Assembly Biosciences (ASMB) 10-K 2 Mar 17 2016 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Feb. 24, 2017	Jun. 30, 2016
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY
Entity Registrant Name	ASSEMBLY BIOSCIENCES, INC.
Entity Central Index Key	1,426,800
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Public Float			$ 87.8
Trading Symbol	ASMB
Entity Common Stock, Shares Outstanding		17,265,920

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Current assets
Cash and cash equivalents	$ 28,575,085	$ 27,107,526
Marketable securities, at fair value	24,388,403	40,556,652
Prepaid expenses and other current assets	611,176	704,287
Total current assets	53,574,664	68,368,465
Long-term assets
Marketable securities, at fair value	2,435,753	23,392,129
Property, plant and equipment, net	214,687	148,609
Security deposits	255,366	197,158
Intangible assets	29,000,000	29,000,000
Goodwill	12,638,136	12,638,136
Total long-term assets	44,543,942	65,376,032
Total assets	98,118,606	133,744,497
Current liabilities
Accounts payable	2,368,131	1,363,698
Accrued expenses	4,752,823	2,039,204
Total current liabilities	7,120,954	3,402,902
Long-term liabilities
Deferred tax liabilities	11,119,651	11,600,000
Total long-term liabilities	11,119,651	11,600,000
Total liabilities	18,240,605	15,002,902
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; 17,246,754 and 17,225,662 shares issued and outstanding as of December 31, 2016 and December 31, 2015, respectively	17,247	17,226
Additional paid-in capital	288,688,990	283,511,859
Accumulated other comprehensive loss	(600,769)	(821,585)
Accumulated deficit	(208,227,467)	(163,965,905)
Total stockholders' equity	79,878,001	118,741,595
Total liabilities and stockholders' equity	$ 98,118,606	$ 133,744,497

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2016	Dec. 31, 2015
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	17,246,754	17,225,662
Common stock, shares outstanding	17,246,754	17,225,662

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Operating expenses:
Research and development	$ 33,092,977	$ 18,357,937	$ 10,716,737
General and administrative	12,185,484	11,297,693	13,239,715
Total operating expenses	45,278,461	29,655,630	23,956,452
Loss from operations	(45,278,461)	(29,655,630)	(23,956,452)
Other income (expenses)
Interest and other income	1,539,088	1,228,830	167,653
Realized loss from marketable securities	(1,139,861)	(27,033)	0
Total other income	399,227	1,201,797	167,653
Loss before income taxes	(44,879,234)	(28,453,833)	(23,788,799)
Income tax benefit	617,672	0	0
Net loss	(44,261,562)	(28,453,833)	(23,788,799)
Other comprehensive (loss) income, net of tax
Unrealized loss recognized in accumulated other comprehensive loss before reclassification, net of tax benefit of $299,741, $0 and $0, respectively	(481,981)	(848,618)	0
Reclassification adjustment of unrealized loss included in net loss, net of tax expense of $437,064, $0 and $0, respectively	702,797	27,033	0
Comprehensive loss	$ (44,040,746)	$ (29,275,418)	$ (23,788,799)
Net loss per share, basic and diluted	$ (2.57)	$ (1.81)	$ (3.40)
Weighted average common shares outstanding, basic and diluted	17,226,245	15,702,646	6,998,875

CONSOLIDATED STATEMENTS OF OPE5

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Parenthetical) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Unrealized loss recognized in accumulated other comprehensive loss before reclassification, net of tax benefit	$ 299,741	$ 0	$ 0
Reclassification adjustment of unrealized loss included in net loss, net of tax expense	$ 437,064	$ 0	$ 0

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY - USD ($)	Total	Preferred Stock [Member]	Common 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	$ 44	$ 4,147	$ 135,844,320	$ 368,750	$ 0	$ (111,723,273)
Balance (in shares) at Dec. 31, 2013		44,000	4,146,779
Proceeds from common stock sold, net of underwriters' discounts and cost	16,725,946	$ 0	$ 2,051	16,723,895	0	0	0
Proceeds from common stock sold, net of underwriters' discounts and cost (in shares)		0	2,051,472
Issuance of common stock for business combination	29,064,148	$ 0	$ 4,009	29,060,139	0	0	0
Issuance of common stock for business combination (in shares)		0	4,008,808
Issuance of common stock in exchange for restricted stock units	0	$ 0	$ 25	368,725	(368,750)	0	0
Issuance of common stock in exchange for restricted stock units (in shares)		0	25,000
Conversion of preferred stock to common stock	0	$ (44)	$ 440	(396)	0	0	0
Conversion of preferred stock to common stock (in shares)		(44,000)	440,000
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	$ 0	$ 10,672	194,072,572	0	0	(135,512,072)
Balance (in shares) at Dec. 31, 2014		0	10,672,059
Proceeds from common stock sold, net of underwriters' discounts and cost	81,014,989	$ 0	$ 6,389	81,008,600	0	0	0
Proceeds from common stock sold, net of underwriters' discounts and cost (in shares)		0	6,388,888
Exercise of stock options	554,268	$ 0	$ 77	554,191	0	0	0
Exercise of stock options (in shares)		0	76,422
Cashless exercise of warrants	0	$ 0	$ 88	(88)	0	0	0
Cashless exercise of warrants (in shares)		0	88,293
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	$ 0	$ 17,226	283,511,859	0	(821,585)	(163,965,905)
Balance (in shares) at Dec. 31, 2015		0	17,225,662
Exercise of stock options	152,640	$ 0	$ 21	152,619	0	0	0
Exercise of stock options (in shares)		0	21,200
Stock-based compensation	5,024,512	$ 0	$ 0	5,024,512	0	0	0
Change in unrealized loss on marketable securities	220,816	0	0	0	0	220,816	0
Cancellation of common stock	0	$ 0	$ 0	0	0	0	0
Cancellation of common stock (in shares)		0	(108)
Net loss	(44,261,562)	$ 0	$ 0	0	0	0	(44,261,562)
Balance at Dec. 31, 2016	$ 79,878,001	$ 0	$ 17,247	$ 288,688,990	$ 0	$ (600,769)	$ (208,227,467)
Balance (in shares) at Dec. 31, 2016		0	17,246,754

