Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 28, 2018 | Jun. 30, 2017 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | EVOK | ||
Entity Registrant Name | Evoke Pharma Inc | ||
Entity Central Index Key | 1,403,708 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Common Stock, Shares Outstanding | 15,493,368 | ||
Entity Public Float | $ 32.9 |
Balance Sheets
Balance Sheets - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Current Assets: | ||
Cash and cash equivalents | $ 7,679,267 | $ 9,007,071 |
Prepaid expenses | 251,046 | 267,711 |
Other current assets | 7,997 | |
Total current assets | 7,930,313 | 9,282,779 |
Other assets | 11,551 | 11,551 |
Total assets | 7,941,864 | 9,294,330 |
Current Liabilities: | ||
Accounts payable and accrued expenses | 1,048,927 | 478,223 |
Accrued compensation | 1,025,911 | 933,450 |
Total current liabilities | 2,074,838 | 1,411,673 |
Warrant liability | 3,701,277 | 4,095,019 |
Total liabilities | 5,776,115 | 5,506,692 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred stock, $0.0001 par value; authorized shares — 5,000,000 at December 31, 2017 and 2016; issued and outstanding shares — 0 at December 31, 2017 and 2016 | ||
Common stock, $0.0001 par value; authorized shares — 50,000,000 at December 31, 2017 and 2016; issued and outstanding shares — 15,413,610 and 12,350,360 at December 31, 2017 and 2016, respectively | 1,541 | 1,235 |
Additional paid-in capital | 73,202,863 | 62,595,546 |
Accumulated deficit | (71,038,655) | (58,809,143) |
Total stockholders' equity | 2,165,749 | 3,787,638 |
Total liabilities and stockholders' equity | $ 7,941,864 | $ 9,294,330 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2017 | Dec. 31, 2016 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
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 | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 15,413,610 | 12,350,360 |
Common stock, shares outstanding | 15,413,610 | 12,350,360 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Operating expenses: | ||
Research and development | $ 7,137,493 | $ 6,951,600 |
General and administrative | 4,093,189 | 3,592,825 |
Total operating expenses | 11,230,682 | 10,544,425 |
Loss from operations | (11,230,682) | (10,544,425) |
Other income (expense): | ||
Interest income (expense), net | 6,519 | (268,029) |
Financing costs related to warrant liability | (533,692) | |
Change in fair value of warrant liability | (1,005,349) | 597,615 |
Total other expense, net | (998,830) | (204,106) |
Net loss | $ (12,229,512) | $ (10,748,531) |
Net loss per share of common stock, basic | $ (0.82) | $ (1.15) |
Net loss per share of common stock, diluted | $ (0.90) | $ (1.15) |
Weighted-average shares used to compute basic net loss per share | 14,897,885 | 9,338,068 |
Weighted-average shares used to compute diluted net loss per share | 14,951,036 | 9,338,068 |
Statements of Stockholders' Equ
Statements of Stockholders' Equity - USD ($) | Total | At-The-Market Offering [Member] | Common Stock [Member] | Common Stock [Member]At-The-Market Offering [Member] | Additional Paid-In Capital [Member] | Additional Paid-In Capital [Member]At-The-Market Offering [Member] | Accumulated Deficit [Member] |
Beginning Balance at Dec. 31, 2015 | $ 3,464,929 | $ 720 | $ 51,524,821 | $ (48,060,612) | |||
Beginning Balance, Shares at Dec. 31, 2015 | 7,201,774 | ||||||
Stock-based compensation expense | 1,706,524 | 1,706,524 | |||||
Issuance of common stock, net | $ 256,113 | $ 6 | $ 256,107 | ||||
Issuance of common stock, shares net | 56,000 | ||||||
Issuance of common stock from employee stock purchase plan | $ 98,742 | $ 3 | 98,739 | ||||
Issuance of common stock from employee stock purchase plan, Shares | 34,067 | 34,067 | |||||
Issuance of common stock from warrant exercise | $ 1 | (1) | |||||
Issuance of common stock from warrant exercise, Shares | 9,887 | ||||||
Issuance of common stock and warrants, net | $ 8,803,036 | $ 505 | 8,802,531 | ||||
Issuance of common stock and warrants, shares net | 5,048,632 | ||||||
Reclassification of warrant liability due to warrant amendment and exercise | 206,825 | 206,825 | |||||
Net loss | (10,748,531) | (10,748,531) | |||||
Ending Balance at Dec. 31, 2016 | $ 3,787,638 | $ 1,235 | 62,595,546 | (58,809,143) | |||
Ending Balance, Shares at Dec. 31, 2016 | 12,350,360 | 12,350,360 | |||||
Stock-based compensation expense | $ 1,819,431 | 1,819,431 | |||||
Issuance of common stock, net | 7,254,348 | $ 278 | 7,254,070 | ||||
Issuance of common stock, shares net | 2,775,861 | ||||||
Issuance of common stock from employee stock purchase plan | $ 134,753 | $ 7 | 134,746 | ||||
Issuance of common stock from employee stock purchase plan, Shares | 75,529 | 75,529 | |||||
Issuance of common stock from warrant exercise | $ 21 | (21) | |||||
Issuance of common stock from warrant exercise, Shares | 211,860 | ||||||
Reclassification of warrant liability due to warrant amendment and exercise | $ 1,399,091 | 1,399,091 | |||||
Net loss | (12,229,512) | (12,229,512) | |||||
Ending Balance at Dec. 31, 2017 | $ 2,165,749 | $ 1,541 | $ 73,202,863 | $ (71,038,655) | |||
Ending Balance, Shares at Dec. 31, 2017 | 15,413,610 | 15,413,610 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Operating activities | ||
Net loss | $ (12,229,512) | $ (10,748,531) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation expense | 1,819,431 | 1,706,524 |
Non-cash interest | 120,889 | |
Financing costs allocated to warrant liability | 533,692 | |
Change in fair value of warrant liability | 1,005,349 | (597,615) |
Change in operating assets and liabilities: | ||
Prepaid expenses and other assets | 24,662 | 554,014 |
Accounts payable and accrued expenses | 663,165 | (276,715) |
Net cash used in operating activities | (8,716,905) | (8,707,742) |
Financing activities | ||
Payment on bank loan | (4,500,000) | |
Proceeds from issuance of common stock, net | 7,389,101 | 354,855 |
Proceeds from issuance of common stock and warrants, net | 13,168,803 | |
Net cash provided by financing activities | 7,389,101 | 9,023,658 |
Net increase (decrease) in cash and cash equivalents | (1,327,804) | 315,916 |
Cash and cash equivalents at beginning of period | 9,007,071 | 8,691,155 |
Cash and cash equivalents at end of period | 7,679,267 | 9,007,071 |
Supplemental disclosure of cash flow information | ||
Interest paid | 169,813 | |
Non-cash financing activities | ||
Fair value of warrants issued to placement agent | $ 369,863 | |
Reclassification of warrant liability to equity due to exercise of warrants | $ 1,399,091 |
Organization and Basis of Prese
Organization and Basis of Presentation | 12 Months Ended |
Dec. 31, 2017 | |
Organization And Basis Of Presentation [Abstract] | |
Organization and Basis of Presentation | 1. Organization and Basis of Presentation Evoke Pharma, Inc. (the “Company”) was incorporated in the state of Delaware in January 2007. The Company is a publicly-held specialty pharmaceutical company focused primarily on the development of drugs to treat gastroenterological disorders and disease. Since its inception, the Company has devoted substantially all of its efforts to product development, raising capital and building infrastructure, and has not realized revenues from its planned principal operations. The Company does not anticipate realizing revenues for the foreseeable future. The Company’s activities are subject to the significant risks and uncertainties associated with any specialty pharmaceutical company that has substantial expenditures for research and development, including funding its operations. Clinical Trial Results In July 2016, the Company announced topline results from its Phase 3 clinical trial that evaluated the efficacy and safety of Gimoti™ (formerly known as EVK-001) in women with symptoms associated with diabetic gastroparesis. In this study, Gimoti did not achieve its primary endpoint of symptom improvement at Week 4. In December 2016, the Company had a pre-New Drug Application (“pre-NDA”) meeting with the U.S. Food and Drug Administration (“FDA”), in which FDA agreed that a comparative exposure pharmacokinetic (“PK”) trial was acceptable as a basis for submission of a Gimoti new drug application (“NDA”). The comparative exposure PK trial will serve as a portion of the full 505(b)(2) data package to include prior efficacy and safety data developed by the Company and FDA’s prior findings of safety and efficacy for the Listed Drug, Reglan Tablets. In March 2017, the Company met with FDA to discuss the design of the comparative exposure PK trial and certain other chemistry, manufacturing and controls related items associated with the proposed NDA submission. In October 2017, the Company announced positive topline results from the comparative exposure PK trial. The objective of the trial was to identify a dose of Gimoti that met the criteria for bioequivalence compared to the Reglan Tablets after nasal and oral administration to healthy volunteers under fasted conditions. Based on these results, the Company expects to submit the Gimoti NDA to FDA in the second quarter of 2018. Going Concern The Company has incurred recurring losses and negative cash flows from operations since inception and expects to continue to incur net losses for the foreseeable future until such time, if ever, that it can generate significant revenues from the sale of its sole product, Gimoti. The Company ended 2017 with approximately $7.7 million in cash and cash equivalents, and the Company anticipates that it will continue to incur losses from operations due to a planned NDA submission for Gimoti, pre-approval and pre-commercialization activities, including marketing and manufacturing of Gimoti, and general and administrative costs to support operations. As a result, the Company believes that there is substantial doubt about its ability to continue as a going concern for one year after the date these financial statements are issued. The determination as to whether the Company can continue as a going concern contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. In its report on the Company’s financial statements for the year ended December 31, 2017, the Company’s independent registered public accounting firm included an explanatory paragraph expressing substantial doubt regarding the Company’s ability to continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company’s net losses may fluctuate significantly from quarter to quarter and year to year. The Company believes that its current cash and cash equivalents will be sufficient to meet estimated working capital requirements and fund operations into October 2018. The Company will need to raise additional debt or equity financing to fund future operations. There can be no assurance that additional financing will be available when needed or on acceptable terms. If the Company is not able to secure adequate additional funding, the Company may be forced to make reductions in spending, extend payment terms with suppliers, and/or suspend or curtail planned programs. Any of these actions could materially harm the Company’s business, results of operations, financial condition and future prospects. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Use of Estimates The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ materially from those estimates. Segment Reporting Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision-maker in making decisions regarding resource allocation and assessing performance. The Company views its operations and manages its business in one operating segment operating in the United States. Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less from the date of purchase to be cash equivalents. Cash and cash equivalents include cash in readily available checking and savings accounts. Fair Value of Financial Instruments The carrying amounts of all financial instruments, including accounts payable and accrued expenses, and employee-related liabilities, are considered to be representative of their respective fair values because of the short-term nature of those instruments. Based on the borrowing rates currently available to the Company for loans with similar terms, the Company believes that the fair value of long-term debt approximates its carrying value. Concentrations of Risk Financial instruments that potentially subject the Company to significant credit risk consist primarily of cash and cash equivalents. The Company maintains deposits in a federally insured financial institution in excess of federally insured limits. The Company has established guidelines designed to maintain safety and liquidity, has not experienced any losses in such accounts and believes the exposure to significant risk to the cash balance is minimal. The Company relies on a contract research organization (“CRO”) to manage the preparation and submission of the planned NDA. If this CRO is unable to continue the management of the NDA preparation, the delays could adversely affect the timing of the Company’s NDA submission with FDA. In addition, the Company relies on third-party manufacturers for the production of its drug candidate. If the third-party manufacturers are unable to continue manufacturing the Company’s drug candidate, or if the Company loses one of its sole source suppliers used in its manufacturing processes, the Company may not be able to meet any development needs or commercial supply demand for Gimoti, if approved by FDA, and the development and/or commercialization of Gimoti could be materially and adversely affected. Warrant Accounting Certain of the warrants to purchase shares of the Company’s common stock, issued as a part of the at-the-market registered direct offerings in July and August 2016, are classified as warrant liability and recorded at fair value. These warrants contain a feature that could require the transfer of