Flexion Therapeutics (FLXN) 10-Q 12 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	May. 06, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Trading Symbol	FLXN
Entity Registrant Name	Flexion Therapeutics Inc
Entity Central Index Key	1,419,600
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		21,570,395

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 58,903	$ 62,944
Marketable securities	39,456	48,303
Accounts receivable	56	95
Prepaid expenses and other current assets	1,217	761
Total current assets	99,632	112,103
Property and equipment, net	9,083	7,442
Long-term investments	3,006	7,357
Other assets	270	157
Restricted cash	80	80
Total assets	112,071	127,139
Current liabilities:
Accounts payable	3,083	3,692
Accrued expenses and other current liabilities	4,792	4,367
Current portion of long-term debt	384
Total current liabilities	8,259	8,059
Long-term debt	14,688	15,002
Other long-term liabilities	222	91
Total liabilities	$ 23,169	$ 23,152
Commitments and contingencies
Preferred Stock, $0.001 par value; 10,000,000 shares authorized at March 31, 2016 and December 31, 2015 and 0 shares issued and outstanding at March 31, 2016 and December 31, 2015
Stockholders' equity:
Common stock, $0.001 par value; 100,000,000 shares authorized; 21,570,395 and 21,570,395 shares issued and outstanding, at March 31, 2016 and December 31, 2015, respectively	$ 22	$ 22
Additional paid-in capital	245,495	243,854
Accumulated other comprehensive income	(8)	(97)
Accumulated deficit	(156,607)	(139,792)
Total stockholders' equity	88,902	103,987
Total liabilities and stockholders' equity	$ 112,071	$ 127,139

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	21,570,395	21,570,395
Common stock, shares outstanding	21,570,395	21,570,395

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Statement [Abstract]
Revenue	$ 0	$ 0
Operating expenses:
Research and development	11,981	6,255
General and administrative	4,692	2,760
Total operating expenses	16,673	9,015
Loss from operations	(16,673)	(9,015)
Other income (expense):
Interest income	336	168
Interest expense	(276)	(204)
Other income (expense), net	(202)	(123)
Total other income (expense)	(142)	(159)
Net loss	$ (16,815)	$ (9,174)
Net loss per share basic and diluted	$ (0.78)	$ (0.43)
Weighted average common shares outstanding, basic and diluted	21,570	21,451
Other comprehensive (loss) income:
Unrealized gains from available-for-sale securities, net of tax of $0	$ (89)	$ 21
Total other comprehensive (loss) income	(89)	21
Comprehensive loss	$ (16,904)	$ (9,153)

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Statement [Abstract]
Unrealized gains from available-for-sale securities, tax	$ 0	$ 0

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities
Net loss	$ (16,815)	$ (9,174)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation	186	40
Stock-based compensation expense	1,641	1,008
Amortization of premium (discount) on marketable securities	196	109
Other non-cash charges	9	12
Loss on disposal of fixed assets	2,278
Changes in operating assets and liabilities:
Accounts receivable	39	(403)
Prepaid expenses, other current and long-term assets	(572)	(987)
Accounts payable	(1,009)	593
Accrued expenses and other current and long-term liabilities	51	(1,176)
Net cash used in operating activities	(13,996)	(9,978)
Cash flows from investing activities
Purchases of property and equipment	(3,094)	(533)
Change in restricted cash		24
Purchases of marketable securities	(3,006)	(89,425)
Sale and redemption of marketable securities	16,097	27,465
Net cash provided by (used in) investing activities	9,997	(62,469)
Cash flows from financing activities
Payment of public offering costs		(225)
Payments on debt		(3,500)
Payment of debt issuance costs	(42)
Proceeds from the exercise of stock options		37
Net cash used in financing activities	(42)	(3,688)
Net decrease in cash and cash equivalents	(4,041)	(76,135)
Cash and cash equivalents at beginning of period	62,944	103,098
Cash and cash equivalents at end of period	58,903	26,963
Supplemental disclosures of cash flow information:
Cash paid for interest	237	$ 292
Supplemental disclosures of non-cash financing activities:
Purchases of property and equipment in accounts payable and accrued expenses	$ 2,450

