Assembly Biosciences (ASMB) 10-K 11 Mar 16 2015 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Mar. 07, 2016	Jun. 30, 2015
Document Information [Line Items]
Entity Registrant Name	ASSEMBLY BIOSCIENCES, INC.
Entity Central Index Key	1,426,800
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Trading Symbol	ASMB
Entity Common Stock, Shares Outstanding		17,225,662
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2015
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2,015
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 236,860

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Current assets
Cash and cash equivalents	$ 27,107,526	$ 29,091,113
Marketable securities, at fair value	40,556,652	0
Other current assets	704,287	125,284
Total current assets	68,368,465	29,216,397
Long-term assets
Marketable securities	23,392,129	0
Property, plant and equipment, net	148,609	156,441
Security deposits	197,158	115,005
Intangible assets	29,000,000	29,000,000
Goodwill	12,638,136	12,737,350
Total long-term assets	65,376,032	42,008,796
Total assets	133,744,497	71,225,193
Current liabilities
Accounts payable	1,363,698	907,601
Accrued expenses	2,039,204	146,420
Total current liabilities	3,402,902	1,054,021
Long-term liabilities
Deferred tax liabilities	11,600,000	11,600,000
Total long-term liabilities	11,600,000	11,600,000
Total liabilities	$ 15,002,902	$ 12,654,021
Commitments and contingencies
Stockholders' equity
Preferred stock, $0.001 par value; 5,000,000 shares authorized; 0 shares issued and outstanding	$ 0	$ 0
Common stock, $0.001 par value; 50,000,000 shares authorized; 17,225,662 and 10,672,059 shares issued and outstanding at December 31, 2015 and December 31, 2014, respectively	17,226	10,672
Additional paid-in capital	283,511,859	194,072,572
Accumulated other comprehensive loss	(821,585)	0
Accumulated deficit	(163,965,905)	(135,512,072)
Total stockholders' equity	118,741,595	58,571,172
Total liabilities and stockholders' equity	$ 133,744,497	$ 71,225,193

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2015	Dec. 31, 2014
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	17,225,662	10,672,059
Common stock, shares outstanding	17,225,662	10,672,059

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Operating expenses:
Research and development	$ 18,357,937	$ 10,716,737
General and administrative	11,297,693	13,239,715
Total operating expenses	29,655,630	23,956,452
Loss from operations	(29,655,630)	(23,956,452)
Other income
Interest and other income	1,228,830	167,653
Realized loss from marketable securities	(27,033)	0
Total other income	1,201,797	167,653
Net loss	(28,453,833)	(23,788,799)
Unrealized loss on marketable securities	(821,585)	0
Comprehensive loss	$ (29,275,418)	$ (23,788,799)
Net loss per share, basic and diluted	$ (1.81)	$ (3.4)
Weighted average common shares outstanding, basic and diluted	15,702,646	6,998,875

CONSOLDATED STATEMENTS OF CHANG

CONSOLDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($)	Total	Common Stock [Member]	Preferred Stock [Member]	Additional Paid-in Capital [Member]	Common Stock Issuable [Member]	Accumulated Other Comprehensive Loss [Member]	Accumulated Deficit [Member]
Balance at Dec. 31, 2013	$ 24,493,988	$ 4,147	$ 44	$ 135,844,320	$ 368,750	$ 0	$ (111,723,273)
Balance (in shares) at Dec. 31, 2013		4,146,779	44,000
Proceeds from common stock sold, net of underwriters' discounts and cost	16,725,946	$ 2,051	$ 0	16,723,895	0	0	0
Proceeds from common stock sold, net of underwriters' discounts and cost (in Shares)		2,051,472	0
Issuance of common stock for business combination	29,064,148	$ 4,009	$ 0	29,060,139	0	0	0
Issuance of common stock for business combination (in shares)		4,008,808	0
Issuance of common stock in exchange for restricted stock units	0	$ 25	$ 0	368,725	(368,750)	0	0
Issuance of common stock in exchange for restricted stock units (in shares)		25,000	0
Conversion of preferred stock to common stock	0	$ 440	$ (44)	(396)	0	0	0
Conversion of preferred stock to common stock (in shares)		440,000	(44,000)
Fair value of options assumed	758,948	$ 0	$ 0	758,948	0	0	0
Issuance of warrants for services	679,447	0	0	679,447	0	0	0
Stock-based compensation	10,637,494	0	0	10,637,494	0	0	0
Net loss	(23,788,799)	0	0	0	0	0	(23,788,799)
Balance at Dec. 31, 2014	58,571,172	$ 10,672	$ 0	194,072,572	0	0	(135,512,072)
Balance (in shares) at Dec. 31, 2014		10,672,059	0
Proceeds from common stock sold, net of underwriters' discounts and cost	81,014,989	$ 6,389	$ 0	81,008,600	0	0	0
Proceeds from common stock sold, net of underwriters' discounts and cost (in Shares)		6,388,888	0
Exercise of stock options	554,268	$ 77	$ 0	554,191	0	0	0
Exercise of stock options (in shares)		76,422	0
Cashless exercise of warrants	0	$ 88	$ 0	(88)	0	0	0
Cashless exercise of warrants (in shares)		88,293	0
Stock-based compensation	7,876,584	$ 0	$ 0	7,876,584	0	0	0
Change in unrealized loss on marketable securities	(821,585)	0	0	0	0	(821,585)	0
Net loss	(28,453,833)	0	0	0	0	0	(28,453,833)
Balance at Dec. 31, 2015	$ 118,741,595	$ 17,226	$ 0	$ 283,511,859	$ 0	$ (821,585)	$ (163,965,905)
Balance (in shares) at Dec. 31, 2015		17,225,662	0

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Cash flows from operating activities
Net loss	$ (28,453,833)	$ (23,788,799)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	64,989	10,974
Stock-based compensation	7,876,584	10,637,494
Realized loss from marketable securities	27,033	0
Loss on sale of fixed assets	954	0
Issuance of warrants for services	0	679,447
Changes in operating assets and liabilities:
Other current assets	(555,849)	(54,472)
Accounts payable	456,097	(2,481,917)
Accrued expenses	1,968,844	23,771
Security deposits	(82,153)	0
Net cash used in operating activities	(18,697,334)	(14,973,502)
Cash flows from investing activities
Purchase of fixed assets	(58,261)	(149,963)
Sale of fixed assets	150	0
Cash acquired in business combination	0	509,363
Purchases of marketable securities	(69,781,176)	0
Redemption of marketable securities	4,983,777	0
Net cash (used in) provided by investing activities	(64,855,510)	277,401
Security deposits collected	0	(81,999)
Cash flows from financing activities
Proceeds from common stock sold, net of underwriters' discounts and cost	81,014,989	16,725,946
Proceeds from exercise of stock options	554,268	0
Net cash provided by financing activities	81,569,257	16,725,946
Net (decrease) increase in cash and cash equivalents	(1,983,587)	2,029,845
Cash and cash equivalents at beginning of year	29,091,113	27,061,268
Cash and cash equivalents at end of year	27,107,526	29,091,113
Supplemental disclosure of cash flow information:
Cashless exercise of warrants	88	0
Change in unrealized loss on marketable securities available-for-sale	821,585	0
Issuance of common stock in exchange for restricted stock units	0	368,750
Conversion of preferred stock to common stock	0	440
Supplemental disclosure of non-cash activities:
Other current assets	0	(23,540)
Equipment, net	0	(10,350)
Intangible assets	0	(29,000,000)
Goodwill	99,214	(12,737,350)
Security deposits	0	(16,606)
Accounts payable and accrued expenses	(99,214)	874,113
Share exchange - business combination	0	29,064,148
Fair value of vested options and restricted stock units - in connection with business combination	0	758,948
Deferred tax liability	0	11,600,000
Cash acquired in business combination	$ 0	$ 509,363