cash in the event a change of control occurs without the authorization of our Board of Directors, and therefore, are classified as a liability in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 480. The fair value of each warrant is estimated on the date of issuance, and each subsequent balance sheet date, using the Black-Scholes valuation model using the appropriate risk-free interest rate, expected term and volatility assumptions. The expected life of the warrant was calculated using the remaining life of the warrant. Due to our limited historical data as a public company, the estimated volatility is calculated based upon the Company’s historical volatility, supplemented, as necessary, with historical volatility of comparable companies in the biotechnology industry whose share prices are publicly available for a sufficient period of time. The risk-free rate is based upon U.S. Treasury securities with remaining terms similar to the expected term of the stock award being valued. This warrant liability is subject to remeasurement at each balance sheet date and the Company recognizes any change in the fair value of the warrant liability in the statement of operations. The Company will continue to adjust the carrying value of the warrants for changes in the estimated fair value until the earlier of the modification, exercise or expiration of the warrants. At that time, the liabilities will be reclassified to additional paid-in capital, a component of stockholders’ equity. The Company anticipates that the value of the warrants could fluctuate from quarter to quarter and that such fluctuation could have a material impact on the Company’s financial statements. Stock-Based Compensation Stock-based compensation expense for stock option grants and employee stock purchases under the Company’s Employee Stock Purchase Plan (the “ESPP”) is recorded at the estimated fair value of the award as of the grant date and is recognized as expense on a straight-line basis over the employee’s requisite service period. The estimation of stock option and ESPP fair value requires management to make estimates and judgments about, among other things, employee exercise behavior, forfeiture rates and volatility of the Company’s common stock. The judgments directly affect the amount of compensation expense that will be recognized. The Company grants stock options to purchase common stock to employees and members of the board of directors with exercise prices equal to the Company’s closing market price on the date the stock options are granted. The risk-free interest rate assumption was based on the yield of an applicable rate for U.S. Treasury instruments with maturities similar to those of the expected term of the award being valued. The weighted average expected term of options and employee stock purchases was calculated using the simplified method as prescribed by accounting guidance for stock-based compensation. This decision was based on the lack of relevant historical data due to the Company’s limited historical experience. In addition, due to the Company’s limited historical data, the estimated volatility was calculated based upon the Company’s historical volatility, supplemented, as necessary, with historical volatility of comparable companies in the biotechnology industry whose share prices are publicly available for a sufficient period of time. The assumed dividend yield was based on the Company never paying cash dividends and having no expectation of paying cash dividends in the foreseeable future. Research and Development Expenses Research and development costs are expensed as incurred and primarily include compensation and related benefits, stock-based compensation expense and costs paid to third-party contractors to perform research, conduct clinical trials and develop drug materials and delivery devices. The Company expenses costs relating to the purchase and production of pre-approval inventories as research and development expense in the period incurred until FDA approval is received. The Company bases its expense accruals related to clinical studies on estimates of the services received and efforts expended pursuant to contracts with multiple research institutions and CROs that conduct and manage clinical studies on its behalf. The financial terms of these agreements vary from contract to contract and may result in uneven payment flows. Payments under some of these contracts depend on factors, such as the successful enrollment of patients, site initiation and the completion of clinical study milestones. Service providers typically invoice the Company monthly in arrears for services performed. In accruing service fees, the Company estimates the time period over which services will be performed and the level of effort to be expended in each period. If the Company does not identify costs that have begun to be incurred, or if the Company underestimates or overestimates the level of services performed or the costs of these services, actual expenses could differ materially from estimates. To date, the Company has not experienced significant changes in estimates of accrued research and development expenses after a reporting period. However, due to the nature of estimates, no assurance can be made that changes to the estimates will not be made in the future as the Company becomes aware of additional information about the status or conduct of clinical studies and other research activities. The Company does not own or operate manufacturing facilities for the production of Gimoti, nor does it plan to develop its own manufacturing operations in the foreseeable future. The Company currently depends on third-party contract manufacturers for all of its required raw materials, drug substance and finished product for its preclinical research, product development and clinical trials. The Company has agreements with Cosma S.p.A. to supply metoclopramide for the manufacture of Gimoti, and with Thermo Fisher Scientific Inc., who recently acquired Patheon UK Limited, for product development and manufacturing of Gimoti. The Company currently utilizes a third-party consultant, which it engages on an as-needed, hourly basis, to manage product development and manufacturing contractors. Income Taxes The Company accounts for income taxes in accordance with ASC 740, Income Taxes The Company’s policy related to accounting for uncertainty in income taxes prescribes a recognition threshold and measurement attributed criteria for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. Net Loss Per Share Basic net loss per share is calculated by dividing the net loss by the weighted-average number of common stock outstanding for the period, without consideration for common stock equivalents and adjusted for the weighted-average number of common shares outstanding that are subject to repurchase. The Company has excluded 45,000 shares of common stock subject to repurchase from the weighted-average number of common shares outstanding for the years ended December 31, 2017 and 2016. Diluted net loss per share is calculated by dividing the net loss by the weighted-average number of common share equivalents outstanding for the period determined using the treasury-stock method. Dilutive common stock equivalents are comprised of shares subject to repurchase, warrants for the purchase of common stock, options outstanding under the Company’s equity incentive plans and potential shares to be purchased under the ESPP. For the periods, the following table sets forth the outstanding potentially dilutive securities that have been excluded from the calculation of diluted net loss per share because to do so would be anti-dilutive: Year Ended December 31, 2017 2016 Common stock subject to repurchase 45,000 45,000 Warrants to purchase common stock 2,744,500 3,323,876 Common stock options 2,131,624 1,275,624 Employee stock purchase plan 27,785 43,752 Total excluded securities 4,948,909 4,688,252 For the years ended December 31, 2017 and 2016, dilutive shares of 53,061 and 0, respectively, related to the outstanding warrants, were included in the diluted net loss per share of common stock calculation. Recent Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, Leases |
Debt
Debt | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt | 3. Debt On August 4, 2016, the Company repaid in full the $4.5 million of outstanding principal and interest under the Loan and Security Agreement, dated as of May 28, 2014, as amended (the “Loan Agreement”), between the Company and Square 1 Bank, a division of Pacific Western Bank (“Square 1”). In connection with such repayment, the Loan Agreement was terminated, and all security, liens or other encumbrances on assets of the Company were released. The Company incurred $82,685 of loan origination costs related to this credit facility. The remaining unamortized costs of approximately $38,000 were charged to interest expense upon the payment of the loan in August 2016. In connection with the funding of the term loan, the Company issued to Square 1 a warrant to purchase 22,881 shares of the Company’s common stock at an exercise price of $5.90 per share, the closing price of the Company’s common stock on the day of funding of the credit facility. During July 2016, Square 1 converted its warrant by a “cashless” conversion and received 9,887 shares of the Company’s common stock. The value determined for the warrant at the time of the grant of $108,122 was recorded as a debt discount, as well as to stockholders’ equity. The remaining unamortized debt discount associated with the warrant of approximately $59,000 was charged to interest expense upon the payment of the loan in August 2016. Total interest incurred under the loan and security agreements for the years ended December 31, 2017 and 2016 was $0 and $148,500, respectively. |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments | 4. Commitments In December 2016, the Company entered into an operating lease for office space in Solana Beach, California. The lease commenced on January 1, 2017 with an expiration date of December 31, 2018. The Company has an option to extend the lease for an additional two years subject to specified prior written notice. The lease contains annual rent increases. Rent expense for 2017 and 2016 was approximately $135,000 and $116,000, respectively. The Company also pays pass through costs and utility costs, which are expensed as incurred. As of December 31, 2017, the Company has future minimum lease payments under its facility lease in 2018 of approximately $139,000. |
Technology Acquisition Agreemen
Technology Acquisition Agreement | 12 Months Ended |
Dec. 31, 2017 | |
Technology Acquisition Agreement [Abstract] | |
Technology Acquisition Agreement | 5. Technology Acquisition Agreement In June 2007, the Company acquired all worldwide rights, data, patents and other related assets associated with Gimoti from Questcor Pharmaceuticals, Inc. (“Questcor”) pursuant to an Asset Purchase Agreement. The Company paid Questcor $650,000 in the form of an upfront payment and $500,000 in May 2014 as a milestone payment based upon the initiation of the first patient dosing in the Company’s Phase 3 clinical trial for Gimoti. In August 2014, Mallinckrodt, plc, (“Mallinckrodt”) acquired Questcor. As a result of that acquisition, Questcor transferred its rights included in the Asset Purchase Agreement with the Company to Mallinckrodt. In addition to the payments made to Questcor, the Company may also be required to make additional milestone payments to Mallinckrodt totaling up to $51.5 million. These milestones include up to $4.5 million in payments if Gimoti achieves the following development targets: • $1.5 million upon FDA acceptance for review of an NDA for Gimoti; and • $3 million upon FDA approval of Gimoti. The remaining $47 million in milestone payments depend on Gimoti’s commercial success and will only apply if Gimoti receives regulatory approval. In addition, the Company will be required to pay to Mallinckrodt a low single digit royalty on net sales of Gimoti. The Company’s obligation to pay such royalties will terminate upon the expiration of the last patent right covering Gimoti, which is expected to occur in 2030. |
Preferred Stock, Common Stock a