Overview and Nature of the Busi

Overview and Nature of the Business	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Overview and Nature of the Business	1. Overview and Nature of the Business Flexion Therapeutics, Inc. (“Flexion” or the “Company”) was incorporated under the laws of the state of Delaware on November 5, 2007. Flexion is a specialty pharmaceutical company focused on the development and commercialization of novel, local pain therapies for the treatment of patients with musculoskeletal conditions, beginning with osteoarthritis (“OA”), a type of degenerative arthritis. The Company’s lead product candidate, Zilretta (also known as FX006), is a late-stage, injectable, sustained-release, intra-articular, or IA, meaning “in the joint,” steroid that is being developed as a treatment for patients with moderate to severe OA pain. The Company is subject to risks and uncertainties common to companies in the biopharmaceutical industry, including, but not limited to, new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations, and ability to secure additional capital to fund operations. Product candidates currently under development will require significant additional research and development efforts, including extensive preclinical and clinical testing and regulatory approval prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel infrastructure and extensive compliance reporting capabilities. The Company’s product candidates are all in the development stage. There can be no assurance that development efforts, including clinical trials, will be successful. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated financial statements as of March 31, 2016, and for the three months ended March 31, 2016 and 2015, have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”) and Generally Accepted Accounting Principles (‘GAAP”) for consolidated financial information including the accounts of the Company and its wholly-owned subsidiary after elimination of all significant intercompany accounts and transactions. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, these condensed consolidated financial statements reflect all adjustments which are necessary for a fair statement of the Company’s financial position and results of its operations, as of and for the periods presented. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K filed with the SEC on March 11, 2016. The information presented in the condensed consolidated financial statements and related notes as of March 31, 2016, and for the three months ended March 31, 2016 and 2015, is unaudited. The December 31, 2015 consolidated balance sheet included herein was derived from the audited financial statements as of that date, but does not include all disclosures, including notes, required by GAAP for complete financial statements. Interim results for the three months ended March 31, 2016 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2016, or any future period. The accompanying condensed consolidated financial statements have been prepared on a basis which assumes that the Company will continue as a going concern and which contemplates the realization of assets and satisfaction of liabilities and commitments in the normal course of business. The Company has incurred recurring losses and negative cash flows from operations. As of March 31, 2016 and December 31, 2015, the Company had cash, cash equivalents, marketable securities, and long-term investments of $101,365,000 and $118,604,000, respectively. Management believes that current cash, cash equivalents and marketable securities on hand at March 31, 2016 should be sufficient to fund operations for at least the next twelve months. The future viability of the Company is dependent on its ability to raise additional capital to finance its operations and to fund increased research and development costs in order to seek approval for commercialization of its product candidates. The Company’s failure to raise capital as and when needed would have a negative impact on its financial condition and its ability to pursue its business strategies as this capital is necessary for the Company to perform the research and development activities required to develop the Company’s product candidates and to establish a commercial infrastructure in order to generate future revenue streams. In November 2015, the FASB issued Accounting Standards Update (“ASU”) 2015-17, Income Taxes In February 2016, the FASB issued ASU 2016-02, Leases On March 30, 2016, the FASB released ASU 2016-09, which amends ASC Topic 718, Compensation-Stock Compensation, to require changes to several areas of employee share-based payment accounting in an effort to simplify share-based reporting. The update revises requirements in the following areas: minimum statutory withholding, accounting for income taxes, forfeitures, and intrinsic value accounting for private entities. For public companies, the new rules will become effective for annual reporting periods beginning after December 15, 2016, and interim reporting periods within such annual period. The Company is currently evaluating the impact that the adoption of this guidance may have on the Company’s financial statements. Consolidation The accompanying condensed consolidated financial statements include the Company and its wholly-owned subsidiary, Flexion Securities Corporation, Inc. The Company has eliminated all intercompany transactions for the three months ended March 31, 2016 and the year ended December 31, 2015, the year Flexion Securities Corporation, Inc. was established. U.S. Government Grant The Company has performed research and development for the U.S. Department of Defense under a cost reimbursable grant for a Phase 2 clinical trial investigating Zilretta in active military and medically retired veterans with post-traumatic knee OA. Due to the challenges of enrolling military personnel with post-traumatic knee OA, the Company has decided to discontinue the trial and terminate the grant. The related costs incurred under the grant have been included in research and development expense in the statement of operations. The Company is reimbursed and has offset research and development expenses in the statement of operations when invoices for allowable costs have been prepared and submitted to the U.S. Department of Defense. Payments under cost reimbursable grants with agencies of the U.S. government are provisional payments subject to adjustment upon audit by the U.S. government. When the final determination of the allowable costs for any year has been made, research and development expenses may be adjusted accordingly. Accounts Receivable Accounts receivable represents allowable costs under the Company’s U.S. Government agency grant for which the Company has not yet received reimbursement. The Company invoices the government on a quarterly basis for reimbursable costs under the grant. Reimbursable costs that have not been invoiced on the last day of the quarter are recorded as unbilled accounts receivable. As of March 31, 2016 and December 31, 2015, there were unbilled accounts receivable of $56,000 and $95,000, respectively. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and judgments that may affect the reported amounts of assets and liabilities, expenses and related disclosures. The Company bases estimates and judgments on historical experience and on various other factors that it believes to be reasonable under the circumstances. The most significant estimates in these condensed consolidated financial statements include useful lives with respect to long-lived assets, such as property and equipment and leasehold improvements, accounting for stock-based compensation, and accrued expenses, including clinical research costs. The Company’s actual results may differ from these estimates under different assumptions or conditions. The Company evaluates its estimates on an ongoing basis. Changes in estimates are reflected in reported results in the period in which they become known by the Company’s management. Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Depreciation and amortization expense is recognized using the straight-line method over the following estimated useful lives: Estimated Useful Life (Years) Computers and office equipment 3 Computer software 7 Manufacturing equipment 7 Furniture and fixtures 5 Leasehold improvements are amortized over the shorter of the lease term or the estimated useful life of the related asset. Costs of major additions and improvements are capitalized and depreciated on a straight-line basis over their useful lives. Repairs and maintenance costs are expensed as incurred. Upon retirement or sale, the cost of assets disposed of and the related accumulated depreciation are removed from the accounts and any resulting gain or loss is credited or charged to income. Property and equipment includes construction-in-progress, which is not yet in service, and is estimated to have a useful life of seven years once placed into service.

