CoLucid Pharmaceuticals (CLCD) 10-Q 10 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 10, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
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	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		15,153,135

Condensed Balance Sheets (Unaud

Condensed Balance Sheets (Unaudited) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 36,019,411	$ 204,362
Marketable securities (less than 1 year)	33,149,318
Prepaid assets	1,532,787	22,704
Total current assets	70,701,516	227,066
Deferred financing costs		66,187
Marketable securities (more than 1 year)	4,928,631
Other assets	21,190
Total assets	75,651,337	293,253
Current liabilities:
Accounts payable	2,628,122	306,396
Accrued expenses	3,002,679	75,158
Convertible notes payable		200,000
Total current liabilities	5,630,801	581,554
Deferred revenue	1,500,000	1,500,000
Total liabilities	$ 7,130,801	$ 2,081,554
Commitments and contingencies (note 7)
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 September 30, 2015 and December 31, 2014, respectively	$ 15,153	$ 144
Additional paid-in capital	144,380,633	2,411,007
Accumulated other comprehensive loss	(9,274)
Accumulated deficit	(75,865,976)	(54,478,323)
Total stockholders’ equity (deficit)	68,520,536	(1,788,301)
Total liabilities and stockholders’ equity (deficit)	$ 75,651,337	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 ($)	Sep. 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		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Operating expenses:
Research and development	$ 5,777,160	$ 382,106	$ 13,533,612	$ 818,704
General and administrative	3,218,601	293,220	6,049,175	925,506
Total operating expenses	8,995,761	675,326	19,582,787	1,744,210
Loss from operations	(8,995,761)	(675,326)	(19,582,787)	(1,744,210)
Other income (expense):
Interest income	45,765	401	72,563	1,063
Interest expense		(40,000)		(397,064)
Total other income (expense), net	45,765	(39,599)	72,563	(396,001)
Net loss before income tax expense	(8,949,996)	(714,925)	(19,510,224)	(2,140,211)
Income tax expense				(247,500)
Net loss and comprehensive loss	(8,949,996)	(714,925)	(19,510,224)	(2,387,711)
Gain on extinguishment of convertible stock			4,798,194
Accretion of redeemable preferred stock			(12,552,830)
Net loss attributable to common stockholders	$ (8,949,996)	$ (714,925)	$ (27,264,860)	$ (2,387,711)
Per common share information:
Net loss available to common stockholders, basic and diluted	$ (0.59)	$ (4.97)	$ (3.27)	$ (17.05)
Weighted-average common shares outstanding, basic and diluted	15,153,135	143,810	8,336,147	140,029
Comprehensive loss:
Net loss	$ (8,949,996)	$ (714,925)	$ (27,264,860)	$ (2,387,711)
Other comprehensive loss:
Unrealized loss on marketable securities	(9,274)		(9,274)
Comprehensive loss	$ (8,959,270)	$ (714,925)	$ (27,274,134)	$ (2,387,711)

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities
Net loss	$ (19,510,224)	$ (2,387,711)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation		1,821
Amortization of discount on marketable securities	81,504
Stock-based compensation	3,125,910
Interest accrued on convertible notes		397,064
Changes in operating assets and liabilities:
Prepaid expenses	(1,510,083)	(17,199)
Other assets	(21,190)
Accounts payable	2,321,726	282,838
Accrued expenses	2,927,521	(5,319)
Deferred revenue		1,500,000
Net cash used in operating activities	(12,584,836)	(228,506)
Cash flows from investing activities:
Purchases of marketable securities	(38,168,728)
Net cash used in investing activities	(38,168,728)
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	477,349
Net increase in cash and cash equivalents	35,815,049	248,843
Cash and cash equivalents as of beginning of period	204,362	333,002
Cash and cash equivalents as of end of period	36,019,411	581,845
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	$ (23,151)

Condensed Statements of Cash F6

Condensed Statements of Cash Flows (Parenthetical) (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Series C Redeemable Convertible Preferred Stock [Member]
Stock issuance costs	$ 0.2	$ 0.2
Common Stock [Member]
Stock issuance costs	$ 5.2

