Catalyst Pharmaceuticals (CPRX) 10-Q 13 Nov 14 2014 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Sep. 30, 2014	Nov. 07, 2014
Document And Entity Information [Abstract]	'	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	30-Sep-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q3	'
Trading Symbol	'CPRX	'
Entity Registrant Name	'CATALYST PHARMACEUTICAL PARTNERS, INC.	'
Entity Central Index Key	'0001369568	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Smaller Reporting Company	'
Entity Common Stock, Shares Outstanding	'	69,119,092

Condensed_Balance_Sheets

Condensed Balance Sheets (USD $)	Sep. 30, 2014	Dec. 31, 2013
Current Assets:	'	'
Cash and cash equivalents	$11,263,677	$2,215,958
Certificates of deposit	3,714,634	4,011,576
Short-term investments	26,468,664	17,483,062
Prepaid expenses and other current assets	4,317,358	1,609,442
Total current assets	45,764,333	25,320,038
Property and equipment, net	71,280	40,628
Deposits	8,888	8,888
Total assets	45,844,501	25,369,554
Current Liabilities:	'	'
Accounts payable	524,795	850,789
Accrued expenses and other liabilities	5,414,301	1,288,820
Total current liabilities	5,939,096	2,139,609
Accrued expenses and other liabilities, non-current	15,770	19,131
Warrants liability, at fair value	3,266,917	1,819,562
Total liabilities	9,221,783	3,978,302
Commitments and contingencies	'	'
Stockholders' equity:	'	'
Preferred stock, $0.001 par value, 5,000,000 shares authorized: none issued and outstanding	0	0
Common stock, $0.001 par value, 100,000,000 shares authorized; 67,169,383 shares and 54,132,937 shares issued and outstanding at September 30, 2014 and December 31, 2013, respectively	67,170	54,133
Additional paid-in capital	102,908,178	75,670,718
Accumulated deficit	-66,352,630	-54,333,599
Total stockholders' equity	36,622,718	21,391,252
Total liabilities and stockholders' equity	$45,844,501	$25,369,554

Condensed_Balance_Sheets_Paren

Condensed Balance Sheets (Parenthetical) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Statement of Financial Position [Abstract]	'	'
Preferred stock, par value	$0.00	$0.00
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$0.00	$0.00
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	67,169,383	54,132,937
Common stock, shares outstanding	67,169,383	54,132,937

Condensed_Statements_of_Operat

Condensed Statements of Operations (unaudited) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Operating costs and expenses:	'	'	'	'
Research and development	$2,885,892	$2,804,352	$7,733,533	$6,028,691
General and administrative	1,223,137	441,424	2,874,034	1,576,044
Total operating costs and expenses	4,109,029	3,245,776	10,607,567	7,604,735
Loss from operations	-4,109,029	-3,245,776	-10,607,567	-7,604,735
Interest income	5,924	10,318	54,428	25,311
Change in fair value of warrants liability	-906,787	-2,676,601	-1,465,892	-3,220,514
Loss before income taxes	-5,009,892	-5,912,059	-12,019,031	-10,799,938
Provision for income taxes	'	'	'	'
Net loss	($5,009,892)	($5,912,059)	($12,019,031)	($10,799,938)
Net loss per share - basic and diluted	($0.07)	($0.13)	($0.19)	($0.25)
Weighted average shares outstanding - basic and diluted	67,169,383	44,686,310	62,539,571	42,529,432

Condensed_Statement_of_Stockho

Condensed Statement of Stockholders' Equity (unaudited) (USD $)	Total	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Deficit [Member]
Balance at Dec. 31, 2013	$21,391,252	$0	$54,133	$75,670,718	($54,333,599)
Issuance of common stock, net	26,725,130	'	13,024	26,712,106	'
Issuance of stock options for services	490,326	'	'	490,326	'
Exercise of warrants for common stock	35,041	'	13	35,028	'
Net loss	-12,019,031	'	'	'	-12,019,031
Balance at Sep. 30, 2014	$36,622,718	$0	$67,170	$102,908,178	($66,352,630)

Condensed_Statements_of_Cash_F

Condensed Statements of Cash Flows (unaudited) (USD $)	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Operating Activities:	'	'
Net loss	($12,019,031)	($10,799,938)
Adjustments to reconcile net loss to net cash used in operating activities:	'	'
Depreciation	18,603	16,777
Stock-based compensation	490,326	133,305
Change in fair value of warrants liability	1,465,892	3,220,514
(Increase) decrease in:	'	'
Prepaid expenses and other current assets and deposits	-2,707,916	320,769
Increase (decrease) in:	'	'
Accounts payable	-325,994	107,678
Accrued expenses and other liabilities	4,116,292	1,255,480
Net cash used in operating activities	-8,961,828	-5,745,415
Investing Activities:	'	'
Capital expenditures	-43,427	-9,432
Purchase of short-term investments	-8,985,602	-3,173,484
Proceeds from certificates of deposit	296,942	2,492,665
Net cash used in investing activities	-8,732,087	-690,251
Financing Activities:	'	'
Proceeds from issuance of common stock and warrants, net	26,725,130	14,071,694
Proceeds from exercise of warrants	16,504	3,893,499
Proceeds from exercise of options	0	23,500
Net cash provided by financing activities	26,741,634	17,988,693
Net increase (decrease) in cash	9,047,719	11,553,027
Cash and cash equivalents at beginning of period	2,215,958	1,409,939
Cash and cash equivalents at end of period	11,263,677	12,962,966
Supplemental disclosures of non-cash investing and financing activity	'	'
Exercise of liability classified warrants for common stock	$18,537	$174,900

Organization_and_Description_o

Organization and Description of Business	9 Months Ended
	Sep. 30, 2014
Accounting Policies [Abstract]	'
Organization and Description of Business	'
		1	Organization and Description of Business.
	Catalyst Pharmaceutical Partners, Inc. (the Company) is a development-stage biopharmaceutical company focused on the development and commercialization of prescription drugs targeting rare (orphan) neurological diseases and disorders, including Lambert-Eaton Myasthenic Syndrome (LEMS) and infantile spasms.
	Since inception, the Company has devoted substantially all of its efforts to business planning, research and development, recruiting management and technical staff, acquiring operating assets and raising capital. The Company’s primary focus is on the development and commercialization of its drug candidates. The Company has incurred operating losses in each period from inception through September 30, 2014. The Company has been able to fund its cash needs to date through several public and private offerings of its common stock and warrants, through government grants, and through an investment by a strategic purchaser. See Note 9.
	Capital Resources
	On January 31, 2014, the Company filed a Shelf Registration Statement on Form S-3 (the 2014 Shelf Registration Statement) with the U.S. Securities and Exchange Commission (SEC) to sell up to $100 million of common stock. This registration statement (file No. 333-193699) was declared effective by the SEC on March 19, 2014. On April 3, 2014, the Company sold 13,023,750 shares of its common stock in an underwritten public offering under the 2014 Shelf Registration Statement, raising net proceeds of approximately $26.7 million. While there can be no assurance, based on currently available information, the Company estimates that it currently has sufficient working capital to support its operations through the end of 2015. The Company will require additional capital to support its operations in periods after 2015.
	The Company may raise required funds in the future through public or private equity offerings, debt financings, corporate collaborations, governmental research grants or other means. The Company may also seek to raise new capital to fund additional product development efforts, even if it has sufficient funds for its planned operations. Any sale by the Company of additional equity or convertible debt securities could result in dilution to the Company’s current stockholders. There can be no assurance that any such required additional funding will be available to the Company at all or available on terms acceptable to the Company. Further, to the extent that the Company raises additional funds through collaborative arrangements, it may be necessary to relinquish some rights to the Company’s drug candidates or grant sublicenses on terms that are not favorable to the Company. If the Company is not able to secure additional funding when needed, the Company may have to delay, reduce the scope of, or eliminate one or more research and development programs, which could have an adverse effect on the Company’s business.