Nature of Business

Nature of Business	12 Months Ended
	Dec. 31, 2015
Organization, Business and Basis Of Presentation [Abstract]
Nature of Business	Note 1 - Nature of Business Overview Assembly Biosciences, Inc. (“Assembly” or the “Company”) is a biotechnology company advancing two innovative platform programs: a new class of oral drugs for the treatment of hepatitis B virus (HBV) infection and novel class of oral biological drugs, which are designed to restore health to a dysbiotic microbiome. The Company’s HBV-cure program is aimed at increasing the current low cure rates for patients with HBV and is pursuing multiple drug candidates that inhibit multiple viral targets throughout the HBV lifecycle. Assembly has discovered several novel core protein Allosteric Modulators (CpAMs), which are small molecules that directly target and allosterically modulate a number of HBc functions. The Company’s Microbiome Program consists of a fully integrated platform that includes a robust strain identification and selection process, methods for strain isolation and growth under cGMP conditions, and a patent pending delivery system, GEMICEL TM 2015 Highlights On March 19, 2015, the Company sold to various investors an aggregate of 5,555,555 13.50 70.4 On April 6, 2015, the underwriters exercised in full their option to purchase an additional 833,333 13.50 10.6 2014 Highlights On July 11, 2014, Nasdaq listed Ventrus Biosciences, Inc. caused its wholly owned subsidiary to merge with and into Assembly Pharmaceuticals, Inc., a private company (the “Merger”), resulting in Assembly Pharmaceuticals, Inc. being the surviving entity and becoming a wholly owned subsidiary of Ventrus Biosciences, Inc. In connection with the Merger, Ventrus Biosciences, Inc. changed its name to Assembly Biosciences, Inc. The Merger resulted in a shift in strategic focus, the addition of a new lead drug development program and changes in personnel. In connection with the Merger, the Company’s Board of Directors and stockholders approved a 1-for-5 reverse stock split of the Company’s common stock. The reverse stock split became effective on July 11, 2014. All share and per share amounts in the consolidated financial statements and notes thereto have been retroactively adjusted for all periods presented to give effect to this reverse stock split, including reclassifying an amount equal to the reduction in par value of common stock to additional paid-in capital. In connection with the Merger, the shares of common stock issued and outstanding of Assembly Pharmaceuticals, were converted into an aggregate of 4,008,848 621,651 The Company accounted for the acquisition of Assembly Pharmaceuticals, Inc. as a business combination under Accounting Standards Codification (“ASC”) 805 with Ventrus Biosciences, Inc. as the accounting acquirer. The Company determined Ventrus Biosciences, Inc. was the accounting acquirer in accordance with ASC 805-10-25-5 as Ventrus Biosciences, Inc. gained control of Assembly Pharmaceuticals, Inc. upon completion of the Merger. To make this determination, the Company considered factors as indicated in ASC 805-10-55, including which entity issued equity interests to effect the combination, board of director composition, shareholder ownership, voting control, restrictions on shareholder voting rights, anticipated management positions and the relative size of the two companies. On October 6, 2014, the Company sold to various institutional investors an aggregate of 1,959,000 8.04 15.0 Liquidity The Company has not derived any revenue from product sales to date as it currently has no products. Once a product has been developed, it will need to be approved for sale by the FDA or any foreign regulatory agency. Since inception, the Company’s operations have been financed primarily through the sale of equity securities, the proceeds from the exercise of warrants and stock options and issuance of debt. The Company has incurred losses from operations and negative cash flows since inception and expects to continue to incur substantial losses for the next several years as it continues its product development efforts. Management believes the Company currently has sufficient funds to meet its operating requirements for at least the next twelve months. If the Company cannot generate significant cash from its operations, it intends to obtain any additional funding it requires through strategic relationships, public or private equity or debt financings, or other arrangements and it cannot assure such funding will be available on reasonable terms, if at all. Capital resources The Company has not derived any revenue from product sales to date as the products have not been approved for sale by the FDA or any foreign regulatory agency. Since inception, the Company’s operations have been financed primarily through the sale of equity securities, the proceeds from the exercise of warrants and stock options and issuance of debt. The Company has incurred losses from operations and negative cash flows since inception and expects to continue to incur substantial losses for the next several years as it continues its product development efforts. Management believes the Company currently has sufficient funds to meet its operating requirements for the next twelve months. If the Company cannot generate significant cash from its operations, it intends to obtain any additional funding it requires through strategic relationships, public or private equity or debt financings, or other arrangements and it cannot assure such funding will be available on reasonable terms, or at all.

Summary of Significant Accounti

Summary of Significant Accounting Policies and Recent Accounting Pronouncements	12 Months Ended
	Dec. 31, 2015
Summary Of Significant Accounting Policies [Abstract]
Summary of Significant Accounting Policies and Recent Accounting Pronouncements	Note 2 - Summary of Significant Accounting Policies and Recent Accounting Pronouncements The accompanying consolidated financial statements include the accounts of the Company and its subsidiary. All intercompany balances and transactions have been eliminated in consolidation The Company operates in one operating segment and, accordingly, no segment disclosures have been presented herein. The preparation of financial statements in conformity with the accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that may affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of expenses during the reporting period. Actual results could differ from those estimates. Significant estimates inherent in the preparation of the accompanying financial statements include recoverability and useful lives (indefinite or finite) of intangible assets, assessment of impairment of goodwill, and the fair value of stock options and warrants granted to employees, consultants, directors, investors, licensors, placement agents and underwriters. The Company’s estimates could be affected by external conditions, including those unique to the Company and general economic conditions. It is reasonably possible that these external factors could have an effect on the Company’s estimates and could cause actual results to differ from those estimates and assumptions. Certain reclassifications have been made to prior year amounts to conform to the current year presentation. The Company reclassified certain non-cash activities in the consolidated statements of cash flows to conform to the Assembly Pharmaceutical’s final purchase price allocation. All highly liquid investments with maturities of three months or less at the time of purchase are considered to be cash equivalents. All of the Company’s cash equivalents have liquid markets and high credit ratings. The Company maintains its cash in bank deposit and other accounts, the balances of which, at times and at December 31, 2015, exceed federally insured limits. The Company has designated marketable securities as of December 31, 2015 as available-for-sale securities and measures these securities at their respective fair values. Marketable securities are classified as short-term or long-term based on the maturity date and their availability to meet current operating requirements. Marketable securities that mature in one year or less are classified as short-term available-for-sale securities and are reported as a component of current assets. Marketable securities that are not considered available for use in current operations are classified as long-term available-for-sale securities and are reported as a component of long-term assets. Securities that are classified as available-for-sale are measured at fair value with temporary unrealized gains and losses reported in other comprehensive income (loss), and as a component of stockholders' equity until their disposition. The Company reviews all available-for-sale securities at each period end to determine if they remain available-for-sale based on then current intent and ability to sell the security if it is required to do so. The cost of securities sold is based on the specific identification method. Marketable securities are subject to a periodic impairment review. The Company may recognize an impairment charge when a decline in the fair value of investments below the cost basis is determined to be other-than-temporary. Goodwill is the excess of purchase price over the fair value of identified net assets of businesses acquired. The Company’s intangible assets with an indefinite life are related to in-process research and development ("IPR&D") programs acquired in the Merger, as the Company expects future research and development on these programs to provide the Company with substantial benefit for a period that extends beyond the foreseeable horizon. Intangible assets with indefinite useful lives are measured at their respective fair values as of the acquisition date. The Company does not amortize goodwill and intangible assets with indefinite useful lives. Intangible assets related to IPR&D projects are considered to be indefinite lived until the completion or abandonment of the associated R&D efforts. If and when development is complete, which generally occurs if and when regulatory approval to market a product is obtained, the associated assets would be deemed finite lived and would then be amortized based on their respective estimated useful lives at that point in time. The Company reviews goodwill and indefinite-lived intangible assets at least annually for possible impairment. Goodwill and indefinite-lived intangible assets are reviewed for possible impairment between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit or the indefinite-lived intangible assets below their carrying values. The Company tests its goodwill and indefinite-lived intangible assets each year on October 1. The Company reviews the carrying value of goodwill and indefinite-lived intangible assets utilizing a discounted cash flow model, and, where appropriate, a market value approach is also utilized to supplement the discounted cash flow model. The Company makes assumptions regarding estimated future cash flows, discount rates, long-term growth rates and market values to determine each reporting unit’s estimated fair value. The Company considered the adverse changes in the overall biotechnology sector and decline in the Company’s stock price to be triggering events as of December 31, 2015. Therefore, in addition to the annual goodwill impairment test as of October 1, 2015, the Company also performed a goodwill impairment test as of December 31, 2015. As of October 1, 2015 and December 31, 2015, the fair value of the Company’s reporting unit was in excess of carrying value for all scenarios that were tested. The Company monitors the carrying value of long-lived assets for potential impairment and tests the recoverability of such assets whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. If a change in circumstance occurs, the Company performs a test of recoverability by comparing the carrying value of the asset or asset group to its undiscounted expected future cash flows. If cash flows cannot be separately and independently identified for a single asset, the Company will determine whether impairment has occurred for the group of assets for which the Company can identify the projected cash flows. If the carrying values are in excess of undiscounted expected future cash flows, the Company measures any impairment by comparing the fair value of the asset or asset group to its carrying value. The Company performed its annual impairment test as of October 1, 2015 and deemed there was no impairment of long-lived assets during the year ended December 31, 2015. The Merger (see Note 3) was made at a price above the fair value of the assets acquired and liabilities assumed including deferred tax liability, resulting in goodwill, based on the Company’s expectations of synergies and other benefits of combining the acquired business. These synergies and benefits include elimination of redundant functions and staffing and use of the Company’s existing infrastructure to expand development of the product candidates of the acquired business in a cost efficient manner. Significant judgment is required in estimating the fair value of intangible assets and in assigning their respective useful lives. The fair value estimates are based on available historical information and on future expectations and assumptions deemed reasonable by management, but which are inherently uncertain. Net assets acquired are recorded at their fair values on the date of acquisition. ⋅ Lab equipment 3 5 ⋅ Computer hardware and software 3 5 Fair Value Measurements The Company follows accounting guidance on fair value measurements for financial instruments measured on a recurring basis, as well as for certain assets and liabilities that are initially recorded at their estimated fair values. Fair value is defined as the exit price, or the amount that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company use the following three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs to value our financial instruments: Level 1: Observable inputs such as unadjusted quoted prices in active markets for identical instruments. Level 2: Quoted prices for similar instruments that are directly or indirectly observable in the marketplace. Level 3: Significant unobservable inputs which are supported by little or no market activity and that are financial instruments whose values are determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant judgment or estimation. Financial instruments measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement in its entirety requires us to make judgments and consider factors specific to the asset or liability. The use of different assumptions and/or estimation methodologies may have a material effect on estimated fair values. Accordingly, the fair value estimates disclosed or initial amounts recorded may not be indicative of the amount that the Company or holders of the instruments could realize in a current market exchange. The carrying amounts of cash equivalents and marketable securities approximate their fair value based upon quoted market prices. Certain of the Company’s financial instruments are not measured at fair value on a recurring basis, but are recorded at amounts that approximate their fair value due to their liquid or short-term nature, such as cash, accounts receivable, accounts payable and accrued expenses. The Company expenses stock-based compensation to employees over the requisite service period based on the estimated grant-date fair value of the awards. For stock-based compensation awards to non-employees, the Company remeasures the fair value of the non-employee awards at each reporting period prior to vesting and finally at the vesting date of the award. Changes in the estimated fair value of these non-employee awards are recognized as compensation expense in the period of change. The Company estimates the fair value of stock option grants using the Black-Scholes option pricing model and the assumptions used in calculating the fair value of stock-based awards represent management’s best estimates and involve inherent uncertainties and the application of management’s judgment. For the purpose of valuing the warrants (see Note 8), the Company used the Black-Scholes option pricing model utilizing the assumptions for risk free interest rate, the expected term, expected volatility, and expected dividend yield. To determine the risk-free interest rate, the Company utilized the U.S. Treasury yield curve in effect at the time of grant with a term consistent with the expected term of the Company’s awards. The Company estimated the expected life of the warrants based on the full term of the warrant. The expected dividend yield reflects the Company’s current and expected future policy for dividends on its common stock. The expected stock price volatility for the Company’s stock was calculated by examining historical volatilities for publicly traded industry peers as the Company did not have any trading history for its common stock at the time the grants were issued. Research and development costs are expensed as incurred. Research and development costs include salaries and personnel-related costs, consulting fees, fees paid for contract research services, fees paid to clinical research organizations and other third parties associated with clinical trials, the costs of laboratory equipment and facilities, and other external costs. The Company’s income tax expense consists of current and deferred income tax expense or benefit. Current income tax expense or benefit is the amount of income taxes expected to be payable or refundable for the current year. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established when it is more likely than not that some or all of the deferred tax assets will not be realized. The Company had adopted the provisions that tax positions must meet a “more-likely-than-not” recognition threshold to be recognized. The Company has no unrecognized tax benefits recorded for the years ended December 31, 2015 and 2014. When an accrual for interest and penalties is required, interest and penalties will be recognized in tax expense. The Company files income tax returns in the U.S. federal jurisdiction and in various states. There are currently no federal income tax examinations in process. Tax years beginning in 2012 are generally subject to examination by taxing authorities, although net operating losses from all years are subject to examinations and adjustments for at least three years following the year in which the attributes are used. Year Ended December 31, 2015 2014 Warrants to purchase common stock 16,909 270,761 Options to purchase common stock 3,367,784 3,249,651 Total 3,384,693 3,520,412 Comprehensive Loss Comprehensive loss is comprised of net loss and adjustments for the change in unrealized gains and losses on investments in available-for-sale marketable securities. The Company displays comprehensive loss and its components in the consolidated statements of operations and comprehensive loss. Financial instruments which potentially subject the Company to credit risk consist primarily of cash, cash equivalents and marketable securities. The Company holds these investments in highly rated financial institutions, and, by policy, limits the amounts of credit exposure to any one financial institution. These amounts at times may exceed federally insured limits. The Company has not experienced any credit losses in such accounts and does not believe it is exposed to any significant credit risk on these funds. The Company has no off-balance sheet concentrations of credit risk, such as foreign currency exchange contracts, option contracts or other hedging arrangements. In the first quarter of 2015, the Company adopted Accounting Standard Update (“ASU”) 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers In June 2014, the FASB issued ASU 2014-10, Development Stage Entities (Topic 915) — Elimination of Certain Financial Reporting Requirements Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation In June 2014, the FASB issued ASU 2014-12, Compensation-Stock Compensation (Topic 718) In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern In November 2015, the FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes In January 2016, FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities

