fixed assets – net 3,861 213 Gross deferred tax assets 21,817,769 14,460,116 Valuation Allowance – US (21,786,477 ) (14,418,095 ) Net Deferred Tax Assets 31,292 42,021 Deferred Tax Liabilities Note Discounts (31,292 ) (42,021 ) Gross deferred tax liabilities (31,292 ) (42,021 ) TOTAL $ — $ —
Summary of Statutory Tax Rates and Effective Tax Rates	A reconciliation of the federal statutory tax rate of 34% to the Company’s effective income tax rates are as follows: Years ended December 31, 2016 2015 Statutory tax rate 34.00 % 34.00 % State taxes, net of federal benefits 5.24 % 5.22 % Federal research and development credits 2.84 % 1.92 % Change in valuation allowance (39.42 )% (40.10 )% Stock-based compensation (2.63 )% 0.00 % Other (0.03 )% (1.04 )% Effective tax rate 0.00 % 0.00 %

Stock Incentive Plan (Tables)

Stock Incentive Plan (Tables)	12 Months Ended
	Dec. 31, 2016
Schedule of Stock-Based Compensation Expense	The amounts included in the consolidated statements of operations relating to stock-based compensation are as follows: Year ended December 31, 2016 2015 Research and development expenses $ 1,167,142 $ 841,289 General and administrative expenses 1,592,611 1,345,813 Total stock-based compensation expense $ 2,759,753 $ 2,187,102
Summary of Stock Option Activity	The following table summarizes option activity under the incentive plans for the years ended December 31, 2016 and 2015: Number of Weighted Weighted Aggregate Outstanding at December 31, 2015 1,077,330 $ 3.98 Granted 759,314 5.43 Cancelled (63,096 ) 4.85 Forfeited (171,159 ) 6.30 Exercised (103,804 ) 0.88 463,604 Outstanding at December 31, 2016 1,498,585 $ 4.63 7.86 $ 2,185,696 Exercisable at December 31, 2016 802,532 $ 2.34 7.10 $ 1,874,659 (a) The aggregate intrinsic value in this table was calculated on the positive difference, if any, between the closing market value of our common stock on December 31, 2016 of $5.35 and the price of the underlying options.
Employee Stock Options [Member]
Schedule of Fair Value of Stock Option Assumptions	The assumptions used in determining fair value of the employee stock options for the years ended December 2016 and 2015, are as follows: December 31, 2016 December 31, 2015 Expected dividend yield 0 % 0 % Anticipated volatility 88.57 % 88.57 % Estimated stock price $ 3.94 - $7.48 $ 7.19 - $8.37 Exercise price $ 3.94 - $7.48 $ 7.19 - $8.37 Expected life (years) 5.50 - 6.25 5.50 - 6.25 Risk free interest rate 0.59% - 2.20 % 0.27% - 1.91 %

