Cara Therapeutics (CARA) 10-Q 12 May 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2015	8-May-15
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	FALSE
Document Period End Date	31-Mar-15
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Trading Symbol	CARA
Entity Registrant Name	Cara Therapeutics, Inc.
Entity Central Index Key	1346830
Current Fiscal Year End Date	-19
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		22,824,919

Condensed_Balance_Sheets

Condensed Balance Sheets (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Current assets:
Cash and cash equivalents	$47,422	$52,663
Income tax receivable	215	200
Prepaid expenses	1,420	287
Total current assets	49,057	53,150
Property and equipment, net	1,897	2,084
Restricted cash	700	700
Total assets	51,654	55,934
Current liabilities:
Accounts payable and accrued expenses	2,464	1,946
Deferred revenue	963	1,452
Total current liabilities	3,427	3,398
Deferred lease obligation	803	874
Commitments and contingencies (Note 10)
Stockholders' equity:
Preferred stock; $0.001 par value; 5,000,000 shares authorized at March 31, 2015 and December 31, 2014, zero shares issued and outstanding at March 31, 2015 and December 31, 2014
Common stock; $0.001 par value; 100,000,000 shares authorized at March 31, 2015 and December 31, 2014, 22,824,919 shares and 22,802,039 shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively	23	23
Additional paid-in capital	132,291	131,840
Accumulated deficit	-84,890	-80,201
Total stockholders' equity	47,424	51,662
Total liabilities and stockholders' equity	$51,654	$55,934

Condensed_Balance_Sheets_Paren

Condensed Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Preferred stock, par value	$0.00	$0.00
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$0.00	$0.00
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	22,824,919	22,802,039
Common stock, shares outstanding	22,824,919	22,802,039

Condensed_Statements_of_Operat

Condensed Statements of Operations (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Revenue:
Collaborative revenue	$489	$151
Clinical compound revenue		27
Total revenue	489	178
Operating expenses:
Research and development	3,385	2,201
General and administrative	1,822	1,398
Total operating expenses	5,207	3,599
Operating loss	-4,718	-3,421
Interest income	14	22
Loss before benefit from income taxes	-4,704	-3,399
Benefit from income taxes	15	16
Net loss	($4,689)	($3,383)
Net loss per share:
Basic and Diluted	($0.21)	($0.22)
Weighted average shares:
Basic and Diluted	22,808,479	15,654,079

Condensed_Statements_of_Conver

Condensed Statements of Convertible Preferred Stock and Stockholders' (Deficit) Equity (USD $)	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Convertible Preferred Stock [Member]
In Thousands, except Share data
Balance, Value at Dec. 31, 2013					$65,586
Balance, Value at Dec. 31, 2013	-54,075	4	8,377	-62,456
Balance, Shares at Dec. 31, 2013					29,186,929
Balance, Shares at Dec. 31, 2013		4,288,243
Preferred stock converted to common shares, Value	65,586	13	65,573		-65,586
Preferred stock converted to common shares, Shares		12,554,171			-29,186,929
Sale of common stock in initial public offering, net of underwriting discounts and commissions and offering expenses, Value	56,247	6	56,241
Sale of common stock in initial public offering, net of underwriting discounts and commissions and offering expenses, Shares		5,750,000
Stock-based compensation expense	353		353
Net loss	-3,383			-3,383
Balance, Value at Mar. 31, 2014	64,728	23	130,544	-65,839
Balance, Shares at Mar. 31, 2014		22,592,414
Balance, Value at Dec. 31, 2014	51,662	23	131,840	-80,201
Balance, Shares at Dec. 31, 2014		22,802,039
Stock-based compensation expense	445		445
Shares issued upon exercise of stock options, Value	6		6
Shares issued upon exercise of stock options, Shares		22,880
Net loss	-4,689			-4,689
Balance, Value at Mar. 31, 2015	$47,424	$23	$132,291	($84,890)
Balance, Shares at Mar. 31, 2015		22,824,919

Condensed_Statements_of_Conver1

Condensed Statements of Convertible Preferred Stock and Stockholders' (Deficit) Equity (Parenthetical) (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2014
Statement of Stockholders' Equity [Abstract]
Sale of common stock in initial public offering, per share	$11
Underwriting discounts and commissions and offering expenses	$7,003

Condensed_Statements_of_Cash_F

Condensed Statements of Cash Flows (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Operating activities
Net loss	($4,689)	($3,383)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	445	353
Depreciation and amortization	193	197
Deferred rent costs	-71	-65
Changes in operating assets and liabilities:
Income tax receivable	-15	15
Prepaid expenses	-733	-377
Accounts payable and accrued expenses	118	227
Deferred revenue	-489	-58
Net cash used in operating activities	-5,241	-3,091
Investing activities
Purchases of property and equipment	-6
Net cash used in investing activities	-6
Financing activities
Proceeds from initial public offering, net of issuance costs		57,772
Proceeds from the exercise of stock options	6
Net cash provided by financing activities	6	57,772
Net cash (decrease) increase for the period	-5,241	54,681
Cash and cash equivalents at beginning of period	52,663	12,357
Cash and cash equivalents at end of period	47,422	67,038
Noncash financing activities
Conversion of convertible preferred stock to common stock		65,586
Reclassification of prepaid IPO costs paid in 2013		1,465
Unpaid IPO issuance costs		$60