Assembly Pharmaceuticals, Inc.

Assembly Pharmaceuticals, Inc. Transaction	12 Months Ended
	Dec. 31, 2015
Business Combinations [Abstract]
Assembly Pharmaceuticals, Inc. Transaction	Note 3 - Assembly Pharmaceuticals, Inc. Transaction 4,008,848 621,651 Cash and cash equivalents $ 509,363 Other current assets 23,540 Equipment, net 10,350 IPR&D 29,000,000 Goodwill (as adjusted) 12,638,136 Security deposits 16,606 Total assets 42,197,995 Accrued expenses (as adjusted) 774,899 Deferred tax liability 11,600,000 Total liabilities 12,374,899 Net assets acquired $ 29,823,096 The transaction was accounted for using the acquisition method. Accordingly, goodwill has been measured as the excess of the total consideration over the amounts assigned to the identifiable assets acquired and liabilities assumed including the related deferred tax liability. Goodwill is not deductible for tax purposes. On the acquisition date, the fair value of net assets acquired was $ 29,823,096 29,064,148 758,948 99,000

Marketable Securities

Marketable Securities	12 Months Ended
	Dec. 31, 2015
Investments, Debt and Equity Securities [Abstract]
Marketable Securities	Note 4 - Marketable Securities December 31, 2015 Amortized Cost Gross Unrealized Fair Value Short-term available-for-sale securities Corporate bonds $ 41,126,524 $ (569,872) $ 40,556,652 41,126,524 (569,872) 40,556,652 Long-term available-for-sale securities Government and agency obligations 1,225,000 (3,834) 1,221,166 Municipal bonds 1,596,160 (4,384) 1,591,776 Corporate bonds 20,822,682 (243,495) 20,579,187 23,643,842 (251,713) 23,392,129 Total $ 64,770,366 $ (821,585) $ 63,948,781 The contractual term to maturity of short-term marketable securities held by the Company as of December 31, 2015 is less than one year 1 to 2 years The fair value of marketable securities was classified into fair value measurement categories as follows: Quoted prices in active markets for identical assets (Level 1) $ - Quoted prices for similar assets observable in the marketplace (Level 2) 63,948,781 Significant unobservable inputs (Level 3) - Total $ 63,948,781 The fair values of marketable securities are determined using quoted market prices from daily exchange traded markets based on the closing price as of December 31, 2015 and are classified as Level 2. There were no transfers between levels 1, 2 and 3 for the year ended December 31, 2015.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	12 Months Ended
	Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Note 5 - Goodwill and Intangible Assets Goodwill In July 2014, the Company completed its merger with Assembly Pharmaceuticals (see Note 3). The fair value of consideration paid, common stock and assumed options, totaled $ 29,823,096 12,638,136 Goodwill is recorded as an indefinite-lived asset and is not amortized for financial reporting purposes but is tested for impairment on an annual basis or when indications of impairment exist. No goodwill impairment losses have been recognized. Goodwill is not deductible for income tax purposes since the tax basis is $ 0 The net book value of goodwill decreased by $ 99,214 Intangible Assets In July 2014, the Company completed its acquisition of Assembly Pharmaceuticals (see Notes 1 and 3). The Company acquired in-process research and development related to Assembly Pharmaceuticals’ technology which is an indefinite lived intangible asset. The Company performed its annual impairment test as of October 1, 2015 and deemed there was no impairment of long-lived assets during the year ended December 31, 2015. Merger on July 11, 2014 $ 29,000,000 As of December 31, 2014 $ 29,000,000 2015 activity - As of December 31, 2015 $ 29,000,000

Property, Plant and Equipment,

Property, Plant and Equipment, Net	12 Months Ended
	Dec. 31, 2015
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment, Net	Note 6 - Property, Plant and Equipment, Net Year Ended December 31, Useful life (Years) 2015 2014 Computer hardware and software 3 $ 84,065 $ 75,196 Lab equipment 3 to 5 177,782 130,377 Office equipment 3 to 5 1,109 1,109 Total property, plant and equipment 262,956 206,682 Less: Accumulated depreciation and amortization (114,347) (50,241) Property, plant and equipment, net $ 148,609 $ 156,441 Depreciation expense for the years ended December 31, 2015 and 2014 was approximately $ 65,000 11,000 883 Russell Ellison, the Company’s former CEO,

Accrued Expenses

Accrued Expenses	12 Months Ended
	Dec. 31, 2015
Payables and Accruals [Abstract]
Accrued Expenses	Note 7 - Accrued Expenses Year Ended December 31, 2015 2014 Accrued expenses: Salaries, bonuses and employee benefits $ 1,628,975 $ - Severance accrued for former CEO 106,777 - Research and development expenses 120,700 - Other 182,752 146,420 Total accrued expenses $ 2,039,204 $ 146,420

