Catalyst Pharmaceuticals (CPRX) 10-Q 10 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Aug. 07, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Trading Symbol	CPRX
Entity Registrant Name	CATALYST PHARMACEUTICALS, INC.
Entity Central Index Key	1,369,568
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		82,475,936

Balance Sheets

Balance Sheets - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Current Assets:
Cash and cash equivalents	$ 37,221,453	$ 9,096,778
Certificates of deposit	3,716,399	3,715,383
Short-term investments	26,465,464	26,462,962
Prepaid expenses and other current assets	861,268	4,552,698
Total current assets	68,264,584	43,827,821
Property and equipment, net	63,294	71,377
Deposits	8,888	8,888
Total assets	68,336,766	43,908,086
Current Liabilities:
Accounts payable	1,316,292	1,814,210
Accrued expenses and other liabilities	1,236,955	4,040,816
Total current liabilities	2,553,247	5,855,026
Accrued expenses and other liabilities, non-current	12,452	15,839
Warrants liability, at fair value	2,979,038	2,794,891
Total liabilities	$ 5,544,737	$ 8,665,756
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.001 par value, 5,000,000 shares authorized: none issued and outstanding
Common stock, $0.001 par value, 150,000,000 and 100,000,000 shares authorized; 82,096,806 shares and 69,119,092 shares issued and outstanding at June 30, 2015 and December 31, 2014, respectively	$ 82,097	$ 69,119
Additional paid-in capital	142,521,354	105,015,871
Accumulated deficit	(79,811,422)	(69,842,660)
Total stockholders' equity	62,792,029	35,242,330
Total liabilities and stockholders' equity	$ 68,336,766	$ 43,908,086

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	150,000,000	100,000,000
Common stock, shares issued	82,096,806	69,119,092
Common stock, shares outstanding	82,096,806	69,119,092

Statements of Operations (unaud

Statements of Operations (unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Operating costs and expenses:
Research and development	$ 2,577,508	$ 2,098,958	$ 4,927,060	$ 4,847,641
General and administrative	2,319,822	891,215	4,262,185	1,650,897
Total operating costs and expenses	4,897,330	2,990,173	9,189,245	6,498,538
Loss from operations	(4,897,330)	(2,990,173)	(9,189,245)	(6,498,538)
Other income, net	4,871	15,744	66,805	48,504
Change in fair value of warrants liability	333,956	(223,591)	(846,322)	(559,105)
Loss before income taxes	(4,558,503)	(3,198,020)	(9,968,762)	(7,009,139)
Provision for income taxes	0	0	0	0
Net loss	$ (4,558,503)	$ (3,198,020)	$ (9,968,762)	$ (7,009,139)
Net loss per share - basic and diluted	$ (0.06)	$ (0.05)	$ (0.13)	$ (0.12)
Weighted average shares outstanding - basic and diluted	82,037,560	66,167,556	79,054,960	60,186,297

Statement of Stockholders' Equi

Statement of Stockholders' Equity (unaudited) - 6 months ended Jun. 30, 2015 - USD ($)	Total	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit[Member]
Beginning Balance at Dec. 31, 2014	$ 35,242,330	$ 0	$ 69,119	$ 105,015,871	$ (69,842,660)
Issuance of common stock, net	34,873,869		11,500	34,862,369
Issuance of stock options for services	640,922			640,922
Amortization of restricted stock for services	37,424			37,424
Exercise of warrants for common stock	1,966,246		804	1,965,442
Exercise of stock options, for common stock			674	(674)
Net loss	(9,968,762)				(9,968,762)
Ending Balance at Jun. 30, 2015	$ 62,792,029	$ 0	$ 82,097	$ 142,521,354	$ (79,811,422)

Statements of Cash Flows (unaud

Statements of Cash Flows (unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Operating Activities:
Net loss	$ (9,968,762)	$ (7,009,139)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	17,123	11,368
Stock-based compensation	678,346	45,700
Change in fair value of warrants liability	846,322	559,105
(Increase) decrease in:
Prepaid expenses and other current assets and deposits	191,430	767,348
Increase (decrease) in:
Accounts payable	(497,918)	387,387
Accrued expenses and other liabilities	692,753	(170,673)
Net cash used in operating activities	(8,040,706)	(5,408,904)
Investing Activities:
Capital expenditures	(9,040)	(30,308)
Redemption (purchase) of short-term investments	(2,502)	(9,014,527)
Redemption (purchase) of certificates of deposit	(1,016)	297,691
Net cash used in investing activities	(12,558)	(8,747,144)
Financing Activities:
Proceeds from issuance of common stock, net	34,873,869	26,725,130
Proceeds from exercise of warrants	1,304,070	16,504
Net cash provided by financing activities	36,177,939	26,741,634
Net increase (decrease) in cash	28,124,675	12,585,586
Cash and cash equivalents at beginning of period	9,096,778	2,215,958
Cash and cash equivalents at end of period	37,221,453	14,801,544
Supplemental disclosures of non-cash investing and financing activity
Exercise of liability classified warrants for common stock	$ 662,175	$ 18,537

