CoLucid Pharmaceuticals (CLCD) 10-Q 12 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Aug. 12, 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	CLCD
Entity Registrant Name	COLUCID PHARMACEUTICALS, INC.
Entity Central Index Key	1,348,649
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		15,153,135

Condensed Balance Sheets (Unaud

Condensed Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 79,658,027	$ 204,362
Prepaid assets	996,962	22,704
Total current assets	80,654,989	227,066
Deferred financing costs		66,187
Other assets	27,442
Total assets	80,682,431	293,253
Current liabilities:
Accounts payable	903,181	306,396
Accrued expenses	2,771,751	75,158
Convertible notes payable		200,000
Total current liabilities	3,674,932	581,554
Deferred revenue	1,500,000	1,500,000
Total liabilities	$ 5,174,932	$ 2,081,554
Commitments and contingencies
Stockholders’ equity (deficit)
Common stock, $0.001 par value; 270,000,000 shares authorized; 15,153,135 and 143,810 shares issued and outstanding as of June 30, 2015 and December 31, 2014, respectively	$ 15,153	$ 144
Additional paid-in capital	142,408,325	2,411,007
Accumulated deficit	(66,915,979)	(54,478,323)
Total stockholders’ equity (deficit)	75,507,499	(1,788,301)
Total liabilities and stockholders’ equity (deficit)	$ 80,682,431	293,253
Series A Convertible Preferred Stock [Member]
Stockholders’ equity (deficit)
Series A convertible preferred stock; $0.001 par value, 405,405 shares authorized and 381,158 issued and outstanding as of December 31, 2014 (liquidation preference of $24,254,930)		15,388,287
Series B Convertible Preferred Stock [Member]
Stockholders’ equity (deficit)
Series A convertible preferred stock; $0.001 par value, 405,405 shares authorized and 381,158 issued and outstanding as of December 31, 2014 (liquidation preference of $24,254,930)		$ 34,890,584

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) (Unaudited) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	270,000,000	270,000,000
Common stock, shares issued	15,153,135	143,810
Common stock, shares outstanding	15,153,135	143,810
Series A Convertible Preferred Stock [Member]
Convertible preferred stock, par value		$ 0.001
Convertible preferred stock, shares authorized		405,405
Convertible preferred stock, shares issued		381,158
Convertible preferred stock, shares outstanding		381,158
Convertible preferred stock, liquidation preference		$ 24,254,930
Series B Convertible Preferred Stock [Member]
Convertible preferred stock, par value		$ 0.001
Convertible preferred stock, shares authorized		712,530
Convertible preferred stock, shares issued		690,479
Convertible preferred stock, shares outstanding		690,479
Convertible preferred stock, liquidation preference		$ 46,790,825

Condensed Statements of Operati

Condensed Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Operating expenses:
Research and development	$ 5,795,826	$ 271,402	$ 7,756,452	$ 436,598
General and administrative	1,980,083	245,012	2,830,574	632,286
Total operating expenses	7,775,909	516,414	10,587,026	1,068,884
Loss from operations	(7,775,909)	(516,414)	(10,587,026)	(1,068,884)
Other income (expense):
Interest income	15,223	506	26,798	662
Interest expense		(186,936)		(357,064)
Total other income (expense), net	15,223	(186,430)	26,798	(356,402)
Net loss before income tax expense	(7,760,686)	(702,844)	(10,560,228)	(1,425,286)
Income tax expense		247,500		247,500
Net loss and comprehensive loss	(7,760,686)	(950,344)	(10,560,228)	(1,672,786)
Gain on extinguishment of convertible stock			4,798,194
Accretion of redeemable preferred stock	(3,443,705)		(12,552,830)
Net loss attributable to common stockholders	$ (11,204,391)	$ (950,344)	$ (18,314,864)	$ (1,672,786)
Per common share information:
Net loss available to common stockholders, basic and diluted	$ (1.17)	$ (6.61)	$ (3.76)	$ (12.07)
Weighted-average common shares outstanding, basic and diluted	9,546,074	143,810	4,871,159	138,643

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities
Net loss	$ (10,560,228)	$ (1,672,786)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation		1,821
Share-based compensation	1,153,602
Interest accrued on convertible notes		357,064
Changes in operating assets and liabilities:
Prepaid expenses	(974,258)	(24,019)
Other assets	(27,442)
Accounts payable	596,785	127,008
Accrued expenses	2,696,593	(5,761)
Deferred revenue		1,500,000
Net cash provided by (used in) operating activities	(7,114,948)	283,327
Cash flows from financing activities:
Proceeds from issuance of convertible notes payable		500,500
Proceeds from issuance of common stock, net of cost of issuance	49,816,044
Proceeds from the exercise of common stock options	89,486
Net cash provided by financing activities	86,568,613	500,500
Net increase in cash and cash equivalents	79,453,665	783,827
Cash and cash equivalents as of beginning of period	204,362	333,002
Cash and cash equivalents as of end of period	79,658,027	1,116,829
Supplemental schedule of non-cash financing activities
Conversion of convertible notes payable to preferred stock	200,000
Gain on extinguishment of preferred stock	(4,798,194)
Accretion of redeemable preferred stock	12,552,830
Conversion of preferred stock to common stock	94,896,589	1,060,194
Income taxes paid		$ 247,500
Series C Redeemable Convertible Preferred Stock [Member]
Cash flows from financing activities:
Proceeds from issuance of Series C redeemable convertible preferred stock, net of costs of issuance	$ 36,663,083

