Cara Therapeutics (CARA) 10-Q 10 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Aug. 05, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Trading Symbol	CARA
Entity Registrant Name	Cara Therapeutics, Inc.
Entity Central Index Key	1,346,830
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		27,164,875

Condensed Balance Sheets

Condensed Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 43,191	$ 52,663
Income tax receivable	250	200
Prepaid expenses and other current assets	590	287
Total current assets	44,031	53,150
Property and equipment, net	1,710	2,084
Restricted cash	700	700
Total assets	46,441	55,934
Current liabilities:
Accounts payable and accrued expenses	3,150	1,946
Deferred revenue	89	1,452
Total current liabilities	3,239	3,398
Deferred lease obligation	$ 732	$ 874
Commitments and contingencies (Note 10)
Stockholders' equity:
Preferred stock; $0.001 par value; 5,000,000 shares authorized at June 30, 2015 and December 31, 2014, zero shares issued and outstanding at June 30, 2015 and December 31, 2014
Common stock; $0.001 par value; 100,000,000 shares authorized at June 30, 2015 and December 31, 2014, 22,836,919 shares and 22,802,039 shares issued and outstanding at June 30, 2015 and December 31, 2014, respectively	$ 23	$ 23
Additional paid-in capital	133,021	131,840
Accumulated deficit	(90,574)	(80,201)
Total stockholders' equity	42,470	51,662
Total liabilities and stockholders' equity	$ 46,441	$ 55,934

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
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	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	22,836,919	22,802,039
Common stock, shares outstanding	22,836,919	22,802,039

Condensed Statements of Operati

Condensed Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenue:
License and milestone fees		$ 302		$ 302
Collaborative revenue	$ 874	526	$ 1,363	677
Clinical compound revenue		132		159
Total revenue	874	960	1,363	1,138
Operating expenses:
Research and development	4,684	3,200	8,069	5,401
General and administrative	1,922	1,472	3,744	2,870
Total operating expenses	6,606	4,672	11,813	8,271
Operating loss	(5,732)	(3,712)	(10,450)	(7,133)
Interest income	13	56	27	78
Loss before benefit from income taxes	(5,719)	(3,656)	(10,423)	(7,055)
Benefit from income taxes	35	11	50	27
Net loss	$ (5,684)	$ (3,645)	$ (10,373)	$ (7,028)
Net loss per share -Basic and Diluted	$ (0.25)	$ (0.16)	$ (0.45)	$ (0.37)
Weighted average shares:
Basic and Diluted	22,828,612	22,608,324	22,818,601	19,150,412

Condensed Statements of Convert

Condensed Statements of Convertible Preferred Stock and Stockholders' (Deficit) Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Convertible Preferred Stock [Member]
Balance, Value at Dec. 31, 2013	$ (54,075)	$ 4	$ 8,377	$ (62,456)
Balance, Value at Dec. 31, 2013					$ 65,586
Balance, Shares at Dec. 31, 2013		4,288,243
Balance, Shares at Dec. 31, 2013					29,186,929
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	809		809
Shares issued upon exercise of stock options, Value	29		29
Shares issued upon exercise of stock options, Shares		46,000
Net loss	(7,028)			(7,028)
Balance, Value at Jun. 30, 2014	61,568	$ 23	131,029	(69,484)
Balance, Shares at Jun. 30, 2014		22,638,414
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	1,146		1,146
Shares issued upon exercise of stock options, Value	35		35
Shares issued upon exercise of stock options, Shares		34,880
Net loss	(10,373)			(10,373)
Balance, Value at Jun. 30, 2015	$ 42,470	$ 23	$ 133,021	$ (90,574)
Balance, Shares at Jun. 30, 2015		22,836,919

Condensed Statements of Conver6

Condensed Statements of Convertible Preferred Stock and Stockholders' (Deficit) Equity (Parenthetical) - Jun. 30, 2014 - USD ($) $ in Thousands	Total
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 Fl