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2015
Stockholders' Transactions [Abstract]
Stockholders' Equity	Note 8 - Stockholders’ Equity Common and Preferred Stock Transactions 2014 Activity In January 2014, the Company sold an aggregate of 92,472 1.8 19.07 In February 2014, all 44,000 440,000 In July 2014, the Company issued 25,000 On October 6, 2014, the Company sold to various institutional investors an aggregate of 1,959,000 8.04 15.0 5.0 On July 11, 2014, the Company completed the Merger, whereby Assembly Pharmaceuticals became the Company’s wholly-owned subsidiary. Pursuant to the terms of the Merger, the shares of Assembly Pharmaceuticals, common stock issued and outstanding were converted into an aggregate of 4,008,848 621,651 758,948 1.66 2.15 97.33 102.8 5 6.1 2015 Activity On March 19, 2015, the Company sold to various investors an aggregate of 5,555,555 13.50 70.4 833,333 On April 6, 2015, the underwriters exercised in full their option to purchase an additional 833,333 13.50 10.6 81.0 On December 30, 2015, the Company filed a registration statement on Form S-3 with the SEC using a “shelf” registration process, file number 333-208806, which became effective January 19, 2016. Under this shelf registration process, the Company may from time to time sell any combination of the securities described in the registration statement in one or more offerings for an aggregate offering price of up to $ 150,000,000 Options, Warrants and Restricted Stock Units Options The Company has two equity incentive plans available for the granting of equity awards. In July 2010, the stockholders approved the 2010 Equity Incentive Plan, under which, as of December 31, 2015, there were outstanding options for an aggregate of 266,467 488,992 2,479,666 8,245 On February 10, 2015, the Company’s former Chief Executive Officer, Dr. Russell Ellison, transitioned to service as a consultant. The Company accelerated 266,667 266,666 Number of Shares Weighted Average Total Intrinsic Value Outstanding as of December 31, 2014 3,249,651 $ 6.26 $ 5,187,924 Granted 500,300 13.02 - Exercised (76,422) 7.25 22,348 Expired (11,800) 7.20 - Forfeited (293,945) 7.26 - Outstanding as of December 31, 2015 3,367,784 $ 7.16 $ 3,971,205 Options vested and exercisable 2,080,280 $ 6.40 $ 2,538,210 Year Ended December 31, 2015 2014 Exercise price $7.88 - $16.55 $2.22 - $8.13 Expected stock price volatility 88.62% - 95.55% 94.4% - 105.0% Risk-free rate of interest 1.49% - 2.27% 1.65% - 2.57% Term (years) 5.0 - 8.2 4.9 - 10.0 The weighted average remaining contractual life of options outstanding at December 31, 2015 is approximately 8.7 8.5 Stock-based compensation expenses for the years ended December 31, 2015 and 2014 were as follows: Year Ended December 31, 2015 2014 Research and development $ 3,257,732 $ 2,707,337 General and administrative 4,618,852 7,930,157 Total stock-based compensation expense $ 7,876,584 $ 10,637,494 Warrants In connection with the Company’s financings from 2007 to 2010, the Company issued warrants to investors and/or placement agents, as well as certain consultants, to purchase shares of common stock. In connection with the Merger, the Company issued warrants to purchase up to 120,265 679,447 On April 17, 2015, the Company issued an aggregate of 88,293 120,265 During the year ended December 31, 2015, 133,587 Warrants Weighted Average Outstanding as of December 31, 2014 270,761 $ 24.34 Expired (133,587) 39.34 Exercised (120,265) 5.13 Outstanding as of December 31, 2015 16,909 $ 30.81 The weighted average remaining contractual life of outstanding warrants at December 31, 2015 was approximately 4.4

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Note 9 - Income Taxes There was no current or deferred income tax provision for the years ended December 31, 2015 and 2014. As of December 31, 2015 2014 Deferred tax assets: Net-operating loss carryforward $ 46,365,000 $ 38,094,000 Stock-based compensation 10,397,000 11,691,000 In-Process R&D 5,282,000 5,697,000 R&D credit 3,068,000 2,600,000 Change in unrealized loss on marketable securities 368,000 - Other 783,000 2,000 Total Deferred Tax Assets 66,263,000 58,084,000 Valuation allowance (66,263,000) (58,084,000) Deferred Tax Asset, Net of Allowance $ - $ - In-process research and development (Assembly Merger) 11,600,000 11,600,000 Deferred Tax Liability $ 11,600,000 $ 11,600,000 The Company recognized a $ 11.6 11.6 At December 31, 2015, the Company had potentially utilizable gross Federal net operating loss carryforwards of approximately $ 105.0 98.3 3.1 27 2.9 10.2 10.2 Sections 382 and 383 of the Internal Revenue Rode of 1986 subject the future utilization of net operating losses and certain other tax attributes to an annual limitation in the event of certain ownership changes, as defined. The Company has undergone an ownership change study and has determined that a “change in ownership” as defined by IRC Section 382 of the Internal Revenue Code of 1986, as amended, and the rules and regulations promulgated thereunder, did occur in December 2010, January 2013 and October 2014. Accordingly, approximately $ 39.1 As of December 31, 2015 2014 Statutory Federal Income Tax Rate (34.0) % (34.0) % State Taxes, Net of Federal Tax Benefit (11.0) % (11.0) % Merger Cost 0.9 % 0.0 % Stock based Compensation - ISOs 16.7 % 0.0 % Other 0.1 % 0.0 % Change in Valuation Allowance 27.3 % 45.0 % Income Taxes Provision (Benefit) 0.0 % 0.0 %

License Agreements

License Agreements	12 Months Ended
	Dec. 31, 2015
License Arrangement [Abstract]
License Agreements	Note 10 - License Agreements HBV Research Agreement with Indiana University The Company, through its wholly-owned subsidiary, Assembly Pharmaceuticals, is party to a license agreement with Indiana University Research and Technology Corporation (“IURTC”) from whom it has licensed the Company’s HBV therapy. The license agreement requires the Company to make milestone payments based upon the successful accomplishment of clinical and regulatory milestones related to the HBV therapy. The total amount of all potential future milestone payments at December 31, 2015 is $ 825,000 25,000 100,000 Microbiome Targeted Colonic Delivery Platform On November 8, 2013, Assembly entered into a License and Collaboration Agreement with Therabiome, LLC, for all intellectual property and know-how owned or controlled by Therabiome relating to the oral delivery of pharmaceutical drugs to specific sites in the intestine, using a pH sensitive controlled release platform technology. Under the agreement, Therabiome granted to Assembly the exclusive worldwide license, with rights to sublicense, to develop the intellectual property for commercialization (a) in the use of bacteria, viruses, proteins and small molecules by oral delivery in (i) gastro- intestinal dysbiosis, including but not limited to C. difficile, irritable bowel syndrome-constipation and inflammatory bowel disease, (ii) auto-immune disorders and autism, including but not limited to as controlled by bacteria or virus, and (iii) orally delivered vaccines, including viral and bacterial, and (b) any oral delivery of small molecules using the licensed intellectual property. Assembly will be solely responsible for all research and development activities with respect to any product it develops under the license. For the license, Assembly paid Therabiome an upfront non-refundable license fee of $ 300,000 Therabiome must pay Assembly royalties on annual net sales of any product it develops, using the intellectual property, in the low double to mid-double digit percentages, depending on the level of development or involvement Assembly had in the product. Diltiazem (VEN 307) and Phenylepherine (VEN 308) The Company had an exclusive royalty-bearing license agreement with S.L.A. Pharma, AG (“S.L.A. Pharma”) to sell, make and use diltiazem (VEN 307) for treatment, through topical administration, of anal fissures and phenylepherine (VEN 308) for treatment, through topical administration, of fecal incontinence (referred to collectively as the “Compound Technologies”) in the United States, Canada and Mexico. In the event that the Compound Technologies were commercialized, Assembly was obligated to pay to S.L.A. Pharma annual royalties, based upon net sales of the products. In addition, Assembly was required to make payments to S.L.A. Pharma up to an aggregate amount of $ 20 On July 24, 2014, the Company notified S.L.A. Pharma that it was terminating the license agreement. The termination was effective on October 22, 2014. There were no early termination penalties as a result of the termination and the Company has no continuing obligation to make payment to S.L.A. Pharma under the agreement. The Company terminated the agreement to focus on the development of its potentially curative programs for HBV, which program was acquired on July 11, 2014 in the merger with Assembly Pharmaceuticals, Inc., and CDI, which was licensed in November 2013 from Therabiome, LLC.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments	Note 11 - Commitments and Contingencies Real Property Leases The Company leases office space for corporate and administrative functions 10,130 leases office space in Carmel, IN under a lease agreement that expires in June 2021. The leased locations in New York, NY and Carmel, IN. are for corporate and administrative functions supporting both the HBV and Microbiome Programs and are adequate for the Company’s current needs. The Company leases California The Company believes these leased facilities are adequate for our current needs and that additional space will be available in the future on commercially reasonable terms as needed. Research activities for the HBV program are also being conducted at laboratory space leased from Indiana University at Bloomington, IN. The Company believes these leased facilities are adequate for the Company’s current needs. The total leasing expenses for the years ended December 31, 2015 and 2014 were approximately $ 0.7 0.2 required as of December 31, 2015 are as follows: Year Ended December 31, 2016 $ 1,086,783 Year Ended December 31, 2017 976,547 Year Ended December 31, 2018 104,093 Year Ended December 31, 2019 106,360 Year Ended December 31, 2020 108,627 Thereafter 55,353 $ 2,437,763 Equipment Lease Pursuant to a Master Lease agreement dated November 25, 2014, the Company is leasing certain laboratory equipment. The equipment lease expense for the year ended December 31, 2015 and 2014 amounted to $ 107,000 18,928 Employment Agreements On January 15, 2014, the Company entered into an employment agreement with its agreement initially provided 300,000 50 350,000 On February 10, 2015, the Company named Mr. Barrett its Chief Operating Officer, in addition to Chief Financial Officer. Mr. Barrett received a 3 360,500 In connection with the Merger, effective July 11, 2014, the Company entered into employment agreements with its President and Chief Operating Officer, its Chief Medical Officer, and its Chief Scientific Officer. In February 2015, Mr. Small was appointed as our President and Chief Executive Officer and relinquished his title of Chief Operating Officer, and in January 2016, Dr. Arnold was appointed as our Chief Discovery Officer and Vice President, Research and Development. initially provided 350,000 (increased to base salary of $ 420,000 290,000 (increased to base salary of $ 319,000 315,000 50 30 150,000 100,000 The Company has employment agreements with its Chief Executive Officer and Chief Financial Officer/Chief Operating Officer which provide for an aggregate annual base salary of approximately $ 780,500 Litigation The Company is not a party to any material legal proceedings and is not aware of any claims or actions pending or threatened against it. From time to time, the Company may be subject to various legal proceedings and claims that arise in the ordinary course of its business activities.

