Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | May 15, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
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 | 20,109,394 |
Balance Sheets
Balance Sheets - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 20,963,541 | $ 20,023,337 |
Marketable securities | 17,974,600 | 22,923,462 |
Prepaid expenses and other current assets | 1,666,898 | 1,018,967 |
Total current assets | 40,605,039 | 43,965,766 |
Deferred offering costs | 165,930 | |
Fixed assets, net | 170,862 | 43,262 |
Total assets | 40,775,901 | 44,174,958 |
Current liabilities: | ||
Accounts payable | 1,618,889 | 1,000,963 |
Accrued expenses | 1,815,428 | 2,236,465 |
Current portion of credit facility | 232,639 | 116,319 |
Total current liabilities | 3,666,956 | 3,353,747 |
Credit facility, net of current portion and debt discount | 1,107,741 | 1,220,192 |
Total liabilities | 4,774,697 | 4,573,939 |
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 19,664,921 and 19,137,639 shares issued and outstanding, respectively | 19,665 | 19,138 |
Additional paid-in capital | 144,036,909 | 139,241,635 |
Accumulated other comprehensive loss | (16,385) | (17,831) |
Accumulated deficit | (108,038,985) | (99,641,923) |
Total stockholders' equity | 36,001,204 | 39,601,019 |
Total liabilities and stockholders' equity | $ 40,775,901 | $ 44,174,958 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2018 | Dec. 31, 2017 |
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 | 19,664,921 | 19,137,639 |
Common stock, shares outstanding | 19,664,921 | 19,137,639 |
Statements of Operations
Statements of Operations - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Operating expenses: | ||
Research and development | $ 6,600,106 | $ 3,369,023 |
General and administrative | 1,891,303 | 1,726,878 |
Loss from operations | (8,491,409) | (5,095,901) |
Other income (expense): | ||
Interest income | 122,390 | 31,617 |
Interest expense | (28,044) | (26,837) |
Total other income, net | 94,346 | 4,780 |
Net loss | $ (8,397,063) | $ (5,091,121) |
Net loss per share - basic and diluted | $ (0.43) | $ (0.37) |
Weighted average common shares outstanding - basic and diluted | 19,366,790 | 13,797,312 |
Statements of Comprehensive Los
Statements of Comprehensive Loss - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (8,397,063) | $ (5,091,121) |
Other comprehensive income (loss): | ||
Unrealized gain (loss) on marketable securities | 1,446 | (4,876) |
Total other comprehensive income (loss) | 1,446 | (4,876) |
Comprehensive loss | $ (8,395,617) | $ (5,095,997) |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (8,397,063) | $ (5,091,121) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation | 868,415 | 858,096 |
Amortization of debt discount - non-cash interest expense | 3,869 | 5,196 |
Net amortization of premium on debt securities available for sale | 9,822 | 79,775 |
Depreciation | 11,406 | 9,660 |
Change in assets and liabilities: | ||
Prepaid expenses and other current assets | (647,931) | (42,001) |
Accounts payable | 617,926 | 419,481 |
Accrued expenses | (421,037) | (425,929) |
Net cash used in operating activities | (7,954,593) | (4,186,843) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Acquisitions of property and equipment | (139,006) | (11,592) |
Purchases of marketable securities | (4,009,513) | (3,151,867) |
Sales of marketable securities | 8,950,000 | 4,055,000 |
Net cash provided by investing activities | 4,801,481 | 891,541 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from issuance of common stock, net of issuance costs | 4,093,316 | 10,583,091 |
Net cash provided by financing activities | 4,093,316 | 10,583,091 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 940,204 | 7,287,789 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 20,023,337 | 12,015,061 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 20,963,541 | 19,302,850 |
Cash paid during the period for: | ||
Interest | $ 22,682 | $ 20,162 |
Nature of Business
Nature of Business | 3 Months Ended |
Mar. 31, 2018 | |
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 next-generation medicines to improve the lives of patients with immune-mediated diseases. The Company’s principal activities to date include raising capital and research and development activities. |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2018 | |