Basis_of_Presentation_and_Sign

Basis of Presentation and Significant Accounting Policies	9 Months Ended
	Sep. 30, 2014
Accounting Policies [Abstract]	'
Basis of Presentation and Significant Accounting Policies	'
	2	Basis of Presentation and Significant Accounting Policies.
		a.	INTERIM FINANCIAL STATEMENTS. The accompanying unaudited interim financial statements have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP), and pursuant to the rules and regulations of the SEC for reporting of interim financial information. Pursuant to such rules and regulations, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The balance sheet as of December 31, 2013 included in this Form 10-Q was derived from the audited financial statements and does not include all disclosures required by U.S. GAAP.
	In the opinion of management, the accompanying unaudited interim financial statements of the Company contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly the financial position of the Company as of the dates and for the periods presented. Accordingly, these statements should be read in conjunction with the financial statements and notes thereto for the year ended December 31, 2013 included in the 2013 Annual Report on Form 10-K filed by the Company with the SEC. The results of operations for the three and nine months ended September 30, 2014 are not necessarily indicative of the results to be expected for any future period or for the full 2014 fiscal year.
		b.	USE OF ESTIMATES. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
		c.	CASH AND CASH EQUIVALENTS. The Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents consist of money market funds. The Company has substantially all of its cash and cash equivalents deposited with one financial institution.
		d.	CERTIFICATES OF DEPOSIT. The certificates of deposit are issued by a banking institution and are recorded at cost plus accrued interest. The original maturity is greater than three months but does not exceed one year. Interest income is recorded in the statement of operations as it is earned. Carrying value at September 30, 2014 and December 31, 2013 approximates fair value.
		e.	SHORT-TERM INVESTMENTS. The Company invests in short-term investments in high credit-quality funds in order to obtain higher yields on its cash available for investments. As of September 30, 2014 and December 31, 2013 short-term investments consisted of a short-term bond fund. Such investments are not insured by the Federal Deposit Insurance Corporation. Short-term investments at September 30, 2014 and December 31, 2013 were considered trading securities. Trading securities are recorded at fair value based on the closing market price of the security. For trading securities, the Company recognizes realized gains and losses and unrealized gains and losses to earnings. Realized and unrealized losses for the three and nine months ended September 30, 2014 were $29,430 and $18,316, respectively. Realized and unrealized gains (losses) for the three and nine months ended September 30, 2013 were nominal.
		f.	PREPAID EXPENSES AND OTHER CURRENT ASSETS. Prepaid expenses and other current assets consist primarily of insurance recoverable, prepaid research fees, prepaid insurance and prepaid subscription fees. Insurance recoverable relates to the securities class action lawsuit proposed settlement to be paid by the Company’s insurance carrier. Prepaid research fees consists of advances for the Company’s product development activities, including drug manufacturing, contracts for pre-clinical studies, clinical trials, regulatory affairs and consulting. Such advances are recorded as expense as the related goods are received or the related services are performed.
		g.	FAIR VALUE OF FINANCIAL INSTRUMENTS. The Company’s financial instruments consist of cash and cash equivalents, certificates of deposit, short-term investments, accounts payables, accrued expenses and other liabilities, and warrants liability. At September 30, 2014 and December 31, 2013, the fair value of these instruments approximated their carrying value.
		h.	FAIR VALUE MEASUREMENTS. Current Financial Accounting Standards Board (FASB) fair value guidance emphasizes that fair value is a market-based measurement, not an entity-specific measurement. Therefore, a fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, current FASB guidance establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions that market participants would use in pricing assets or liabilities (unobservable inputs classified within Level 3 of the hierarchy).
	Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, which is typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability.
			Fair Value Measurements at Reporting Date Using
			Balances as of		Quoted Prices in		Significant		Significant
			September 30,		Active Markets		Other		Unobservable
			2014		for Identical		Observable		Inputs
					Assets/Liabilities		Inputs		(Level 3)
					(Level 1)		(Level 2)
	Money market funds		$	10,030,873	$	10,030,873	$	—	$	—
	Certificates of deposit		$	3,714,634	$	—	$	3,714,634	$	—
	Short-term investments		$	26,468,664	$	26,468,664	$	—	$	—
	Warrants liability		$	3,266,917	$	—	$	—	$	3,266,917
			Fair Value Measurements at Reporting Date Using
			Balances as of		Quoted Prices in		Significant		Significant
			December 31,		Active Markets		Other		Unobservable
			2013		for Identical		Observable		Inputs
					Assets/Liabilities		Inputs		(Level 3)
					(Level 1)		(Level 2)
	Money market funds		$	25,693	$	25,693	$	—	$	—
	Certificates of deposit		$	4,011,576	$	—	$	4,011,576	$	—
	Short-term investments		$	17,483,062	$	17,483,062	$	—	$	—
	Warrants liability		$	1,819,562	$	—	$	—	$	1,819,562
		i.	WARRANTS LIABILITY. In October 2011, the Company issued 1,523,370 warrants (the 2011 warrants) to purchase shares of the Company’s common stock in connection with a registered direct offering under the 2010 Shelf Registration Statement. The Company accounted for these warrants as a liability measured at fair value due to a provision included in the warrants agreement that provides the warrants holders with an option to require the Company (or its successor) to purchase their warrants for cash in an amount equal to their Black-Scholes Option Pricing Model (the Black-Scholes Model) value, in the event that certain fundamental transactions, as defined, occur. The fair value of the warrants liability is estimated using the Black-Scholes Model which requires inputs such as the expected term of the warrants, share price volatility and risk-free interest rate. These assumptions are reviewed on a quarterly basis and changes in the estimated fair value of the outstanding warrants are recognized each reporting period in the “Change in fair value of warrants liability” line in the statement of operations. As of September 30, 2014 and December 31, 2013, 1,242,174 and 1,254,870, respectively, of the 2011 warrants remained outstanding.
		j.	STOCK-BASED COMPENSATION. The Company recognizes expense in the statement of operations for the fair value of all share-based payments to employees, directors, consultants and scientific advisors, including grants of stock options and other share-based awards. For stock options, the Company uses the Black-Scholes option valuation model, the single-option award approach, and the straight-line attribution method. Using this approach, compensation cost is amortized on a straight-line basis over the vesting period of each respective stock option, generally three to seven years. The Company estimates forfeitures and adjusts this estimate periodically based on actual forfeitures.
	As of September 30, 2014, there were outstanding stock options to purchase 4,624,610 shares of common stock, of which stock options to purchase 3,227,942 shares of common stock were exercisable as of September 30, 2014.
	For the three and nine month periods ended September 30, 2014 and 2013, the Company recorded stock-based compensation expense as follows:
			Three months ended				Nine months ended
			September 30,				September 30,
			2014		2013		2014		2013
	Research and development		$	35,704	$	23,133	$	59,583	$	63,508
	General and administrative			408,922		23,532		430,743		69,797
	Total stock-based compensation		$	444,626	$	46,665	$	490,326	$	133,305
		k.	COMPREHENSIVE INCOME (LOSS). U.S. generally accepted accounting principles require that all components of comprehensive income (loss) be reported in the financial statements in the period in which they are recognized. Comprehensive income (loss) is net income (loss), plus certain other items that are recorded directly into stockholders’ equity. For all periods presented, the Company’s net loss equals comprehensive loss, since the Company has no items which are considered other comprehensive income (loss).
		l.	NET LOSS PER SHARE. Basic loss per share is computed by dividing net loss for the period by the weighted average number of common shares outstanding during the period. The calculation of basic and diluted net loss per share is the same for all periods presented, as the effect of potential common stock equivalents is anti-dilutive due to the Company’s net loss position for all periods presented. The potential shares, which are excluded from the determination of basic and diluted net loss per share as their effect is anti-dilutive, are as follows:
			September 30,
			2014		2013
	Options to purchase common stock			4,624,610		3,488,906
	Warrants to purchase common stock			4,835,924		4,994,620
	Potential equivalent common stock excluded			9,460,534		8,483,526
	Potentially dilutive options to purchase common stock as of September 30, 2014 and 2013 have exercise prices per share ranging from $0.47 to $3.12 and $0.47 to $6.00, respectively. Potentially dilutive warrants to purchase common stock as of September 30, 2014 and 2013 have exercise prices ranging from $1.04 to $2.08 per share.
		m.	RECENTLY ISSUED ACCOUNTING STANDARDS. In June 2014, the FASB issued ASU No. 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation. The amendments in this ASU include: i) eliminating the requirement to present inception-to-date information on the statements of income, cash flows, and shareholders’ equity, ii) eliminating the need to label the financial statements as those of a development stage entity, iii) eliminating the need to disclose a description of the development stage activities in which the entity is engaged, and iv) eliminating the requirement to disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. The amendments in ASU No. 2014-10 are effective for public companies for annual and interim reporting periods beginning after December 15, 2014. Early adoption is permitted. The Company has early adopted ASU No. 2014-10, beginning with the interim period ended June 30, 2014.
	In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. The amendments in this ASU, require management to assess a company’s ability to continue as a going concern and to provide related footnote disclosures in certain circumstances. The guidance will be effective for the annual period ending after December 15, 2016 and subsequent interim and annual periods thereafter. The Company is currently evaluating the impact of this accounting standard update on its financial statements.

