Daré Bioscience (DARE) 10-Q 13 Nov 14 2014 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Sep. 30, 2014	Nov. 07, 2014
Document And Entity Information [Abstract]	'	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	30-Sep-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q3	'
Trading Symbol	'CERU	'
Entity Registrant Name	'CERULEAN PHARMA INC.	'
Entity Central Index Key	'0001401914	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Non-accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	20,125,049

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Current assets:	'	'
Cash and cash equivalents	$57,786	$5,488
Accounts receivable, prepaid expenses, and other current assets	1,912	959
Total current assets	59,698	6,447
Property and equipment - net	268	245
Other assets	120	135
Total	60,086	6,827
Current liabilities:	'	'
Current portion of loan payable	3,347	3,134
Convertible promissory notes payable to shareholders	'	8,824
Accounts payable	1,461	914
Accrued expenses	1,571	2,274
Total current liabilities	6,379	15,146
Long-term liabilities:	'	'
Loan payable - net of current portion	587	3,124
Preferred stock warrant liability	'	928
Noncurrent accrued interest	543	391
Other	45	12
Total long-term liabilities	1,175	4,455
Redeemable convertible preferred stock	'	81,525
Commitments	'	'
Stockholders' equity (deficit):	'	'
Preferred stock, $0.01 par value; 5,000,000 shares authorized, no shares issued or outstanding	'	'
Common stock, $0.0001 par value; 120,000,000 shares authorized, 20,124,764 and 785,531 shares issued and outstanding at September 30, 2014 and December 31, 2013, respectively	2	'
Additional paid-in capital	166,844	4,140
Accumulated deficit	-114,314	-98,439
Total stockholders' equity (deficit)	52,532	-94,299
Total	$60,086	$6,827

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Statement of Financial Position [Abstract]	'	'
Preferred stock, par value	$0.01	$0.01
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$0.00	$0.00
Common stock, shares authorized	120,000,000	120,000,000
Common stock, shares issued	20,124,764	785,531
Common stock, shares outstanding	20,124,764	785,531

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Operations (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Income Statement [Abstract]	'	'	'	'
Revenue	'	'	$80	'
Operating expenses:	'	'	'	'
Research and development	2,928	1,586	7,071	8,260
General and administrative	2,441	1,227	5,980	4,591
Total operating expenses	5,369	2,813	13,051	12,851
Other income (expense):	'	'	'	'
Interest income	2	'	5	1
Interest expense	-191	-378	-920	-1,057
Loss on extinguishment of debt	'	'	-2,493	'
Decrease in value of preferred stock warrant liability	'	-7	504	244
Total other expense - net	-189	-385	-2,904	-812
Net loss	($5,558)	($3,198)	($15,875)	($13,663)
Net loss per common share:	'	'	'	'
Basic and diluted	($0.28)	($4.40)	($1.26)	($20.96)
Weighted-average common shares outstanding:	'	'	'	'
Basic and diluted	20,124,574	726,987	12,598,425	651,913

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Cash Flows (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013
Cash flows from operating activities:	'	'
Net loss	($15,875)	($13,663)
Adjustments to reconcile net loss to net cash used in operating activities:	'	'
Stock-based compensation	628	489
Noncash rent expense	33	-5
Change in carrying value of preferred stock warrant liability	-504	-244
Depreciation and amortization	93	163
Loss (gain) on disposal of property and equipment	-30	6
Loss on extinguishment of debt	2,493	'
Noncash interest expense	329	457
Changes in operating assets and liabilities:	'	'
Accounts receivable, prepaid expenses and other current assets	-963	26
Accounts payable	547	240
Accrued expenses	-204	-812
Net cash used in operating activities	-13,453	-13,343
Cash flows from investing activities:	'	'
Purchases of property and equipment	-116	-7
Proceeds from sale of property and equipment	40	'
Net cash (used in) investing activities	-76	-7
Cash flows from financing activities:	'	'
Proceeds from sale of common stock	140	16
Proceeds from issuance of convertible promissory notes, net	8,312	8,824
Payments on loans payable	-2,486	-2,289
Proceeds from initial public offering, net	59,861	'
Net cash provided by financing activities	65,827	6,551
Net increase (decrease) in cash and cash equivalents	52,298	-6,799
Cash and cash equivalents - Beginning of period	5,488	16,707
Cash and cash equivalents - End of period	57,786	9,908
Supplemental disclosures of noncash investing and financing activities:	'	'
Supplemental cash flow information - Interest paid	326	522
Common Stock [Member]	'	'
Supplemental disclosures of noncash investing and financing activities:	'	'
Conversion of redeemable convertible preferred stock into common stock	81,525	'
Conversion of convertible notes and accrued interest into common stock, net	20,128	'
Reclassification of warrants to additional paid in capital	$424	'