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 S-X. 10-K In June 2017, the Company entered into a Controlled Equity Offering SM The Company believes that its cash, cash equivalents and marketable securities as of March 31, 2018, together with the proceeds from the Sales Agreement through May 15, 2018 and the amounts available under the credit facility (Note 7), will be adequate to fund operations into the first quarter of 2020 based on its current business plan. The Company will need to raise additional capital to implement its business plan. However, these amounts will not be sufficient for the Company to commercialize its product candidates or conduct any substantial, additional development requirements requested by the U.S. Food and Drug Administration (FDA). Additional funding may not be available to the Company on acceptable terms, or at all. If the Company is unable to secure additional capital, or meet financial covenants that could be implemented under the Company’s term loans in certain circumstances, it will be required to significantly decrease the amount of planned expenditures, and may be required to cease operations. Curtailment of operations would cause significant delays in the Company’s efforts to 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 US GAAP requires management to make estimates and assumptions, including fair value estimates for investments that affect the reported amounts of assets, liabilities, and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. The Company evaluates its estimates and assumptions on an ongoing basis. The most significant estimates in the Company’s financial statements relate to accruals, including research and development costs, accounting for income taxes and the related valuation allowance and accounting for stock based compensation and the related fair value. Although these estimates are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results may ultimately materially differ from these estimates and assumptions. Recent Accounting Pronouncements In August 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-15 (ASU 2016-15), Statement of Cash Flows ASU 2016-15 ASU 2016-15 In June 2016, the FASB issued ASU 2016-13, Financial Instrument-Credit Losses 2016-13). ASU 2016-13 ASU 2016-13 In February 2016, the FASB issued ASU No. 2016-02 2016-02), Leases 2016-02 right-of-use ASU 2016-02 In January 2016, the FASB issued ASU No. 2016-01 , Recognition and Measurement of Financial Assets and Financial Liabilities 2016-01). 2016-01 2016-01 2016-01 In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers Revenue Recognition ASU 2014-09 |
Net Loss Per Share
Net Loss Per Share | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 3. NET LOSS PER SHARE As of March 31, 2018 and 2017, 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 March 31, 2018 2017 Options to purchase common stock 3,066,856 2,238,121 Warrants to purchase common stock 60,000 1,384,608 Restricted stock units 253,272 163,902 Total of common stock equivalents 3,380,128 3,786,631 |
Cash, Cash Equivalents and Mark
Cash, Cash Equivalents and Marketable Securities | 3 Months Ended |
Mar. 31, 2018 | |
Cash and Cash Equivalents [Abstract] | |
Cash, Cash Equivalents and Marketable Securities | 4. CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES At March 31, 2018, cash, cash equivalents and marketable securities were comprised of: Carrying Amount Unrecognized Gain Unrecognized Loss Estimated Fair Value Cash Equivalents Current Marketable Securities Cash $ 1,345,392 $ — $ — $ 1,345,392 $ 1,345,392 $ — Money market funds 2,618,149 — — 2,618,149 2,618,149 — Reverse repurchase agreements 17,000,000 — — 17,000,000 17,000,000 — U.S. government agency securities 17,990,985 183 (16,568 ) 17,974,600 — 17,974,600 Available for Sale(1) 34,990,985 183 (16,568 ) 34,974,600 17,000,000 17,974,600 Total cash, cash equivalents and current marketable securities $ 20,963,541 $ 17,974,600 (1) Available for sale securities are reported at fair value with unrealized gains and losses reported net of taxes, if material, in other comprehensive income. The contractual maturities of all available for sale securities were less than one year at March 31, 2018. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31, 2018 or December 31, 2017. The following table presents information about the Company’s assets measured at fair value at March 31, 2018 and December 31, 2017: March 31, 2018 Level 1 Level 2 Level 3 Total Assets: Money market funds (a) $ 2,618,149 $ — $ — $ 2,618,149 Reverse repurchase agreements (b) — 17,000,000 — 17,000,000 U.S. government agency securities (b) — 17,974,600 — 17,974,600 Total assets at fair value $ 2,618,149 $ 34,974,600 $ — $ 37,592,749 December 31, 2017 Level 1 Level 2 Level 3 Total Assets: Money market funds (a) $ 1,043,852 $ — $ — $ 1,043,852 Reverse repurchase agreements (b) — 18,000,000 — 18,000,000 U.S. government agency securities (b) — 22,923,462 — 22,923,462 Total assets at fair value $ 1,043,852 $ 40,923,462 $ — $ 41,967,314 (a) Money market funds included in cash and cash equivalents in the consolidated balance sheets, are valued at quoted market prices in active markets. (b) U.S. reverse repurchase agreements and U.S. government agency securities are recorded at fair market values, which are determined based on the most recent observable inputs for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active or are directly or indirectly observable. 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 loan under its credit facility approximates market rates currently available to the Company. Marketable securities are carried at fair value. |