Fair Value of Financial Assets

Fair Value of Financial Assets and Liabilities	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value of Financial Assets and Liabilities	3. Fair Value of Financial Assets and Liabilities The following tables present information about the Company’s assets that are measured at fair value on a recurring basis as of March 31, 2016 and December 31, 2015 and indicate the level of the fair value hierarchy utilized to determine such fair value: Fair Value Measurements as of March 31, 2016 Using: (In thousands) Level 1 Level 2 Level 3 Total Assets: Cash equivalents $ — $ 57,182 $ — $ 57,182 Marketable securities — 42,462 — 42,462 $ — $ 99,644 $ — $ 99,644 Fair Value Measurements as of December 31, 2015 Using: (In thousands) Level 1 Level 2 Level 3 Total Assets: Cash equivalents $ — $ 61,534 $ — $ 61,534 Marketable securities — 55,660 — 55,660 $ — $ 117,194 $ — $ 117,194 As of March 31, 2016 and December 31, 2015, the Company’s cash equivalents and marketable securities that are invested in money market funds are valued based on Level 2 inputs. The Company measures the fair value of marketable securities using Level 2 inputs and primarily relies on quoted prices in active markets for similar marketable securities. During the three months ended March 31, 2016 and year ended December 31, 2015, there were no transfers between Level 1, Level 2 and Level 3. The carrying values of accounts receivable, accounts payable and accrued expenses approximate their fair value due to the short-term nature of these balances. The 2015 term loan with MidCap Financial Funding XIII Trust and Silicon Valley Bank (“2015 term loan”), outstanding under the Company’s credit and security agreements, is reported at its carrying value in the accompanying balance sheet. The Company determined the fair value of the term loan using an income approach that utilizes a discounted cash flow analysis based on current market interest rates for debt issuances with similar remaining years to maturity, adjusted for credit risk. The term loan was valued using Level 2 inputs as of March 31, 2016 and December 31, 2015. The result of the calculation yielded a fair value that approximates carrying value.

Marketable Securities

Marketable Securities	3 Months Ended
	Mar. 31, 2016
Investments, Debt and Equity Securities [Abstract]
Marketable Securities	4. Marketable Securities As of March 31, 2016 and December 31, 2015 the fair value of available-for-sale marketable securities by type of security was as follows: March 31, 2016 (In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value US government obligations $ 3,005 $ 1 $ — $ 3,006 Corporate bonds 39,465 9 (18 ) 39,456 $ 42,470 $ 10 $ (18 ) $ 42,462 December 31, 2015 (In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Corporate Bonds $ 55,757 $ 4 $ (101 ) $ 55,660 $ 55,757 $ 4 $ (101 ) $ 55,660 At March 31, 2016 and December 31, 2015, marketable securities consisted of $39,456,000 and $48,303,000, respectively, of investments that mature within twelve months and $3,006,000 and $7,357,000, respectively, of investments that mature within fifteen months.

Property and Equipment, Net

Property and Equipment, Net	3 Months Ended
	Mar. 31, 2016
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	5. Property and Equipment, Net Property and equipment as of March 31, 2016 and December 31, 2015 consisted of the following: (In thousands) March 31, 2016 December 31, 2015 Computer and office equipment $ 392 $ 393 Manufacturing equipment — 2,534 Furniture and fixtures 258 290 Software 323 342 Leasehold improvements 194 239 Construction—in progress 8,362 4,134 9,529 7,932 Less: Accumulated depreciation (446 ) (490 ) Total property and equipment, net $ 9,083 $ 7,442 Depreciation expense for the three months ended March 31, 2016 and 2015 was $186,000 and $40,000, respectively. During the three months ended March 31, 2016 and 2015, $2,508,000 and $0 of property and equipment was disposed of, resulting in a loss of $2,278,000 and $0, respectively. Of the $2,508,000 disposed of during the three months ending March 31, 2016, $2,265,000 was related to manufacturing equipment that will no longer be used due to the termination of the contract manufacturing agreement with Evonik, resulting in a loss of $2,180,000. Construction-in progress is primarily comprised of amounts related to the construction of new manufacturing equipment for use by our contract manufacturer, Patheon.

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	3 Months Ended
	Mar. 31, 2016
Payables and Accruals [Abstract]
Accrued Expenses and Other Current Liabilities	6. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following: (In thousands) March 31, 2016 December 31, 2015 Clinical research $ 444 $ 552 Contract manufacturing services 2,778 1,444 Payroll and other employee-related expenses 797 1,649 Regulatory services 65 64 Consultant fees and expenses 99 70 Professional services fees 293 434 Interest expense 81 81 Other 235 73 Total accrued expenses and other current liabilities $ 4,792 $ 4,367