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Detail)	Feb. 28, 2017USD ($)shares	May 22, 2015USD ($)shares	Jan. 22, 2015USD ($)$ / sharesshares	Jan. 21, 2015USD ($)$ / sharesshares	Jan. 15, 2015USD ($)$ / sharesshares	Jan. 14, 2015USD ($)$ / sharesshares	Jun. 30, 2016USD ($)shares	Dec. 31, 2016USD ($)Segment$ / shares	Dec. 31, 2015USD ($)	May 07, 2014USD ($)$ / sharesshares
Class of Stock [Line Items]
Accumulated deficit								$ (77,301,334)	$ (58,601,884)
Cash, cash equivalents and marketable securities								$ 24,900,000
Initial public offering completion date								May 7, 2014
Common stock issued price per share | $ / shares			$ 9.33	$ 9.33	$ 7	$ 7
Proceeds from initial public offering net of underwriting discounts, commissions and offering costs								$ 10,000,000
Underwriting discounts and commissions								800,000
Prepaid offering and printing costs								1,000,000
Offering costs								$ 240,000
Common stock shares sold | shares		2,822,500	211,528	211,528	1,100,000	1,100,000
Warrants redeemable into common shares | shares			211,528	211,528	1,100,000	1,100,000
Exercise price of warrants | $ / shares			$ 9.50	$ 9.50	$ 9.50	$ 9.50
Warrants expiration date			3 years	3 years	3 years
Warrants redemption price | $ / shares			$ 0.001	$ 0.001	$ 0.001
Share price of common stock | $ / shares			$ 20	$ 20	$ 20			$ 5.35
Trading volume of common stock | shares			50,000	50,000	50,000
Private placement of common stock and warrants raised			$ 1,900,000	$ 1,900,000	$ 7,100,000	$ 7,100,000
Warrant to purchase Common stock exercise price | $ / shares			$ 0.125	$ 0.125
Proceeds from initial public offering net of underwriting discounts, commissions and offering costs		$ 19,500,000
Sale of stock, transaction date							Jun. 30, 2016
Proceeds from public offering net of underwriting discounts, commissions and offering expenses							$ 12,600,000
Number of segment | Segment								1
Investment maturity period								Three months or less
Marketable securities maturity period								90 days
Net loss								$ (18,699,450)	(12,090,287)
Unrealized gain (loss) on marketable securities								$ 8,490	(8,361)
Subsequent Event [Member]
Class of Stock [Line Items]
Sale of stock, transaction date	Feb. 28, 2017
Proceeds from public offering net of underwriting discounts, commissions and offering expenses	$ 10,500,000
Minimum [Member]
Class of Stock [Line Items]
Percentage of investment in the form of government securities and obligations								102.00%
Maximum [Member]
Class of Stock [Line Items]
Minimum maturity period								90 days
Initial Public Offering [Member]
Class of Stock [Line Items]
Common stock issued in initial public offering | shares										1,500,000
Common stock issued price per share | $ / shares										$ 8
Aggregate offering price										$ 12,000,000
Additional Public Offering [Member]
Class of Stock [Line Items]
Shares issued during public offering | shares							2,760,000
Additional Public Offering [Member] | Subsequent Event [Member]
Class of Stock [Line Items]
Shares issued during public offering | shares	2,555,555
Over-Allotment Option [Member]
Class of Stock [Line Items]
Shares issued during public offering | shares							360,000
Over-Allotment Option [Member] | Subsequent Event [Member]
Class of Stock [Line Items]
Shares issued during public offering | shares	333,333
Intellectual Property [Member]
Class of Stock [Line Items]
Intellectual property related expenses								$ 553,871	$ 473,878
Pacific Western Bank [Member]
Class of Stock [Line Items]
Proceeds from credit facility								$ 2,000,000
Debt instrument annual interest rate								5.25%
Loan repayment period								36 months
Pacific Western Bank [Member] | Term Loan [Member]
Class of Stock [Line Items]
Credit facility amount								$ 5,000,000
Pacific Western Bank [Member] | Tranche B Loans [Member]
Class of Stock [Line Items]
Proceeds from credit facility								$ 3,000,000
Pacific Western Bank [Member] | Prime Rate [Member] | Term Loan [Member]
Class of Stock [Line Items]
Debt instrument variable annual interest rate								2.00%

Net Loss Per Share - Computatio

Net Loss Per Share - Computation of Basic and Diluted Net Loss per Share Attributable to Common Stockholders (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Earnings Per Share [Abstract]
Net loss - basic and diluted	$ (18,699,450)	$ (12,090,287)
Weighted-average number of common shares - basic and diluted	11,352,230	8,633,897
Net loss per share - basic and diluted	$ (1.65)	$ (1.40)

Net Loss Per Share - Computat31

Net Loss Per Share - Computation of Diluted Weighted-Average Shares Outstanding (Detail) - shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total of common stock equivalents	2,910,289	2,461,938
Employee Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total of common stock equivalents	1,498,585	1,077,330
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total of common stock equivalents	1,384,608	1,384,608
Restricted Stock Units (RSUs) [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total of common stock equivalents	27,096

Cash, Cash Equivalents and Ma32

Cash, Cash Equivalents and Marketable Securities - Schedule of Cash, Cash Equivalents and Marketable Securities (Detail) - USD ($)	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Cash Cash Equivalents And Marketable Securities [Line Items]
Cash	$ 394,849
Money market funds	70,212
U.S. reverse repurchase agreements	11,550,000
U.S. government agency securities	12,897,455
Available for Sale	24,447,455
Cash Equivalents	12,015,061	$ 14,648,866	$ 8,527,304
Current Marketable Securities	12,897,584	$ 12,941,776
Available for Sale [Member]
Cash Cash Equivalents And Marketable Securities [Line Items]
Unrecognized Gain	1,396
Unrecognized Loss	(1,267)
Estimated Fair Value	24,447,584
Cash Equivalents	11,550,000
Current Marketable Securities	12,897,584
Cash [Member]
Cash Cash Equivalents And Marketable Securities [Line Items]
Estimated Fair Value	394,849
Cash Equivalents	394,849
Money Market Funds [Member]
Cash Cash Equivalents And Marketable Securities [Line Items]
Estimated Fair Value	70,212
Cash Equivalents	70,212
U.S. Reverse Repurchase Agreements [Member]
Cash Cash Equivalents And Marketable Securities [Line Items]
Estimated Fair Value	11,550,000
Cash Equivalents	11,550,000
US Government Agencies Securities [Member]
Cash Cash Equivalents And Marketable Securities [Line Items]
Unrecognized Gain	1,396
Unrecognized Loss	(1,267)
Estimated Fair Value	12,897,584
Current Marketable Securities	$ 12,897,584