Accrued Expenses
Accrued Expenses | 3 Months Ended |
Mar. 31, 2018 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | 6. ACCRUED EXPENSES Accrued expenses at March 31, 2018 and December 31, 2017 were comprised of: March 31, December 31, 2018 2017 Accrued compensation $ 435,448 $ 788,570 Accrued research and development 1,063,004 1,327,103 Accrued general & administrative 316,976 120,792 Accrued expenses $ 1,815,428 $ 2,236,465 |
Credit Facility
Credit Facility | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31, 2018. 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 2017, we amended our Credit Facility such that any term loan the Company draws is payable as interest-only prior to October 2018 and thereafter is payable in monthly installments of principal plus accrued interest over 36 months. The Credit Facility is collateralized by 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 October 2021. All amendments to the credit facility were determined to be modifications in accordance with ASC 470, Debt At March 31, 2018 and December 31, 2017, the Credit Facility is shown net of a remaining debt discount of $55,500 and $59,000, respectively. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 8. INCOME TAXES No provision for federal and state income 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 “Built-In-Gain” All tax years are open for examination by the taxing authorities for both federal and state purposes. The Company accounts for uncertain tax positions pursuant to ASC 740 which prescribes a recognition threshold and measurement process for financial statement recognition of uncertain tax positions taken or expected to be taken in a tax return. If the tax position meets this threshold, the benefit to be recognized is measured as the tax benefit having the highest likelihood of being realized upon ultimate settlement with the taxing authority. The Company recognizes interest accrued related to unrecognized tax benefits and penalties in the provision for income taxes. Management is not aware of any uncertain tax positions. |
Stock Incentive Plan
Stock Incentive Plan | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31, 2018, 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 Company’s initial public offering (Initial Public Offering). However, grants made under the 2010 Plan are still governed by that plan. As of March 31, 2018, options to purchase 413,130 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. 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 March 31, 2018, options to purchase 2,629,772 shares of common stock at a weighted average exercise price of $6.54 per share and 219,071 shares of common stock underlying restricted stock units (RSU’s) remained outstanding under the 2013 Plan. As of March 31, 2018, there were 863,713 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. 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 March 31, 2018 2017 Research and development expenses $ 351,812 $ 262,964 General and administrative expenses 516,603 595,132 Total stock-based compensation expense $ 868,415 $ 858,096 Stock Options The table below summarizes activity relating to stock options under the incentive plans for the three months ended March 31, 2018: Number of Weighted Weighted Aggregate (a) Outstanding at December 31, 2017 2,246,857 $ 4.87 Granted 819,999 8.50 Cancelled — — Forfeited — — Exercised — — Outstanding at March 31, 2018 3,066,856 $ 5.84 8.20 $ 6,037,040 Exercisable at March 31, 2018 1,296,368 $ 4.62 6.84 $ 3,866,261 (a) The aggregate intrinsic value in this table was calculated on the positive difference, if any, between the closing price per share of the Company’s common stock on March 31, 2018 of $7.50 and the price of the underlying options. As of March 31, 2018, unamortized stock-based compensation for all stock options was $7,743,412 and will be recognized over a weighted average period of 3.17 years. Restricted Stock Units Terms of RSUs agreements, including vesting requirements, are determined by the board of directors or its compensation committee, subject to the provisions of the 2013 Plan. RSUs granted by the Company typically vest over a four year period. In the event that the employees’ employment with the Company