Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Aug. 07, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | ALDX | |
Entity Registrant Name | ALDEYRA THERAPEUTICS, INC. | |
Entity Central Index Key | 1,341,235 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 15,150,176 |
Balance Sheets
Balance Sheets - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 14,609,742 | $ 12,015,061 |
Marketable securities | 11,210,796 | 12,897,584 |
Prepaid expenses and other current assets | 521,483 | 218,682 |
Total current assets | 26,342,021 | 25,131,327 |
Deferred offering costs | 77,942 | |
Fixed assets, net | 47,981 | 56,352 |
Total assets | 26,467,944 | 25,187,679 |
Current liabilities: | ||
Accounts payable | 762,681 | 275,441 |
Accrued expenses | 1,038,905 | 1,946,251 |
Current portion of credit facility | 310,185 | 77,546 |
Total current liabilities | 2,111,771 | 2,299,238 |
Credit facility, net of current portion and debt discount | 1,016,377 | 1,238,624 |
Total liabilities | 3,128,148 | 3,537,862 |
Commitment 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 15,150,176 and 12,576,325 shares issued and outstanding, respectively | 15,150 | 12,576 |
Additional paid-in capital | 111,030,501 | 98,938,446 |
Accumulated other comprehensive income (loss) | (4,640) | 129 |
Accumulated deficit | (87,701,215) | (77,301,334) |
Total stockholders' equity | 23,339,796 | 21,649,817 |
Total liabilities and stockholders' equity | $ 26,467,944 | $ 25,187,679 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2017 | Dec. 31, 2016 |
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 | 15,150,176 | 12,576,325 |
Common stock, shares outstanding | 15,150,176 | 12,576,325 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Operating expenses: | ||||
Research and development | $ 3,848,889 | $ 2,834,523 | $ 7,217,912 | $ 6,346,037 |
General and administrative | 1,481,792 | 1,462,227 | 3,208,670 | 2,917,750 |
Loss from operations | (5,330,681) | (4,296,750) | (10,426,582) | (9,263,787) |
Other income (expense): | ||||
Interest income | 48,384 | 21,951 | 80,002 | 46,671 |
Interest expense | (26,463) | (27,817) | (53,301) | (52,853) |
Total other income (expense), net | 21,921 | (5,866) | 26,701 | (6,182) |
Net loss | $ (5,308,760) | $ (4,302,616) | $ (10,399,881) | $ (9,269,969) |
Net loss per share - basic and diluted | $ (0.35) | $ (0.41) | $ (0.72) | $ (0.91) |
Weighted average common shares outstanding - basic and diluted | 15,136,399 | 10,622,411 | 14,470,555 | 10,167,466 |
Statements of Comprehensive Los
Statements of Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (5,308,760) | $ (4,302,616) | $ (10,399,881) | $ (9,269,969) |
Other comprehensive income/(loss): | ||||
Unrealized gain/(loss) on marketable securities | 107 | 2,904 | (4,769) | 13,064 |
Total other comprehensive income/(loss) | 107 | 2,904 | (4,769) | 13,064 |
Comprehensive loss | $ (5,308,653) | $ (4,299,712) | $ (10,404,650) | $ (9,256,905) |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (10,399,881) | $ (9,269,969) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation | 1,463,330 | 1,282,687 |
Amortization of debt discount - non-cash interest expense | 10,392 | 13,954 |
Net amortization of premium on debt securities available for sale | 130,362 | 113,961 |
Depreciation | 19,963 | 17,117 |
Change in assets and liabilities: | ||
Prepaid expenses and other current assets | (302,801) | 237,465 |
Accounts payable | 487,240 | (27,859) |
Accrued expenses | (907,346) | (101,838) |
Net cash used in operating activities | (9,498,741) | (7,734,482) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Acquisitions of property and equipment | (11,592) | (11,810) |
Purchases of marketable securities | (9,270,343) | (9,720,033) |
Sales of marketable securities | 10,822,000 | 7,620,000 |
Net cash provided by/(used in) investing activities | 1,540,065 | (2,111,843) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from issuance of common stock in public offering | 10,585,744 | 12,768,745 |
Proceeds from issuance of common stock in Employee Stock Purchase Plan | 45,555 | |
Deferred offering costs paid in cash | (77,942) | 36,236 |
Net cash provided by financing activities | 10,553,357 | 12,804,981 |
NET INCREASE IN CASH | 2,594,681 | 2,958,656 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 12,015,061 | 14,648,866 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 14,609,742 | 17,607,522 |
Cash paid during the period for: | ||
Interest | 41,642 | 39,103 |
Income taxes | $ 0 | 0 |
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES: | ||
Offering costs of public and private offerings not yet paid | $ 155,122 |
Nature of Business
Nature of Business | 6 Months Ended |
