CoLucid Pharmaceuticals (CLCD) 10-K 24 Mar 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2015	Mar. 23, 2016	Jun. 30, 2015
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Trading Symbol	CLCD
Entity Registrant Name	COLUCID PHARMACEUTICALS, INC.
Entity Central Index Key	1,348,649
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		15,274,824
Entity Public Float			$ 62,192,043

Balance Sheets

Balance Sheets - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 27,977,645	$ 204,362
Available for sale securities	36,530,496
Prepaid assets	808,608	22,704
Total current assets	65,316,749	227,066
Deferred financing costs		66,187
Other assets	21,190
Total assets	65,337,939	293,253
Current liabilities:
Accounts payable	1,649,398	306,396
Accrued expenses	3,780,156	75,158
Convertible notes payable		200,000
Total current liabilities	5,429,554	581,554
Deferred revenue	1,500,000	1,500,000
Total liabilities	$ 6,929,554	$ 2,081,554
Commitments and contingencies (note 7)
Stockholders’ equity (deficit)
Common stock, $0.001 par value; 270,000,000 shares authorized; 15,273,595 and 143,810 shares issued and outstanding as of December 31, 2015 and December 31, 2014, respectively	$ 15,274	$ 144
Additional paid-in capital	145,531,670	2,411,007
Accumulated other comprehensive loss	(43,279)
Accumulated deficit	(87,095,280)	(54,478,323)
Total stockholders’ equity (deficit)	58,408,385	(1,788,301)
Total liabilities and stockholders’ equity (deficit)	$ 65,337,939	293,253
Series A Convertible Preferred Stock [Member]
Stockholders’ equity (deficit)
Convertible preferred stock		15,388,287
Total stockholders’ equity (deficit)		15,388,287
Series B Convertible Preferred Stock [Member]
Stockholders’ equity (deficit)
Convertible preferred stock		34,890,584
Total stockholders’ equity (deficit)		$ 34,890,584

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - USD ($)	Dec. 31, 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	15,273,595	143,810
Common stock, shares outstanding	15,273,595	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

Statements of Operations and Co

Statements of Operations and Comprehensive Loss - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Operating expenses:
Research and development	$ 22,244,111	$ 1,168,938
General and administrative	8,637,658	1,140,953
Total operating expenses	30,881,769	2,309,891
Loss from operations	(30,881,769)	(2,309,891)
Other income (expense):
Interest income	142,240	1,147
Interest expense		(397,064)
Total other income (expense), net	142,240	(395,917)
Net loss before income tax expense	(30,739,529)	(2,705,808)
Income tax expense		(247,500)
Net loss	(30,739,529)	(2,953,308)
Gain on extinguishment of convertible stock	4,798,194
Accretion of redeemable preferred stock	(12,552,830)
Net loss attributable to common stockholders	$ (38,494,165)	$ (2,953,308)
Per common share information:
Net loss per common stockholders, basic and diluted	$ (3.82)	$ (20.96)
Weighted-average common shares outstanding, basic and diluted	10,070,573	140,919
Comprehensive loss:
Net loss	$ (30,739,529)	$ (2,953,308)
Other comprehensive loss - Unrealized loss on available for sale securities	(43,279)
Comprehensive loss	$ (30,782,808)	$ (2,953,308)

Statements of Stockholders' Equ

Statements of Stockholders' Equity (Deficit) - USD ($)	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income [Member]	Accumulated Deficit [Member]	Series A Convertible Preferred Stock [Member]	Series B Convertible Preferred Stock [Member]	Series C Preferred Stock [Member]
Balance at Dec. 31, 2013	$ (9,905,974)	$ 120	$ 1,349,917		$ (51,525,015)	$ 15,918,384	$ 24,350,620
Balance, Shares at Dec. 31, 2013		120,353				394,183	483,040
Conversion of preferred stock to common		$ 24	1,060,170			$ (530,097)	$ (530,097)
Conversion of preferred stock to common, Shares		23,457				(13,025)	(10,433)
Conversion of promissory notes to series B preferred stock	11,070,061						$ 11,070,061
Conversion of promissory notes to series B, Shares							217,872
Stock-based compensation expense	920		920
Net loss	(2,953,308)				(2,953,308)
Balance at Dec. 31, 2014	(1,788,301)	$ 144	2,411,007		(54,478,323)	$ 15,388,287	$ 34,890,584
Balance, Shares at Dec. 31, 2014		143,810				381,158	690,479
Series C conversion inducement, Shares						1,426,353	2,647,102
Issuance of series C preferred stock, net of issuance cost	36,863,083							$ 36,863,083
Issuance of series C preferred stock, net of issuance cost, Shares								4,344,567
Extinguishment of series A, B and C preferred stock	4,798,194				4,798,194	$ 207,660	$ (5,005,854)
Issuance of common stock, net of underwriting fees and issuance cost	49,749,858	$ 14,990	49,734,868
Issuance of common stock, net of underwriting fees and issuance costs, Shares		5,500,000
Accretion of series A, B and C preferred stock			(5,877,208)		(6,675,622)	2,479,163	3,491,080	$ 6,582,587
Conversion of preferred stock to common			94,896,590			$ (18,075,110)	$ (33,375,810)	$ (43,445,670)
Conversion of preferred stock to common, Shares		9,489,659				(1,807,511)	(3,337,581)	(4,344,567)
Exercise of common stock options	$ 89,486	$ 20	89,466
Exercise of common stock options, Shares	19,674	19,666
Vesting of restricted stock		$ 120	(120)
Vesting of restricted stock, Shares		120,460
Restricted stock vesting (stock withheld)	$ (273,855)		(273,855)
Employee stock purchase plan, employee contribution	18,708		18,708
Stock-based compensation expense	4,532,214		4,532,214
Other comprehensive loss - Unrealized loss on available for sale securities	(43,279)			$ (43,279)
Net loss	(30,739,529)				(30,739,529)
Balance at Dec. 31, 2015	$ 58,408,385	$ 15,274	$ 145,531,670	$ (43,279)	$ (87,095,280)
Balance, Shares at Dec. 31, 2015		15,273,595

Statements of Cash Flows

Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Cash flows from operating activities
Net loss	$ (30,739,529)	$ (2,953,308)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation		1,821
Amortization of discount on available for sale securities	232,431
Stock-based compensation	4,532,215	920
Interest accrued on convertible notes		397,064
Changes in operating assets and liabilities:
Prepaid expenses	(785,904)	(22,704)
Other assets	(21,190)
Accounts payable	1,343,002	251,468
Accrued expenses	3,704,998	61,786
Deferred revenue		1,500,000
Net cash used in operating activities	(21,733,977)	(762,953)
Cash flows from investing activities:
Purchases of available for sale securities	(38,168,728)
Maturities of available for sale securities	1,362,522
Net cash used in investing activities	(36,806,206)
Cash flows from financing activities:
Proceeds from issuance of convertible notes payable		700,500
Proceeds from issuance of common stock, net of cost of issuance of $5.2 million	49,816,044	(66,187)
Proceeds from the exercise of common stock options	89,486
Shares repurchased for tax withholdings for vested restricted stock awards	(273,855)
Proceeds from employee stock purchase plan	18,708
Net cash provided by financing activities	86,313,466	634,313
Net increase in cash and cash equivalents	27,773,283	(128,640)
Cash and cash equivalents as of beginning of period	204,362	333,002
Cash and cash equivalents as of end of period	27,977,645	204,362
Supplemental Disclosure and Cash Flow Information:
Income taxes paid		247,500
Supplemental schedule of non-cash financing activities
Conversion of convertible notes payable to preferred stock	200,000	11,070,061
Gain on extinguishment of preferred stock	(4,798,194)
Accretion of redeemable preferred stock	12,552,830
Conversion of preferred stock to common stock	94,896,590	$ 1,060,194
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 of $0.2 million	$ 36,663,083

Statements of Cash Flows (Paren

Statements of Cash Flows (Parenthetical) $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)
Series C Redeemable Convertible Preferred Stock [Member]
Stock issuance costs	$ 0.2
Common Stock [Member]
Stock issuance costs	$ 5.2