Preferred Stock, Common Stock and Stockholders' Equity | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Preferred Stock, Common Stock and Stockholders' Equity | 6. Preferred Stock, Common Stock and Stockholders’ Equity Preferred Stock Under the Company’s amended and restated certificate of incorporation, the Company is authorized to issue 5,000,000 shares of preferred stock with a $0.0001 par value. No shares of preferred stock were outstanding as of December 31, 2017 or 2016. Common Stock As of December 31, 2017, there were 15,413,610 shares of common stock outstanding. Each share of common stock is entitled to one vote. The holders of the common stock are also entitled to receive dividends whenever funds are legally available and when declared by the board of directors of the Company. To date, no dividends have been declared. Sale of Common Stock and Warrants On July 25, 2016, the Company completed a registered direct offering of 1,804,512 shares of common stock at a purchase price of $2.49375 per share (the “July 2016 Financing”). Concurrently in a private placement, for each share of common stock purchased by an investor, such investor received from the Company an unregistered warrant to purchase three-quarters of a share of common stock, for a total of 1,353,384 shares (the “July Warrants”). The July Warrants have an exercise price of $2.41 per share, are immediately exercisable and will expire on January 25, 2022. The aggregate gross proceeds from the sale of the common stock and warrants were $4.5 million, and the net proceeds after deduction of commissions and fees were $4.0 million. In connection with the July 2016 Financing, the Company issued to its placement agent, Rodman & Renshaw, a unit of H.C. Wainwright & Co. LLC (“Wainwright”), and its designees unregistered warrants to purchase an aggregate of 90,226 shares of the Company’s common stock (the “July Wainwright Warrants”). The July Wainwright Warrants have substantially the same terms as the July Warrants, except that the July Wainwright Warrants will expire on July 21, 2021 and have an exercise price equal to $3.1172 per share of common stock. On August 3, 2016, the Company completed a registered direct offering of 3,244,120 shares of common stock at a purchase price of $3.0825 per share (the “August 2016 Financing”) and together with the July 2016 Financing (the “2016 Financings”). Concurrently in a private placement, for each share of common stock purchased by an investor, such investor received from the Company an unregistered warrant to purchase one half of a share of common stock, for a total of 1,622,060 shares (the “August Warrants”). The August Warrants have an exercise price of $3.03 per share, are immediately exercisable and will expire on February 3, 2022. The aggregate gross proceeds from the sale of the common stock and warrants were $10 million, and the net proceeds after deduction of commissions and fees was approximately $9.2 million. In connection with the August 2016 financing, the Company issued to its placement agent, Wainwright, and its designees unregistered warrants to purchase an aggregate of 162,206 shares of the Company’s common stock (the “August Wainwright Warrants”). The August Wainwright Warrants have substantially the same terms as the August Warrants, except that the August Wainwright Warrants will expire on July 29, 2021 and have an exercise price equal to $3.853125 per share of common stock. The warrants issued in connection with the 2016 Financings had a total initial fair value of $4,899,459 on their respective closing dates as determined using the Black Scholes valuation model and such value was recorded as the initial carrying value of the warrant liability. The fair value of the warrants is remeasured at each financial reporting period with any change in fair value recognized as a change in fair value of the warrant liability in the Statement of Operations. On December 15, 2016, the Company entered into amendments (the “Warrant Amendments”) with certain of the holders (the “Holders”) of the Company’s outstanding warrants to purchase common stock issued on July 25, 2016 and August 3, 2016. Pursuant to the Warrant Amendments, the Holders’ right to require the Company to purchase the outstanding warrants upon the occurrence of certain fundamental transactions will not apply if the fundamental transaction is a result of a transaction that has not been approved by the Company’s board of directors. As a result of this amendment, warrants to purchase 252,432 shares of the Company’s common stock were no longer required to be classified as liabilities. The value of amended warrants were adjusted to their fair value immediately prior to the amendment and approximately $207,000 was reclassified from warrant liability to Additional Paid-in Capital. On February 16, 2017, an institutional investor from the Company’s financing which closed in July 2016 converted its warrant to purchase 526,315 shares of our common stock by a “cashless” exercise and received 211,860 shares of the Company’s common stock. The warrant had an exercise price of $2.41 per share. The shares were issued, and the warrants were sold, in reliance upon the registration exemption set forth in Section 4(a)(2) of the Securities Act of 1933, as amended. The value of the exercised warrants were adjusted to their fair value immediately prior to the exercise and approximately $1.4 million was reclassified from warrant liability to Additional Paid-in Capital. Subsequent to this transaction, warrants to purchase 2,449,129 shares of the Company’s common stock remain classified as a liability. Sale of Common Stock in Public Offering In February and March 2017, the Company completed the sale of 2,775,861 shares of its common stock in an underwritten public offering led by Laidlaw & Company (UK) Ltd. The price to the public in this offering was $2.90 per share resulting in gross proceeds to the Company of approximately $8.0 million. After deducting underwriting discounts and commissions and offering expenses paid by the Company, the net proceeds to the Company from this offering was approximately $7.3 million. At the Market Equity Offering Program On April 15, 2016, the Company terminated its At Market Sales Agreement with MLV & Co. LLC and entered into a new At Market Issuance Sales Agreement with B. Riley FBR, Inc. (as successor by merger to FBR Capital Markets & Co., “FBR”) (“FBR Sales Agreement”), and filed a prospectus supplement, pursuant to which the Company may sell from time to time, at its option, up to an aggregate of 649,074 shares of the Company’s common stock through FBR as the sales agent. The sales of shares made through this equity program are made in “at-the-market” offerings as defined in Rule 415 of the Securities Act. Through December 31, 2016, the Company sold 56,000 shares of common stock at a weighted average price per share of $5.45 and received proceeds of approximately $296,000, net of commissions and fees. In November 2017, the Company filed a new shelf registration with the SEC on Form S-3 to replace a prior Form S-3 shelf registration which was set to expire on November 25, 2017. This new shelf registration was declared effective by the SEC on December 28, 2017. The new shelf registration statement includes a prospectus for the at-the-market offering to sell up to an aggregate of $16.0 million of shares of the Company’s common stock through FBR as a sales agent. The Company did not sell any shares of common stock through the FBR Sales Agreement during 2017. Through February 28, 2018, the Company sold 79,758 shares of common stock at a weighted average price per share of $2.08 pursuant to the FBR Sales Agreement and received net proceeds of approximately $160,000, net of commissions and fees. The Company currently has the capacity to issue up to approximately $11.9 million worth of additional shares of common stock pursuant to the FBR Sales Agreement. Under current SEC regulations, if at the time the Company files its Annual Report on Form 10-K, or Form 10-K, the Company’s public float is less than $75 million, and for so long as its public float remains less than $75 million, the amount the Company can raise through primary public offerings of securities in any twelve-month period using shelf registration statements is limited to an aggregate of one-third of the Company’s public float, which is referred to as the baby shelf rules. As of February 28, 2018, the Company’s public float was approximately $36.1 million, based on 12,938,176 shares of outstanding common stock held by non-affiliates and at a price of $2.79 per share, which was the last reported sale price of the Company’s common stock on The Nasdaq Capital Market on January 29, 2018. As a result of the Company’s public float being below $75 million, the Company will be limited by the baby shelf rules until such time as the Company’s public float exceeds $75 million, which means the Company only has the capacity to sell shares up to one-third of its public float under shelf registration statements in any twelve-month period. If the Company’s public float decreases, the amount of securities we may sell under our Form S-3 shelf registration statement will also decrease. Future sales will depend on a variety of factors including, but not limited to, market conditions, the trading price of the Company’s common stock and the Company’s capital needs. There can be no assurance that FBR will be successful in consummating future sales based on prevailing market conditions or in the quantities or at the prices that the Company deems appropriate. In addition, the Company will not be able to make future sales of common stock pursuant to the FBR Sales Agreement unless certain conditions are met, which include the accuracy of representations and warranties made to FBR under the FBR Sales Agreement. Furthermore, FBR is permitted to terminate the FBR Sales Agreement in its sole discretion upon ten days’ notice, or at any time in certain circumstances, including the occurrence of an event that would be reasonably likely to have a material adverse effect on the Company’s assets, business, operations, earnings, properties, condition (financial or otherwise), prospects, stockholders’ equity or results of operations. The Company has no obligation to sell the remaining shares available for sale pursuant to the FBR Sales Agreement. Warrants The Company has issued warrants to purchase common stock to banks that have loaned funds to the Company, as well as to representatives of the underwriters of the Company’s initial public offering and certain of its affiliates. A summary of the Company’s warrant activity is as follows: Weighted Weighted Average Average Remaining Exercise Contractual Shares Price Term (Years) Outstanding at December 31, 2016 3,323,876 $ 3.29 4.96 Issued — — — Exercised (526,315 ) $ 2.41 4.07 Expired/Forfeited — — — Outstanding at December 31, 2017 2,797,561 $ 3.46 3.94 Equity Incentive Award Plans The Company adopted the 2007 Equity Incentive Plan (the “2007 Plan”) in May 2007 under which 450,000 shares of common stock were reserved for issuance to employees, nonemployee directors and consultants of the Company. As of December 31, 2016, no options were available for future grant under this plan. In August 2013, the Company adopted the 2013 Equity Incentive Award Plan (the “2013 Plan”) as a successor to the 2007 Plan. Under the 2013 Plan, the Company may grant stock options, stock appreciation rights, restricted stock, restricted stock units and other awards to individuals who are then employees, officers, non-employee directors or consultants of the Company. A total of 510,000 shares of common stock were initially reserved for issuance under the 2013 Plan. In addition, the number of shares of common stock available for issuance under the 2013 Plan will be annually increased on the first day of each fiscal year during the term of the 2013 Plan, beginning with the 2014 fiscal year, by an amount equal to the least of: (i) 300,000 shares; (ii) four percent of the outstanding shares of common stock as of the last day of the immediately preceding fiscal year; or (iii) such other amount as the Company’s board of directors may determine. In February 2016, the Company effected a one-time option exchange, wherein employees were offered the opportunity to exchange certain outstanding stock options for the grant of a lesser number of replacement stock options. The participants received three new stock options for every four stock options tendered for exchange. As a result, 703,500 stock options were exchanged for 527,624 replacement stock options. The replacement stock options have a three-year vesting schedule and an exercise price of $3.04 per share, which was the closing price of the Company’s common stock on the date of the option exchange. All other terms of the replacement stock options remain the same as the original stock options that were exchanged. As a result of this transaction, the Company recognized an incremental stock-based compensation expense of approximately $4,700 at the time of the transaction and will recognize an additional approximately $141,000 of stock-based compensation expense over the three-year vesting term of the exchanged options. On April 27, 2016, the Company’s stockholders approved an amendment and restatement of the Company’s 2013 Equity Incentive Award Plan (the “Restated Plan”) to increase the number of shares of common stock reserved under the Restated Plan by 500,000 shares, to an aggregate of 4,786,425 shares, and to extend the term of the Restated Plan into 2026. As a result of the annual increases since the 2013 Plan originated, and the increase of stock options reserved under the Restated Plan approved by the Company’s stockholders in April 2016, the Company has increased the number shares reserved for issuance under the 2013 Plan by 1,276,425 shares. As of December 31, 2017, 72,801 options remain available for future grant under the 2013 Plan. On January 1, 2018, the Company further increased the number of shares reserved for issuance under the 2013 Plan by 300,000 shares, making 372,801 options available for future grant under the 2013 Plan. Options granted under the 2007 Plan and 2013 Plan have ten year terms from the date of grant and generally vest over a one to four year period. The Company granted options to purchase 856,000 and 414,000 shares of common stock in 2017 and 2016, respectively. The exercise price of all options granted during the years ended December 31, 2017 and 2016 was equal to the market value per share of the Company’s common stock on the date of grant. A summary of the Company’s stock option activity under the 2007 Plan and 2013 Plan is as follows: Weighted Weighted Average Average Remaining Exercise Contractual Aggregate Shares Price Term (Years) Intrinsic Outstanding at December 31, 2016 1,275,624 $ 4.04 8.34 $ 191,160 Granted 856,000 $ 2.45 9.13 — Exercised — — — — Expired/Forfeited/Exchanged — — — — Outstanding at December 31, 2017 2,131,624 $ 3.40 8.06 $ 219,480 Vested and expected to vest at December 31, 2017 2,131,624 $ 3.40 8.06 $ 219,480 Exercisable at December 31, 2017 1,111,270 $ 4.08 7.38 $ 219,480 The intrinsic values above represent the aggregate value of the total pre-tax intrinsic value based upon a common stock price of $2.26 and $2.02 at December 31, 2017 and 2016, respectively, and the contractual exercise