Jun. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Business | 1. NATURE OF BUSINESS Aldeyra Therapeutics, Inc. (the Company or Aldeyra), a Delaware corporation, is developing 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 Company’s principal activities to date include raising capital and research and development activities. |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 2. BASIS OF PRESENTATION The accompanying interim unaudited condensed financial statements and related disclosures are unaudited and have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the Company’s financial statements and related footnotes for the year ended December 31, 2016 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016, which was filed with the Securities and Exchange Commission on March 30, 2017. The financial information as of June 30, 2017, the three and six months ended June 30, 2017 and 2016 is unaudited, but in the opinion of management, all adjustments, consisting only of normal recurring adjustments, considered necessary for a fair presentation of the financial position, results of operations and cash flows at the dates and for the periods presented of the results of these interim periods have been included. The balance sheet data as of December 31, 2016 was derived from audited financial statements. The results of the Company’s operations for any interim period are not necessarily indicative of the results that may be expected for any other interim period or for a full fiscal year. In February 2017, the Company closed an underwritten public offering in which it sold, an aggregate of approximately 2,555,555 shares of 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 $10.6 million, after deducting the underwriting discounts and commissions and the other offering expenses payable by Aldeyra. In June 2017, the Company entered into a Controlled Equity Offering SM The Company’s management believes that its currently available resources, including amounts potentially available under its credit facility (Note 7), will provide sufficient funds to enable the Company to meet its expected obligations into approximately the third quarter of 2018 based on the Company’s current business plan. However, these amounts will not be sufficient for the Company to develop and commercialize its product candidates or conduct any substantial, additional development requirements requested by the U.S. Food and Drug Administration (FDA). Additional funding may not be available to the Company on acceptable terms, or at all. If the Company is unable to secure additional capital, or meet financial covenants that could be implemented under the Company’s term loans in certain circumstances, it will be required to significantly decrease the amount of planned expenditures, and may be required to cease operations. Curtailment of operations would cause significant delays in the Company’s efforts to develop and introduce its products to market, which is critical to the realization of its business plan and the future operations of the Company. Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, disclosure of contingent assets and liabilities, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates and assumptions. Recent Accounting Pronouncements In March 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (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. The Company adopted ASU 2016-09 in the quarter ended March 31, 2017, and it did not have a material impact on the Company’s 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 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 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. The Company adopted ASU 2015-17 in the quarter ended March 31, 2017, and it did not have a material impact on the Company’s 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. The Company adopted ASU 2015-03 in the quarter ended March 31, 2017, and it did not have a material impact on the Company’s 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 the adoption of this standard to have a material impact on its financial statements. |
Net Loss Per Share
Net Loss Per Share | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 3. NET LOSS PER SHARE For the three and six months ended June 30, 2017 and 2016, diluted weighted average common shares outstanding is equal to basic weighted average common shares due to the Company’s net loss position. The following potentially dilutive securities outstanding have been excluded from the computation of diluted weighted-average shares outstanding, because such securities had an antidilutive impact: Three Months ended June 30, Six Months ended June 30, 2017 2016 2017 2016 Options to purchase common stock 2,345,641 1,654,482 2,345,641 1,654,482 Warrants to purchase common stock 1,384,608 1,384,608 1,384,608 1,384,608 Restricted stock units 157,128 27,096 157,128 27,096 Total of common stock equivalents 3,887,377 3,066,186 3,887,377 3,066,186 |
Cash, Cash Equivalents and Mark
Cash, Cash Equivalents and Marketable Securities | 6 Months Ended |
Jun. 30, 2017 | |
Cash and Cash Equivalents [Abstract] | |