Business

Business	3 Months Ended
	Mar. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business	1	Business
	Cara Therapeutics, Inc. (the “Company”, “we”, “our” or “us”) is a clinical-stage biopharmaceutical corporation formed on July 2, 2004. The Company is focused on developing and commercializing new chemical entities designed to alleviate pain and pruritus by selectively targeting kappa opioid receptors. The Company’s primary activities to date have been organizing and staffing the company, developing its product candidates, including conducting preclinical studies and clinical trials of CR845-based product candidates and raising capital.
	As of March 31, 2015, the Company has raised aggregate net proceeds of approximately $129,600 from several rounds of equity financing, including its initial public offering, and the issuance of debt. In addition, the Company received $30,100 under its license agreements for CR845, primarily with Maruishi Pharmaceutical Co. Ltd. (“Maruishi”) and Chong Kun Dang Pharmaceutical Corp. (“CKD”), and an earlier product candidate for which development efforts ceased in 2007. Included in those aforementioned payments pursuant to license agreements, in April 2013, the Company received $15,000 as an upfront payment, and in August 2014, the Company received an additional $480 related to achievement of a milestone in connection with the license of rights to CR845 in Japan to Maruishi. In 2012, the Company received aggregate upfront and milestone payments of $1,190 pursuant to a license agreement with CKD, in connection with the license of rights to CR845 in South Korea. The Company has incurred substantial losses and negative cash flows from operating activities in nearly every fiscal period since inception, and expects operating losses and negative cash flows to continue into the foreseeable future.
	As of March 31, 2015, the Company has unrestricted cash and cash equivalents of $47,422 and an accumulated deficit of $84,890. The Company had net cash used in operating activities of $5,241 and $3,091 for the three months ended March 31, 2015 and 2014, respectively. The Company expects that cash and cash equivalents at March 31, 2015 will be sufficient to fund its operations beyond one year. The Company recognized net losses of $4,689 and $3,383 for the three months ended March 31, 2015 and 2014, respectively, and expects to incur additional losses for the full year ending December 31, 2015.
	The Company is subject to risks common to other life science companies including, but not limited to, uncertainty of product development and commercialization, lack of marketing and sales history, development by its competitors of new technological innovations, dependence on key personnel, market acceptance of products, product liability protection of proprietary technology, ability to raise additional financing, and compliance with Food and Drug Administration (“FDA”) and other government regulations. If the Company does not successfully commercialize any of its product candidates, it will be unable to generate recurring product revenue or achieve profitability.

Basis_of_Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Basis of Presentation	2	Basis of Presentation
	The unaudited interim condensed financial statements included herein have been prepared pursuant to the rules and regulations of the SEC. Accordingly, they do not include all information and disclosures necessary for a presentation of the Company’s financial position, results of operations and cash flows in conformity with generally accepted accounting principles in the United States of America (“GAAP”). In the opinion of management, these unaudited interim financial statements reflect all adjustments, consisting primarily of normal recurring accruals, necessary for a fair presentation of results for the periods presented. The results of operations for interim periods are not necessarily indicative of the results for the full year. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted from this report, as is permitted by SEC rules and regulations; however, the Company believes that the disclosures are adequate to make the information presented not misleading. The condensed balance sheet data for the year ended December 31, 2014 were derived from audited financial statements, but do not include all disclosures required by GAAP. These unaudited interim condensed financial statements should be read in conjunction with the audited financial statements and accompanying notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014.
	Use of Estimates
	The preparation of financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, as of the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from the Company’s estimates and assumptions. Significant estimates include useful lives of fixed assets, the periods over which certain revenues will be recognized, including licensing and collaborative revenue recognized from non-refundable up-front and milestone payments, the determination of prepaid research and development clinical costs and accrued research projects, the amount of non-cash compensation costs related to share-based payments to employees and non-employees and the periods over which those costs are expensed and the likelihood of realization of deferred tax assets.
	Significant Accounting Policies
	There have been no material changes to the significant accounting policies previously disclosed in Note 2 to the Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014.
	Recent Accounting Pronouncements
	In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”). On April 29, 2015, the FASB proposed to defer the effective date of ASU 2015-09 for the Company from January 1, 2017 to January 1, 2018. Earlier application by the Company would be permitted only as of January 1, 2017, including interim reporting periods within the year ending December 31, 2017. Comments are due by May 29, 2015.
	During April 2015, the Financial Accounting Standards Board issued Accounting Standards Update 2015-03 (“ASU 2015-03”) “Interest—Imputation of Interest (Subtopic 835-30) Simplifying the Presentation of Debt Issuance Costs”, which simplifies the presentation of debt issuance costs by requiring debt issuance costs (e.g., legal fees, printing costs) to be presented as a deduction from the corresponding debt liability rather than as assets, as under current guidance. ASU 2015-03 will make the presentation of debt issuance costs consistent with the presentation of debt discounts or premiums resulting from the difference between the net proceeds received upon debt issuance and the amount payable at maturity, which is presented as a direct deduction from or an addition to the face amount of the debt. ASU 2015-03 is effective for the Company for financial statements issued for periods beginning on January 1, 2016, including interim periods. Early adoption of ASU 2015-03 is permitted for financial statements that have not been previously issued. If the Company issues debt before January 1, 2016, it will decide whether to early adopt ASU 2015-03. Upon adoption, the Company must apply the new guidance retrospectively to all prior periods presented in the financial statements. The Company does not expect the adoption of ASU 2015-03 to have a material effect on its financial position, results of operations or cash flows.
	Reclassifications
	Certain revenue amounting to $27 within the Statement of Operations for the three months ended March 31, 2014 has been reclassified from Collaborative revenue to Clinical compound revenue to conform to the current year presentation.