Warrants_Liability_at_Fair_Val

Warrants Liability, at Fair Value	9 Months Ended
	Sep. 30, 2014
Text Block [Abstract]	'
Warrants Liability, at Fair Value	'
	3	Warrants Liability, at Fair Value.
	2011 Warrants
	The Company allocated approximately $1.3 million of proceeds from its October 2011 registered direct offering to the fair value of common stock purchase warrants issued in connection with the offering that are classified as a liability (the 2011 warrants). The 2011 warrants are classified as a liability because of provisions in such warrants that allow for the net cash settlement of such warrants in the event of certain fundamental transactions (as defined in the warrant agreement). The valuation of the 2011 warrants is determined using the Black-Scholes Model. This model uses inputs such as the underlying price of the shares issued when the warrant is exercised, volatility, risk free interest rate and expected life of the instrument. The Company has determined that the 2011 warrants liability should be classified within Level 3 of the fair value hierarchy by evaluating each input for the Black-Scholes Model against the fair value hierarchy criteria and using the lowest level of input as the basis for the fair value classification. There are six inputs: closing price of the Company’s common stock on the day of evaluation; the exercise price of the warrants; the remaining term of the warrants; the volatility of the Company’s common stock; annual rate of dividends; forfeiture rate; and the risk free rate of return. Of those inputs, the exercise price of the warrants and the remaining term are readily observable in the warrants agreement. The annual rate of dividends is based on the Company’s historical practice of not granting dividends. The closing price of the Company’s common stock would fall under Level 1 of the fair value hierarchy as it is a quoted price in an active market. The risk free rate of return is a Level 2 input, while the historical volatility is a Level 3 input in accordance with the fair value accounting guidance. Since the lowest level input is a Level 3, the Company determined the warrants liability is most appropriately classified within Level 3 of the fair value hierarchy. This liability is subject to fair value mark-to-market adjustment each reporting period.
	The calculated value of the 2011 warrants liability was determined using the Black-Scholes Model with the following assumptions:
			September 30, 2014			December 31, 2013
	Risk free interest rate			0.87	%		0.94	%
	Expected term			2.59 years			3.34 years
	Expected volatility			114	%		108	%
	Expected dividend yield			0	%		0	%
	Expected forfeiture rate			0	%		0	%
	The following table rolls forward the fair value of the Company’s warrants liability activity for the three and nine month periods ended September 30, 2014 and 2013:
			Three months ended						Nine months ended
			September 30,						September 30,
			2014			2013			2014			2013
	Fair value, beginning of period		$	2,360,130		$	1,042,500		$	1,819,562		$	498,587
	Issuance of warrants			—			—			—			—
	Exercise of warrants			—			(174,900	)		(18,537	)		(174,900	)
	Change in fair value			906,787			2,676,601			1,465,892			3,220,514
	Fair value, end of period		$	3,266,917		$	3,544,201		$	3,266,917		$	3,544,201
	No warrants were exercised during the three months ended September 30, 2014. During the nine month period ended September 30, 2014, 12,696 of the 2011 warrants were exercised, with proceeds to the Company of $16,504. The Company recognizes the change in the fair value of the warrants liability as a non-operating income or loss in the accompanying statements of operations.

Prepaid_Expenses_and_Other_Cur

Prepaid Expenses and Other Current Assets	9 Months Ended
	Sep. 30, 2014
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]	'
Prepaid Expenses and Other Current Assets	'
	4	Prepaid Expenses and Other Current Assets.
	Prepaid expenses consist of the following:
			September 30, 2014		December 31, 2013
	Insurance recoverable		$	3,500,000	$	—
	Prepaid research fees			514,923		1,334,149
	Prepaid marketing fees			134,091		—
	Prepaid insurance			71,916		219,651
	Prepaid subscription fees			32,452		24,643
	Prepaid offering costs			18,160		—
	Prepaid rent			770		7,848
	Other			45,046		23,151
	Total prepaid expenses and other current assets		$	4,317,358	$	1,609,442

Property_and_Equipment

Property and Equipment	9 Months Ended
	Sep. 30, 2014
Property, Plant and Equipment [Abstract]	'
Property and Equipment	'
	5	Property and Equipment.
	Property and equipment, net consists of the following:
			September 30, 2014			December 31, 2013
	Computer equipment		$	92,498		$	81,551
	Furniture and equipment			84,003			51,523
				176,501			133,074
	Less: Accumulated depreciation			(105,221	)		(92,446	)
	Total property and equipment, net		$	71,280		$	40,628
	Depreciation expense was $7,235 and $18,603 for the three and nine month periods ended September 30, 2014, and $5,707 and $16,777, for the three and nine month periods ended September 30, 2013, respectively. The Company has executed a noncancellable operating lease agreement for its corporate offices. During February 2014, the Company entered into the second amendment of the lease for an additional contiguous space under substantially the same terms.

Accrued_Expenses_and_Other_Lia

Accrued Expenses and Other Liabilities	9 Months Ended
	Sep. 30, 2014
Payables and Accruals [Abstract]	'
Accrued Expenses and Other Liabilities	'
	6	Accrued Expenses and Other Liabilities.
	Accrued expenses and other liabilities consist of the following:
			September 30, 2014		December 31, 2013
	Accrued settlement liability		$	3,500,000	$	—
	Accrued pre-clinical and clinical trial expenses			1,506,668		1,083,749
	Accrued professional fees			201,290		117,240
	Accrued compensation and benefits			92,292		14,539
	Accrued license fees			101,250		65,000
	Deferred rent			4,270		2,746
	Other			8,531		5,546
	Current accrued expenses and other liabilities			5,414,301		1,288,820
	Deferred rent- non-current			15,770		19,131
	Non-current accrued expenses and other liabilities			15,770		19,131
	Total accrued expenses and other liabilities		$	5,430,071	$	1,307,951
	The accrued settlement liability of $3,500,000 as of September 30, 2014 is related to the securities class action lawsuit proposed settlement, as disclosed in Note 7. The proposed settlement amount is expected to be paid for and covered by the Company’s insurance carrier; therefore, there is a corresponding insurance recoverable recorded in “Prepaid Expenses and Other Current Assets” in the accompanying condensed balance sheet as of September 30, 2014.