Cash, Cash Equivalents and Marketable Securities | 4. CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES At June 30, 2017, cash, cash equivalents and marketable securities were comprised of: Carrying Amount Unrecognized Gain Unrecognized Loss Estimated Fair Value Cash Equivalents Current Marketable Securities Cash $ 1,201,683 $ — $ — $ 1,201,683 $ 1,201,683 $ — Money market funds 1,908,059 — — 1,908,059 1,908,059 — Reverse repurchase agreements 11,500,000 — — 11,500,000 11,500,000 — U.S. government agency securities 11,215,436 — (4,640 ) 11,210,796 — 11,210,796 Available for Sale(1) 22,715,436 — (4,640 ) 22,710,796 11,500,000 11,210,796 Total cash, cash equivalents and current marketable securities $ 14,609,742 $ 11,210,796 (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 were less than one year at June 30, 2017. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 5. FAIR VALUE MEASUREMENTS Financial instruments, including cash 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. 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 June 30, 2017 or December 31, 2016. The following table presents information about the Company’s assets measured at fair value at June 30, 2017 and December 31, 2016: June 30, 2017 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 1,908,059 $ — $ — $ 1,908,059 Reverse repurchase agreements — 11,500,000 — 11,500,000 U.S. government agency securities — 11,210,796 — 11,210,796 Total assets at fair value $ 1,908,059 $ 22,710,796 $ — $ 24,618,855 December 31, 2016 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 70,212 $ — $ — $ 70,212 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 |
Accrued Expenses
Accrued Expenses | 6 Months Ended |
Jun. 30, 2017 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | 6. ACCRUED EXPENSES Accrued expenses at June 30, 2017 and December 31, 2016 were: June 30, December 31, 2017 2016 Accrued compensation $ 461,305 $ 983,449 Accrued research and development 460,261 913,838 Accrued general & administrative 117,339 48,964 Accrued expenses $ 1,038,905 $ 1,946,251 |
Credit Facility
Credit Facility | 6 Months Ended |
Jun. 30, 2017 | |
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 (Credit Facility), of which $1.4 million was outstanding as of June 30, 2017. 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 $5.0 million 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) $2.0 million 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 substantially all of the Company’s assets, including its intellectual property. In conjunction with obtaining and amending the Credit Facility, the Company issued warrants to the bank with an aggregate fair value of $266,000, which were recorded as a debt discount. 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 June 30, 2017 and December 31, 2016, the Credit Facility is shown net of a remaining debt discount of $69,300 and $80,000, respectively. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2017 | |
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 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 has undergone two ownership changes and it is possible that additional ownership changes have occurred since. However, the Company’s management believes that it had 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 Aldeyra’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. 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 | 6 Months Ended |
Jun. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Incentive Plan | 9. STOCK INCENTIVE PLAN The Company has three equity 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 June 30, 2017, 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 in May 2014 upon the initial public offering (Initial Public Offering). However, grants made under the 2010 Plan are still governed by that plan. As of June 30, 2017, 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 June 30, 2017, the number of shares of common stock authorized for issuance in connection with the 2013 Plan was 2,761,293. On January 1 of each year the aggregate number of common shares that may be issued under the 2013 Plan shall automatically increase by such 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 June 30, 2017, options to purchase 1,831,841 shares of common stock at a weighted average exercise price of $5.69 per share and restricted stock units representing 157,128 shares of common stock remained outstanding under the 2013 Plan. As of June 30, 2017, there were 757,788 shares of common stock available for grant under the 2013 Plan. Terms of stock award agreements, including vesting requirements, are determined by the Company’s board of directors or its compensation committee, subject to the provisions of the respective plan they were granted. Awards granted by the Company typically vest over a four year period. Certain of the awards are subject to acceleration of vesting in the event of certain change of control transactions and certain terminations of service. The awards 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: Three Months ended June 30, Six Months ended June 30, 2017 2016 2017 2016 Research and development expenses $ 204,442 $ 262,289 $ 467,406 $ 497,211 General and administrative expenses 400,791 411,292 995,924 785,476 Total stock-based compensation expense $ 605,233 $ 673,581 $ 1,463,330 $ 1,282,687 Stock Options The table below summarizes activity relating to stock options for the six months ended June 30, 2017: Number of Weighted Weighted Aggregate (a) Outstanding at December 31, 2016 1,498,585 $ 4.63 7.86 $ 2,185,696 Granted 874,337 5.13 Cancelled/Forfeited (27,281 ) 5.60 Exercised — — Outstanding