Nature_of_Business_and_Operati

Nature of Business and Operations	9 Months Ended
	Sep. 30, 2014
Accounting Policies [Abstract]	'
Nature of Business and Operations	'
	1	NATURE OF BUSINESS AND OPERATIONS
	Nature of Business — Cerulean Pharma Inc. (the “Company”) was incorporated on November 28, 2005 as a Delaware corporation and is located in Cambridge, Massachusetts. The Company was formed to develop novel, nanotechnology-based therapeutics in the areas of oncology and other diseases. During 2013, the Company formed a wholly-owned subsidiary, Cerulean Pharma Australia Pty Ltd, as an Australian-based proprietary limited company. The activity in the subsidiary to date has been insignificant.
	Basis of Presentation — The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary. All intercompany accounts and transactions have been eliminated. The consolidated interim financial statements of the Company included herein have been prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted from this report, as is permitted by such rules and regulations. Accordingly, these condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements as of and for the year ended December 31, 2013 and notes thereto, included in the Company’s prospectus filed with the SEC pursuant to Rule 424(b)(4) on April 14, 2014 (the “Prospectus”).
	The unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements. In the opinion of the Company’s management, the accompanying unaudited interim consolidated financial statements contain all adjustments that are necessary to present fairly the Company’s financial position as of September 30, 2014 and the results of its operations for the three and nine months ended September 30, 2014 and 2013 and cash flows for the nine months ended September 30, 2014 and 2013. Such adjustments are of a normal and recurring nature. The results for the nine months ended September 30, 2014 are not indicative of the results for the year ending December 31, 2014, or for any future period.
	On April 15, 2014, the Company completed the sale of 8,500,000 shares of its common stock in its initial public offering, or the IPO, at a price to the public of $7.00 per share. On May 7, 2014 the Company completed the sale of an additional 1,069,715 shares of common stock at a price to the public of $7.00 per share under a partial exercise by the underwriters of their option to purchase additional shares of common stock. The sale of the shares to the public resulted in net proceeds to the Company of $59.9 million after deducting underwriting discounts and commissions and offering expenses payable by the Company.
	The Company’s board of directors and stockholders approved a 1- for-14.5074 reverse stock split of the Company’s common stock effective March 31, 2014. All share and per share amounts in the consolidated financial statements contained herein and notes thereto have been retroactively adjusted, where necessary, to give effect to this reverse stock split. In connection with the closing of the IPO, all of the Company’s outstanding redeemable convertible preferred stock and convertible notes automatically converted into shares of common stock as of April 15, 2014, resulting in the issuance by the Company of an additional 9,728,237 shares of common stock. The significant increase in shares outstanding in April 2014 is expected to impact the year-over-year comparability of the Company’s net loss per share calculations over the next year.
	In connection with the completion of the IPO on April 15, 2014, the Company’s outstanding warrants to purchase 1,857,226 shares of the Company’s preferred stock automatically converted into warrants to purchase an aggregate of 128,663 shares of the Company’s common stock and, as a result, the Company reclassified the warrant liability to additional paid-in capital.

Significant_Accounting_Policie

Significant Accounting Policies	9 Months Ended
	Sep. 30, 2014
Accounting Policies [Abstract]	'
Significant Accounting Policies	'
	2	SIGNIFICANT ACCOUNTING POLICIES
	There have been no material changes to the significant accounting policies previously disclosed in the Company’s Prospectus.
	Pending Adoption of Recent Accounting Pronouncements
	In August 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-15, Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. ASU No. 2014-15 is intended to define management’s responsibility to evaluate whether there is substantial doubt about an organization’s ability to continue as a going concern and to provide related footnote disclosures. Substantial doubt about an entity’s ability to continue as a going concern exists when relevant conditions and events, considered in the aggregate, indicate that it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued (or available to be issued). ASU No. 2014-15 provides guidance to an organization’s management, with principles and definitions that are intended to reduce diversity in the timing and content of disclosures that are commonly provided by organizations in the financial statement footnotes. ASU No. 2014-15 is effective for annual reporting periods ending after December 15, 2016, and to annual and interim periods thereafter. Early adoption is permitted. The Company is currently in the process of evaluating the impact of adoption of ASU No. 2014-15 on their consolidated financial statements and related disclosures.

Net_Loss_Per_Share_Attributabl

Net Loss Per Share Attributable to Common Stockholders	9 Months Ended
	Sep. 30, 2014
Earnings Per Share [Abstract]	'
Net Loss Per Share Attributable to Common Stockholders	'
	3	NET LOSS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS
	Basic net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding for the period. During periods in which the Company earns net income, the Company would allocate participating securities a proportional share of net income determined by dividing total weighted average participating securities by the sum of the total weighted average common shares and participating securities (the “two-class method”). The Company’s preferred stock participated in dividends declared by the Company and were therefore considered to be participating securities. Participating securities have the effect of diluting both basic and diluted earnings per share during periods in which the Company earns net income. During periods in which the Company incurs a net loss, the Company allocates no portion of the loss to participating securities because they had no contractual obligation to share in the losses of the Company. The Company computes diluted loss per common share after giving consideration to the dilutive effect of stock options, warrants and shares of unvested restricted stock that are outstanding to the period, except where the inclusion of such nonparticipating securities would be antidilutive.
	The Company has reported a net loss for all periods presented and, therefore, diluted net loss per common share is the same as basic net loss per common share.
	The following potentially dilutive securities that were outstanding prior to the use of the two-class method have been excluded from the computation of diluted weighted-average shares outstanding, because the inclusion of such securities would have an antidilutive impact due to the losses reported (in common stock equivalent shares):
			As of		As of
			September 30,		September 30,
			2014		2013
	Options to purchase common stock			1,798,264		1,093,395
	Warrants to purchase redeemable convertible preferred stock			—		128,663
	Warrants to purchase common stock			128,663		—
	Convertible notes payable			—		1,271,679
	Redeemable convertible preferred stock			—		6,826,004