Nature of Operations and Basis

Nature of Operations and Basis of Presentation	6 Months Ended
	Jun. 30, 2015
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Nature of Operations and Basis of Presentation	1. Nature of Operations and Basis of Presentation Discussion of the Business CoLucid Pharmaceuticals, Inc. (the “Company”) is a Phase 3 clinical-stage biopharmaceutical company that is developing an innovative and proprietary small molecule for the acute treatment of migraine headaches. The Company’s product candidates utilize the first new mechanism of action under development in the last twenty years that could address the unmet needs of migraine patients, including those with cardiovascular risk factors or stable cardiovascular disease and those who are dissatisfied with existing therapies. Lasmiditan, the Company’s lead product candidate, is an oral tablet for the acute treatment of migraine headaches in adults which is not expected to have the clinical limitations associated with the most commonly used therapies. The Company is also developing intravenous lasmiditan (“IV lasmiditan”) for the acute treatment of unspecified headache pain in adults in emergency room and other urgent care settings, another significant unmet medical need. The Company is conducting its first pivotal Phase 3 randomized, double-blind, placebo-controlled clinical trial of lasmiditan, under a special protocol assessment (“SPA”) agreement with the U.S. Food and Drug Administration with top-line data expected in the third quarter of 2016. The Company believes it has sufficient cash and cash equivalents to enable it to complete its two planned pivotal Phase 3 clinical trials, and initiate its long-term, open-label study of lasmiditan. The Company also estimates that such funds will support its operating expenses and capital expenditure requirements into mid-2017. The Company has never been profitable and has incurred net losses in each year since inception. The Company’s net losses were $3.0 million and $2.2 million for the years ended December 31, 2014 and 2013, respectively, and $10.6 million for the six months ended June 30, 2015, and as of June 30, 2015 its accumulated deficit was $66.9 million. These net losses resulted primarily from research and development programs, including preclinical development activities and clinical trials, and general and administrative costs associated with operations. The Company expects to continue to incur significant expenses and increasing operating losses for at least the next several years. These net losses and negative operating cash flows have had, and will continue to have, an adverse effect on stockholders’ equity and working capital. Because of the numerous risks and uncertainties associated with pharmaceutical product development, the Company is unable to accurately predict the timing or amount of increased expenses or when, or if, it will be able to achieve or maintain profitability. Basis of Presentation The accompanying unaudited condensed financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial reporting and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (including those which are normal and recurring) considered necessary for a fair presentation of the interim financial information have been included. When preparing financial statements in conformity with GAAP, the Company must make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and related disclosures at the date of the financial statements. Actual results could differ from those estimates. Additionally, operating results for the six months ended June 30, 2015 are not necessarily indicative of the results that may be expected for any other interim period or for the fiscal year ending December 31, 2015. The condensed interim financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s final prospectus dated May 5, 2015 filed with the SEC on May 6, 2015. In connection with preparing for its initial public offering (“IPO”), the Company’s Board of Directors and stockholders approved a one-for-40.7 reverse stock split of the Company’s common stock. The reverse stock split became effective in April 2015. All share and per share amounts in these condensed interim financial statements and notes thereto have been retroactively adjusted for all periods presented to give effect to this reverse stock split, including reclassifying an amount equal to the reduction in par value of common stock to additional paid-in capital. On May 11, 2015, the Company closed an IPO of its common stock, which resulted in the sale of 5,500,000 shares of its common stock at a public offering price of $10.00 per share. The Company received net proceeds from the IPO of approximately $49.8 million, after deducting underwriting discounts and approximately $1.3 million of expenses paid by the Company. In connection with the closing of the IPO, all of the Company’s outstanding redeemable convertible preferred stock automatically converted to common stock on May 5, 2015, resulting in an additional 9,489,659 shares of common stock of the Company becoming outstanding. At June 30, 2015, the Company does not have any redeemable convertible preferred stock issued or outstanding. The significant increase in common stock outstanding in connection with the IPO is expected to impact the year-over-year comparability of the Company’s net loss per share calculations in future periods. Subsequent Events The Company considers events or transactions that occur after the balance sheet date but prior to the issuance of the financial statements to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. The Company has completed an evaluation of all subsequent events through the date of the filing of this Quarterly Report on Form 10-Q.

Accrued liabilities

Accrued liabilities	6 Months Ended
	Jun. 30, 2015
Payables And Accruals [Abstract]
Accrued liabilities	2. Accrued liabilities Accrued expenses consist of the following: June 30, December 31, 2015 2014 Payroll and employee-related costs $ 187,419 $ 6,560 Research and development costs 2,383,340 26,260 Professional fees 132,038 37,813 Other 68,954 4,525 $ 2,771,751 $ 75,158

Notes Payable

Notes Payable	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Notes Payable	3. Notes Payable In December 2014, the Company entered into a Convertible Note Purchase Agreement with certain investors to provide up to $1,000,000 in bridge loan financing. The initial closing of $200,000 was funded on December 15, 2014. The notes, which were non-interest bearing, were subject to automatic conversion in a qualified financing at the price per share at which the Company sells and issues such shares in the qualified financing. The notes were converted into Series C redeemable convertible preferred stock on January 12, 2015 (see Note 5).