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	7. Stock-Based Compensation Stock Option Valuation The fair value of each stock option grant is estimated on the date of grant using the Black-Scholes option-pricing model. Therefore, the Company estimates its expected stock volatility based on the historical volatility of its publicly-traded peer companies and expects to continue to do so until such time as it has adequate historical data regarding the volatility of its own traded stock price. The expected term of the Company’s stock options has been determined utilizing the “simplified” method for awards that qualify as “plain vanilla” options. The expected term of stock options granted to non-employees is equal to the contractual term of the option award. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. Expected dividend yield is based on the fact that the Company has never paid cash dividends and does not expect to pay any cash dividends in the foreseeable future. The relevant data used to determine the value of the stock option grants for the three months ended March 31, 2016 and 2015 are as follows: Three months ended March 31, 2016 2015 Risk-free interest rates 1.39-1.90 % 1.51-1.83 % Expected dividend yield 0.00 % 0.00 % Expected term (in years) 6.1 6.0 Expected volatility 83.8-84.1 % 78.4-81.4 % The following table summarizes stock option activity for the three months ended March 31, 2016: (In thousands, except per share amounts and years) Shares Issuable Under Options Weighted Average Exercise Price Outstanding as of December 31, 2015 1,657 $ 14.28 Granted 533 17.92 Exercised — — Canceled (14 ) 16.46 Outstanding as of March 31, 2016 2,176 $ 15.16 Options vested and expected to vest at March 31, 2016 1,837 $ 14.53 Options exercisable at March 31, 2016 899 $ 10.79 In addition to the 533,000 common stock options, approximately 189,000 Restricted Stock Units (RSUs) were granted during the three months ended March 31, 2016. The RSUs are performance based awards which will begin vesting upon the achievement of a corporate performance based milestone. No outstanding performance awards were vested as of March 31, 2016. The aggregate intrinsic value of options is calculated as the difference between the exercise price of the options and the fair value of the Company’s common stock for those options that had exercise prices lower than the fair value of the Company’s common stock. No options were exercised during the three months ended March 31, 2016. At March 31, 2016 and 2015, there were options for the purchase of 2,176,000 and 1,637,000 shares of the Company’s common stock outstanding, respectively, with a weighted average remaining contractual term of 8.2, and 8.4 years, respectively, and with a weighted average exercise price of $15.16 and $13.41 per share, respectively. The weighted average grant date fair value of options granted during the three months ended March 31, 2016 and 2015 was $12.82 and $23.27, respectively. Stock-based Compensation The Company recorded stock-based compensation expense related to stock options for the three months ended March 31, 2016 is as follows: Three months ended March 31, (In thousands) 2016 2015 Research and development $ 537 $ 322 General and administrative 1,104 686 $ 1,641 $ 1,008 As of March 31, 2016 unrecognized stock-based compensation expense for stock options outstanding was $10,838,000, which was expected to be recognized over a weighted average period of 2.9 years. As of March 31, 2015, unrecognized stock-based compensation expense for stock options outstanding was $12,643,000, which was expected to be recognized over a weighted average period of 3.2 years. Restricted Stock Units On January 4, 2016, the Company granted restricted common stock units with performance and time-based vesting conditions to certain executives. The restricted stock units vest, and the underlying shares of common stock become deliverable, in the event the Company receives approval from the U.S. Food and Drug Administration (“FDA”) of a new drug application (“NDA”) for Zilretta (the “ Milestone ”

Net Loss per Share

Net Loss per Share	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Net Loss per Share	8. Net Loss per Share Basic and diluted net loss per share was calculated as follows for the three months ended March 31, 2016 and 2015: For the three months ended March 31, (In thousands) 2016 2015 Numerator: Net loss $ (16,815 ) $ (9,174 ) Net loss: $ (16,815 ) $ (9,174 ) Denominator: Weighted average common shares outstanding, basic and diluted 21,570 21,451 Net loss per share, basic and diluted $ (0.78 ) $ (0.43 ) Stock options and restricted stock units for the purchase of 2,378,000 and 1,548,000 weighted average shares of common stock were excluded from the computation of diluted net loss per share for the three months ended March 31, 2016 and 2015, respectively. These options were excluded from the computations because the options had an anti-dilutive impact due to the net loss incurred for those periods.

Long-term Debt

Long-term Debt	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Long-term Debt	9. Long-term Debt On August 4, 2015, the Company entered into a credit and security agreement with MidCap Financial Trust, as agent, MidCap Financial Funding XIII Trust and Silicon Valley Bank, as lenders, (the “Lenders”), to borrow up to $30,000,000 in term loans, (“2015 term loan”). The Company concurrently borrowed $15,000,000 under an initial term loan. The remaining $15,000,000 under the facility may be drawn down in the form of a second term loan at the Company’s option through September 2016, subject to the Company’s receipt of positive Phase 3 Zilretta clinical trial data meeting the trial’s primary endpoint which is sufficient to file an NDA for Zilretta, as well as other customary conditions for funding. The Company granted the Lenders a security interest in substantially all of its personal property, rights and assets, other than intellectual property, to secure the payment of all amounts owed under the credit facility. The Company also agreed not to encumber any of its intellectual property without the Lenders’ prior written consent. The Company must maintain a balance in cash or cash equivalents at Silicon Valley Bank equal to the principal balance of the loan plus 5 percent for so long as the Company maintains any cash or cash equivalents in non-secured bank accounts. The credit and security agreement also contains certain representations, warranties, and covenants of the Company as well as a material adverse event clause. As of March 31, 2016, the Company was compliant with all covenants and there were no material adverse events. Borrowings under the credit facility accrue interest monthly at a fixed interest rate of 6.25 % per annum. Following an interest-only period of 19 months, principal will be due in 36 equal monthly installments commencing March 1, 2017 and ending February 1, 2020 (the “maturity date”). Upon the maturity date, the Company will be obligated to pay a final payment equal to 9% of the total principal amounts borrowed under the facility. The final payment amount is being accreted to the carrying value of the debt using the effective interest rate method. As of March 31, 2016, the carrying value of the term loan was $15,072,000, of which $384,000 was due within 12 months and $14,688,000 was due in greater than 12 months. In connection with the credit and security agreement, the Company incurred debt issuance costs totaling $150,000. These costs will be amortized over the estimated term of the debt using the straight-line method which approximates the effective interest method. The Company elected the early adoption of ASU 2015-03, Interest – Imputation of Interest As of March 31, 2016, annual principal and interest payments due under the Company’s 2015 term loan are as follows (in thousands): Year Aggregate Minimum Payments 2016 (remaining nine months) $ 716 2017 5,018 2018 5,541 2019 5,224 2020 2,190 Total $ 18,689 Less interest (2,267 ) Less final payment (1,350 ) Total $ 15,072