Accrued_Expenses

Accrued Expenses	9 Months Ended
	Sep. 30, 2014
Payables and Accruals [Abstract]	'
Accrued Expenses	'
	4	ACCRUED EXPENSES
	Accrued expenses consist of the following:
			As of		As of
			September 30,		December 31,
			2014		2013
	Accrued expenses		$	339,000	$	379,000
	Accrued clinical trial costs			462,000		610,000
	Accrued contract manufacturing expenses			84,000		433,000
	Accrued interest			—		234,000
	Accrued compensation and benefits			686,000		618,000
	Total accrued expenses		$	1,571,000	$	2,274,000

Convertible_Notes_Payable_to_S

Convertible Notes Payable to Shareholders	9 Months Ended
	Sep. 30, 2014
Debt Disclosure [Abstract]	'
Convertible Notes Payable to Shareholders	'
	5	CONVERTIBLE NOTES PAYABLE TO SHAREHOLDERS
	In August of 2013, the Company issued convertible promissory notes in the amount of $8,824,000 to existing investors with a stated interest rate of 7%. Outstanding principal and unpaid accrued interest due under the notes were automatically converted into shares of the Company’s common stock upon the closing of the Company’s IPO on April 15, 2014 at a conversion price equal to the IPO price.
	In 2014, the Company issued convertible promissory notes in the original principal amount of $6,000,000 to existing investors and a convertible promissory note in the original principal amount of $2,500,000 to a new investor. All of the notes had a stated interest rate of 7%. Outstanding principal and unpaid accrued interest due under the notes were automatically converted into shares of the Company’s common stock upon the closing of the IPO on April 15, 2014, at a conversion price equal to 77.5% of the IPO price. The Company recorded a loss on the extinguishment of the notes of $2,493,000 in April 2014, which was equal to the difference between the fair value of the shares into which the notes converted and the carrying amount of the notes upon the closing of the IPO.

Stock_Option_Plan

Stock Option Plan	9 Months Ended
	Sep. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Stock Option Plan	'
	6	STOCK OPTION PLAN
	A summary of stock option activity for employee, director and nonemployee awards under all stock option plans during the nine months ended September 30, 2014 is presented below:
			Number of			Weighted-			Weighted-		Aggregate
			Shares			Average			Average		Intrinsic
						Exercise			Remaining		Value
						Price			Contractual
									Life (Years)
	Outstanding — January 1, 2014			1,062,694		$	3.98			7.2	$	7,028,000
	Granted			809,970		$	6.61
	Exercised			(41,281	)	$	3.36
	Forfeited			(33,119	)	$	4.85
	Outstanding — September 30, 2014			1,798,264		$	5.16			7.9	$	488,000
	Options expected to vest — September 30, 2014			1,011,585		$	5.71			9.1	$	130,000
	Options exercisable — September 30, 2014			736,024		$	4.37			6.1	$	350,000
	The weighted-average per share grant date fair value of options granted during the three and nine months ended September 30, 2014 was $2.41 and $3.71, respectively. The Company did not grant any stock options during the three months ended September 30, 2013. The weighted-average per share grant date fair value of options granted during the nine months ended September 30, 2013 was $2.61.
	The fair value of each option award is estimated on the date of grant using the Black-Scholes option-pricing model based on assumptions noted in the table below, except for the performance-based option grants. The fair value of the performance-based options were determined by utilizing a Monte Carlo model to simulate a wide range of possible future stock prices for the Company’s common stock.
	The Company has recorded stock-based compensation expense related to the issuance of stock option awards to employees of $272,000 and $32,000 for the three months ended September 30, 2014 and 2013, respectively, and $591,000 and $453,000 for the nine months ended September 30, 2014 and 2013, respectively. The assumptions used in the Black-Scholes option-pricing model for stock options granted to employees, and to directors in respect of board services during the three and nine months ended September 30, 2014 and the nine months ended September 30, 2013 are as follows:
			Three Months Ended September 30,		Nine Months Ended September 30,
			2014		2014	2013
	Expected life		6 years		6 years	6 years
	Risk-free interest rate		1.86%-2.00%		1.83%-2.00%	1.08%
	Expected volatility		57%-60%		57%-60%	79%
	Expected dividend rate		—  %		—  %	—  %
	The Company recorded stock-based compensation expense related to nonemployee awards of $13,000 and $14,000 for the three months ended September 30, 2014 and 2013, respectively, and $37,000 and $36,000 for the nine months ended September 30, 2014 and 2013, respectively. The compensation expense related to the nonemployee awards is included in the total stock-based compensation each year and is subject to re-measurement until the options vest. The Black-Scholes assumptions used to estimate fair value for the three and nine months ended September 30, 2014 and 2013 were as follows:
			Three Months Ended September 30,			Nine Months Ended September 30,
			2014		2013	2014		2013
	Expected life		8 years		7 years	8 years		7 years
	Risk-free interest rate		2.08%-2.53%		1.77%-2.15%	2.05%-2.53%		1.11% to 2.15%
	Expected volatility		56%-62%		56%-58%	56%-62%		56-79%
	Expected dividend rate		—  %		—  %	—  %		—  %
	The Company did not grant any nonemployee stock option grants for the nine months ended September 30, 2014 and 2013, except for a performance award grant in the 2013 period to the Company’s board chairman for non-board related services. During the quarter ended September 30, 2014, the board of directors changed the vesting conditions of this award from performance-based vesting to time-based vesting and reduced the total number of shares subject to the stock option. As a result, the shares subject to this stock option now vest over three years, with the first third vesting on March 26, 2014. The change in vesting condition was accounted for as a modification of this stock option, which had an immaterial impact on the Company’s financial statements.

