Catalyst Pharmaceuticals (CPRX) 10-Q 9 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Aug. 05, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
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		82,870,649

Balance Sheets

Balance Sheets - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Current Assets:
Cash and cash equivalents	$ 18,717,104	$ 28,235,016
Certificates of deposit	2,767,946	3,717,229
Short-term investments	26,537,413	26,444,150
Prepaid expenses and other current assets	650,977	1,504,738
Total current assets	48,673,440	59,901,133
Property and equipment, net	258,518	191,549
Deposits	8,888	8,888
Total assets	48,940,846	60,101,570
Current Liabilities:
Accounts payable	707,292	1,794,127
Accrued expenses and other liabilities	1,598,165	1,646,476
Total current liabilities	2,305,457	3,440,603
Accrued expenses and other liabilities, non-current	188,032	176,293
Warrants liability, at fair value	122,224	1,008,363
Total liabilities	2,615,713	4,625,259
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 shares authorized; 82,870,649 shares and 82,850,619 shares issued and outstanding at June 30, 2016 and December 31, 2015, respectively	82,871	82,851
Additional paid-in capital	146,273,031	145,469,078
Accumulated deficit	(100,030,769)	(90,075,618)
Total stockholders' equity	46,325,133	55,476,311
Total liabilities and stockholders' equity	$ 48,940,846	$ 60,101,570

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2016	Dec. 31, 2015
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	150,000,000
Common stock, shares issued	82,870,649	82,850,619
Common stock, shares outstanding	82,870,649	82,850,619

Statements of Operations (unaud

Statements of Operations (unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Operating costs and expenses:
Research and development	$ 2,508,897	$ 2,577,508	$ 6,055,288	$ 4,927,060
General and administrative	2,305,555	2,319,822	4,996,700	4,262,185
Total operating costs and expenses	4,814,452	4,897,330	11,051,988	9,189,245
Loss from operations	(4,814,452)	(4,897,330)	(11,051,988)	(9,189,245)
Other income, net	92,755	4,871	210,698	66,805
Change in fair value of warrants liability	152,783	333,956	886,139	(846,322)
Loss before income taxes	(4,568,914)	(4,558,503)	(9,955,151)	(9,968,762)
Provision for income taxes	0	0	0	0
Net loss	$ (4,568,914)	$ (4,558,503)	$ (9,955,151)	$ (9,968,762)
Net loss per share - basic and diluted	$ (0.06)	$ (0.06)	$ (0.12)	$ (0.13)
Weighted average shares outstanding - basic and diluted	82,870,649	82,037,560	82,865,366	79,054,960

Statement of Stockholders' Equi

Statement of Stockholders' Equity (unaudited) - 6 months ended Jun. 30, 2016 - USD ($)	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]
Beginning Balance at Dec. 31, 2015	$ 55,476,311	$ 82,851	$ 145,469,078	$ (90,075,618)
Issuance of stock options for services	777,712		777,712
Amortization of restricted stock for services	37,526		37,526
Exercise of stock options for common stock	(11,265)	20	(11,285)
Net loss	(9,955,151)			(9,955,151)
Ending Balance at Jun. 30, 2016	$ 46,325,133	$ 82,871	$ 146,273,031	$ (100,030,769)

Statements of Cash Flows (unaud

Statements of Cash Flows (unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Operating Activities:
Net loss	$ (9,955,151)	$ (9,968,762)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	21,960	17,123
Stock-based compensation	815,238	678,346
Change in fair value of warrants liability	(886,139)	846,322
(Increase) decrease in:
Prepaid expenses and other current assets and deposits	853,761	191,430
Increase (decrease) in:
Accounts payable	(1,086,835)	(497,918)
Accrued expenses and other liabilities	(36,572)	692,753
Net cash used in operating activities	(10,273,738)	(8,040,706)
Investing Activities:
Capital expenditures	(88,929)	(9,040)
Purchase of short-term investments	(93,263)	(2,502)
Proceeds (purchase) of certificates of deposit	949,283	(1,016)
Net cash provided by (used in) investing activities	767,091	(12,558)
Financing Activities:
Proceeds from issuance of common stock, net		34,873,869
Payment of employee withholding tax related to stock-based compensation	(11,265)
Proceeds from exercise of warrants		1,304,070
Net cash (used in) provided by financing activities	(11,265)	36,177,939
Net (decrease) increase in cash and cash equivalents	(9,517,912)	28,124,675
Cash and cash equivalents - beginning of period	28,235,016	9,096,778
Cash and cash equivalents - end of period	$ 18,717,104	37,221,453
Supplemental disclosures of non-cash investing and financing activity
Exercise of liability classified warrants for common stock		$ 662,175