CONSOLIDATED STATEMENTS OF CHA7

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (Parenthetical)	12 Months Ended
	Dec. 31, 2016USD ($)
Change in unrealized loss on marketable securities, net of income tax expense	$ 137,323

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Cash flows from operating activities
Net loss	$ (44,261,562)	$ (28,453,833)	$ (23,788,799)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	80,251	64,989	10,974
Stock-based compensation	5,024,512	7,876,584	10,637,494
Realized loss from marketable securities	1,139,861	27,033	0
Deferred income tax benefit	(617,672)	0	0
Loss on sale of fixed assets	0	954	0
Issuance of warrants for services	0	0	679,447
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	93,111	(555,849)	(54,472)
Accounts payable	1,004,433	456,097	(2,481,917)
Accrued expenses	2,713,619	1,968,844	23,771
Security deposits	(58,208)	(82,153)	0
Net cash used in operating activities	(34,881,655)	(18,697,334)	(14,973,502)
Cash flows from investing activities
Purchases of fixed assets	(146,329)	(58,261)	(149,963)
Sale of fixed assets	0	150	0
Cash acquired in business combination	0	0	509,363
Security deposits collected	0	0	(81,999)
Purchases of marketable securities	(7,951,257)	(69,781,176)	0
Redemptions of marketable securities	44,294,160	4,983,777	0
Net cash provided by (used in) investing activities	36,196,574	(64,855,510)	277,401
Cash flows from financing activities
Proceeds from common stock sold, net of underwriters' discounts and cost	0	81,014,989	16,725,946
Proceeds from exercise of stock options	152,640	554,268	0
Net cash provided by financing activities	152,640	81,569,257	16,725,946
Net increase (decrease) in cash and cash equivalents	1,467,559	(1,983,587)	2,029,845
Cash and cash equivalents at the beginning of the period	27,107,526	29,091,113	27,061,268
Cash and cash equivalents at the end of the period	28,575,085	27,107,526	29,091,113
Supplemental disclosure of cash flow information:
Change in unrealized gain (loss) on marketable securities available-for-sale, before tax expense	358,139	(821,585)	0
Cashless exercise of warrants	0	88	0
Issuance of common stock in exchange for restricted stock units	0	0	368,750
Conversion of preferred stock to common stock	0	0	440
Supplemental disclosure of non-cash activities:
Other current assets	0	0	(23,540)
Equipment, net	0	0	(10,350)
Intangible assets	0	0	(29,000,000)
Goodwill	0	99,214	(12,737,350)
Security deposits	0	0	(16,606)
Accounts payable and accrued expenses	0	(99,214)	874,113
Share exchange - business combination	0	0	29,064,148
Fair value of vested options and restricted stock units - in connection with business combination	0	0	758,948
Deferred tax liability	0	0	11,600,000
Cash acquired in business combination	$ 0	$ 0	$ 509,363

Nature of Business

Nature of Business	12 Months Ended
	Dec. 31, 2016
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: (i) HBV-cure program, which is advancing a new class of oral therapeutics for the treatment of hepatitis B virus (HBV) infection and (ii) Microbiome program, which is advancing a novel class of oral synthetic live biotherapeutics, 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 steps of the HBV lifecycle. Assembly has discovered several novel core protein Allosteric Modulators (CpAMs), which are small molecules that directly target and allosterically modulate the HBV core (HBc) protein. 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 current Good Manufacturing Practices (cGMP) conditions, and a patent-pending delivery system, GEMICEL ® On January 6, 2017, the Company entered into a Research, Development, Collaboration and License Agreement (the “Collaboration Agreement”) with Allergan Pharmaceuticals International Limited (“Allergan”) to develop and commercialize select microbiome gastrointestinal programs. Pursuant to the Collaboration Agreement, the Company granted Allergan an exclusive worldwide license to certain of its intellectual property, including its intellectual property arising under the Collaboration Agreement, to develop and commercialize licensed compounds for ulcerative colitis, Crohn’s disease and irritable bowel syndromes. Under the Collaboration Agreement, Allergan and the Company will collaborate on research and development activities with respect to the licensed compounds in accordance with a mutually agreed upon research and development plan. Pursuant to the terms of the Collaboration Agreement, in connection with the closing of the transaction on February 10, 2017, Allergan paid the Company an upfront payment of $ 50 630 2.15 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 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 approved products. Once a product has been developed, it will need to be approved for sale by the U.S. Food and Drug Administration (FDA) or an applicable 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 the issuance of debt. The Company has incurred losses from operations and negative cash flows from operating activities 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, grants or other arrangements. The Company cannot assure such funding will be available on reasonable terms, if at all.