Fair_Value_Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2014
Fair Value Disclosures [Abstract]	'
Fair Value Measurements	'
	7	FAIR VALUE MEASUREMENTS
	The Company’s financial instruments consist of cash equivalents, accounts payable, accrued expenses, debt obligations, and preferred stock warrants. The carrying amount of accounts payable and accrued expenses are considered a reasonable estimate of their fair value, due to the short-term maturity of these instruments. The carrying amount of debt is also considered to be a reasonable estimate of the fair value based on the short term nature of the debt and because the debt bears interest at the prevailing market rate for instruments with similar characteristics.
	Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value are performed in a manner to maximize the use of observable inputs and minimize the use of unobservable inputs.
	The accounting standard describes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value, which are the following:
	Level 1 — Quoted prices in active markets that are accessible at the market date for identical unrestricted assets or liabilities.
	Level 2 — Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs for which all significant inputs are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
	Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
	A summary of the financial assets and liabilities that are measured on a recurring basis at fair value as of September 30, 2014 and December 31, 2013, is as follows:
						Fair Value Measurements Using
			Carrying			Quoted Prices in			Significant			Significant
			Value			Active Markets			Other			Unobservable
						for Identical			Observable			Inputs
						Assets			Inputs			(Level 3)
						(Level 1)			(Level 2)
	September 30, 2014
	Money market funds		$	57,688,000		$	—		$	57,688,000		$	—
	December 31, 2013
	Money market funds		$	5,233,000		$	—		$	5,233,000		$	—
	Preferred stock warrant liability			928,000			—			—			928,000
	The Company’s debt obligations are Level 2 measurements in the fair value hierarchy.
	The Company’s money market funds have been valued on the basis of valuations provided by third-party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and asked prices, broker/dealer quotations, prices or yields of securities with similar characteristics, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. The Company is ultimately responsible for the consolidated financial statements and underlying estimates. Accordingly, the Company assesses the reasonableness of the valuations provided by the third-party pricing services by reviewing actual trade data, broker/dealer quotes and other similar data, which are obtained from quoted market prices or other sources.
	No transfers between levels have occurred during the periods presented.
	The reconciliation of the Company’s preferred stock warrant liabilities measured at fair value on a recurring basis using unobservable inputs (Level 3) is as follows:
			Preferred Stock Warrant
			Series B			Series C			Series D			Total
	Balance — December 31, 2012		$	7,000		$	500,000		$	623,000		$	1,130,000
	Decrease in fair value recorded in other income			(3,000	)		(140,000	)		(101,000	)		(244,000	)
	Balance — September 30, 2013		$	4,000		$	360,000		$	522,000		$	886,000
			Preferred Stock Warrant
			Series B			Series C			Series D			Total
	Balance — December 31, 2013		$	4,000		$	386,000		$	538,000		$	928,000
	Decrease in fair value recorded in other income			(2,000	)		(227,000	)		(275,000	)		(504,000	)
	Conversion to common stock warrants			(2,000	)		(159,000	)		(263,000	)		(424,000	)
	Balance — September 30, 2014		$	—		$	—		$	—		$	—
	The Company’s warrants were valued using the Black-Scholes option-pricing model. The following assumptions were used in the Black-Scholes option pricing model to determine the fair value of the preferred stock warrant liability:
			December 31,
			2013
	Expected life		4-8 years
	Risk-free interest rate		2.29%-2.90%
	Expected volatility		64%-65%
	Expected dividend rate		—   %
	The preferred stock warrant liability was reclassified to additional paid-in capital at its fair value in connection with the completion of the IPO on April 15, 2014.

Income_Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2014
Income Tax Disclosure [Abstract]	'
Income Taxes	'
	8	INCOME TAXES
	The Company did not record a federal or state income tax benefit for the Company’s losses for the three and nine months ended September 30, 2014 and 2013 due to the Company’s conclusion that the valuation allowance is required.