Nature of Operations and Basis

Nature of Operations and Basis of Presentation	12 Months Ended
	Dec. 31, 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. 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 headache pain associated with migraine in adults, to be used 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 attributable to common stockholders was $38.5 million and $3.0 million for the years ended December 31, 2015 and 2014, respectively, and as of December 31, 2015 its accumulated deficit was $87.1 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 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 December 31, 2015, the Company did 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	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Accounting The accompanying financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). 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 including those related to clinical trials, revenue recognition and deferred revenue and income taxes. Actual results could materially differ from those estimates. Cash and Cash Equivalents Cash and cash equivalents consist of all cash on hand, cash in readily available checking and savings accounts and money market funds and funds invested in available for sale securities with original maturities of three months or less at the time of purchase. At December 31, 2015, the Company’s cash was primarily in money market funds. The Company may maintain balances with its banks in excess of federally insured limits. Available for Sale 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 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 December 31, 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 Statements of Operations and Comprehensive Loss. The Company also includes in interest 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. Fair Value Measurements The Company is required to disclose information on all assets and liabilities reported at fair value that enables an assessment of the inputs used in determining the reported fair values. FASB ASC Topic 820, Fair Value Measurements and Disclosures (“ASC 820”), establishes a hierarchy of inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing the asset or liability, and are developed based on the best information available in the circumstances. The fair value hierarchy applies only to the valuation inputs used in determining the reported fair value of the investments, and is not a measure of the investment credit quality. The three levels of the fair value hierarchy are described below: · Level 1 – Valuation is based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. · Level 2 – Valuation is based on 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 – Valuation is based on unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Transfers are calculated on value as of the transfer date. There were no transfers between Level 1, 2 and 3 during the years ended December 31, 2015 and 2014. The Company had no liabilities classified as Level 3 that were measured by management at fair value on a quarterly basis as of December 31, 2015 and 2014. Items measured at fair value on a recurring basis include available for sale securities (see Note 4). The carrying amounts of accounts payable and accrued expenses approximate their fair values due to their short-term maturities. Concentration of Credit Risk Financial instruments, which potentially subject the Company to significant concentration of credit risk, consist primarily of cash, cash equivalents and corporate debt securities. The Company maintains deposits in federally insured institutions in excess of federally insured limits. The Company has not experienced any losses in such accounts and management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. Substantially all of the Company’s available for sale securities are with companies that management believes to be of high-credit quality with short-term credit ratings of at least A-1/P-1 or better by Standard and Poor’s and Moody’s Investor Service at the time of purchase. The Company has no financial instruments with off-balance sheet risk of loss. 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 is reflected in deferred revenue as of December 31, 2015 and 2014, and 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. 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 Accounting Standards Codification (“ASC”) Topic 718, Compensation-Stock Compensation Stock based compensation expense represents the cost of the grant date fair value of employee stock option grants, recognized over the requisite service period of the awards (usually the vesting period) on a ratable straight-line basis, net of estimated forfeitures. The expense is adjusted for actual forfeitures. Stock based compensation expense recognized in the financial statements is based on awards that are ultimately expected to vest. Grants to non-employees are accounted for in accordance with ASC Topic 505-50 Equity — Based Payments to Non-Employees Income Taxes The Company accounts for income taxes under the liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method deferred tax assets and liabilities are determined on the basis of the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The Company recognizes net deferred tax assets to the extent that the Company believes these assets are more likely than not to be realized. In making such a determination, management considers all available positive and negative evidence, including future reversals of existing temporary differences, projected future taxable income, tax-planning strategies, and result of recent operations. If management determines that the Company would be able to realize its deferred tax assets in the future, in excess of its net recorded amount, management would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. The Company records uncertain tax positions on the basis of a two-step process whereby (1) management determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more likely than not recognition threshold, management recognizes the largest amount of tax benefit that is more than 50% likely to be realized upon ultimate settlement with the related tax authority. The Company recognizes interest and penalties related to unrecognized tax benefits within income tax expense. Any accrued interest and penalties are included within the related tax liability. Accrued Research and Development Expenses As part of the process of preparing its financial statements, the Company is required to estimate its accrued research and development expenses. This process involves reviewing open contracts and purchase orders, communicating with the Company’s personnel to identify services that have been performed on the Company’s behalf and estimating the level of service performed and the associated cost incurred for the service when the Company has not yet been invoiced or otherwise notified of the actual cost. The majority of the Company’s service providers invoice the Company monthly in arrears for services performed. The Company makes estimates of its accrued expenses as of each balance sheet date in its financial statements based on facts and circumstances known to it at that time. The Company confirms the accuracy of its estimates with the service providers and makes adjustments if necessary. Examples of estimated accrued research and development expenses include expenses for: § Contract Research Organizations (“CRO”) in connection with clinical studies; § investigative sites in connection with clinical studies; § vendors in connection with preclinical development activities; and § vendors related to product manufacturing, development and distribution of clinical materials. The Company bases its accrued expenses related to clinical studies on its estimates of the services received and efforts expended pursuant to contracts with its CRO that conducts and manages clinical studies on the Company’s behalf. The financial terms of these agreements are subject to negotiation, vary from contract to contract and may result in uneven payment flows. The scope of services under these contracts can be modified and some of the agreements may be cancelled by either party upon written notice. There may be instances in which payments made to the Company’s vendors will exceed the level of services provided and result in a prepayment of the clinical expense. Payments under some of these contracts with CROs depend on factors such as the successful enrollment of subjects and the completion of clinical study milestones. In accruing service fees, the Company estimates the time period over which services will be performed and the level of effort to be expended in each period. If the actual timing of the performance of services or the level of effort varies from the Company’s estimate, the Company adjusts the accrual or prepaid expense accordingly. Although the Company does not expect its estimates to be materially different from amounts actually incurred, if its estimates of the status and timing of services performed differ from the actual status and timing of services performed the Company may report amounts that are too high or too low in any particular period. To date, there have been no material differences between its estimates and the amount actually incurred. Net Loss Per Common Share Basic net loss per share is calculated by dividing net loss attributable to common stockholders by the weighted-average shares outstanding during the period, without consideration for common stock equivalents. Diluted net loss per share is calculated by adjusting weighted-average shares outstanding for the dilutive effect of common stock equivalents outstanding for the period, determined using the treasury-stock method. For purposes of the diluted net loss per share calculation, preferred stock, stock options and unvested restricted stock units are considered to be common stock equivalents, but have been excluded from the calculation of diluted net loss per share, as their effect would be anti-dilutive for all periods presented. Therefore, basic and diluted net loss per share were the same for all periods presented. 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 January 28, 2016 the Company entered into a consulting agreement with Dr. Nadia Rupniak. As a result of this agreement, Dr. Rupniak received 44,613 non-qualified vested stock options and will receive 17,612 non-qualified stock options that will vest 25% each on the fifth day of each month from June 2016 through September 2016. These stock options have an exercise price of $10.00 per share. As a result of the termination of her employment, Dr. Rupniak forfeited 10,000 previously vested incentive stock options and 33,613 previously vested non-qualified stock options. On March 4, 2016 the Company awarded 242,000 incentive and non-qualified stock options and 158,000 restricted stock units. The exercise price of the stock options is $6.75. Recently Adopted Accounting Pronouncements In November 2015, the FASB issued ASU No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes. The new standard requires that deferred tax assets and liabilities be classified as noncurrent in a classified statement of financial position. The Company prospectively adopted this guidance in the fourth quarter of 2015, which resulted in the removal of gross deferred tax assets and liabilities from the Company’s consolidated balance sheet. The net impact was zero and the prior period was not retrospectively adjusted. Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). ASU 2016-02 requires lessees to recognize lease assets and lease liabilities for those leases classified as operating leases under previous GAAP. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. The recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee have not significantly changed from previous GAAP. There continues to be a differentiation between finance leases and operating leases. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years, and early adoption is permitted. The Company is currently in the process of evaluating the impact of adoption of ASU No. 2016-02 on its financial statements and related disclosures. In August 2014, the FASB issued guidance that requires management to assess an entity’s ability to continue as a going concern every reporting period, and provide certain disclosures if management has substantial doubt about the entity’s ability to operate as a going concern, or an express statement if not, by incorporating and expanding upon certain principles that are currently in U.S. auditing standards. This guidance is effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. The adoption of this guidance is not expected to have an impact on the Company’s financial position or results of operations. In June 2014, the FASB issued guidance requiring when there is a performance target that affects vesting of equity awards granted and could be achieved after the requisite service period to be treated as a performance condition. A reporting entity should apply existing guidance on stock-based compensation, as it relates to such awards. This guidance is effective for annual periods and interim periods within those annual periods beginning after December 15, 2015 with early adoption permitted using either of two methods: (i) prospective to all awards granted or modified after the effective date; or (ii) retrospective to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter, with the cumulative effect of applying this guidance as an adjustment to the opening retained earnings balance as of the beginning of the earliest annual period presented in the financial statements. The Company has not issued performance-based awards during the year ended December 31, 2015. The Company’s adoption of this guidance is not expected to have a material impact on the financial statements. In May 2014, the FASB issued guidance that affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards (e.g., insurance contracts or lease contracts). The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The amendments are effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early application is not permitted. The Company has not had any revenue from contracts with customers from its inception through December 31, 2015. The Company’s adoption of this guidance is not expected to have a material impact on the financial statements.