Condensed Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Operating activities
Net loss	$ (10,373)	$ (7,028)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	1,146	809
Depreciation and amortization	386	393
Deferred rent costs	(142)	(130)
Changes in operating assets and liabilities:
Other receivables		(480)
Income tax receivable	(50)	4
Prepaid expenses and other current assets	(303)	(561)
Accounts payable and accrued expenses	1,204	69
Deferred revenue	(1,363)	(406)
Net cash used in operating activities	(9,495)	(7,330)
Investing activities
Purchases of property and equipment	(12)	(6)
Net cash used in investing activities	(12)	(6)
Financing activities
Proceeds from initial public offering, net of issuance costs		57,762
Proceeds from the exercise of stock options	35	29
Net cash provided by financing activities	35	57,791
Net cash (decrease) increase for the period	(9,472)	50,455
Cash and cash equivalents at beginning of period	52,663	12,357
Cash and cash equivalents at end of period	$ 43,191	62,812
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		$ 50

Business

Business	6 Months Ended
	Jun. 30, 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 June 30, 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 June 30, 2015, the Company had unrestricted cash and cash equivalents of $43,191 and an accumulated deficit of $90,574. The Company had net cash used in operating activities of $9,495 and $7,330 for the six months ended June 30, 2015 and 2014, respectively. The Company expects that cash and cash equivalents at June 30, 2015 will be sufficient to fund its operations beyond one year. The Company recognized net losses of $5,684 and $10,373 for the three and six months ended June 30, 2015, respectively, and $3,645 and $7,028 for the three and six months ended June 30, 2014, respectively, and expects to incur additional losses for the full year ending December 31, 2015. In order to fund future operations, including clinical trials, the Company filed a shelf registration statement on Form S-3 (File No. 333-203072), which the Securities and Exchange Commission (“SEC”) declared effective on May 13, 2015. The shelf registration statement provides for the offering of up to $150,000 of common stock, preferred stock, debt securities, warrants or any combination thereof. The Company may offer the securities under its shelf registration statement from time to time in response to market conditions or other circumstances if it believes such a plan of financing is in the best interests of its stockholders. On August 4, 2015, the Company closed an underwritten public offering of 4,327,956 shares of its common stock at a public offering price of $18.60 per share pursuant to its shelf registration statement, receiving net proceeds of approximately $75,060, after deducting the underwriting discounts and commissions and estimated offering expenses payable by the Company (see Note 11, Subsequent Event 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	6 Months Ended
	Jun. 30, 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) During April 2015, the FASB 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 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. 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 $132 and $159 within the Statements of Operations for the three and six months ended June 30, 2014, respectively, has been reclassified from Collaborative revenue to Clinical compound revenue to conform to the current year presentation.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	3. Fair Value Measurements As of June 30, 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 June 30, 2015 and December 31, 2014. June 30, 2015 December 31, 2014 Level 1 Level 1 Financial assets Cash equivalents: Money market savings account $ 42,415 $ 52,663 Restricted cash: Bank certificate of deposit 700 700 Total $ 43,115 $ 53,363

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	6 Months Ended
	Jun. 30, 2015
Text Block [Abstract]
Prepaid Expenses and Other Current Assets	4. Prepaid expenses and other current assets As of June 30, 2015, prepaid expenses and other current assets were $590, consisting of $423 of prepaid insurance, $51 of prepaid offering costs, $35 of prepaid research and development (“R&D”) clinical costs and $81 of other costs. As of December 31, 2014, prepaid expenses and other current assets were $287, consisting of $92 of prepaid insurance, $177 of prepaid R&D clinical costs and $18 of other costs.

Collaborations

Collaborations	6 Months Ended
	Jun. 30, 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 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 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 June 30, 2015 and December 31, 2014, the Company had $89 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 June 30, 2015 and 2014, the Company recognized $0 and $302, respectively, of license and milestone fee revenue, representing a portion of the amount earned by the Company upon achievement of a milestone by Maruishi in June 2014, $874 and $526, 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 $132, respectively, of clinical compound revenue from the sale of CR845 clinical compound to Maruishi. During the six months ended June 30, 2015 and 2014, the Company recognized $0 and $302, respectively, of license and milestone fee revenue, $1,363 and $677, respectively, of collaborative revenue and $0 and $159, respectively, of clinical compound revenue. The Company incurred clinical trial costs related to the R&D services deliverable of $877 and $714 during the three months ended June 30, 2015 and 2014, respectively, and $1,475 and $1,112 during the six months ended June 30, 2015 and 2014, respectively.