Summary of Significant Accounti

Summary of Significant Accounting Policies and Recent Accounting Pronouncements	12 Months Ended
	Dec. 31, 2016
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 subsidiaries. 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. 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 in 2015. 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, 2016, exceed federally insured limits. The Company has designated marketable securities as of December 31, 2016 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 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. There were no marketable securities deemed to be impaired as of December 31, 2016 or 2015. 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 has one reporting unit. The Company reviews the carrying value of goodwill utilizing a market capitalization approach which was based upon the closing price of the Company’s stock price as of the beginning of the 4 th On October 1, 2016, the Company performed a qualitative assessment of IPR&D. As of October 1, 2015, the Company utilized a discounted probable future cash flow model to value acquired IPR&D. Significant assumptions used in the model include the period in which material net cash inflows are expected to commence, anticipated material changes from historical pricing, margins and expense levels and an appropriate risk adjusted discount rate applied to the estimated cash flows. As of October 1, 2016 and 2015, IPR&D was not deemed to be impaired. 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. There were no indicators of impairment of long-lived assets during the year ended December 31, 2016 and 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 · Office equipment 3 5 Leasehold improvements are amortized over the remaining terms of the respective leases or the estimated useful life of the leasehold improvements, whichever is less. Maintenance and repair costs are expensed as incurred. 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 its 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 records income taxes using the asset and liability method. Deferred income tax assets and liabilities are recognized for the future tax effects attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases, and operating loss and tax credit carryforwards. The Company establishes a valuation allowance if it is more likely than not that the deferred tax assets will not be recovered based on an evaluation of objective verifiable evidence. For tax positions that are more likely than not of being sustained upon audit, the Company recognizes the largest amount of the benefit that is greater than 50% likely of being realized. For tax positions that are not more likely than not of being sustained upon audit, the Company does not recognize any portion of the benefit. The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) , Topic 740, Income Taxes, or ASC 740, also clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. ASC 740 also provides guidance on derecoginition, classification, interest and penalties, accounting in interim period, disclosure and transition. Based on the Company’s evaluation, it has been concluded that there are no significant uncertain tax positions requiring recognition in the Company’s consolidated financial statements. The Company believes that its income tax positions and deductions would be sustained on audit and does not anticipate any adjustments that would result in a material changes to its financial position The Company’s policy for recording interest and penalties associated with audits is to record such expense as a component of income tax expense. There were no amounts accrued for penalties or interest as of December 31, 2016 and 2015. Management is currently unaware of any issues under review that could result in significant payments, accruals or material deviations from its position. Basic net loss per common share excludes dilution and is computed by dividing net loss by the weighted average number of common shares outstanding during the period. Diluted net loss per common share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity unless inclusion of such shares would be anti-dilutive. Since the Company has only incurred losses, basic and diluted net loss per share is the same. Year Ended December 31, 2016 2015 2014 Warrants to purchase common stock 16,909 16,909 270,761 Options to purchase common stock 4,457,251 3,367,784 3,249,651 Total 4,474,160 3,384,693 3,520,412 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 August 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes The Company adopted this guidance in the fourth quarter of 2016 on a prospective basis, and its adoption did not have any significant impact on the Company’s consolidated financial statements. Recent Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers Revenue from Contracts with Customer In January 2016, FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities In February 2016, FASB issued ASU 2016-02, Leases (Topic 842) Leases (Topic 840) In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments, In January 2017, the FASB issued an ASU 2017-01, Business Combinations (Topic 805) Clarifying the Definition of a Business In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350)

Assembly Pharmaceuticals, Inc.

Assembly Pharmaceuticals, Inc. Transaction	12 Months Ended
	Dec. 31, 2016
Business Combinations [Abstract]
Assembly Pharmaceuticals, Inc. Transaction	Note 3 - Assembly Pharmaceuticals, Inc. Transaction 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 were converted into an aggregate of 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 99,214

Marketable Securities

Marketable Securities	12 Months Ended
	Dec. 31, 2016
Investments, Debt and Equity Securities [Abstract]
Marketable Securities	Note 4 - Marketable Securities December 31, 2016 Gross Unrealized Gross Unrealized Amortized Cost Gain (1) Loss (1) Fair Value Short-term available-for-sale securities Corporate bonds $ 22,032,191 $ 3,190 $ (473,056) $ 21,562,325 Government and agency obligations 1,225,000 661 - 1,225,661 Municipal bonds 1,596,160 4,257 - 1,600,417 24,853,351 8,108 (473,056) 24,388,403 Long-term available-for-sale securities Corporate bonds 2,434,251 1,502 - 2,435,753 2,434,251 1,502 - 2,435,753 Total $ 27,287,602 $ 9,610 $ (473,056) $ 26,824,156 (1) Gross unrealized gain (loss) is pre-tax. December 31, 2015 Gross Unrealized Amortized Cost Loss 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, 2016 is less than one year. The contractual term to maturity of long-term marketable securities held by the Company as of December 31, 2016 is from 1.0 to 1.2 years. The proceeds from sales of available-for-sale securities were $ 44.3 5.0 1.1 27,000 As of December 31, 2016 2015 Quoted prices in active markets for identical assets (Level 1) $ - $ - Quoted prices for similar assets observable in the marketplace (Level 2) 26,824,156 63,948,781 Significant unobservable inputs (Level 3) - - Total $ 26,824,156 $ 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, 2016 and 2015, and are classified as Level 2. There were no transfers between levels 1, 2 or 3 for the years ended December 31, 2016 and 2015. Less than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Corporate bonds $ 6,022,560 $ (17,305) $ 14,542,025 $ (455,751) $ 20,564,585 $ (473,056) Total $ 6,022,560 $ (17,305) $ 14,542,025 $ (455,751) $ 20,564,585 $ (473,056) The Company has determined that the unrealized losses are deemed to be temporary impairments as of December 31, 2016. The Company believes that the unrealized losses generally are caused by increases in the risk premiums required by market participants rather than an adverse change in cash flows or a fundamental weakness in the credit quality of the issuer or underlying assets. Because the Company has the ability and intent to hold these investments until a recovery of fair value, which may be maturity, it does not consider the investment in corporate bonds to be other-than-temporarily impaired at December 31, 2016.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	12 Months Ended
	Dec. 31, 2016
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 2016, and deemed there was no impairment of long-lived assets during the years ended December 31, 2015 or 2016.