Subsequent Event

Subsequent Event	12 Months Ended
	Dec. 31, 2015
Subsequent Events [Abstract]
Subsequent Events	Note 12 - Subsequent Event Effective January 5, 2016, the Company entered into an employment agreement with its new Chief Scientific Officer. The agreement has a term of five years and will be automatically extended for additional one-year periods unless the Company notifies the officer at least 180 days prior to the then current expiration date that it intends to not extend the employment agreement. The employment agreement initially provides for a base salary of $ 380,000 35 75,000 On January 9, 2016, the Company entered into an at-will employment letter agreement with its new Chief Development Officer and Head of Microbiome Program. The employment agreement provides for at-will employment, subject to payment of severance benefits depending on the circumstances of termination. The employment agreements initially provided for a base salary of $ 360,000 35

Summary of Significant Accoun19

Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Policies)	12 Months Ended
	Dec. 31, 2015
Summary Of Significant Accounting Policies [Abstract]
Basis of presentation	Basis of Presentation The accompanying consolidated financial statements include the accounts of the Company and its subsidiary. All intercompany balances and transactions have been eliminated in consolidation
Segments	Segments The Company operates in one operating segment and, accordingly, no segment disclosures have been presented herein.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with the accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that may affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of expenses during the reporting period. Actual results could differ from those estimates. Significant estimates inherent in the preparation of the accompanying financial statements include recoverability and useful lives (indefinite or finite) of intangible assets, assessment of impairment of goodwill, and the fair value of stock options and warrants granted to employees, consultants, directors, investors, licensors, placement agents and underwriters. The Company’s estimates could be affected by external conditions, including those unique to the Company and general economic conditions. It is reasonably possible that these external factors could have an effect on the Company’s estimates and could cause actual results to differ from those estimates and assumptions.
Reclassification	Reclassification Certain reclassifications have been made to prior year amounts to conform to the current year presentation. The Company reclassified certain non-cash activities in the consolidated statements of cash flows to conform to the Assembly Pharmaceutical’s final purchase price allocation.
Cash and cash equivalents	Cash and cash equivalents All highly liquid investments with maturities of three months or less at the time of purchase are considered to be cash equivalents. All of the Company’s cash equivalents have liquid markets and high credit ratings. The Company maintains its cash in bank deposit and other accounts, the balances of which, at times and at December 31, 2015, exceed federally insured limits.
Marketable Securities	Marketable Securities The Company has designated marketable securities as of December 31, 2015 as available-for-sale securities and measures these securities at their respective fair values. Marketable securities are classified as short-term or long-term based on the maturity date and their availability to meet current operating requirements. Marketable securities that mature in one year or less are classified as short-term available-for-sale securities and are reported as a component of current assets. Marketable securities that are not considered available for use in current operations are classified as long-term available-for-sale securities and are reported as a component of long-term assets. Securities that are classified as available-for-sale are measured at fair value with temporary unrealized gains and losses reported in other comprehensive income (loss), and as a component of stockholders' equity until their disposition. The Company reviews all available-for-sale securities at each period end to determine if they remain available-for-sale based on then current intent and ability to sell the security if it is required to do so. The cost of securities sold is based on the specific identification method. Marketable securities are subject to a periodic impairment review. The Company may recognize an impairment charge when a decline in the fair value of investments below the cost basis is determined to be other-than-temporary.
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets Goodwill is the excess of purchase price over the fair value of identified net assets of businesses acquired. The Company’s intangible assets with an indefinite life are related to in-process research and development ("IPR&D") programs acquired in the Merger, as the Company expects future research and development on these programs to provide the Company with substantial benefit for a period that extends beyond the foreseeable horizon. Intangible assets with indefinite useful lives are measured at their respective fair values as of the acquisition date. The Company does not amortize goodwill and intangible assets with indefinite useful lives. Intangible assets related to IPR&D projects are considered to be indefinite lived until the completion or abandonment of the associated R&D efforts. If and when development is complete, which generally occurs if and when regulatory approval to market a product is obtained, the associated assets would be deemed finite lived and would then be amortized based on their respective estimated useful lives at that point in time. The Company reviews goodwill and indefinite-lived intangible assets at least annually for possible impairment. Goodwill and indefinite-lived intangible assets are reviewed for possible impairment between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit or the indefinite-lived intangible assets below their carrying values. The Company tests its goodwill and indefinite-lived intangible assets each year on October 1. The Company reviews the carrying value of goodwill and indefinite-lived intangible assets utilizing a discounted cash flow model, and, where appropriate, a market value approach is also utilized to supplement the discounted cash flow model. The Company makes assumptions regarding estimated future cash flows, discount rates, long-term growth rates and market values to determine each reporting unit’s estimated fair value. The Company considered the adverse changes in the overall biotechnology sector and decline in the Company’s stock price to be triggering events as of December 31, 2015. Therefore, in addition to the annual goodwill impairment test as of October 1, 2015, the Company also performed a goodwill impairment test as of December 31, 2015. As of October 1, 2015 and December 31, 2015, the fair value of the Company’s reporting unit was in excess of carrying value for all scenarios that were tested.
Impairment of Long-lived Assets	Impairment of Long-lived Assets The Company monitors the carrying value of long-lived assets for potential impairment and tests the recoverability of such assets whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. If a change in circumstance occurs, the Company performs a test of recoverability by comparing the carrying value of the asset or asset group to its undiscounted expected future cash flows. If cash flows cannot be separately and independently identified for a single asset, the Company will determine whether impairment has occurred for the group of assets for which the Company can identify the projected cash flows. If the carrying values are in excess of undiscounted expected future cash flows, the Company measures any impairment by comparing the fair value of the asset or asset group to its carrying value. The Company performed its annual impairment test as of October 1, 2015 and deemed there was no impairment of long-lived assets during the year ended December 31, 2015.
Business Combinations	Business Combinations The Merger (see Note 3) was made at a price above the fair value of the assets acquired and liabilities assumed including deferred tax liability, resulting in goodwill, based on the Company’s expectations of synergies and other benefits of combining the acquired business. These synergies and benefits include elimination of redundant functions and staffing and use of the Company’s existing infrastructure to expand development of the product candidates of the acquired business in a cost efficient manner. Significant judgment is required in estimating the fair value of intangible assets and in assigning their respective useful lives. The fair value estimates are based on available historical information and on future expectations and assumptions deemed reasonable by management, but which are inherently uncertain. Net assets acquired are recorded at their fair values on the date of acquisition.
Property and Equipment	Property and Equipment ⋅ Lab equipment 3 5 ⋅ Computer hardware and software 3 5
Fair Value Measurements	Fair Value Measurements The Company follows accounting guidance on fair value measurements for financial instruments measured on a recurring basis, as well as for certain assets and liabilities that are initially recorded at their estimated fair values. Fair value is defined as the exit price, or the amount that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company use the following three-level hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs to value our financial instruments: Level 1: Observable inputs such as unadjusted quoted prices in active markets for identical instruments. Level 2: Quoted prices for similar instruments that are directly or indirectly observable in the marketplace. Level 3: Significant unobservable inputs which are supported by little or no market activity and that are financial instruments whose values are determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant judgment or estimation. Financial instruments measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement in its entirety requires us to make judgments and consider factors specific to the asset or liability. The use of different assumptions and/or estimation methodologies may have a material effect on estimated fair values. Accordingly, the fair value estimates disclosed or initial amounts recorded may not be indicative of the amount that the Company or holders of the instruments could realize in a current market exchange. The carrying amounts of cash equivalents and marketable securities approximate their fair value based upon quoted market prices. Certain of the Company’s financial instruments are not measured at fair value on a recurring basis, but are recorded at amounts that approximate their fair value due to their liquid or short-term nature, such as cash, accounts receivable, accounts payable and accrued expenses.
Stock-based Compensation	Stock-Based Compensation The Company expenses stock-based compensation to employees over the requisite service period based on the estimated grant-date fair value of the awards. For stock-based compensation awards to non-employees, the Company remeasures the fair value of the non-employee awards at each reporting period prior to vesting and finally at the vesting date of the award. Changes in the estimated fair value of these non-employee awards are recognized as compensation expense in the period of change. The Company estimates the fair value of stock option grants using the Black-Scholes option pricing model and the assumptions used in calculating the fair value of stock-based awards represent management’s best estimates and involve inherent uncertainties and the application of management’s judgment.
Warrants	Warrants For the purpose of valuing the warrants (see Note 8), the Company used the Black-Scholes option pricing model utilizing the assumptions for risk free interest rate, the expected term, expected volatility, and expected dividend yield. To determine the risk-free interest rate, the Company utilized the U.S. Treasury yield curve in effect at the time of grant with a term consistent with the expected term of the Company’s awards. The Company estimated the expected life of the warrants based on the full term of the warrant. The expected dividend yield reflects the Company’s current and expected future policy for dividends on its common stock. The expected stock price volatility for the Company’s stock was calculated by examining historical volatilities for publicly traded industry peers as the Company did not have any trading history for its common stock at the time the grants were issued.
Research and Development Costs	Research and Development Costs Research and development costs are expensed as incurred. Research and development costs include salaries and personnel-related costs, consulting fees, fees paid for contract research services, fees paid to clinical research organizations and other third parties associated with clinical trials, the costs of laboratory equipment and facilities, and other external costs.
Income taxes	Income taxes The Company’s income tax expense consists of current and deferred income tax expense or benefit. Current income tax expense or benefit is the amount of income taxes expected to be payable or refundable for the current year. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established when it is more likely than not that some or all of the deferred tax assets will not be realized. The Company had adopted the provisions that tax positions must meet a “more-likely-than-not” recognition threshold to be recognized. The Company has no unrecognized tax benefits recorded for the years ended December 31, 2015 and 2014. When an accrual for interest and penalties is required, interest and penalties will be recognized in tax expense. The Company files income tax returns in the U.S. federal jurisdiction and in various states. There are currently no federal income tax examinations in process. Tax years beginning in 2012 are generally subject to examination by taxing authorities, although net operating losses from all years are subject to examinations and adjustments for at least three years following the year in which the attributes are used.
Loss per common share	Loss per common share Year Ended December 31, 2015 2014 Warrants to purchase common stock 16,909 270,761 Options to purchase common stock 3,367,784 3,249,651 Total 3,384,693 3,520,412
Comprehensive Loss	Comprehensive Loss Comprehensive loss is comprised of net loss and adjustments for the change in unrealized gains and losses on investments in available-for-sale marketable securities. The Company displays comprehensive loss and its components in the consolidated statements of operations and comprehensive loss.
Concentrations of Credit Risk	Concentrations of Credit Risk Financial instruments which potentially subject the Company to credit risk consist primarily of cash, cash equivalents and marketable securities. The Company holds these investments in highly rated financial institutions, and, by policy, limits the amounts of credit exposure to any one financial institution. These amounts at times may exceed federally insured limits. The Company has not experienced any credit losses in such accounts and does not believe it is exposed to any significant credit risk on these funds. The Company has no off-balance sheet concentrations of credit risk, such as foreign currency exchange contracts, option contracts or other hedging arrangements.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In the first quarter of 2015, the Company adopted Accounting Standard Update (“ASU”) 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers In June 2014, the FASB issued ASU 2014-10, Development Stage Entities (Topic 915) — Elimination of Certain Financial Reporting Requirements Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation In June 2014, the FASB issued ASU 2014-12, Compensation-Stock Compensation (Topic 718) In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern In November 2015, the FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes In January 2016, FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities

Summary of Significant Accoun20

Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Tables)	12 Months Ended
	Dec. 31, 2015
Summary Of Significant Accounting Policies [Abstract]
Property, Plant and Equipment Estimated Useful Life	Property and equipment are stated at cost and consist of lab equipment and computer hardware and software. The Company computes depreciation under the straight-line method over the following estimated useful life of the related assets: ⋅ Lab equipment 3 5 ⋅ Computer hardware and software 3 5
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	Securities that could potentially dilute loss per share in the future that was not included in the computation of diluted loss per share at December 31, 2015 and 2014 are as follows: Year Ended December 31, 2015 2014 Warrants to purchase common stock 16,909 270,761 Options to purchase common stock 3,367,784 3,249,651 Total 3,384,693 3,520,412

Assembly Pharmaceuticals, Inc21

Assembly Pharmaceuticals, Inc. Transaction (Tables)	12 Months Ended
	Dec. 31, 2015
Assembly Pharmaceuticals, Inc. Transaction [Abstract]
Assembly Pharmaceuticals, Inc. Transaction	Cash and cash equivalents $ 509,363 Other current assets 23,540 Equipment, net 10,350 IPR&D 29,000,000 Goodwill (as adjusted) 12,638,136 Security deposits 16,606 Total assets 42,197,995 Accrued expenses (as adjusted) 774,899 Deferred tax liability 11,600,000 Total liabilities 12,374,899 Net assets acquired $ 29,823,096

Marketable Securities (Tables)

Marketable Securities (Tables)	12 Months Ended
	Dec. 31, 2015
Investments, Debt and Equity Securities [Abstract]
Schedule of Available-for-sale Securities Reconciliation	Marketable securities consist of the following as of December 31, 2015: December 31, 2015 Amortized Cost Gross Unrealized Fair Value Short-term available-for-sale securities Corporate bonds $ 41,126,524 $ (569,872) $ 40,556,652 41,126,524 (569,872) 40,556,652 Long-term available-for-sale securities Government and agency obligations 1,225,000 (3,834) 1,221,166 Municipal bonds 1,596,160 (4,384) 1,591,776 Corporate bonds 20,822,682 (243,495) 20,579,187 23,643,842 (251,713) 23,392,129 Total $ 64,770,366 $ (821,585) $ 63,948,781
Schedule Of Available For Sale Securities Fair Value Measurement Categories	The fair value of marketable securities was classified into fair value measurement categories as follows: Quoted prices in active markets for identical assets (Level 1) $ - Quoted prices for similar assets observable in the marketplace (Level 2) 63,948,781 Significant unobservable inputs (Level 3) - Total $ 63,948,781

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Shedule of Indefinite lived intangible Assets	No intangible assets existed prior to the Merger. Merger on July 11, 2014 $ 29,000,000 As of December 31, 2014 $ 29,000,000 2015 activity - As of December 31, 2015 $ 29,000,000

Property, Plant and Equipment24

Property, Plant and Equipment, Net (Tables)	12 Months Ended
	Dec. 31, 2015
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Year Ended December 31, Useful life (Years) 2015 2014 Computer hardware and software 3 $ 84,065 $ 75,196 Lab equipment 3 to 5 177,782 130,377 Office equipment 3 to 5 1,109 1,109 Total property, plant and equipment 262,956 206,682 Less: Accumulated depreciation and amortization (114,347) (50,241) Property, plant and equipment, net $ 148,609 $ 156,441

Accrued Expenses (Tables)

Accrued Expenses (Tables)	12 Months Ended
	Dec. 31, 2015
Payables and Accruals [Abstract]
Schedule Accrued Expenses	Accrued expenses consist of the following: Year Ended December 31, 2015 2014 Accrued expenses: Salaries, bonuses and employee benefits $ 1,628,975 $ - Severance accrued for former CEO 106,777 - Research and development expenses 120,700 - Other 182,752 146,420 Total accrued expenses $ 2,039,204 $ 146,420

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2015
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award	A summary of the Company’s option activity and related information for the year ended December 31, 2015 is as follows: Number of Shares Weighted Average Total Intrinsic Value Outstanding as of December 31, 2014 3,249,651 $ 6.26 $ 5,187,924 Granted 500,300 13.02 - Exercised (76,422) 7.25 22,348 Expired (11,800) 7.20 - Forfeited (293,945) 7.26 - Outstanding as of December 31, 2015 3,367,784 $ 7.16 $ 3,971,205 Options vested and exercisable 2,080,280 $ 6.40 $ 2,538,210
Assumptions for Weighted Average Fair Value of Options Granted	The Company expects that all outstanding unvested options will vest. The fair value of the options granted for the year ended December 31, 2015 and 2014, was based on the following assumptions: Year Ended December 31, 2015 2014 Exercise price $7.88 - $16.55 $2.22 - $8.13 Expected stock price volatility 88.62% - 95.55% 94.4% - 105.0% Risk-free rate of interest 1.49% - 2.27% 1.65% - 2.57% Term (years) 5.0 - 8.2 4.9 - 10.0
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs	Stock-based compensation expenses for the years ended December 31, 2015 and 2014 were as follows: Year Ended December 31, 2015 2014 Research and development $ 3,257,732 $ 2,707,337 General and administrative 4,618,852 7,930,157 Total stock-based compensation expense $ 7,876,584 $ 10,637,494
Warrant [Member]
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award	A summary of the Company’s warrant activity and related information is as follows: Warrants Weighted Average Outstanding as of December 31, 2014 270,761 $ 24.34 Expired (133,587) 39.34 Exercised (120,265) 5.13 Outstanding as of December 31, 2015 16,909 $ 30.81

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Schedule of Deferred Tax Assets and Liabilities	The Company’s deferred tax assets as of December 31, 2015 and 2014 consist of the following: As of December 31, 2015 2014 Deferred tax assets: Net-operating loss carryforward $ 46,365,000 $ 38,094,000 Stock-based compensation 10,397,000 11,691,000 In-Process R&D 5,282,000 5,697,000 R&D credit 3,068,000 2,600,000 Change in unrealized loss on marketable securities 368,000 - Other 783,000 2,000 Total Deferred Tax Assets 66,263,000 58,084,000 Valuation allowance (66,263,000) (58,084,000) Deferred Tax Asset, Net of Allowance $ - $ - In-process research and development (Assembly Merger) 11,600,000 11,600,000 Deferred Tax Liability $ 11,600,000 $ 11,600,000
Federal Income Tax Note	The following is a reconciliation of the U.S. federal statutory rate to the effective income tax rates for the year ended December 31, 2015 and 2014: As of December 31, 2015 2014 Statutory Federal Income Tax Rate (34.0) % (34.0) % State Taxes, Net of Federal Tax Benefit (11.0) % (11.0) % Merger Cost 0.9 % 0.0 % Stock based Compensation - ISOs 16.7 % 0.0 % Other 0.1 % 0.0 % Change in Valuation Allowance 27.3 % 45.0 % Income Taxes Provision (Benefit) 0.0 % 0.0 %

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases	Future minimum rental required as of December 31, 2015 are as follows: Year Ended December 31, 2016 $ 1,086,783 Year Ended December 31, 2017 976,547 Year Ended December 31, 2018 104,093 Year Ended December 31, 2019 106,360 Year Ended December 31, 2020 108,627 Thereafter 55,353 $ 2,437,763

Nature of Business - Additional

Nature of Business - Additional Information (Details) - Common Stock [Member] - USD ($) $ / shares in Units, $ in Millions	Apr. 06, 2015	Oct. 06, 2014	Mar. 19, 2015	Jul. 11, 2014	Jan. 31, 2014
Overview [Line Items]
Stock Issued During Period, Shares, New Issues	833,333	1,959,000	5,555,555		92,472
Shares Issued, Price Per Share	$ 13.50	$ 8.04	$ 13.50
Proceeds from Issuance of Common Stock	$ 10.6	$ 15	$ 70.4
Stock Issued During Period, Shares, Conversion of Convertible Securities				4,008,848
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number				621,651
Stockholders' Equity, Reverse Stock Split				1-for-5 reverse stock split