Fair_Value_Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	3	Fair Value Measurements
	As of March 31, 2015 and December 31, 2014, the Company’s financial instruments consisted of cash and cash equivalents, restricted cash, accounts payable and accrued liabilities. The carrying amount of each of those financial instruments is generally considered to be representative of their respective fair values because of the short-term nature of those instruments.
	Current accounting guidance defines fair value, establishes a framework for measuring fair value in accordance with Accounting Standards Codification (“ASC”) section 820, and requires certain disclosures about fair value measurements.
	The valuation techniques included in the guidance are based on observable and unobservable inputs. Observable inputs reflect readily obtainable data from independent sources, while unobservable inputs reflect market assumptions and are classified into the following fair value hierarchy:
		•		Level 1 – Observable inputs – quoted prices in active markets for identical assets and liabilities.
		•		Level 2 – Observable inputs other than the quoted prices in active markets for identical assets and liabilities – such as quoted prices for similar instruments, quoted prices for identical or similar instruments in inactive markets, or other inputs that are observable or can be corroborated by observable market data.
		•		Level 3 – Unobservable inputs – includes amounts derived from valuation models where one or more significant inputs are unobservable and require the Company to develop relevant assumptions.
	The following table summarizes the financial assets measured at fair value on a recurring basis as of March 31, 2015 and December 31, 2014.
			March 31, 2015		December 31, 2014
			Level 1		Level 1
	Financial assets
	Cash equivalents:
	Money market savings account		$	46,962	$	52,663
	Restricted cash:
	Bank certificate of deposit			700		700
	Total		$	47,662	$	53,363

Prepaid_expenses

Prepaid expenses	3 Months Ended
	Mar. 31, 2015
Text Block [Abstract]
Prepaid expenses	4	Prepaid expenses
	As of March 31, 2015, prepaid expenses were $1,420, consisting of $619 of prepaid insurance, $741 of research and development (“R&D”) clinical costs and $60 of other costs. As of December 31, 2014, prepaid expenses were $287, consisting of $92 of prepaid insurance, $177 of prepaid R&D clinical costs and $18 of other costs.