Commitments_and_Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2014
Commitments and Contingencies Disclosure [Abstract]	'
Commitments and Contingencies	'
	7	Commitments and Contingencies.
		a.	LICENSE AGREEMENT WITH NORTHWESTERN UNIVERSITY. On August 27, 2009, the Company entered into a license agreement with Northwestern University (Northwestern), under which it acquired worldwide rights to commercialize new GABA aminotransferase inhibitors and derivatives of vigabatrin that have been discovered by Northwestern. Under the terms of the license agreement, Northwestern granted the Company an exclusive worldwide license to certain composition of matter patents related to the new class of inhibitors and a patent application relating to derivatives of vigabatrin. The Company has identified and designated the lead compound under this license as CPP-115.
	Under the license agreement with Northwestern, the Company is responsible for continued research and development of any resulting product candidates. As of September 30, 2014, the Company has paid $251,590 in connection with the license and has accrued license fees of $101,250 in the accompanying September 30, 2014 condensed balance sheet for expenses, maintenance fees and milestones. In addition, the Company is obligated to pay certain milestone payments in future years relating to clinical development activities with respect to CPP-115, and royalties on any products resulting from the license agreement. The next milestone payment of $150,000 is due on the earlier of successful completion of the first Phase 2 clinical trial of CPP-115 or August 27, 2015.
		b.	LICENSE AGREEMENT WITH NEW YORK UNIVERSITY AND THE FEINSTEIN INSTITUTE FOR MEDICAL RESEARCH. On December 13, 2011, the Company entered into a license agreement with New York University (NYU) and the Feinstein Institute for Medical Research (FIMR) under which it acquired worldwide rights to commercialize GABA aminotransferase inhibitors in the treatment for Tourette Syndrome. The Company is obligated to pay certain milestone payments in future years relating to clinical development activities and royalties on any products resulting from the license agreement.
		c.	LICENSE AGREEMENT WITH BIOMARIN. On October 26, 2012, the Company entered into a strategic collaboration with BioMarin Pharmaceutical, Inc. (BioMarin) for Firdapse™. The key components of the collaboration include: (i) the Company licensed the exclusive North American rights to Firdapse™ pursuant to a License Agreement, dated as of October 26, 2012 (the License Agreement) between the Company and BioMarin, and (ii) BioMarin made a $5,000,000 investment in the Company pursuant to the terms of a Convertible Promissory Note and Note Purchase Agreement, dated as of October 26, 2012 (the Investment Agreement). The Investment Agreement provides that the Company will use the $5 million solely for the purpose of developing Firdapse™.
	As part of the License Agreement, the Company took over a Phase 3 Trial previously being conducted by BioMarin and was obligated to use its diligent efforts to seek to obtain regulatory approval for and to commercialize Firdapse™ in the United States. The Company was obligated to use diligent efforts to complete the double-blind treatment phase of the Phase 3 trial within 24 months of entering into the License Agreement, and BioMarin had the right to terminate the License Agreement if such treatment phase had not been completed in such 24-month period (unless the Company was using diligent effort to pursue the completion of such treatment phase and had spent at least $5 million in connection with the conduct of the Phase 3 Trial during such 24 month period). On September 29, 2014, the Company announced positive top-line results from its Phase 3 Trial of Firdapse™ for the symptomatic treatment of LEMS. Both co-primary endpoints, quantitative myasthenia gravis score (QMG) and subject global impression (SGI) demonstrated statistical significance, as did a secondary endpoint for the physician’s clinical global impression of improvement (CGI-I). As of September 30, 2014, the Company had disbursed more than $5 million in connection with expenses related to the Phase 3 trial.
	As part of the License Agreement, the Company agreed: (i) to pay BioMarin certain royalty payments based on net sales in North America; (ii) to pay to a third-party licensor of the rights sublicensed certain royalty payments based on net sales in North America, and (iii) to pay certain milestone payments that BioMarin is obligated to make (approximately $2.6 million of which will be due upon acceptance by the FDA of a filing of an NDA for Firdapse™ for the treatment of LEMS, and approximately $7.2 million of which will be due on the unconditional approval by the FDA of an NDA for Firdapse™ for the treatment of LEMS). The Company also agreed to share in the cost of certain post-marketing studies being conducted by BioMarin. As of September 30, 2014, the Company has paid BioMarin $3.1 million related to expenses in connection with Firdapse™ studies and trial. On April 15, 2014, effective as of April 8, 2014, the Company and BioMarin entered into Amendment No. 1 to the License Agreement, amending in certain respects the License Agreement, dated October 26, 2012, between the Company and BioMarin. The amendment related to purchases of additional product by the Company from BioMarin, the sharing of data between the parties with respect to clinical trials and studies undertaken by each party and the payment terms for certain joint studies.
		d.	AGREEMENTS FOR DRUG DEVELOPMENT, PRE-CLINICAL AND CLINICAL STUDIES. The Company has entered into agreements with contract manufacturers for the manufacture of drug and study placebo for the Company’s trials and studies, with contract research organizations (CRO) to conduct and monitor the Company’s trials and studies and with various entities for laboratories and other testing related to the Company’s trials and studies. The contractual terms of the agreements vary, but most require certain advances as well as payments based on the achievement of milestones. Further, these agreements are cancellable at any time, but obligate the Company to reimburse the providers for any time or costs incurred through the date of termination.
	Securities Class Action Lawsuit
	In October 2013 and November 2013, three securities class action lawsuits were filed against the Company and certain of its executive officers and directors seeking unspecified damages in the U.S. District Court for the Southern District of Florida (the Court). These complaints, which were substantially identical, purported to state a claim for violation of federal securities laws on behalf of a class of those who purchased the Company’s common stock between October 31, 2012 and October 18, 2013. Two of the cases were voluntarily dismissed by the plaintiffs and the Court granted the Company’s motion to dismiss on the third case on January 3, 2014. However, the Court granted leave to the plaintiffs to file an amended complaint within 20 days.
	On January 23, 2014, the plaintiffs filed an amended complaint against the Company and one of its executive officers seeking unspecified damages. The amended complaint purports to state a claim for alleged misrepresentations regarding the development of Firdapse™ on behalf of a class of those who purchased shares of the Company’s common stock between August 27, 2013 and October 18, 2013. In February 2014, the Company filed a motion to dismiss the amended complaint, which was granted in part and denied in part by the Court. Subsequently, on September 29, 2014, the Court certified a class consisting of all persons or entities that purchased shares of the Company’s common stock during the period from August 27, 2013, through October 18, 2013 (the Class Period), and who did not sell such securities prior to October 18, 2013 (excluding: defendants; any entities affiliated with the Company, the present and former officers and directors of the Company or any subsidiary or affiliate thereof; members of such excluded persons’ immediate families and their legal representatives, heirs, successors or assigns; and any entity in which any excluded person has or had a controlling interest).
	Following a mediation in mid-October conducted by an independent mediator, the Company entered into a memorandum of understanding (MOU) with the lead plaintiffs in the class action lawsuit to settle the lawsuit. The settlement is subject to the execution of a formal stipulation of settlement between the parties to the lawsuit and approval of the settlement by the Court. The Court has ordered that the formal stipulation of settlement be filed with the Court on or before November 21, 2014.
	Under the MOU, the Company will pay $3.5 million in return for a dismissal and release of all claims against the defendants. The settlement amount is expected to be paid by the Company’s insurance carrier. Under the proposed settlement, the defendants, and various of their related persons and entities, will receive a full release of all claims that were or could have been brought in the action, as well as all claims that arise out of, are based upon, or relate to the allegations, transactions, facts, representations, omissions or other matters involved in the action related in any way to the purchase or acquisition of the Company’s securities by class members during the class period.
	The proposed settlement contains no admission of any liability or wrongdoing on the part of the defendants, each of whom continues to deny all of the allegations against each of them and believes that the claims are without merit. Because the full amount of the proposed settlement payment is expected to be paid by the Company’s insurance carrier, the settlement is not expected to have a material adverse effect on the Company’s financial position or results of operations. There can be no assurance that the settlement will be formally documented and approved by the Court.

Income_Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2014
Income Tax Disclosure [Abstract]	'
Income Taxes	'
		8	Income Taxes.
	The Company is subject to income taxes in the U.S. federal jurisdiction and various states jurisdictions. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment to apply. The Company is not subject to U.S. federal, state and local tax examinations by tax authorities for any years before 2010. If the Company were to subsequently record an unrecognized tax benefit, associated penalties and tax related interest expense would be reported as a component of income tax expense.

Stockholders_Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2014
Equity [Abstract]	'
Stockholders' Equity	'
		9	Stockholders’ Equity.
	2014 Shelf Registration Statement
	On January 31, 2014, the Company filed a Shelf Registration Statement on Form S-3 (the 2014 Shelf Registration Statement) with the SEC to sell up to $100 million of shares of common stock. This registration statement (file No. 333-193699) was declared effective by the SEC on March 19, 2014.
	On April 3, 2014, the Company filed a prospectus supplement and offered for sale 13,023,750 shares of its common stock at a price of $2.21 per share in an underwritten public offering. The Company received gross proceeds in the public offering of approximately $28.8 million before underwriting commission and incurred expenses of approximately $2.1 million.
	At September 30, 2014, there is approximately $71.2 million available for future sale under the 2014 Shelf Registration Statement. If the Company’s public float (the market value of its common stock held by non-affiliate stockholders) falls below $75 million, the Company will be subject to a further limitation under which it can sell no more than one-third (1/3) of its public float during any 12-month period. Further, the number of shares that the Company can sell at any one time may be limited under certain circumstances to 20% of the outstanding common stock under applicable NASDAQ marketplace rules.
	Warrant Exercises
	No warrants were exercised during the three months ended September 30, 2014. During the nine month period ended September 30, 2014, the Company issued an aggregate of 12,696 shares of its authorized but unissued common stock upon the exercise of previously issued common stock purchase warrants, raising gross proceeds of $16,504.