Commitments

Commitments	6 Months Ended
	Jun. 30, 2015
Commitments And Contingencies Disclosure [Abstract]
Commitments	4. Commitments License Agreements On February 10, 2015, the Company amended and restated its development and license agreement with Eli Lilly and Company (“Eli Lilly”) which consolidated a number of amendments to the Company’s development and license agreement with Eli Lilly dated December 16, 2005. Pursuant to such agreement, the Company holds a worldwide license, with the right to grant sublicenses, under certain patents and know-how owned or controlled by Eli Lilly for lasmiditan for all human health purposes. The license is exclusive except that Eli Lilly has retained the right to conduct research on lasmiditan and products containing lasmiditan for internal research purposes only. The term of the agreement will expire on a country-by-country basis upon expiration of the Company’s royalty obligations in such country, which occurs on the later of the tenth anniversary of the first commercial sale in such country or the expiration of the last-to-expire licensed patent in such country. Upon expiration of royalty payment provisions in a given country, the Company will have a fully paid up, perpetual, irrevocable know-how license in such country, unless the agreement is terminated earlier. Eli Lilly may terminate the agreement for uncured material breach, in whole or on a country-by-country basis. Eli Lilly may also terminate the agreement upon a change of control of the Company, unless the new owner agrees to be bound by the terms and conditions of the agreement. Either party may terminate the agreement upon written notice in the event of bankruptcy. The Company has the right to terminate in the case of material breach by Eli Lilly or if the Company believes it would be commercially unreasonable to continue to develop lasmiditan. Under the agreement, the Company is also responsible for and has control over the filing and prosecuting of patent applications and maintaining patents which cover making, using or selling lasmiditan under the agreement. In the event the Company decides to allow any licensed patent to lapse, Eli Lilly may assume the responsibility for the patent and the Company will surrender its rights in the relevant affected countries. The Company has the first right (but not the obligation) to enforce these patent rights, and Eli Lilly has agreed to cooperate and assist the Company in matters regarding infringement as well as patent term extensions and certifications. During the term of the agreement, the Company is required to use reasonable commercial efforts to develop and obtain regulatory approvals for selling products containing lasmiditan in all major markets, which include Japan, France, Germany, Italy, Spain, the United Kingdom and the United States. If the Company obtains regulatory approval for one of its product candidates containing lasmiditan, the Company is required to use reasonable commercial efforts to commercialize the product in that country. If the Company does not satisfy this obligation, Eli Lilly may terminate the agreement. Upon execution of the original agreement in 2005, the Company paid an upfront license fee to Eli Lilly of $1 million and issued to Eli Lilly shares of its common stock, both of which were expensed. Upon achievement of certain regulatory and/or sales milestones with respect to products containing lasmiditan, the Company will be obligated to make future payments to Eli Lilly of up to $32 million for the first indication and up to $3 million for each subsequent indication. In addition, the Company will be obligated to pay Eli Lilly royalties of between 8% and 11% (subject to downward adjustment in certain circumstances) on net sales of products containing lasmiditan. None of the Company’s upfront or milestone payments are creditable against its royalty obligations. Distribution and Supply Agreement On October 23, 2013, the Company entered into a distribution and supply agreement with Ildong Pharmaceutical Co., Ltd. (“Ildong”) for the distribution of lasmiditan in the Republic of Korea, Taiwan, Singapore, Malaysia, Indonesia, Philippines, Thailand, Myanmar and Vietnam, which is referred to as the territory. During the term of the agreement, the Company must use commercially reasonable efforts to supply Ildong with the amount of lasmiditan that it requires. Under the terms of the agreement, the Company received an upfront payment of $1.5 million as consideration for the Company granting Ildong exclusive rights to develop and commercialize lasmiditan in the territory as well as the Company’s agreement to provide lasmiditan to Ildong in the future for a reduced purchase price. This $1.5 million upfront payment will be recognized as revenue in the event the Company sells lasmiditan to Ildong for commercial sale. In the event the Company has no further obligations under this agreement prior to the date regulatory approval is obtained, if at all, the Company will recognize this upfront payment as revenue at that time since lasmiditan would not have been sold and delivered to Ildong for commercial sale. The Company also has the potential to receive aggregate potential future milestone payments from Ildong of up to $3.5 million, including (i) $1 million upon the submission of a new drug application to the U.S. Food and Drug Administration or a submission of an equivalent regulatory filing to the European Medicines Agency in the European Union; (ii) $1.5 million upon obtaining approval of lasmiditan by the U.S. Food and Drug Administration or the European Medicines Agency; and (iii) $1 million upon obtaining approval of lasmiditan in the Republic of Korea. The Company will supply Ildong with lasmiditan for use in clinical trials in the territory, for which Ildong will pay to the Company an amount equal to the Company’s fully burdened manufacturing cost (or the Company’s fully burdened cost of goods if lasmiditan is obtained from a third-party supplier for such trials), plus 5% per tablet of lasmiditan. If approved in the territory, the Company will also supply Ildong with lasmiditan for sale in the territory, for which Ildong will pay to the Company a purchase price per unit calculated as a percentage (ranging from 31.5% to 36.5%) of the net sales of lasmiditan in the territory. Ildong will be responsible for the costs and activities related to development and regulatory approvals in the territory and will also participate in key registration trials as part of the global development plan under the agreement. The agreement terminates upon the later of the expiration of the Company’s patents in the territory or 15 years after the first commercialization of lasmiditan, and is subject to certain renewal rights. The agreement may be terminated by mutual agreement or by either party in the case of uncured material breach or bankruptcy. The Company has the right to terminate if Ildong challenges any of the Company’s patents or fails to adequately commercialize lasmiditan in the territory.