Related_Party_Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2014
Related Party Transactions [Abstract]	'
Related Party Transactions	'
	9	RELATED PARTY TRANSACTIONS
	In April 2014, the Company converted convertible promissory notes held by existing investors to common shares, as described in Note 5.
	In April 2014, the Company converted all outstanding shares of the Company’s preferred stock held by existing investors into 6,826,004 shares of the Company’s common stock.
	In April 2013, the Company entered into a laboratory, equipment sharing, services and license agreement with an entity affiliated with one of the Company’s directors. This agreement was terminated on April 1, 2014. On April 1, 2014, the Company sold used equipment to this entity and recorded proceeds for sale of equipment of $30,000 from such sale.

Subsequent_Event

Subsequent Event	9 Months Ended
	Sep. 30, 2014
Subsequent Events [Abstract]	'
Subsequent Event	'
	10	SUBSEQUENT EVENT
	On October 24, 2014, Oliver S. Fetzer, Ph.D., President, Chief Executive Officer and principal executive officer of the Company and a member of the Company’s board of directors, notified the Company of his decision to resign from his positions with the Company effective October 29, 2014 (the “Separation Date”). Dr. Fetzer’s decision to resign did not involve any disagreement with the Company, the Company’s management or the Company’s board of directors. In connection with the resignation, on October 29, 2014, the Company and Dr. Fetzer entered into a Separation, Transition and Release of Claims Agreement which includes a customary mutual release of claims and pursuant to which Dr. Fetzer agreed to provide post-employment assistance to the Company through April 27, 2015 (the “Consulting Period”) and Dr. Fetzer’s stock options will cease vesting as of the Separation Date but will remain exercisable until the end of the Consulting Period.
	In connection with Dr. Fetzer’s resignation, Paul A. Friedman, a member of the board of directors, was appointed executive chairman of the Company’s board until a new chief executive officer is hired and will, among other duties, oversee the operations of the Company, including clinical and regulatory functions. In addition, Christopher D.T. Guiffre was appointed as the Company’s chief operating officer. In his role as COO, Mr. Guiffre will serve as the Company’s principal executive officer.

Significant_Accounting_Policie1

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2014
Accounting Policies [Abstract]	'
Pending Adoption of Recent Accounting Pronouncements	'
	Pending Adoption of Recent Accounting Pronouncements
	In August 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-15, Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. ASU No. 2014-15 is intended to define management’s responsibility to evaluate whether there is substantial doubt about an organization’s ability to continue as a going concern and to provide related footnote disclosures. Substantial doubt about an entity’s ability to continue as a going concern exists when relevant conditions and events, considered in the aggregate, indicate that it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued (or available to be issued). ASU No. 2014-15 provides guidance to an organization’s management, with principles and definitions that are intended to reduce diversity in the timing and content of disclosures that are commonly provided by organizations in the financial statement footnotes. ASU No. 2014-15 is effective for annual reporting periods ending after December 15, 2016, and to annual and interim periods thereafter. Early adoption is permitted. The Company is currently in the process of evaluating the impact of adoption of ASU No. 2014-15 on their consolidated financial statements and related disclosures.

Net_Loss_Per_Share_Attributabl1

Net Loss Per Share Attributable to Common Stockholders (Tables)	9 Months Ended
	Sep. 30, 2014
Earnings Per Share [Abstract]	'
Potentially Dilutive Securities Excluded from Computation of Diluted Weighted-Average Shares Outstanding	'
	The following potentially dilutive securities that were outstanding prior to the use of the two-class method have been excluded from the computation of diluted weighted-average shares outstanding, because the inclusion of such securities would have an antidilutive impact due to the losses reported (in common stock equivalent shares):
		As of		As of
		September 30,		September 30,
		2014		2013
	Options to purchase common stock		1,798,264		1,093,395
	Warrants to purchase redeemable convertible preferred stock		—		128,663
	Warrants to purchase common stock		128,663		—
	Convertible notes payable		—		1,271,679
	Redeemable convertible preferred stock		—		6,826,004

Accrued_Expenses_Tables

Accrued Expenses (Tables)	9 Months Ended
	Sep. 30, 2014
Payables and Accruals [Abstract]	'
Schedule of Accrued Expenses	'
	Accrued expenses consist of the following:
		As of		As of
		September 30,		December 31,
		2014		2013
	Accrued expenses	$	339,000	$	379,000
	Accrued clinical trial costs		462,000		610,000
	Accrued contract manufacturing expenses		84,000		433,000
	Accrued interest		—		234,000
	Accrued compensation and benefits		686,000		618,000
	Total accrued expenses	$	1,571,000	$	2,274,000