Collaborations

Collaborations	3 Months Ended
	Mar. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Collaborations	5	Collaborations
	Maruishi Pharmaceutical Co., Ltd.
	In April 2013, the Company entered into a license agreement with Maruishi under which the Company granted Maruishi an exclusive license to develop, manufacture, and commercialize drug products containing CR845 for acute pain and uremic pruritus in Japan. The Company and Maruishi are responsible to use commercially reasonable efforts, at their own expense, to develop, obtain regulatory approval for and commercialize CR845 in the United States and Japan, respectively. In addition, the Company will provide Maruishi specific clinical development services for CR845 used in Maruishi’s field of use.
	The Company has identified two deliverables under ASC 605-25, Revenue Recognition—Multiple Element Arrangements: (1) the license; and (2) the R&D services specific to the uremic pruritus field of use. The Company has determined that the license has standalone value because Maruishi has the right to sublicense and manufacture CR845 in Japan. The second deliverable is the R&D services, which also have standalone value as similar services are sold separately by other vendors. Since both the license and the R&D services separability criteria have been met, they are being accounted for as separate units of accounting at the outset of the arrangement.
	Along with the R&D services performed by the Company for Maruishi, the Company supplies Maruishi with CR845 clinical material as an accommodation. The Company had previously entered into manufacturing and service agreements with third parties to manufacture CR845. Payments made by the Company to third parties based on firm and fixed commitments by Maruishi to purchase CR845 from the Company are capitalized as prepaid expense. During the manufacturing process, title and risk of loss remains with the third party until the Company has paid in full for the material.
	Once the Company has title to the CR845 and has delivered it to Maruishi, prepaid expense related to that CR845 is reduced with an offset to R&D expense. At that time, Maruishi reimburses the Company for its external and internal costs for purchasing CR845 and processing the sale to Maruishi and the Company recognizes clinical compound revenue for the reimbursement amount. Deposits received from Maruishi prior to delivery of CR845 are recorded as deferred revenue.
	Under the terms of the license agreement, the Company is also entitled to receive aggregate milestone payments of $8,000 for events performed by Maruishi in Japan and $2,500 for events performed by the Company in the U.S. At the time of execution of this license agreement, there was significant uncertainty as to whether the stated milestones would be achieved. In conjunction with this uncertainty, the Company has determined that the milestones achieved in the U.S. are substantive in nature as they are commensurate with the enhancement of value of the delivered license as they relate to clinical success and advancement within the FDA drug development platform. The Company will account for those milestone payments under ASC 605 Revenue Recognition – Milestone Method. However, the milestones achieved by Maruishi in Japan are not substantive and will be accounted for as contingent consideration.
	The next potential milestone that the Company could be entitled to receive under the Maruishi license agreement will be a clinical development milestone for initiation of a Phase 1 clinical trial in Japan for a certain indication. If achieved, this milestone will result in a $2,000 payment being due to the Company.
	As of March 31, 2015 and December 31, 2014, the Company had $963 and $1,452, respectively, of deferred revenue pursuant to the R&D services deliverable under the license agreement with Maruishi.
	During the three months ended March 31, 2015 and 2014, the Company recognized $489 and $151, respectively, of collaborative revenue from the amortization of deferred revenue arising from the portion of the upfront payment received pursuant to the license agreement with Maruishi that was allocated to the R&D services deliverable and $0 and $27, respectively, of clinical compound revenue from the sale of CR845 clinical compound to Maruishi.
	The Company incurred clinical trial costs related to the R&D services deliverable of $599 and $398 during the three months ended March 31, 2015 and 2014, respectively.

Accounts_Payable_and_Accrued_E

Accounts Payable and Accrued Expenses	3 Months Ended
	Mar. 31, 2015
Payables and Accruals [Abstract]
Accounts Payable and Accrued Expenses	6	Accounts Payable and Accrued Expenses
	Accounts payable and accrued expenses consist of the following:
			March 31, 2015		December 31, 2014
	Accounts payable		$	938	$	515
	Accrued research projects			841		549
	Accrued professional fees			278		266
	Accrued compensation and benefits			350		504
	Accrued other			57		112
	Total		$	2,464	$	1,946

Net_Loss_Per_Share

Net Loss Per Share	3 Months Ended
	Mar. 31, 2015
Earnings Per Share [Abstract]
Net Loss Per Share	7	Net Loss Per Share
	The Company computes basic net income (loss) per share by dividing net income (loss) by the weighted average number of shares of common stock outstanding. Diluted net income per share includes the potential dilutive effect of common stock equivalents as if such securities were converted or exercised during the period, when the effect is dilutive. Common stock equivalents include convertible preferred stock, and outstanding stock options and stock warrants, which are included using the treasury stock method when dilutive. The computation of diluted net loss per share does not include common stock equivalents since such inclusion would be anti-dilutive. For the three months ended March 31, 2015 and 2014, the Company excluded the effects of potentially dilutive shares that were outstanding during those respective periods from the denominator as their inclusion would be anti-dilutive due to the Company’s net losses during those periods.
	The denominators used in the net loss per share computations are as follows:
			Three Months Ended March 31,
			2015			2014
	Basic:
	Weighted average common shares outstanding			22,808,479			15,654,079
	Diluted:
	Weighted average common shares outstanding -Basic			22,808,479			15,654,079
	Common stock options*			—			—
	Common stock warrants*			—			—
	Convertible preferred stock*			—			—
	Denominator for diluted net loss per share			22,808,479			15,654,079
	*	No amounts were considered as their effects would be anti-dilutive.
	Basic and diluted net loss per share are computed as follows:
			Three Months Ended March 31,
			2015			2014
	Net loss		$	(4,689	)	$	(3,383	)
	Weighted-average common shares outstanding:
	Basic and Diluted			22,808,479			15,654,079
	Net loss per share, Basic and Diluted		$	(0.21	)	$	(0.22	)
	Securities outstanding at the end of the respective periods presented below, that could potentially dilute basic earnings per share in the future, that were not included in the computation of diluted net loss per share because to do so would have been anti-dilutive are as follows:
			March 31,
			2015			2014
	Common stock options			1,294,480			877,160
	Common stock warrants			—			19,851
	Total			1,294,480			897,011
	All common stock warrants were exercised in a net exercise on July 31, 2014 (see Note 8, Long-Term Debt, in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014).