Stock_Compensation

Stock Compensation	9 Months Ended
	Sep. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Stock Compensation	'
	10	Stock Compensation.
	Stock Options
	During the three and nine month periods ended September 30, 2014, the Company granted options to purchase an aggregate of 1,210,000 shares and 1,255,000 shares, respectively, of the Company’s common stock to employees, directors and consultants. Stock option terms ranged from 5 to 7 years. During the nine month period ended September 30, 2013, the Company granted five-year options to purchase an aggregate of 115,000 shares of the Company’s common stock to certain employees. No options were granted during the three month period ended September 30, 2013. The Company recorded stock-based compensation related to stock options totaling $444,626 and $490,326 during the three and nine month periods ending September 30, 2014, respectively. The Company recorded stock-based compensation related to stock options totaling $46,665 and $133,305, during the three and nine month periods ended September 30, 2013, respectively. During the three and nine month periods ended September 30, 2014, 135,000 and 173,333 options vested. No options vested during the three and nine month periods ended September 30, 2013.
	As of September 30, 2014, there was approximately $2.6 million of unrecognized compensation expense related to non-vested stock compensation awards granted under the 2006 and 2014 Stock Incentive Plans. The cost is expected to be recognized over a weighted average period of approximately 2.66 years.
	On February 27, 2014, the Company’s Board of Directors approved the adoption of the “Catalyst Pharmaceutical Partners, Inc. 2014 Stock Incentive Plan” (the 2014 Plan). The 2014 Plan became effective upon stockholder approval of the 2014 Plan at the Company’s 2014 Annual Meeting of Stockholders held on May 15, 2014.

Subsequent_Events

Subsequent Events	9 Months Ended
	Sep. 30, 2014
Subsequent Events [Abstract]	'
Subsequent Events	'
	11	Subsequent Events.
	Subsequent to quarter end, during October 2014, options to purchase 580,000 shares of the Company’s common stock were exercised by employees and directors with proceeds to the Company of $522,000. In addition, options to purchase 185,000 shares of the Company’s common stock were exercised on a “cashless” basis, resulting in the issuance of an aggregate of 119,709 shares of the Company’s common stock.
	In addition, subsequent to quarter end, during October 2014, the Company issued an aggregate of 1.25 million of its authorized but unissued common stock upon the exercise of previously issued common stock purchase warrants, raising gross proceeds of $1.3 million.
	Subsequent to quarter end, the Company entered into an MOU to settle the class action lawsuit pending against the Company. The settlement is subject to the execution of a formal stipulation of settlement between the parties to the lawsuit and approval of the settlement by the Court. For information about the settlement, see Note 7.

Basis_of_Presentation_and_Sign1

Basis of Presentation and Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2014
Accounting Policies [Abstract]	'
INTERIM FINANCIAL STATEMENTS	'
		a.	INTERIM FINANCIAL STATEMENTS. The accompanying unaudited interim financial statements have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP), and pursuant to the rules and regulations of the SEC for reporting of interim financial information. Pursuant to such rules and regulations, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The balance sheet as of December 31, 2013 included in this Form 10-Q was derived from the audited financial statements and does not include all disclosures required by U.S. GAAP.
	In the opinion of management, the accompanying unaudited interim financial statements of the Company contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly the financial position of the Company as of the dates and for the periods presented. Accordingly, these statements should be read in conjunction with the financial statements and notes thereto for the year ended December 31, 2013 included in the 2013 Annual Report on Form 10-K filed by the Company with the SEC. The results of operations for the three and nine months ended September 30, 2014 are not necessarily indicative of the results to be expected for any future period or for the full 2014 fiscal year.
USE OF ESTIMATES	'
		b.	USE OF ESTIMATES. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
CASH AND CASH EQUIVALENTS	'
		c.	CASH AND CASH EQUIVALENTS. The Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents consist of money market funds. The Company has substantially all of its cash and cash equivalents deposited with one financial institution.
CERTIFICATES OF DEPOSIT	'
		d.	CERTIFICATES OF DEPOSIT. The certificates of deposit are issued by a banking institution and are recorded at cost plus accrued interest. The original maturity is greater than three months but does not exceed one year. Interest income is recorded in the statement of operations as it is earned. Carrying value at September 30, 2014 and December 31, 2013 approximates fair value.
SHORT-TERM INVESTMENTS	'
		e.	SHORT-TERM INVESTMENTS. The Company invests in short-term investments in high credit-quality funds in order to obtain higher yields on its cash available for investments. As of September 30, 2014 and December 31, 2013 short-term investments consisted of a short-term bond fund. Such investments are not insured by the Federal Deposit Insurance Corporation. Short-term investments at September 30, 2014 and December 31, 2013 were considered trading securities. Trading securities are recorded at fair value based on the closing market price of the security. For trading securities, the Company recognizes realized gains and losses and unrealized gains and losses to earnings. Realized and unrealized losses for the three and nine months ended September 30, 2014 were $29,430 and $18,316, respectively. Realized and unrealized gains (losses) for the three and nine months ended September 30, 2013 were nominal.
PREPAID EXPENSES AND OTHER CURRENT ASSETS	'
		f.	PREPAID EXPENSES AND OTHER CURRENT ASSETS. Prepaid expenses and other current assets consist primarily of insurance recoverable, prepaid research fees, prepaid insurance and prepaid subscription fees. Insurance recoverable relates to the securities class action lawsuit proposed settlement to be paid by the Company’s insurance carrier. Prepaid research fees consists of advances for the Company’s product development activities, including drug manufacturing, contracts for pre-clinical studies, clinical trials, regulatory affairs and consulting. Such advances are recorded as expense as the related goods are received or the related services are performed.
FAIR VALUE OF FINANCIAL INSTRUMENTS	'
		g.	FAIR VALUE OF FINANCIAL INSTRUMENTS. The Company’s financial instruments consist of cash and cash equivalents, certificates of deposit, short-term investments, accounts payables, accrued expenses and other liabilities, and warrants liability. At September 30, 2014 and December 31, 2013, the fair value of these instruments approximated their carrying value.
FAIR VALUE MEASUREMENTS	'
		h.	FAIR VALUE MEASUREMENTS. Current Financial Accounting Standards Board (FASB) fair value guidance emphasizes that fair value is a market-based measurement, not an entity-specific measurement. Therefore, a fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, current FASB guidance establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions that market participants would use in pricing assets or liabilities (unobservable inputs classified within Level 3 of the hierarchy).
	Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, which is typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability.
			Fair Value Measurements at Reporting Date Using
			Balances as of		Quoted Prices in		Significant		Significant
			September 30,		Active Markets		Other		Unobservable
			2014		for Identical		Observable		Inputs
					Assets/Liabilities		Inputs		(Level 3)
					(Level 1)		(Level 2)
	Money market funds		$	10,030,873	$	10,030,873	$	—	$	—
	Certificates of deposit		$	3,714,634	$	—	$	3,714,634	$	—
	Short-term investments		$	26,468,664	$	26,468,664	$	—	$	—
	Warrants liability		$	3,266,917	$	—	$	—	$	3,266,917
			Fair Value Measurements at Reporting Date Using
			Balances as of		Quoted Prices in		Significant		Significant
			December 31,		Active Markets		Other		Unobservable
			2013		for Identical		Observable		Inputs
					Assets/Liabilities		Inputs		(Level 3)
					(Level 1)		(Level 2)
	Money market funds		$	25,693	$	25,693	$	—	$	—
	Certificates of deposit		$	4,011,576	$	—	$	4,011,576	$	—
	Short-term investments		$	17,483,062	$	17,483,062	$	—	$	—
	Warrants liability		$	1,819,562	$	—	$	—	$	1,819,562
WARRANTS LIABILITY	'
		i.	WARRANTS LIABILITY. In October 2011, the Company issued 1,523,370 warrants (the 2011 warrants) to purchase shares of the Company’s common stock in connection with a registered direct offering under the 2010 Shelf Registration Statement. The Company accounted for these warrants as a liability measured at fair value due to a provision included in the warrants agreement that provides the warrants holders with an option to require the Company (or its successor) to purchase their warrants for cash in an amount equal to their Black-Scholes Option Pricing Model (the Black-Scholes Model) value, in the event that certain fundamental transactions, as defined, occur. The fair value of the warrants liability is estimated using the Black-Scholes Model which requires inputs such as the expected term of the warrants, share price volatility and risk-free interest rate. These assumptions are reviewed on a quarterly basis and changes in the estimated fair value of the outstanding warrants are recognized each reporting period in the “Change in fair value of warrants liability” line in the statement of operations. As of September 30, 2014 and December 31, 2013, 1,242,174 and 1,254,870, respectively, of the 2011 warrants remained outstanding.
STOCK-BASED COMPENSATION	'
		j.	STOCK-BASED COMPENSATION. The Company recognizes expense in the statement of operations for the fair value of all share-based payments to employees, directors, consultants and scientific advisors, including grants of stock options and other share-based awards. For stock options, the Company uses the Black-Scholes option valuation model, the single-option award approach, and the straight-line attribution method. Using this approach, compensation cost is amortized on a straight-line basis over the vesting period of each respective stock option, generally three to seven years. The Company estimates forfeitures and adjusts this estimate periodically based on actual forfeitures.
COMPREHENSIVE INCOME (LOSS)	'
		k.	COMPREHENSIVE INCOME (LOSS). U.S. generally accepted accounting principles require that all components of comprehensive income (loss) be reported in the financial statements in the period in which they are recognized. Comprehensive income (loss) is net income (loss), plus certain other items that are recorded directly into stockholders’ equity. For all periods presented, the Company’s net loss equals comprehensive loss, since the Company has no items which are considered other comprehensive income (loss).
NET LOSS PER SHARE	'
		l.	NET LOSS PER SHARE. Basic loss per share is computed by dividing net loss for the period by the weighted average number of common shares outstanding during the period. The calculation of basic and diluted net loss per share is the same for all periods presented, as the effect of potential common stock equivalents is anti-dilutive due to the Company’s net loss position for all periods presented. The potential shares, which are excluded from the determination of basic and diluted net loss per share as their effect is anti-dilutive, are as follows:
			September 30,
			2014		2013
	Options to purchase common stock			4,624,610		3,488,906
	Warrants to purchase common stock			4,835,924		4,994,620
	Potential equivalent common stock excluded			9,460,534		8,483,526
	Potentially dilutive options to purchase common stock as of September 30, 2014 and 2013 have exercise prices per share ranging from $0.47 to $3.12 and $0.47 to $6.00, respectively. Potentially dilutive warrants to purchase common stock as of September 30, 2014 and 2013 have exercise prices ranging from $1.04 to $2.08 per share.
RECENTLY ISSUED ACCOUNTING STANDARDS	'
		m.	RECENTLY ISSUED ACCOUNTING STANDARDS. In June 2014, the FASB issued ASU No. 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation. The amendments in this ASU include: i) eliminating the requirement to present inception-to-date information on the statements of income, cash flows, and shareholders’ equity, ii) eliminating the need to label the financial statements as those of a development stage entity, iii) eliminating the need to disclose a description of the development stage activities in which the entity is engaged, and iv) eliminating the requirement to disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. The amendments in ASU No. 2014-10 are effective for public companies for annual and interim reporting periods beginning after December 15, 2014. Early adoption is permitted. The Company has early adopted ASU No. 2014-10, beginning with the interim period ended June 30, 2014.
	In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. The amendments in this ASU, require management to assess a company’s ability to continue as a going concern and to provide related footnote disclosures in certain circumstances. The guidance will be effective for the annual period ending after December 15, 2016 and subsequent interim and annual periods thereafter. The Company is currently evaluating the impact of this accounting standard update on its financial statements.