Property, Plant and Equipment,

Property, Plant and Equipment, Net	12 Months Ended
	Dec. 31, 2016
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment, Net	Note 6 - Property, Plant and Equipment, Net As of December 31, Useful life (Years) 2016 2015 Computer hardware and software 3 $ 86,228 $ 84,065 Lab equipment 3 to 5 253,735 177,782 Office equipment 3 to 5 1,109 1,109 Leasehold improvement 1 68,213 - Total property, plant and equipment 409,285 262,956 Less: Accumulated depreciation and amortization (194,598) (114,347) Property, plant and equipment, net $ 214,687 $ 148,609 Depreciation expense for the years ended December 31, 2016, 2015 and 2014 was approximately $ 80,000 65,000 11,000

Accrued Expenses

Accrued Expenses	12 Months Ended
	Dec. 31, 2016
Payables and Accruals [Abstract]
Accrued Expenses	Note 7 - Accrued Expenses Accrued expenses consist of the following: As of December 31, 2016 2015 Accrued expenses: Salaries, bonuses and employee benefits $ 2,884,000 $ 1,628,975 Accrued severance expenses 241,737 106,777 Research and development expenses 916,674 120,700 General and administrative expenses 710,412 - Other - 182,752 Total accrued expenses $ 4,752,823 $ 2,039,204

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2016
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 10, 2014, the Company’s stockholders approved a 1-for-5 reverse stock split of the issued and outstanding shares of the Company’s common stock, par value $ 0.001 1.45 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 2016 Activity On June 29, 2016, the Company cancelled 108 Options, Warrants and Restricted Stock Units Options In July 2010, the stockholders approved the 2010 Equity Incentive Plan (the “2010 Plan”) and on May 19, 2011, the stockholders approved an amendment to the 2010 Plan increasing the authorized shares thereunder by 300,000 702,959 In July 2014, the stockholders approved the 2014 Stock Incentive Plan (the “2014 Plan”). On June 2, 2016, at the 2016 Annual Meeting of Stockholders (the “Annual Meeting”), the stockholders of the Company approved the amendment and restatement of the Company’s 2014 Plan (the “Amended and Restated 2014 Plan”). Pursuant to the terms of the Amended and Restated 2014 Plan, the maximum number of shares reserved for issuance thereunder is 4,160,000 1,600,000 3,132,641 934,070 32,501 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 On November 28, 2016, the Company’s former Chief Scientific Officer, Lee Arnold, resigned without cause. In accordance with the separation agreement and Dr. Arnold’s original employment agreement, the Company accelerated the expense associated with 21,585 Weighted Average Total Intrinsic Number of Shares Exercise Price 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 Granted 1,196,500 7.46 5,676,405 Exercised (21,200) 7.20 - Forfeited (85,833) 12.18 - Outstanding as of December 31, 2016 4,457,251 $ 7.14 $ 23,258,604 Options vested and exercisable 3,008,401 $ 6.59 $ 17,156,719 The Company expects that all outstanding unvested options will vest. Year Ended December 31, 2016 2015 Exercise price 5.84 - 13.21 7.88 - 16.55 Expected stock price volatility 85.8% - 91.8% 88.62% - 95.55% Risk-free rate of interest 1.36% - 2.18% 1.49% - 2.27% Term (years) 5.3 - 7.0 5.0 - 8.2 Future Stock Option Compensation Expenses Year ended December 31, 2017 $ 3,144,140 Year ended December 31, 2018 1,480,661 Year ended December 31, 2019 632,426 Year ended December 31, 2020 160,332 Total $ 5,417,559 The weighted average remaining amortization period is approximately 1.7 Year Ended December 31, 2016 2015 2014 Research and development $ 3,025,178 $ 3,257,732 $ 2,707,336 General and administrative 1,999,334 4,618,852 7,930,158 Total stock-based compensation expense $ 5,024,512 $ 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 Weighted Average Warrants Exercise Price 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 Outstanding as of December 31, 2016 16,909 $ 30.81 There was no warrant activity for the year ended December 31, 2016. The weighted average remaining contractual life of outstanding warrants at December 31, 2016 is approximately 3.4

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Income Taxes	Note 9 - Income Taxes There was no current income tax provision for the years ended December 31, 2016, 2015 and 2014. There was a deferred income tax benefit of $ 617,672 As of December 31, 2016 2015 Deferred tax assets: Net-operating loss carryforward $ 59,926,000 $ 46,365,000 Stock-based compensation 9,279,000 10,397,000 In-Process R&D 4,050,000 5,282,000 R&D credit 3,962,000 3,068,000 Change in unrealized loss on marketable securities 178,000 368,000 Other 316,000 783,000 Total Deferred Tax Assets 77,711,000 66,263,000 Valuation allowance (77,711,000) (66,263,000) Deferred Tax Asset, Net of Allowance $ - $ - In-process research and development (Assembly Merger) 11,119,651 11,600,000 Deferred Tax Liability $ 11,119,651 $ 11,600,000 The Company maintains a valuation allowance on deferred tax assets due to the uncertainty regarding the ability to utilize these deferred tax assets in the future. The deferred tax liability was recorded in connection with the acquisition of Assembly Pharmaceuticals in 2014 and relates to the difference between the carrying amount of in-process research and development for financial statement purposes relative to the amount used for income tax purposes. The deferred tax liability was $ 11.1 11.6 At December 31, 2016, the Company had potentially utilizable gross Federal net operating loss carryforwards of approximately $ 146.5 174.0 4.0 2027 2036 Sections 382 and 383 of the Internal Revenue Code 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, 2016 2015 2014 Statutory Federal Income Tax Rate (34.0) % (34.0) % (34.0) % State Taxes, Net of Federal Tax Benefit (4.3) % (11.0) % (11.0) % Merger Cost - % 0.9 % - % Stock based Compensation - ISOs 3.4 % 16.7 % - % Credits (1.8) % - % - % Rate Change 7.5 % - % - % Other 2.3 % 0.1 % - % Change in Valuation Allowance 25.5 % 27.3 % 45.0 % Income Taxes Provision (Benefit) (1.4) % - % - %