Nature of Operations and Basis

Nature of Operations and Basis of Presentation	9 Months Ended
	Sep. 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 non-traumatic primary 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 Phase 3 pivotal 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 $19.5 million for the nine months ended September 30, 2015, and as of September 30, 2015 its accumulated deficit was $75.9 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. The Company was incorporated on August 31, 2005 in the state of Delaware, with its current headquarters at 222 Third Street, Suite 1320 in Cambridge, Massachusetts. Initial Public Offering 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 September 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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies 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 nine months ended September 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. Cash and Cash Equivalents Cash and cash equivalents consist of all cash on hand, deposits and funds invested in available for sale securities with original maturities of three months or less at the time of purchase. At September 30, 2015, the Company’s cash is primarily in money market funds. The Company may maintain balances with its banks in excess of federally insured limits. Marketable Securities Management determines the appropriate classification of securities at the time of purchase and reevaluates such designation as of each balance sheet date. Currently, the Company classifies all securities as available-for-sale which are included in current and non-current assets. The Company carries available-for-sale securities at fair value based on current market value. The Company conducts periodic reviews to identify and evaluate each investment that has an unrealized loss, in accordance with the meaning of other-than-temporary impairment and its application to certain investments. When assessing whether a decline in the fair value of a security is other-than-temporary, the Company considers the fair market value of the security, the duration of the security’s decline, and prospects for the underlying business. Based on these considerations, the Company did not identify any other-than-temporary impairments at September 30, 2015. Unrealized losses on available-for-sale securities that are determined to be temporary, and not related to credit loss, are recorded, net of tax, in accumulated other comprehensive loss, a component of stockholders’ equity. The amortized cost of debt securities in this category reflects amortization of premiums and accretion of discounts to maturity computed under the effective interest method. The Company includes this amortization in the caption “Interest income” within the Condensed Statements of Operations and Comprehensive Loss. The Company also includes in net investment income, realized gains and losses and declines in value determined to be other than temporary. The Company bases the cost of securities sold upon the specific identification method, and includes interest and dividends on securities in interest income. Stock-based compensation The Company recognizes compensation cost relating to stock-based payment transactions in operating results using a fair-value measurement method, in accordance with ASC Topic 718 Compensation-Stock Compensation. ASC-718 requires all stock-based payments to employees, including grants of employee stock options, to be recognized in operating results as compensation expense based on fair value over the requisite service period of the awards. The Company determines the fair value of stock-based awards using the Black-Scholes option-pricing model which uses both historical and current market data to estimate fair value. The method incorporates various assumptions such as the risk-free interest rate, expected volatility, expected dividend yield, expected forfeiture rate and expected life of the options. Grants to non-employees are accounted for in accordance with ASC Topic 505-50 Equity — Based Payments to Non-Employees. The date of expense recognition is the earlier of the date at which a commitment for performance by the counterparty to earn the equity instrument is reached or the date at which the counterparty’s performance is complete. The Company determines the fair value of stock-based awards granted to non-employees similar to the way fair value of awards are determined for employees except that certain assumptions used in the Black-Scholes option-pricing model, such as expected life of the option or option volatility, may be different and the fair value of each unvested award is adjusted at the end of each period for any change in fair value from the previous valuation until the award vests. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. Estimates are used in the following areas, among others: stock-based compensation expense, accrued expenses and income taxes. Actual results could materially differ from those estimates 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. On October 14, 2015 the Board of Directors approved the Employee Stock Purchase Plan (“ESPP”) effective December 1, 2015. Under this plan employees can purchase shares of the Company’s common stock at a 15% discount of the lowest share value on December 1 or May 31 and June 1 or November 30 of each year. The value of the impact to the Company’s financial statements depends on enrollment in the plan which is unknown at this point in time. On October 27, 2015 the Company announced the appointment of a new member to the Board of Directors and the resignation of a current member from the Board of Directors. The new member was granted 8,114 options to purchase common stock that vest immediately prior to the start of the Company’s first annual meeting of stock holders with an exercise price equal to the closing in price of the stock on the date of grant of $3.79 per common share. The resignation of the current board member will result in the forfeiture of 5,954 options.

Marketable Securities

Marketable Securities	9 Months Ended
	Sep. 30, 2015
Investments Debt And Equity Securities [Abstract]
Marketable Securities	3. Marketable Securities The following table summarizes the marketable securities held by the Company at September 30, 2015 and December 31, 2014: Gross Gross Unrealized Unrealized Description Amortized Cost Gains Losses Fair Value September 30, 2015 Cash and cash equivalents: Cash and money market account $ 36,019,411 $ — $ — $ 36,019,411 Total cash and cash equivalents 36,019,411 — — 36,019,411 Marketable securities: Corporate debt securities 38,087,223 13,943 (23,217 ) 38,077,949 Total marketable securities 38,087,223 13,943 (23,217 ) 38,077,949 Total cash, cash equivalents, and marketable securities $ 74,106,634 $ 13,943 $ (23,217 ) $ 74,097,360 December 31, 2014 Cash and cash equivalents: Cash and money market account $ 204,362 $ — $ — $ 204,362 Total cash and cash equivalents 204,362 — — 204,362 Marketable securities: Corporate debt securities — — — — Total marketable securities — — — — Total cash, cash equivalents, and marketable securities $ 204,362 $ — $ — $ 204,362 The estimated fair value of the Company’s marketable securities at September 30, 2015, by contractual maturity, was as follows: Due in one year or less $ 33,149,318 Due after one year 4,928,631 Total marketable securities $ 38,077,949