Available for Sale Securities

Available for Sale Securities	12 Months Ended
	Dec. 31, 2015
Investments Debt And Equity Securities [Abstract]
Available for Sale Securities	3. Available for Sale Securities The following table summarizes the available for sale securities held by the Company at December 31, 2015: Gross Unrealized Description Amortized Gains / (Losses) Fair Value December 31, 2015 Available for sale securities: Corporate debt securities $ 36,573,775 $ (43,279 ) $ 36,530,496 Total cash, cash equivalents, and available for sale securities $ 36,573,775 $ (43,279 ) $ 36,530,496 The Company did not hold any available for sale securities as of December 31, 2014. The estimated fair value of the Company’s available for sale securities at December 31, 2015, by contractual maturity, was as follows: Due in one year or less $ 36,530,496 Due after one year — Total available for sale securities $ 36,530,496

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	4. Fair Value of Financial Instruments The Company’s financial instruments, other than preferred stock, consist principally of cash and cash equivalents, available for sale securities, accounts payable and accrued liabilities. Financial instruments measured at fair value are classified as follows: Significant Quoted prices other Significant in active markets observable unobservable for identical assets inputs inputs Total (Level 1) (Level 2) (Level 3) December 31, 2015 Cash and money market $ 27,977,645 $ 27,977,645 $ — $ — Available for sale securities: Corporate debt securities 36,530,496 — 36,530,496 — Total $ 64,508,141 $ 27,977,645 $ 36,530,496 $ — December 31, 2014 Cash and money market $ 204,362 $ 204,362 $ — $ — 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. All Series A, Series B, and Series C redeemable convertible preferred stock was converted at that time and were no longer outstanding on December 31, 2015.

Accrued Expenses

Accrued Expenses	12 Months Ended
	Dec. 31, 2015
Payables And Accruals [Abstract]
Accrued Expenses	5. Accrued Expenses Accrued expenses consisted of the following: December 31, December 31, 2015 2014 Payroll and employee-related costs $ 668,604 $ 6,560 Clinical trial costs 1,933,382 — Research and development costs 706,666 26,260 Professional fees 265,589 37,813 Excise tax payable 126,175 — Other 79,740 4,525 $ 3,780,156 $ 75,158

Notes Payable

Notes Payable	12 Months Ended
	Dec. 31, 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 and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2015
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	7. Commitments and Contingencies License Agreements On February 10, 2015, the Company amended and restated its development and license agreement with Eli Lilly and Company (“Lilly”) which consolidated a number of amendments to the Company’s development and license agreement with 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 Lilly for lasmiditan for all human health purposes. The license is exclusive except that 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. Lilly may terminate the agreement for uncured material breach, in whole or on a country-by-country basis. 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 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, 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 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 the United States, Japan, France, Germany, Italy, Spain and the United Kingdom. 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, Lilly may terminate the agreement. Upon execution of the original agreement in 2005, the Company paid an upfront license fee to Lilly of $1 million and issued to 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 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 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. In 2015 none of the milestones were achieved. Lease Agreement On September 15, 2015 the Company entered into an agreement with American Twine Limited Partnership for the lease of its principal office space in Cambridge, Massachusetts. The duration of the lease agreement is two years beginning September 15, 2015, with a total estimated rent expense of approximately $258,000 over the life of the agreement. The rent expense for year ended December 31, 2015 was approximately $83,000 for the previously leased office in Burlington, Massachusetts and the current facility and the anticipated rent payment is approximately $128,000 for 2016 and $92,000 for 2017.

Issuance of Preferred Stock

Issuance of Preferred Stock	12 Months Ended
	Dec. 31, 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”) ASC 260-10, Earnings Per Share, Valuation of Privately-Held Company Equity Securities Issued as Compensation · the prices at which the Company most recently sold preferred stock and the rights, preferences, and privileges of the preferred stock compared to those of the Company’s common stock, including the liquidation preferences of the preferred stock; · the status of the Company’s research and development efforts, including the status of clinical trials and regulatory status and interactions with regulatory authorities; and · the likelihood of achieving a liquidity event for the holders of the Company’s common stock, such as an initial public offering or a strategic merger or sale of the Company. 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 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	12 Months Ended
	Dec. 31, 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, 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 and RSUs granted using the Black-Scholes option pricing model. Equity Award Plans During February 2006, the Company adopted the CoLucid Pharmaceuticals, Inc. Equity Incentive Plan (the “2006 Plan”). After the effective date of the 2015 Plan (defined below), no additional awards have been or will be granted under the 2006 Plan. Eligible plan participants included employees, directors and consultants. The board of directors determined 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 initially reserved for issuance pursuant to the 2015 Plan, of which 310,840 shares were available for future grant as of December 31, 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 1st of each calendar year by an amount equal to the lesser of: a) six percent (6%) of the number of common shares of stock outstanding as of December 31st of the immediate preceding calendar year, or b) 1,200,000 shares, provided, however, that the board of directors may determine that any annual increase be a lesser number. In addition, all awards granted under the 2006 Plan that are forfeited, expire, are cancelled or otherwise not issued will become available under the 2015 Plan. Effective January 1, 2016, 687,312 shares were added to the 2015 Equity Incentive Plan, as available for issuance thereunder, pursuant to the automatic increase feature of the applicable plan. Stock Option Awards 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 twelve months ended December 31, 2015: risk-free rate of return of 1.4% to 2.2%; expected average option life of 5.0 to 9.6 years; average volatility of 79.1% to 94.5%; 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 was 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 December 31, 2015 was based upon the historical volatility of comparable companies. The Company estimated the expected forfeiture rate of 12.4% based on the historical forfeiture rate of comparable companies and it does not expect to pay dividends in the foreseeable future. The Company did not grant any stock options during the year ended December 31, 2014. The following summarizes the stock option activity during the year ended December 31, 2015: 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 1,310,031 9.42 Exercised (19,674 ) 4.55 Cancelled / Expired (156,349 ) 8.14 Outstanding at December 31, 2015 1,215,828 $ 9.34 9.4 $ 461,858 Options exercisable at December 31, 2015 233,149 $ 9.82 9.1 $ 29,296 Options vested and expected to vest December 31, 2015 1,044,503 $ 9.37 9.3 $ 375,278 The aggregate intrinsic value in the above table is the difference between the closing common stock price on December 31, 2015 of $8.37 per share and the option exercise price multiplied by the number of in-the-money options as of December 31, 2015. As of December 31, 2015, total unrecognized stock-based compensation expense relating to unvested employee stock option awards, was $4.1 million. This amount is expected to be recognized over a weighted-average period of approximately 3.15 years. There was no unrecognized stock-based compensation expense as of December 31, 2014. The weighted average fair value of stock options granted during the twelve months ended December 31, 2015 was $9.42 per share. Restricted Stock Awards On May 5, 2015, the Company granted 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 vested 50% on November 5, 2015, and will vest 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 December 31, 2015 there was approximately $1.6 million of unrecognized compensation expense related to the restricted stock unit awards, which is expected to be recognized over a weighted-average period of approximately 3.34 years. On November 5, 2015, 180,254 restricted stock units held by the Company’s Chief Executive Officer vested and were settled in shares of the Company’s common stock on a one-for-one basis. The Company withheld 59,794 shares for the federal and state taxes owed on this vesting and settlement. The Company added these shares back to the 2015 Plan share pool. The following summarizes RSU activity for the twelve months ended December 31, 2015: Weighted- Weighted- average average grant remaining Aggregate date value contractual intrinsic Shares per share term (years) value Outstanding at December 31, 2014 — $ — — $ — Granted 360,508 10.00 Vested (180,254 ) 10.00 Forfeited — — Outstanding at December 31, 2015 180,254 $ 10.00 9.3 $ 1,508,726 RSUs expected to vest 172,339 $ 10.00 9.3 $ 1,442,477 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 initially were 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 was implemented effective December 1, 2015 and permits the Company’s employees to purchase shares of the Company’s common stock. Under the ESPP, on the first day of each offering period, each eligible employee for that offering period has the option to enroll for that offering period, which allows the eligible employees to purchase shares of the Company’s common stock at the end of the offering period. Each offering period under the ESPP is for six months, which can be modified from time-to-time. Subject to limitations, each participant is permitted to purchase a number of shares determined by dividing the employee’s accumulated payroll deductions for the offering period by the applicable purchase price, which is equal to 85 percent of the fair market value of our common stock at the beginning or end of each offering period, whichever is less. A participant must designate in his or her enrollment package the percentage (if any) of compensation to be deducted during that offering period for the purchase of stock under the ESPP, subject to the statutory limit under the Internal Revenue Code. As of December 31, 2015, there were 300,000 shares available for future purchase under the ESPP, which was increased to 450,000 shares effective January 1, 2016 pursuant to the automatic increase feature of the ESPP. The ESPP is considered a compensatory plan with the related compensation cost expensed over the six month offering period. As of December 31, 2015, approximately $18,708 of employee payroll deductions which have been withheld since December 1, 2015, are included in additional paid in capital in the accompanying balance sheet. The compensation expense related to the ESPP for the year ended December 31, 2015 was $7,824. Compensation Expense Summary The Company recognized the following compensation cost related to share-based awards in the year ended December 31, 2015: Year ended December 31, 2015 Research and development $ 620,740 General and administrative 3,911,475 Total $ 4,532,215 Compensation expense by type of award in the year ended December 31, 2015 was as follows: Year ended December 31, 2015 Stock options $ 2,582,170 Restricted stock units 1,942,221 Employee Stock Purchase Plan 7,824 Total $ 4,532,215 There was no share-based compensation expense in the year ended on December 31, 2014.