at June 30, 2017 2,345,641 $ 4.80 8.16 $ 1,559,980 Exercisable at June 30, 2017 1,097,398 $ 4.20 6.95 $ 1,546,505 (a) The aggregate intrinsic value in this table was calculated on the positive difference, if any, between the closing market value of the Company’s common stock on June 30, 2017 of $4.65 and the price of the underlying options. As of June 30, 2017, unamortized stock-based compensation for all stock options was $4,726,536 and will be recognized over a weighted average period of 2.75 years. Restricted Stock Units Restricted stock units are not included in issued and outstanding common stock until the underlying shares are vested and released. The table below summarizes activity relating to restricted stock units for the six months ended June 30, 2017: Number of Outstanding at December 31, 2016 27,096 Granted 136,806 Earned/released (6,774 ) Outstanding at June 30, 2017 157,128 Weighted average remaining recognition period of outstanding restricted stock units 3.55 Unearned stock-based compensation expense of outstanding restricted stock units $ 754,706 Aggregate intrinsic value of outstanding restricted stock units (a) $ 730,645 (a) The aggregate intrinsic value in this table was calculated on the positive difference, if any, between the closing market value of the Company’s common stock on June 30, 2017 of $4.65 and the price of the underlying restricted stock unit. The aggregate intrinsic value of restricted stock units vested during the six months ended June 30, 2017 was $27,943. The weighted-average grant-date fair value of restricted stock units granted during the six months ended June 30, 2017 was $5.10 per share. Employee Stock Purchase Plan Our 2016 Employee Stock Purchase Plan (2016 ESPP) authorizes the issuance of up to a total of 223,263 shares of the Company’s common stock in semi-annual offerings to participating employees at a price equal to the lower of 85% of the closing price on the applicable offering commencement date or 85% of the closing price on the applicable offering termination date. The number of shares reserved for issuance under the 2016 ESPP automatically increases on the first business day of each fiscal year 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. Stock-based compensation expense for the 2016 ESPP is recognized for the benefit accorded to the participating employees. At June 30, 2017, we have reserved 211,741 shares for future issuance under the 2016 ESPP. A summary of the weighted-average grant-date fair value, shares issued and total stock-based compensation expense recognized related to the 2016 ESPP as of June 30, 2017 and 2016 are as follows: 2017 2016 Weighted-average grant-date fair value per share $ 0.70 $ — Total shares issued 11,522 — Total stock-based compensation expense $ 8,037 $ — |
Stock Purchase Warrants
Stock Purchase Warrants | 6 Months Ended |
Jun. 30, 2017 | |
Text Block [Abstract] | |
Stock Purchase Warrants | 10. STOCK PURCHASE WARRANTS As of June 30, 2017, there were 1,384,608 warrants to purchase shares of common stock of the Company outstanding with a weighted-average exercise price of $9.52 per share and weighted-average remaining life of 0.6 years. During the six months ended June 30, 2017, there were no exercises, issuances or expirations of warrants to purchase shares of common stock of the Company. A summary of the common share purchase warrants outstanding and exercisable at June 30, 2017 is as follows: Exercise Number Expiry Date $ 10.00 60,000 May 1, 2019 9.50 1,113,080 January 14, 2018 9.50 211,528 January 21, 2018 1,384,608 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 11. COMMITMENTS AND CONTINGENCIES In the ordinary course of its business, the Company may be involved in various legal proceedings involving contractual and employment relationships, patent or other intellectual property rights, and a variety of other matters. The Company is not aware of any pending legal proceedings that would reasonably be expected to have a material impact on the Company’s financial position or results of operations. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The accompanying interim unaudited condensed financial statements and related disclosures are unaudited and have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the Company’s financial statements and related footnotes for the year ended December 31, 2016 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016, which was filed with the Securities and Exchange Commission on March 30, 2017. The financial information as of June 30, 2017, the three and six months ended June 30, 2017 and 2016 is unaudited, but in the opinion of management, all adjustments, consisting only of normal recurring adjustments, considered necessary for a fair presentation of the financial position, results of operations and cash flows at the dates and for the periods presented of the results of these interim periods have been included. The balance sheet data as of December 31, 2016 was derived from audited financial statements. The results of the Company’s operations for any interim period are not necessarily indicative of the results that may be expected for any other