Issuance of Preferred Stock

Issuance of Preferred Stock	6 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Issuance of Preferred Stock	5. Issuance of Preferred Stock On January 12, 2015, the Company issued 4,344,567 shares of Series C redeemable convertible preferred stock for $36,900,000 in cash and the conversion of $200,000 of convertible debt. The Series C redeemable convertible preferred stock contains dividend and liquidation preferences similar to the Series A and Series B preferred stock. As an inducement for holders of the Company’s Series A and Series B convertible preferred stock to participate in the Series C financing and in exchange for a waiver of certain anti-dilution provisions, the Company also issued 1,426,353 shares of Series A convertible preferred stock and 2,647,102 shares of Series B convertible preferred stock. The Company has determined that the modification of the Series A and Series B convertible preferred stock was sufficiently substantial to treat the additional issuances as an extinguishment of the existing Series A and Series B convertible preferred stock. In accordance with ASC 260-10, Earnings Per Share Effective with the issuance of the Series C redeemable convertible preferred stock, all of the Company’s Series A, Series B and Series C preferred stock became redeemable five years after the issuance of the Series C at the option of the Series C preferred stockholders. The Company accreted the carrying value of its Series A, Series B, and Series C redeemable convertible preferred stock to its estimate of fair value (i.e. redemption value) at March 31, 2015 and May 5, 2015, the date of the conversion of all preferred stock to common stock in connection with the IPO. The Company based its estimate of fair value on a valuation methodology discussed in Note 7 below. Deferred financing costs of $66,187 at December 31, 2014 relate to the Series C redeemable convertible preferred stock offering and were netted against the gross proceeds.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2015
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based Compensation	6. Stock-Based Compensation Stock Option Plans During February 2006, the Company adopted the CoLucid Pharmaceuticals, Inc. Equity Incentive Plan (the “2006 Plan”). A total of 89,182 shares of common stock were reserved for issuance under the 2006 Plan as of June 30, 2015. Of this amount, 80,900 shares are available for future stock option grants as of June 30, 2015. Eligible plan participants include employees, directors and consultants. The board of directors shall determine the exercise price, term, and vesting provisions of all options at their grant date. On April 16, 2015, the board of directors adopted the CoLucid Pharmaceuticals, Inc. 2015 Equity Incentive Plan (the “2015 Plan”), which was approved by the stockholders on the same day. There are 1,819,100 shares of the Company’s common stock reserved for issuance pursuant to the 2015 Plan, of which 353,252 shares are available for future grant as of June 30, 2015. The 2015 Plan allows for the granting of stock options, stock appreciation rights, or SARs, restricted stock, unrestricted stock, stock units and other awards convertible into or otherwise based on shares of common stock. The Company’s employees, officers, directors and consultants and advisors are eligible to receive awards under the 2015 Plan. The 2015 Plan provides that the number of shares reserved and available for issuance under the 2015 Plan will automatically increase annually on January 1 st st The fair value of the stock options granted are estimated on the date of grant using all relevant information, including application of the Black-Scholes option-pricing model. The Company did not grant any stock options during the three months ended June 30, 2014. When applying the Black-Scholes option-pricing model to compute stock-based compensation, the Company assumed the following for the six months ended June 30, 2015: risk-free rate of return of 1.63% to 1.74%; expected average option life of 5.5 to 6.1 years; volatility of 75.83%; expected forfeiture rate of 0%; and expected dividend rate of 0%. The risk-free rate of return was based on U.S Treasury rates. The expected average option life assumption is based upon the simplified or “plain-vanilla” method, which averages the contractual term of the options (10 years) with the vesting term (4 years) taking into consideration multiple vesting tranches. Expected volatility for the period ended June 30, 2015 is based upon the historical volatility of comparable companies. The Company does not expect to pay dividends in the foreseeable future. The following summarizes the stock option stock activity during the period: Weighted- Weighted- average average remaining Aggregate price contractual intrinsic Shares per share term (years) value Outstanding at December 31, 2014 81,820 $ 4.48 3.0 $ 255,777 Granted 1,105,340 $ 10.00 Exercised (19,674 ) $ 4.55 Expired (53,864 ) $ 4.59 Outstanding at June 30, 2015 1,113,622 $ 9.96 9.8 $ 33,708 Options exercisable 8,282 $ 4.83 2.7 $ 33,708 Options vested and expected to vest 1,113,622 $ 9.96 9.8 $ 33,708 The aggregate intrinsic value in the above table is the difference between the closing common stock price on June 30, 2015 of $8.90 per share and the option exercise price multiplied by the number of in-the-money options as of June 30, 2015. As of June 30, 2015, total unrecognized stock-based compensation expense relating to unvested employee stock awards, was $6.7 million. This amount is expected to be recognized over a weighted-average period of 3.76 years. There was no unrecognized stock-based compensation expense as of June 30, 2014. The weighted average fair value of options granted during the six months ended June 30, 2015 was $10.00 per share. Restricted Stock Awards On May 5, 2015, the Company issued 360,508 shares of restricted stock to the Chief Executive Officer at a grant date fair value of $10.00 per share. The restricted stock has a requisite service period of four years, whereby the award vests 50% six months after grant, 12.5% on the one-year anniversary of the grant, then ratably over the next 36 months, subject to continuous service of the employee. As of June 30, 2015 there was approximately $3.0 million of unrecognized compensation cost related to the restricted stock award. Employee Stock Purchase Plan On April 16, 2015, the board of directors adopted the Company’s Employee Stock Purchase Plan (the “ESPP”), which was approved by the stockholders on the same day. There are 300,000 shares of the Company’s common stock reserved for issuance and sale pursuant to the ESPP. The ESPP will permit the Company’s employees to purchase shares of the Company’s common stock. As of June 30, 2015, the ESPP has not been put into effect. Compensation Expense Summary The Company has recognized the following compensation cost related to share-based awards in the three and six months ended June 30, 2015: Three months ended Six months ended June 30, June 30, 2015 2015 Research and development $ 116,435 $ 116,435 General and administrative 1,037,167 1,037,167 Total $ 1,153,602 $ 1,153,602 Compensation expense by type of award in the three and six months ended June 30, 2015 was as follows: Three months ended Six months ended June 30, June 30, 2015 2015 Stock options $ 595,206 $ 595,206 Restricted stock 558,396 558,396 Total $ 1,153,602 $ 1,153,602 There was no share-based compensation expense in the three or six month periods ending on June 30, 2014.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	7. Fair Value of Financial Instruments The Company determines the fair market values of its financial instruments based on the fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The following are three levels of inputs that may be used to measure fair value: Fair value measurements are classified and disclosed in one of the following three categories: Level 1 inputs Quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 inputs Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 inputs Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company’s financial instruments, other than preferred stock, consist principally of cash and cash equivalents, accounts payable and accrued liabilities. Financial instruments measured at fair value are classified below based on the three fair value hierarchy tiers described above: Significant Quoted prices other Significant in active observable unobservable markets inputs inputs Total (Level 1) (Level 2) (Level 3) June 30, 2015 Cash and cash equivalents $ 79,658,027 $ 79,658,027 $ — $ — December 31, 2014 Cash and cash equivalents $ 204,362 $ 204,362 $ — $ — The carrying values of accounts payable and accrued liabilities approximate their fair values due to the short maturity of these instruments. The fair values of Series A, Series B, and Series C redeemable convertible preferred stock were determined using probability-weighted valuation methodologies based on recent market activity. Inputs into the valuation models include the Company’s Series C redeemable convertible preferred stock offering, recent initial public offerings of similar sized life sciences companies and assumptions concerning future financing alternatives. The valuation model is complex as it requires numerous assumptions relating to potential future outcomes. On May 5, 2015, the fair value of Series A, Series B, and Series C redeemable convertible preferred stock, which was based on the IPO price of the Company’s common stock, was determined using Level 2 inputs.