License Agreements

License Agreements	12 Months Ended
	Dec. 31, 2016
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 aggregate amount of all performance milestone payments under the IURTC license agreement, should all milestones through development be met, 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.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 11 - Commitments and Contingencies Real Property Leases and Equipment Leases The Company leases office space for corporate functions in Carmel, IN under a lease agreement that expires in June 2021. The leased locations in Carmel, IN support both the HBV-cure and microbiome programs. The Company leases office and laboratory space in San Francisco, California under a sublease that expires in December 2017. Research activities for the HBV-cure program are also being conducted at laboratory space leased from Indiana University at Bloomington, IN that expires in December 2017. Research activities for the microbiome program are also conducted at office and laboratory space leased from the University of Florida Research Foundation in Alachua, FL that expires in May 2017. The total leasing expenses for the years ended December 31, 2016 and 2015 were approximately $ 1.2 0.7 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, 2016 and 2015 amounted to approximately $705,000 and $107,000, respectively. These equipment leases begin to expire in 2017, with the final lease expiring in 2020. The sum of all future payments through termination is approximately $1.7 million. Year Ended December 31, 2017 $ 1,900,556 Year Ended December 31, 2018 786,419 Year Ended December 31, 2019 376,686 Year Ended December 31, 2020 111,013 Year Ended December 31, 2021 55,353 $ 3,230,027 Employment Agreements The Company has employment agreements with its Chief Executive Officer and Chief Financial Officer/Chief Operating Officer, which agreements set forth the terms of their employment, including severance arrangements. The Chief Executive Officer and Chief Financial Officer/Chief Operating Officer were paid an aggregate annual base salary of approximately $ 780,500 823,000 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. 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 Effective September 26, 2016, the Company entered into an employment agreement with its new Chief Scientific Officer - Microbiome. The agreement provides for an at-will employment arrangement. The employment agreement initially provides for a base salary of $ 380,000 35 75,000 100,000 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, 2016
Subsequent Events [Abstract]
Subsequent Event	Note 12 - Subsequent Event Allergan Collaboration Agreement On January 6, 2017, the Company entered into a Research, Development, Collaboration and License Agreement (the “Collaboration Agreement”) with Allergan Pharmaceuticals International Limited (“Allergan”) to develop and commercialize select microbiome gastrointestinal programs. Pursuant to the Collaboration Agreement, the Company granted Allergan an exclusive worldwide license to certain of its intellectual property, including its intellectual property arising under the Collaboration Agreement, to develop and commercialize licensed compounds for ulcerative colitis, Crohn’s disease and irritable bowel syndrome. Under the Collaboration Agreement, Allergan and the Company will collaborate on research and development activities with respect to the licensed compounds in accordance with a mutually agreed upon research and development plan. Pursuant to the terms of the Collaboration Agreement, in connection with the closing of the transaction on February 10, 2017, Allergan paid the Company an upfront payment of $ 50 75 ⅔, ⅓ In the event any pre-POC development costs exceed $75 million in the aggregate, the Company may elect either (a) to fund ⅓ ⅓ Allergan may terminate the Collaboration Agreement for convenience at any time upon either 90 days’ (prior to the initiation of the first POC trial of a licensed product) or 120 days’ (after the initiation of the first POC trial of a licensed product), as applicable, advance written notice to the Company. The Collaboration Agreement also contains customary provisions for termination by either party, including in the event of breach of the Collaboration Agreement, subject to cure. Common Stock In January and February, 2017, the Company issued an aggregate of 19,166

Selected Quarterly Financial Da

Selected Quarterly Financial Data	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Selected Quarterly Financial Data	Note 13 - Selected Quarterly Financial Data (Unaudited) The following table contains quarterly financial information for fiscal years 2016 and 2015. First Quarter Second Quarter Third Quarter Fourth Quarter 2016 Operating expenses $ 11,277,152 $ 10,454,130 $ 11,678,925 $ 11,868,254 Interest and other income $ 490,421 $ 444,605 $ 378,381 $ 225,681 Realized loss from marketable securities $ (201,827) $ (142,675) $ (273,573) $ (521,786) Net loss $ (10,988,558) $ (10,152,200) $ (11,574,117) $ (11,546,687) Basic and diluted net loss per common share $ (0.64) $ (0.59) $ (0.67) $ (0.67) 2015 Operating expenses $ 7,203,218 $ 7,153,905 $ 7,122,226 $ 8,176,281 Interest and other income $ 58,265 $ 211,234 $ 502,684 $ 456,647 Realized gain (loss) from marketable securities $ - $ - $ 1,609 $ (28,642) Net loss $ (7,144,953) $ (6,942,671) $ (6,617,933) $ (7,748,276) Basic and diluted net loss per common share $ (0.64) $ (0.41) $ (0.38) $ (0.45)