Organization and Description of

Organization and Description of Business	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	1. Organization and Description of Business. Catalyst Pharmaceuticals, Inc. (the Company) is a development-stage biopharmaceutical company focused on the development and commercialization of prescription drugs targeting rare (orphan) neuromuscular and 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 June 30, 2015. 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. The Company has conducted two registered direct offerings under the 2014 Shelf Registration Statement. See Note 9. While there can be no assurance, based on currently available information, the Company estimates that it currently has sufficient resources to support its operations through the end of 2016. The Company will require additional funding to support the Company’s operations in periods after 2016. The Company may raise required funds 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 Signi

Basis of Presentation and Significant Accounting Policies	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	2. Basis of Presentation and Significant Accounting Policies. a. INTERIM FINANCIAL STATEMENTS. 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, 2014 included in the 2014 Annual Report on Form 10-K filed by the Company with the SEC. The results of operations for the three and six months ended June 30, 2015 are not necessarily indicative of the results to be expected for any future period or for the full 2015 fiscal year. b. USE OF ESTIMATES. c. CASH AND CASH EQUIVALENTS. d. CERTIFICATES OF DEPOSIT. e. SHORT-TERM INVESTMENTS. f. PREPAID EXPENSES AND OTHER CURRENT ASSETS g. FAIR VALUE OF FINANCIAL INSTRUMENTS. h. FAIR VALUE MEASUREMENTS. 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 Money market funds $ 36,109,973 $ 36,109,973 $ — $ — Certificates of deposit $ 3,716,399 $ — $ 3,716,399 $ — Short-term investments $ 26,465,464 $ 26,465,464 $ — $ — Warrants liability $ 2,979,038 $ — $ — $ 2,979,038 Fair Value Measurements at Reporting Date Using Balances as of Quoted Prices in Significant Significant Money market funds $ 7,053,310 $ 7,053,310 $ — $ — Certificates of deposit $ 3,715,383 $ — $ 3,715,383 $ — Short-term investments $ 26,462,962 $ 26,462,962 $ — $ — Warrants liability $ 2,794,891 $ — $ — $ 2,794,891 i. WARRANTS LIABILITY. j. STOCK-BASED COMPENSATION. As of June 30, 2015, there were outstanding stock options to purchase 3,370,000 shares of common stock, of which stock options to purchase 1,953,333 shares of common stock were exercisable as of June 30, 2015. For the three and six month periods ended June 30, 2015 and 2014, the Company recorded stock-based compensation expense as follows: Three months ended Six months ended 2015 2014 2015 2014 Research and development $ 73,203 $ 12,006 $ 140,144 $ 23,879 General and administrative 290,692 10,564 538,202 21,821 Total stock-based compensation $ 363,895 $ 22,570 $ 678,346 $ 45,700 k. COMPREHENSIVE INCOME (LOSS). l. NET LOSS PER SHARE. June 30, 2015 2014 Options to purchase common stock 3,370,000 3,421,906 Warrants to purchase common stock 2,781,793 4,835,924 Unvested restricted stock 80,000 — Potential equivalent common stock excluded 6,231,793 8,257,830 Potentially dilutive options to purchase common stock as of June 30, 2015 and 2014 have exercise prices per share ranging from $0.47 to $4.64 and $0.47 to $6.00, respectively. Potentially dilutive warrants to purchase common stock as of June 30, 2015 and 2014 have exercise prices ranging from $1.04 to $2.08 per share. m. RECENTLY ISSUED ACCOUNTING STANDARDS.