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	4. 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. Transfers are calculated on values as of the transfer date. There were no transfers between Levels 1, 2 and 3 during the three months ended September 30, 2015 and 2014. The Company has no liabilities classified as Level 3 that are measured by management at fair value on a quarterly basis as of September 30, 2015 and 2014. The Company’s financial instruments, other than preferred stock, consist principally of cash and cash equivalents, marketable securities, 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) September 30, 2015 Cash and money market $ 36,019,411 $ 36,019,411 $ — $ — Marketable securities: Corporate debt securities 38,077,949 — 38,077,949 — Total $ 74,097,360 $ 36,019,411 $ 38,077,949 $ — December 31, 2014 Cash and money market $ 204,362 $ 204,362 $ — $ — Marketable securities: Corporate debt securities — — — — Total $ 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 was complex as it required 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.

Accrued liabilities

Accrued liabilities	9 Months Ended
	Sep. 30, 2015
Payables And Accruals [Abstract]
Accrued liabilities	5. Accrued liabilities Accrued expenses consist of the following: September 30, December 31, 2015 2014 Payroll and employee-related costs $ 479,891 $ 6,560 Research and development costs 2,180,320 26,260 Professional fees 236,005 37,813 Other 106,463 4,525 $ 3,002,679 $ 75,158

Notes Payable

Notes Payable	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Notes Payable	6. 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 8).

Commitments

Commitments	9 Months Ended
	Sep. 30, 2015
Commitments And Contingencies Disclosure [Abstract]
Commitments	7. 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	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Issuance of Preferred Stock	8. 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 convertible 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 the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“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 redeemable convertible preferred stock at the option of the Series C preferred stockholders. The Company accreted the carrying value of its Series A and Series B convertible preferred stock and its 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 3 above. 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	9 Months Ended
	Sep. 30, 2015
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based Compensation	9. Stock-Based Compensation The Company accounts for its stock-based compensation awards in accordance with FASB ASC Topic 718, Compensation-Stock Compensation (ASC 718). ASC 718 requires all stock-based payments to employees, including grants of employee stock options, restricted stock units, or RSUs, and modifications to existing stock awards, to be recognized in the statement of operations and comprehensive loss based on their fair values. The Company accounts for stock-based awards to non-employees in accordance with FASB ASC Topic 505-50, Equity-Based Payments to Non-Employees, which requires the fair value of the award to be re-measured at fair value until a performance commitment is reached or counterparty performance is complete. The Company’s stock-based awards are comprised of stock options and restricted stock units. The Company estimates the fair value of options granted using the Black-Scholes option pricing model. 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 September 30, 2015. Of this amount, 80,900 shares were available for future stock option grants as of September 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 were a total 1,819,100 shares of the Company’s common stock reserved for issuance pursuant to the 2015 Plan, of which 246,675 shares were available for future grant as of September 30, 2015. The 2015 Plan allows for the granting of stock options, stock appreciation rights, 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 Company did not grant any stock options during the three months and nine months ended September 30, 2014. 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. When applying the Black-Scholes option-pricing model to compute stock-based compensation, the Company assumed the following for the nine months ended September 30, 2015: risk-free rate of return of 1.5% to 2.2%; expected average option life of 5.0 to 9.8 years; average volatility of 79.1% to 92.6%; expected forfeiture rate of 12.4%; 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 September 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 1,211,917 9.73 Exercised (19,674 ) 4.55 Expired (53,864 ) 4.59 Outstanding at September 30, 2015 1,220,199 $ 9.70 9.6 $ — Options exercisable 8,282 $ 4.83 2.4 $ — Options vested and expected to vest 1,018,478 $ 9.70 9.6 $ — The aggregate intrinsic value in the above table is the difference between the closing common stock price on September 30, 2015 of $3.87 per share and the option exercise price multiplied by the number of in-the-money options as of September 30, 2015. As of September 30, 2015, total unrecognized stock-based compensation expense relating to unvested employee stock awards, was $5.2 million. This amount is expected to be recognized over a weighted-average period of 3.31 years. There was no unrecognized stock-based compensation expense as of September 30, 2014. The weighted average fair value of options granted during the nine months ended September 30, 2015 was $9.73 per share. Restricted Stock Awards On May 5, 2015, the Company issued 360,508 restricted stock units to the Chief Executive Officer at a grant date fair value of $10.00 per share. The restricted stock units have 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 September 30, 2015 there was approximately $2.1 million of unrecognized compensation cost related to the restricted stock unit awards. 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. In addition, the ESPP provides for automatic annual increases in the number of shares available for issuance under the ESPP on January 1 of each year in an amount equal of the lesser of: (i) 1% of the total number of shares outstanding as of December 31 of the immediately preceding calendar year, or (ii) 150,000 shares, unless a lesser number of shares is otherwise determined by the Company’s board of directors. The ESPP will permit the Company’s employees to purchase shares of the Company’s common stock. As of September 30, 2015, the ESPP has not been put into effect, but has been granted approval to enroll employees as of December 1, 2015. Compensation Expense Summary The Company recognized the following compensation cost related to share-based awards in the three and nine months ended September 30, 2015: Three months ended Nine months ended September 30, September 30, 2015 2015 Research and development $ 176,936 $ 293,371 General and administrative 1,795,372 2,832,539 Total $ 1,972,308 $ 3,125,910 Compensation expense by type of award in the three and nine months ended September 30, 2015 was as follows: Three months ended Nine months ended September 30, September 30, 2015 2015 Stock options $ 1,075,263 $ 1,670,470 Restricted stock units 897,045 1,455,440 Total $ 1,972,308 $ 3,125,910 There was no share-based compensation expense in the three- or nine-month periods ending on September 30, 2014.