Net Loss Per Common Share

Net Loss Per Common Share	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Net Loss Per Common Share	8. Net Loss Per Common Share Basic net loss per common share is calculated by dividing net loss applicable to common stockholders by the weighted-average number of common shares outstanding during the period, without consideration for common stock equivalents or unvested restricted stock. Diluted net loss per share is computed by dividing the net loss applicable to common stockholders by the weighted average number of common share equivalents outstanding for the period determined using the treasury-stock method. For purposes of this calculation, convertible preferred stock and stock options are considered to be common stock equivalents and are only included in the calculation of diluted net loss per share when their effect is dilutive. The following table sets forth the computation of basic and diluted net loss per share applicable to common stockholders: Three months ended Six months ended June 30, June 30, 2015 2014 2015 2014 Numerator: Net loss $ (7,760,686 ) $ (950,344 ) $ (10,560,228 ) $ (1,672,786 ) Gain on exchange of convertible preferred stock — — 4,798,194 — Accretion of redeemable convertible preferred stock (3,443,705 ) — (12,552,830 ) — Net loss attributable to common stockholders $ (11,204,391 ) $ (950,344 ) $ (18,314,864 ) $ (1,672,786 ) Denominator: Weighted Average common shares outstanding - Basic and Diluted 9,546,074 143,810 4,871,159 138,643 Net loss per share allocable to common stockholders - Basic and Diluted $ (1.17 ) $ (6.61 ) $ (3.76 ) $ (12.07 ) The common stock equivalents in the table below were excluded from the calculation of diluted weighted-average shares outstanding due to their anti-dilutive effect: Three months ended Six months ended June 30, June 30, 2015 2014 2015 2014 Convertible preferred stock 3,649,874 853,765 5,995,536 859,597 Outstanding stock options 695,330 17,255 380,800 17,255 Restricted stock 221,851 — 111,538 —

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	9. Income Taxes The Company estimates an annual effective tax rate of 0% for the year ending December 31, 2015, as the Company incurred losses for the six months ended June 30, 2015 and is forecasting additional losses through the end of 2015, resulting in an estimated net loss for both financial statement and tax purposes for the year ending December 31, 2015. Due to the Company’s history of losses since inception, there is not enough evidence at this time to support that the Company will generate future income of a sufficient amount and nature to utilize the benefits of its net deferred tax assets. Accordingly, the deferred tax assets have been reduced by a valuation allowance, since it has been determined that it is more likely than not that all of the deferred tax assets will not be realized. Therefore, no federal or state income taxes are expected and none have been recorded as of June 30, 2015. Income taxes have been accounted for using the liability method. In May 2014, the Company paid taxes to the Republic of Korea in connection with its distribution and supply agreement with Ildong.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	6 Months Ended
	Jun. 30, 2015
Accounting Changes And Error Corrections [Abstract]
Recent Accounting Pronouncements	10. Recent Accounting Pronouncements In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers In June 2014, the FASB issued ASU No. 2014-12, Compensation—Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period In August 2014, the Financial Accounting Standards Board issued Accounting Standards Update No. 2014-15, Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern

Nature of Operations and Basi16

Nature of Operations and Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2015
Accounting Changes And Error Corrections [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial reporting and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (including those which are normal and recurring) considered necessary for a fair presentation of the interim financial information have been included. When preparing financial statements in conformity with GAAP, the Company must make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and related disclosures at the date of the financial statements. Actual results could differ from those estimates. Additionally, operating results for the six months ended June 30, 2015 are not necessarily indicative of the results that may be expected for any other interim period or for the fiscal year ending December 31, 2015. The condensed interim financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s final prospectus dated May 5, 2015 filed with the SEC on May 6, 2015. In connection with preparing for its initial public offering (“IPO”), the Company’s Board of Directors and stockholders approved a one-for-40.7 reverse stock split of the Company’s common stock. The reverse stock split became effective in April 2015. All share and per share amounts in these condensed interim financial statements and notes thereto have been retroactively adjusted for all periods presented to give effect to this reverse stock split, including reclassifying an amount equal to the reduction in par value of common stock to additional paid-in capital. On May 11, 2015, the Company closed an IPO of its common stock, which resulted in the sale of 5,500,000 shares of its common stock at a public offering price of $10.00 per share. The Company received net proceeds from the IPO of approximately $49.8 million, after deducting underwriting discounts and approximately $1.3 million of expenses paid by the Company. In connection with the closing of the IPO, all of the Company’s outstanding redeemable convertible preferred stock automatically converted to common stock on May 5, 2015, resulting in an additional 9,489,659 shares of common stock of the Company becoming outstanding. At June 30, 2015, the Company does not have any redeemable convertible preferred stock issued or outstanding. The significant increase in common stock outstanding in connection with the IPO is expected to impact the year-over-year comparability of the Company’s net loss per share calculations in future periods.
Subsequent Events	Subsequent Events The Company considers events or transactions that occur after the balance sheet date but prior to the issuance of the financial statements to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. The Company has completed an evaluation of all subsequent events through the date of the filing of this Quarterly Report on Form 10-Q.
Revenue from Contracts with Customers	In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers
Compensation-Stock Compensation	In June 2014, the FASB issued ASU No. 2014-12, Compensation—Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period
Presentation of Financial Statements-Going Concern	In August 2014, the Financial Accounting Standards Board issued Accounting Standards Update No. 2014-15, Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern

Accrued liabilities (Tables)

Accrued liabilities (Tables)	6 Months Ended
	Jun. 30, 2015
Payables And Accruals [Abstract]
Schedule of Accrued Expenses	Accrued expenses consist of the following: June 30, December 31, 2015 2014 Payroll and employee-related costs $ 187,419 $ 6,560 Research and development costs 2,383,340 26,260 Professional fees 132,038 37,813 Other 68,954 4,525 $ 2,771,751 $ 75,158

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2015
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Schedule of Stock Option Activity	The following summarizes the stock option stock activity during the period: Weighted- Weighted- average average remaining Aggregate price contractual intrinsic Shares per share term (years) value Outstanding at December 31, 2014 81,820 $ 4.48 3.0 $ 255,777 Granted 1,105,340 $ 10.00 Exercised (19,674 ) $ 4.55 Expired (53,864 ) $ 4.59 Outstanding at June 30, 2015 1,113,622 $ 9.96 9.8 $ 33,708 Options exercisable 8,282 $ 4.83 2.7 $ 33,708 Options vested and expected to vest 1,113,622 $ 9.96 9.8 $ 33,708
Schedule of Compensation Cost Related to Share-based Awards	The Company has recognized the following compensation cost related to share-based awards in the three and six months ended June 30, 2015: Three months ended Six months ended June 30, June 30, 2015 2015 Research and development $ 116,435 $ 116,435 General and administrative 1,037,167 1,037,167 Total $ 1,153,602 $ 1,153,602
Schedule of Compensation Expense by Type of Award	Compensation expense by type of award in the three and six months ended June 30, 2015 was as follows: Three months ended Six months ended June 30, June 30, 2015 2015 Stock options $ 595,206 $ 595,206 Restricted stock 558,396 558,396 Total $ 1,153,602 $ 1,153,602

Fair Value of Financial Instr19

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Schedule of Financial Instruments Measured at Fair Value Based on Three Fair Value Hierarchy Tiers	Financial instruments measured at fair value are classified below based on the three fair value hierarchy tiers described above: Significant Quoted prices other Significant in active observable unobservable markets inputs inputs Total (Level 1) (Level 2) (Level 3) June 30, 2015 Cash and cash equivalents $ 79,658,027 $ 79,658,027 $ — $ — December 31, 2014 Cash and cash equivalents $ 204,362 $ 204,362 $ — $ —

Net Loss Per Common Share (Tabl

Net Loss Per Common Share (Tables)	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Computation of Basic And Diluted Net Loss per Share	The following table sets forth the computation of basic and diluted net loss per share applicable to common stockholders: Three months ended Six months ended June 30, June 30, 2015 2014 2015 2014 Numerator: Net loss $ (7,760,686 ) $ (950,344 ) $ (10,560,228 ) $ (1,672,786 ) Gain on exchange of convertible preferred stock — — 4,798,194 — Accretion of redeemable convertible preferred stock (3,443,705 ) — (12,552,830 ) — Net loss attributable to common stockholders $ (11,204,391 ) $ (950,344 ) $ (18,314,864 ) $ (1,672,786 ) Denominator: Weighted Average common shares outstanding - Basic and Diluted 9,546,074 143,810 4,871,159 138,643 Net loss per share allocable to common stockholders - Basic and Diluted $ (1.17 ) $ (6.61 ) $ (3.76 ) $ (12.07 )
Schedule of Antidilutive Securities Excluded from Calculation of Diluted Weighted-Average Shares	The common stock equivalents in the table below were excluded from the calculation of diluted weighted-average shares outstanding due to their anti-dilutive effect: Three months ended Six months ended June 30, June 30, 2015 2014 2015 2014 Convertible preferred stock 3,649,874 853,765 5,995,536 859,597 Outstanding stock options 695,330 17,255 380,800 17,255 Restricted stock 221,851 — 111,538 —