Stock_Option_Plan_Tables

Stock Option Plan (Tables)	9 Months Ended
	Sep. 30, 2014
Summary of Assumptions Used in Black-Scholes Option-Pricing Model for Stock Options Granted to Employees, Directors and Non Employees	'
	The assumptions used in the Black-Scholes option-pricing model for stock options granted to employees, and to directors in respect of board services during the three and nine months ended September 30, 2014 and the nine months ended September 30, 2013 are as follows:
		Three Months Ended September 30,		Nine Months Ended September 30,
		2014		2014	2013
	Expected life	6 years		6 years	6 years
	Risk-free interest rate	1.86%-2.00%		1.83%-2.00%	1.08%
	Expected volatility	57%-60%		57%-60%	79%
	Expected dividend rate	—  %		—  %	—  %
Summary of Stock Option Activity for Employee, Director and Nonemployee Awards under All Stock Option Plans	'
	A summary of stock option activity for employee, director and nonemployee awards under all stock option plans during the nine months ended September 30, 2014 is presented below:
		Number of			Weighted-			Weighted-		Aggregate
		Shares			Average			Average		Intrinsic
					Exercise			Remaining		Value
					Price			Contractual
								Life (Years)
	Outstanding — January 1, 2014		1,062,694		$	3.98			7.2	$	7,028,000
	Granted		809,970		$	6.61
	Exercised		(41,281	)	$	3.36
	Forfeited		(33,119	)	$	4.85
	Outstanding — September 30, 2014		1,798,264		$	5.16			7.9	$	488,000
	Options expected to vest — September 30, 2014		1,011,585		$	5.71			9.1	$	130,000
	Options exercisable — September 30, 2014		736,024		$	4.37			6.1	$	350,000
Non Employee Awards [Member]	'
Summary of Assumptions Used in Black-Scholes Option-Pricing Model for Stock Options Granted to Employees, Directors and Non Employees	'
	The Black-Scholes assumptions used to estimate fair value for the three and nine months ended September 30, 2014 and 2013 were as follows:
		Three Months Ended September 30,			Nine Months Ended September 30,
		2014		2013	2014		2013
	Expected life	8 years		7 years	8 years		7 years
	Risk-free interest rate	2.08%-2.53%		1.77%-2.15%	2.05%-2.53%		1.11% to 2.15%
	Expected volatility	56%-62%		56%-58%	56%-62%		56-79%
	Expected dividend rate	—  %		—  %	—  %		—  %

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2014
Fair Value Disclosures [Abstract]	'
Summary of Financial Assets and Liabilities Measured on Recurring Basis at Fair Value	'
	A summary of the financial assets and liabilities that are measured on a recurring basis at fair value as of September 30, 2014 and December 31, 2013, is as follows:
					Fair Value Measurements Using
		Carrying			Quoted Prices in			Significant			Significant
		Value			Active Markets			Other			Unobservable
					for Identical			Observable			Inputs
					Assets			Inputs			(Level 3)
					(Level 1)			(Level 2)
	September 30, 2014
	Money market funds	$	57,688,000		$	—		$	57,688,000		$	—
	December 31, 2013
	Money market funds	$	5,233,000		$	—		$	5,233,000		$	—
	Preferred stock warrant liability		928,000			—			—			928,000
Reconciliation of Company's Preferred Stock Warrant Liabilities Measured at Fair Value on Recurring Basis Using Unobservable Inputs (Level3)	'
	The reconciliation of the Company’s preferred stock warrant liabilities measured at fair value on a recurring basis using unobservable inputs (Level 3) is as follows:
		Preferred Stock Warrant
		Series B			Series C			Series D			Total
	Balance — December 31, 2012	$	7,000		$	500,000		$	623,000		$	1,130,000
	Decrease in fair value recorded in other income		(3,000	)		(140,000	)		(101,000	)		(244,000	)
	Balance — September 30, 2013	$	4,000		$	360,000		$	522,000		$	886,000
		Preferred Stock Warrant
		Series B			Series C			Series D			Total
	Balance — December 31, 2013	$	4,000		$	386,000		$	538,000		$	928,000
	Decrease in fair value recorded in other income		(2,000	)		(227,000	)		(275,000	)		(504,000	)
	Conversion to common stock warrants		(2,000	)		(159,000	)		(263,000	)		(424,000	)
	Balance — September 30, 2014	$	—		$	—		$	—		$	—
Fair Value of Preferred Stock Warrant Liability Calculated by Black-Scholes Option Pricing Model	'
	The following assumptions were used in the Black-Scholes option pricing model to determine the fair value of the preferred stock warrant liability:
		December 31,
		2013
	Expected life	4-8 years
	Risk-free interest rate	2.29%-2.90%
	Expected volatility	64%-65%
	Expected dividend rate	—   %