interim period or for a full fiscal year. In February 2017, the Company closed an underwritten public offering in which it sold, an aggregate of approximately 2,555,555 shares of 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 $10.6 million, after deducting the underwriting discounts and commissions and the other offering expenses payable by Aldeyra. In June 2017, the Company entered into a Controlled Equity Offering SM The Company’s management believes that its currently available resources, including amounts potentially available under its credit facility (Note 7), will provide sufficient funds to enable the Company to meet its expected obligations into approximately the third quarter of 2018 based on the Company’s current business plan. However, these amounts will not be sufficient for the Company to develop and commercialize its product candidates or conduct any substantial, additional development requirements requested by the U.S. Food and Drug Administration (FDA). Additional funding may not be available to the Company on acceptable terms, or at all. If the Company is unable to secure additional capital, or meet financial covenants that could be implemented under the Company’s term loans in certain circumstances, it will be required to significantly decrease the amount of planned expenditures, and may be required to cease operations. Curtailment of operations would cause significant delays in the Company’s efforts to develop and 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 The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, disclosure of contingent assets and liabilities, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates and assumptions. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In March 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (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. The Company adopted ASU 2016-09 in the quarter ended March 31, 2017, and it did not have a material impact on the Company’s 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 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 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. The Company adopted ASU 2015-17 in the quarter ended March 31, 2017, and it did not have a material impact on the Company’s 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. The Company adopted ASU 2015-03 in the quarter ended March 31, 2017, and it did not have a material impact on the Company’s 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 the adoption of this standard to have a material impact on its financial statements. |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Computation of Diluted Weighted-Average Shares Outstanding | The following potentially dilutive securities outstanding have been excluded from the computation of diluted weighted-average shares outstanding, because such securities had an antidilutive impact: Three Months ended June 30, Six Months ended June 30, 2017 2016 2017 2016 Options to purchase common stock 2,345,641 1,654,482 2,345,641 1,654,482 Warrants to purchase common stock 1,384,608 1,384,608 1,384,608 1,384,608 Restricted stock units 157,128 27,096 157,128 27,096 Total of common stock equivalents 3,887,377 3,066,186 3,887,377 3,066,186 |
Cash, Cash Equivalents and Ma20
Cash, Cash Equivalents and Marketable Securities (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Cash, Cash Equivalents and Marketable Securities | At June 30, 2017, cash, cash equivalents and marketable securities were comprised of: Carrying Amount Unrecognized Gain Unrecognized Loss Estimated Fair Value Cash Equivalents Current Marketable Securities Cash $ 1,201,683 $ — $ — $ 1,201,683 $ 1,201,683 $ — Money market funds 1,908,059 — — 1,908,059 1,908,059 — Reverse repurchase agreements 11,500,000 — — 11,500,000 11,500,000 — U.S. government agency securities 11,215,436 — (4,640 ) 11,210,796 — 11,210,796 Available for Sale(1) 22,715,436 — (4,640 ) 22,710,796 11,500,000 11,210,796 Total cash, cash equivalents and current marketable securities $ 14,609,742 $ 11,210,796 (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) | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table presents information about the Company’s assets measured at fair value at June 30, 2017 and December 31, 2016: June 30, 2017 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 1,908,059 $ — $ — $ 1,908,059 Reverse repurchase agreements — 11,500,000 — 11,500,000 U.S. government agency securities — 11,210,796 — 11,210,796 Total assets at fair value $ 1,908,059 $ 22,710,796 $ — $ 24,618,855 December 31, 2016 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 70,212 $ — $ — $ 70,212 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 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses at June 30, 2017 and December 31, 2016 were: June 30, December 31, 2017 2016 Accrued compensation $ 461,305 $ 983,449 Accrued research and development 460,261 913,838 Accrued general & administrative 117,339 48,964 Accrued expenses $ 1,038,905 $ 1,946,251 |
Stock Incentive Plan (Tables)