Net Loss Per Common Share

Net Loss Per Common Share	12 Months Ended
	Dec. 31, 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 attributable 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 attributable 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, stock options, RSUs and shares to be purchased under the ESPP 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: Year ended December 31, 2015 2014 Numerator: Net loss $ (30,739,529 ) $ (2,953,308 ) 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 - basic and diluted $ (38,494,165 ) $ (2,953,308 ) Denominator: Weighted average common shares outstanding - basic and diluted 10,070,573 140,919 Net loss per share allocable to common stockholders - basic and diluted $ (3.82 ) $ (20.96 ) 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: Year ended December 31, 2015 2014 Convertible preferred stock 2,970,193 955,060 Outstanding stock options 805,481 17,255 Outstanding restricted stock units 213,836 — Employee Stock Purchase Plan shares 21,519 —

Employee Retirement Plan

Employee Retirement Plan	12 Months Ended
	Dec. 31, 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 years ended December 31, 2015 or December 31, 2014.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Income Taxes	12. Income Taxes The components of income tax expense for the years ended December 31, 2015 and 2014, consisted of the following: Year ended December 31, 2015 2014 Domestic current expense $ — $ — Foreign current expense — 247,500 Domestic deferred expense — — Foreign deferred expense — — Total income tax expense $ — $ 247,500 Significant components of the Company’s deferred tax assets as of December 31, 2015 and 2014, consisted of the following: Year ended December 31, 2015 2014 Current Deferred Tax Assets Accrued expenses $ — $ 12,700 Accrued vacation — 1,600 Valuation allowance — (14,300 ) Net deferred tax assets, current $ — $ — Non-Current Deferred Tax Asset Tax loss carryforwards $ 24,815,400 $ 16,178,500 Contributions carryforward 1,700 1,700 Tax credits 2,122,000 1,163,700 Start-up cost 1,940,300 2,171,600 Patent costs and other intangibles 628,600 703,500 Fixed assets — 400 Stock-based compensation 1,245,400 13,300 Short term unrealized gain/loss 15,800 — Mark to market adjustment 90,200 — Deferred revenue 547,500 — Accrued expense 240,300 — Valuation allowance (31,647,200 ) (20,232,700 ) Net deferred tax assets, non-current $ — $ — As of December 31, 2015 and 2014, the Company recorded a full valuation allowance against its net deferred tax assets, since realization of these benefits was not more-likely-than-not. The valuation allowance increased $11,414,500 during the year ended December 31, 2015, due primarily to net operating losses incurred during the year. As of December 31, 2015, the Company had federal and state net operating loss carryforwards of $67,706,800 and $57,327,800, respectively. These net operating loss carryforwards begin to expire in 2025 and 2021 for federal and state purposes, respectively. The utilization of the federal net operating loss carry forwards may be subject to limitations under the rules regarding a change in stock ownership as determined by the Internal Revenue Code, and state laws. Section 382 of the Internal Revenue Code of 1986, as amended, imposes annual limitations on the utilization of net operating loss (“NOL”) carry forwards, other tax carry forwards, and certain built-in losses upon an ownership change as defined by that section. In general terms, an ownership change may result from transactions that increase the aggregate ownership of certain stockholders in the Company stock by more than 50 percentage points over a three year testing period (“Section 382 Ownership Change”). If the Company has undergone a Section 382 Ownership change, an annual limitation would be imposed on certain of the Company’s tax attributes, including NOL and capital loss carry forwards, and certain other losses. As of December 31, 2015, the Company has not performed a formal study to determine whether there are Section 382 limitations that apply, but any limitations would have no impact on net deferred taxes or the tax expense. The Company has federal research and development credits of approximately $2,122,000 available to offset future tax, which begin to expire in 2026. The Company also has federal contribution carryforwards of approximately $5,000 available to offset future taxable income, which begin to expire in 2017. Taxes computed at the statutory federal income tax rate of 34% are reconciled to the provision for income taxes as follows: 2015 2014 % of Pretax % of Pretax Amount Earnings Amount Earnings Income tax at statutory rate $ (10,451,400 ) 34.0 % $ (919,700 ) 34.0 % State income taxes (768,900 ) 2.5 % (89,300 ) 3.3 % Foreign income tax — 0.0 % 163,400 -6.0 % Non-deductible expenses 531,700 -1.7 % 164,100 -6.1 % Credits (1,197,800 ) 3.8 % (42,200 ) 1.6 % Change in unrecognized tax benefits 158,100 -0.5 % 192,000 -7.1 % State tax rate adjustment 348,100 -1.1 % — 0.0 % Change in valuation allowance 11,384,300 -37.0 % 797,800 -29.5 % Other (4,100 ) 0.0 % (18,600 ) 0.7 % Income tax expense $ — 0.0 % $ 247,500 -9.1 % The Company has evaluated its tax positions to consider whether it has any unrecognized tax benefits. As of December 31, 2015 the Company had gross unrecognized tax benefits of approximately $350,000. Of the total, none would reduce the Company’s effective tax rate if recognized. The Company does not anticipate a significant change in total unrecognized tax benefits or the Company’s effective tax rate due to the settlement of audits or the expiration of statutes of limitations within the next twelve months. Furthermore, the Company does not expect any cash settlement with the taxing authorities as a result of these unrecognized tax benefits as the Company has sufficient unutilized carryforward attributes to offset the tax impact of these adjustments. The following is a tabular reconciliation of the Company’s change in gross unrecognized tax positions: Balance at December 31, 2014 $ 192,000 Gross increases related to current period 158,000 Gross decreases related to current period — Total income tax (benefit) expense $ 350,000 The Company recognizes interest and penalties related to uncertain tax positions in the provision for income taxes. As of December 31, 2015, the Company had no accrued interest or penalties related to uncertain tax positions. The Company has analyzed its filing positions in all significant federal and state jurisdictions where it is required to file income tax returns, as well as open tax years in those jurisdictions. With few exceptions, the Company is no longer subject to United States federal, state, and local tax examinations by tax authorities for years before 2012, although carryforward attributes that were generated prior to 2012 may still be adjusted upon examination by the taxing authorities if they either have been or will be used in a future period. No income tax returns are currently under examination by taxing authorities.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Accumulated Other Comprehensive Loss	13. Accumulated Other Comprehensive Loss The following table summarizes the changes in the accumulated balances for each component of accumulated other comprehensive loss, net of tax: Unrealized Loss on Investments Total Balance at December 31, 2014 $ — $ — Other comprehensive loss (43,279 ) (43,279 ) Net current-period other comprehensive loss (43,279 ) (43,279 ) Balance at December 31, 2015 $ (43,279 ) $ (43,279 )