Net Loss Per Common Share

Net Loss Per Common Share	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Net Loss Per Common Share	10. 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 Nine months ended September 30, September 30, 2015 2014 2015 2014 Numerator: Net loss $ (8,949,996 ) $ (714,925 ) $ (19,510,224 ) $ (2,387,711 ) Gain on exchange of convertible preferred stock — — 4,798,194 — Accretion of redeemable convertible preferred stock — — (12,552,830 ) — Net loss attributable to common stockholders $ (8,949,996 ) $ (714,925 ) $ (27,264,860 ) $ (2,387,711 ) Denominator: Weighted average common shares outstanding - Basic and Diluted 15,153,135 143,810 8,336,147 140,029 Net loss per share allocable to common stockholders - Basic and Diluted $ (0.59 ) $ (4.97 ) $ (3.27 ) $ (17.05 ) 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 Nine months ended September 30, September 30, 2015 2014 2015 2014 Convertible preferred stock — 1,026,602 3,971,137 915,791 Outstanding stock options 1,183,322 17,255 655,026 17,255 Restricted stock 360,508 — 196,761 —

Employee Retirement Plan

Employee Retirement Plan	9 Months Ended
	Sep. 30, 2015
Compensation And Retirement Disclosure [Abstract]
Employee Retirement Plan	11. Employee Retirement Plan The Company maintains a retirement plan (the “401(k) Plan”) authorized by Section 401(k) of the Internal Revenue Code. In accordance with the 401(k) Plan, all employees are eligible to participate in the 401(k) Plan as of the first day of the month following commencement of employment. Each employee can contribute a percentage of compensation up to a maximum of the statutory limits per year. Company contributions are discretionary, and no contributions were made during the nine months ended September 30, 2015 or September 30, 2014.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	12. 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 nine months ended September 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 September 30, 2015. Income taxes have been accounted for using the liability method. Utilization of the Net Operating Loss carryforward (“NOL”) may be subject to a substantial annual limitation due to ownership change limitations that have occurred or that could occur in the future, as required by Section 382 and Section 383 of the Internal Revenue Code of 1986, as amended (the "Code"), as well as similar state and foreign provisions. These ownership changes may limit the amount of NOLs that can be utilized annually to offset future taxable income and tax, respectively. In general, an "ownership change" as defined by Section 382 of the Code results from a transaction or series of transactions over a three-year period resulting in an ownership change of more than 50 percentage points of the outstanding stock of a company by certain shareholders. The Company has not completed a study to assess whether an ownership change has occurred or whether there have been multiple ownership changes since its formation. The Company has not recorded NOLs that, as a result of these restrictions, will expire unused. 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	9 Months Ended
	Sep. 30, 2015
Accounting Changes And Error Corrections [Abstract]
Recent Accounting Pronouncements	13. Recent Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update (“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 FASB issued ASU 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 Basi20