Summary of Significant Accoun16

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements as of March 31, 2016, and for the three months ended March 31, 2016 and 2015, have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”) and Generally Accepted Accounting Principles (‘GAAP”) for consolidated financial information including the accounts of the Company and its wholly-owned subsidiary after elimination of all significant intercompany accounts and transactions. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, these condensed consolidated financial statements reflect all adjustments which are necessary for a fair statement of the Company’s financial position and results of its operations, as of and for the periods presented. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K filed with the SEC on March 11, 2016. The information presented in the condensed consolidated financial statements and related notes as of March 31, 2016, and for the three months ended March 31, 2016 and 2015, is unaudited. The December 31, 2015 consolidated balance sheet included herein was derived from the audited financial statements as of that date, but does not include all disclosures, including notes, required by GAAP for complete financial statements. Interim results for the three months ended March 31, 2016 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2016, or any future period. The accompanying condensed consolidated financial statements have been prepared on a basis which assumes that the Company will continue as a going concern and which contemplates the realization of assets and satisfaction of liabilities and commitments in the normal course of business. The Company has incurred recurring losses and negative cash flows from operations. As of March 31, 2016 and December 31, 2015, the Company had cash, cash equivalents, marketable securities, and long-term investments of $101,365,000 and $118,604,000, respectively. Management believes that current cash, cash equivalents and marketable securities on hand at March 31, 2016 should be sufficient to fund operations for at least the next twelve months. The future viability of the Company is dependent on its ability to raise additional capital to finance its operations and to fund increased research and development costs in order to seek approval for commercialization of its product candidates. The Company’s failure to raise capital as and when needed would have a negative impact on its financial condition and its ability to pursue its business strategies as this capital is necessary for the Company to perform the research and development activities required to develop the Company’s product candidates and to establish a commercial infrastructure in order to generate future revenue streams. In November 2015, the FASB issued Accounting Standards Update (“ASU”) 2015-17, Income Taxes In February 2016, the FASB issued ASU 2016-02, Leases On March 30, 2016, the FASB released ASU 2016-09, which amends ASC Topic 718, Compensation-Stock Compensation, to require changes to several areas of employee share-based payment accounting in an effort to simplify share-based reporting. The update revises requirements in the following areas: minimum statutory withholding, accounting for income taxes, forfeitures, and intrinsic value accounting for private entities. For public companies, the new rules will become effective for annual reporting periods beginning after December 15, 2016, and interim reporting periods within such annual period. The Company is currently evaluating the impact that the adoption of this guidance may have on the Company’s financial statements.
Consolidation	Consolidation The accompanying condensed consolidated financial statements include the Company and its wholly-owned subsidiary, Flexion Securities Corporation, Inc. The Company has eliminated all intercompany transactions for the three months ended March 31, 2016 and the year ended December 31, 2015, the year Flexion Securities Corporation, Inc. was established.
U.S. Government Grant	U.S. Government Grant The Company has performed research and development for the U.S. Department of Defense under a cost reimbursable grant for a Phase 2 clinical trial investigating Zilretta in active military and medically retired veterans with post-traumatic knee OA. Due to the challenges of enrolling military personnel with post-traumatic knee OA, the Company has decided to discontinue the trial and terminate the grant. The related costs incurred under the grant have been included in research and development expense in the statement of operations. The Company is reimbursed and has offset research and development expenses in the statement of operations when invoices for allowable costs have been prepared and submitted to the U.S. Department of Defense. Payments under cost reimbursable grants with agencies of the U.S. government are provisional payments subject to adjustment upon audit by the U.S. government. When the final determination of the allowable costs for any year has been made, research and development expenses may be adjusted accordingly.
Accounts Receivable	Accounts Receivable Accounts receivable represents allowable costs under the Company’s U.S. Government agency grant for which the Company has not yet received reimbursement. The Company invoices the government on a quarterly basis for reimbursable costs under the grant. Reimbursable costs that have not been invoiced on the last day of the quarter are recorded as unbilled accounts receivable. As of March 31, 2016 and December 31, 2015, there were unbilled accounts receivable of $56,000 and $95,000, respectively.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and judgments that may affect the reported amounts of assets and liabilities, expenses and related disclosures. The Company bases estimates and judgments on historical experience and on various other factors that it believes to be reasonable under the circumstances. The most significant estimates in these condensed consolidated financial statements include useful lives with respect to long-lived assets, such as property and equipment and leasehold improvements, accounting for stock-based compensation, and accrued expenses, including clinical research costs. The Company’s actual results may differ from these estimates under different assumptions or conditions. The Company evaluates its estimates on an ongoing basis. Changes in estimates are reflected in reported results in the period in which they become known by the Company’s management.
Property and Equipment	Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Depreciation and amortization expense is recognized using the straight-line method over the following estimated useful lives: Estimated Useful Life (Years) Computers and office equipment 3 Computer software 7 Manufacturing equipment 7 Furniture and fixtures 5 Leasehold improvements are amortized over the shorter of the lease term or the estimated useful life of the related asset. Costs of major additions and improvements are capitalized and depreciated on a straight-line basis over their useful lives. Repairs and maintenance costs are expensed as incurred. Upon retirement or sale, the cost of assets disposed of and the related accumulated depreciation are removed from the accounts and any resulting gain or loss is credited or charged to income. Property and equipment includes construction-in-progress, which is not yet in service, and is estimated to have a useful life of seven years once placed into service.