Warrants Liability, at Fair Val

Warrants Liability, at Fair Value	6 Months Ended
	Jun. 30, 2015
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: June 30, 2015 December 31, 2014 Risk free interest rate 0.58% 0.81% Expected term 1.84 years 2.34 years Expected volatility 73% 112% 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 six month periods ended June 30, 2015 and 2014: Three months ended Six months ended 2015 2014 2015 2014 Fair value, beginning of period $ 3,564,299 $ 2,136,539 $ 2,794,891 $ 1,819,562 Issuance of warrants — — — — Exercise of warrants (251,305 ) — (662,175 ) (18,537 ) Change in fair value (333,956 ) 223,591 846,322 559,105 Fair value, end of period $ 2,979,038 $ 2,360,130 $ 2,979,038 $ 2,360,130 During the three and six month periods ended June 30, 2015, 86,957 and 239,131 of the 2011 warrants were exercised, with proceeds to the Company of $113,044 and $310,870, respectively. During the three month period ending June 30, 2014 none of the 2011 warrants were exercised. During the six month period ended June 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 Curr

Prepaid Expenses and Other Current Assets	6 Months Ended
	Jun. 30, 2015
Text Block [Abstract]
Prepaid Expenses and Other Current Assets	4. Prepaid Expenses and Other Current Assets. Prepaid expenses consist of the following: June 30, 2015 December 31, 2014 Insurance recoverable (see Notes 6 and 7) $ — $ 3,500,000 Prepaid research fees 411,842 571,428 Prepaid insurance 193,295 385,496 Prepaid subscription fees 65,269 30,495 Prepaid offering costs — 20,029 Prepaid rent — 10,870 Prepaid pre-commercialization expenses 153,607 — Other 37,255 34,380 Total prepaid expenses and other current assets $ 861,268 $ 4,552,698

Property and Equipment

Property and Equipment	6 Months Ended
	Jun. 30, 2015
Property, Plant and Equipment [Abstract]
Property and Equipment	5. Property and Equipment. Property and equipment, net consists of the following: June 30, 2015 December 31, 2014 Computer equipment $ 104,794 $ 95,754 Furniture and equipment 88,816 88,816 193,610 184,570 Less: Accumulated depreciation (130,316 ) (113,193 ) Total property and equipment, net $ 63,294 $ 71,377 Depreciation expense was $8,975 and $17,123 for the three and six month periods ended June 30, 2015, and $6,083 and $11,368, for the three and six month periods ended June 30, 2014, respectively. The Company has executed a noncancellable operating lease agreement for its corporate offices. During March 2015, the Company entered into the third amendment of the corporate office lease for an additional space within the same building under substantially the same terms in order to accommodate the Company’s expanding operations.