Nature of Operations and Basis of Presentation (Policies)	9 Months Ended
	Sep. 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 nine months ended September 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.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist of all cash on hand, deposits and funds invested in available for sale securities with original maturities of three months or less at the time of purchase. At September 30, 2015, the Company’s cash is primarily in money market funds. The Company may maintain balances with its banks in excess of federally insured limits.
Marketable Securities	Marketable Securities Management determines the appropriate classification of securities at the time of purchase and reevaluates such designation as of each balance sheet date. Currently, the Company classifies all securities as available-for-sale which are included in current and non-current assets. The Company carries available-for-sale securities at fair value based on current market value. The Company conducts periodic reviews to identify and evaluate each investment that has an unrealized loss, in accordance with the meaning of other-than-temporary impairment and its application to certain investments. When assessing whether a decline in the fair value of a security is other-than-temporary, the Company considers the fair market value of the security, the duration of the security’s decline, and prospects for the underlying business. Based on these considerations, the Company did not identify any other-than-temporary impairments at September 30, 2015. Unrealized losses on available-for-sale securities that are determined to be temporary, and not related to credit loss, are recorded, net of tax, in accumulated other comprehensive loss, a component of stockholders’ equity. The amortized cost of debt securities in this category reflects amortization of premiums and accretion of discounts to maturity computed under the effective interest method. The Company includes this amortization in the caption “Interest income” within the Condensed Statements of Operations and Comprehensive Loss. The Company also includes in net investment income, realized gains and losses and declines in value determined to be other than temporary. The Company bases the cost of securities sold upon the specific identification method, and includes interest and dividends on securities in interest income.
Stock-based Compensation	Stock-based compensation The Company recognizes compensation cost relating to stock-based payment transactions in operating results using a fair-value measurement method, in accordance with ASC Topic 718 Compensation-Stock Compensation. ASC-718 requires all stock-based payments to employees, including grants of employee stock options, to be recognized in operating results as compensation expense based on fair value over the requisite service period of the awards. The Company determines the fair value of stock-based awards using the Black-Scholes option-pricing model which uses both historical and current market data to estimate fair value. The method incorporates various assumptions such as the risk-free interest rate, expected volatility, expected dividend yield, expected forfeiture rate and expected life of the options. Grants to non-employees are accounted for in accordance with ASC Topic 505-50 Equity — Based Payments to Non-Employees. The date of expense recognition is the earlier of the date at which a commitment for performance by the counterparty to earn the equity instrument is reached or the date at which the counterparty’s performance is complete. The Company determines the fair value of stock-based awards granted to non-employees similar to the way fair value of awards are determined for employees except that certain assumptions used in the Black-Scholes option-pricing model, such as expected life of the option or option volatility, may be different and the fair value of each unvested award is adjusted at the end of each period for any change in fair value from the previous valuation until the award vests.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. Estimates are used in the following areas, among others: stock-based compensation expense, accrued expenses and income taxes. Actual results could materially differ from those estimates
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. On October 14, 2015 the Board of Directors approved the Employee Stock Purchase Plan (“ESPP”) effective December 1, 2015. Under this plan employees can purchase shares of the Company’s common stock at a 15% discount of the lowest share value on December 1 or May 31 and June 1 or November 30 of each year. The value of the impact to the Company’s financial statements depends on enrollment in the plan which is unknown at this point in time. On October 27, 2015 the Company announced the appointment of a new member to the Board of Directors and the resignation of a current member from the Board of Directors. The new member was granted 8,114 options to purchase common stock that vest immediately prior to the start of the Company’s first annual meeting of stock holders with an exercise price equal to the closing in price of the stock on the date of grant of $3.79 per common share. The resignation of the current board member will result in the forfeiture of 5,954 options.
Revenue from Contracts with Customers	In May 2014, the FASB issued Accounting Standards Update (“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 FASB issued ASU 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

Marketable Securities (Tables)