Organization and Description of

Organization and Description of Business	6 Months Ended
	Jun. 30, 2016
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 developing and commercializing innovating therapies for people with rare debilitating diseases, including Lambert-Eaton Myasthenic Syndrome (LEMS), Congenital Myasthenic Syndromes (CMS), infantile spasms and Tourette’s Disorder. 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, 2016. 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 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 has sufficient resources to support its operations for at least the next year. 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, 2016
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, 2015 included in the 2015 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, 2016 are not necessarily indicative of the results to be expected for any future period or for the full 2016 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 are 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 $ 18,267,849 $ 18,267,849 $ — $ — Certificates of deposit $ 2,767,946 $ — $ 2,767,946 $ — Short-term investments $ 26,537,413 $ 26,537,413 $ — $ — Warrants liability $ 122,224 $ — $ — $ 122,224 Fair Value Measurements at Reporting Date Using Balances as of Quoted Prices in Significant Significant Money market funds $ 25,157,601 $ 25,157,601 $ — $ — Certificates of deposit $ 3,717,229 $ — $ 3,717,229 $ — Short-term investments $ 26,444,150 $ 26,444,150 $ — $ — Warrants liability $ 1,008,363 $ — $ — $ 1,008,363 i. WARRANTS LIABILITY. j. STOCK-BASED COMPENSATION. As of June 30, 2016, there were outstanding stock options to purchase 5,148,333 shares of common stock, of which stock options to purchase 2,208,328 shares of common stock were exercisable as of June 30, 2016. For the three and six month periods ended June 30, 2016 and 2015, the Company recorded stock-based compensation expense as follows: Three months ended June 30, Six months ended June 30, 2016 2015 2016 2015 Research and development $ 164,392 $ 73,203 $ 258,175 $ 140,144 General and administrative 192,877 290,692 557,063 538,202 Total stock-based compensation $ 357,269 $ 363,895 $ 815,238 $ 678,346 k. COMPREHENSIVE INCOME (LOSS). l. NET LOSS PER SHARE. June 30, 2016 2015 Options to purchase common stock 5,148,333 3,370,000 Warrants to purchase common stock 2,407,663 2,781,793 Unvested restricted stock 53,334 80,000 Potential equivalent common stock excluded 7,609,330 6,231,793 Potentially dilutive options to purchase common stock as of both June 30, 2016 and 2015 have exercise prices ranging from $0.47 to $4.64. Potentially dilutive warrants to purchase common stock as of both June 30, 2016 and 2015 have exercise prices ranging from $1.04 to $2.08 and expire in periods between May 2017 and August 2017. m. RECENTLY ISSUED ACCOUNTING STANDARDS. Presentation of Financial Statements—Going Concern Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) In March, 2016, the FASB issued ASU No. 2016-09, Compensation—Stock Compensation Improvements to Employee Share-Based Payment Accounting

Warrants Liability, at Fair Val

Warrants Liability, at Fair Value	6 Months Ended
	Jun. 30, 2016
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; 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 2011 warrants liability is most appropriately classified within Level 3 of the fair value hierarchy. This liability is subject to a 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, 2016 December 31, 2015 Risk free interest rate 0.45 % 0.79 % Expected term 0.84 years 1.34 years Expected volatility 113 % 68 % 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, 2016 and 2015: Three months ended June 30, Six months ended June 30, 2016 2015 2016 2015 Fair value, beginning of period $ 275,007 $ 3,564,299 $ 1,008,363 $ 2,794,891 Issuance of warrants — — — — Exercise of warrants — (251,305 ) — (662,175 ) Change in fair value (152,783 ) (333,956 ) (886,139 ) 846,322 Fair value, end of period $ 122,224 $ 2,979,038 $ 122,224 $ 2,979,038 During the three and six months ended June 30, 2016 none of the 2011 warrants were exercised. During the three and six months 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. 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, 2016
Text Block [Abstract]
Prepaid Expenses and Other Current Assets	4. Prepaid Expenses and Other Current Assets. Prepaid expenses and other current assets consist of the following: June 30, 2016 December 31, 2015 Prepaid research fees $ 271,707 $ 915,194 Prepaid insurance 211,527 436,726 Prepaid pre-commercialization fees 47,911 90,248 Prepaid subscription fees 66,090 26,602 Prepaid rent 19,127 1,252 Other 34,615 34,716 Total prepaid expenses and other current assets $ 650,977 $ 1,504,738