Accrued Expenses and Other Liab

Accrued Expenses and Other Liabilities	6 Months Ended
	Jun. 30, 2015
Payables and Accruals [Abstract]
Accrued Expenses and Other Liabilities	6. Accrued Expenses and Other Liabilities. Accrued expenses and other liabilities consist of the following: June 30, 2015 December 31, 2014 Accrued settlement liability (see Note 7) $ — $ 3,500,000 Accrued preclinical and clinical trial expenses 349,760 333,928 Accrued professional fees 92,146 43,973 Accrued compensation and benefits 568,886 31,956 Accrued license fees 142,500 115,000 Deferred rent 5,702 4,158 Other 77,961 11,801 Current accrued expenses and other liabilities 1,236,955 4,040,816 Deferred rent- non-current 12,452 15,839 Non-current accrued expenses and other liabilities 12,452 15,839 Total accrued expenses and other liabilities $ 1,249,407 $ 4,056,655 The accrued settlement liability of $3,500,000 as of December 31, 2014 is related to the securities class action lawsuit settlement, as disclosed with more particularity in Note 7. The settlement amount was covered by the Company’s insurance carrier; therefore, there was a corresponding insurance recoverable recorded in “Prepaid Expenses and Other Current Assets” in the accompanying balance sheet as of December 31, 2014. See Notes 4 and 7. The settlement became final on April 16, 2015.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	7. Commitments and Contingencies. a. LICENSE AGREEMENT WITH NORTHWESTERN UNIVERSITY. Under the license agreement with Northwestern, the Company is responsible for continued research and development of any resulting product candidates. As of June 30, 2015, the Company has paid $251,590 in connection with the license and has accrued license fees of $142,500 in the accompanying June 30, 2015 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 August 27, 2015. b. LICENSE AGREEMENT WITH NEW YORK UNIVERSITY AND THE FEINSTEIN INSTITUTE FOR MEDICAL RESEARCH. c. LICENSE AGREEMENT WITH BIOMARIN ® ® As part of the License Agreement, the Company agreed: (i) to pay BioMarin royalties for seven years from the first commercial sale of Firdapse ® ® ® ® ® d. AGREEMENTS FOR DRUG DEVELOPMENT, PRE-CLINICAL AND CLINICAL STUDIES Securities Class Action Lawsuit The Company has settled its previously disclosed class action lawsuit. For historic information about the class action lawsuit that was filed against the Company in late 2013, see Note 7 to the Notes to Financial Statements in the Company’s financial statements for the year ended December 31, 2014. In connection with the settlement, which became final on April 16, 2015, the Company paid $3.5 million to settle this matter, all of which was paid by the Company’s insurance carrier. Under the settlement, the defendants, and various of their related persons and entities, received 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 settlement contains no admission of any liability or wrongdoing on the part of the defendants, each of whom continue to deny all of the allegations against each of them and believe that the claims were without merit. Because the full amount of the settlement payment was paid by the Company’s insurance carrier, the settlement did not have a material adverse effect on the Company’s financial position or results of operations. There were no opt outs from the settlement.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2015
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	6 Months Ended
	Jun. 30, 2015
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. The Company has to date conducted the following sales under the 2014 Shelf Registration Statement: (a) 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. (b) On February 4, 2015, the Company filed a prospectus supplement and offered for sale 11,500,000 shares of its common stock at a price of $3.25 per share in an underwritten public offering. The Company received gross proceeds in the public offering of approximately $37.4 million before underwriting commission and incurred expenses of approximately $2.5 million. Warrant Exercises During the three and six month periods ended June 30, 2015, the Company issued an aggregate of 86,957 and 804,131 shares of its authorized but unissued common stock upon the exercise of previously issued common stock purchase warrants, raising gross proceeds of $113,044 and $1,304,070, respectively. No warrants were exercised during the three month period ended June 30, 2014. During the six month period ended June 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	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock Compensation	10. Stock Compensation. Stock Options During the three and six month periods ended June 30, 2015, the Company granted seven-year options to purchase an aggregate of 230,000 and 415,000 shares of the Company’s common stock to employees and directors, respectively. The options vest over a period of 2 to 3 years. The Company recorded stock-based compensation related to stock options totaling $345,080 and $640,922 respectively, during the three and six month periods ended June 30, 2015. During the three and six month periods ended June 30, 2015, respectively, 70,000 and 95,000 options vested. During the three and six month periods ended June 30, 2014, the Company granted five-year options to purchase an aggregate of 20,000 and 45,000 shares of the Company’s common stock to employees and consultants. The Company recorded stock-based compensation related to stock options totaling $22,570 and $45,700 respectively, during the three and six month periods ended June 30, 2014. During the three and six month periods ended June 30, 2014, respectively, 13,333 and 38,333 options vested. No options were exercised on a cashless basis during the three months ended June 30, 2015, or the three and six month periods ended June 30, 2014. During the six month period ended June 30, 2015, options to purchase 829,608 shares of the Company’s common stock were exercised on a “cashless” basis, resulting in the issuance of an aggregate of 673,583 shares of the Company’s common stock. As of June 30, 2015, there was approximately $2.7 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 2.35 years. Restricted Stock Units No restricted stock units were granted during the three and six month periods ended June 30, 2015 and 2014. The Company recorded stock-based compensation related to restricted stock units totaling $18,815 and $37,424, respectively, during the three and six month periods ended June 30, 2015. As of June 30, 2015, there was $178,845 of total restricted stock unit compensation expense related to non-vested awards not yet recognized, which is expected to be recognized over a weighted average period of 2.37 years.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	11. Subsequent Events. Subsequent to quarter end, the Company issued an aggregate of 329,130 shares of its authorized but unissued common stock upon the exercise of previously issued common stock warrants, raising gross proceeds of $498,069.