Accounts Payable and Accrued Ex

Accounts Payable and Accrued Expenses	6 Months Ended
	Jun. 30, 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: June 30, 2015 December 31, 2014 Accounts payable $ 711 $ 515 Accrued research projects 1,552 549 Accrued professional fees 303 266 Accrued compensation and benefits 543 504 Accrued other 41 112 Total $ 3,150 $ 1,946

Net Loss Per Share

Net Loss Per Share	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 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 June 30, Six Months Ended June 30, 2015 2014 2015 2014 Basic: Weighted average common shares outstanding 22,828,612 22,608,324 22,818,601 19,150,412 Diluted: Weighted average common shares outstanding - Basic 22,828,612 22,608,324 22,818,601 19,150,412 Common stock options* — — — — Common stock warrants* — — — — Convertible preferred stock* — — — — Denominator for diluted net loss per share 22,828,612 22,608,324 22,818,601 19,150,412 * 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 June 30, Six Months Ended June 30, 2015 2014 2015 2014 Net loss $ (5,684 ) $ (3,645 ) $ (10,373 ) $ (7,028 ) Weighted-average common shares outstanding: Basic and Diluted 22,828,612 22,608,324 22,818,601 19,150,412 Net loss per share, Basic and Diluted $ (0.25 ) $ (0.16 ) $ (0.45 ) $ (0.37 ) 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: June 30, 2015 2014 Common stock options 1,583,480 1,058,160 Common stock warrants — 19,851 Total 1,583,480 1,078,011 All common stock warrants were exercised in a net exercise on July 31, 2014 (see Note 8, Long-Term Debt

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 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 automatically increases 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 309,000 and 604,000 stock options during the three and six months ended June 30, 2015, respectively, and 227,000 and 614,000 stock options during the three and six months ended June 30, 2014, respectively. The fair values of stock options granted during the three and six months ended June 30, 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 June 30, Six Months Ended June 30, 2015 2014 2015 2014 Risk-free interest rate 1.87% - 1.89% 1.80% - 1.99% 1.43% - 1.89% 1.80% - 2.72% Expected volatility 64% 65% 64% - 67% 65% - 71% Expected dividend yield 0% 0% 0% 0% Expected life of employee options (in years) 6.25 6.25 6.25 6.25 Expected life of nonemployee options (in years) 10 10 10 10 The weighted average grant date fair value of options granted to employees and members of the Board of Directors for their service during the three and six months ended June 30, 2015 was $6.41 and $6.32, respectively, and during the three and six months ended June 30, 2014 was $8.53 and $7.55, respectively. The weighted average fair value of outstanding vested options that had been granted to nonemployee consultants as re-measured in accordance with ASC 505-50 was $8.99 and $8.11 during the three and six months ended June 30, 2015, respectively, and $13.75 and $14.61, during the three and six months ended June 30, 2014, respectively. During the three and six months ended June 30, 2015 and 2014, the Company recognized compensation expense relating to stock options, as follows: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Research and development $ 280 $ 159 $ 478 $ 231 General and administrative 420 297 668 578 Total stock option expense $ 700 $ 456 $ 1,146 $ 809 A summary of stock option award activity as of and for the six months ended June 30, 2015 is presented below: Number of Weighted Outstanding, December 31, 2014 1,022,360 $ 8.16 Granted 604,000 10.45 Exercised (34,880 ) 1.02 Expired (8,000 ) 0.25 Outstanding, June 30, 2015 1,583,480 9.23 Options exercisable, June 30, 2015 456,453 $ 6.25

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	9. Income Taxes For the three months ended June 30, 2015 and 2014, pre-tax losses were $5,719 and $3,656, respectively, and for the six months ended June 30, 2015 and 2014, pre-tax losses were $10,423 and $7,055, respectively. The Company recognized a full tax valuation allowance against net deferred tax assets at June 30, 2015 and December 31, 2014. The benefit from income taxes of $35 and $11 for the three months ended June 30, 2015 and 2014, respectively, and $50 and $27 for the six months ended June 30, 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	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	10. Commitments and Contingencies Contractual obligations and commitments as of June 30, 2015 were as follows: Payment Due for the Year Ending December 31, 2015 2016 2017 2018 Thereafter Total Operating lease (1) $ 445 $ 913 $ 740 $ — $ — $ 2,098 (1) The Company leases its operating facility located in Shelton, Connecticut.