Property and Equipment

Property and Equipment	6 Months Ended
	Jun. 30, 2016
Property, Plant and Equipment [Abstract]
Property and Equipment	5. Property and Equipment. Property and equipment, net consists of the following: June 30, December 31, Computer equipment $ 27,915 $ 27,915 Furniture and equipment 169,931 102,533 Leasehold improvements 152,708 131,175 350,554 261,623 Less: Accumulated depreciation (92,036 ) (70,074 ) Total property and equipment, net $ 258,518 $ 191,549 Depreciation expense was $8,762 and $21,960, respectively, for the three and six month periods ended June 30, 2016 and $8,975 and $17,123 for the three and six month periods ended June 30, 2015, respectively.

Accrued Expenses and Other Liab

Accrued Expenses and Other Liabilities	6 Months Ended
	Jun. 30, 2016
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, 2016 December 31, 2015 Accrued preclinical and clinical trial expenses 637,891 $ 332,905 Accrued professional fees 42,536 330,490 Accrued compensation and benefits 764,800 894,846 Accrued license fees 105,000 52,500 Deferred rent and lease incentive 18,093 18,093 Other 29,845 17,642 Current accrued expenses and other liabilities 1,598,165 1,646,476 Deferred rent and lease incentive - non-current 188,032 176,293 Non-current accrued expenses and other liabilities 188,032 176,293 Total accrued expenses and other liabilities $ 1,786,197 $ 1,822,769 Accrued compensation and benefits as of June 30, 2016 consists principally of accrued severance in connection with the reduction in workforce that occurred during May 2016.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2016
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, 2016, the Company has paid $406,590 in connection with the license and has accrued license fees of $105,000 in the accompanying June 30, 2016 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 $300,000 is due on the earlier of successful completion of the first Phase 3 clinical trial for CPP-115 or August 27, 2018. 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

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2016
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 2012. 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, 2016
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 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 No warrants were exercised during the three and six months ended June 30, 2016. During the three and six months 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. Nasdaq Listing The Company’s common stock currently trades on the Nasdaq Capital Market. On June 9, 2016, the Company received a staff deficiency letter from The Nasdaq Stock Market (Nasdaq) notifying the Company that it was not in compliance with the minimum bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2) for continued listing on the Nasdaq Capital Market. The Nasdaq Listing Rules (the Rules) require listed securities to maintain a minimum bid price of $1.00 per share and, based on the then closing bid prices for the last 30 consecutive business days, the Company no longer met that requirement. Under the Rules, the Company has a grace period of 180 days, or until December 6, 2016, to regain compliance. If at any time within the grace period the Company’s common stock closes at or above $1.00 per share for a minimum of ten consecutive business days, the Nasdaq Stock Market will provide the Company with a written confirmation of compliance and the matter will be closed. In the event the Company does not regain compliance with the Rules prior to the expiration of the grace period, the Company may request a hearing from a Nasdaq Listing Qualifications Panel, which will stay the delisting and allow the Company to present its plan to regain compliance. In addition, the Company may also be eligible for an additional 180-day grace period if at such time it meets the initial listing standards for listing on the Nasdaq Capital Market, with exception of the bid price requirement.