Basis of Presentation and Sig18

Basis of Presentation and Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
INTERIM FINANCIAL STATEMENTS	a. INTERIM FINANCIAL STATEMENTS. 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, 2014 included in the 2014 Annual Report on Form 10-K filed by the Company with the SEC. The results of operations for the three and six months ended June 30, 2015 are not necessarily indicative of the results to be expected for any future period or for the full 2015 fiscal year.
USE OF ESTIMATES	b. USE OF ESTIMATES.
CASH AND CASH EQUIVALENTS	c. CASH AND CASH EQUIVALENTS.
CERTIFICATES OF DEPOSIT	d. CERTIFICATES OF DEPOSIT.
SHORT-TERM INVESTMENTS	e. SHORT-TERM INVESTMENTS.
PREPAID EXPENSES AND OTHER CURRENT ASSETS	f. PREPAID EXPENSES AND OTHER CURRENT ASSETS
FAIR VALUE OF FINANCIAL INSTRUMENTS	g. FAIR VALUE OF FINANCIAL INSTRUMENTS.
FAIR VALUE MEASUREMENTS	h. FAIR VALUE MEASUREMENTS. 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 Money market funds $ 36,109,973 $ 36,109,973 $ — $ — Certificates of deposit $ 3,716,399 $ — $ 3,716,399 $ — Short-term investments $ 26,465,464 $ 26,465,464 $ — $ — Warrants liability $ 2,979,038 $ — $ — $ 2,979,038 Fair Value Measurements at Reporting Date Using Balances as of Quoted Prices in Significant Significant Money market funds $ 7,053,310 $ 7,053,310 $ — $ — Certificates of deposit $ 3,715,383 $ — $ 3,715,383 $ — Short-term investments $ 26,462,962 $ 26,462,962 $ — $ — Warrants liability $ 2,794,891 $ — $ — $ 2,794,891
WARRANTS LIABILITY	i. WARRANTS LIABILITY.
STOCK-BASED COMPENSATION	j. STOCK-BASED COMPENSATION. As of June 30, 2015, there were outstanding stock options to purchase 3,370,000 shares of common stock, of which stock options to purchase 1,953,333 shares of common stock were exercisable as of June 30, 2015. For the three and six month periods ended June 30, 2015 and 2014, the Company recorded stock-based compensation expense as follows: Three months ended Six months ended 2015 2014 2015 2014 Research and development $ 73,203 $ 12,006 $ 140,144 $ 23,879 General and administrative 290,692 10,564 538,202 21,821 Total stock-based compensation $ 363,895 $ 22,570 $ 678,346 $ 45,700
COMPREHENSIVE INCOME (LOSS)	k. COMPREHENSIVE INCOME (LOSS).
NET LOSS PER SHARE	l. NET LOSS PER SHARE. June 30, 2015 2014 Options to purchase common stock 3,370,000 3,421,906 Warrants to purchase common stock 2,781,793 4,835,924 Unvested restricted stock 80,000 — Potential equivalent common stock excluded 6,231,793 8,257,830 Potentially dilutive options to purchase common stock as of June 30, 2015 and 2014 have exercise prices per share ranging from $0.47 to $4.64 and $0.47 to $6.00, respectively. Potentially dilutive warrants to purchase common stock as of June 30, 2015 and 2014 have exercise prices ranging from $1.04 to $2.08 per share.
RECENTLY ISSUED ACCOUNTING STANDARDS	m. RECENTLY ISSUED ACCOUNTING STANDARDS.

Basis of Presentation and Sig19

Basis of Presentation and Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2015
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 Money market funds $ 36,109,973 $ 36,109,973 $ — $ — Certificates of deposit $ 3,716,399 $ — $ 3,716,399 $ — Short-term investments $ 26,465,464 $ 26,465,464 $ — $ — Warrants liability $ 2,979,038 $ — $ — $ 2,979,038 Fair Value Measurements at Reporting Date Using Balances as of Quoted Prices in Significant Significant Money market funds $ 7,053,310 $ 7,053,310 $ — $ — Certificates of deposit $ 3,715,383 $ — $ 3,715,383 $ — Short-term investments $ 26,462,962 $ 26,462,962 $ — $ — Warrants liability $ 2,794,891 $ — $ — $ 2,794,891
Stock-Based Compensation Expense	For the three and six month periods ended June 30, 2015 and 2014, the Company recorded stock-based compensation expense as follows: Three months ended Six months ended 2015 2014 2015 2014 Research and development $ 73,203 $ 12,006 $ 140,144 $ 23,879 General and administrative 290,692 10,564 538,202 21,821 Total stock-based compensation $ 363,895 $ 22,570 $ 678,346 $ 45,700
Potential Shares Excluded from Determination of Basic and Diluted Net Loss Per Share	l. NET LOSS PER SHARE. June 30, 2015 2014 Options to purchase common stock 3,370,000 3,421,906 Warrants to purchase common stock 2,781,793 4,835,924 Unvested restricted stock 80,000 — Potential equivalent common stock excluded 6,231,793 8,257,830