Summary of Significant Accoun21

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2015
Accounting Changes And Error Corrections [Abstract]
Basis of Accounting	Basis of Accounting The accompanying financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”).
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 including those related to clinical trials, revenue recognition and deferred revenue and income taxes. Actual results could materially differ from those estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist of all cash on hand, cash in readily available checking and savings accounts and money market funds and funds invested in available for sale securities with original maturities of three months or less at the time of purchase. At December 31, 2015, the Company’s cash was primarily in money market funds. The Company may maintain balances with its banks in excess of federally insured limits.
Available for Sale Securities	Available for Sale 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 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 December 31, 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 Statements of Operations and Comprehensive Loss. The Company also includes in interest 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.
Fair Value Measurements	Fair Value Measurements The Company is required to disclose information on all assets and liabilities reported at fair value that enables an assessment of the inputs used in determining the reported fair values. FASB ASC Topic 820, Fair Value Measurements and Disclosures (“ASC 820”), establishes a hierarchy of inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing the asset or liability, and are developed based on the best information available in the circumstances. The fair value hierarchy applies only to the valuation inputs used in determining the reported fair value of the investments, and is not a measure of the investment credit quality. The three levels of the fair value hierarchy are described below: · Level 1 – Valuation is based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. · Level 2 – Valuation is based on 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 – Valuation is based on unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Transfers are calculated on value as of the transfer date. There were no transfers between Level 1, 2 and 3 during the years ended December 31, 2015 and 2014. The Company had no liabilities classified as Level 3 that were measured by management at fair value on a quarterly basis as of December 31, 2015 and 2014. Items measured at fair value on a recurring basis include available for sale securities (see Note 4). The carrying amounts of accounts payable and accrued expenses approximate their fair values due to their short-term maturities.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments, which potentially subject the Company to significant concentration of credit risk, consist primarily of cash, cash equivalents and corporate debt securities. The Company maintains deposits in federally insured institutions in excess of federally insured limits. The Company has not experienced any losses in such accounts and management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. Substantially all of the Company’s available for sale securities are with companies that management believes to be of high-credit quality with short-term credit ratings of at least A-1/P-1 or better by Standard and Poor’s and Moody’s Investor Service at the time of purchase. The Company has no financial instruments with off-balance sheet risk of loss.
Distribution and Supply Agreement	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 is reflected in deferred revenue as of December 31, 2015 and 2014, and 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.
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 Accounting Standards Codification (“ASC”) Topic 718, Compensation-Stock Compensation Stock based compensation expense represents the cost of the grant date fair value of employee stock option grants, recognized over the requisite service period of the awards (usually the vesting period) on a ratable straight-line basis, net of estimated forfeitures. The expense is adjusted for actual forfeitures. Stock based compensation expense recognized in the financial statements is based on awards that are ultimately expected to vest. Grants to non-employees are accounted for in accordance with ASC Topic 505-50 Equity — Based Payments to Non-Employees
Income Taxes	Income Taxes The Company accounts for income taxes under the liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method deferred tax assets and liabilities are determined on the basis of the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The Company recognizes net deferred tax assets to the extent that the Company believes these assets are more likely than not to be realized. In making such a determination, management considers all available positive and negative evidence, including future reversals of existing temporary differences, projected future taxable income, tax-planning strategies, and result of recent operations. If management determines that the Company would be able to realize its deferred tax assets in the future, in excess of its net recorded amount, management would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. The Company records uncertain tax positions on the basis of a two-step process whereby (1) management determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more likely than not recognition threshold, management recognizes the largest amount of tax benefit that is more than 50% likely to be realized upon ultimate settlement with the related tax authority. The Company recognizes interest and penalties related to unrecognized tax benefits within income tax expense. Any accrued interest and penalties are included within the related tax liability.
Accrued Research and Development Expenses	Accrued Research and Development Expenses As part of the process of preparing its financial statements, the Company is required to estimate its accrued research and development expenses. This process involves reviewing open contracts and purchase orders, communicating with the Company’s personnel to identify services that have been performed on the Company’s behalf and estimating the level of service performed and the associated cost incurred for the service when the Company has not yet been invoiced or otherwise notified of the actual cost. The majority of the Company’s service providers invoice the Company monthly in arrears for services performed. The Company makes estimates of its accrued expenses as of each balance sheet date in its financial statements based on facts and circumstances known to it at that time. The Company confirms the accuracy of its estimates with the service providers and makes adjustments if necessary. Examples of estimated accrued research and development expenses include expenses for: § Contract Research Organizations (“CRO”) in connection with clinical studies; § investigative sites in connection with clinical studies; § vendors in connection with preclinical development activities; and § vendors related to product manufacturing, development and distribution of clinical materials. The Company bases its accrued expenses related to clinical studies on its estimates of the services received and efforts expended pursuant to contracts with its CRO that conducts and manages clinical studies on the Company’s behalf. The financial terms of these agreements are subject to negotiation, vary from contract to contract and may result in uneven payment flows. The scope of services under these contracts can be modified and some of the agreements may be cancelled by either party upon written notice. There may be instances in which payments made to the Company’s vendors will exceed the level of services provided and result in a prepayment of the clinical expense. Payments under some of these contracts with CROs depend on factors such as the successful enrollment of subjects and the completion of clinical study milestones. In accruing service fees, the Company estimates the time period over which services will be performed and the level of effort to be expended in each period. If the actual timing of the performance of services or the level of effort varies from the Company’s estimate, the Company adjusts the accrual or prepaid expense accordingly. Although the Company does not expect its estimates to be materially different from amounts actually incurred, if its estimates of the status and timing of services performed differ from the actual status and timing of services performed the Company may report amounts that are too high or too low in any particular period. To date, there have been no material differences between its estimates and the amount actually incurred.
Net Loss Per Common Share	Net Loss Per Common Share Basic net loss per share is calculated by dividing net loss attributable to common stockholders by the weighted-average shares outstanding during the period, without consideration for common stock equivalents. Diluted net loss per share is calculated by adjusting weighted-average shares outstanding for the dilutive effect of common stock equivalents outstanding for the period, determined using the treasury-stock method. For purposes of the diluted net loss per share calculation, preferred stock, stock options and unvested restricted stock units are considered to be common stock equivalents, but have been excluded from the calculation of diluted net loss per share, as their effect would be anti-dilutive for all periods presented. Therefore, basic and diluted net loss per share were the same for all periods presented.
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 January 28, 2016 the Company entered into a consulting agreement with Dr. Nadia Rupniak. As a result of this agreement, Dr. Rupniak received 44,613 non-qualified vested stock options and will receive 17,612 non-qualified stock options that will vest 25% each on the fifth day of each month from June 2016 through September 2016. These stock options have an exercise price of $10.00 per share. As a result of the termination of her employment, Dr. Rupniak forfeited 10,000 previously vested incentive stock options and 33,613 previously vested non-qualified stock options. On March 4, 2016 the Company awarded 242,000 incentive and non-qualified stock options and 158,000 restricted stock units. The exercise price of the stock options is $6.75.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In November 2015, the FASB issued ASU No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes. The new standard requires that deferred tax assets and liabilities be classified as noncurrent in a classified statement of financial position. The Company prospectively adopted this guidance in the fourth quarter of 2015, which resulted in the removal of gross deferred tax assets and liabilities from the Company’s consolidated balance sheet. The net impact was zero and the prior period was not retrospectively adjusted.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). ASU 2016-02 requires lessees to recognize lease assets and lease liabilities for those leases classified as operating leases under previous GAAP. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. The recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee have not significantly changed from previous GAAP. There continues to be a differentiation between finance leases and operating leases. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years, and early adoption is permitted. The Company is currently in the process of evaluating the impact of adoption of ASU No. 2016-02 on its financial statements and related disclosures. In August 2014, the FASB issued guidance that requires management to assess an entity’s ability to continue as a going concern every reporting period, and provide certain disclosures if management has substantial doubt about the entity’s ability to operate as a going concern, or an express statement if not, by incorporating and expanding upon certain principles that are currently in U.S. auditing standards. This guidance is effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. The adoption of this guidance is not expected to have an impact on the Company’s financial position or results of operations. In June 2014, the FASB issued guidance requiring when there is a performance target that affects vesting of equity awards granted and could be achieved after the requisite service period to be treated as a performance condition. A reporting entity should apply existing guidance on stock-based compensation, as it relates to such awards. This guidance is effective for annual periods and interim periods within those annual periods beginning after December 15, 2015 with early adoption permitted using either of two methods: (i) prospective to all awards granted or modified after the effective date; or (ii) retrospective to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter, with the cumulative effect of applying this guidance as an adjustment to the opening retained earnings balance as of the beginning of the earliest annual period presented in the financial statements. The Company has not issued performance-based awards during the year ended December 31, 2015. The Company’s adoption of this guidance is not expected to have a material impact on the financial statements. In May 2014, the FASB issued guidance that affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards (e.g., insurance contracts or lease contracts). The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The amendments are effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early application is not permitted. The Company has not had any revenue from contracts with customers from its inception through December 31, 2015. The Company’s adoption of this guidance is not expected to have a material impact on the financial statements.