Summary of Significant Accoun30

Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Details)	12 Months Ended
	Dec. 31, 2015
Computer hardware and software [Member]
Property, Plant and Equipment, Useful Life	3 years
Maximum [Member] | Lab equipment [Member]
Property, Plant and Equipment, Useful Life	5 years
Maximum [Member] | Computer hardware and software [Member]
Property, Plant and Equipment, Useful Life	5 years
Minimum [Member] | Lab equipment [Member]
Property, Plant and Equipment, Useful Life	3 years
Minimum [Member] | Computer hardware and software [Member]
Property, Plant and Equipment, Useful Life	3 years

Summary of Significant Accoun31

Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Details 1) - shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	3,384,693	3,520,412
Warrants To Purchase Common Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	16,909	270,761
Options To Purchase Common Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	3,367,784	3,249,651

Assembly Pharmaceuticals, Inc32

Assembly Pharmaceuticals, Inc. Transaction (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014	Jul. 11, 2014
Cash and cash equivalents			$ 509,363
Other current assets			23,540
Equipment, net			10,350
IPR&D			29,000,000
Goodwill (as adjusted)	$ 12,638,136	$ 12,737,350	12,638,136
Security deposits			16,606
Total assets			42,197,995
Accrued expenses (as adjusted)			774,899
Deferred tax liability			11,600,000
Total liabilities			12,374,899
Net assets acquired			$ 29,823,096

Assembly Pharmaceuticals, Inc33

Assembly Pharmaceuticals, Inc. Transaction - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended	12 Months Ended
	Jul. 11, 2014	Jun. 30, 2015	Dec. 31, 2015	Dec. 31, 2014
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net	$ 29,823,096
Fair value of options assumed	758,948		$ 0	$ 758,948
Noncash Or Part Noncash Acquisition Share Exchange Business Combination	$ 29,064,148		0	$ 29,064,148
Goodwill, Period Increase (Decrease), Total		$ 99,000	$ 99,214
Common Stock [Member]
Stock Issued During Period, Shares, Conversion of Convertible Securities	4,008,848
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number	621,651

Marketable Securities (Details)

Marketable Securities (Details)	Dec. 31, 2015USD ($)
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 64,770,366
Gross Unrealized Loss	(821,585)
Fair Value	63,948,781
Short-term Investments [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	41,126,524
Gross Unrealized Loss	(569,872)
Fair Value	40,556,652
Short-term Investments [Member] | Corporate Bond Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	41,126,524
Gross Unrealized Loss	(569,872)
Fair Value	40,556,652
Long-term Investments [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	23,643,842
Gross Unrealized Loss	(251,713)
Fair Value	23,392,129
Long-term Investments [Member] | US Government Agencies Debt Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	1,225,000
Gross Unrealized Loss	(3,834)
Fair Value	1,221,166
Long-term Investments [Member] | Corporate Bond Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	20,822,682
Gross Unrealized Loss	(243,495)
Fair Value	20,579,187
Long-term Investments [Member] | Municipal Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	1,596,160
Gross Unrealized Loss	(4,384)
Fair Value	$ 1,591,776

Marketable Securities (Details

Marketable Securities (Details 1)	Dec. 31, 2015USD ($)
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities	$ 63,948,781
Fair Value, Inputs, Level 1 [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities	0
Fair Value, Inputs, Level 2 [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities	63,948,781
Fair Value, Inputs, Level 3 [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities	$ 0

Marketable Securities - Additio

Marketable Securities - Additional Information (Details)	12 Months Ended
	Dec. 31, 2015
Short-term Investments [Member]
Available For Sale Securities Maturity Term	less than one year
Other Long-term Investments [Member]
Available For Sale Securities Maturity Term	1 to 2 years

Goodwill and Intangible Asset37

Goodwill and Intangible Assets (Details) - USD ($)	1 Months Ended	12 Months Ended
	Jul. 11, 2014	Dec. 31, 2015
Merger on July 11, 2014	$ 29,000,000
As of December 31, 2014		$ 29,000,000
2015 activity		0
As of December 31, 2015		$ 29,000,000

Goodwill and Intangible Asset38

Goodwill and Intangible Assets - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended	12 Months Ended
	Jul. 11, 2014	Jun. 30, 2015	Dec. 31, 2015
Business Combination, Consideration Transferred	$ 29,823,096
Allocation of goodwill	$ 12,638,136
Business Acquisition, Goodwill, Expected Tax Deductible Amount			$ 0
Goodwill, Period Increase (Decrease), Total		$ 99,000	$ 99,214

Property, Plant and Equipment39

Property, Plant and Equipment, Net (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 262,956	$ 206,682
Less: Accumulated depreciation and amortization	(114,347)	(50,241)
Property, plant and equipment, net	148,609	156,441
Computer hardware and software [Member]
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 84,065	75,196
Property, Plant and Equipment, Useful Life	3 years
Computer hardware and software [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years
Computer hardware and software [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Lab equipment [Member]
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 177,782	130,377
Lab equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years
Lab equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 1,109	$ 1,109
Office Equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years
Office Equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years

Property, Plant and Equipment40

Property, Plant and Equipment, Net - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Property, Plant and Equipment [Line Items]
Depreciation	$ 64,989	$ 10,974
Reversal Of Accumulated Depreciation On Disposal Of Fixed Asset	$ 883

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Accrued expenses:
Salaries, bonuses and employee benefits	$ 1,628,975	$ 0
Severance accrued for former CEO	106,777	0
Research and development expenses	120,700	0
Other	182,752	146,420
Total accrued expenses	$ 2,039,204	$ 146,420

Stockholders' Equity (Details)

Stockholders' Equity (Details) - Stock Option [Member]	12 Months Ended
	Dec. 31, 2015USD ($)$ / sharesshares
Number of Shares
Option, Outstanding at beginning of period | shares	3,249,651
Option, Granted | shares	500,300
Option, Exercised | shares	(76,422)
Option, Forfeited | shares	(293,945)
Option, Expired | shares	(11,800)
Option, Outstanding at end of period | shares	3,367,784
Options vested and exercisable | shares	2,080,280
Weighted Average Exercise Price
Option, Outstanding at beginning of period | $ / shares	$ 6.26
Option, Granted | $ / shares	13.02
Option, Exercised | $ / shares	7.25
Option, Forfeited | $ / shares	7.26
Option, Expired | $ / shares	7.20
Option, Outstanding at end of period | $ / shares	7.16
Options vested and exercisable | $ / shares	$ 6.40
Total Intrinsic Value
Option, Outstanding at beginning of period | $	$ 5,187,924
Option, Granted | $	0
Option, Exercised | $	22,348
Option, Forfeited | $	0
Option, Expired | $	0
Option, Outstanding at end of period | $	3,971,205
Options vested and exercisable | $	$ 2,538,210

Stockholders' Equity (Details 1

Stockholders' Equity (Details 1) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Maximum [Member]
Share based Compensation Arrangement by Share based Payment Award, Fair Value Assumptions, Method Used [Line Items]
Exercise price	$ 16.55	$ 8.13
Expected stock price volatility	95.55%	105.00%
Risk-free rate of interest	2.27%	2.57%
Term (years)	8 years 2 months 12 days	10 years
Minimum [Member]
Share based Compensation Arrangement by Share based Payment Award, Fair Value Assumptions, Method Used [Line Items]
Exercise price	$ 7.88	$ 2.22
Expected stock price volatility	88.62%	94.40%
Risk-free rate of interest	1.49%	1.65%
Term (years)	5 years	4 years 10 months 24 days

Stockholders' Equity (Details 2

Stockholders' Equity (Details 2) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Allocated Share-based Compensation Expense	$ 7,876,584	$ 10,637,494
Research and Development [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Allocated Share-based Compensation Expense	3,257,732	2,707,337
General and Administrative [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Allocated Share-based Compensation Expense	$ 4,618,852	$ 7,930,157

Stockholders' Equity (Details 3

Stockholders' Equity (Details 3) - Warrant [Member]	12 Months Ended
	Dec. 31, 2015$ / sharesshares
Warrants
Warrants, at beginning of period | shares	270,761
Warrants, Expired | shares	(133,587)
Warrant, Exercised | shares	(120,265)
Warrants, at ending of period | shares	16,909
Weighted Average Exercise Price
Warrants, at beginning of period | $ / shares	$ 24.34
Warrants, Expired | $ / shares	39.34
Warrant, Exercised | $ / shares	5.13
Warrants, at ending of period | $ / shares	$ 30.81

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($)

Apr. 06, 2015

Feb. 10, 2015

Oct. 06, 2014

Apr. 17, 2015

Mar. 19, 2015

Jul. 31, 2014

Jul. 11, 2014

Jan. 31, 2014

Sep. 30, 2014

Dec. 31, 2015

Dec. 31, 2014

Dec. 30, 2015

Feb. 28, 2014

Stockholders Equity Note [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term

8 years 8 months 12 days

Fair value of options assumed

$ 758,948

$ 0

$ 758,948

Issuance of Stock and Warrants for Services or Claims

$ 0

$ 679,447

Preferred Stock, Shares Outstanding

0

0

Percentage Of Placement Agent Fee

5.00%

Proceeds From Issuance Initial Public Offering

$ 81,014,989

$ 16,725,946

Initial Public Offering Value Of Shares Authorized

$ 150,000,000

Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term

8 years 6 months

Assembly Pharmaceuticals, Inc [Member]