terminates any unvested shares are forfeited and revert to the Company. Restricted stock units are not included in issued and outstanding common stock until the shares are vested and released. The table below summarizes activity relating to RSUs for the three months ended March 31, 2018: Number Outstanding at December 31, 2017 157,128 Granted 96,144 Vested/released — Outstanding at March 31, 2018 253,272 The weighted-average fair value of RSUs granted was $8.60 per share for the quarter ended March 31, 2018. As of March 31, 2018, the outstanding restricted stock units had unamortized stock-based compensation of $1,405,641 with a weighted-average remaining recognition period of 3.45 years and an aggregate intrinsic value of $1.9 million. 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 223,263 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. Participating employees purchase stock under the 2016 ESPP 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 fair value of the purchase rights granted under this plan was estimated on the date of grant using the Black-Scholes option-pricing model using assumptions, which were derived in a manner similar to those discussed above relative to stock options. As of March 31, 2017, there was no activity under the 2016 ESPP. At March 31, 2018, the Company had 191,778 shares available for issuance under the 2016 ESPP. Total expense under the Plan for the quarter ended March 31, 2018 was $14,510. |
Stock Purchase Warrants
Stock Purchase Warrants | 3 Months Ended |
Mar. 31, 2018 | |
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. 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 was $9.50 per share. The warrants expired in January 2018. 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 and were outstanding at March 31, 2018. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2018 | |
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. |
Subsequent Event
Subsequent Event | 3 Months Ended |
Mar. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Event | 12. SUBSEQUENT EVENT From April 1, 2018 through May 15, 2018, we sold an aggregate of 444,000 shares of our common stock and received $3.2 million after deducting commissions related to the Sales Agreement with Cantor. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions, including fair value estimates for investments that affect the reported amounts of assets, liabilities, and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. The Company evaluates its estimates and assumptions on an ongoing basis. The most significant estimates in the Company’s financial statements relate to accruals, including research and development costs, accounting for income taxes and the related valuation allowance and accounting for stock based compensation and the related fair value. Although these estimates are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results may ultimately materially differ from these estimates and assumptions. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In August 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-15 (ASU 2016-15), Statement of Cash Flows ASU 2016-15 ASU 2016-15 In June 2016, the FASB issued ASU 2016-13, Financial Instrument-Credit Losses 2016-13). ASU 2016-13 ASU 2016-13 In February 2016, the FASB issued ASU No. 2016-02 2016-02), Leases 2016-02 right-of-use ASU 2016-02 In January 2016, the FASB issued ASU No. 2016-01 , Recognition and Measurement of Financial Assets and Financial Liabilities 2016-01). 2016-01 2016-01 2016-01 In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers Revenue Recognition ASU 2014-09 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31, 2018 2017 Options to purchase common stock 3,066,856 2,238,121 Warrants to purchase common stock 60,000 1,384,608 Restricted stock units 253,272 163,902 Total of common stock equivalents 3,380,128 3,786,631 |
Cash, Cash Equivalents and Ma21
Cash, Cash Equivalents and Marketable Securities (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Cash, Cash Equivalents and Marketable Securities | At March 31, 2018, cash, cash equivalents and marketable securities were comprised of: Carrying Amount Unrecognized Gain Unrecognized Loss Estimated Fair Value Cash Equivalents Current Marketable Securities Cash $ 1,345,392 $ — $ — $ 1,345,392 $ 1,345,392 $ — Money market funds 2,618,149 — — 2,618,149 2,618,149 — Reverse repurchase agreements 17,000,000 — — 17,000,000 17,000,000 — U.S. government agency securities 17,990,985 183 (16,568 ) 17,974,600 — 17,974,600 Available for Sale(1) 34,990,985 183 (16,568 ) 34,974,600 17,000,000 17,974,600 Total cash, cash equivalents and current marketable securities $ 20,963,541 $ 17,974,600 (1) Available for sale securities are reported at fair value with unrealized gains and losses reported net of taxes, if material, in other comprehensive income. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31, 2018 and December 31, 2017: March 31, 2018 Level 1 Level 2 Level 3 Total Assets: Money market funds (a) $ 2,618,149 $ — $ — $ 2,618,149 Reverse repurchase agreements (b) — 17,000,000 — 17,000,000 U.S. government agency securities (b) — 17,974,600 — 17,974,600 Total assets at fair value $ 2,618,149 $ 34,974,600 $ — $ 37,592,749 December 31, 2017 Level 1 Level 2 Level 3 Total Assets: Money market funds (a) $ 1,043,852 $ — $ — $ 1,043,852 Reverse repurchase agreements (b) — 18,000,000 — 18,000,000 U.S. government agency securities (b) — 22,923,462 — 22,923,462 Total assets at fair value $ 1,043,852 $ 40,923,462 $ — $ 41,967,314 (a) Money market funds included in cash and cash equivalents in the consolidated balance sheets, are valued at quoted market prices in active markets. (b) U.S. reverse repurchase agreements and U.S. government agency securities are recorded at fair market values, which are determined based on the most recent observable inputs for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active or are directly or indirectly observable. |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses at March 31, 2018 and December 31, 2017 were comprised of: March 31, December 31, 2018 2017 Accrued compensation $ 435,448 $ 788,570 Accrued research and development 1,063,004 1,327,103 Accrued general & administrative 316,976 120,792 Accrued expenses $ 1,815,428 $ 2,236,465 |
Stock Incentive Plan (Tables)
Stock Incentive Plan (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31, 2018 2017 Research and development expenses $ 351,812 $ 262,964 General and administrative expenses 516,603 595,132 Total stock-based compensation expense $ 868,415 $ 858,096 |
Summary of Activity Relating to Stock Options | The table below summarizes activity relating to stock options under the incentive plans for the three months ended March 31, 2018: Number of Weighted Weighted Aggregate (a) Outstanding at December 31, 2017 2,246,857 $ 4.87 Granted 819,999 8.50 Cancelled — — Forfeited — — Exercised — — Outstanding at March 31, 2018 3,066,856 $ 5.84 8.20 $ 6,037,040 Exercisable at March 31, 2018 1,296,368 $ 4.62 6.84 $ 3,866,261 (a) The aggregate intrinsic value in this table was calculated on the positive difference, if any, between the closing price per share of the Company’s common stock on March 31, 2018 of $7.50 and the price of the underlying options. |
Summary of Activity Relating to Restricted Stock Units | The table below summarizes activity relating to RSUs for the three months ended March 31, 2018: Number Outstanding at December 31, 2017 157,128 Granted 96,144 Vested/released — Outstanding at March 31, 2018 253,272 |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | ||||
May 15, 2018 | Jun. 30, 2017 | Mar. 31, 2018 | Mar. 29, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Class of Stock [Line Items] | ||||||
Common stock par value | $ 0.001 | $ 0.001 | ||||
Shares issued during public offering | 444,000 | 527,000 | ||||
Proceeds from public offering net of underwriting discounts, commissions and offering expenses | $ 3,200,000 | $ 4,093,316 | $ 4,100,000 | $ 10,583,091 | ||
At The Market Facility [Member] | Cantor Fitzgerald And Co [Member] | ||||||
Class of Stock [Line Items] | ||||||
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 | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total of common stock equivalents | 3,380,128 | 3,786,631 |
Employee Stock Options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total of common stock equivalents | 3,066,856 | 2,238,121 |
Warrant [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total of common stock equivalents | 60,000 | 1,384,608 |
Restricted Stock Units (RSUs) [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total of common stock equivalents | 253,272 | 163,902 |
Cash, Cash Equivalents and Ma27
Cash, Cash Equivalents and Marketable Securities - Schedule of Cash, Cash Equivalents and Marketable Securities (Detail) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Jan. 01, 2017 |
Cash Cash Equivalents And Marketable Securities [Line Items] | ||||
Cash | $ 1,345,392 | |||
Money market funds | 2,618,149 | |||
Reverse repurchase agreements | 17,000,000 | |||
U.S. government agency securities | 17,990,985 | |||
Available for Sale | 34,990,985 | |||
Cash Equivalents | 20,963,541 | $ 20,023,337 | $ 19,302,850 | $ 12,015,061 |
Current Marketable Securities | 17,974,600 | $ 22,923,462 | ||
Available for Sale [Member] | ||||
Cash Cash Equivalents And Marketable Securities [Line Items] | ||||
Unrecognized Gain | 183 | |||
Unrecognized Loss | (16,568) | |||
Estimated Fair Value | 34,974,600 | |||