Basis_of_Presentation_and_Sign2

Basis of Presentation and Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2014
Accounting Policies [Abstract]	'
Fair Value Measurement Specific to Assets or Liability	'
	The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability.
			Fair Value Measurements at Reporting Date Using
			Balances as of		Quoted Prices in		Significant		Significant
			September 30,		Active Markets		Other		Unobservable
			2014		for Identical		Observable		Inputs
					Assets/Liabilities		Inputs		(Level 3)
					(Level 1)		(Level 2)
	Money market funds		$	10,030,873	$	10,030,873	$	—	$	—
	Certificates of deposit		$	3,714,634	$	—	$	3,714,634	$	—
	Short-term investments		$	26,468,664	$	26,468,664	$	—	$	—
	Warrants liability		$	3,266,917	$	—	$	—	$	3,266,917
			Fair Value Measurements at Reporting Date Using
			Balances as of		Quoted Prices in		Significant		Significant
			December 31,		Active Markets		Other		Unobservable
			2013		for Identical		Observable		Inputs
					Assets/Liabilities		Inputs		(Level 3)
					(Level 1)		(Level 2)
	Money market funds		$	25,693	$	25,693	$	—	$	—
	Certificates of deposit		$	4,011,576	$	—	$	4,011,576	$	—
	Short-term investments		$	17,483,062	$	17,483,062	$	—	$	—
	Warrants liability		$	1,819,562	$	—	$	—	$	1,819,562
Stock-Based Compensation Expense	'
	For the three and nine month periods ended September 30, 2014 and 2013, the Company recorded stock-based compensation expense as follows:
			Three months ended				Nine months ended
			September 30,				September 30,
			2014		2013		2014		2013
	Research and development		$	35,704	$	23,133	$	59,583	$	63,508
	General and administrative			408,922		23,532		430,743		69,797
	Total stock-based compensation		$	444,626	$	46,665	$	490,326	$	133,305
Potential Shares Excluded from Determination of Basic and Diluted Net Loss Per Share	'
		l.	NET LOSS PER SHARE. Basic loss per share is computed by dividing net loss for the period by the weighted average number of common shares outstanding during the period. The calculation of basic and diluted net loss per share is the same for all periods presented, as the effect of potential common stock equivalents is anti-dilutive due to the Company’s net loss position for all periods presented. The potential shares, which are excluded from the determination of basic and diluted net loss per share as their effect is anti-dilutive, are as follows:
			September 30,
			2014		2013
	Options to purchase common stock			4,624,610		3,488,906
	Warrants to purchase common stock			4,835,924		4,994,620
	Potential equivalent common stock excluded			9,460,534		8,483,526

Warrants_Liability_at_Fair_Val1

Warrants Liability, at Fair Value (Tables)	9 Months Ended
	Sep. 30, 2014
Summary of Company's Warrants Liability Activity	'
	The following table rolls forward the fair value of the Company’s warrants liability activity for the three and nine month periods ended September 30, 2014 and 2013:
		Three months ended						Nine months ended
		September 30,						September 30,
		2014			2013			2014			2013
	Fair value, beginning of period	$	2,360,130		$	1,042,500		$	1,819,562		$	498,587
	Issuance of warrants		—			—			—			—
	Exercise of warrants		—			(174,900	)		(18,537	)		(174,900	)
	Change in fair value		906,787			2,676,601			1,465,892			3,220,514
	Fair value, end of period	$	3,266,917		$	3,544,201		$	3,266,917		$	3,544,201
Warrant [Member]	'
Summary of Assumptions Used in Black-Scholes Model to Calculate Fair Value of Warrants Liability	'
	The calculated value of the 2011 warrants liability was determined using the Black-Scholes Model with the following assumptions:
		September 30, 2014			December 31, 2013
	Risk free interest rate		0.87	%		0.94	%
	Expected term		2.59 years			3.34 years
	Expected volatility		114	%		108	%
	Expected dividend yield		0	%		0	%
	Expected forfeiture rate		0	%		0	%