price. The weighted average grant date fair value per share of employee stock options granted during the years ended December 31, 2017 and 2016, was $1.87 and $2.04, respectively. The 2007 Plan permits the early exercise of options, but the Company has the option to repurchase any unvested shares at the original purchase price (the exercise price paid by the purchaser) upon any voluntary or involuntary termination. The shares of common stock issued from the exercise of stock options are restricted and vest over time or on the achievement of certain milestones. Any unvested shares immediately vest in the event of termination for reasons other than cause, and vesting accelerates in the event of a merger, sale, or other change in control of the Company. Of the total 332,000 stock options exercised, 287,000 were vested as of December 31, 2017 and 2016. The remaining 45,000 exercised stock options vest upon the submission of the NDA for Gimoti. There were no options exercised in 2017 and 2016. The Company had the following nonvested options under the 2007 Plan and 2013 Plan: Shares Weighted Average Grant Date Fair Value Per Share Nonvested at December 31, 2016 690,961 $ 3.34 Granted 856,000 $ 2.45 Vested (526,607 ) $ 3.22 Expired/Forfeited/Exchanged — — Nonvested at December 31, 2017 1,020,354 $ 2.65 Employee Stock Purchase Plan On June 13, 2013, the Company’s board of directors adopted the ESPP, and the Company’s stockholders approved the ESPP on August 29, 2013. The ESPP became effective on the day prior to the effectiveness of the IPO. The ESPP permits participants to purchase the Company’s common stock at 85% of the fair market value through payroll deductions of up to 20% of their eligible compensation. A total of 30,000 shares of common stock were initially reserved for issuance under the ESPP. In addition, the number of shares of common stock available for issuance under the ESPP has been annually increased on the first day of each fiscal year during the term of the ESPP by an amount equal to the lesser of: (i) 30,000 shares; (ii) one percent of the outstanding shares of common stock as of the last day of the immediately preceding fiscal year; or (iii) such other amount as the Company’s board of directors may determine. Payroll withholdings from the Company’s employees of approximately $135,000 and $99,000 resulted in the issuance of 75,529 and 34,067 shares of common stock through its ESPP during the years ended December 31, 2017 and 2016, respectively. The estimated fair value of the shares to be acquired under the ESPP was determined on the initiation date of each six month purchase period using the Black-Scholes option-pricing valuation model with the following weighted-average assumptions for ESPP shares to be purchased during the year ended December 31, 2017 and 2016: Year Ended December 31, 2017 2016 Risk free interest rate 0.79% - 1.10% 0.47% - 0.50% Expected term 6 months 6 months Expected volatility of common stock 37.60% - 99.23% 83.83% - 212.80% Expected dividend yield 0.0% 0.0% Stock-Based Compensation Stock-based compensation expense includes charges related to stock option grants and employee stock purchases under the Company’s ESPP. The Company measures stock-based compensation expense based on the grant-date fair value of any awards granted to its employees. Such expense is recognized over the period of time that employees provide service and earn rights to the awards. The estimated fair value of each option award granted was determined on the date of grant using the Black-Scholes option-pricing valuation model with the following weighted-average assumptions for options grants during the two years ended December 31, 2017: Year Ended December 31, 2017 2016 Risk free interest rate 1.93% - 2.16% 1.25% - 1.58% Expected option term 5.5 - 6.0 years 5.3 - 6.0 years Expected volatility of common stock 94.05% - 98.23% 74.44 - 75.91% Expected dividend yield 0.0% 0.0% The Company recognized non-cash stock-based compensation expense to employees and directors in its research and development and its general and administrative functions as follows: Year Ended December 31, 2017 2016 Research and development $ 819,815 $ 698,032 General and administrative 999,616 1,008,492 Total stock-based compensation expense $ 1,819,431 $ 1,706,524 As of December 31, 2017, there was approximately $1.7 million of unrecognized compensation costs related to outstanding employee and board of director options, which is expected to be recognized over a weighted average period of 1.13 years. Common Stock Reserved for Future Issuance Common stock reserved for future issuance consists of the following at December 31, 2017 and 2016: December 31, 2017 2016 Stock options issued and outstanding 2,131,624 1,275,624 Authorized for future option grants 72,801 628,801 Warrants to purchase common stock 2,797,561 3,323,876 Authorized for employee stock purchase plan 91,934 37,463 Total common stock reserved for future issuance 5,093,920 5,265,764 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 7. Fair Value Measurements 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. As noted in Note 6, during the third quarter of 2016 the Company entered into the 2016 Financings with an institutional investor providing for the issuance and sale by the Company of 5,048,632 shares of the Company’s common stock and warrants to purchase up to 2,975,444 shares of the Company’s common stock for aggregate gross proceeds of $14.5 million. In addition, as partial payment for services, the Company issued to the underwriters warrants to purchase up to 252,432 shares of the Company’s common stock. The Company utilizes a valuation hierarchy for disclosure of the inputs to the valuations used to measure fair value. This hierarchy prioritizes the inputs into three broad levels as follows: Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based on the Company’s own assumptions used to measure assets and liabilities at fair value. A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. The Company had no assets or liabilities classified as Level 1 or Level 2. The warrant liability is classified as Level 3. The Company has classified the warrants as a liability and has remeasured the liability to estimated fair value at December 31, 2017 and 2016, using the Black Scholes option valuation model with the following assumptions: December 3l, 2017 2016 Risk-free interest rate 2.09% 1.93% Expected volatility 100.39% 94.19% Expected term 4.08 years 5.08 years Expected dividend yield 0.0% 0.0% The following fair value hierarchy table presents information about the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2017: Fair Value Measurement as of December 31, 2017 Level 1 Level 2 Level 3 Balance Warrant liability $ - $ - $ 3,701,277 $ 3,701,277 Total $ - $ - $ 3,701,277 $ 3,701,277 The following table presents a reconciliation of the Company’s warrant liability measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31, 2017 and 2016: December 31, 2017 2016 Beginning balance of warrant liability $ 4,095,019 $ - Issuance of warrants - 4,899,459 Change in fair value upon re-measurement 1,005,349 (597,615 ) Reclassification to Additional Paid-in Capital due to warrant amendment - (206,825 ) Reclassification to Additional Paid-in Capital due to warrant exercise (1,399,091 ) - Ending balance of warrant liability $ 3,701,277 $ 4,095,019 There were no transfers between Level 1 and Level 2 in any of the periods reported. |
Employee Benefit Plan
Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2017 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefit Plan | 8. Employee Benefit Plan The Company has established a defined contribution 401(k) plan (the “Plan”) for all employees who are at least 21 years of age. Employees are eligible to participate in the Plan beginning on the date of employment. Under the terms of the Plan, employees may make voluntary contributions as a percentage of compensation. The Company’s contributions to the Plan are discretionary, and no contributions have been made by the Company to date. For the years ended December 31, 2017 and 2016, the Company adopted Safe Harbor 401(k) provisions. In order to maintain the Plan’s compliance with Internal Revenue Service regulations, approximately $3,700 was contributed to the accounts of certain employees for the year ended December 31, 2016 and approximately $3,500 will be contributed to the accounts of certain employees for the year ended December 31, 2017. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 9. Income Taxes The Company accounts for uncertain tax positions in accordance with Accounting Standards Codification Topic 740, Income Taxes The Company’s policy is to recognize interest and/or penalties related to income tax matters in income tax expense. The Company had no accrual for interest and penalties on the balance sheet at December 31, 2017. The Company has an uncertain tax position of $1.9 million related to California net operating losses at December 31, 2017. The Company is subject to taxation in the United States and state jurisdictions, and the Company’s tax years beginning 2007 to date are subject to examination by taxing authorities. On December 22, 2017, President Trump signed into law the tax legislation commonly known as the Tax Cuts and Jobs Act (the “Act”). The effects of the new federal legislation are recognized upon enactment, which is the date the president signs a bill into law. The Act includes numerous changes in existing tax law, including a permanent reduction in the federal corporate income tax rate from 35% to 21%. The rate reduction takes effect on January 1, 2018. As a result of this rate change, the Company has revalued its deferred tax assets at December 31, 2017. Deferred income taxes result from temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements that will result in taxable or deductible amounts in future years. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to faxable income in years in which those temporary differences are expected to be recovered or settled. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through income tax expense. Based on currently available information, the Company recorded a reduction of approximately $7.9 million in the fourth quarter of 2017 related to the revaluation of its deferred tax assets, which did not result in additional tax expense in the quarter as the Company’s deferred tax assets have a full valuation allowance. This amount may be subject to further adjustment in subsequent periods throughout 2018 in accordance with subsequent interpretive guidance issued by the SEC or the IRS. Further, there may be other material adverse effects resulting from the legislation that we have not yet identified. A reconciliation of the federal statutory income tax rate and the effective income tax rate is as follows for the years ended December 31, 2017 and 2016: December 31, 2017 2016 (%) (%) Federal statutory rate 34 34 Warrant liability FMV adjustment (8 ) 6 Stock issuance costs — (5 ) Research and development credits 3 3 Removal of net operating loss and other credits 33 (33 ) Impact of federal tax rate change (65 ) — Stock compensation and other permanent items 3 (5 ) Effective income tax rate — — Pursuant to Internal Revenue Code (“IRC”) Sections 382 and 383, annual use of the Company’s net operating loss and research and development credit carryforwards may be limited in the event a cumulative change in ownership of more than 50% occurs within a three-year period. The Company has not completed an IRC Section 382/383 analysis regarding the limitation of net operating loss and research and development credit carryforwards. Until this analysis has been completed, the Company has removed the deferred tax assets for net operating losses of approximately $15.9 million and a research and development credit of approximately $3.0 million generated through December 31, 2017 from its deferred tax asset schedule, and has recorded a corresponding decrease to its valuation allowance. When this analysis is finalized, the Company plans to update its unrecognized tax benefits accordingly. The Company does not expect this analysis to be completed within the next twelve months and, as a result, the Company does not expect that the unrecognized tax benefits will change within twelve months of this reporting date. Due to the existence of the valuation allowance, future changes in the Company’s unrecognized tax benefits will not impact the Company’s effective tax rate. Significant components of the Company’s deferred tax assets at December 31, 2017 and 2016 are as follows: December 31, 2017 2016 Acquired technology $ 103,000 $ 201,000 Stock compensation expense 490,000 539,000 Accruals and other 216,000 130,000 Total deferred tax assets 809,000 870,000 Less valuation allowance (809,000 ) (870,000 ) Net deferred tax assets $ — $ — At December 31, 2017, the Company has federal and California net operating loss carryforwards of approximately $61.9 million and $41.7 million, respectively. The federal and California loss carryforwards begin to expire in 2027 and 2017, respectively, unless previously utilized. The Company also has federal and California research tax credit carryforwards of approximately $2.0 million and $1.2 million, respectively. The federal research credit carryforwards will begin expiring in 2027 unless previously utilized. The California research credit will carry forward indefinitely. Furthermore, under recently enacted U.S. tax legislation, although the treatment of tax losses generated before December 31, 2017 has generally not changed, tax losses generated in calendar year 2018 and beyond may only offset 80% of our taxable income. This change may require us to pay federal income taxes in future years despite generating a loss for federal income tax purposes in prior years. A summary of the changes in the amount of unrecognized tax benefits (excluding interest and penalties) for 2017 and 2016 are as follows: 2017 2016 Beginning balance of unrecognized tax benefits $ 1,961,595 — Additions based on tax positions of prior years — $ 1,961,595 Ending balance of unrecognized tax benefits $ 1,961,595 $ 1,961,595 Due to the full valuation allowance that the Company has on the deferred tax assets, there are no unrecognized tax benefits that would impact the effective tax rate, if recognized. The Company recognizes interest and penalties related to unrecognized tax benefits in income tax expense. To date, as no benefit has been taken related to the uncertain tax position, there have been no interest and penalties recognized. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | 10. Subsequent Events For the purposes of the financial statements as of December 31, 2017 and the year then ended, the Company has evaluated subsequent events through the date the audited annual financial statements were issued. The Company has concluded that no subsequent event has occurred other than what has been disclosed. |