Marketable Securities (Tables)	9 Months Ended
	Sep. 30, 2015
Investments Debt And Equity Securities [Abstract]
Summary of Marketable Securities	The following table summarizes the marketable securities held by the Company at September 30, 2015 and December 31, 2014: Gross Gross Unrealized Unrealized Description Amortized Cost Gains Losses Fair Value September 30, 2015 Cash and cash equivalents: Cash and money market account $ 36,019,411 $ — $ — $ 36,019,411 Total cash and cash equivalents 36,019,411 — — 36,019,411 Marketable securities: Corporate debt securities 38,087,223 13,943 (23,217 ) 38,077,949 Total marketable securities 38,087,223 13,943 (23,217 ) 38,077,949 Total cash, cash equivalents, and marketable securities $ 74,106,634 $ 13,943 $ (23,217 ) $ 74,097,360 December 31, 2014 Cash and cash equivalents: Cash and money market account $ 204,362 $ — $ — $ 204,362 Total cash and cash equivalents 204,362 — — 204,362 Marketable securities: Corporate debt securities — — — — Total marketable securities — — — — Total cash, cash equivalents, and marketable securities $ 204,362 $ — $ — $ 204,362
Schedule of Estimated Fair Value of Company's Marketable Securities	The estimated fair value of the Company’s marketable securities at September 30, 2015, by contractual maturity, was as follows: Due in one year or less $ 33,149,318 Due after one year 4,928,631 Total marketable securities $ 38,077,949

Fair Value of Financial Instr22

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 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) September 30, 2015 Cash and money market $ 36,019,411 $ 36,019,411 $ — $ — Marketable securities: Corporate debt securities 38,077,949 — 38,077,949 — Total $ 74,097,360 $ 36,019,411 $ 38,077,949 $ — December 31, 2014 Cash and money market $ 204,362 $ 204,362 $ — $ — Marketable securities: Corporate debt securities — — — — Total $ 204,362 $ 204,362 $ — $ —

Accrued liabilities (Tables)

Accrued liabilities (Tables)	9 Months Ended
	Sep. 30, 2015
Payables And Accruals [Abstract]
Schedule of Accrued Expenses	Accrued expenses consist of the following: September 30, December 31, 2015 2014 Payroll and employee-related costs $ 479,891 $ 6,560 Research and development costs 2,180,320 26,260 Professional fees 236,005 37,813 Other 106,463 4,525 $ 3,002,679 $ 75,158

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 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 1,211,917 9.73 Exercised (19,674 ) 4.55 Expired (53,864 ) 4.59 Outstanding at September 30, 2015 1,220,199 $ 9.70 9.6 $ — Options exercisable 8,282 $ 4.83 2.4 $ — Options vested and expected to vest 1,018,478 $ 9.70 9.6 $ —
Schedule of Compensation Cost Related to Share-based Awards	The Company recognized the following compensation cost related to share-based awards in the three and nine months ended September 30, 2015: Three months ended Nine months ended September 30, September 30, 2015 2015 Research and development $ 176,936 $ 293,371 General and administrative 1,795,372 2,832,539 Total $ 1,972,308 $ 3,125,910
Schedule of Compensation Expense by Type of Award	Compensation expense by type of award in the three and nine months ended September 30, 2015 was as follows: Three months ended Nine months ended September 30, September 30, 2015 2015 Stock options $ 1,075,263 $ 1,670,470 Restricted stock units 897,045 1,455,440 Total $ 1,972,308 $ 3,125,910

Net Loss Per Common Share (Tabl

Net Loss Per Common Share (Tables)	9 Months Ended
	Sep. 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 Nine months ended September 30, September 30, 2015 2014 2015 2014 Numerator: Net loss $ (8,949,996 ) $ (714,925 ) $ (19,510,224 ) $ (2,387,711 ) Gain on exchange of convertible preferred stock — — 4,798,194 — Accretion of redeemable convertible preferred stock — — (12,552,830 ) — Net loss attributable to common stockholders $ (8,949,996 ) $ (714,925 ) $ (27,264,860 ) $ (2,387,711 ) Denominator: Weighted average common shares outstanding - Basic and Diluted 15,153,135 143,810 8,336,147 140,029 Net loss per share allocable to common stockholders - Basic and Diluted $ (0.59 ) $ (4.97 ) $ (3.27 ) $ (17.05 )
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 Nine months ended September 30, September 30, 2015 2014 2015 2014 Convertible preferred stock — 1,026,602 3,971,137 915,791 Outstanding stock options 1,183,322 17,255 655,026 17,255 Restricted stock 360,508 — 196,761 —