Stockholders Equity Note [Line Items]

Fair value of options assumed

$ 758,948

Series A Preferred Stock [Member]

Stockholders Equity Note [Line Items]

Preferred Stock, Shares Outstanding

44,000

Convertible Preferred Stock, Shares Issued upon Conversion

440,000

Common Stock [Member]

Stockholders Equity Note [Line Items]

Net proceeds raised from common stock issued in a public offering

$ 10,600,000

$ 15,000,000

$ 70,400,000

Stock Issued During Period, Value, New Issues

$ 1,800,000

Stock Issued During Period, Shares, New Issues

833,333

1,959,000

5,555,555

92,472

Stock Issued During Period, Shares, Conversion of Convertible Securities

4,008,848

Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number

621,651

Stockholders' Equity, Reverse Stock Split

1-for-5 reverse stock split

Sale of Stock, Price Per Share

$ 19.07

Stock Issued During Period Shares In Exchange For Restricted Stock Units

25,000

25,000

Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period

76,422

Warrant [Member]

Stockholders Equity Note [Line Items]

Stock Issued During Period, Shares, New Issues

88,293

Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term

4 years 4 months 24 days

Issuance of Stock and Warrants for Services or Claims

$ 679,447

Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period

120,265

120,265

Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Expirations

133,587

Underwritten Public Offering [Member] | Common Stock [Member]

Stockholders Equity Note [Line Items]

Stock Issued During Period, Value, New Issues

$ 10,600,000

Stock Issued During Period, Shares, New Issues

833,333

Sale of Stock, Price Per Share

$ 13.50

Proceeds From Issuance Initial Public Offering

$ 81,000,000

Underwriters [Member] | Common Stock [Member]

Stockholders Equity Note [Line Items]

Stock Issued During Period, Shares, New Issues

833,333

Dr Ellison [Member]

Stockholders Equity Note [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested Options Forfeited, Number of Shares

266,666

Accelerated Options

266,667

Investors [Member]

Stockholders Equity Note [Line Items]

Net proceeds raised from common stock issued in a public offering

$ 15,000,000

Stock Issued During Period, Shares, New Issues

1,959,000

Sale of Stock, Price Per Share

$ 8.04

Investors [Member] | Common Stock [Member]

Stockholders Equity Note [Line Items]

Stock Issued During Period, Value, New Issues

$ 70,400,000

Stock Issued During Period, Shares, New Issues

5,555,555

Sale of Stock, Price Per Share

$ 13.50

Maximum [Member]

Stockholders Equity Note [Line Items]

Fair Value Assumptions, Expected Volatility Rate

102.80%

Fair Value Assumptions, Risk Free Interest Rate

2.15%

Fair Value Assumptions, Expected Term

6 years 1 month 6 days

Minimum [Member]

Stockholders Equity Note [Line Items]

Fair Value Assumptions, Expected Volatility Rate

97.33%

Fair Value Assumptions, Risk Free Interest Rate

1.66%

Fair Value Assumptions, Expected Term

5 years

2010 Stock Incentive Plan [Member]

Stockholders Equity Note [Line Items]

Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number

266,467

Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross

488,992

2014 Stock Incentive Plan [Member]

Stockholders Equity Note [Line Items]

Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number

2,479,666

Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross

8,245

Income Taxes (Details)

Income Taxes (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Deferred tax assets:
Net-operating loss carryforward	$ 46,365,000	$ 38,094,000
Stock-based compensation	10,397,000	11,691,000
In-Process R&D	5,282,000	5,697,000
R&D credit	3,068,000	2,600,000
Change in unrealized loss on marketable securities	368,000	0
Other	783,000	2,000
Total Deferred Tax Assets	66,263,000	58,084,000
Valuation allowance	(66,263,000)	(58,084,000)
Deferred Tax Asset, Net of Allowance	0	0
In-process research and development (Assembly Merger)	11,600,000	11,600,000
Deferred Tax Liability	$ 11,600,000	$ 11,600,000

Income Taxes (Details 1)

Income Taxes (Details 1)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Effective Income Tax [Line Items]
Statutory Federal Income Tax Rate	(34.00%)	(34.00%)
State Taxes, Net of Federal Tax Benefit	(11.00%)	(11.00%)
Merger Cost	0.90%	0.00%
Stock based Compensation - ISOs	16.70%	0.00%
Other	0.10%	0.00%
Change in Valuation Allowance	27.30%	45.00%
Income Taxes Provision (Benefit)	0.00%	0.00%

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Income Taxes [Line Items]
Deferred Tax Liabilities, Net	$ 11,600,000	$ 11,600,000
Deferred Tax Liabilities, Deferred Expense, Capitalized Research and Development Costs	11,600,000	$ 11,600,000
Deferred Tax Assets, Operating Loss Carryforwards, State and Local	98,300,000
Deferred Tax Assets, Tax Credit Carryforwards, Research	3,100,000
Deferred Tax Assets, Operating Loss Carryforwards, Federal	$ 105,000,000
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent	10.20%
Operating Loss Carryforwards	$ 39,100,000
Decrease the Effective Income Tax Rate Reconciliation	10.20%
Maximum [Member]
Income Taxes [Line Items]
Operating Loss Carryforwards Expiration Period	2,035
Minimum [Member]
Income Taxes [Line Items]
Operating Loss Carryforwards Expiration Period	2,027

License Agreements - Additional

License Agreements - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Indiana University Research and Technology Corporation [Member]
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Potential milestone payment	$ 825,000
Indiana University Research and Technology Corporation [Member] | Maximum [Member]
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Diligence maintenance fees Obligation		$ 100,000
Indiana University Research and Technology Corporation [Member] | Minimum [Member]
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Diligence maintenance fees Obligation		$ 25,000
S.L.A. Pharma [Member]
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Potential milestone payment	20,000,000
Therabiome, LLC [Member]
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Payment For Nonrefundable License Fee	$ 300,000

Commitments and Contingencies51

Commitments and Contingencies (Details)	Dec. 31, 2015USD ($)
Commitments and Contingencies Disclosure [Line Items]
Year Ended December 31, 2016	$ 1,086,783
Year Ended December 31, 2017	976,547
Year Ended December 31, 2018	104,093
Year Ended December 31, 2019	106,360
Year Ended December 31, 2020	108,627
Thereafter	55,353
Operating Leases, Future Minimum Payments Receivable, Total	$ 2,437,763

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($)	Feb. 10, 2015	Jan. 15, 2014	Feb. 28, 2015	Dec. 31, 2014	Jul. 11, 2014	Dec. 31, 2015	Dec. 31, 2014
Commitments and Contingencies Disclosure [Line Items]
Operating Leases, Rent Expense						$ 700,000	$ 200,000
Officers' Compensation			$ 420,000
Operating Lease Expiration Month and Year						2016-08
Operating Leases, Rent Expense, Net, Total						$ 10,130
Equipment Lease [Member]
Commitments and Contingencies Disclosure [Line Items]
Operating Leases, Rent Expense						107,000	18,928
Operating Leases, Rent Expense, Net, Total						$ 0	$ 0
Carmel [Member]
Commitments and Contingencies Disclosure [Line Items]
Operating Lease Expiration Month and Year						2021-06
Chief Executive Officer [Member]
Commitments and Contingencies Disclosure [Line Items]
Annual performance-based bonus, percentage		50.00%
Chief Financial Officer [Member]
Commitments and Contingencies Disclosure [Line Items]
Annual base Salary		$ 300,000		$ 350,000
Annual performance-based bonus, percentage		50.00%
Officers' Compensation	$ 360,500
Chief Business Officer [Member]
Commitments and Contingencies Disclosure [Line Items]
Deferred Compensation Arrangement with Individual, Cash Awards Granted, Percentage	3.00%
Chief Executive Officer And Chief Financial Officer [Member]
Commitments and Contingencies Disclosure [Line Items]
Officers' Compensation						$ 780,500
President [Member]
Commitments and Contingencies Disclosure [Line Items]
Maximum Percentage Of Bonus From Base Salary					50.00%
Retention Bonus Payable					$ 150,000
Labor and Related Expense					$ 350,000
Chief Medical Officer [Member]
Commitments and Contingencies Disclosure [Line Items]
Maximum Percentage Of Bonus From Base Salary					30.00%
Retention Bonus Payable					$ 100,000
Officers' Compensation						$ 319,000
Labor and Related Expense					$ 290,000
Chief Scientific Officer [Member]
Commitments and Contingencies Disclosure [Line Items]
Maximum Percentage Of Bonus From Base Salary					30.00%
Labor and Related Expense					$ 315,000
San Francisco [Member]
Commitments and Contingencies Disclosure [Line Items]
Operating Lease Expiration Month and Year						2017-12

Subsequent Event - Additional I

Subsequent Event - Additional Information (Details) - USD ($)	Jan. 09, 2016	Jan. 05, 2016	Feb. 28, 2015
Subsequent Event [Line Items]
Officers' Compensation			$ 420,000
Subsequent Event [Member] | Chief Scientific Officer [Member]
Subsequent Event [Line Items]
Deferred Compensation Arrangement with Individual, Cash Awards Granted, Percentage		35.00%
Officers' Compensation		$ 380,000
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount		$ 75,000
Subsequent Event [Member] | Chief Development Officer [Member]
Subsequent Event [Line Items]
Deferred Compensation Arrangement with Individual, Cash Awards Granted, Percentage	35.00%
Officers' Compensation	$ 360,000