Stock Incentive Plan (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Stock-Based Compensation Expense | The amounts included in the consolidated statements of operations relating to stock-based compensation are as follows: Three Months ended June 30, Six Months ended June 30, 2017 2016 2017 2016 Research and development expenses $ 204,442 $ 262,289 $ 467,406 $ 497,211 General and administrative expenses 400,791 411,292 995,924 785,476 Total stock-based compensation expense $ 605,233 $ 673,581 $ 1,463,330 $ 1,282,687 |
Summary of Activity Relating to Stock Options | The table below summarizes activity relating to stock options for the six months ended June 30, 2017: Number of Weighted Weighted Aggregate (a) Outstanding at December 31, 2016 1,498,585 $ 4.63 7.86 $ 2,185,696 Granted 874,337 5.13 Cancelled/Forfeited (27,281 ) 5.60 Exercised — — Outstanding at June 30, 2017 2,345,641 $ 4.80 8.16 $ 1,559,980 Exercisable at June 30, 2017 1,097,398 $ 4.20 6.95 $ 1,546,505 (a) The aggregate intrinsic value in this table was calculated on the positive difference, if any, between the closing market value of the Company’s common stock on June 30, 2017 of $4.65 and the price of the underlying options. |
Summary of Activity Relating to Restricted Stock Units | The table below summarizes activity relating to restricted stock units for the six months ended June 30, 2017: Number of Outstanding at December 31, 2016 27,096 Granted 136,806 Earned/released (6,774 ) Outstanding at June 30, 2017 157,128 Weighted average remaining recognition period of outstanding restricted stock units 3.55 Unearned stock-based compensation expense of outstanding restricted stock units $ 754,706 Aggregate intrinsic value of outstanding restricted stock units (a) $ 730,645 (a) The aggregate intrinsic value in this table was calculated on the positive difference, if any, between the closing market value of the Company’s common stock on June 30, 2017 of $4.65 and the price of the underlying restricted stock unit. The aggregate intrinsic value of restricted sto |
Summary of employee stock purchase plan activity | A summary of the weighted-average grant-date fair value, shares issued and total stock-based compensation expense recognized related to the 2016 ESPP as of June 30, 2017 and 2016 are as follows: 2017 2016 Weighted-average grant-date fair value per share $ 0.70 $ — Total shares issued 11,522 — Total stock-based compensation expense $ 8,037 $ — |
Stock Purchase Warrants (Tables
Stock Purchase Warrants (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Text Block [Abstract] | |
Summary of Common Share Purchase Warrants Outstanding and Exercisable | A summary of the common share purchase warrants outstanding and exercisable at June 30, 2017 is as follows: Exercise Number Expiry Date $ 10.00 60,000 May 1, 2019 9.50 1,113,080 January 14, 2018 9.50 211,528 January 21, 2018 1,384,608 |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) - USD ($) | 1 Months Ended | 6 Months Ended | ||
Feb. 28, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
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 | $ 10,600,000 | $ 10,585,744 | $ 12,768,745 | |
Common stock par value | $ 0.001 | $ 0.001 | ||
Additional Public Offering [Member] | ||||
Class of Stock [Line Items] | ||||
Shares issued during public offering | 2,555,555 | |||
Over-Allotment Option [Member] | ||||
Class of Stock [Line Items] | ||||
Shares issued during public offering | 333,333 | |||
At The Market Facility [Member] | Cantor Fitzgerald And Co [Member] | ||||
Class of Stock [Line Items] | ||||
Shares issued during public offering | 0 | |||
Common stock par value | $ 0.001 | |||
Broker commission as percentage of sale proceed | 3.00% | |||
At The Market Facility [Member] | Cantor Fitzgerald And Co [Member] | Maximum [Member] | ||||
Class of Stock [Line Items] | ||||
Expected aggregate gross proceeds from issuance of stock | $ 20,000,000 |
Net Loss Per Share - Computatio
Net Loss Per Share - Computation of Diluted Weighted-Average Shares Outstanding (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total of common stock equivalents | 3,887,377 | 3,066,186 | 3,887,377 | 3,066,186 |
Employee Stock Options [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total of common stock equivalents | 2,345,641 | 1,654,482 | 2,345,641 | 1,654,482 |
Warrant [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total of common stock equivalents | 1,384,608 | 1,384,608 | 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 | 157,128 | 27,096 | 157,128 | 27,096 |
Cash, Cash Equivalents and Ma27
Cash, Cash Equivalents and Marketable Securities - Schedule of Cash, Cash Equivalents and Marketable Securities (Detail) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Jan. 01, 2016 |
Cash Cash Equivalents And Marketable Securities [Line Items] | ||||
Cash | $ 1,201,683 | |||
Money market funds | 1,908,059 | |||
Reverse repurchase agreements | 11,500,000 | |||
U.S. government agency securities | 11,215,436 | |||
Available for Sale | 22,715,436 | |||
Unrecognized Gain | 0 | |||
Cash Equivalents | 14,609,742 | $ 12,015,061 | $ 17,607,522 | $ 14,648,866 |
Current Marketable Securities | 11,210,796 | $ 12,897,584 | ||
Available for Sale [Member] | ||||
Cash Cash Equivalents And Marketable Securities [Line Items] | ||||