Summarized Quarterly Data (Unau
Summarized Quarterly Data (Unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summarized Quarterly Data (Unaudited) | 11. Summarized Quarterly Data (Unaudited) The following financial information reflects all adjustments, which include only normal recurring adjustments, which are, in the opinion of management, necessary for a fair statement of the financial results of the interim periods. Summarized quarterly data for the years ended December 31, 2017 and 2016 are as follows: For the Quarters Ended March 31, June 30, September 30, December 31, 2017 Research and development expense $ 770,686 $ 2,017,569 $ 2,717,698 $ 1,631,540 General and administrative expense $ 1,209,570 $ 871,979 $ 984,047 $ 1,027,594 Change in fair value of warrant liability $ 3,072,747 $ (1,261,912 ) $ 1,544,138 $ (2,349,624 ) Net loss $ (5,052,039 ) $ (1,625,969 ) $ (5,243,061 ) $ (308,443 ) Net loss per common share, basic (1) $ (0.37 ) $ (0.11 ) $ (0.34 ) $ (0.02 ) Net loss per common share, diluted (1) $ (0.37 ) $ (0.13 ) (2) $ (0.34 ) $ (0.07 ) Weighted average shares outstanding, basic 13,528,311 15,343,325 15,351,295 15,368,610 Weighted average shares outstanding, diluted 13,528,311 15,420,954 15,351,295 15,503,583 2016 Research and development expense $ 2,015,076 $ 2,095,149 $ 1,339,343 $ 1,502,032 General and administrative expense $ 1,137,753 $ 802,655 $ 830,092 $ 822,325 Change in fair value of warrant liability — — $ 198,945 $ (796,560 ) Net loss $ (3,225,409 ) $ (2,970,498 ) $ (3,025,281 ) $ (1,527,343 ) Net loss per common share, basic and diluted (1) $ (0.45 ) $ (0.41 ) $ (0.29 ) $ (0.12 ) Weighted average shares outstanding, basic and diluted 7,168,005 7,217,577 10,614,692 12,305,360 (1) Net loss per share is computed independently for each of the quarters presented. Therefore, the sum of the quarterly per-share calculations will not necessarily equal the annual per share calculation. (2) Net loss per common share, diluted, for the quarter ended June 30, 2017 was revised from ($0.19) to ($0.13) to correct the computation of diluted loss per share under the treasury stock method. No adjustments were made to any other quarters. |
Summary of Significant Accoun18
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ materially from those estimates. |
Segment Reporting | Segment Reporting Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision-maker in making decisions regarding resource allocation and assessing performance. The Company views its operations and manages its business in one operating segment operating in the United States. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less from the date of purchase to be cash equivalents. Cash and cash equivalents include cash in readily available checking and savings accounts. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The carrying amounts of all financial instruments, including accounts payable and accrued expenses, and employee-related liabilities, are considered to be representative of their respective fair values because of the short-term nature of those instruments. Based on the borrowing rates currently available to the Company for loans with similar terms, the Company believes that the fair value of long-term debt approximates its carrying value. |
Concentrations of Risk | Concentrations of Risk Financial instruments that potentially subject the Company to significant credit risk consist primarily of cash and cash equivalents. The Company maintains deposits in a federally insured financial institution in excess of federally insured limits. The Company has established guidelines designed to maintain safety and liquidity, has not experienced any losses in such accounts and believes the exposure to significant risk to the cash balance is minimal. The Company relies on a contract research organization (“CRO”) to manage the preparation and submission of the planned NDA. If this CRO is unable to continue the management of the NDA preparation, the delays could adversely affect the timing of the Company’s NDA submission with FDA. In addition, the Company relies on third-party manufacturers for the production of its drug candidate. If the third-party manufacturers are unable to continue manufacturing the Company’s drug candidate, or if the Company loses one of its sole source suppliers used in its manufacturing processes, the Company may not be able to meet any development needs or commercial supply demand for Gimoti, if approved by FDA, and the development and/or commercialization of Gimoti could be materially and adversely affected. |
Warrant Accounting | Warrant Accounting Certain of the warrants to purchase shares of the Company’s common stock, issued as a part of the at-the-market registered direct offerings in July and August 2016, are classified as warrant liability and recorded at fair value. These warrants contain a feature that could require the transfer of cash in the event a change of control occurs without the authorization of our Board of Directors, and therefore, are classified as a liability in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 480. The fair value of each warrant is estimated on the date of issuance, and each subsequent balance sheet date, using the Black-Scholes valuation model using the appropriate risk-free interest rate, expected term and volatility assumptions. The expected life of the warrant was calculated using the remaining life of the warrant. Due to our limited historical data as a public company, the estimated volatility is calculated based upon the Company’s historical volatility, supplemented, as necessary, with historical volatility of comparable companies in the biotechnology industry whose share prices are publicly available for a sufficient period of time. The risk-free rate is based upon U.S. Treasury securities with remaining terms similar to the expected term of the stock award being valued. This warrant liability is subject to remeasurement at each balance sheet date and the Company recognizes any change in the fair value of the warrant liability in the statement of operations. The Company will continue to adjust the carrying value of the warrants for changes in the estimated fair value until the earlier of the modification, exercise or expiration of the warrants. At that time, the liabilities will be reclassified to additional paid-in capital, a component of stockholders’ equity. The Company anticipates that the value of the warrants could fluctuate from quarter to quarter and that such fluctuation could have a material impact on the Company’s financial statements. |
Stock-Based Compensation | Stock-Based Compensation Stock-based compensation expense for stock option grants and employee stock purchases under the Company’s Employee Stock Purchase Plan (the “ESPP”) is recorded at the estimated fair value of the award as of the grant date and is recognized as expense on a straight-line basis over the employee’s requisite service period. The estimation of stock option and ESPP fair value requires management to make estimates and judgments about, among other things, employee exercise behavior, forfeiture rates and volatility of the Company’s common stock. The judgments directly affect the amount of compensation expense that will be recognized. The Company grants stock options to purchase common stock to employees and members of the board of directors with exercise prices equal to the Company’s closing market price on the date the stock options are granted. The risk-free interest rate assumption was based on the yield of an applicable rate for U.S. Treasury instruments with maturities similar to those of the expected term of the award being valued. The weighted average expected term of options and employee stock purchases was calculated using the simplified method as prescribed by accounting guidance for stock-based compensation. This decision was based on the lack of relevant historical data due to the Company’s limited historical experience. In addition, due to the Company’s limited historical data, the estimated volatility was calculated based upon the Company’s historical volatility, supplemented, as necessary, with historical volatility of comparable companies in the biotechnology industry whose share prices are publicly available for a sufficient period of time. The assumed dividend yield was based on the Company never paying cash dividends and having no expectation of paying cash dividends in the foreseeable future. |
Research and Development Expenses | Research and Development Expenses Research and development costs are expensed as incurred and primarily include compensation and related benefits, stock-based compensation expense and costs paid to third-party contractors to perform research, conduct clinical trials and develop drug materials and delivery devices. The Company expenses costs relating to the purchase and production of pre-approval inventories as research and development expense in the period incurred until FDA approval is received. The Company bases its expense accruals related to clinical studies on estimates of the services received and efforts expended pursuant to contracts with multiple research institutions and CROs that conduct and manage clinical studies on its behalf. The financial terms of these agreements vary from contract to contract and may result in uneven payment flows. Payments under some of these contracts depend on factors, such as the successful enrollment of patients, site initiation and the completion of clinical study milestones. Service providers typically invoice the Company monthly in arrears for services performed. In accruing service fees, the Company estimates the time period over which services will be performed and the level of effort to be expended in each period. If the Company does not identify costs that have begun to be incurred, or if the Company underestimates or overestimates the level of services performed or the costs of these services, actual expenses could differ materially from estimates. To date, the Company has not experienced significant changes in estimates of accrued research and development expenses after a reporting period. However, due to the nature of estimates, no assurance can be made that changes to the estimates will not be made in the future as the Company becomes aware of additional information about the status or conduct of clinical studies and other research activities. The Company does not own or operate manufacturing facilities for the production of Gimoti, nor does it plan to develop its own manufacturing operations in the foreseeable future. The Company currently depends on third-party contract manufacturers for all of its required raw materials, drug substance and finished product for its preclinical research, product development and clinical trials. The Company has agreements with Cosma S.p.A. to supply metoclopramide for the manufacture of Gimoti, and with Thermo Fisher Scientific Inc., who recently acquired Patheon UK Limited, for product development and manufacturing of Gimoti. The Company currently utilizes a third-party consultant, which it engages on an as-needed, hourly basis, to manage product development and manufacturing contractors. |
Income Taxes | Income Taxes The Company accounts for income taxes in accordance with ASC 740, Income Taxes The Company’s policy related to accounting for uncertainty in income taxes prescribes a recognition threshold and measurement attributed criteria for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. |
Net Loss Per Share | Net Loss Per Share Basic net loss per share is calculated by dividing the net loss by the weighted-average number of common stock outstanding for the period, without consideration for common stock equivalents and adjusted for the weighted-average number of common shares outstanding that are subject to repurchase. The Company has excluded 45,000 shares of common stock subject to repurchase from the weighted-average number of common shares outstanding for the years ended December 31, 2017 and 2016. Diluted net loss per share is calculated by dividing the net loss by the weighted-average number of common share equivalents outstanding for the period determined using the treasury-stock method. Dilutive common stock equivalents are comprised of shares subject to repurchase, warrants for the purchase of common stock, options outstanding under the Company’s equity incentive plans and potential shares to be purchased under the ESPP. For the periods, the following table sets forth the outstanding potentially dilutive securities that have been excluded from the calculation of diluted net loss per share because to do so would be anti-dilutive: Year Ended December 31, 2017 2016 Common stock subject to repurchase 45,000 45,000 Warrants to purchase common stock 2,744,500 3,323,876 Common stock options 2,131,624 1,275,624 Employee stock purchase plan 27,785 43,752 Total excluded securities 4,948,909 4,688,252 For the years ended December 31, 2017 and 2016, dilutive shares of 53,061 and 0, respectively, related to the outstanding warrants, were included in the diluted net loss per share of common stock calculation. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, Leases |