Summary of Significant Accoun17

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Property Plant and Equipment Estimated Useful Lives	Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Depreciation and amortization expense is recognized using the straight-line method over the following estimated useful lives: Estimated Useful Life (Years) Computers and office equipment 3 Computer software 7 Manufacturing equipment 7 Furniture and fixtures 5

Fair Value of Financial Asset18

Fair Value of Financial Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Schedule of Assets Measured at Fair Value on Recurring Basis	The following tables present information about the Company’s assets that are measured at fair value on a recurring basis as of March 31, 2016 and December 31, 2015 and indicate the level of the fair value hierarchy utilized to determine such fair value: Fair Value Measurements as of March 31, 2016 Using: (In thousands) Level 1 Level 2 Level 3 Total Assets: Cash equivalents $ — $ 57,182 $ — $ 57,182 Marketable securities — 42,462 — 42,462 $ — $ 99,644 $ — $ 99,644 Fair Value Measurements as of December 31, 2015 Using: (In thousands) Level 1 Level 2 Level 3 Total Assets: Cash equivalents $ — $ 61,534 $ — $ 61,534 Marketable securities — 55,660 — 55,660 $ — $ 117,194 $ — $ 117,194

Marketable Securities (Tables)

Marketable Securities (Tables)	3 Months Ended
	Mar. 31, 2016
Investments, Debt and Equity Securities [Abstract]
Summary of Fair Value of Available-for-Sale Marketable Securities by Type of Security	As of March 31, 2016 and December 31, 2015 the fair value of available-for-sale marketable securities by type of security was as follows: March 31, 2016 (In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value US government obligations $ 3,005 $ 1 $ — $ 3,006 Corporate bonds 39,465 9 (18 ) 39,456 $ 42,470 $ 10 $ (18 ) $ 42,462 December 31, 2015 (In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Corporate Bonds $ 55,757 $ 4 $ (101 ) $ 55,660 $ 55,757 $ 4 $ (101 ) $ 55,660

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	3 Months Ended
	Mar. 31, 2016
Property, Plant and Equipment [Abstract]
Components of Property and Equipment	Property and equipment as of March 31, 2016 and December 31, 2015 consisted of the following: (In thousands) March 31, 2016 December 31, 2015 Computer and office equipment $ 392 $ 393 Manufacturing equipment — 2,534 Furniture and fixtures 258 290 Software 323 342 Leasehold improvements 194 239 Construction—in progress 8,362 4,134 9,529 7,932 Less: Accumulated depreciation (446 ) (490 ) Total property and equipment, net $ 9,083 $ 7,442

Accrued Expenses and Other Cu21

Accrued Expenses and Other Current Liabilities (Tables)	3 Months Ended
	Mar. 31, 2016
Payables and Accruals [Abstract]
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consisted of the following: (In thousands) March 31, 2016 December 31, 2015 Clinical research $ 444 $ 552 Contract manufacturing services 2,778 1,444 Payroll and other employee-related expenses 797 1,649 Regulatory services 65 64 Consultant fees and expenses 99 70 Professional services fees 293 434 Interest expense 81 81 Other 235 73 Total accrued expenses and other current liabilities $ 4,792 $ 4,367

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Relevant Data Used to Estimate Fair Value of Stock Option Grants	The relevant data used to determine the value of the stock option grants for the three months ended March 31, 2016 and 2015 are as follows: Three months ended March 31, 2016 2015 Risk-free interest rates 1.39-1.90 % 1.51-1.83 % Expected dividend yield 0.00 % 0.00 % Expected term (in years) 6.1 6.0 Expected volatility 83.8-84.1 % 78.4-81.4 %
Summary of Stock Option Activity	The following table summarizes stock option activity for the three months ended March 31, 2016: (In thousands, except per share amounts and years) Shares Issuable Under Options Weighted Average Exercise Price Outstanding as of December 31, 2015 1,657 $ 14.28 Granted 533 17.92 Exercised — — Canceled (14 ) 16.46 Outstanding as of March 31, 2016 2,176 $ 15.16 Options vested and expected to vest at March 31, 2016 1,837 $ 14.53 Options exercisable at March 31, 2016 899 $ 10.79
Stock-Based Compensation Expense Related to Stock Options	The Company recorded stock-based compensation expense related to stock options for the three months ended March 31, 2016 is as follows: Three months ended March 31, (In thousands) 2016 2015 Research and development $ 537 $ 322 General and administrative 1,104 686 $ 1,641 $ 1,008