StockBased_Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	8	Stock-Based Compensation
	2014 Equity Incentive Plan
	The Company’s 2014 Equity Incentive Plan (the “2014 Plan”) is administered by the Company’s Board of Directors or a duly authorized committee thereof (the “Plan administrator”). The 2014 Plan provides for the grant of incentive stock options, non-statutory stock options, restricted stock awards, restricted stock unit awards, stock appreciation rights, performance stock awards and other forms of equity compensation (collectively, “Stock Awards”). Additionally, the 2014 Plan provides for the grant of performance cash awards. Incentive stock options may be granted only to employees. All other awards may be granted to employees, including officers, non-employee directors, and consultants. No incentive stock options may be granted under the 2014 Plan after the tenth anniversary of the effective date of the 2014 Plan. Stock Awards granted under the 2014 Plan vest at the rate specified by the Plan administrator, which, to date, has been 25% on the first anniversary of the date of grant and the balance ratably over the next 36 months. The Plan administrator determines the term of Stock Awards granted under the 2014 Plan up to a maximum of ten years.
	The aggregate number of shares of the Company’s common stock reserved for issuance under the 2014 Plan will automatically increase on January 1 of each year, beginning on January 1, 2015 and continuing through and including January 1, 2024, by 3% of the total number of shares of the Company’s capital stock outstanding on December 31 of the preceding calendar year, or a lesser number of shares determined by the Company’s Board of Directors. On January 1, 2015, the aggregate number of shares of common stock that may be issued pursuant to stock awards under the Company’s 2014 Equity Incentive Plan automatically increased from 1,600,000 to 2,284,061. The maximum number of shares that may be issued pursuant to the exercise of incentive stock options under the 2014 Plan is 30,000,000 shares.
	Under the 2014 Plan, the Company granted 295,000 and 387,000 stock options during the three months ended March 31, 2015 and 2014, respectively. The fair values of stock options granted during the three months ended March 31, 2015 and 2014 were estimated as of the dates of grant using the Black-Scholes option pricing model with the following assumptions:
			Three Months Ended March 31,
			2015		2014
	Risk-free interest rate		1.43% - 1.70%		2.19% - 2.72%
	Expected volatility		65% - 67%		67% - 71%
	Expected dividend yield		0%		0%
	Expected life of employee options (in years)		6.25		6.25
	Expected life of nonemployee options (in years)		10		10
	The weighted average grant date fair value of options granted to employees during the three months ended March 31, 2015 was $6.23. The weighted average grant date fair value of options granted to employees and members of the Board of Directors for their Board service during the three months ended March 31, 2014 was $6.88. The weighted average fair value of outstanding vested options that had been granted to nonemployee consultants as re-measured during the three months ended March 31, 2015 and 2014, in accordance with ASC 505-50, was $7.22 and $14.37, respectively.
	During the three months ended March 31, 2015 and 2014, the Company recognized compensation expense relating to stock options, as follows:
			Three Months Ended March 31,
			2015			2014
	Research and development		$	198		$	72
	General and administrative			247			281
	Total stock option expense		$	445		$	353
	A summary of stock option award activity under the Company’s 2014 Plan as of and for the three months ended March 31, 2015 is presented below:
			Number of			Weighted
			Shares			Average
						Exercise
						Price
	Outstanding, December 31, 2014			1,022,360		$	8.16
	Granted			295,000			10.21
	Exercised			(22,880	)		0.25
	Outstanding, March 31, 2015			1,294,480		$	8.77
	Options exercisable, March 31, 2015			366,349		$	4.32

Income_Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2015
Income Tax Disclosure [Abstract]
Income Taxes	9	Income Taxes
	For the three months ended March 31, 2015 and 2014, pre-tax losses were $4,704 and $3,399, respectively. The Company recognized a full tax valuation allowance against net deferred tax assets at March 31, 2015 and December 31, 2014.
	The benefit from income taxes of $15 and $16 for the three months ended March 31, 2015 and 2014, respectively, relates to state research and development tax credits exchanged for cash pursuant to the Connecticut Research and Development Tax Credit Exchange Program, which permits qualified small businesses engaged in research and development activities within Connecticut to exchange their unused research and development tax credits for a cash amount equal to 65% of the value of the exchanged credits.

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	10	Commitments and Contingencies
	Contractual obligations and commitments as of March 31, 2015 were as follows:
			Payment Due for the Year Ending December 31,
			2015		2016		2017		2018		Thereafter		Total
	Operating lease (1)		$	665	$	913	$	740	$	—	$	—	$	2,318
	-1	The Company leases its operating facility located in Shelton, Connecticut.