Unrecognized Gain | 0 | |||
Unrecognized Loss | (4,640) | |||
Estimated Fair Value | 22,710,796 | |||
Cash Equivalents | 11,500,000 | |||
Current Marketable Securities | 11,210,796 | |||
Cash [Member] | ||||
Cash Cash Equivalents And Marketable Securities [Line Items] | ||||
Unrecognized Gain | 0 | |||
Estimated Fair Value | 1,201,683 | |||
Cash Equivalents | 1,201,683 | |||
Money Market Funds [Member] | ||||
Cash Cash Equivalents And Marketable Securities [Line Items] | ||||
Unrecognized Gain | 0 | |||
Estimated Fair Value | 1,908,059 | |||
Cash Equivalents | 1,908,059 | |||
Reverse Repurchase Agreements [Member] | ||||
Cash Cash Equivalents And Marketable Securities [Line Items] | ||||
Unrecognized Gain | 0 | |||
Estimated Fair Value | 11,500,000 | |||
Cash Equivalents | 11,500,000 | |||
US Government Agencies Securities [Member] | ||||
Cash Cash Equivalents And Marketable Securities [Line Items] | ||||
Unrecognized Gain | 0 | |||
Unrecognized Loss | (4,640) | |||
Estimated Fair Value | 11,210,796 | |||
Current Marketable Securities | $ 11,210,796 |
Cash, Cash Equivalents and Ma28
Cash, Cash Equivalents and Marketable Securities - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2017 | |
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 ($) | Jun. 30, 2017 | Dec. 31, 2016 |
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 ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Assets: | ||
Total assets at fair value | $ 24,618,855 | $ 24,517,796 |
Money Market Funds [Member] | ||
Assets: | ||
Total assets at fair value | 1,908,059 | 70,212 |
Reverse Repurchase Agreements [Member] | ||
Assets: | ||
Total assets at fair value | 11,500,000 | 11,550,000 |
US Government Agencies Securities [Member] | ||
Assets: | ||
Total assets at fair value | 11,210,796 | 12,897,584 |
Level 1 [Member] | ||
Assets: | ||
Total assets at fair value | 1,908,059 | 70,212 |
Level 1 [Member] | Money Market Funds [Member] | ||
Assets: | ||
Total assets at fair value | 1,908,059 | 70,212 |
Level 2 [Member] | ||
Assets: | ||
Total assets at fair value | 22,710,796 | 24,447,584 |
Level 2 [Member] | Reverse Repurchase Agreements [Member] | ||
Assets: | ||
Total assets at fair value | 11,500,000 | 11,550,000 |
Level 2 [Member] | US Government Agencies Securities [Member] | ||
Assets: | ||
Total assets at fair value | $ 11,210,796 | $ 12,897,584 |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Payables and Accruals [Abstract] | ||
Accrued compensation | $ 461,305 | $ 983,449 |
Accrued research and development | 460,261 | 913,838 |
Accrued general & administrative | 117,339 | 48,964 |
Accrued expenses | $ 1,038,905 | $ 1,946,251 |
Credit Facility - Additional In
Credit Facility - Additional Information (Detail) - USD ($) | 6 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | |
Line of Credit Facility [Line Items] | ||
Fair value of warrants issued | $ 266,000 | |
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 | $ 69,300 | $ 80,000 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Income Tax Disclosure [Abstract] | |
Provision for income tax benefit | $ 0 |
Deferred tax assets valuation allowance | 100.00% |
Stock Incentive Plan - Addition
Stock Incentive Plan - Additional Information (Detail) | Jan. 01, 2016shares | Jun. 30, 2017USD ($)Incentive_Plan$ / sharesshares | Dec. 31, 2016$ / 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 | 2,345,641 | 1,498,585 | |
Exercise price per share of common stock | $ / shares | $ 4.80 | $ 4.63 | |
Fair value of a common stock percentage | 100.00% | ||
Awards granted, vesting period | 4 years | ||
Employee Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unamortized stock-based compensation | $ | $ 4,726,536 | ||
Weighted average recognition period | 2 years 9 months 20 days | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Aggregate intrinsic value of restricted stock units , vested | $ | $ 27,943 | ||
Weighted average grant date fair value of shares | $ / shares | $ 5.10 | ||
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options granted in term years | 10 years | ||
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 | ||
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 | ||
2013 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options to purchase of shares of common stock | 1,831,841 | ||
Exercise price per share of common stock | $ / shares | $ 5.69 | ||
Issuance of common stock authorized | 2,761,293 | ||
Percentage of increase in common shares outstanding | 7.00% | ||
Number of restricted stock units outstanding | 157,128 | ||
Common stock available for issuance | 757,788 | ||
Increase in common stock outstanding | 1,000,000 | ||
2016 Employee Stock Purchase Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Issuance of common stock authorized | 223,263 | ||
Common stock available for issuance | 211,741 | ||
Percentage increase in number of shares of common stock reserved for issuance | 1.00% | ||
Closing Price offering Commencement date, Percentage | 85.00% | ||