Nature of Operations and Basi26

Nature of Operations and Basis of Presentation - Additional Information (Detail)	May. 11, 2015USD ($)$ / sharesshares	May. 05, 2015shares	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)Trial	Sep. 30, 2014USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Basis of Presentation [Line Items]
Number of pivotal phase 3 clinical trials | Trial					2
Net loss			$ (8,949,996)	$ (714,925)	$ (19,510,224)	$ (2,387,711)	$ (3,000,000)	$ (2,200,000)
Accumulated deficit			$ (75,865,976)		$ (75,865,976)		$ (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

Summary of Significant Accoun27

Summary of Significant Accounting Policies - Additional Information (Detail) - $ / shares	Oct. 27, 2015	Oct. 14, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Accounting Policies [Line Items]
Number of shares granted during period			0	1,211,917	0
Exercise price per common share, granted				$ 9.73
Subsequent Event [Member] | Board of Directors [Member]
Accounting Policies [Line Items]
Number of shares granted during period	8,114
Exercise price per common share, granted	$ 3.79
Forfeiture of options	5,954
Employee Stock [Member] | Subsequent Event [Member]
Accounting Policies [Line Items]
Discount of the lowest share value		15.00%

Marketable Securities - Summary

Marketable Securities - Summary of Marketable Securities (Detail) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Schedule Of Marketable Securities [Line Items]
Amortized Cost	$ 74,106,634	$ 204,362
Gross Unrealized Gains	13,943
Gross Unrealized Losses	(23,217)
Fair Value	74,097,360	204,362
Cash and Cash Equivalents [Member]
Schedule Of Marketable Securities [Line Items]
Amortized Cost	36,019,411	204,362
Fair Value	36,019,411	204,362
Cash and Cash Equivalents [Member] | Cash and Money Market [Member]
Schedule Of Marketable Securities [Line Items]
Amortized Cost	36,019,411	204,362
Fair Value	36,019,411	$ 204,362
Marketable Securities [Member]
Schedule Of Marketable Securities [Line Items]
Amortized Cost	38,087,223
Gross Unrealized Gains	13,943
Gross Unrealized Losses	(23,217)
Fair Value	38,077,949
Marketable Securities [Member] | Corporate Debt Securities [Member]
Schedule Of Marketable Securities [Line Items]
Amortized Cost	38,087,223
Gross Unrealized Gains	13,943
Gross Unrealized Losses	(23,217)
Fair Value	$ 38,077,949

Marketable Securities - Schedul

Marketable Securities - Schedule of Estimated Fair Value of Company's Marketable Securities (Detail)	Sep. 30, 2015USD ($)
Investments Debt And Equity Securities [Abstract]
Due in one year or less	$ 33,149,318
Due after one year	4,928,631
Total marketable securities	$ 38,077,949

Fair Value of Financial Instr30

Fair Value of Financial Instruments - Additional Information (Detail) - USD ($)	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, Transfer of assets and liabilities between level one two and three	$ 0	$ 0
Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of liabilities	$ 0	$ 0

Fair Value of Financial Instr31

Fair Value of Financial Instruments - Schedule of Financial Instruments Measured at Fair Value Based on Three Fair Value Hierarchy Tiers (Detail) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of financial instruments	$ 74,097,360	$ 204,362
Cash and Money Market [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of financial instruments	36,019,411	204,362
Corporate Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of financial instruments	38,077,949
Quoted Prices in Active Markets (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of financial instruments	36,019,411	204,362
Quoted Prices in Active Markets (Level 1) [Member] | Cash and Money Market [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of financial instruments	36,019,411	204,362
Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of financial instruments	38,077,949
Significant Other Observable Inputs (Level 2) [Member] | Corporate Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of financial instruments	38,077,949
Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of financial instruments	0	0
Significant Unobservable Inputs (Level 3) [Member] | Cash and Money Market [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of financial instruments	0	0
Significant Unobservable Inputs (Level 3) [Member] | Corporate Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of financial instruments	$ 0	$ 0