Prepaid_Expenses_and_Other_Cur1

Prepaid Expenses and Other Current Assets (Tables)	9 Months Ended
	Sep. 30, 2014
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]	'
Prepaid Expenses and Other Current Assets	'
	Prepaid expenses consist of the following:
		September 30, 2014		December 31, 2013
	Insurance recoverable	$	3,500,000	$	—
	Prepaid research fees		514,923		1,334,149
	Prepaid marketing fees		134,091		—
	Prepaid insurance		71,916		219,651
	Prepaid subscription fees		32,452		24,643
	Prepaid offering costs		18,160		—
	Prepaid rent		770		7,848
	Other		45,046		23,151
	Total prepaid expenses and other current assets	$	4,317,358	$	1,609,442

Property_and_Equipment_Tables

Property and Equipment (Tables)	9 Months Ended
	Sep. 30, 2014
Property, Plant and Equipment [Abstract]	'
Property and Equipment, Net	'
	Property and equipment, net consists of the following:
		September 30, 2014			December 31, 2013
	Computer equipment	$	92,498		$	81,551
	Furniture and equipment		84,003			51,523
			176,501			133,074
	Less: Accumulated depreciation		(105,221	)		(92,446	)
	Total property and equipment, net	$	71,280		$	40,628

Accrued_Expenses_and_Other_Lia1

Accrued Expenses and Other Liabilities (Tables)	9 Months Ended
	Sep. 30, 2014
Payables and Accruals [Abstract]	'
Schedule of Accrued Expenses and Other Liabilities	'
	Accrued expenses and other liabilities consist of the following:
		September 30, 2014		December 31, 2013
	Accrued settlement liability	$	3,500,000	$	—
	Accrued pre-clinical and clinical trial expenses		1,506,668		1,083,749
	Accrued professional fees		201,290		117,240
	Accrued compensation and benefits		92,292		14,539
	Accrued license fees		101,250		65,000
	Deferred rent		4,270		2,746
	Other		8,531		5,546
	Current accrued expenses and other liabilities		5,414,301		1,288,820
	Deferred rent- non-current		15,770		19,131
	Non-current accrued expenses and other liabilities		15,770		19,131
	Total accrued expenses and other liabilities	$	5,430,071	$	1,307,951

Organization_and_Description_o1

Organization and Description of Business - Additional Information (Detail) (2014 Shelf Registration Statement [Member], USD $)	Jan. 31, 2014	Apr. 03, 2014	Sep. 30, 2014
In Millions, except Share data, unless otherwise specified		Underwritten Public Offering [Member]	Underwritten Public Offering [Member]
Organization And Description Of Business [Line Items]	'	'	'
Maximum shares of common stock to be issued under shelf registration statement	$100	'	'
Net proceeds from issuance of common stock	'	$26.70	'
Date of public offering	'	'	3-Apr-14
Number of common stock sold in offering	'	13,023,750	'

Basis_of_Presentation_and_Sign3

Basis of Presentation and Significant Accounting Policies - Additional Information (Detail) (USD $)	3 Months Ended	9 Months Ended		1 Months Ended	9 Months Ended		9 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2013	Oct. 31, 2011	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
				October 28, 2011 Warrants [Member]	October 28, 2011 Warrants [Member]	October 28, 2011 Warrants [Member]	Minimum [Member]	Minimum [Member]	Maximum [Member]	Maximum [Member]
				2010 Shelf Registration Statement [Member]	2010 Shelf Registration Statement [Member]	2010 Shelf Registration Statement [Member]
Summary Of Basis Of Presentation And Significant Accounting Policies [Line Items]	'	'	'	'	'	'	'	'	'	'
Maximum maturity period of cash and cash equivalent	'	'3 months	'	'	'	'	'	'	'	'
Maturity period of certificates of deposit	'	'	'	'	'	'	'3 months	'	'1 year	'
Realized and unrealized losses on trading securities	$29,430	$18,316	'	'	'	'	'	'	'	'
Number of warrants sold in offering	'	'	'	1,523,370	'	'	'	'	'	'
Warrants outstanding	'	'	'	'	1,242,174	1,254,870	'	'	'	'
Method used for fair value assumption	'	'	'	'	'Black-Scholes Option Pricing Model	'	'	'	'	'
Minimum amortization period of compensation cost on straight line basis	'	'3 years	'	'	'	'	'	'	'	'
Maximum amortization period of compensation cost on straight line basis	'	'7 years	'	'	'	'	'	'	'	'
Number of options outstanding	4,624,610	4,624,610	'	'	'	'	'	'	'	'
Number of options exercisable	3,227,942	3,227,942	'	'	'	'	'	'	'	'
Stock option exercise price range, Minimum	'	$0.47	$0.47	'	'	'	'	'	'	'
Stock option exercise price range, Maximum	'	$3.12	$6	'	'	'	'	'	'	'
Potentially dilutive warrants to purchase common stock	'	'	'	'	'	'	$1.04	$1.04	$2.08	$2.08

Basis_of_Presentation_and_Sign4

Basis of Presentation and Significant Accounting Policies - Fair Value Measurement Specific to Assets or Liability (Detail) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Money market funds	$10,030,873	$25,693
Certificates of deposit	3,714,634	4,011,576
Short-term investments	26,468,664	17,483,062
Warrants liability	3,266,917	1,819,562
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Money market funds	10,030,873	25,693
Short-term investments	26,468,664	17,483,062
Significant Other Observable Inputs (Level 2) [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Certificates of deposit	3,714,634	4,011,576
Significant Unobservable Inputs (Level 3) [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Warrants liability	$3,266,917	$1,819,562

Basis_of_Presentation_and_Sign5

Basis of Presentation and Significant Accounting Policies - Stock-Based Compensation Expense (Detail) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]	'	'	'	'
Total stock-based compensation	$444,626	$46,665	$490,326	$133,305
Research and Development [Member]	'	'	'	'
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]	'	'	'	'
Total stock-based compensation	35,704	23,133	59,583	63,508
General and Administrative [Member]	'	'	'	'
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]	'	'	'	'
Total stock-based compensation	$408,922	$23,532	$430,743	$69,797

Basis_of_Presentation_and_Sign6

Basis of Presentation and Significant Accounting Policies - Potential Shares Excluded from Determination of Basic and Diluted Net Loss Per Share (Detail)	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'
Potential equivalent common stock excluded	9,460,534	8,483,526
Options to Purchase Common Stock [Member]	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'
Potential equivalent common stock excluded	4,624,610	3,488,906
Warrants to Purchase Common Stock [Member]	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'
Potential equivalent common stock excluded	4,835,924	4,994,620

Warrants_Liability_at_Fair_Val2

Warrants Liability, at Fair Value - Additional Information (Detail) (USD $)	3 Months Ended		9 Months Ended		1 Months Ended	3 Months Ended	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Oct. 31, 2011	Sep. 30, 2014	Sep. 30, 2014
					October 28, 2011 Warrants [Member]	October 28, 2011 Warrants [Member]	October 28, 2011 Warrants [Member]
					Warrant Liability [Member]	Warrant Liability [Member]	Warrant Liability [Member]
Class of Warrant or Right [Line Items]	'	'	'	'	'	'	'
Recognition of warrants fair value at date of issuance	'	'	'	'	$1,300,000	'	'
Number of warrants exercised during the period	0	'	'	'	'	0	12,696
Proceeds from exercise of warrants	'	'	$16,504	$3,893,499	'	'	$16,504

Warrants_Liability_at_Fair_Val3

Warrants Liability, at Fair Value - Summary of Assumptions Used in Black-Scholes Model to Calculate Fair Value of Warrants Liability (Detail) (Warrant [Member])	9 Months Ended	12 Months Ended
	Sep. 30, 2014	Dec. 31, 2013
Warrant [Member]	'	'
Fair Value Inputs Assets Liabilities Quantitative Information [Line Items]	'	'
Risk free interest rate	0.87%	0.94%
Expected term	'2 years 7 months 2 days	'3 years 4 months 2 days
Expected volatility	114.00%	108.00%
Expected dividend yield	0.00%	0.00%
Expected forfeiture rate	0.00%	0.00%