Summary of Significant Accoun22

Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Policies)	12 Months Ended
	Dec. 31, 2016
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 subsidiaries. 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 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 in 2015.
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, 2016, exceed federally insured limits.
Marketable Securities	Marketable Securities The Company has designated marketable securities as of December 31, 2016 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 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. There were no marketable securities deemed to be impaired as of December 31, 2016 or 2015.
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 has one reporting unit. The Company reviews the carrying value of goodwill utilizing a market capitalization approach which was based upon the closing price of the Company’s stock price as of the beginning of the 4 th On October 1, 2016, the Company performed a qualitative assessment of IPR&D. As of October 1, 2015, the Company utilized a discounted probable future cash flow model to value acquired IPR&D. Significant assumptions used in the model include the period in which material net cash inflows are expected to commence, anticipated material changes from historical pricing, margins and expense levels and an appropriate risk adjusted discount rate applied to the estimated cash flows. As of October 1, 2016 and 2015, IPR&D was not deemed to be impaired.
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. There were no indicators of impairment of long-lived assets during the year ended December 31, 2016 and 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 · Office equipment 3 5 Leasehold improvements are amortized over the remaining terms of the respective leases or the estimated useful life of the leasehold improvements, whichever is less. Maintenance and repair costs are expensed as incurred.
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 its 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 records income taxes using the asset and liability method. Deferred income tax assets and liabilities are recognized for the future tax effects attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases, and operating loss and tax credit carryforwards. The Company establishes a valuation allowance if it is more likely than not that the deferred tax assets will not be recovered based on an evaluation of objective verifiable evidence. For tax positions that are more likely than not of being sustained upon audit, the Company recognizes the largest amount of the benefit that is greater than 50% likely of being realized. For tax positions that are not more likely than not of being sustained upon audit, the Company does not recognize any portion of the benefit. The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) , Topic 740, Income Taxes, or ASC 740, also clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. ASC 740 also provides guidance on derecoginition, classification, interest and penalties, accounting in interim period, disclosure and transition. Based on the Company’s evaluation, it has been concluded that there are no significant uncertain tax positions requiring recognition in the Company’s consolidated financial statements. The Company believes that its income tax positions and deductions would be sustained on audit and does not anticipate any adjustments that would result in a material changes to its financial position The Company’s policy for recording interest and penalties associated with audits is to record such expense as a component of income tax expense. There were no amounts accrued for penalties or interest as of December 31, 2016 and 2015. Management is currently unaware of any issues under review that could result in significant payments, accruals or material deviations from its position.
Loss per common share	Loss per common share Basic net loss per common share excludes dilution and is computed by dividing net loss by the weighted average number of common shares outstanding during the period. Diluted net loss per common share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity unless inclusion of such shares would be anti-dilutive. Since the Company has only incurred losses, basic and diluted net loss per share is the same. Year Ended December 31, 2016 2015 2014 Warrants to purchase common stock 16,909 16,909 270,761 Options to purchase common stock 4,457,251 3,367,784 3,249,651 Total 4,474,160 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	Adoption of Recent Accounting Pronouncements In August 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes The Company adopted this guidance in the fourth quarter of 2016 on a prospective basis, and its adoption did not have any significant impact on the Company’s consolidated financial statements. Recent Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers Revenue from Contracts with Customer In January 2016, FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities In February 2016, FASB issued ASU 2016-02, Leases (Topic 842) Leases (Topic 840) In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments, In January 2017, the FASB issued an ASU 2017-01, Business Combinations (Topic 805) Clarifying the Definition of a Business In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350)

Summary of Significant Accoun23

Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Tables)	12 Months Ended
	Dec. 31, 2016
Summary Of Significant Accounting Policies [Abstract]
Property, Plant and Equipment Estimated Useful Life	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 · Office equipment 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, 2016, 2015 and 2014 are as follows: Year Ended December 31, 2016 2015 2014 Warrants to purchase common stock 16,909 16,909 270,761 Options to purchase common stock 4,457,251 3,367,784 3,249,651 Total 4,474,160 3,384,693 3,520,412

Assembly Pharmaceuticals, Inc24

Assembly Pharmaceuticals, Inc. Transaction (Tables)	12 Months Ended
	Dec. 31, 2016
Assembly Pharmaceuticals, Inc. Transaction [Abstract]
Assembly Pharmaceuticals, Inc. Transaction	The allocation of the purchase price to the Assembly balance sheet is shown below: 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, 2016
Investments, Debt and Equity Securities [Abstract]
Schedule of Available-for-sale Securities Reconciliation	Marketable securities consist of the following as of December 31, 2016 and 2015: December 31, 2016 Gross Unrealized Gross Unrealized Amortized Cost Gain (1) Loss (1) Fair Value Short-term available-for-sale securities Corporate bonds $ 22,032,191 $ 3,190 $ (473,056) $ 21,562,325 Government and agency obligations 1,225,000 661 - 1,225,661 Municipal bonds 1,596,160 4,257 - 1,600,417 24,853,351 8,108 (473,056) 24,388,403 Long-term available-for-sale securities Corporate bonds 2,434,251 1,502 - 2,435,753 2,434,251 1,502 - 2,435,753 Total $ 27,287,602 $ 9,610 $ (473,056) $ 26,824,156 (1) Gross unrealized gain (loss) is pre-tax. December 31, 2015 Gross Unrealized Amortized Cost Loss 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: As of December 31, 2016 2015 Quoted prices in active markets for identical assets (Level 1) $ - $ - Quoted prices for similar assets observable in the marketplace (Level 2) 26,824,156 63,948,781 Significant unobservable inputs (Level 3) - - Total $ 26,824,156 $ 63,948,781
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value	The following table shows the Company’s investments’ gross unrealized losses (pre-tax) and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2016. Less than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Corporate bonds $ 6,022,560 $ (17,305) $ 14,542,025 $ (455,751) $ 20,564,585 $ (473,056) Total $ 6,022,560 $ (17,305) $ 14,542,025 $ (455,751) $ 20,564,585 $ (473,056)