Basis_of_Presentation_Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Basis of Presentation	2	Basis of Presentation
	The unaudited interim condensed financial statements included herein have been prepared pursuant to the rules and regulations of the SEC. Accordingly, they do not include all information and disclosures necessary for a presentation of the Company’s financial position, results of operations and cash flows in conformity with generally accepted accounting principles in the United States of America (“GAAP”). In the opinion of management, these unaudited interim financial statements reflect all adjustments, consisting primarily of normal recurring accruals, necessary for a fair presentation of results for the periods presented. The results of operations for interim periods are not necessarily indicative of the results for the full year. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted from this report, as is permitted by SEC rules and regulations; however, the Company believes that the disclosures are adequate to make the information presented not misleading. The condensed balance sheet data for the year ended December 31, 2014 were derived from audited financial statements, but do not include all disclosures required by GAAP. These unaudited interim condensed financial statements should be read in conjunction with the audited financial statements and accompanying notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014.
Use of Estimates	Use of Estimates
	The preparation of financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, as of the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from the Company’s estimates and assumptions. Significant estimates include useful lives of fixed assets, the periods over which certain revenues will be recognized, including licensing and collaborative revenue recognized from non-refundable up-front and milestone payments, the determination of prepaid research and development clinical costs and accrued research projects, the amount of non-cash compensation costs related to share-based payments to employees and non-employees and the periods over which those costs are expensed and the likelihood of realization of deferred tax assets.
Significant Accounting Policies	Significant Accounting Policies
	There have been no material changes to the significant accounting policies previously disclosed in Note 2 to the Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014.
Recent Accounting Pronouncements	Recent Accounting Pronouncements
	In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”). On April 29, 2015, the FASB proposed to defer the effective date of ASU 2015-09 for the Company from January 1, 2017 to January 1, 2018. Earlier application by the Company would be permitted only as of January 1, 2017, including interim reporting periods within the year ending December 31, 2017. Comments are due by May 29, 2015.
	During April 2015, the Financial Accounting Standards Board issued Accounting Standards Update 2015-03 (“ASU 2015-03”) “Interest—Imputation of Interest (Subtopic 835-30) Simplifying the Presentation of Debt Issuance Costs”, which simplifies the presentation of debt issuance costs by requiring debt issuance costs (e.g., legal fees, printing costs) to be presented as a deduction from the corresponding debt liability rather than as assets, as under current guidance. ASU 2015-03 will make the presentation of debt issuance costs consistent with the presentation of debt discounts or premiums resulting from the difference between the net proceeds received upon debt issuance and the amount payable at maturity, which is presented as a direct deduction from or an addition to the face amount of the debt. ASU 2015-03 is effective for the Company for financial statements issued for periods beginning on January 1, 2016, including interim periods. Early adoption of ASU 2015-03 is permitted for financial statements that have not been previously issued. If the Company issues debt before January 1, 2016, it will decide whether to early adopt ASU 2015-03. Upon adoption, the Company must apply the new guidance retrospectively to all prior periods presented in the financial statements. The Company does not expect the adoption of ASU 2015-03 to have a material effect on its financial position, results of operations or cash flows.
Reclassifications	Reclassifications
	Certain revenue amounting to $27 within the Statement of Operations for the three months ended March 31, 2014 has been reclassified from Collaborative revenue to Clinical compound revenue to conform to the current year presentation.

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2015
Fair Value Disclosures [Abstract]
Summary of Financial Assets Measured at Fair Value on Recurring Basis	The following table summarizes the financial assets measured at fair value on a recurring basis as of March 31, 2015 and December 31, 2014.
		March 31, 2015		December 31, 2014
		Level 1		Level 1
	Financial assets
	Cash equivalents:
	Money market savings account	$	46,962	$	52,663
	Restricted cash:
	Bank certificate of deposit		700		700
	Total	$	47,662	$	53,363

Accounts_Payable_and_Accrued_E1

Accounts Payable and Accrued Expenses (Tables)	3 Months Ended
	Mar. 31, 2015
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Accrued Expenses	Accounts payable and accrued expenses consist of the following:
		March 31, 2015		December 31, 2014
	Accounts payable	$	938	$	515
	Accrued research projects		841		549
	Accrued professional fees		278		266
	Accrued compensation and benefits		350		504
	Accrued other		57		112
	Total	$	2,464	$	1,946

Net_Loss_Per_Share_Tables

Net Loss Per Share (Tables)	3 Months Ended
	Mar. 31, 2015
Earnings Per Share [Abstract]
Computation of Denominators Used in Net Loss Per Share	The denominators used in the net loss per share computations are as follows:
			Three Months Ended March 31,
			2015			2014
	Basic:
	Weighted average common shares outstanding			22,808,479			15,654,079
	Diluted:
	Weighted average common shares outstanding -Basic			22,808,479			15,654,079
	Common stock options*			—			—
	Common stock warrants*			—			—
	Convertible preferred stock*			—			—
	Denominator for diluted net loss per share			22,808,479			15,654,079
	*	No amounts were considered as their effects would be anti-dilutive.
Computation of Basic and Diluted Net Loss Per Share	Basic and diluted net loss per share are computed as follows:
			Three Months Ended March 31,
			2015			2014
	Net loss		$	(4,689	)	$	(3,383	)
	Weighted-average common shares outstanding:
	Basic and Diluted			22,808,479			15,654,079
	Net loss per share, Basic and Diluted		$	(0.21	)	$	(0.22	)
Schedule of Anti-Dilutive Common Stock Equivalents Excluded from Calculations of Diluted Net Loss Per Share	Securities outstanding at the end of the respective periods presented below, that could potentially dilute basic earnings per share in the future, that were not included in the computation of diluted net loss per share because to do so would have been anti-dilutive are as follows:
			March 31,
			2015			2014
	Common stock options			1,294,480			877,160
	Common stock warrants			—			19,851
	Total			1,294,480			897,011