Warrants_Liability_at_Fair_Val4

Warrants Liability, at Fair Value - Summary of Company's Warrants Liability Activity (Detail) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Fair Value Disclosures [Abstract]	'	'	'	'
Fair value, beginning of period	$2,360,130	$1,042,500	$1,819,562	$498,587
Issuance of warrants	'	'	'	'
Exercise of warrants	'	-174,900	-18,537	-174,900
Change in fair value	906,787	2,676,601	1,465,892	3,220,514
Fair value, end of period	$3,266,917	$3,544,201	$3,266,917	$3,544,201

Prepaid_Expenses_and_Other_Cur2

Prepaid Expenses and Other Current Assets - Prepaid Expenses and Other Current Assets (Detail) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]	'	'
Insurance recoverable	$3,500,000	'
Prepaid research fees	514,923	1,334,149
Prepaid marketing fees	134,091	'
Prepaid insurance	71,916	219,651
Prepaid subscription fees	32,452	24,643
Prepaid offering costs	18,160	'
Prepaid rent	770	7,848
Other	45,046	23,151
Total prepaid expenses and other current assets	$4,317,358	$1,609,442

Property_and_Equipment_Propert

Property and Equipment - Property and Equipment, Net (Detail) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Property, Plant and Equipment [Line Items]	'	'
Property and equipment, gross	$176,501	$133,074
Less: Accumulated depreciation	-105,221	-92,446
Total property and equipment, net	71,280	40,628
Computer Equipment [Member]	'	'
Property, Plant and Equipment [Line Items]	'	'
Property and equipment, gross	92,498	81,551
Furniture and Equipment [Member]	'	'
Property, Plant and Equipment [Line Items]	'	'
Property and equipment, gross	$84,003	$51,523

Property_and_Equipment_Additio

Property and Equipment - Additional Information (Detail) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Property, Plant and Equipment [Abstract]	'	'	'	'
Depreciation expenses	$7,235	$5,707	$18,603	$16,777

Accrued_Expenses_and_Other_Lia2

Accrued Expenses and Other Liabilities - Schedule of Accrued Expenses and Other Liabilities (Detail) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Payables and Accruals [Abstract]	'	'
Accrued settlement liability	$3,500,000	'
Accrued pre-clinical and clinical trial expenses	1,506,668	1,083,749
Accrued professional fees	201,290	117,240
Accrued compensation and benefits	92,292	14,539
Accrued license fees	101,250	65,000
Deferred rent	4,270	2,746
Other	8,531	5,546
Current accrued expenses and other liabilities	5,414,301	1,288,820
Deferred rent- non-current	15,770	19,131
Non-current accrued expenses and other liabilities	15,770	19,131
Total accrued expenses and other liabilities	$5,430,071	$1,307,951

Accrued_Expenses_and_Other_Lia3

Accrued Expenses and Other Liabilities - Additional Information (Detail) (USD $)	Sep. 30, 2014
Payables and Accruals [Abstract]	'
Accrued settlement liability	$3,500,000

Commitments_and_Contingencies_

Commitments and Contingencies - Additional Information (Detail) (USD $)	2 Months Ended	9 Months Ended		9 Months Ended
	Nov. 30, 2013	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2014	Sep. 30, 2014	Oct. 26, 2012	Sep. 30, 2014
	Lawsuits	Lawsuits		Northwestern License Agreement [Member]	License Agreement with BioMarin [Member]	License Agreement with BioMarin [Member]	License Agreement with BioMarin [Member]
							Minimum [Member]
Commitments [Line Items]	'	'	'	'	'	'	'
License fee paid	'	'	'	$251,590	'	'	'
Accrued license fees	'	101,250	65,000	101,250	'	'	'
Milestone payments	'	'	'	150,000	'	'	'
Date on which strategic collaboration is entered into	'	'	'	'	26-Oct-12	'	'
Investment pursuant to strategic collaboration	'	'	'	'	'	5,000,000	'
Investment solely for purpose of developing Firdapse	'	'	'	'	'	5,000,000	'
Minimum amount to be spent for Firdapse Phase 3 trial	'	'	'	'	5,000,000	'	'
Estimated time from entering license agreement to completion of double blind treatment phase period of Firdapse phase three trial	'	'	'	'	'24 months	'	'
Costs paid in connection with Firdapse Phase 3 trial	'	'	'	'	3,100,000	'	5,000,000
Milestone payment due upon NDA acceptance	'	'	'	'	2,600,000	'	'
Milestone payment due upon NDA approval	'	'	'	'	7,200,000	'	'
Number of lawsuits filed	3	'	'	'	'	'	'
Number of lawsuits dismissed	'	2	'	'	'	'	'
Date of dismissal of lawsuits	'	3-Jan-14	'	'	'	'	'
Number of days granted to plaintiffs to file an amended complaint	'	'20 days	'	'	'	'	'
Accrued settlement liability	'	$3,500,000	'	'	'	'	'

Stockholders_Equity_Additional

Stockholders' Equity - Additional Information (Detail) (USD $)	3 Months Ended	9 Months Ended				0 Months Ended	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Jan. 31, 2014	Apr. 03, 2014	Sep. 30, 2014	Apr. 03, 2014
				2014 Shelf Registration Statement [Member]	2014 Shelf Registration Statement [Member]	2014 Shelf Registration Statement [Member]	2014 Shelf Registration Statement [Member]	2014 Shelf Registration Statement [Member]
						Underwritten Public Offering [Member]	Underwritten Public Offering [Member]	Underwritten Public Offering [Member]
Stockholders' Equity [Line Items]	'	'	'	'	'	'	'	'
Maximum common stock to be issued under shelf registration statement	'	'	'	'	$100,000,000	'	'	'
Date of public offering	'	'	'	'	'	'	3-Apr-14	'
Number of common stock sold in offering	'	'	'	'	'	13,023,750	'	'
Common stock issued, price per share	'	'	'	'	'	'	'	$2.21
Proceeds from issuance of common stock	'	'	'	'	'	28,800,000	'	'
Offering expenses	'	'	'	'	'	2,100,000	'	'
Common stock available for future sale	'	'	'	71,200,000	'	'	'	'
Value of public float below which agreed limitation arise	'	'	'	75,000,000	'	'	'	'
Maximum percentage of outstanding shares that company can sell under shelf registration statement	'	'	'	20.00%	'	'	'	'
Issuance of common stock for warrant exercises	'	12,696	'	'	'	'	'	'
Number of warrants exercised during the period	0	'	'	'	'	'	'	'
Proceeds from exercise of warrants	'	$16,504	$3,893,499	'	'	'	'	'

Stock_Compensation_Additional_

Stock Compensation - Additional Information (Detail) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Stock-based compensation	$444,626	$46,665	$490,326	$133,305
Stock Options [Member]	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Stock options granted during the period	1,210,000	0	1,255,000	115,000
Stock option granted, contractual term	'	'	'	'5 years
Stock-based compensation	444,626	46,665	490,326	133,305
Stock option vested during the period	135,000	0	173,333	0
Unrecognized compensation expense related to non-vested stock option awards granted under the Plan	$2,600,000	'	$2,600,000	'
Expected remaining weighted average vesting period	'	'	'2 years 7 months 28 days	'
Minimum [Member] | Stock Options [Member]	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Stock option granted, contractual term	'5 years	'	'5 years	'
Maximum [Member] | Stock Options [Member]	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Stock option granted, contractual term	'7 years	'	'7 years	'

Subsequent_Events_Additional_I

Subsequent Events - Additional Information (Detail) (USD $)	9 Months Ended		1 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Oct. 31, 2014	Oct. 31, 2014
			Subsequent Event [Member]	Subsequent Event [Member]
				Equity Option [Member]
Subsequent Event [Line Items]	'	'	'	'
Number of stock options exercised	'	'	580,000	185,000
Proceeds from exercise of options	$0	$23,500	$522,000	'
Shares issued for cashless option exercise	'	'	119,709	'
Issuance of common stock for warrant exercises	12,696	'	1,250,000	'
Proceeds from exercise of warrants	$16,504	$3,893,499	$1,300,000	'