Warrants Liability, at Fair V20

Warrants Liability, at Fair Value (Tables)	6 Months Ended
	Jun. 30, 2015
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 six month periods ended June 30, 2015 and 2014: Three months ended Six months ended 2015 2014 2015 2014 Fair value, beginning of period $ 3,564,299 $ 2,136,539 $ 2,794,891 $ 1,819,562 Issuance of warrants — — — — Exercise of warrants (251,305 ) — (662,175 ) (18,537 ) Change in fair value (333,956 ) 223,591 846,322 559,105 Fair value, end of period $ 2,979,038 $ 2,360,130 $ 2,979,038 $ 2,360,130
Warrants Liability, at Fair Value [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: June 30, 2015 December 31, 2014 Risk free interest rate 0.58% 0.81% Expected term 1.84 years 2.34 years Expected volatility 73% 112% Expected dividend yield 0% 0% Expected forfeiture rate 0% 0%

Prepaid Expenses and Other Cu21

Prepaid Expenses and Other Current Assets (Tables)	6 Months Ended
	Jun. 30, 2015
Text Block [Abstract]
Prepaid Expenses	Prepaid expenses consist of the following: June 30, 2015 December 31, 2014 Insurance recoverable (see Notes 6 and 7) $ — $ 3,500,000 Prepaid research fees 411,842 571,428 Prepaid insurance 193,295 385,496 Prepaid subscription fees 65,269 30,495 Prepaid offering costs — 20,029 Prepaid rent — 10,870 Prepaid pre-commercialization expenses 153,607 — Other 37,255 34,380 Total prepaid expenses and other current assets $ 861,268 $ 4,552,698

Property and Equipment (Tables)

Property and Equipment (Tables)	6 Months Ended
	Jun. 30, 2015
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	Property and equipment, net consists of the following: June 30, 2015 December 31, 2014 Computer equipment $ 104,794 $ 95,754 Furniture and equipment 88,816 88,816 193,610 184,570 Less: Accumulated depreciation (130,316 ) (113,193 ) Total property and equipment, net $ 63,294 $ 71,377

Accrued Expenses and Other Li23

Accrued Expenses and Other Liabilities (Tables)	6 Months Ended
	Jun. 30, 2015
Payables and Accruals [Abstract]
Schedule of Accrued Expenses and Other Liabilities	Accrued expenses and other liabilities consist of the following: June 30, 2015 December 31, 2014 Accrued settlement liability (see Note 7) $ — $ 3,500,000 Accrued preclinical and clinical trial expenses 349,760 333,928 Accrued professional fees 92,146 43,973 Accrued compensation and benefits 568,886 31,956 Accrued license fees 142,500 115,000 Deferred rent 5,702 4,158 Other 77,961 11,801 Current accrued expenses and other liabilities 1,236,955 4,040,816 Deferred rent- non-current 12,452 15,839 Non-current accrued expenses and other liabilities 12,452 15,839 Total accrued expenses and other liabilities $ 1,249,407 $ 4,056,655

Organization and Description 24

Organization and Description of Business - Additional Information (Detail) - 2014 Shelf Registration Statement [Member]	6 Months Ended
	Jun. 30, 2015Offerings	Jan. 31, 2014USD ($)
Organization And Description Of Business [Line Items]
Maximum dollar amount of common stock to be issued under shelf registration statement		$ 100,000,000
Number of direct offering under 2014 shelf registration | Offerings	2

Basis of Presentation and Sig25

Basis of Presentation and Significant Accounting Policies - Additional Information (Detail) - $ / shares	1 Months Ended	6 Months Ended
	Oct. 31, 2011	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Summary Of Basis Of Presentation And Significant Accounting Policies [Line Items]
Maximum maturity period of cash and cash equivalent		Three months
Minimum amortization period of compensation cost on straight line basis		3 years
Number of options outstanding		3,370,000
Number of options exercisable		1,953,333
Stock option exercise price range, Minimum		$ 0.47	$ 0.47
Stock option exercise price range, Maximum		$ 4.64	6
October 28, 2011 Warrants [Member] | 2010 Shelf Registration Statement [Member]
Summary Of Basis Of Presentation And Significant Accounting Policies [Line Items]
Warrants issued in offering	1,523,370
Warrants outstanding		1,003,043		1,242,174
Maximum [Member]
Summary Of Basis Of Presentation And Significant Accounting Policies [Line Items]
Maturity period of certificates of deposit		1 year
Potentially dilutive warrants to purchase common stock			$ 2.08
Minimum [Member]
Summary Of Basis Of Presentation And Significant Accounting Policies [Line Items]
Maturity period of certificates of deposit		3 months
Potentially dilutive warrants to purchase common stock		$ 1.04