Subsequent Event

Subsequent Event	6 Months Ended
	Jun. 30, 2015
Subsequent Events [Abstract]
Subsequent Event	11. Subsequent Event On July 29, 2015, the Company entered into an underwriting agreement (the “Underwriting Agreement”) with Stifel, Nicolaus & Company, Incorporated and Piper Jaffray & Co., as representatives of the several underwriters named therein, relating to the issuance and sale by the Company of 3,763,440 shares of its common stock (the “Offering”). The Company also granted the underwriters a 30-day option to purchase up to 564,516 additional shares of its common stock. The Offering was made pursuant to the Company’s Registration Statement on Form S-3 (File No. 333-203072), filed with the SEC on March 27, 2015 and declared effective on May 13, 2015, and a related prospectus supplement dated July 29, 2015, which was filed with the SEC on July 30, 2015. On August 4, 2015, the Company received net proceeds, from the Offering and the full exercise by the underwriters of their option to purchase additional shares, of approximately $75,060, after deducting the underwriting discounts and commissions and estimated offering expenses payable by the Company.

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Basis of Presentation	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) During April 2015, the FASB 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 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. 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 $132 and $159 within the Statements of Operations for the three and six months ended June 30, 2014, respectively, 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)	6 Months Ended
	Jun. 30, 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 June 30, 2015 and December 31, 2014. June 30, 2015 December 31, 2014 Level 1 Level 1 Financial assets Cash equivalents: Money market savings account $ 42,415 $ 52,663 Restricted cash: Bank certificate of deposit 700 700 Total $ 43,115 $ 53,363

Accounts Payable and Accrued 21

Accounts Payable and Accrued Expenses (Tables)	6 Months Ended
	Jun. 30, 2015
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Accrued Expenses	Accounts payable and accrued expenses consist of the following: June 30, 2015 December 31, 2014 Accounts payable $ 711 $ 515 Accrued research projects 1,552 549 Accrued professional fees 303 266 Accrued compensation and benefits 543 504 Accrued other 41 112 Total $ 3,150 $ 1,946

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, 2015 2014 2015 2014 Basic: Weighted average common shares outstanding 22,828,612 22,608,324 22,818,601 19,150,412 Diluted: Weighted average common shares outstanding - Basic 22,828,612 22,608,324 22,818,601 19,150,412 Common stock options* — — — — Common stock warrants* — — — — Convertible preferred stock* — — — — Denominator for diluted net loss per share 22,828,612 22,608,324 22,818,601 19,150,412 * 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 June 30, Six Months Ended June 30, 2015 2014 2015 2014 Net loss $ (5,684 ) $ (3,645 ) $ (10,373 ) $ (7,028 ) Weighted-average common shares outstanding: Basic and Diluted 22,828,612 22,608,324 22,818,601 19,150,412 Net loss per share, Basic and Diluted $ (0.25 ) $ (0.16 ) $ (0.45 ) $ (0.37 )
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: June 30, 2015 2014 Common stock options 1,583,480 1,058,160 Common stock warrants — 19,851 Total 1,583,480 1,078,011

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 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 June 30, Six Months Ended June 30, 2015 2014 2015 2014 Risk-free interest rate 1.87% - 1.89% 1.80% - 1.99% 1.43% - 1.89% 1.80% - 2.72% Expected volatility 64% 65% 64% - 67% 65% - 71% Expected dividend yield 0% 0% 0% 0% Expected life of employee options (in years) 6.25 6.25 6.25 6.25 Expected life of nonemployee options (in years) 10 10 10 10
Summary of Compensation Expense Relating to Stock Options	During the three and six months ended June 30, 2015 and 2014, the Company recognized compensation expense relating to stock options, as follows: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Research and development $ 280 $ 159 $ 478 $ 231 General and administrative 420 297 668 578 Total stock option expense $ 700 $ 456 $ 1,146 $ 809
Summary of Stock Option Award Activity	A summary of stock option award activity as of and for the six months ended June 30, 2015 is presented below: Number of Weighted Outstanding, December 31, 2014 1,022,360 $ 8.16 Granted 604,000 10.45 Exercised (34,880 ) 1.02 Expired (8,000 ) 0.25 Outstanding, June 30, 2015 1,583,480 9.23 Options exercisable, June 30, 2015 456,453 $ 6.25

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Schedule of Contractual Obligations and Commitments	Contractual obligations and commitments as of June 30, 2015 were as follows: Payment Due for the Year Ending December 31, 2015 2016 2017 2018 Thereafter Total Operating lease (1) $ 445 $ 913 $ 740 $ — $ — $ 2,098 (1) The Company leases its operating facility located in Shelton, Connecticut.