Net Loss per Share (Tables)

Net Loss per Share (Tables)	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Net Loss per Share	Basic and diluted net loss per share was calculated as follows for the three months ended March 31, 2016 and 2015: For the three months ended March 31, (In thousands) 2016 2015 Numerator: Net loss $ (16,815 ) $ (9,174 ) Net loss: $ (16,815 ) $ (9,174 ) Denominator: Weighted average common shares outstanding, basic and diluted 21,570 21,451 Net loss per share, basic and diluted $ (0.78 ) $ (0.43 )

Long-term Debt (Tables)

Long-term Debt (Tables)	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Schedule of Annual Principal and Interest Payments Due Under Term Loan	As of March 31, 2016, annual principal and interest payments due under the Company’s 2015 term loan are as follows (in thousands): Year Aggregate Minimum Payments 2016 (remaining nine months) $ 716 2017 5,018 2018 5,541 2019 5,224 2020 2,190 Total $ 18,689 Less interest (2,267 ) Less final payment (1,350 ) Total $ 15,072

Overview and Nature of the Bu25

Overview and Nature of the Business - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Incorporation date	Nov. 5, 2007

Summary of Significant Accoun26

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Summary Of Significant Accounting Policies [Line Items]
Cash and cash equivalents and marketable securities	$ 101,365,000	$ 118,604,000
Unbilled accounts receivable	$ 56,000	$ 95,000
Construction-in Progress [Member]
Summary Of Significant Accounting Policies [Line Items]
Property and equipment estimated useful life	7 years

Summary of Significant Accoun27

Summary of Significant Accounting Policies - Property Plant and Equipment Estimated Useful Lives (Detail)	3 Months Ended
	Mar. 31, 2016
Computer and Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Estimated Useful Lives	3 years
Computer Software [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Estimated Useful Lives	7 years
Manufacturing Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Estimated Useful Lives	7 years
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Estimated Useful Lives	5 years

Fair Value of Financial Asset28

Fair Value of Financial Assets and Liabilities - Schedule of Assets Measured at Fair Value on Recurring Basis (Detail) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	$ 39,456,000	$ 48,303,000
Fair Value Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	57,182,000	61,534,000
Marketable securities	42,462,000	55,660,000
Assets, Total	99,644,000	117,194,000
Level 2 [Member] | Fair Value Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	57,182,000	61,534,000
Marketable securities	42,462,000	55,660,000
Assets, Total	$ 99,644,000	$ 117,194,000

Fair Value of Financial Asset29

Fair Value of Financial Assets and Liabilities - Additional Information (Detail) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Transfers between Level 1, Level 2 and Level 3	$ 0	$ 0

Marketable Securities - Summary

Marketable Securities - Summary of Fair Value of Available-for-Sale Marketable Securities by Type of Security (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 42,470	$ 55,757
Gross Unrealized Gains	10	4
Gross Unrealized Losses	(18)	(101)
Fair Value	42,462	55,660
U.S Government Obligations [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	3,005
Gross Unrealized Gains	1
Fair Value	3,006
Corporate Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	39,465	55,757
Gross Unrealized Gains	9	4
Gross Unrealized Losses	(18)	(101)
Fair Value	$ 39,456	$ 55,660

Marketable Securities - Additio

Marketable Securities - Additional Information (Detail) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Investments, Debt and Equity Securities [Abstract]
Marketable securities	$ 39,456,000	$ 48,303,000
Marketable securities, noncurrent	$ 3,006,000	$ 7,357,000

Property and Equipment, Net - C

Property and Equipment, Net - Components of Property and Equipment (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Property and equipment gross	$ 9,529	$ 7,932
Less: Accumulated depreciation	(446)	(490)
Total property and equipment, net	9,083	7,442
Computer and Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment gross	392	393
Manufacturing Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment gross		2,534
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property and equipment gross	258	290
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment gross	194	239
Construction-in Progress [Member]
Property, Plant and Equipment [Line Items]
Property and equipment gross	8,362	4,134
Software [Member]
Property, Plant and Equipment [Line Items]
Property and equipment gross	$ 323	$ 342

Property and Equipment, Net - A

Property and Equipment, Net - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Property, Plant and Equipment [Line Items]
Depreciation	$ 186,000	$ 40,000
Property and equipment disposals	2,508,000	0
Gain (Loss) on sale of property and equipment	(2,278,000)	$ 0
Manufacturing Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment disposals	2,508,000
Gain (Loss) on sale of property and equipment	(2,180,000)
Manufacturing Equipment [Member] | Evonik [Member]
Property, Plant and Equipment [Line Items]
Property and equipment disposals	$ 2,265,000

Accrued Expenses and Other Cu34

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Payables and Accruals [Abstract]
Clinical research	$ 444	$ 552
Contract manufacturing services	2,778	1,444
Payroll and other employee-related expenses	797	1,649
Regulatory Services	65	64
Consultant fees and expenses	99	70
Professional services fees	293	434
Interest expense	81	81
Other	235	73
Total accrued expenses and other current liabilities	$ 4,792	$ 4,367