Basis of Presentation and Sig26

Basis of Presentation and Significant Accounting Policies - Fair Value Measurement Specific to Assets or Liability (Detail) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Certificates of deposit	$ 3,716,399	$ 3,715,383
Short-term investments	26,465,464	26,462,962
Warrants liability	2,979,038	2,794,891
Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	36,109,973	7,053,310
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]
Short-term investments	26,465,464	26,462,962
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	36,109,973	7,053,310
Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Certificates of deposit	3,716,399	3,715,383
Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants liability	$ 2,979,038	$ 2,794,891

Basis of Presentation and Sig27

Basis of Presentation and Significant Accounting Policies - Stock-Based Compensation Expense (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 363,895	$ 22,570	$ 678,346	$ 45,700
Research and Development [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	73,203	12,006	140,144	23,879
General and Administrative [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 290,692	$ 10,564	$ 538,202	$ 21,821

Basis of Presentation and Sig28

Basis of Presentation and Significant Accounting Policies - Potential Shares Excluded from Determination of Basic and Diluted Net Loss Per Share (Detail) - shares	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential equivalent common stock excluded	6,231,793	8,257,830
Options to Purchase Common Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential equivalent common stock excluded	3,370,000	3,421,906
Warrants to Purchase Common Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential equivalent common stock excluded	2,781,793	4,835,924
Unvested Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential equivalent common stock excluded	80,000

Warrants Liability, at Fair V29

Warrants Liability, at Fair Value - Additional Information (Detail) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
	Oct. 31, 2011	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Class of Warrant or Right [Line Items]
Recognition of warrants fair value at date of issuance		$ 0	$ 0	$ 0	$ 0
Number of warrants exercised during the period			0
Proceeds from exercise of warrants		$ 113,044		$ 1,304,070	$ 16,504
October 28, 2011 Warrants [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		86,957	0	239,131	12,696
Proceeds from exercise of warrants		$ 113,044		$ 310,870	$ 16,504

Warrants Liability, at Fair V30

Warrants Liability, at Fair Value - Summary of Assumptions Used in Black-Scholes Model to Calculate Fair Value of Warrants Liability (Detail) - Warrants to Purchase Common Stock [Member]	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Risk free interest rate	0.58%	0.81%
Expected term	1 year 10 months 2 days	2 years 4 months 2 days
Expected volatility	73.00%	112.00%
Expected dividend yield	0.00%	0.00%
Expected forfeiture rate	0.00%	0.00%

Warrants Liability, at Fair V31

Warrants Liability, at Fair Value - Summary of Company's Warrants Liability Activity (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Fair Value Disclosures [Abstract]
Fair value, beginning of period	$ 3,564,299	$ 2,136,539	$ 2,794,891	$ 1,819,562
Issuance of warrants	0	0	0	0
Exercise of warrants	(251,305)		(662,175)	(18,537)
Change in fair value	(333,956)	223,591	846,322	559,105
Fair value, end of period	$ 2,979,038	$ 2,360,130	$ 2,979,038	$ 2,360,130

Prepaid Expenses and Other Cu32

Prepaid Expenses and Other Current Assets - Prepaid Expenses (Detail) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Insurance recoverable		$ 3,500,000
Prepaid research fees	$ 411,842	571,428
Prepaid insurance	193,295	385,496
Prepaid subscription fees	65,269	30,495
Prepaid offering costs		20,029
Prepaid rent		10,870
Prepaid pre-commercialization expenses	153,607
Other	37,255	34,380
Total prepaid expenses and other current assets	$ 861,268	$ 4,552,698

Property and Equipment - Proper

Property and Equipment - Property and Equipment, Net (Detail) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 193,610	$ 184,570
Less: Accumulated depreciation	(130,316)	(113,193)
Total property and equipment, net	63,294	71,377
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	104,794	95,754
Furniture and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 88,816	$ 88,816

Property and Equipment - Additi

Property and Equipment - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Property, Plant and Equipment [Abstract]
Depreciation expenses	$ 8,975	$ 6,083	$ 17,123	$ 11,368