Nature of Operations and Basi21

Nature of Operations and Basis of Presentation - Additional Information (Detail)	May. 11, 2015USD ($)$ / sharesshares	May. 05, 2015shares	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)Trial	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Basis of Presentation [Line Items]
Number of pivotal phase 3 clinical trials | Trial					2
Net loss			$ (7,760,686)	$ (950,344)	$ (10,560,228)	$ (1,672,786)	$ (3,000,000)	$ (2,200,000)
Accumulated deficit			$ (66,915,979)		$ (66,915,979)		$ (54,478,323)
Stockholders' equity, reverse stock split					one-for-40.7
Additional shares of common stock outstanding | shares		9,489,659
IPO [Member]
Basis of Presentation [Line Items]
Number of shares of common stock sold | shares	5,500,000
Sale of stock price per share at public offering | $ / shares	$ 10
Net proceeds from the IPO	$ 49,800,000
Expenses paid by the company	$ 1,300,000

Accrued Liabilities - Schedule

Accrued Liabilities - Schedule of Accrued Expenses (Detail) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Accrued Liabilities Current [Abstract]
Payroll and employee-related costs	$ 187,419	$ 6,560
Research and development costs	2,383,340	26,260
Professional fees	132,038	37,813
Other	68,954	4,525
Total accrued expenses	$ 2,771,751	$ 75,158

Notes Payable - Additional Info

Notes Payable - Additional Information (Detail) - USD ($)	1 Months Ended
	Dec. 31, 2014	Dec. 15, 2014
Line of Credit Facility [Line Items]
Convertible notes payable, initial closing amount	$ 200,000	$ 200,000
Maximum [Member] | Bridge Loan Financing [Member]
Line of Credit Facility [Line Items]
Convertible Note Purchase Agreement with certain investors to provide Bridge Loans	$ 1,000,000

Commitments - Additional Inform

Commitments - Additional Information (Detail) - Eli Lilly [Member] - USD ($)	Oct. 23, 2013	Feb. 10, 2005	Jun. 30, 2015
Research and Development Arrangement, Contract to Perform for Others [Line Items]
License agreement date		Dec. 16, 2005
Upfront license fee			$ 1,000,000
Upfront payment received	$ 1,500,000
Aggregate potential milestone payments receivable	$ 3,500,000
Percentage of payment received upon manufacturing cost per tablet	5.00%
Agreement expiration period			15 years
US Food and Drug Administration or European Medicines Agency [Member]
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Potential milestone payment receivable upon submission of drug	$ 1,000,000
Potential milestone payment receivable upon approval of drug	1,500,000
Republic of Korea [Member]
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Potential milestone payment receivable upon approval of drug	$ 1,000,000
Minimum [Member]
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Royalty percentage obligated for payment			8.00%
Percentage of purchase price per unit on net sales	31.50%
Maximum [Member]
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Percentage of purchase price per unit on net sales	36.50%
First Indication [Member] | Maximum [Member]
Research and Development Arrangement, Contract to Perform for Others [Line Items]
License agreement fee			$ 32,000,000
Royalty percentage obligated for payment			11.00%
Subsequent Indication [Member] | Maximum [Member]
Research and Development Arrangement, Contract to Perform for Others [Line Items]
License agreement fee			$ 3,000,000

Issuance of Preferred Stock - A

Issuance of Preferred Stock - Additional Information (Detail) - USD ($)	Jan. 12, 2015	Jun. 30, 2015	Dec. 31, 2014
Temporary Equity [Line Items]
Conversion of convertible notes payable to preferred stock		$ 200,000
Convertible preferred stock redeemable period		5 years
Deferred financing costs			$ 66,187
Series C Redeemable Convertible Preferred Stock [Member]
Temporary Equity [Line Items]
Redeemable convertible preferred stock, shares issued	4,344,567
Redeemable convertible preferred stock conversion in cash	$ 36,900,000	$ 36,663,083
Conversion of convertible notes payable to preferred stock	$ 200,000
Deferred financing costs			$ 66,187
Series A Redeemable Convertible Preferred Stock [Member]
Temporary Equity [Line Items]
Redeemable convertible preferred stock, shares issued	1,426,353
Series B Redeemable Convertible Preferred Stock [Member]
Temporary Equity [Line Items]
Redeemable convertible preferred stock, shares issued	2,647,102
Series A and Series B Convertible Preferred Stock [Member]
Temporary Equity [Line Items]
Fair value on convertible preferred stock, inducement	$ 4,798,194