StockBased_Compensation_Tables

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of Assumptions Used in Black-Scholes Option Pricing Model	The fair values of stock options granted during the three months ended March 31, 2015 and 2014 were estimated as of the dates of grant using the Black-Scholes option pricing model with the following assumptions:
		Three Months Ended March 31,
		2015		2014
	Risk-free interest rate	1.43% - 1.70%		2.19% - 2.72%
	Expected volatility	65% - 67%		67% - 71%
	Expected dividend yield	0%		0%
	Expected life of employee options (in years)	6.25		6.25
	Expected life of nonemployee options (in years)	10		10
Summary of Compensation Expense Relating to Stock Options	During the three months ended March 31, 2015 and 2014, the Company recognized compensation expense relating to stock options, as follows:
		Three Months Ended March 31,
		2015			2014
	Research and development	$	198		$	72
	General and administrative		247			281
	Total stock option expense	$	445		$	353
Summary of Stock Option Award Activity under 2014 Plan	A summary of stock option award activity under the Company’s 2014 Plan as of and for the three months ended March 31, 2015 is presented below:
		Number of			Weighted
		Shares			Average
					Exercise
					Price
	Outstanding, December 31, 2014		1,022,360		$	8.16
	Granted		295,000			10.21
	Exercised		(22,880	)		0.25
	Outstanding, March 31, 2015		1,294,480		$	8.77
	Options exercisable, March 31, 2015		366,349		$	4.32

Commitments_and_Contingencies_

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Schedule of Contractual Obligations and Commitments	Contractual obligations and commitments as of March 31, 2015 were as follows:
			Payment Due for the Year Ending December 31,
			2015		2016		2017		2018		Thereafter		Total
	Operating lease (1)		$	665	$	913	$	740	$	—	$	—	$	2,318
	-1	The Company leases its operating facility located in Shelton, Connecticut.

Business_Additional_Informatio

Business - Additional Information (Detail) (USD $)	3 Months Ended		1 Months Ended		12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Aug. 31, 2014	Apr. 30, 2013	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2013
Nature Of Business [Line Items]
Date of formation	2-Jul-04
Proceeds from equity and debt financing	$129,600
Cash received in connection with license agreements, including upfront and milestone payments received	30,100
Unrestricted cash and cash equivalents	47,422	67,038				52,663	12,357
Accumulated deficit	84,890					80,201
Net cash used in operating activities	5,241	3,091
Net loss	4,689	3,383
Maruishi Pharmaceutical Co., Ltd. [Member]
Nature Of Business [Line Items]
Upfront license fee received				15,000
Milestone payment received			480
Chong Kun Dang Pharmaceutical Corporation [Member]
Nature Of Business [Line Items]
Upfront and milestone payments related to license agreement					$1,190

Basis_of_Presentation_Addition

Basis of Presentation - Additional Information (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014
Accounting Policies [Abstract]
Clinical compound revenue	$27

Fair_Value_Measurements_Summar

Fair Value Measurements - Summary of Financial Assets Measured at Fair Value on Recurring Basis (Detail) (Recurring [Member], Level 1 [Member], USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Financial assets
Total	$47,662	$53,363
Money Market Savings Account [Member]
Financial assets
Cash equivalents	46,962	52,663
Bank Certificate of Deposit [Member]
Financial assets
Restricted cash	$700	$700

Prepaid_Expenses_Additional_In

Prepaid Expenses - Additional Information (Detail) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid expenses	$1,420	$287
Prepaid insurance	619	92
Prepaid R&D clinical costs	741	177
Other costs	$60	$18

Collaborations_Additional_Info

Collaborations - Additional Information (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Deferred R&D service revenue	$963		$1,452
Collaborative revenue	489	151
Revenue recognized from sale of clinical compound		27
Maruishi License Agreement [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Number of deliverables for revenue recognized	2
Clinical trial costs related to the R&D services deliverable	599	398
Maruishi Pharmaceutical Co., Ltd. [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Revenue recognized from nonsubstantive milestones	8,000
Revenue recognized from substantive milestones	2,500
Deferred R&D service revenue	963		1,452
Collaborative revenue	489	151
Revenue recognized from sale of clinical compound	0	27
Maruishi Pharmaceutical Co., Ltd. [Member] | Clinical Development [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Next potential milestone that could be received	$2,000