Accrued Liabilities - Schedule

Accrued Liabilities - Schedule of Accrued Expenses (Detail) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Accrued Liabilities Current [Abstract]
Payroll and employee-related costs	$ 479,891	$ 6,560
Research and development costs	2,180,320	26,260
Professional fees	236,005	37,813
Other	106,463	4,525
Total accrued expenses	$ 3,002,679	$ 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	Sep. 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	Sep. 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
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	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014	Apr. 16, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted during period			0	1,211,917	0
Restricted shares issued	360,508
Compensation expense by type of award		$ 1,972,308	$ 0	$ 3,125,910	$ 0
Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for issuance							300,000
Percentage of shares outstanding						1.00%
Increase in number of shares available for issuance						150,000
Stock Option Plans [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected forfeiture rate				12.40%
Expected dividend rate				0.00%
Contractual term, options				10 years
Contractual term, vesting				4 years
Closing price of common stock		$ 3.87		$ 3.87
Unrecognized stock-based compensation expense relating to unvested employee stock awards		$ 5,200,000	$ 0	$ 5,200,000	$ 0
Unrecognized stock-based compensation expense, weighted average period					3 years 3 months 22 days
Weighted average fair value of options granted				$ 9.73
Compensation expense by type of award		$ 1,075,263		$ 1,670,470
Stock Option Plans [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate				1.50%
Expected average option life				5 years
Expected volatility				79.10%
Stock Option Plans [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate				2.20%
Expected average option life				9 years 9 months 18 days
Expected volatility				92.60%
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				246,675
Reserved share, percentage of outstanding shares		6.00%		6.00%
Shares authorized and reserved for issuance		1,200,000		1,200,000
Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock granted, weighted average fair value	$ 10
Restricted stock requisite service period	4 years
Unrecognized compensation cost		$ 2,100,000		$ 2,100,000
Compensation expense by type of award		$ 897,045		$ 1,455,440
Restricted Stock Units [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 Units [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 Units [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 ($)	3 Months Ended	9 Months Ended		12 Months Ended
	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Shares, Outstanding beginning balance		81,820
Shares, Granted	0	1,211,917	0
Shares, Exercised		(19,674)
Shares, Expired		(53,864)
Shares, Outstanding ending balance		1,220,199		81,820
Shares, Options exercisable		8,282
Shares, Options vested and expected to vest		1,018,478
Weighted- average price per share, Outstanding beginning balance		$ 4.48
Weighted- average price per share, Granted		9.73
Weighted- average price per share, Exercised		4.55
Weighted- average price per share, Expired		4.59
Weighted- average price per share, Outstanding ending balance		9.70		$ 4.48
Weighted- average price per share, Options exercisable		4.83
Weighted- average price per share, Options vested and expected to vest		$ 9.70
Weighted- average remaining contractual term, Beginning period		9 years 7 months 6 days		3 years
Weighted- average remaining contractual term, Options exercisable		2 years 4 months 24 days
Weighted- average remaining contractual term, Options vested and expected to vest		9 years 7 months 6 days
Aggregate intrinsic value, Outstanding beginning balance		$ 255,777
Aggregate intrinsic value, Outstanding ending balance				$ 255,777

Stock-Based Compensation - Sc38

Stock-Based Compensation - Schedule of Compensation Cost Related to Share-based Awards (Detail) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 1,972,308	$ 3,125,910
Research and Development [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	176,936	293,371
General and Administrative [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 1,795,372	$ 2,832,539

Stock-Based Compensation - Sc39

Stock-Based Compensation - Schedule of Compensation Expense by Type of Award (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense by type of award	$ 1,972,308	$ 0	$ 3,125,910	$ 0
Stock Option Plans [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense by type of award	1,075,263		1,670,470
Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense by type of award	$ 897,045		$ 1,455,440

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		9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014	Dec. 31, 2013
Numerator:
Net loss	$ (8,949,996)	$ (714,925)	$ (19,510,224)	$ (2,387,711)	$ (3,000,000)	$ (2,200,000)
Gain on exchange of convertible preferred stock			4,798,194
Accretion of redeemable convertible preferred stock			(12,552,830)
Net loss attributable to common stockholders	$ (8,949,996)	$ (714,925)	$ (27,264,860)	$ (2,387,711)
Denominator:
Weighted average common shares outstanding -Basic and Diluted	15,153,135	143,810	8,336,147	140,029
Net loss per share allocable to common stockholders - Basic and Diluted	$ (0.59)	$ (4.97)	$ (3.27)	$ (17.05)

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		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 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		1,026,602	3,971,137	915,791
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	1,183,322	17,255	655,026	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	360,508		196,761

Employee Retirement Plan - Addi

Employee Retirement Plan - Additional Information (Detail) - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Compensation And Retirement Disclosure [Abstract]
Contribution of retirement plan, employee discretionary contribution amount	$ 0	$ 0

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2015
Schedule Of Income Tax [Line Items]
Federal income taxes	$ 0
State income taxes	$ 0
Minimum percentage of ownership change that would have impact in Net operating loss carryforward	50.00%
Effect of ownership changes in net operating loss carryforward series of transactions period	3 years
Scenario, Forecast [Member]
Schedule Of Income Tax [Line Items]
Effective tax rate		0.00%