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - USD ($)	May. 05, 2015	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Apr. 16, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted during period				1,105,340
Compensation expense by type of award		$ 1,153,602	$ 0	$ 1,153,602	$ 0
Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for issuance						300,000
Stock Option Plans [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility				75.83%
Expected forfeiture rate				0.00%
Expected dividend rate				0.00%
Contractual term, options				10 years
Contractual term, vesting				4 years
Closing price of common stock		$ 8.90		$ 8.90
Unrecognized stock-based compensation expense relating to unvested employee stock awards		$ 6,700,000	$ 0	$ 6,700,000	$ 0
Unrecognized stock-based compensation expense, weighted average period					3 years 9 months 4 days
Weighted average fair value of options granted				$ 10
Compensation expense by type of award		$ 595,206		$ 595,206
Stock Option Plans [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate				1.63%
Expected average option life				5 years 6 months
Stock Option Plans [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate				1.74%
Expected average option life				6 years 1 month 6 days
Stock Option Plans [Member] | 2006 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for issuance		89,182		89,182
Number of shares granted during period				80,900
Stock Option Plans [Member] | 2015 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for issuance		1,819,100		1,819,100
Number of shares granted during period				353,252
Reserved share, percentage of outstanding shares		6.00%		6.00%
Shares authorized and reserved for issuance		1,200,000		1,200,000
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares issued	360,508
Restricted stock granted, weighted average fair value	$ 10
Restricted stock requisite service period	4 years
Unrecognized compensation cost		$ 3,000,000		$ 3,000,000
Compensation expense by type of award		$ 558,396		$ 558,396
Restricted Stock [Member] | After Six Month Of Grant [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contractual term, vesting	6 months
Restricted stock award vested percentage	50.00%
Restricted Stock [Member] | After One Year Of Grant [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contractual term, vesting	1 year
Restricted stock award vested percentage	12.50%
Restricted Stock [Member] | After Thirty Six Months Of Grant [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contractual term, vesting	36 months

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Stock Option Activity (Detail) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Exercise Price And Additional Disclosures [Abstract]
Shares, Outstanding beginning balance	81,820
Shares, Granted	1,105,340
Shares, Exercised	(19,674)
Shares, Expired	(53,864)
Shares, Outstanding ending balance	1,113,622	81,820
Shares, Options exercisable	8,282
Shares, Options vested and expected to vest	1,113,622
Weighted- average price per share, Outstanding beginning balance	$ 4.48
Weighted- average price per share, Granted	10
Weighted- average price per share, Exercised	4.55
Weighted- average price per share, Expired	4.59
Weighted- average price per share, Outstanding ending balance	9.96	$ 4.48
Weighted- average price per share, Options exercisable	4.83
Weighted- average price per share, Options vested and expected to vest	$ 9.96
Weighted- average remaining contractual term, Beginning period	9 years 9 months 18 days	3 years
Weighted- average remaining contractual term, Options exercisable	2 years 8 months 12 days
Weighted- average remaining contractual term, Options vested and expected to vest	9 years 9 months 18 days
Aggregate intrinsic value, Outstanding beginning balance	$ 255,777
Aggregate intrinsic value, Outstanding ending balance	33,708	$ 255,777
Aggregate intrinsic value, Options exercisable	33,708
Aggregate intrinsic value, Options vested and expected to vest	$ 33,708

Stock-Based Compensation - Sc28

Stock-Based Compensation - Schedule of Compensation Cost Related to Share-based Awards (Detail) - Jun. 30, 2015 - USD ($)	Total	Total
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 1,153,602	$ 1,153,602
Research and Development [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	116,435	116,435
General and Administrative [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 1,037,167	$ 1,037,167

Stock-Based Compensation - Sc29

Stock-Based Compensation - Schedule of Compensation Expense by Type of Award (Detail) - USD ($)	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]
Compensation expense by type of award	$ 1,153,602	$ 0	$ 1,153,602	$ 0
Stock Option Plans [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense by type of award	595,206		595,206
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense by type of award	$ 558,396		$ 558,396

Fair Value of Financial Instr30

Fair Value of Financial Instruments - Schedule of Financial Instruments Measured at Fair Value Based on Three Fair Value Hierarchy Tiers (Detail) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 79,658,027	$ 204,362
Quoted Prices in Active Markets (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 79,658,027	$ 204,362

Net Loss Per Common Share - Com

Net Loss Per Common Share - Computation of Basic And Diluted Net Loss per Share (Detail) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014	Dec. 31, 2013
Numerator:
Net loss	$ (7,760,686)	$ (950,344)	$ (10,560,228)	$ (1,672,786)	$ (3,000,000)	$ (2,200,000)
Gain on exchange of convertible preferred stock			4,798,194
Accretion of redeemable convertible preferred stock	(3,443,705)		(12,552,830)
Net loss attributable to common stockholders	$ (11,204,391)	$ (950,344)	$ (18,314,864)	$ (1,672,786)
Denominator:
Weighted Average common shares outstanding -Basic and Diluted	9,546,074	143,810	4,871,159	138,643
Net loss per share allocable to common stockholders - Basic and Diluted	$ (1.17)	$ (6.61)	$ (3.76)	$ (12.07)

Net Loss Per Common Share - Sch

Net Loss Per Common Share - Schedule of Antidilutive Securities Excluded from Calculation of Diluted Weighted-Average Shares (Detail) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Convertible Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock equivalents excluded from calculation of diluted weighted-average shares outstanding	3,649,874	853,765	5,995,536	859,597
Outstanding Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock equivalents excluded from calculation of diluted weighted-average shares outstanding	695,330	17,255	380,800	17,255
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock equivalents excluded from calculation of diluted weighted-average shares outstanding	221,851		111,538

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2015
Schedule Of Income Tax [Line Items]
Federal income taxes	$ 0
State income taxes	$ 0
Scenario, Forecast [Member]
Schedule Of Income Tax [Line Items]
Effective tax rate		0.00%