Cash, Cash Equivalents and Ma33

Cash, Cash Equivalents and Marketable Securities - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2016
Maximum [Member]
Cash Cash Equivalents And Marketable Securities [Line Items]
Contractual maturities of available for sale securities	1 year

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Liabilities measured at fair value on a recurring basis	$ 0	$ 0

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Assets:
Total assets at fair value	$ 24,517,796	$ 25,927,662
Money Market Funds [Member]
Assets:
Total assets at fair value	70,212	35,886
U.S. Reverse Repurchase Agreements [Member]
Assets:
Total assets at fair value	11,550,000	12,950,000
US Government Agencies Securities [Member]
Assets:
Total assets at fair value	12,897,584	12,941,776
Level 1 [Member]
Assets:
Total assets at fair value	70,212	35,886
Level 1 [Member] | Money Market Funds [Member]
Assets:
Total assets at fair value	70,212	35,886
Level 2 [Member]
Assets:
Total assets at fair value	24,447,584	25,891,776
Level 2 [Member] | U.S. Reverse Repurchase Agreements [Member]
Assets:
Total assets at fair value	11,550,000	12,950,000
Level 2 [Member] | US Government Agencies Securities [Member]
Assets:
Total assets at fair value	$ 12,897,584	$ 12,941,776

Accrued Expenses - Schedule of

Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Payables and Accruals [Abstract]
Accrued compensation	$ 983,449	$ 413,172
Accrued research and development	913,838	574,742
Accrued general & administrative	48,964	198,515
Accrued expenses	$ 1,946,251	$ 1,186,429

Credit Facility - Additional In

Credit Facility - Additional Information (Detail) - USD ($)	1 Months Ended	12 Months Ended
	Nov. 30, 2013	Dec. 31, 2016	Dec. 31, 2015	Jan. 22, 2015	Jan. 21, 2015	Jan. 15, 2015	Jan. 14, 2015	Apr. 12, 2012
Line of Credit Facility [Line Items]
Exercise price of warrants per share				$ 9.50	$ 9.50	$ 9.50	$ 9.50
Warrant value	$ 178,000
Warrant liability								$ 88,000
Series B Preferred Stock [Member]
Line of Credit Facility [Line Items]
Warrant exercisable	9,692
Exercise price of warrants per share	$ 5.16
Warrant exercisable, term	7 years
Pacific Western Bank [Member]
Line of Credit Facility [Line Items]
Proceeds from credit facility		$ 2,000,000
Debt instrument annual interest rate		5.25%
Credit facility outstanding		$ 1,400,000
Loan repayment period		36 months
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
Pacific Western Credit Facility [Member]
Line of Credit Facility [Line Items]
Net of debt discount amount		$ 80,000	$ 107,000

Credit Facility - Schedule of F

Credit Facility - Schedule of Future Maturities of Existing Term Loans (Detail)	Dec. 31, 2016USD ($)
Line of Credit Facility [Abstract]
2,017	$ 77,546
2,018	465,278
2,019	465,278
2,020	387,731
Total	$ 1,395,833

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Income Tax Contingency [Line Items]
Provision for income tax benefit	$ 0
Deferred tax assets valuation allowance	100.00%
Net operating loss carryforwards expire period	2,036
Increasing in research activities expire period	2,036
Change in valuation allowance	$ 7,400,000
Statutory tax rate	34.00%	34.00%
Federal [Member]
Income Tax Contingency [Line Items]
Net operating loss carryforwards	$ 42,800,000
Increasing in research activities	1,200,000
State [Member]
Income Tax Contingency [Line Items]
Net operating loss carryforwards	39,900,000
Increasing in research activities	$ 178,000