Summary of Significant Accoun19
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Outstanding Potentially Dilutive Securities Excluded from Calculation of Diluted Net Loss Per Share | For the periods, the following table sets forth the outstanding potentially dilutive securities that have been excluded from the calculation of diluted net loss per share because to do so would be anti-dilutive: Year Ended December 31, 2017 2016 Common stock subject to repurchase 45,000 45,000 Warrants to purchase common stock 2,744,500 3,323,876 Common stock options 2,131,624 1,275,624 Employee stock purchase plan 27,785 43,752 Total excluded securities 4,948,909 4,688,252 |
Preferred Stock, Common Stock20
Preferred Stock, Common Stock and Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Summary of Warrants Activity | A summary of the Company’s warrant activity is as follows: Weighted Weighted Average Average Remaining Exercise Contractual Shares Price Term (Years) Outstanding at December 31, 2016 3,323,876 $ 3.29 4.96 Issued — — — Exercised (526,315 ) $ 2.41 4.07 Expired/Forfeited — — — Outstanding at December 31, 2017 2,797,561 $ 3.46 3.94 |
Summary of Stock Option Activity | A summary of the Company’s stock option activity under the 2007 Plan and 2013 Plan is as follows: Weighted Weighted Average Average Remaining Exercise Contractual Aggregate Shares Price Term (Years) Intrinsic Outstanding at December 31, 2016 1,275,624 $ 4.04 8.34 $ 191,160 Granted 856,000 $ 2.45 9.13 — Exercised — — — — Expired/Forfeited/Exchanged — — — — Outstanding at December 31, 2017 2,131,624 $ 3.40 8.06 $ 219,480 Vested and expected to vest at December 31, 2017 2,131,624 $ 3.40 8.06 $ 219,480 Exercisable at December 31, 2017 1,111,270 $ 4.08 7.38 $ 219,480 |
Summary of Nonvested Options Activity | The Company had the following nonvested options under the 2007 Plan and 2013 Plan: Shares Weighted Average Grant Date Fair Value Per Share Nonvested at December 31, 2016 690,961 $ 3.34 Granted 856,000 $ 2.45 Vested (526,607 ) $ 3.22 Expired/Forfeited/Exchanged — — Nonvested at December 31, 2017 1,020,354 $ 2.65 |
Summary of Estimated Fair Value of Employee Stock Purchase Plan Award | The estimated fair value of the shares to be acquired under the ESPP was determined on the initiation date of each six month purchase period using the Black-Scholes option-pricing valuation model with the following weighted-average assumptions for ESPP shares to be purchased during the year ended December 31, 2017 and 2016: Year Ended December 31, 2017 2016 Risk free interest rate 0.79% - 1.10% 0.47% - 0.50% Expected term 6 months 6 months Expected volatility of common stock 37.60% - 99.23% 83.83% - 212.80% Expected dividend yield 0.0% 0.0% |
Summary of Estimated Fair Value of Stock Option Award | The estimated fair value of each option award granted was determined on the date of grant using the Black-Scholes option-pricing valuation model with the following weighted-average assumptions for options grants during the two years ended December 31, 2017: Year Ended December 31, 2017 2016 Risk free interest rate 1.93% - 2.16% 1.25% - 1.58% Expected option term 5.5 - 6.0 years 5.3 - 6.0 years Expected volatility of common stock 94.05% - 98.23% 74.44 - 75.91% Expected dividend yield 0.0% 0.0% |
Summary of Recognized Non-Cash Stock-Based Compensation Expense | The Company recognized non-cash stock-based compensation expense to employees and directors in its research and development and its general and administrative functions as follows: Year Ended December 31, 2017 2016 Research and development $ 819,815 $ 698,032 General and administrative 999,616 1,008,492 Total stock-based compensation expense $ 1,819,431 $ 1,706,524 |
Summary of Common Stock Reserved for Future Issuance | Common stock reserved for future issuance consists of the following at December 31, 2017 and 2016: December 31, 2017 2016 Stock options issued and outstanding 2,131,624 1,275,624 Authorized for future option grants 72,801 628,801 Warrants to purchase common stock 2,797,561 3,323,876 Authorized for employee stock purchase plan 91,934 37,463 Total common stock reserved for future issuance 5,093,920 5,265,764 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Summary of Warrants Liability and Remeasured Liability to Estimated Fair Value | The Company has classified the warrants as a liability and has remeasured the liability to estimated fair value at December 31, 2017 and 2016, using the Black Scholes option valuation model with the following assumptions: December 3l, 2017 2016 Risk-free interest rate 2.09% 1.93% Expected volatility 100.39% 94.19% Expected term 4.08 years 5.08 years Expected dividend yield 0.0% 0.0% |
Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The following fair value hierarchy table presents information about the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2017: Fair Value Measurement as of December 31, 2017 Level 1 Level 2 Level 3 Balance Warrant liability $ - $ - $ 3,701,277 $ 3,701,277 Total $ - $ - $ 3,701,277 $ 3,701,277 |
Summary of Reconciliation of Warrant Liability Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs | The following table presents a reconciliation of the Company’s warrant liability measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31, 2017 and 2016: December 31, 2017 2016 Beginning balance of warrant liability $ 4,095,019 $ - Issuance of warrants - 4,899,459 Change in fair value upon re-measurement 1,005,349 (597,615 ) Reclassification to Additional Paid-in Capital due to warrant amendment - (206,825 ) Reclassification to Additional Paid-in Capital due to warrant exercise (1,399,091 ) - Ending balance of warrant liability $ 3,701,277 $ 4,095,019 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Reconciliation of Federal Statutory Income Tax Rate and Effective Income Tax Rate | A reconciliation of the federal statutory income tax rate and the effective income tax rate is as follows for the years ended December 31, 2017 and 2016: December 31, 2017 2016 (%) (%) Federal statutory rate 34 34 Warrant liability FMV adjustment (8 ) 6 Stock issuance costs — (5 ) Research and development credits 3 3 Removal of net operating loss and other credits 33 (33 ) Impact of federal tax rate change (65 ) — Stock compensation and other permanent items 3 (5 ) Effective income tax rate — — |
Summary of Significant Components of Deferred Tax Assets | Significant components of the Company’s deferred tax assets at December 31, 2017 and 2016 are as follows: December 31, 2017 2016 Acquired technology $ 103,000 $ 201,000 Stock compensation expense 490,000 539,000 Accruals and other 216,000 130,000 Total deferred tax assets 809,000 870,000 Less valuation allowance (809,000 ) (870,000 ) Net deferred tax assets $ — $ — |
Summary of Changes in Amount of Unrecognized Tax Benefits (Excluding Interest and Penalties) | A summary of the changes in the amount of unrecognized tax benefits (excluding interest and penalties) for 2017 and 2016 are as follows: 2017 2016 Beginning balance of unrecognized tax benefits $ 1,961,595 — Additions based on tax positions of prior years — $ 1,961,595 Ending balance of unrecognized tax benefits $ 1,961,595 $ 1,961,595 |
Summarized Quarterly Data (Un23
Summarized Quarterly Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summarized Quarterly Data | Summarized quarterly data for the years ended December 31, 2017 and 2016 are as follows: For the Quarters Ended March 31, June 30, September 30, December 31, 2017 Research and development expense $ 770,686 $ 2,017,569 $ 2,717,698 $ 1,631,540 General and administrative expense $ 1,209,570 $ 871,979 $ 984,047 $ 1,027,594 Change in fair value of warrant liability $ 3,072,747 $ (1,261,912 ) $ 1,544,138 $ (2,349,624 ) Net loss $ (5,052,039 ) $ (1,625,969 ) $ (5,243,061 ) $ (308,443 ) Net loss per common share, basic (1) $ (0.37 ) $ (0.11 ) $ (0.34 ) $ (0.02 ) Net loss per common share, diluted (1) $ (0.37 ) $ (0.13 ) (2) $ (0.34 ) $ (0.07 ) Weighted average shares outstanding, basic 13,528,311 15,343,325 15,351,295 15,368,610 Weighted average shares outstanding, diluted 13,528,311 15,420,954 15,351,295 15,503,583 2016 Research and development expense $ 2,015,076 $ 2,095,149 $ 1,339,343 $ 1,502,032 General and administrative expense $ 1,137,753 $ 802,655 $ 830,092 $ 822,325 Change in fair value of warrant liability — — $ 198,945 $ (796,560 ) Net loss $ (3,225,409 ) $ (2,970,498 ) $ (3,025,281 ) $ (1,527,343 ) Net loss per common share, basic and diluted (1) $ (0.45 ) $ (0.41 ) $ (0.29 ) $ (0.12 ) Weighted average shares outstanding, basic and diluted 7,168,005 7,217,577 10,614,692 12,305,360 (1) Net loss per share is computed independently for each of the quarters presented. Therefore, the sum of the quarterly per-share calculations will not necessarily equal the annual per share calculation. (2) Net loss per common share, diluted, for the quarter ended June 30, 2017 was revised from ($0.19) to ($0.13) to correct the computation of diluted loss per share under the treasury stock method. No adjustments were made to any other quarters. |
Organization and Basis of Pre24
Organization and Basis of Presentation - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Organization And Basis Of Presentation [Abstract] | |||
Month and year of incorporation | 2007-01 | ||
Cash and cash equivalents | $ 7,679,267 | $ 9,007,071 | $ 8,691,155 |
Summary of Significant Accoun25
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2017Segmentshares | Dec. 31, 2016shares | |
Accounting Policies [Abstract] | ||
Number of operating segment | Segment | 1 | |
Shares of common stock subject to repurchase excluded from the weighted-average number of common stock outstanding | 45,000 | 45,000 |
Dilutive shares related to the outstanding warrants | 53,061 | 0 |
Summary of Significant Accoun26
Summary of Significant Accounting Policies - Summary of Outstanding Potentially Dilutive Securities Excluded from Calculation of Diluted Net Loss Per Share (Detail) - shares | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from the calculation of diluted net loss per share | 4,948,909 | 4,688,252 |
Common stock subject to repurchase [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from the calculation of diluted net loss per share | 45,000 | 45,000 |
Warrants to purchase common stock [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from the calculation of diluted net loss per share | 2,744,500 | 3,323,876 |
Common stock options [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from the calculation of diluted net loss per share | 2,131,624 | 1,275,624 |
Employee stock purchase plan [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from the calculation of diluted net loss per share | 27,785 | 43,752 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) | Aug. 04, 2016 | Jul. 31, 2016 | May 31, 2014 | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | |||||
Repayment of principal and accrued interest | $ 4,500,000 | ||||
Warrant exercise price per share | $ 3.46 | $ 3.29 | |||
Loan and Security Agreement [Member] | |||||
Debt Instrument [Line Items] | |||||
Loan and security agreement, interest incurred | $ 0 | $ 148,500 | |||
Square 1 Bank [Member] | Loan and Security Agreement [Member] | |||||
Debt Instrument [Line Items] | |||||
Repayment of principal and accrued interest | $ 4,500,000 | ||||
Line of credit facility, loan origination cost | $ 82,685 | ||||
Debt instrument, unamortized discount | 38,000 | ||||
Warrants exercisable, stock issued | 22,881 | ||||
Warrant exercise price per share | $ 5.90 | ||||
Square 1 Bank [Member] | Loan and Security Agreement [Member] | Warrants to purchase common stock [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, unamortized discount | $ 59,000 | ||||
Common stock shares issued upon conversion of warrants | 9,887 | ||||
Warrant value recorded in equity | $ 108,122 |
Commitments - Additional Inform
Commitments - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | ||
Lease commencement date | Jan. 1, 2017 | |
Additional lease term | 2 years | |
Lease expiry date | Dec. 31, 2018 | |
Rent expense | $ 135,000 | $ 116,000 |
Future minimum facility lease payments due in 2018 | $ 139,000 |
Technology Acquisition Agreem29
Technology Acquisition Agreement - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | |
May 31, 2014 | Jun. 30, 2007 | Dec. 31, 2017 | |
Technology Acquisition Agreement [Line Items] | |||
Payment expensed as in-process research and development | $ 650,000 | ||
Mallinckrodt Plc [Member] | Patented Technology [Member] | |||
Technology Acquisition Agreement [Line Items] | |||
Expected expiration of patent right | 2,030 | ||
Mallinckrodt Plc [Member] | Rights and Patents Acquired from Questcor Pharmaceuticals Inc [Member] | Maximum [Member] | |||
Technology Acquisition Agreement [Line Items] | |||
Milestone payments contingent amount | $ 51,500,000 | ||
Development Target One [Member] | Rights and Patents Acquired from Questcor Pharmaceuticals Inc [Member] | |||
Technology Acquisition Agreement [Line Items] | |||
Milestone payment | $ 500,000 | ||
Development targets description | Upon the initiation of the first patient dosing in the Company's Phase 3 clinical trial for Gimoti. | ||
Development Target Two And Three [Member] | Mallinckrodt Plc [Member] | Maximum [Member] | |||