Closing Price offering Termination date, Percentage | 85.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Description | Our 2016 Employee Stock Purchase Plan (2016 ESPP) authorizes the issuance of up to a total of 223,263 shares of the Company's common stock in semi-annual offerings to participating employees at a price equal to the lower of 85% of the closing price on the applicable offering commencement date or 85% of the closing price on the applicable offering termination date. |
Stock Incentive Plan - Schedule
Stock Incentive Plan - Schedule of Stock-Based Compensation Expense (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense | $ 605,233 | $ 673,581 | $ 1,463,330 | $ 1,282,687 |
Research and Development Expenses [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense | 204,442 | 262,289 | 467,406 | 497,211 |
General and Administrative Expenses [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense | $ 400,791 | $ 411,292 | $ 995,924 | $ 785,476 |
Stock Incentive Plan - Summary
Stock Incentive Plan - Summary of Activity Relating to Stock Options (Detail) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Number of Shares Outstanding, Beginning Balance | 1,498,585 | |
Number of Shares, Granted | 874,337 | |
Number of Shares,Cancelled/Forfeited | (27,281) | |
Number of Shares, Exercised | 0 | |
Number of Shares Outstanding, Ending Balance | 2,345,641 | 1,498,585 |
Number of Shares Exercisable, Ending Balance | 1,097,398 | |
Weighted Average Exercise Price, Beginning Balance | $ 4.63 | |
Weighted Average Exercise Price, Granted | 5.13 | |
Weighted Average Exercise Price, Cancelled/Forfeited | 5.60 | |
Weighted Average Exercise Price, Exercised | 0 | |
Weighted Average Exercise Price, Ending Balance | 4.80 | $ 4.63 |
Weighted Average Exercise Price Exercisable, Ending Balance | $ 4.20 | |
Weighted Average Contractual Term, Outstanding | 8 years 1 month 27 days | 7 years 10 months 10 days |
Weighted Average Contractual Term, Exercisable | 6 years 11 months 12 days | |
Aggregate Intrinsic Value, Outstanding | $ 1,559,980 | |
Aggregate Intrinsic Value, Exercisable | $ 1,546,505 | $ 2,185,696 |
Stock Incentive Plan - Summar37
Stock Incentive Plan - Summary of Activity Relating to Stock Options (Parenthetical) (Detail) | Jun. 30, 2017$ / shares |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Closing market value of common stock | $ 4.65 |
Stock Incentive Plan - Summar38
Stock Incentive Plan - Summary of Activity Relating to Restricted Stock Units (Detail) - Restricted Stock Units (RSUs) [Member] | 6 Months Ended |
Jun. 30, 2017USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Shares Outstanding, Beginning Balance | 27,096 |
Number of Shares, Granted | 136,806 |
Number of Shares, earned/released | (6,774) |
Number of Shares Outstanding, Ending Balance | 157,128 |
Weighted average remaining recognition period of outstanding restricted stock units | 3 years 6 months 18 days |
Unearned stock-based compensation expense of outstanding restricted stock units | $ | $ 754,706 |
Aggregate intrinsic value of outstanding restricted stock units | $ | $ 730,645 |
Stock Incentive Plan - Summar39
Stock Incentive Plan - Summary of Activity Relating to Restricted Stock Units (Parenthetical) (Detail) | Jun. 30, 2017$ / shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Closing market value of common stock | $ 4.65 |
Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Closing market value of common stock | $ 4.65 |
Stock Incentive Plan - Summar40
Stock Incentive Plan - Summary of Employee Stock Purchase Plan Activity (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Employee Stock Purchase Plan [Line Items] | ||||
Total stock-based compensation expense | $ 605,233 | $ 673,581 | $ 1,463,330 | $ 1,282,687 |
2016 Employee Stock Purchase Plan [Member] | ||||
Employee Stock Purchase Plan [Line Items] | ||||
Weighted-average grant-date fair value per share | $ 0.70 | |||
Total shares issued | 11,522 | |||
Total stock-based compensation expense | $ 8,037 |
Stock Purchase Warrants - Addit
Stock Purchase Warrants - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2017USD ($)$ / sharesshares | |
Equity [Abstract] | |
Warrants to Purchase shares of Common Stock | 1,384,608 |
Weighted Average Exercise Price, per share | $ / shares | $ 9.52 |
Weighted Average Remaining Life | 7 months 6 days |
Class of warrants excercised | $ | $ 0 |
Class of warrants issued and expired | 0 |
Stock Purchase Warrants - Summa
Stock Purchase Warrants - Summary of Common Share Purchase Warrants Outstanding and Exercisable (Detail) | 6 Months Ended |
Jun. 30, 2017$ / sharesshares | |
Class of Warrant or Right [Line Items] | |
Exercise Price | $ / shares | $ 9.52 |
Number Outstanding | shares | 1,384,608 |
Exercise Price One [Member] | |
Class of Warrant or Right [Line Items] | |
Exercise Price | $ / shares | $ 10 |
Number Outstanding | shares | 60,000 |
Expiry Date | May 1, 2019 |
Exercise Price Two [Member] | |
Class of Warrant or Right [Line Items] | |
Exercise Price | $ / shares | $ 9.50 |
Number Outstanding | shares | 1,113,080 |
Expiry Date | Jan. 14, 2018 |
Exercise Price Three [Member] | |
Class of Warrant or Right [Line Items] | |
Exercise Price | $ / shares | $ 9.50 |
Number Outstanding | shares | 211,528 |
Expiry Date | Jan. 21, 2018 |