Stock Compensation

Stock Compensation	6 Months Ended
	Jun. 30, 2016
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, 2016, the Company granted seven-year options to purchase an aggregate of 1,090,000 and 1,245,000 shares of the Company’s common stock to employees and directors. The Company recorded stock-based compensation related to stock options totaling $338,506 and $777,712 respectively, during the three and six month periods ended June 30, 2016. During the three and six month periods ended June 30, 2016, respectively, 175,000 and 231,665 options vested. 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. No options were exercised during the three months ended June 30, 2016. During the six months ended June 30, 2016, options to purchase 50,000 shares of the Company’s common stock were exercised on a “cashless” basis, resulting in the issuance of an aggregate 20,030 shares of the Company’s common stock. No options were exercised during the three months ended June 30, 2015. During the six months 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, 2016, there was approximately $3,330,000 of unrecognized compensation expense related to non-vested stock option awards granted under the 2006 and 2014 Stock Incentive Plans. The cost is expected to be recognized over a weighted average period of approximately 1.92 years. Restricted Stock Units No restricted stock units were granted during the three and six months ended June 30, 2016 and 2015. The Company recorded stock-based compensation related to restricted stock units totaling $18,763 and $37,526, respectively, during the three and six month periods ended June 30, 2016. The Company recorded stock-based compensation related to restricted stock units totaling $18,815 and $37,424 during the three and six month periods ended June 30, 2015. As of June 30, 2016, there was approximately $103,000 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 1.37 years.

Basis of Presentation and Sig17

Basis of Presentation and Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2016
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, 2015 included in the 2015 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, 2016 are not necessarily indicative of the results to be expected for any future period or for the full 2016 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 are 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 $ 18,267,849 $ 18,267,849 $ — $ — Certificates of deposit $ 2,767,946 $ — $ 2,767,946 $ — Short-term investments $ 26,537,413 $ 26,537,413 $ — $ — Warrants liability $ 122,224 $ — $ — $ 122,224 Fair Value Measurements at Reporting Date Using Balances as of Quoted Prices in Significant Significant Money market funds $ 25,157,601 $ 25,157,601 $ — $ — Certificates of deposit $ 3,717,229 $ — $ 3,717,229 $ — Short-term investments $ 26,444,150 $ 26,444,150 $ — $ — Warrants liability $ 1,008,363 $ — $ — $ 1,008,363
WARRANTS LIABILITY	i. WARRANTS LIABILITY.
STOCK-BASED COMPENSATION	j. STOCK-BASED COMPENSATION. As of June 30, 2016, there were outstanding stock options to purchase 5,148,333 shares of common stock, of which stock options to purchase 2,208,328 shares of common stock were exercisable as of June 30, 2016. For the three and six month periods ended June 30, 2016 and 2015, the Company recorded stock-based compensation expense as follows: Three months ended June 30, Six months ended June 30, 2016 2015 2016 2015 Research and development $ 164,392 $ 73,203 $ 258,175 $ 140,144 General and administrative 192,877 290,692 557,063 538,202 Total stock-based compensation $ 357,269 $ 363,895 $ 815,238 $ 678,346
COMPREHENSIVE INCOME (LOSS)	k. COMPREHENSIVE INCOME (LOSS).
NET LOSS PER SHARE	l. NET LOSS PER SHARE. June 30, 2016 2015 Options to purchase common stock 5,148,333 3,370,000 Warrants to purchase common stock 2,407,663 2,781,793 Unvested restricted stock 53,334 80,000 Potential equivalent common stock excluded 7,609,330 6,231,793 Potentially dilutive options to purchase common stock as of both June 30, 2016 and 2015 have exercise prices ranging from $0.47 to $4.64. Potentially dilutive warrants to purchase common stock as of both June 30, 2016 and 2015 have exercise prices ranging from $1.04 to $2.08 and expire in periods between May 2017 and August 2017.
RECENTLY ISSUED ACCOUNTING STANDARDS	m. RECENTLY ISSUED ACCOUNTING STANDARDS. Presentation of Financial Statements—Going Concern Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) In March, 2016, the FASB issued ASU No. 2016-09, Compensation—Stock Compensation Improvements to Employee Share-Based Payment Accounting