Income Taxes - Components of De

Income Taxes - Components of Deferred Tax Assets and Liabilities (Detail) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Deferred Tax Assets
Federal & State NOL carryforward	$ 16,669,295	$ 10,115,458
Federal & State R&D credit carryforward	1,271,891	667,688
Intangibles - net	700,215	932,060
Accounts payable and accrued expenses	772,841	591,843
Stock options	2,399,666	2,152,854
Fixed assets - net	3,861	213
Gross deferred tax assets	21,817,769	14,460,116
Valuation Allowance - US	(21,786,477)	(14,418,095)
Net Deferred Tax Assets	31,292	42,021
Deferred Tax Liabilities
Note Discounts	(31,292)	(42,021)
Gross deferred tax liabilities	(31,292)	(42,021)
TOTAL	$ 0	$ 0

Income Taxes - Summary of Statu

Income Taxes - Summary of Statutory Tax Rates and Effective Tax Rates (Detail)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Statutory tax rate	34.00%	34.00%
State taxes, net of federal benefits	5.24%	5.22%
Federal research and development credits	2.84%	1.92%
Change in valuation allowance	(39.42%)	(40.10%)
Stock-based compensation	(2.63%)	0.00%
Other	(0.03%)	(1.04%)
Effective tax rate	0.00%	0.00%

Stock Incentive Plan - Addition

Stock Incentive Plan - Additional Information (Detail)	Jan. 01, 2017shares	Jan. 01, 2016shares	Jun. 30, 2016shares	Mar. 31, 2016shares	Dec. 31, 2016USD ($)Incentive_Plan$ / sharesshares	Dec. 31, 2015$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of incentive plans | Incentive_Plan					3
Options to purchase of shares of common stock					1,498,585	1,077,330
Exercise price per share of common stock | $ / shares					$ 4.63	$ 3.98
Fair value of a common stock percentage					100.00%
Options granted, vesting period					4 years
Weighted average grant date fair value | $ / shares					$ 5.43	$ 7.78
Anticipated volatility					89.00%
Unamortized stock-based compensation | $					$ 3,200,000
Weighted average recognition period					2 years 1 month 10 days
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized stock-based compensation | $					$ 134,281
Number of restricted stock units, granted					27,096
Weighted average grant date fair value of shares | $ / shares					$ 6.33
Weighted average remaining recognition period					3 years 3 months 29 days
Aggregate intrinsic value of options outstanding | $					$ 0
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options 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
Exercise price per share of common stock | $ / shares					$ 3.24
2010 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options to purchase of shares of common stock					489,846
Exercise price per share of common stock | $ / shares					$ 1.58
2013 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options to purchase of shares of common stock					984,786
Exercise price per share of common stock | $ / shares					$ 6.18
Issuance of common stock authorized						847,614
Percentage of increase in common shares outstanding			7.00%
Common stock issued		333,333
Increase in common stock available for issuance			700,000
Common stock available for issuance			1,880,950		869,068
Number of restricted stock units outstanding					27,096
Increase in common stock outstanding			1,000,000
2013 Plan [Member] | Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock issued	880,343
Common stock available for issuance	2,761,293
2016 Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of common stock authorized				97,500
Percentage increase in number of shares of common stock reserved for issuance				1.00%
2016 Employee Stock Purchase Plan [Member] | Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock issued	125,763
Common stock available for issuance	223,263

Stock Incentive Plan - Schedule

Stock Incentive Plan - Schedule of Stock-Based Compensation Expense (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	$ 2,759,753	$ 2,187,102
Research and Development Expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	1,167,142	841,289
General and Administrative Expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	$ 1,592,611	$ 1,345,813

Stock Incentive Plan - Summary

Stock Incentive Plan - Summary of Stock Option Activity (Detail)	12 Months Ended
	Dec. 31, 2016USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Options Outstanding, Weighted Average Exercise Price, and Additional Disclosures [Abstract]
Number of Shares Outstanding, Beginning Balance | shares	1,077,330
Number of Shares, Granted | shares	759,314
Number of Shares, Cancelled | shares	(63,096)
Number of Shares, Forfeited | shares	(171,159)
Number of Shares, Exercised | shares	(103,804)
Number of Shares Outstanding, Ending Balance | shares	1,498,585
Number of Shares Exercisable, Ending Balance | shares	802,532
Weighted Average Exercise Price, Beginning Balance | $ / shares	$ 3.98
Weighted Average Exercise Price, Granted | $ / shares	5.43
Weighted Average Exercise Price, Cancelled | $ / shares	4.85
Weighted Average Exercise Price, Forfeited | $ / shares	6.30
Weighted Average Exercise Price, Exercised | $ / shares	0.88
Weighted Average Exercise Price, Ending Balance | $ / shares	4.63
Weighted Average Exercise Price Exercisable, Ending Balance | $ / shares	$ 2.34
Weighted Average Contractual Term, Outstanding	7 years 10 months 10 days
Weighted Average Contractual Term, Exercisable	7 years 1 month 6 days
Aggregate Intrinsic Value, Exercised | $	$ 463,604
Aggregate Intrinsic Value, Outstanding | $	2,185,696
Aggregate Intrinsic Value, Exercisable | $	$ 1,874,659