Nature_of_Business_and_Operati1

Nature of Business and Operations - Additional Information (Detail) (USD $)	0 Months Ended		9 Months Ended
In Thousands, except Share data, unless otherwise specified	7-May-14	Apr. 15, 2014	Sep. 30, 2014	7-May-14	Apr. 15, 2014
Enterprise Wide Disclosures [Line Items]	'	'	'	'	'
Date of Company's incorporation	'	'	28-Nov-05	'	'
Proceeds from issuance of common stock	'	'	59,861	'	'
Reverse stock split, conversion ratio	'	'	14.5074	'	'
IPO [Member]	'	'	'	'	'
Enterprise Wide Disclosures [Line Items]	'	'	'	'	'
Common stock issuance date	'	'	15-Apr-14	'	'
Common stock issued	1,069,715	8,500,000	'	'	'
Common stock issued price per share	'	'	'	$7	$7
Proceeds from issuance of common stock	$59,900	'	'	'	'
Reverse stock split of common stock	'	'	'The Company's board of directors and stockholders approved a 1- for-14.5074 reverse stock split of the Company's common stock effective March 31, 2014.	'	'
Convertible preferred stock, shares issued upon conversion	'	'	'	'	9,728,237
Preferred stock conversion basis	'	'	'In connection with the closing of the IPO, all of the Company's outstanding redeemable convertible preferred stock and convertible notes automatically converted into shares of common stock as of April 15, 2014.	'	'
IPO [Member] | Preferred Stock [Member]	'	'	'	'	'
Enterprise Wide Disclosures [Line Items]	'	'	'	'	'
Conversion of warrants	'	1,857,226	'	'	'
IPO [Member] | Common Stock [Member]	'	'	'	'	'
Enterprise Wide Disclosures [Line Items]	'	'	'	'	'
Conversion of warrants	'	128,663	'	'	'

Net_Loss_Per_Share_Attributabl2

Net Loss Per Share Attributable to Common Stockholders - Additional Information (Detail) (USD $)	9 Months Ended
	Sep. 30, 2014
Earnings Per Share [Abstract]	'
Allocation of net loss to participating securities	$0

Net_Loss_Per_Share_Attributabl3

Net Loss Per Share Attributable to Common Stockholders - Potentially Dilutive Securities Excluded from Computation of Diluted Weighted-Average Shares Outstanding (Detail)	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Options to Purchase Common Stock [Member]	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'
Antidilutive securities excluded from computation of diluted weighted-average shares outstanding	1,798,264	1,093,395
Warrants to Purchase Redeemable Convertible Preferred Stock [Member]	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'
Antidilutive securities excluded from computation of diluted weighted-average shares outstanding	'	128,663
Warrants to Purchase Common Stock [Member]	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'
Antidilutive securities excluded from computation of diluted weighted-average shares outstanding	128,663	'
Convertible Notes Payable [Member]	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'
Antidilutive securities excluded from computation of diluted weighted-average shares outstanding	'	1,271,679
Redeemable Convertible Preferred Stock [Member]	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'
Antidilutive securities excluded from computation of diluted weighted-average shares outstanding	'	6,826,004

Accrued_Expenses_Schedule_of_A

Accrued Expenses - Schedule of Accrued Expenses (Detail) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Payables and Accruals [Abstract]	'	'
Accrued expenses	$339	$379
Accrued clinical trial costs	462	610
Accrued contract manufacturing expenses	84	433
Accrued interest	'	234
Accrued compensation and benefits	686	618
Total accrued expenses	$1,571	$2,274

Convertible_Notes_Payable_to_S1

Convertible Notes Payable to Shareholders - Additional Information (Detail) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2014	Aug. 31, 2013	Sep. 30, 2014
		Existing Investors [Member]	Existing Investors [Member]	New Investor [Member]
		Convertible Promissory Notes [Member]	Convertible Promissory Notes [Member]	Convertible Promissory Notes [Member]
Debt Instrument [Line Items]	'	'	'	'
Debt instrument, Original principal amount	'	$6,000	$8,824	$2,500
Debt instrument interest rate percentage	7.00%	'	7.00%	'
Debt instrument percentage	77.50%	'	'	'
IPO closure date	'April 15, 2014	'	'	'
Loss on extinguishment of debt	($2,493)	'	'	'

Stock_Option_Plan_Summary_of_A

Stock Option Plan - Summary of Assumptions Used in Black-Scholes Option-Pricing Model for Stock Options Granted to Employees, Directors and Non Employees (Detail)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Expected life	'6 years	'	'6 years	'6 years
Risk-free interest rate, minimum	1.86%	'	1.83%	'
Risk-free interest rate, maximum	2.00%	'	2.00%	'
Risk-free interest rate	'	'	'	1.08%
Expected volatility	'	'	'	79.00%
Expected volatility, minimum	57.00%	'	57.00%	'
Expected volatility, maximum	60.00%	'	60.00%	'
Expected dividend rate	'	'	'	'
Non Employee Awards [Member]	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Expected life	'8 years	'7 years	'8 years	'7 years
Risk-free interest rate, minimum	2.08%	1.77%	2.05%	1.11%
Risk-free interest rate, maximum	2.53%	2.15%	2.53%	2.15%
Expected volatility, minimum	56.00%	56.00%	56.00%	56.00%
Expected volatility, maximum	62.00%	58.00%	62.00%	79.00%
Expected dividend rate	'	'	'	'