Business - Additional Informati

Business - Additional Information (Detail) - USD ($)	Aug. 04, 2015	Aug. 31, 2014	Apr. 30, 2013	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2012	Jul. 29, 2015	Dec. 31, 2014	Dec. 31, 2013
Nature Of Business [Line Items]
Date of formation						Jul. 2, 2004
Proceeds from equity and debt financing						$ 129,600,000
Cash received in connection with license agreements, including upfront and milestone payments received						30,100,000
Upfront and milestone payments related to license agreement					$ 302,000		$ 302,000
Net cash used in operating activities						9,495,000	7,330,000
Accumulated deficit				$ 90,574,000		90,574,000				$ 80,201,000
Unrestricted cash and cash equivalents				43,191,000	62,812,000	43,191,000	62,812,000			$ 52,663,000	$ 12,357,000
Net loss				$ 5,684,000	$ 3,645,000	$ 10,373,000	$ 7,028,000
Common stock, shares issued				22,836,919		22,836,919				22,802,039
Public offering price per share					$ 11		$ 11
Subsequent Event [Member]
Nature Of Business [Line Items]
Common stock, shares issued	4,327,956								3,763,440
Public offering price per share	$ 18.60
Net proceeds from offering of common stock	$ 75,060,000
Maximum [Member]
Nature Of Business [Line Items]
Offering of common stock, preferred stock, debt securities and warrants						$ 150,000,000
Minimum [Member]
Nature Of Business [Line Items]
Expected period to fund operations						1 year
Maruishi Pharmaceutical Co., Ltd. [Member]
Nature Of Business [Line Items]
Upfront license fee received			$ 15,000,000
Milestone payment received		$ 480,000
Upfront and milestone payments related to license agreement				$ 0	$ 302,000	$ 0	$ 302,000
Chong Kun Dang Pharmaceutical Corporation [Member]
Nature Of Business [Line Items]
Upfront and milestone payments related to license agreement								$ 1,190,000

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Detail) - Jun. 30, 2014 - USD ($) $ in Thousands	Total	Total
Accounting Policies [Abstract]
Clinical compound revenue	$ 132	$ 159

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Financial Assets Measured at Fair Value on Recurring Basis (Detail) - Recurring [Member] - Level 1 [Member] - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Financial assets
Total	$ 43,115	$ 53,363
Money Market Savings Account [Member]
Financial assets
Cash equivalents	42,415	52,663
Bank Certificate of Deposit [Member]
Financial assets
Restricted cash	$ 700	$ 700

Prepaid Expenses and Other Cu28

Prepaid Expenses and Other Current Assets - Additional Information (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid expenses and other current assets	$ 590	$ 287
Prepaid insurance	423	92
Prepaid offering costs	51
Prepaid R&D clinical costs	35	177
Other costs	$ 81	$ 18

Collaborations - Additional Inf

Collaborations - Additional Information (Detail) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)Deliverables	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Deferred R&D service revenue	$ 89		$ 89		$ 1,452
License and milestone fee revenue		$ 302		$ 302
Collaborative revenue	874	526	$ 1,363	677
Revenue recognized from sale of clinical compound		132		159
Maruishi License Agreement [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Number of deliverables for revenue recognized | Deliverables			2
Clinical trial costs related to the R&D services deliverable	877	714	$ 1,475	1,112
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	89		89		$ 1,452
License and milestone fee revenue	0	302	0	302
Collaborative revenue	874	526	1,363	677
Revenue recognized from sale of clinical compound	$ 0	$ 132	0	$ 159
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 30

Accounts Payable and Accrued Expenses - Schedule of Accounts Payable and Accrued Expenses (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Payables and Accruals [Abstract]
Accounts payable	$ 711	$ 515
Accrued research projects	1,552	549
Accrued professional fees	303	266
Accrued compensation and benefits	543	504
Accrued other	41	112
Total	$ 3,150	$ 1,946

Net Loss Per Share - Computatio

Net Loss Per Share - Computation of Denominators Used in Net Loss Per Share (Detail) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Basic:
Weighted average common shares outstanding	22,828,612	22,608,324	22,818,601	19,150,412
Diluted:
Weighted average common shares outstanding - Basic	22,828,612	22,608,324	22,818,601	19,150,412
Common stock options	0	0	0	0
Common stock warrants	0	0	0	0
Convertible preferred stock	0	0	0	0
Denominator for diluted net loss per share	22,828,612	22,608,324	22,818,601	19,150,412