Basis of Presentation and Sig18

Basis of Presentation and Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2016
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 $ 18,267,849 $ 18,267,849 $ — $ — Certificates of deposit $ 2,767,946 $ — $ 2,767,946 $ — Short-term investments $ 26,537,413 $ 26,537,413 $ — $ — Warrants liability $ 122,224 $ — $ — $ 122,224 Fair Value Measurements at Reporting Date Using Balances as of Quoted Prices in Significant Significant Money market funds $ 25,157,601 $ 25,157,601 $ — $ — Certificates of deposit $ 3,717,229 $ — $ 3,717,229 $ — Short-term investments $ 26,444,150 $ 26,444,150 $ — $ — Warrants liability $ 1,008,363 $ — $ — $ 1,008,363
Stock-Based Compensation Expense	For the three and six month periods ended June 30, 2016 and 2015, the Company recorded stock-based compensation expense as follows: Three months ended June 30, Six months ended June 30, 2016 2015 2016 2015 Research and development $ 164,392 $ 73,203 $ 258,175 $ 140,144 General and administrative 192,877 290,692 557,063 538,202 Total stock-based compensation $ 357,269 $ 363,895 $ 815,238 $ 678,346
Potential Shares Excluded from Determination of Basic and Diluted Net Loss Per Share	l. NET LOSS PER SHARE. June 30, 2016 2015 Options to purchase common stock 5,148,333 3,370,000 Warrants to purchase common stock 2,407,663 2,781,793 Unvested restricted stock 53,334 80,000 Potential equivalent common stock excluded 7,609,330 6,231,793

Warrants Liability, at Fair V19

Warrants Liability, at Fair Value (Tables)	6 Months Ended
	Jun. 30, 2016
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, 2016 and 2015: Three months ended June 30, Six months ended June 30, 2016 2015 2016 2015 Fair value, beginning of period $ 275,007 $ 3,564,299 $ 1,008,363 $ 2,794,891 Issuance of warrants — — — — Exercise of warrants — (251,305 ) — (662,175 ) Change in fair value (152,783 ) (333,956 ) (886,139 ) 846,322 Fair value, end of period $ 122,224 $ 2,979,038 $ 122,224 $ 2,979,038
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, 2016 December 31, 2015 Risk free interest rate 0.45 % 0.79 % Expected term 0.84 years 1.34 years Expected volatility 113 % 68 % Expected dividend yield 0 % 0 % Expected forfeiture rate 0 % 0 %

Prepaid Expenses and Other Cu20

Prepaid Expenses and Other Current Assets (Tables)	6 Months Ended
	Jun. 30, 2016
Text Block [Abstract]
Prepaid Expenses	Prepaid expenses and other current assets consist of the following: June 30, 2016 December 31, 2015 Prepaid research fees $ 271,707 $ 915,194 Prepaid insurance 211,527 436,726 Prepaid pre-commercialization fees 47,911 90,248 Prepaid subscription fees 66,090 26,602 Prepaid rent 19,127 1,252 Other 34,615 34,716 Total prepaid expenses and other current assets $ 650,977 $ 1,504,738

Property and Equipment (Tables)

Property and Equipment (Tables)	6 Months Ended
	Jun. 30, 2016
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	Property and equipment, net consists of the following: June 30, December 31, Computer equipment $ 27,915 $ 27,915 Furniture and equipment 169,931 102,533 Leasehold improvements 152,708 131,175 350,554 261,623 Less: Accumulated depreciation (92,036 ) (70,074 ) Total property and equipment, net $ 258,518 $ 191,549

Accrued Expenses and Other Li22

Accrued Expenses and Other Liabilities (Tables)	6 Months Ended
	Jun. 30, 2016
Payables and Accruals [Abstract]
Schedule of Accrued Expenses and Other Liabilities	Accrued expenses and other liabilities consist of the following: June 30, 2016 December 31, 2015 Accrued preclinical and clinical trial expenses 637,891 $ 332,905 Accrued professional fees 42,536 330,490 Accrued compensation and benefits 764,800 894,846 Accrued license fees 105,000 52,500 Deferred rent and lease incentive 18,093 18,093 Other 29,845 17,642 Current accrued expenses and other liabilities 1,598,165 1,646,476 Deferred rent and lease incentive - non-current 188,032 176,293 Non-current accrued expenses and other liabilities 188,032 176,293 Total accrued expenses and other liabilities $ 1,786,197 $ 1,822,769

Organization and Description 23

Organization and Description of Business - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2016Offerings	Jan. 31, 2014USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
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 Sig24