Stock_Option_Plan_Summary_of_S

Stock Option Plan - Summary of Stock Option Activity for Employee, Director and Nonemployee Awards under All Stock Option Plans (Detail) (USD $)	3 Months Ended	9 Months Ended	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2014	Dec. 31, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'	'	'
Number of Shares, Outstanding, Beginning balance	'	1,062,694	'
Number of Shares, Granted	0	809,970	'
Number of Shares, Exercised	'	-41,281	'
Number of Shares, Forfeited	'	-33,119	'
Number of Shares, Outstanding, Ending balance	'	1,798,264	1,062,694
Number of Shares, Options expected to vest	'	1,011,585	'
Number of Shares, Options exercisable	'	736,024	'
Weighted-Average Exercise Price, Outstanding, Beginning balance	'	$3.98	'
Weighted-Average Exercise Price, Granted	'	$6.61	'
Weighted-Average Exercise Price, Exercised	'	$3.36	'
Weighted-Average Exercise Price, Forfeited	'	$4.85	'
Weighted-Average Exercise Price, Outstanding, Ending balance	'	$5.16	$3.98
Weighted-Average Exercise Price, Options expected to vest	'	$5.71	'
Weighted-Average Exercise Price, Options exercisable	'	$4.37	'
Weighted-Average Remaining Contractual Life (Years)	'	'7 years 10 months 24 days	'7 years 2 months 12 days
Options expected to vest - September 30, 2014	'	'9 years 1 month 6 days	'
Options exercisable - September 30, 2014	'	'6 years 1 month 6 days	'
Aggregate Intrinsic Value, Outstanding, Beginning balance	'	$7,028	'
Aggregate Intrinsic Value, Outstanding, Ending balance	'	488	7,028
Aggregate Intrinsic Value, Options expected to vest	'	130	'
Aggregate Intrinsic Value, Options exercisable	'	$350	'

Stock_Option_Plan_Additional_I

Stock Option Plan - Additional Information (Detail) (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Weighted-average per share grant date fair value of options granted	$2.41	'	$3.71	$2.61
Options granted to purchase common stock, Number of shares	'	0	809,970	'
Non Employee Awards [Member]	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Options granted to purchase common stock, Number of shares	'	'	0	0
Stock-based compensation expense	$13	14	$37	$36
Vesting period	'	'	'	'3 years
Employee Awards [Member]	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Stock-based compensation expense	$272	32	$591	$453

Fair_Value_Measurements_Summar

Fair Value Measurements - Summary of Financial Assets and Liabilities Measured on Recurring Basis at Fair Value (Detail) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Money market funds	$57,688	$5,233
Preferred stock warrant liability	'	928
Significant Other Observable Inputs (Level 2) [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Money market funds	57,688	5,233
Significant Unobservable Inputs (Level 3) [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Preferred stock warrant liability	'	$928

Fair_Value_Measurements_Reconc

Fair Value Measurements - Reconciliation of Company's Preferred Stock Warrant Liabilities Measured at Fair Value on Recurring Basis Using Unobservable Inputs (Level3) (Detail) (Significant Unobservable Inputs (Level 3) [Member], USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]	'	'
Liabilities measured at fair value on recurring basis using unobservable inputs, Beginning balance	$928	$1,130
Decrease in fair value recorded in other income	-504	-244
Conversion to common stock warrants	-424	'
Liabilities measured at fair value on recurring basis using unobservable inputs, Ending balance	'	886
Preferred Stock Warrant, Series B [Member]	'	'
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]	'	'
Liabilities measured at fair value on recurring basis using unobservable inputs, Beginning balance	4	7
Decrease in fair value recorded in other income	-2	-3
Conversion to common stock warrants	-2	'
Liabilities measured at fair value on recurring basis using unobservable inputs, Ending balance	'	4
Preferred Stock Warrant, Series C [Member]	'	'
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]	'	'
Liabilities measured at fair value on recurring basis using unobservable inputs, Beginning balance	386	500
Decrease in fair value recorded in other income	-227	-140
Conversion to common stock warrants	-159	'
Liabilities measured at fair value on recurring basis using unobservable inputs, Ending balance	'	360
Preferred Stock Warrant, Series D [Member]	'	'
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]	'	'
Liabilities measured at fair value on recurring basis using unobservable inputs, Beginning balance	538	623
Decrease in fair value recorded in other income	-275	-101
Conversion to common stock warrants	-263	'
Liabilities measured at fair value on recurring basis using unobservable inputs, Ending balance	'	$522

Fair_Value_Measurements_Fair_V

Fair Value Measurements - Fair Value of Preferred Stock Warrant Liability Calculated by Black-Scholes Option Pricing Model (Detail)	12 Months Ended
	Dec. 31, 2013
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'
Expected dividend rate	'
Minimum [Member]	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'
Expected life	'4 years
Risk-free interest rate	2.29%
Expected volatility	64.00%
Maximum [Member]	'
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]	'
Expected life	'8 years
Risk-free interest rate	2.90%
Expected volatility	65.00%

Income_Taxes_Additional_Inform

Income Taxes - Additional Information (Detail) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Income Tax Disclosure [Abstract]	'	'	'	'
Federal income tax benefit	$0	$0	$0	$0
State income tax benefit	$0	$0	$0	$0

Related_Party_Transactions_Add

Related Party Transactions - Additional Information (Detail) (USD $)	0 Months Ended
In Thousands, except Share data, unless otherwise specified	Apr. 30, 2014	Apr. 01, 2014
Commitment, Contingency And Related Party Transactions [Abstract]	'	'
Conversion of preferred stock into common stock	6,826,004	'
Proceeds from sale of equipment	'	$30