Net Loss Per Share - Computat32

Net Loss Per Share - Computation of Basic and Diluted Net Loss Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Earnings Per Share [Abstract]
Net loss	$ (5,684)	$ (3,645)	$ (10,373)	$ (7,028)
Weighted-average common shares outstanding:
Basic and Diluted	22,828,612	22,608,324	22,818,601	19,150,412
Net loss per share, Basic and Diluted	$ (0.25)	$ (0.16)	$ (0.45)	$ (0.37)

Net Loss Per Share - Schedule o

Net Loss Per Share - Schedule of Anti-Dilutive Common Stock Equivalents Excluded from Calculations of Diluted Net Loss Per Share (Detail) - shares	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive common stock equivalents	1,583,480	1,078,011
Common Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive common stock equivalents	1,583,480	1,058,160
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)	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Warrant exercise date	Jul. 31, 2014

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Jan. 01, 2015	Dec. 31, 2014
Employees and Members of Board of Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of options granted	$ 6.41	$ 8.53	$ 6.32	$ 7.55
Nonemployee Consultants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average fair value of outstanding vested options	$ 8.99	$ 13.75	$ 8.11	$ 14.61
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 increases 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	309,000	227,000	604,000	614,000
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		30,000,000

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Assumptions Used in Black-Scholes Option Pricing Model (Detail)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate, minimum	1.87%	1.80%	1.43%	1.80%
Risk-free interest rate, maximum	1.89%	1.99%	1.89%	2.72%
Expected volatility	64.00%	65.00%
Expected volatility, minimum			64.00%	65.00%
Expected volatility, maximum			67.00%	71.00%
Expected dividend yield	0.00%	0.00%	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	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	10 years	10 years

Stock-Based Compensation - Su37

Stock-Based Compensation - Summary of Compensation Expense Relating to Stock Options (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock option expense	$ 700	$ 456	$ 1,146	$ 809
Research and Development [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock option expense	280	159	478	231
General and Administrative [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock option expense	$ 420	$ 297	$ 668	$ 578

Stock-Based Compensation - Su38

Stock-Based Compensation - Summary of Stock Option Award Activity (Detail) - 2014 Equity Incentive Plan [Member] - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
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	309,000	227,000	604,000	614,000
Number of Shares, Exercised			(34,880)
Number of Shares, Expired			(8,000)
Number of Shares, Outstanding, June 30, 2015	1,583,480		1,583,480
Number of Shares, Options exercisable, June 30, 2015	456,453		456,453
Weighted Average Exercise Price, Outstanding, December 31, 2014			$ 8.16
Weighted Average Exercise Price, Granted			10.45
Weighted Average Exercise Price, Exercised			1.02
Weighted Average Exercise Price, Expired			0.25
Weighted Average Exercise Price, Outstanding, June 30, 2015	$ 9.23		9.23
Weighted Average Exercise Price, Options exercisable, June 30, 2015	$ 6.25		$ 6.25

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Tax Disclosure [Abstract]
Pre-tax losses	$ 5,719	$ 3,656	$ 10,423	$ 7,055
Benefit from income taxes	$ 35	$ 11	$ 50	$ 27
Percentage of value of research and development tax credits exchanged for cash			65.00%

Commitments and Contingencies -

Commitments and Contingencies - Schedule of Contractual Obligations and Commitments (Detail) $ in Thousands	Jun. 30, 2015USD ($)
Commitments and Contingencies Disclosure [Abstract]
2,015	$ 445
2,016	913
2,017	740
2,018	0
Thereafter	0
Total	$ 2,098

Subsequent Event - Additional I

Subsequent Event - Additional Information (Detail) - USD ($) $ in Thousands	Aug. 04, 2015	Jul. 29, 2015	Jun. 30, 2015	Dec. 31, 2014
Subsequent Event [Line Items]
Common stock, shares issued			22,836,919	22,802,039
Subsequent Event [Member]
Subsequent Event [Line Items]
Common stock, shares issued	4,327,956	3,763,440
Option period to Underwriters		30 days
Net proceeds from offering of common stock	$ 75,060
Underwriters [Member] | Subsequent Event [Member] | Maximum [Member]
Subsequent Event [Line Items]
Common stock, shares issued		564,516