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Relevant Data Used to Estimate Fair Value of Stock Option Grants (Detail)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Risk-free interest rates, Minimum	1.39%	1.51%
Risk-free interest rates, Maximum	1.90%	1.83%
Expected dividend yield	0.00%	0.00%
Expected term (in years)	6 years 1 month 6 days	6 years
Expected volatility, Minimum	83.80%	78.40%
Expected volatility, Maximum	84.10%	81.40%

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Option Activity (Detail) shares in Thousands	3 Months Ended
	Mar. 31, 2016$ / sharesshares
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Shares Issuable Under Options, Beginning balance | shares	1,657
Shares Issuable Under Options, Granted | shares	533
Shares Issuable Under Options, Exercised | shares	0
Shares Issuable Under Options, Canceled | shares	(14)
Shares Issuable Under Options, Ending balance | shares	2,176
Shares Issuable Under Options, Options vested and expected to vest at March 31, 2016 | shares	1,837
Shares Issuable Under Options, Options exercisable at March 31, 2016 | shares	899
Weighted Average Exercise Price, Beginning balance | $ / shares	$ 14.28
Weighted Average Exercise Price, Granted | $ / shares	17.92
Weighted Average Exercise Price, Exercised | $ / shares	0
Weighted Average Exercise Price, Canceled | $ / shares	16.46
Weighted Average Exercise Price, Ending balance | $ / shares	15.16
Weighted Average Exercise Price, Options vested and expected to vest | $ / shares	14.53
Weighted Average Exercise Price, Options exercisable | $ / shares	$ 10.79

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - USD ($)	Jan. 04, 2016	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted		533,000
Number of options exercised		0
Options to purchase common stock, outstanding		2,176,000	1,637,000	1,657,000
Weighted average remaining contractual term		8 years 2 months 12 days	8 years 4 months 24 days
Weighted average exercise price		$ 15.16	$ 13.41	$ 14.28
Weighted average grant date fair value of options granted		$ 12.82	$ 23.27
Unrecognized stock-based compensation expense		$ 10,838,000	$ 12,643,000
Unrecognized compensation costs, weighted-average recognition periods		2 years 10 months 24 days	3 years 2 months 12 days
Performance-Based Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate number of restricted common stock units granted under performance-based vesting		189,000
Performance based RSUs vested		0
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate number of restricted common stock units granted under performance-based vesting	189,300
Grant date fair value of restricted common stock units under performance-based vesting	$ 3,445,000

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock-Based Compensation Expense Related to Stock Options (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 1,641	$ 1,008
Research and Development [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	537	322
General and Administrative [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 1,104	$ 686

Net Loss per Share - Schedule o

Net Loss per Share - Schedule of Basic and Diluted Net Loss per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Numerator:
Net loss	$ (16,815)	$ (9,174)
Net loss:	$ (16,815)	$ (9,174)
Denominator:
Weighted average common shares outstanding, basic and diluted	21,570	21,451
Net loss per share, basic and diluted	$ (0.78)	$ (0.43)

Net Loss per Share - Additional

Net Loss per Share - Additional Information (Detail) - shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Stock Option and Restricted Stock Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from the computation of diluted net loss per share	2,378,000	1,548,000

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Detail) - USD ($)	Aug. 04, 2015	Mar. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Carrying value of term loan		$ 15,072,000
Term loan due within 12 months		384,000
Term loan due in greater than 12 months		14,688,000	$ 15,002,000
Debt issuance costs	$ 150,000
Mid Cap Financial Trust [Member] | 2015 Term Loan [Member]
Debt Instrument [Line Items]
Term loan, maximum borrowings	$ 30,000,000
Debt instrument description	The Company must maintain a balance in cash or cash equivalents at Silicon Valley Bank equal to the principal balance of the loan plus 5 percent.
Debt instrument interest rate	6.25%
Term loan, first periodic payment date	Mar. 1, 2017
Term loan, last periodic payment date	Feb. 1, 2020
Interest on final payment	9.00%
Term loan, payment description	Interest-only period of 19 months, principal will be due in 36 equal monthly installments.
Carrying value of term loan		15,072,000
Term loan due within 12 months		384,000
Term loan due in greater than 12 months		$ 14,688,000
Mid Cap Financial Trust [Member] | 2015 Term Loan [Member] | Interest-Only-Strip [Member]
Debt Instrument [Line Items]
Term loan, Interest payment period	19 months
Mid Cap Financial Trust [Member] | 2015 Term Loan [Member] | Principal-Only-Strip [Member]
Debt Instrument [Line Items]
Term loan, Interest payment period	36 months
Mid Cap Financial Trust [Member] | 2015 Term Loan [Member] | Initial Term Loan [Member]
Debt Instrument [Line Items]
Term loan, currently borrowed	$ 15,000,000
Mid Cap Financial Trust [Member] | 2015 Term Loan [Member] | Second Term Loan [Member]
Debt Instrument [Line Items]
Term loan, remaining borrowing	$ 15,000,000

Long Term Debt - Schedule of An

Long Term Debt - Schedule of Annual Principal and Interest Payments Due Under Term Loan (Detail) $ in Thousands	Mar. 31, 2016USD ($)
Long-term Debt, Fiscal Year Maturity [Abstract]
2016 (remaining nine months)	$ 716
2,017	5,018
2,018	5,541
2,019	5,224
2,020	2,190
Total	18,689
Total	18,689
Less interest	(2,267)
Less final payment	(1,350)
Total	$ 15,072