Technology Acquisition Agreement [Line Items] | |||
Milestone payments contingent amount | $ 4,500,000 | ||
Development Target Two [Member] | Mallinckrodt Plc [Member] | |||
Technology Acquisition Agreement [Line Items] | |||
Development targets description | Upon FDA's acceptance for review of a new drug application for Gimoti | ||
Milestone payments contingent amount | $ 1,500,000 | ||
Development Target Three [Member] | Mallinckrodt Plc [Member] | |||
Technology Acquisition Agreement [Line Items] | |||
Development targets description | Upon the FDA's approval of Gimoti | ||
Milestone payments contingent amount | $ 3,000,000 | ||
Development Target Four [Member] | Mallinckrodt Plc [Member] | Patented Technology [Member] | |||
Technology Acquisition Agreement [Line Items] | |||
Development targets description | Depend on Gimoti's commercial success and will only apply if Gimoti receives regulatory approval. In addition, the Company will be required to pay to Mallinckrodt a low single digit royalty on net sales of Gimoti. | ||
Milestone payments contingent amount | $ 47,000,000 |
Preferred Stock, Common Stock30
Preferred Stock, Common Stock and Stockholders' Equity - Preferred Stock - Additional Information (Detail) - $ / shares | Dec. 31, 2017 | Dec. 31, 2016 |
Equity [Abstract] | ||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares outstanding | 0 | 0 |
Preferred Stock, Common Stock31
Preferred Stock, Common Stock and Stockholders' Equity - Common Stock - Additional Information (Detail) - USD ($) | Feb. 28, 2018 | Feb. 16, 2017 | Dec. 15, 2016 | Aug. 03, 2016 | Jul. 25, 2016 | Apr. 15, 2016 | Mar. 31, 2017 | Sep. 30, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Nov. 30, 2017 |
Sale Of Stock [Line Items] | |||||||||||
Common stock, shares outstanding | 15,413,610 | 12,350,360 | |||||||||
Shareholders voting power description | Each share of common stock is entitled to one vote. The holders of the common stock are also entitled to receive dividends whenever funds are legally available and when declared by the board of directors of the Company. | ||||||||||
Dividends declared on common stock | $ 0 | ||||||||||
Common stock, shares issued | 15,413,610 | 12,350,360 | |||||||||
Weighted average exercise price of warrants | $ 3.46 | $ 3.29 | |||||||||
Proceeds from issuance of common stock, net | $ 7,389,101 | $ 354,855 | |||||||||
July 2016 Financing [Member] | |||||||||||
Sale Of Stock [Line Items] | |||||||||||
Common stock, shares issued | 1,804,512 | ||||||||||
Purchase price of common stock | $ 2.49375 | ||||||||||
Unregistered warrants to purchase of common stock | 526,315 | 2,449,129 | |||||||||
Weighted average exercise price of warrants | $ 2.41 | ||||||||||
Aggregate gross proceeds from sale of common stock and warrants | $ 4,500,000 | ||||||||||
Aggregate net proceeds from sale of common stock and warrants | $ 4,000,000 | ||||||||||
Reclassification of warrant liability to Additional Paid-in Capital | $ 1,400,000 | ||||||||||
Common stock shares issued upon conversion of warrants | 211,860 | ||||||||||
July Warrants [Member] | |||||||||||
Sale Of Stock [Line Items] | |||||||||||
Warrants exercisable, stock issued | 0.75 | ||||||||||
Unregistered warrants to purchase of common stock | 1,353,384 | ||||||||||
Weighted average exercise price of warrants | $ 2.41 | ||||||||||
Warrants expiration date | Jan. 25, 2022 | ||||||||||
July Wainwright Warrants [Member] | |||||||||||
Sale Of Stock [Line Items] | |||||||||||
Unregistered warrants to purchase of common stock | 90,226 | ||||||||||
Weighted average exercise price of warrants | $ 3.1172 | ||||||||||
Warrants expiration date | Jul. 21, 2021 | ||||||||||
August 2016 Financing [Member] | |||||||||||
Sale Of Stock [Line Items] | |||||||||||
Common stock, shares issued | 3,244,120 | ||||||||||
Purchase price of common stock | $ 3.0825 | ||||||||||
Aggregate gross proceeds from sale of common stock and warrants | $ 10,000,000 | ||||||||||
Aggregate net proceeds from sale of common stock and warrants | $ 9,200,000 | ||||||||||
August Warrants [Member] | |||||||||||
Sale Of Stock [Line Items] | |||||||||||
Warrants exercisable, stock issued | 0.5 | ||||||||||
Unregistered warrants to purchase of common stock | 1,622,060 | ||||||||||
Weighted average exercise price of warrants | $ 3.03 | ||||||||||
Warrants expiration date | Feb. 3, 2022 | ||||||||||
August Wainwright Warrants [Member] | |||||||||||
Sale Of Stock [Line Items] | |||||||||||
Unregistered warrants to purchase of common stock | 162,206 | ||||||||||
Weighted average exercise price of warrants | $ 3.853125 | ||||||||||
Warrants expiration date | Jul. 29, 2021 | ||||||||||
2016 Financings [Member] | |||||||||||
Sale Of Stock [Line Items] | |||||||||||
Common stock, shares issued | 5,048,632 | ||||||||||
Aggregate gross proceeds from sale of common stock and warrants | $ 14,500,000 | ||||||||||
2016 Financings [Member] | Warrant Liability [Member] | |||||||||||
Sale Of Stock [Line Items] | |||||||||||
Total initial fair value of warrants issued | $ 4,899,459 | ||||||||||
Warrant Amendments [Member] | |||||||||||
Sale Of Stock [Line Items] | |||||||||||
Unregistered warrants to purchase of common stock | 252,432 | ||||||||||
Amendment Date | Dec. 15, 2016 | ||||||||||
Reclassification of warrant liability to Additional Paid-in Capital | $ 207,000 | ||||||||||
Underwritten Public Offering [Member] | |||||||||||
Sale Of Stock [Line Items] | |||||||||||
Purchase price of common stock | $ 2.90 | ||||||||||
Common stock shares issues | 2,775,861 | ||||||||||
Gross proceeds from public offering of common stock | $ 8,000,000 | ||||||||||
Proceeds from issuance of common stock, net | $ 7,300,000 | ||||||||||
FBR Sales Agreement [Member] | |||||||||||
Sale Of Stock [Line Items] | |||||||||||
Common stock, shares issued | 56,000 | ||||||||||
Proceeds from issuance of common stock, net | $ 296,000 | ||||||||||
Common stock, shares issuable | 649,074 | ||||||||||
Common stock , weighted average price per share | $ 5.45 | ||||||||||
FBR Sales Agreement [Member] | Maximum [Member] | |||||||||||
Sale Of Stock [Line Items] | |||||||||||
Common stock, value of shares issuable | $ 16,000,000 | ||||||||||
Entity public float | $ 75,000,000 | ||||||||||
FBR Sales Agreement [Member] | Subsequent Event [Member] | |||||||||||
Sale Of Stock [Line Items] | |||||||||||
Common stock, shares issued | 79,758 | ||||||||||
Proceeds from issuance of common stock, net | $ 160,000 | ||||||||||
Common stock , weighted average price per share | $ 2.08 | ||||||||||
Proceeds from issuance of additional common stock | $ 11,900,000 | ||||||||||
Entity public float | $ 36,100,000 | ||||||||||
Entity public float, common stock shares | 12,938,176 | ||||||||||
Common stock, closing price | $ 2.79 |
Preferred Stock, Common Stock32
Preferred Stock, Common Stock and Stockholders' Equity - Summary of Warrants Activity (Detail) - $ / shares | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Warrants And Rights Note Disclosure [Abstract] | ||
Warrants, Outstanding beginning balance | 3,323,876 | |
Warrants, Exercised | (526,315) | |
Warrants, Outstanding ending balance | 2,797,561 | 3,323,876 |
Weighted Average Exercise Price, Outstanding beginning balance | $ 3.29 | |
Weighted Average Exercise Price, Exercised | 2.41 | |
Weighted Average Exercise Price, Outstanding ending balance | $ 3.46 | $ 3.29 |
Weighted Average Remaining Contractual Term (Years), Outstanding | 3 years 11 months 8 days | 4 years 11 months 15 days |
Weighted Average Remaining Contractual Term (Years), Exercised | 4 years 25 days |
Preferred Stock, Common Stock33
Preferred Stock, Common Stock and Stockholders' Equity - Equity Incentive Award Plans - Additional Information (Detail) - USD ($) | Apr. 27, 2016 | Feb. 29, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2018 | Aug. 31, 2013 | May 31, 2007 |
Stock-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Common stock reserved for issuance | 5,093,920 | 5,265,764 | |||||
Options available for future grant | 72,801 | 628,801 | |||||
Number of stock options exchanged, outstanding | 2,131,624 | 1,275,624 | |||||
Unrecognized compensation costs | $ 1,700,000 | ||||||
Weighted average period | 1 year 1 month 17 days | ||||||
Intrinsic value, common stock price | $ 2.26 | $ 2.02 | |||||
Weighted Average Grant Date Fair Value Per Share, Granted | $ 1.87 | $ 2.04 | |||||
Options Granted [Member] | |||||||
Stock-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Options granted, weighted average term | 10 years | ||||||
Number of stock options granted | 856,000 | 414,000 | |||||
Options Granted [Member] | Minimum [Member] | |||||||
Stock-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Options granted, vesting period | 1 year | ||||||
Options Granted [Member] | Maximum [Member] | |||||||
Stock-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Options granted, vesting period | 4 years | ||||||
2007 Equity Incentive Plan [Member] | |||||||
Stock-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Common stock reserved for issuance | 0 | 450,000 | |||||
Issuance of common stock upon exercise of stock option, Shares | 332,000 | ||||||
Stock options vested | 287,000 | 287,000 | |||||
Restricted shares to vest upon milestone achievement | 45,000 | ||||||
Amended and Restated Equity Incentive Plan 2013 [Member] | |||||||
Stock-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Common stock reserved for issuance | 4,786,425 | ||||||
Increase in number of shares of common stock reserved under the plan | 500,000 | ||||||
Award plan expiration year | 2,026 | ||||||
2013 Equity Incentive Award Plan [Member] | |||||||
Stock-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Common stock reserved for issuance | 510,000 | ||||||
Additional common stock reserved for issuance | 1,276,425 | ||||||
Shares of common stock available for issuance description | In addition, the number of shares of common stock available for issuance under the 2013 Plan will be annually increased on the first day of each fiscal year during the term of the 2013 Plan, beginning with the 2014 fiscal year, by an amount equal to the least of: (i) 300,000 shares; (ii) four percent of the outstanding shares of common stock as of the last day of the immediately preceding fiscal year; or (iii) such other amount as the Company’s board of directors may determine. | ||||||
Options available for future grant | 72,801 | ||||||
2013 Equity Incentive Award Plan [Member] | Annual Increase in Shares [Member] | |||||||
Stock-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Common stock reserved for issuance | 300,000 | ||||||
Reserve percentage for issuance of shares | 4.00% | ||||||
2013 Equity Incentive Award Plan [Member] | Subsequent Event [Member] | |||||||
Stock-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Common stock reserved for issuance | 300,000 | ||||||
Options available for future grant | 372,801 | ||||||
One-Time Option Exchange Program [Member] | |||||||
Stock-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of stock options exchanged | 703,500 | ||||||
Number of stock options exchanged, outstanding | 527,624 | ||||||
Number of stock options exchange percentage | 75.00% | ||||||
Options granted, vesting period | 3 years | ||||||
Stock options weighted average exercise price | $ 3.04 | ||||||
Incremental compensation expense during period under option exchange | $ 4,700 | ||||||
Unrecognized compensation costs | $ 141,000 | ||||||
Weighted average period | 3 years |
Preferred Stock, Common Stock34
Preferred Stock, Common Stock and Stockholders' Equity - Summary of Stock Option Activity (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Options, Outstanding beginning balance | 1,275,624 | |
Options, Outstanding ending balance | 2,131,624 | 1,275,624 |
2007 Plan and 2013 Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Options, Outstanding beginning balance | 1,275,624 | |
Options, Granted | 856,000 | |
Options, Outstanding ending balance | 2,131,624 | 1,275,624 |
Options, Vested and expected to vest at December 31, 2017 | 2,131,624 | |
Options, Exercisable at December 31, 2017 | 1,111,270 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||
Weighted Average Exercise Price, Outstanding beginning balance | $ 4.04 | |
Weighted Average Exercise Price, Granted | 2.45 | |
Weighted Average Exercise Price, Outstanding ending balance | 3.40 | $ 4.04 |
Weighted Average Exercise Price, Vested and expected to vest at December 31, 2017 | 3.40 | |
Weighted Average Exercise Price, Exercisable at December 31, 2017 | $ 4.08 | |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding, Weighted Average Remaining Contractual Term [Abstract] | ||
Weighted Average Remaining Contractual Term (Years), Outstanding | 8 years 21 days | 8 years 4 months 2 days |
Weighted Average Remaining Contractual Term (Years), Granted | 9 years 1 month 17 days | |
Weighted Average Remaining Contractual Term (Years), Vested and expected to vest at December 31, 2017 | 8 years 21 days | |
Weighted Average Remaining Contractual Term (Years), Exercisable at December 31, 2017 | 7 years 4 months 17 days | |
Share Based Compensation Arrangement by Share Based Payment Award Options Outstanding, Aggregate Intrinsic Value [Abstract] | ||
Aggregate Intrinsic Value, Outstanding beginning balance | $ 191,160 | |
Aggregate Intrinsic Value, Outstanding ending balance | 219,480 | $ 191,160 |
Aggregate Intrinsic Value, Vested and expected to vest at December 31, 2017 | 219,480 | |
Aggregate Intrinsic Value, Exercisable at December 31, 2017 | $ 219,480 |
Preferred Stock, Common Stock35
Preferred Stock, Common Stock and Stockholders' Equity - Summary of Nonvested Options Activity (Detail) - $ / shares | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||
Weighted Average Grant Date Fair Value Per Share, Granted | $ 1.87 | $ 2.04 |