Basis of Presentation and Significant Accounting Policies - Additional Information (Detail) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Oct. 31, 2011	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Summary Of Basis Of Presentation And Significant Accounting Policies [Line Items]
Maximum maturity period of cash and cash equivalent				Three months
Number of options outstanding		5,148,333		5,148,333
Number of options exercisable		2,208,328		2,208,328
Stock option exercise price range, Minimum				$ 0.47	$ 0.47
Stock option exercise price range, Maximum				$ 4.64	$ 4.64
Trading Securities [Member] | Other Income, Net [Member]
Summary Of Basis Of Presentation And Significant Accounting Policies [Line Items]
Unrealized gain (loss)		$ 29,430	$ (29,430)	$ 88,291	$ 0
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		763,913		763,913		763,913
Minimum [Member]
Summary Of Basis Of Presentation And Significant Accounting Policies [Line Items]
Maturity period of certificates of deposit				3 months
Minimum amortization period of compensation cost on straight line basis				1 year
Potentially dilutive warrants to purchase common stock		$ 1.04	$ 1.04	$ 1.04	$ 1.04
Maximum [Member]
Summary Of Basis Of Presentation And Significant Accounting Policies [Line Items]
Maturity period of certificates of deposit						1 year
Minimum amortization period of compensation cost on straight line basis				3 years
Potentially dilutive warrants to purchase common stock		$ 2.08	$ 2.08	$ 2.08	$ 2.08

Basis of Presentation and Sig25

Basis of Presentation and Significant Accounting Policies - Fair Value Measurement Specific to Assets or Liability (Detail) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Certificates of deposit	$ 2,767,946	$ 3,717,229
Short-term investments	26,537,413	26,444,150
Warrants liability	122,224	1,008,363
Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	18,267,849	25,157,601
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	26,537,413	26,444,150
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	18,267,849	25,157,601
Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Certificates of deposit	2,767,946	3,717,229
Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants liability	$ 122,224	$ 1,008,363

Basis of Presentation and Sig26

Basis of Presentation and Significant Accounting Policies - Stock-Based Compensation Expense (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 357,269	$ 363,895	$ 815,238	$ 678,346
Research and Development [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	164,392	73,203	258,175	140,144
General and Administrative [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 192,877	$ 290,692	$ 557,063	$ 538,202

Basis of Presentation and Sig27

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, 2016	Jun. 30, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential equivalent common stock excluded	7,609,330	6,231,793
Options to Purchase Common Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential equivalent common stock excluded	5,148,333	3,370,000
Warrants Liability, at Fair Value [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential equivalent common stock excluded	2,407,663	2,781,793
Unvested Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential equivalent common stock excluded	53,334	80,000

Warrants Liability, at Fair V28

Warrants Liability, at Fair Value - Additional Information (Detail) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
	Oct. 31, 2011	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
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	86,957	0	804,131
Proceeds from exercise of warrants			$ 113,044		$ 1,304,070
October 28, 2011 Warrants [Member] | Warrants Liability, at Fair Value [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	86,957	0	239,131
Proceeds from exercise of warrants			$ 113,044		$ 310,870

Warrants Liability, at Fair V29

Warrants Liability, at Fair Value - Summary of Assumptions Used in Black-Scholes Model to Calculate Fair Value of Warrants Liability (Detail) - Warrants Liability, at Fair Value [Member]	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Risk free interest rate	0.45%	0.79%
Expected term	10 months 2 days	1 year 4 months 2 days
Expected volatility	113.00%	68.00%
Expected dividend yield	0.00%	0.00%
Expected forfeiture rate	0.00%	0.00%

Warrants Liability, at Fair V30

Warrants Liability, at Fair Value - Summary of Company's Warrants Liability Activity (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair value, beginning of period	$ 275,007	$ 3,564,299	$ 1,008,363	$ 2,794,891
Issuance of warrants	0	0	0	0
Exercise of warrants		(251,305)		(662,175)
Change in fair value	(152,783)	(333,956)	(886,139)	846,322
Fair value, end of period	$ 122,224	$ 2,979,038	$ 122,224	$ 2,979,038

Prepaid Expenses and Other Cu31

Prepaid Expenses and Other Current Assets - Prepaid Expenses (Detail) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid research fees	$ 271,707	$ 915,194
Prepaid insurance	211,527	436,726
Prepaid pre-commercialization fees	47,911	90,248
Prepaid subscription fees	66,090	26,602
Prepaid rent	19,127	1,252
Other	34,615	34,716
Total prepaid expenses and other current assets	$ 650,977	$ 1,504,738