Accrued Expenses and Other Li35

Accrued Expenses and Other Liabilities - Schedule of Accrued Expenses and Other Liabilities (Detail) - USD ($)	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014
Payables and Accruals [Abstract]
Accrued settlement liability		$ 3,500,000	$ 3,500,000
Accrued preclinical and clinical trial expenses	$ 349,760		333,928
Accrued professional fees	92,146		43,973
Accrued compensation and benefits	568,886		31,956
Accrued license fees	142,500		115,000
Deferred rent	5,702		4,158
Other	77,961		11,801
Current accrued expenses and other liabilities	1,236,955		4,040,816
Deferred rent- non-current	12,452		15,839
Non-current accrued expenses and other liabilities	12,452		15,839
Total accrued expenses and other liabilities	$ 1,249,407		$ 4,056,655

Accrued Expenses and Other Li36

Accrued Expenses and Other Liabilities - Additional Information (Detail) - USD ($)	6 Months Ended
	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014
Payables and Accruals [Abstract]
Accrued settlement liability		$ 3,500,000	$ 3,500,000
Settlement liability agreement date	April 16, 2015

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($)	6 Months Ended
	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Oct. 26, 2012
Commitments [Line Items]
Accrued license fees	$ 142,500		$ 115,000
Settlement liability amount		$ 3,500,000	$ 3,500,000
Settlement liability agreement date	April 16, 2015
Northwestern License Agreement [Member]
Commitments [Line Items]
License fee paid	$ 251,590
Accrued license fees	142,500
Milestone payments	$ 150,000
License Agreement with BioMarin [Member]
Commitments [Line Items]
Date on which strategic collaboration is entered into	Oct. 26, 2012
Investment pursuant to strategic collaboration				$ 5,000,000
Royalty agreement period	7 years
Net sales royalty threshold	$ 100,000,000
Milestone payment due upon NDA acceptance	2,600,000
Milestone payment due upon NDA approval	7,200,000
Costs paid for Firdapse joint studies	$ 3,700,000
License Agreement with BioMarin [Member] | Minimum [Member]
Commitments [Line Items]
Percentage of royalty on net sales	7.00%
License Agreement with BioMarin [Member] | Maximum [Member]
Commitments [Line Items]
Percentage of royalty on net sales	10.00%

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - USD ($)	Feb. 04, 2015	Apr. 03, 2014	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Jan. 31, 2014
Stockholders' Equity [Line Items]
Issuance of common stock for warrant exercises			86,957		804,131	12,696
Proceeds from exercise of warrants			$ 113,044		$ 1,304,070	$ 16,504
Number of warrants exercised during the period				0
2014 Shelf Registration Statement [Member]
Stockholders' Equity [Line Items]
Maximum dollar amount of common stock to be issued under shelf registration statement							$ 100,000,000
2014 Shelf Registration Statement [Member] | Underwritten Public Offering [Member]
Stockholders' Equity [Line Items]
Number of common stock sold in offering	11,500,000	13,023,750
Common stock issued, price per share	$ 3.25	$ 2.21
Gross proceeds from issuance of common stock	$ 37,400,000	$ 28,800,000
Offering expenses	$ 2,500,000	$ 2,100,000

Stock Compensation - Additional

Stock Compensation - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 363,895	$ 22,570	$ 678,346	$ 45,700
Options to Purchase Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option granted, contractual term	7 years	5 years	7 years	5 years
Stock options granted	230,000	20,000	415,000	45,000
Stock-based compensation	$ 345,080	$ 22,570	$ 640,922	$ 45,700
Stock option vested during the period	70,000	13,333	95,000	38,333
Number of stock options exercised cashless	0	0	829,608	0
Shares issued for cashless option exercise			673,583
Unrecognized compensation expense related to non-vested stock option awards granted under the Plan	$ 2,700,000		$ 2,700,000
Expected remaining weighted average vesting period			2 years 4 months 6 days
Options to Purchase Common Stock [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option vesting period			2 years
Options to Purchase Common Stock [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option vesting period			3 years
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected remaining weighted average vesting period			2 years 4 months 13 days
Restricted stock unit granted	0	0	0	0
Stock-based compensation expense	$ 18,815		$ 37,424
Total compensation expenses related to non-vested awards not yet recognized	$ 178,845		$ 178,845

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - Jul. 01, 2015 - Subsequent Event [Member] - USD ($)	Total
Subsequent Event [Line Items]
Common stock issued during period	329,130
Gross proceeds from issuance of common stock	$ 498,069