Property, Plant and Equipment26

Property, Plant and Equipment, Net (Tables)	12 Months Ended
	Dec. 31, 2016
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property, plant and equipment, consists of the following: As of December 31, Useful life (Years) 2016 2015 Computer hardware and software 3 $ 86,228 $ 84,065 Lab equipment 3 to 5 253,735 177,782 Office equipment 3 to 5 1,109 1,109 Leasehold improvement 1 68,213 - Total property, plant and equipment 409,285 262,956 Less: Accumulated depreciation and amortization (194,598) (114,347) Property, plant and equipment, net $ 214,687 $ 148,609

Accrued Expenses (Tables)

Accrued Expenses (Tables)	12 Months Ended
	Dec. 31, 2016
Payables and Accruals [Abstract]
Schedule Accrued Expenses	Accrued expenses consist of the following: As of December 31, 2016 2015 Accrued expenses: Salaries, bonuses and employee benefits $ 2,884,000 $ 1,628,975 Accrued severance expenses 241,737 106,777 Research and development expenses 916,674 120,700 General and administrative expenses 710,412 - Other - 182,752 Total accrued expenses $ 4,752,823 $ 2,039,204

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2016
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award	A summary of the Company’s option activity and related information for the years ended December 31, 2016, 2015 and 2014 is as follows: Weighted Average Total Intrinsic Number of Shares Exercise Price 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 Granted 1,196,500 7.46 5,676,405 Exercised (21,200) 7.20 - Forfeited (85,833) 12.18 - Outstanding as of December 31, 2016 4,457,251 $ 7.14 $ 23,258,604 Options vested and exercisable 3,008,401 $ 6.59 $ 17,156,719
Assumptions for Weighted Average Fair Value of Options Granted	The fair value of the options granted for the year ended December 31, 2016 and 2015, was based on the following assumptions: Year Ended December 31, 2016 2015 Exercise price 5.84 - 13.21 7.88 - 16.55 Expected stock price volatility 85.8% - 91.8% 88.62% - 95.55% Risk-free rate of interest 1.36% - 2.18% 1.49% - 2.27% Term (years) 5.3 - 7.0 5.0 - 8.2
Estimated Future Stock Based Expenses Relating to Unvested Stock Options	Estimated future stock-based compensation expense relating to unvested stock options is as follows: Future Stock Option Compensation Expenses Year ended December 31, 2017 $ 3,144,140 Year ended December 31, 2018 1,480,661 Year ended December 31, 2019 632,426 Year ended December 31, 2020 160,332 Total $ 5,417,559
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs	Stock-based compensation expenses for the years ended December 31, 2016, 2015 and 2014 were as follows: Year Ended December 31, 2016 2015 2014 Research and development $ 3,025,178 $ 3,257,732 $ 2,707,336 General and administrative 1,999,334 4,618,852 7,930,158 Total stock-based compensation expense $ 5,024,512 $ 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: Weighted Average Warrants Exercise Price 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 Outstanding as of December 31, 2016 16,909 $ 30.81

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Schedule of Deferred Tax Assets and Liabilities	The Company’s deferred tax assets as of December 31, 2016 and 2015 consist of the following: As of December 31, 2016 2015 Deferred tax assets: Net-operating loss carryforward $ 59,926,000 $ 46,365,000 Stock-based compensation 9,279,000 10,397,000 In-Process R&D 4,050,000 5,282,000 R&D credit 3,962,000 3,068,000 Change in unrealized loss on marketable securities 178,000 368,000 Other 316,000 783,000 Total Deferred Tax Assets 77,711,000 66,263,000 Valuation allowance (77,711,000) (66,263,000) Deferred Tax Asset, Net of Allowance $ - $ - In-process research and development (Assembly Merger) 11,119,651 11,600,000 Deferred Tax Liability $ 11,119,651 $ 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, 2016, 2015 and 2014: As of December 31, 2016 2015 2014 Statutory Federal Income Tax Rate (34.0) % (34.0) % (34.0) % State Taxes, Net of Federal Tax Benefit (4.3) % (11.0) % (11.0) % Merger Cost - % 0.9 % - % Stock based Compensation - ISOs 3.4 % 16.7 % - % Credits (1.8) % - % - % Rate Change 7.5 % - % - % Other 2.3 % 0.1 % - % Change in Valuation Allowance 25.5 % 27.3 % 45.0 % Income Taxes Provision (Benefit) (1.4) % - % - %

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases	Year Ended December 31, 2017 $ 1,900,556 Year Ended December 31, 2018 786,419 Year Ended December 31, 2019 376,686 Year Ended December 31, 2020 111,013 Year Ended December 31, 2021 55,353 $ 3,230,027

Selected Quarterly Financial 31

Selected Quarterly Financial Data (Tables)	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information	The Company believes that the following information reflects all normal recurring adjustments necessary for a fair statement of the information for the periods presented. First Quarter Second Quarter Third Quarter Fourth Quarter 2016 Operating expenses $ 11,277,152 $ 10,454,130 $ 11,678,925 $ 11,868,254 Interest and other income $ 490,421 $ 444,605 $ 378,381 $ 225,681 Realized loss from marketable securities $ (201,827) $ (142,675) $ (273,573) $ (521,786) Net loss $ (10,988,558) $ (10,152,200) $ (11,574,117) $ (11,546,687) Basic and diluted net loss per common share $ (0.64) $ (0.59) $ (0.67) $ (0.67) 2015 Operating expenses $ 7,203,218 $ 7,153,905 $ 7,122,226 $ 8,176,281 Interest and other income $ 58,265 $ 211,234 $ 502,684 $ 456,647 Realized gain (loss) from marketable securities $ - $ - $ 1,609 $ (28,642) Net loss $ (7,144,953) $ (6,942,671) $ (6,617,933) $ (7,748,276) Basic and diluted net loss per common share $ (0.64) $ (0.41) $ (0.38) $ (0.45)