Stock Incentive Plan - Summar45

Stock Incentive Plan - Summary of Stock Option Activity (Parenthetical) (Detail) - $ / shares	Dec. 31, 2016	Jan. 22, 2015	Jan. 21, 2015	Jan. 15, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Options Outstanding, Weighted Average Exercise Price, and Additional Disclosures [Abstract]
Closing market value of common stock	$ 5.35	$ 20	$ 20	$ 20

Stock Incentive Plan - Schedu46

Stock Incentive Plan - Schedule of Fair Value of Stock Option Assumptions (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Jan. 22, 2015	Jan. 21, 2015	Jan. 15, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Anticipated volatility	89.00%
Estimated stock price	$ 5.35		$ 20	$ 20	$ 20
Employee Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield	0.00%	0.00%
Anticipated volatility	88.57%	88.57%
Employee Stock Options [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Estimated stock price	$ 3.94	$ 7.19
Exercise price	$ 3.94	$ 7.19
Expected life (years)	5 years 6 months	5 years 6 months
Risk free interest rate	0.59%	0.27%
Employee Stock Options [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Estimated stock price	$ 7.48	$ 8.37
Exercise price	$ 7.48	$ 8.37
Expected life (years)	6 years 3 months	6 years 3 months
Risk free interest rate	2.20%	1.91%

Stock Purchase Warrants - Addit

Stock Purchase Warrants - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	May 22, 2015	Jan. 22, 2015	Jan. 21, 2015	Jan. 15, 2015	Jan. 14, 2015	Dec. 31, 2016
Class of Warrant or Right [Line Items]
Common stock shares sold	2,822,500	211,528	211,528	1,100,000	1,100,000
Common stock issued price per share		$ 9.33	$ 9.33	$ 7	$ 7
Warrants redeemable into common shares		211,528	211,528	1,100,000	1,100,000
Exercise price of warrants		$ 9.50	$ 9.50	$ 9.50	$ 9.50
Private placement of common stock and warrants raised		$ 1.9	$ 1.9	$ 7.1	$ 7.1
Warrant to purchase Common stock exercise price		$ 0.125	$ 0.125
Warrants expiration date		3 years	3 years	3 years
Warrants redemption price		$ 0.001	$ 0.001	$ 0.001
Share price of common stock		$ 20	$ 20	$ 20		$ 5.35
Trading volume of common stock		50,000	50,000	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

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)	1 Months Ended	12 Months Ended
	Mar. 31, 2016USD ($)ft²	Dec. 31, 2014USD ($)ft²	Dec. 31, 2016USD ($)	Sep. 30, 2014USD ($)
Commitments and Contingencies Disclosure [Abstract]
Outstanding material claims			$ 0
Reserve for indemnification			0
Lease agreement period		37 months
Lease agreement area of office space | ft²	3,188	3,700
Initial base annual rent		$ 5,604
Total base rent payable	$ 67,000			$ 205,000
Gross future minimum payments under all non-cancelable operating leases, 2017			$ 107,195

Subsequent Event - Additional I

Subsequent Event - Additional Information (Detail) - USD ($) $ in Millions	Feb. 28, 2017	Jun. 30, 2016
Subsequent Event [Line Items]
Sale of stock, transaction date		Jun. 30, 2016
Proceeds from public offering net of underwriting discounts, commissions and offering expenses		$ 12.6
Subsequent Event [Member]
Subsequent Event [Line Items]
Sale of stock, transaction date	Feb. 28, 2017
Proceeds from public offering net of underwriting discounts, commissions and offering expenses	$ 10.5
Additional Public Offering [Member]
Subsequent Event [Line Items]
Shares issued during public offering		2,760,000
Additional Public Offering [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Shares issued during public offering	2,555,555
Over-Allotment Option [Member]
Subsequent Event [Line Items]
Shares issued during public offering		360,000
Over-Allotment Option [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Shares issued during public offering	333,333