Property and Equipment - Proper

Property and Equipment - Property and Equipment, Net (Detail) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 350,554	$ 261,623
Less: Accumulated depreciation	(92,036)	(70,074)
Total property and equipment, net	258,518	191,549
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	27,915	27,915
Furniture and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	169,931	102,533
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 152,708	$ 131,175

Property and Equipment - Additi

Property and Equipment - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Property, Plant and Equipment [Abstract]
Depreciation expenses	$ 8,762	$ 8,975	$ 21,960	$ 17,123

Accrued Expenses and Other Li34

Accrued Expenses and Other Liabilities - Schedule of Accrued Expenses and Other Liabilities (Detail) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Payables and Accruals [Abstract]
Accrued preclinical and clinical trial expenses	$ 637,891	$ 332,905
Accrued professional fees	42,536	330,490
Accrued compensation and benefits	764,800	894,846
Accrued license fees	105,000	52,500
Deferred rent and lease incentive	18,093	18,093
Other	29,845	17,642
Current accrued expenses and other liabilities	1,598,165	1,646,476
Deferred rent and lease incentive - non-current	188,032	176,293
Non-current accrued expenses and other liabilities	188,032	176,293
Total accrued expenses and other liabilities	$ 1,786,197	$ 1,822,769

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($)	6 Months Ended
	Jun. 30, 2016	Dec. 31, 2015	Oct. 26, 2012
Commitments [Line Items]
Accrued license fees	$ 105,000	$ 52,500
Northwestern License Agreement [Member]
Commitments [Line Items]
License fee paid	406,590
Accrued license fees	105,000
Future milestone payment	$ 300,000
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	$ 3,800,000
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 (2014 Shel

Stockholders' Equity (2014 Shelf Registration Statement) - Additional Information (Detail) - USD ($)	Feb. 04, 2015	Apr. 03, 2014	Jan. 31, 2014
Stockholders' Equity [Line Items]
Maximum dollar amount of common stock to be issued under shelf registration statement			$ 100,000,000
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

Stockholders' Equity (Warrant E

Stockholders' Equity (Warrant Exercises) - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Equity [Abstract]
Number of warrants exercised during the period	0	86,957	0	804,131
Issuance of common stock for warrant exercises		86,957		804,131
Proceeds from exercise of warrants		$ 113,044		$ 1,304,070

Stockholders' Equity (Nasdaq Li

Stockholders' Equity (Nasdaq Listing) - Additional Information (Detail) - Nasdaq [Member]	6 Months Ended
	Jun. 30, 2016$ / shares
Stockholders' Equity [Line Items]
Nasdaq listing minimum bid price required	$ 1
Number of consecutive business days for basis of bid price requirement	30 days
Nasdaq minimum price bid requirement grace period	180 days
Last date for compliance of minimum bid price requirement including grace period	Dec. 6, 2016
Nasdaq minimum price bid requirement additional grace period	180 days
Number of consecutive business days above minimum price to regain minimum bid listing compliance	10 days

Stock Compensation - Additional

Stock Compensation - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 18,763	$ 18,815	$ 37,526	$ 37,424
Expected remaining weighted average vesting period	1 year 4 months 13 days
Restricted stock unit granted	0	0	0	0
Total compensation expenses related to non-vested awards not yet recognized	$ 103,000		$ 103,000
Stock Option [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation, vesting period				2 years
Stock Option [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation, vesting period				3 years
Options to Purchase Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option granted, contractual term	7 years		7 years
Stock options granted	1,090,000		1,245,000
Stock-based compensation	$ 338,506		$ 777,712
Stock option vested during the period	175,000		231,665
Number of stock options exercised cashless		230,000		415,000
Number of stock options exercised	0	0	50,000	829,608
Shares issued for cashless option exercise			20,030	673,583
Unrecognized compensation expense related to non-vested stock option awards granted under the Plan	$ 3,330,000		$ 3,330,000
Expected remaining weighted average vesting period			1 year 11 months 1 day
Options to Purchase Common Stock [Member] | Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation		$ 345,080		$ 640,922
Stock option vested during the period		70,000		95,000