Available for Sale Securities (

Available for Sale Securities (Tables)	12 Months Ended
	Dec. 31, 2015
Investments Debt And Equity Securities [Abstract]
Available for Sale Securities	The following table summarizes the available for sale securities held by the Company at December 31, 2015: Gross Unrealized Description Amortized Gains / (Losses) Fair Value December 31, 2015 Available for sale securities: Corporate debt securities $ 36,573,775 $ (43,279 ) $ 36,530,496 Total cash, cash equivalents, and available for sale securities $ 36,573,775 $ (43,279 ) $ 36,530,496
Schedule of Estimated Fair Value of Company's Available For Sale Securities	The estimated fair value of the Company’s available for sale securities at December 31, 2015, by contractual maturity, was as follows: Due in one year or less $ 36,530,496 Due after one year — Total available for sale securities $ 36,530,496

Fair Value of Financial Instr23

Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Schedule of Financial Instruments Measured at Fair Value	Financial instruments measured at fair value are classified as follows: Significant Quoted prices other Significant in active markets observable unobservable for identical assets inputs inputs Total (Level 1) (Level 2) (Level 3) December 31, 2015 Cash and money market $ 27,977,645 $ 27,977,645 $ — $ — Available for sale securities: Corporate debt securities 36,530,496 — 36,530,496 — Total $ 64,508,141 $ 27,977,645 $ 36,530,496 $ — December 31, 2014 Cash and money market $ 204,362 $ 204,362 $ — $ — Total $ 204,362 $ 204,362 $ — $ —

Accrued Expenses (Tables)

Accrued Expenses (Tables)	12 Months Ended
	Dec. 31, 2015
Payables And Accruals [Abstract]
Schedule of Accrued Expenses	Accrued expenses consisted of the following: December 31, December 31, 2015 2014 Payroll and employee-related costs $ 668,604 $ 6,560 Clinical trial costs 1,933,382 — Research and development costs 706,666 26,260 Professional fees 265,589 37,813 Excise tax payable 126,175 — Other 79,740 4,525 $ 3,780,156 $ 75,158

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2015
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of Stock Option Activity	The following summarizes the stock option activity during the year ended December 31, 2015: 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 1,310,031 9.42 Exercised (19,674 ) 4.55 Cancelled / Expired (156,349 ) 8.14 Outstanding at December 31, 2015 1,215,828 $ 9.34 9.4 $ 461,858 Options exercisable at December 31, 2015 233,149 $ 9.82 9.1 $ 29,296 Options vested and expected to vest December 31, 2015 1,044,503 $ 9.37 9.3 $ 375,278
Summary of RSU Activity	The following summarizes RSU activity for the twelve months ended December 31, 2015: Weighted- Weighted- average average grant remaining Aggregate date value contractual intrinsic Shares per share term (years) value Outstanding at December 31, 2014 — $ — — $ — Granted 360,508 10.00 Vested (180,254 ) 10.00 Forfeited — — Outstanding at December 31, 2015 180,254 $ 10.00 9.3 $ 1,508,726 RSUs expected to vest 172,339 $ 10.00 9.3 $ 1,442,477
Schedule of Compensation Cost Related to Share-based Awards	The Company recognized the following compensation cost related to share-based awards in the year ended December 31, 2015: Year ended December 31, 2015 Research and development $ 620,740 General and administrative 3,911,475 Total $ 4,532,215
Schedule of Compensation Expense by Type of Award	Compensation expense by type of award in the year ended December 31, 2015 was as follows: Year ended December 31, 2015 Stock options $ 2,582,170 Restricted stock units 1,942,221 Employee Stock Purchase Plan 7,824 Total $ 4,532,215

Net Loss Per Common Share (Tabl

Net Loss Per Common Share (Tables)	12 Months Ended
	Dec. 31, 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: Year ended December 31, 2015 2014 Numerator: Net loss $ (30,739,529 ) $ (2,953,308 ) 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 - basic and diluted $ (38,494,165 ) $ (2,953,308 ) Denominator: Weighted average common shares outstanding - basic and diluted 10,070,573 140,919 Net loss per share allocable to common stockholders - basic and diluted $ (3.82 ) $ (20.96 )
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: Year ended December 31, 2015 2014 Convertible preferred stock 2,970,193 955,060 Outstanding stock options 805,481 17,255 Outstanding restricted stock units 213,836 — Employee Stock Purchase Plan shares 21,519 —

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Components of Income Tax Expense	The components of income tax expense for the years ended December 31, 2015 and 2014, consisted of the following: Year ended December 31, 2015 2014 Domestic current expense $ — $ — Foreign current expense — 247,500 Domestic deferred expense — — Foreign deferred expense — — Total income tax expense $ — $ 247,500
Significant Components of the Company's Deferred Tax Assets	Significant components of the Company’s deferred tax assets as of December 31, 2015 and 2014, consisted of the following: Year ended December 31, 2015 2014 Current Deferred Tax Assets Accrued expenses $ — $ 12,700 Accrued vacation — 1,600 Valuation allowance — (14,300 ) Net deferred tax assets, current $ — $ — Non-Current Deferred Tax Asset Tax loss carryforwards $ 24,815,400 $ 16,178,500 Contributions carryforward 1,700 1,700 Tax credits 2,122,000 1,163,700 Start-up cost 1,940,300 2,171,600 Patent costs and other intangibles 628,600 703,500 Fixed assets — 400 Stock-based compensation 1,245,400 13,300 Short term unrealized gain/loss 15,800 — Mark to market adjustment 90,200 — Deferred revenue 547,500 — Accrued expense 240,300 — Valuation allowance (31,647,200 ) (20,232,700 ) Net deferred tax assets, non-current $ — $ —
Provision for Income Taxes	Taxes computed at the statutory federal income tax rate of 34% are reconciled to the provision for income taxes as follows: 2015 2014 % of Pretax % of Pretax Amount Earnings Amount Earnings Income tax at statutory rate $ (10,451,400 ) 34.0 % $ (919,700 ) 34.0 % State income taxes (768,900 ) 2.5 % (89,300 ) 3.3 % Foreign income tax — 0.0 % 163,400 -6.0 % Non-deductible expenses 531,700 -1.7 % 164,100 -6.1 % Credits (1,197,800 ) 3.8 % (42,200 ) 1.6 % Change in unrecognized tax benefits 158,100 -0.5 % 192,000 -7.1 % State tax rate adjustment 348,100 -1.1 % — 0.0 % Change in valuation allowance 11,384,300 -37.0 % 797,800 -29.5 % Other (4,100 ) 0.0 % (18,600 ) 0.7 % Income tax expense $ — 0.0 % $ 247,500 -9.1 %
Summary of Change in Gross Unrecognized Tax Positions	The following is a tabular reconciliation of the Company’s change in gross unrecognized tax positions: Balance at December 31, 2014 $ 192,000 Gross increases related to current period 158,000 Gross decreases related to current period — Total income tax (benefit) expense $ 350,000