Cash Equivalents | 17,000,000 | |||
Current Marketable Securities | 17,974,600 | |||
Cash [Member] | ||||
Cash Cash Equivalents And Marketable Securities [Line Items] | ||||
Estimated Fair Value | 1,345,392 | |||
Cash Equivalents | 1,345,392 | |||
Money Market Funds [Member] | ||||
Cash Cash Equivalents And Marketable Securities [Line Items] | ||||
Estimated Fair Value | 2,618,149 | |||
Cash Equivalents | 2,618,149 | |||
Reverse Repurchase Agreements [Member] | ||||
Cash Cash Equivalents And Marketable Securities [Line Items] | ||||
Estimated Fair Value | 17,000,000 | |||
Cash Equivalents | 17,000,000 | |||
US Government Agencies Securities [Member] | ||||
Cash Cash Equivalents And Marketable Securities [Line Items] | ||||
Unrecognized Gain | 183 | |||
Unrecognized Loss | (16,568) | |||
Estimated Fair Value | 17,974,600 | |||
Current Marketable Securities | $ 17,974,600 |
Cash, Cash Equivalents and Ma28
Cash, Cash Equivalents and Marketable Securities - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2018 | |
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 ($) | Mar. 31, 2018 | Dec. 31, 2017 |
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 ($) | Mar. 31, 2018 | Dec. 31, 2017 | |
Assets: | |||
Total assets at fair value | $ 37,592,749 | $ 41,967,314 | |
Money Market Funds [Member] | |||
Assets: | |||
Total assets at fair value | [1] | 2,618,149 | 1,043,852 |
Reverse Repurchase Agreements [Member] | |||
Assets: | |||
Total assets at fair value | [2] | 17,000,000 | 18,000,000 |
US Government Agencies Securities [Member] | |||
Assets: | |||
Total assets at fair value | [2] | 17,974,600 | 22,923,462 |
Level 1 [Member] | |||
Assets: | |||
Total assets at fair value | 2,618,149 | 1,043,852 | |
Level 1 [Member] | Money Market Funds [Member] | |||
Assets: | |||
Total assets at fair value | [1] | 2,618,149 | 1,043,852 |
Level 2 [Member] | |||
Assets: | |||
Total assets at fair value | 34,974,600 | 40,923,462 | |
Level 2 [Member] | Reverse Repurchase Agreements [Member] | |||
Assets: | |||
Total assets at fair value | [2] | 17,000,000 | 18,000,000 |
Level 2 [Member] | US Government Agencies Securities [Member] | |||
Assets: | |||
Total assets at fair value | [2] | $ 17,974,600 | $ 22,923,462 |
[1] | Money market funds included in cash and cash equivalents in the consolidated balance sheets, are valued at quoted market prices in active markets. | ||
[2] | U.S. reverse repurchase agreements and U.S. government agency securities are recorded at fair market values, which are determined based on the most recent observable inputs for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active or are directly or indirectly observable. |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Payables and Accruals [Abstract] | ||
Accrued compensation | $ 435,448 | $ 788,570 |
Accrued research and development | 1,063,004 | 1,327,103 |
Accrued general & administrative | 316,976 | 120,792 |
Accrued expenses | $ 1,815,428 | $ 2,236,465 |
Credit Facility - Additional In
Credit Facility - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | |
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 | $ 55,500 | $ 59,000 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2018USD ($) | |
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 | Mar. 31, 2016shares | Mar. 31, 2018USD ($)Incentive_Plan$ / sharesshares | Mar. 31, 2017USD ($) | Dec. 31, 2017$ / 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 | 3,066,856 | 2,246,857 | |||
Exercise price per share of common stock | $ / shares | $ 5.84 | $ 4.87 | |||
Fair value of a common stock percentage | 100.00% | ||||
Awards granted, vesting period | 4 years | ||||
Total stock based compensation expense | $ | $ 868,415 | $ 858,096 | |||
Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock options granted in term years | 10 years | ||||
Employee Stock Options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unamortized stock-based compensation | $ | $ 7,743,412 | ||||
Weighted average recognition period | 3 years 2 months 1 day | ||||
Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Awards granted, vesting period | 4 years | ||||
Unamortized stock-based compensation | $ | $ 1,405,641 | ||||
Weighted average grant date fair value of shares | $ / shares | $ 8.60 | ||||
Weighted average remaining recognition period | 3 years 5 months 12 days | ||||
Aggregate intrinsic value of options outstanding | $ | $ 1,900,000 | ||||
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 | 413,130 | ||||
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 | 2,629,772 | ||||
Exercise price per share of common stock | $ / shares | $ 6.54 | ||||
Percentage of increase in common shares outstanding | 7.00% | ||||
Increase in common stock outstanding | 1,000,000 | ||||