2007 Plan and 2013 Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward] | ||
Options Nonvested, Outstanding beginning balance | 690,961 | |
Options, Granted | 856,000 | |
Options Vested | (526,607) | |
Options Nonvested, Outstanding ending balance | 1,020,354 | 690,961 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||
Weighted Average Grant Date Fair Value Per Share, Nonvested beginning balance | $ 3.34 | |
Weighted Average Grant Date Fair Value Per Share, Granted | 2.45 | |
Weighted Average Grant Date Fair Value Per Share, Vested | 3.22 | |
Weighted Average Grant Date Fair Value Per Share, Nonvested ending balance | $ 2.65 | $ 3.34 |
Preferred Stock, Common Stock36
Preferred Stock, Common Stock and Stockholders' Equity - Employee Stock Purchase Plan and Stock-Based Compensation - Additional Information (Detail) - USD ($) | Jan. 01, 2018 | May 03, 2017 | Jun. 13, 2013 | Dec. 31, 2017 | Dec. 31, 2016 | May 02, 2017 |
Stock-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unrecognized compensation costs | $ 1,700,000 | |||||
Weighted average period | 1 year 1 month 17 days | |||||
Common stock reserved for issuance | 5,093,920 | 5,265,764 | ||||
Shares of common stock available for future issuance under ESPP | 91,934 | 37,463 | ||||
Stock issued during period, shares, period increase | 220,000 | |||||
Issuance of common stock under employee stock purchase plan | 75,529 | 34,067 | ||||
Payroll withholdings from employees | $ 135,000 | $ 99,000 | ||||
Amended and Restated ESPP [Member] | ||||||
Stock-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common stock reserved for issuance | 1,250,000 | |||||
Increase in number of shares of common stock reserved under the plan | 100,000 | |||||
Number of shares increased annually to common stock shares reserved for issuance | 100,000 | 30,000 | ||||
Award plan expiration year | 2,027 | |||||
Employee stock purchase plan [Member] | ||||||
Stock-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Purchase price of common stock as percentage of fair market value | 85.00% | |||||
Percentage of deduction of eligible compensation | 20.00% | |||||
Common stock reserved for issuance | 30,000 | |||||
Shares of common stock available for issuance description | In addition, the number of shares of common stock available for issuance under the ESPP has been annually increased on the first day of each fiscal year during the term of the ESPP by an amount equal to the lesser of: (i) 30,000 shares; (ii) one percent of the outstanding shares of common stock as of the last day of the immediately preceding fiscal year; or (iii) such other amount as the Company’s board of directors may determine. | |||||
Reserve percentage for issuance of shares | 1.00% | |||||
ESPP approval date | Aug. 29, 2013 | |||||
Subsequent Event [Member] | Employee stock purchase plan [Member] | ||||||
Stock-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common stock reserved for issuance | 191,934 | |||||
Stock issued during period, shares, period increase | 100,000 |
Preferred Stock, Common Stock37
Preferred Stock, Common Stock and Stockholders' Equity - Summary of Estimated Fair Value of Employee Stock Purchase Plan Award (Detail) - Employee stock purchase plan [Member] | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Stock-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk free interest rate, minimum | 0.79% | 0.47% |
Risk free interest rate, maximum | 1.10% | 0.50% |
Expected term | 6 months | 6 months |
Expected volatility of common stock, minimum | 37.60% | 83.83% |
Expected volatility of common stock, maximum | 99.23% | 212.80% |
Expected dividend yield | 0.00% | 0.00% |
Preferred Stock, Common Stock38
Preferred Stock, Common Stock and Stockholders' Equity - Summary of Estimated Fair Value of Stock Option Award (Detail) - Common stock options [Member] | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Stock-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk free interest rate, minimum | 1.93% | 1.25% |
Risk free interest rate, maximum | 2.16% | 1.58% |
Expected volatility of common stock, minimum | 94.05% | 74.44% |
Expected volatility of common stock, maximum | 98.23% | 75.91% |
Expected dividend yield | 0.00% | 0.00% |
Minimum [Member] | ||
Stock-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected option term | 5 years 6 months | 5 years 3 months 18 days |
Maximum [Member] | ||
Stock-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected option term | 6 years | 6 years |
Preferred Stock, Common Stock39
Preferred Stock, Common Stock and Stockholders' Equity - Summary of Recognized Non-Cash Stock-Based Compensation Expense (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | $ 1,819,431 | $ 1,706,524 |
Research and development [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | 819,815 | 698,032 |
General and administrative [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | $ 999,616 | $ 1,008,492 |
Preferred Stock, Common Stock40
Preferred Stock, Common Stock and Stockholders' Equity - Summary of Common Stock Reserved for Future Issuance (Detail) - shares | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Stock options issued and outstanding | 2,131,624 | 1,275,624 |
Authorized for future option grants | 72,801 | 628,801 |
Warrants to purchase common stock | 2,797,561 | 3,323,876 |
Authorized for employee stock purchase plan | 91,934 | 37,463 |
Total common stock reserved for future issuance | 5,093,920 | 5,265,764 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Sep. 30, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Common stock, shares issued | 15,413,610 | 12,350,360 | |
Transfers of assets out of Level 1 into Level 2 | $ 0 | ||
Transfers of assets out of Level 2 into Level 1 | 0 | ||
Transfers of liabilities out of Level 1 into Level 2 | 0 | ||
Transfers of liabilities out of Level 2 into Level 1 | 0 | ||
Level 1 [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Assets | 0 | ||
Liabilities | 0 | ||
Level 2 [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Assets | 0 | ||
Liabilities | $ 0 | ||
2016 Financings [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Common stock, shares issued | 5,048,632 | ||
Aggregate gross proceeds from sale of common stock and warrants | $ 14,500,000 | ||
2016 Financings [Member] | Maximum [Member] | Common Stock Warrants [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Warrants to purchase of common stock | 2,975,444 | ||
Underwriters [Member] | Maximum [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Warrants to purchase of common stock | 252,432 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Warrants Liability and Remeasured Liability to Estimated Fair Value (Detail) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | ||
Risk-free interest rate | 2.09% | 1.93% |
Expected volatility | 100.39% | 94.19% |
Expected term | 4 years 29 days | 5 years 29 days |
Expected dividend yield | 0.00% | 0.00% |
Fair Value Measurements - Sum43
Fair Value Measurements - Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - Fair Value Measurement, Recurring [Member] | Dec. 31, 2017USD ($) |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total liabilities fair value | $ 3,701,277 |
Level 3 [Member] | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total liabilities fair value | 3,701,277 |
Warrant Liability [Member] | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total liabilities fair value | 3,701,277 |
Warrant Liability [Member] | Level 3 [Member] | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Total liabilities fair value | $ 3,701,277 |
Fair Value Measurements - Sum44
Fair Value Measurements - Summary of Reconciliation of Warrant Liability Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Detail) - Fair Value Measurement, Recurring [Member] - Warrant Liability [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | $ 4,095,019 | |
Issuance of warrants | $ 4,899,459 | |
Change in fair value upon re-measurement | 1,005,349 | (597,615) |
Reclassification to Additional Paid-in Capital due to warrant amendment | (206,825) | |
Reclassification to Additional Paid-in Capital due to warrant exercise | (1,399,091) | |
Ending balance | $ 3,701,277 | $ 4,095,019 |
Employee Benefit Plan - Additio
Employee Benefit Plan - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Eligible age for employees for participating in the plan | 21 years | |
Company's contributions to employee benefit plan | $ 0 | $ 3,700 |
Future | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Company's contributions to employee benefit plan | $ 3,500 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Loss Carryforwards [Line Items] | |||
Accrual on interest and penalties related to income taxes | $ 0 | $ 0 | |
Unrecognized tax benefits | 1,961,595 | 1,961,595 | $ 1,961,595 |
Reduction in income tax expense upon enactment of Tax Cuts and Jobs Act | 7,900,000 | ||
Removal of net operating losses from deferred tax assets | 15,900,000 | $ 15,900,000 | |
Cumulative change in ownership for limitation of use of net operating loss and research and development credit carryforwards | 50.00% | ||
Period of cumulative change of ownership | 3 years | ||
Removal of research and development credit from deferred tax assets | 3,000,000 | $ 3,000,000 | |
Percentage of taxable income offset by tax losses | 80.00% | ||
Unrecognized tax benefits that would affect company's effective tax rate, if recognized | 0 | $ 0 | |
Unrecognized tax benefits, period increase (decrease) | 0 | ||
Unrecognized tax benefits, interest and penalties expense | $ 0 | ||
Earliest Tax Year [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Tax years subject to examination by taxing authorities | 2,007 | ||
California [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Unrecognized tax benefits | 1,900,000 | $ 1,900,000 | |
Net operating loss carry forwards | 41,700,000 | 41,700,000 | |
Expiry date of carry forwards | Dec. 31, 2017 | ||
Tax credit carry forwards | 1,200,000 | 1,200,000 | |
Federal [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carry forwards | 61,900,000 | $ 61,900,000 | |
Expiry date of carry forwards | Dec. 31, 2027 | ||
Tax credit carry forwards | $ 2,000,000 | $ 2,000,000 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Federal Statutory Income Tax Rate and Effective Income Tax Rate (Detail) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | ||
Federal statutory rate | 34.00% | 34.00% |
Warrant liability FMV adjustment | (8.00%) | 6.00% |
Stock issuance costs | (5.00%) | |
Research and development credits | 3.00% | 3.00% |
Removal of net operating loss and other credits | 33.00% | (33.00%) |
Impact of federal tax rate change | (65.00%) | |
Stock compensation and other permanent items | 3.00% | (5.00%) |
Income Taxes - Summary of Signi
Income Taxes - Summary of Significant Components of Deferred Tax Assets (Detail) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Components Of Deferred Tax Assets [Abstract] | ||
Acquired technology | $ 103,000 | $ 201,000 |
Stock compensation expense | 490,000 | 539,000 |
Accruals and other | 216,000 | 130,000 |
Total deferred tax assets | 809,000 | 870,000 |
Less valuation allowance | $ (809,000) | $ (870,000) |
Income Taxes - Summary of Chang
Income Taxes - Summary of Changes in Amount of Unrecognized Tax Benefits (Excluding Interest and Penalties) (Detail) | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |
Additions based on tax positions of prior years | $ 1,961,595 |
Ending balance of unrecognized tax benefits | $ 1,961,595 |
Summarized Quarterly Data (Un50
Summarized Quarterly Data (Unaudited) - Summarized Quarterly Data (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | ||||||||||
Research and development expense | $ 1,631,540 | $ 2,717,698 | $ 2,017,569 | $ 770,686 | $ 1,502,032 | $ 1,339,343 | $ 2,095,149 | $ 2,015,076 | $ 7,137,493 | $ 6,951,600 |
General and administrative expense | 1,027,594 | 984,047 | 871,979 | 1,209,570 | 822,325 | 830,092 | 802,655 | 1,137,753 | 4,093,189 | 3,592,825 |
Change in fair value of warrant liability | (2,349,624) | 1,544,138 | (1,261,912) | 3,072,747 | (796,560) | 198,945 | 1,005,349 | (597,615) | ||
Net loss | $ (308,443) | $ (5,243,061) | $ (1,625,969) | $ (5,052,039) | $ (1,527,343) | $ (3,025,281) | $ (2,970,498) | $ (3,225,409) | $ (12,229,512) | $ (10,748,531) |
Net loss per common share, basic | $ (0.02) | $ (0.34) | $ (0.11) | $ (0.37) | $ (0.82) | $ (1.15) | ||||
Net loss per common share, diluted | $ (0.07) | $ (0.34) | $ (0.13) | $ (0.37) | $ (0.90) | $ (1.15) | ||||
Weighted average shares outstanding, basic | 15,368,610 | 15,351,295 | 15,343,325 | 13,528,311 | 14,897,885 | 9,338,068 | ||||
Weighted average shares outstanding, diluted | 15,503,583 | 15,351,295 | 15,420,954 | 13,528,311 | 14,951,036 | 9,338,068 | ||||
Net loss per common share, basic and diluted | $ (0.12) | $ (0.29) | $ (0.41) | $ (0.45) | ||||||
Weighted average shares outstanding, basic and diluted | 12,305,360 | 10,614,692 | 7,217,577 | 7,168,005 |
Summarized Quarterly Data (Un51
Summarized Quarterly Data (Unaudited) - Summarized Quarterly Data (Parenthetical) (Detail) - $ / shares | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |
Schedule Of Quarterly Financial Information [Line Items] | ||||||
Revision in net loss per common share, diluted | $ (0.07) | $ (0.34) | $ (0.13) | $ (0.37) | $ (0.90) | $ (1.15) |
Computation of Diluted Loss Per Share Under Treasury Stock Method [Member] | ||||||
Schedule Of Quarterly Financial Information [Line Items] | ||||||
Revision in net loss per common share, diluted | (0.13) | |||||
Computation of Diluted Loss Per Share Under Treasury Stock Method [Member] | Scenario, Previously Reported [Member] | ||||||
Schedule Of Quarterly Financial Information [Line Items] | ||||||
Revision in net loss per common share, diluted | $ (0.19) |