Accumulated Other Comprehensi28

Accumulated Other Comprehensive Loss (Tables)	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Changes in the Accumulated Balances for Each Component of Accumulated Other Comprehensive Loss, Net of Tax	The following table summarizes the changes in the accumulated balances for each component of accumulated other comprehensive loss, net of tax: Unrealized Loss on Investments Total Balance at December 31, 2014 $ — $ — Other comprehensive loss (43,279 ) (43,279 ) Net current-period other comprehensive loss (43,279 ) (43,279 ) Balance at December 31, 2015 $ (43,279 ) $ (43,279 )

Nature of Operations and Basi29

Nature of Operations and Basis of Presentation - Additional Information (Detail)	May. 11, 2015USD ($)$ / sharesshares	May. 05, 2015shares	Dec. 31, 2015USD ($)Trial	Dec. 31, 2014USD ($)
Basis of Presentation [Line Items]
Number of pivotal phase 3 clinical trials | Trial			2
Net loss			$ (38,494,165)	$ (2,953,308)
Accumulated deficit			$ (87,095,280)	$ (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 Accoun30

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	Mar. 04, 2016	Jan. 28, 2016	Oct. 23, 2013	Dec. 31, 2015	Dec. 31, 2014
Accounting Policies [Line Items]
Fair value, Transfer of assets and liabilities between level one two and three				$ 0	$ 0
Stock options issued				19,674
Stock options yet to be issued				233,149
Stock option exercise price				$ 4.55
Number of shares granted during period				1,310,031	0
Non-Qualified Stock Option [Member]
Accounting Policies [Line Items]
Vesting term				As a result of this agreement, Dr. Rupniak received 44,613 non-qualified vested stock options and will receive 17,612 non-qualified stock options that will vest 25% each on the fifth day of each month from June 2016 through September 2016.
Subsequent Event [Member]
Accounting Policies [Line Items]
Strike price of stock options and restricted stock units	$ 6.75
Subsequent Event [Member] | Non-Qualified Stock Option [Member]
Accounting Policies [Line Items]
Stock options issued		44,613
Stock options yet to be issued		17,612
Vesting percentage		25.00%
Stock option exercise price		$ 10
Forfeiture of previously vested stock option		33,613
Subsequent Event [Member] | Incentive Stock Options [Member]
Accounting Policies [Line Items]
Forfeiture of previously vested stock option		10,000
Subsequent Event [Member] | ISO and Non-Qualified Stock Options [Member]
Accounting Policies [Line Items]
Number of shares granted during period	242,000
Subsequent Event [Member] | Restricted Stock Units [Member]
Accounting Policies [Line Items]
Number of shares granted during period	158,000
Ildong [Member]
Accounting Policies [Line Items]
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
Ildong [Member] | Minimum [Member]
Accounting Policies [Line Items]
Percentage of purchase price per unit on net sales			31.50%
Ildong [Member] | Maximum [Member]
Accounting Policies [Line Items]
Percentage of purchase price per unit on net sales			36.50%
Ildong [Member] | US Food and Drug Administration or European Medicines Agency [Member]
Accounting Policies [Line Items]
Potential milestone payment receivable upon submission of drug			$ 1,000,000
Potential milestone payment receivable upon approval of drug			1,500,000
Ildong [Member] | Republic of Korea [Member]
Accounting Policies [Line Items]
Potential milestone payment receivable upon approval of drug			$ 1,000,000
Significant Unobservable Inputs (Level 3) [Member]
Accounting Policies [Line Items]
Fair value of liabilities				$ 0	$ 0

Available For Sale Securities -

Available For Sale Securities - Summary of Available for Sale Securities (Detail) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 36,573,775
Gross Unrealized Gains / (Losses)	(43,279)
Fair Value	36,530,496	$ 0
Corporate Debt Securities [Member]
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	36,573,775
Gross Unrealized Gains / (Losses)	(43,279)
Fair Value	$ 36,530,496

Available For Sale Securities32

Available For Sale Securities - Additional Information (Detail) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Investments Debt And Equity Securities [Abstract]
Available for sale securities	$ 36,530,496	$ 0

Available For Sale Securities33

Available For Sale Securities - Schedule of Estimated Fair Value of Company's Available For Sale Securities (Detail) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Investments Debt And Equity Securities [Abstract]
Due in one year or less	$ 36,530,496
Total available for sale securities	$ 36,530,496	$ 0

Fair Value of Financial Instr34

Fair Value of Financial Instruments - Schedule of Financial Instruments Measured at Fair Value (Detail) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of financial instruments	$ 64,508,141	$ 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	27,977,645	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	36,530,496
Quoted Prices in Active Markets For Identical Assets (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of financial instruments	27,977,645	204,362
Quoted Prices in Active Markets For Identical Assets (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	27,977,645	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	36,530,496
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	36,530,496
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

Accrued Expenses - Schedule of

Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Accrued Liabilities Current [Abstract]
Payroll and employee-related costs	$ 668,604	$ 6,560
Clinical trial costs	1,933,382
Research and development costs	706,666	26,260
Professional fees	265,589	37,813
Excise tax payable	126,175
Other	79,740	4,525
Total accrued expenses	$ 3,780,156	$ 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 and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($)	Sep. 15, 2015	Feb. 10, 2015	Dec. 31, 2015
American Twine Limited Partnership [Member]
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Estimated rent expense	$ 258,000
Term of operating lease agreements	2 years
Rent expense			$ 83,000
Anticipated rent payment for 2016			128,000
Anticipated rent payment for 2017			92,000
Lilly [Member]
Research and Development Arrangement, Contract to Perform for Others [Line Items]
License agreement date		Dec. 16, 2005
Upfront license fee			$ 1,000,000
Lilly [Member] | Minimum [Member]
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Royalty percentage obligated for payment			8.00%
Lilly [Member] | 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%
Lilly [Member] | 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	Dec. 31, 2015	Dec. 31, 2014
Temporary Equity [Line Items]
Conversion of convertible notes payable to preferred stock		$ 200,000	$ 11,070,061
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 ($)	Mar. 04, 2016	Jan. 02, 2016	Nov. 05, 2015	May. 11, 2015	May. 05, 2015	Apr. 18, 2015	Dec. 31, 2015	Dec. 31, 2014	Jan. 01, 2016	Apr. 16, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted during period							1,310,031	0
Restricted shares issued			180,254
Restricted stock units withheld of federal and state taxes owed			59,794
Future issuance of employee stock purchase plan							300,000
Employee payroll deductions included in additional paid in capital							$ 668,604	$ 6,560
Compensation expense							4,532,215
Compensation expense by type of award							$ 4,532,215	$ 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
Percentage of purchase of common shares at fair market value of common share							85.00%
Employee payroll deductions included in additional paid in capital							$ 18,708
Compensation expense							7,824
Compensation expense by type of award							$ 7,824
Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Future issuance of employee stock purchase plan									450,000
Equity Award Plans [Member] | 2006 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted during period						0
Equity Award Plans [Member] | 2015 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted during period							310,840
Common stock reserved for issuance										1,819,100
Reserved share, percentage of outstanding shares										6.00%
Shares authorized and reserved for issuance										1,200,000
Equity Award Plans [Member] | 2015 Plan [Member] | Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional number of shares reserved for issuance		687,312
Stock Option Awards [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							$ 8.37
Unrecognized stock-based compensation expense relating to unvested employee stock option awards							$ 4,100,000	$ 0
Unrecognized stock-based compensation expense, weighted average period							3 years 1 month 24 days
Weighted average fair value of stock options granted							$ 9.42
Compensation expense by type of award							$ 2,582,170
Stock Option Awards [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate							1.40%
Expected average option life							5 years
Expected volatility							79.10%
Stock Option Awards [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 7 months 6 days
Expected volatility							94.50%
Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense, weighted average period							3 years 4 months 2 days
Restricted shares granted					360,508		360,508
Restricted stock granted, weighted average fair value					$ 10		$ 10
Restricted stock requisite service period					4 years
Unrecognized compensation expense							$ 1,600,000
Compensation expense by type of award							$ 1,942,221
Restricted Stock Units [Member] | After Six Month Of Grant [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
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
Restricted Stock Units [Member] | Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted during period	158,000