Shares of common stock underlying restricted stock units outstanding | 219,071 | ||||
Common stock available for issuance | 863,713 | ||||
2016 Employee Stock Purchase Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common stock available for issuance | 191,778 | ||||
Issuance of common stock authorized | 223,263 | ||||
Percentage increase in number of shares of common stock reserved for issuance | 1.00% | ||||
Share-based compensation arrangement by share-based payment award, closing price on the applicable offering commencement | 85.00% | ||||
Share-based compensation arrangement by share-based payment award, closing price on the applicable offering termination date | 85.00% | ||||
Share-based compensation arrangement by share-based payment award, description | 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 223,263 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. Participating employees purchase stock under the 2016 ESPP 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. | ||||
Total stock based compensation expense | $ | $ 14,510 |
Stock Incentive Plan - Schedule
Stock Incentive Plan - Schedule of Stock-Based Compensation Expense (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | $ 868,415 | $ 858,096 |
Research and Development Expenses [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | 351,812 | 262,964 |
General and Administrative Expenses [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | $ 516,603 | $ 595,132 |
Stock Incentive Plan - Summary
Stock Incentive Plan - Summary of Stock Option Activity (Detail) | 3 Months Ended |
Mar. 31, 2018USD ($)$ / sharesshares | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Number of Shares Outstanding, Beginning Balance | shares | 2,246,857 |
Number of Shares, Granted | shares | 819,999 |
Number of Shares, Cancelled | shares | 0 |
Number of Shares, Forfeited | shares | 0 |
Number of Shares, Exercised | shares | 0 |
Number of Shares Outstanding, Ending Balance | shares | 3,066,856 |
Number of Shares Exercisable, Ending Balance | shares | 1,296,368 |
Weighted Average Exercise Price, Beginning Balance | $ / shares | $ 4.87 |
Weighted Average Exercise Price, Granted | $ / shares | 8.50 |
Weighted Average Exercise Price, Cancelled | $ / shares | 0 |
Weighted Average Exercise Price, Forfeited | $ / shares | 0 |
Weighted Average Exercise Price, Exercised | $ / shares | 0 |
Weighted Average Exercise Price, Ending Balance | $ / shares | 5.84 |
Weighted Average Exercise Price Exercisable, Ending Balance | $ / shares | $ 4.62 |
Weighted Average Contractual Term, Outstanding | 8 years 2 months 12 days |
Weighted Average Contractual Term, Exercisable | 6 years 10 months 3 days |
Aggregate Intrinsic Value, Outstanding | $ | $ 6,037,040 |
Aggregate Intrinsic Value, Exercisable | $ | $ 3,866,261 |
Stock Incentive Plan - Summar37
Stock Incentive Plan - Summary of Stock Option Activity (Parenthetical) (Detail) | Mar. 31, 2018$ / shares |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Closing price per share common stock | $ 7.50 |
Stock Incentive Plan - Summar38
Stock Incentive Plan - Summary of Activity Relating to Restricted Stock Units (Detail) - Restricted Stock Units (RSUs) [Member] | 3 Months Ended |
Mar. 31, 2018shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Shares Outstanding, Beginning Balance | 157,128 |
Granted | 96,144 |
Vested/released | 0 |
Number of Shares Outstanding, Ending Balance | 253,272 |
Stock Purchase Warrants - Addit
Stock Purchase Warrants - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | Jan. 21, 2015 | Jan. 14, 2015 | Mar. 31, 2018 |
Class of Warrant or Right [Line Items] | |||
Common stock shares sold | 211,528 | 1,100,000 | |
Common stock issued price per share | $ 9.33 | $ 7 | |
Warrants redeemable into common shares | 211,528 | 1,100,000 | |
Private placement of common stock and warrants raised | $ 1.9 | $ 7.1 | |
Warrant to purchase Common stock exercise price | $ 0.125 | ||
Exercise price of warrants | $ 9.50 | ||
Warrants expired | 2018-01 | ||
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 |
Subsequent Event - Additional I
Subsequent Event - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | ||
May 15, 2018 | Mar. 31, 2018 | Mar. 29, 2018 | Mar. 31, 2017 | |
Subsequent Event [Line Items] | ||||
Shares issued during public offering | 444,000 | 527,000 | ||
Proceeds from public offering net of underwriting discounts, commissions and offering expenses | $ 3,200,000 | $ 4,093,316 | $ 4,100,000 | $ 10,583,091 |
Subsequent Event [Member] | Cantor Fitzgerald And Co [Member] | ||||
Subsequent Event [Line Items] | ||||
Shares issued during public offering | 444,000 | |||
Proceeds from public offering net of underwriting discounts, commissions and offering expenses | $ 3,200,000 |