Accounts_Payable_and_Accrued_E2

Accounts Payable and Accrued Expenses - Schedule of Accounts Payable and Accrued Expenses (Detail) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Payables and Accruals [Abstract]
Accounts payable	$938	$515
Accrued research projects	841	549
Accrued professional fees	278	266
Accrued compensation and benefits	350	504
Accrued other	57	112
Total	$2,464	$1,946

Net_Loss_Per_Share_Computation

Net Loss Per Share - Computation of Denominators Used in Net Loss Per Share (Detail)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Basic:
Weighted average common shares outstanding	22,808,479	15,654,079
Diluted:
Weighted average common shares outstanding -Basic	22,808,479	15,654,079
Common stock options	0	0
Common stock warrants	0	0
Convertible preferred stock	0	0
Denominator for diluted net loss per share	22,808,479	15,654,079

Net_Loss_Per_Share_Computation1

Net Loss Per Share - Computation of Basic and Diluted Net Loss Per Share (Detail) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Earnings Per Share [Abstract]
Net loss	($4,689)	($3,383)
Weighted-average common shares outstanding:
Basic and Diluted	22,808,479	15,654,079
Net loss per share, Basic and Diluted	($0.21)	($0.22)

Net_Loss_Per_Share_Schedule_of

Net Loss Per Share - Schedule of Anti-Dilutive Common Stock Equivalents Excluded from Calculations of Diluted Net Loss Per Share (Detail)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive common stock equivalents	1,294,480	897,011
Common Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive common stock equivalents	1,294,480	877,160
Common Stock Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive common stock equivalents		19,851

Net_Loss_Per_Share_Additional_

Net Loss Per Share - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2015
Earnings Per Share [Abstract]
Warrant exercise date	31-Jul-14

StockBased_Compensation_Additi

Stock-Based Compensation - Additional Information (Detail) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Jan. 01, 2015	Dec. 31, 2014
Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of options granted	6.23
Employees and Members of Board of Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of options granted		6.88
Nonemployee Consultants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average fair value of outstanding vested options	7.22	14.37
2014 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock options that may be granted after the tenth anniversary of the 2014 Plan	0
Annual increase in number of shares reserved for issuance as a percentage of shares of capital stock outstanding through January 1, 2024	3.00%
Share-based compensation arrangement by share-based payment award, number of shares authorized			2,284,061	1,600,000
Options granted	295,000	387,000
2014 Equity Incentive Plan [Member] | Share-Based Compensation Award, Tranche One [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of vested shares on first anniversary of grant date	25.00%
2014 Equity Incentive Plan [Member] | Share-based Compensation Award, Tranche Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period of awards granted	36 months
2014 Equity Incentive Plan [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term of awards granted	10 years
2014 Equity Incentive Plan [Member] | Incentive Stock Options [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, number of shares authorized	30,000,000

StockBased_Compensation_Summar

Stock-Based Compensation - Summary of Assumptions Used in Black-Scholes Option Pricing Model (Detail)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate, minimum	1.43%	2.19%
Risk-free interest rate, maximum	1.70%	2.72%
Expected volatility, minimum	65.00%	67.00%
Expected volatility, maximum	67.00%	71.00%
Expected dividend yield	0.00%	0.00%
Employee Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life of options (in years)	6 years 3 months	6 years 3 months
Nonemployee Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life of options (in years)	10 years	10 years

StockBased_Compensation_Summar1

Stock-Based Compensation - Summary of Compensation Expense Relating to Stock Options (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock option expense	$445	$353
Research and Development [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock option expense	198	72
General and Administrative [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock option expense	$247	$281

StockBased_Compensation_Summar2

Stock-Based Compensation - Summary of Stock Option Award Activity under 2014 Plan (Detail) (2014 Equity Incentive Plan [Member], USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
2014 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Outstanding, December 31, 2014	1,022,360
Number of Shares, Granted	295,000	387,000
Number of Shares, Exercised	-22,880
Number of Shares, Outstanding, March 31, 2015	1,294,480
Number of Shares, Options exercisable, March 31, 2015	366,349
Weighted-Average Exercise Price, Outstanding, December 31, 2014	$8.16
Weighted-Average Exercise Price, Granted	$10.21
Weighted-Average Exercise Price, Exercised	$0.25
Weighted-Average Exercise Price, Outstanding, March 31, 2015	$8.77
Weighted-Average Exercise Price, Options exercisable, March 31, 2015	$4.32

Income_Taxes_Additional_Inform

Income Taxes - Additional Information (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Income Tax Disclosure [Abstract]
Pre-tax losses	$4,704	$3,399
Benefit from income taxes	$15	$16
Percentage of value of research and development tax credits exchanged for cash	65.00%

Commitments_and_Contingencies_1

Commitments and Contingencies - Schedule of Contractual Obligations and Commitments (Detail) (USD $)	Mar. 31, 2015
In Thousands, unless otherwise specified
Commitments and Contingencies Disclosure [Abstract]
2015	$665
2016	913
2017	740
2018	0
Thereafter	0
Total	$2,318