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Option Activity (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Shares, Outstanding beginning balance	81,820
Shares, Granted	1,310,031	0
Shares, Exercised	(19,674)
Shares, Cancelled / Expired	(156,349)
Shares, Outstanding ending balance	1,215,828	81,820
Shares, Options exercisable at December 31, 2015	233,149
Shares, Options vested and expected to vest December 31, 2015	1,044,503
Weighted- average price per share, Outstanding beginning balance	$ 4.48
Weighted- average price per share, Granted	9.42
Weighted- average price per share, Exercised	4.55
Weighted- average price per share, Cancelled / Expired	8.14
Weighted- average price per share, Outstanding ending balance	9.34	$ 4.48
Weighted- average price per share, Options exercisable at December 31, 2015	9.82
Weighted- average price per share, Options vested and expected to vest December 31, 2015	$ 9.37
Weighted- average remaining contractual term	9 years 4 months 24 days	3 years
Weighted- average remaining contractual term, Options exercisable at December 31, 2015	9 years 1 month 6 days
Weighted- average remaining contractual term, Options vested and expected to vest December 31, 2015	9 years 3 months 18 days
Aggregate intrinsic value, Outstanding	$ 461,858	$ 255,777
Aggregate intrinsic value, Options exercisable at December 31, 2015	29,296
Aggregate intrinsic value, Options vested and expected to vest December 31, 2015	$ 375,278

Stock-Based Compensation - Su41

Stock-Based Compensation - Summary of RSU Activity (Detail) - Restricted Stock Units [Member] - USD ($)	May. 05, 2015	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares, Granted	360,508	360,508
Shares, Vested		(180,254)
Shares, Outstanding ending balance		180,254
Shares, RSUs expected to vest		172,339
Weighted- average grant date value per share, Granted	$ 10	$ 10
Weighted- average grant date value per share, Vested		10
Weighted- average grant date value per share, Outstanding ending balance		10
Weighted- average grant date value per share, RSUs expected to vest		$ 10
Weighted- average remaining contractual term		9 years 3 months 18 days	0 years
Weighted- average remaining contractual term, RSUs expected to vest		9 years 3 months 18 days
Aggregate intrinsic value, Outstanding ending balance		$ 1,508,726
Aggregate intrinsic value, RSUs expected to vest		$ 1,442,477

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Compensation Cost Related to Share-based Awards (Detail)	12 Months Ended
	Dec. 31, 2015USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 4,532,215
Research and Development [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	620,740
General and Administrative [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 3,911,475

Stock-Based Compensation - Sc43

Stock-Based Compensation - Schedule of Compensation Expense by Type of Award (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense by type of award	$ 4,532,215	$ 0
Stock Option Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense by type of award	2,582,170
Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense by type of award	1,942,221
Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense by type of award	$ 7,824

Net Loss Per Common Share - Com

Net Loss Per Common Share - Computation of Basic And Diluted Net Loss per Share (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Numerator:
Net loss	$ (30,739,529)	$ (2,953,308)
Gain on extinguishment of convertible stock	4,798,194
Accretion of redeemable convertible preferred stock	(12,552,830)
Net loss attributable to common stockholders - basic and diluted	$ (38,494,165)	$ (2,953,308)
Denominator:
Weighted average common shares outstanding - basic and diluted	10,070,573	140,919
Net loss per share allocable to common stockholders - basic and diluted	$ (3.82)	$ (20.96)

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	12 Months Ended
	Dec. 31, 2015	Dec. 31, 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	2,970,193	955,060
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	805,481	17,255
Outstanding Restricted Stock Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock equivalents excluded from calculation of diluted weighted-average shares outstanding	213,836
Employee Stock Purchase Plan Shares [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock equivalents excluded from calculation of diluted weighted-average shares outstanding	21,519

Employee Retirement Plan - Addi

Employee Retirement Plan - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Compensation And Retirement Disclosure [Abstract]
Contribution of retirement plan, employee discretionary contribution amount	$ 0	$ 0

Income Taxes - Components of In

Income Taxes - Components of Income Tax Expense (Detail)	12 Months Ended
	Dec. 31, 2014USD ($)
Income Tax Disclosure [Abstract]
Foreign current expense	$ 247,500
Total income tax expense	$ 247,500

Income Taxes - Components of Co

Income Taxes - Components of Company's Deferred Tax Assets (Detail) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Current Deferred Tax Assets
Accrued expenses		$ 12,700
Accrued vacation		1,600
Valuation allowance		(14,300)
Non-Current Deferred Tax Asset
Tax loss carryforwards	$ 24,815,400	16,178,500
Contributions carryforward	1,700	1,700
Tax credits	2,122,000	1,163,700
Start-up cost	1,940,300	2,171,600
Patent costs and other intangibles	628,600	703,500
Fixed assets		400
Stock-based compensation	1,245,400	13,300
Short term unrealized gain/loss	15,800
Mark to market adjustment	90,200
Deferred revenue	547,500
Accrued expense	240,300
Valuation allowance	$ (31,647,200)	$ (20,232,700)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Schedule Of Income Tax [Line Items]
Increase in valuation allowance	$ 11,414,500
Effect of ownership changes in net operating loss carryforward series of transactions period	3 years
Minimum percentage of ownership change that would have impact in Net operating loss carryforward	50.00%
Statutory federal income tax rate	34.00%	34.00%
Gross unrecognized tax benefits	$ 350,000	$ 192,000
Accrued interest or penalties related to uncertain tax positions	0
Income tax returns under examination	0
Federal [Member]
Schedule Of Income Tax [Line Items]
Net operating loss carryforwards	$ 67,706,800
Net operating loss carryforwards, expiration Year	2,025
Net operating loss carryforwards, expiration Year	2,017
Available to offset future taxable income	$ 5,000
Federal [Member] | Research and Development [Member]
Schedule Of Income Tax [Line Items]
Tax credit carryforwards	$ 2,122,000
Net operating loss carryforwards, expiration Year	2,026
State [Member]
Schedule Of Income Tax [Line Items]
Net operating loss carryforwards	$ 57,327,800
Net operating loss carryforwards, expiration Year	2,021

Income Taxes - Provision for In

Income Taxes - Provision for Income Taxes (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Income tax at statutory rate	$ (10,451,400)	$ (919,700)
State income taxes	(768,900)	(89,300)
Foreign income tax		163,400
Non-deductible expenses	531,700	164,100
Credits	(1,197,800)	(42,200)
Change in unrecognized tax benefits	158,100	192,000
State tax rate adjustment	348,100
Change in valuation allowance	11,384,300	797,800
Other	$ (4,100)	(18,600)
Total income tax expense		$ 247,500
Income tax at statutory rate	34.00%	34.00%
State income taxes	2.50%	3.30%
Foreign income tax	(0.00%)	(6.00%)
Non-deductible expenses	(1.70%)	(6.10%)
Credits	3.80%	1.60%
Change in unrecognized tax benefits	(0.50%)	(7.10%)
State tax rate adjustment	(1.10%)	0.00%
Change in valuation allowance	(37.00%)	(29.50%)
Other	0.00%	0.70%
Income tax expense	0.00%	(9.10%)

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Change in Gross Unrecognized Tax Positions (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Balance at December 31, 2014	$ 350,000	$ 192,000
Gross increases related to current period	158,000
Total income tax (benefit) expense	$ 350,000

Accumulated Other Comprehensi52

Accumulated Other Comprehensive Loss - Changes in the Accumulated Balances for Each Component of Accumulated Other Comprehensive Loss, Net of Tax (Detail)	12 Months Ended
	Dec. 31, 2015USD ($)
Accumulated Other Comprehensive Income Loss [Line Items]
Other comprehensive loss	$ (43,279)
Net current-period other comprehensive loss	(43,279)
Balance at December 31, 2015	(43,279)
Unrealized Loss on Investments [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Other comprehensive loss	(43,279)
Net current-period other comprehensive loss	(43,279)
Balance at December 31, 2015	$ (43,279)