Nature of Business - Additional

Nature of Business - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	Feb. 10, 2017	Apr. 06, 2015	Oct. 06, 2014	Mar. 19, 2015	Jul. 11, 2014	Jan. 31, 2014	Feb. 28, 2017
Subsequent Event [Member]
Overview [Line Items]
Licenses Revenue	$ 50
Development Milestone Payments	630
Commercial Milestone Payments	$ 2,150
Common Stock [Member]
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
Common Stock [Member] | Subsequent Event [Member]
Overview [Line Items]
Stock Issued During Period, Shares, New Issues							19,166

Summary of Significant Accoun33

Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Details)	12 Months Ended
	Dec. 31, 2016
Computer hardware and software [Member]
Property, Plant and Equipment, Useful Life	3 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
Minimum [Member] | Office Equipment [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
Maximum [Member] | Office Equipment [Member]
Property, Plant and Equipment, Useful Life	5 years

Summary of Significant Accoun34

Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Details 1) - shares	12 Months Ended
	Dec. 31, 2016	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	4,474,160	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	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	4,457,251	3,367,784	3,249,651

Assembly Pharmaceuticals, Inc35

Assembly Pharmaceuticals, Inc. Transaction (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015	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	$ 12,638,136	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, Inc36

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, 2016	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	$ 0	$ 758,948
Noncash Or Part Noncash Acquisition Share Exchange Business Combination	$ 29,064,148		$ 0	0	$ 29,064,148
Goodwill, Period Increase (Decrease), Total		$ 99,214		$ 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) - USD ($)		Dec. 31, 2016		Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		$ 27,287,602		$ 64,770,366
Gross Unrealized Gain	[1]	9,610
Gross Unrealized Loss		(473,056)	[1]	(821,585)
Fair Value		26,824,156		63,948,781
Short-term Investments [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		24,853,351		41,126,524
Gross Unrealized Gain	[1]	8,108
Gross Unrealized Loss		(473,056)	[1]	(569,872)
Fair Value		24,388,403		40,556,652
Short-term Investments [Member] | Corporate Bond Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		22,032,191		41,126,524
Gross Unrealized Gain	[1]	3,190
Gross Unrealized Loss		(473,056)	[1]	(569,872)
Fair Value		21,562,325		40,556,652
Short-term Investments [Member] | US Government Agencies Debt Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		1,225,000
Gross Unrealized Gain	[1]	661
Gross Unrealized Loss	[1]	0
Fair Value		1,225,661
Short-term Investments [Member] | Municipal Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		1,596,160
Gross Unrealized Gain	[1]	4,257
Gross Unrealized Loss	[1]	0
Fair Value		1,600,417
Long-term Investments [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		2,434,251		23,643,842
Gross Unrealized Gain	[1]	1,502
Gross Unrealized Loss		0	[1]	(251,713)
Fair Value		2,435,753		23,392,129
Long-term Investments [Member] | Corporate Bond Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		2,434,251		20,822,682
Gross Unrealized Gain	[1]	1,502
Gross Unrealized Loss		0	[1]	(243,495)
Fair Value		$ 2,435,753		20,579,187
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] | 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
[1]	Gross unrealized gain (loss) is pre-tax.

Marketable Securities (Details

Marketable Securities (Details 1) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities	$ 26,824,156	$ 63,948,781
Fair Value, Inputs, Level 1 [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities	0	0
Fair Value, Inputs, Level 2 [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities	26,824,156	63,948,781
Fair Value, Inputs, Level 3 [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities	$ 0	$ 0

Marketable Securities (Detail39

Marketable Securities (Details 2)	Dec. 31, 2016USD ($)
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Less than 12 Months	$ 6,022,560
Unrealized Losses, Less than 12 Months	(17,305)
Fair Value, 12 Months or More	14,542,025
Unrealized Losses,12 Months or More	(455,751)
Fair Value, Total	20,564,585
Unrealized Losses, Total	(473,056)
Corporate Bond Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Less than 12 Months	6,022,560
Unrealized Losses, Less than 12 Months	(17,305)
Fair Value, 12 Months or More	14,542,025
Unrealized Losses,12 Months or More	(455,751)
Fair Value, Total	20,564,585
Unrealized Losses, Total	$ (473,056)

Marketable Securities - Additio

Marketable Securities - Additional Information (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Proceeds from Sale of Available-for-sale Securities									$ 44,300,000	$ 5,000,000
Marketable Securities, Realized Gain (Loss), Total	$ (521,786)	$ (273,573)	$ (142,675)	$ (201,827)	$ (28,642)	$ 1,609	$ 0	$ 0	$ (1,139,861)	$ (27,033)	$ 0
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									1.0 to 1.2 years

Goodwill and Intangible Assets

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	Dec. 31, 2016
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		$ 99,214	$ 99,214

Property, Plant and Equipment42

Property, Plant and Equipment, Net (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 409,285	$ 262,956
Less: Accumulated depreciation and amortization	(194,598)	(114,347)
Property, plant and equipment, net	214,687	148,609
Computer hardware and software [Member]
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 86,228	84,065
Property, Plant and Equipment, Useful Life	3 years
Computer hardware and software [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
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
Lab equipment [Member]
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 253,735	177,782
Lab equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Lab equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years
Office equipment [Member]
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 1,109	1,109
Office equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Office equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years
Leasehold improvements [Member]
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 68,213	$ 0
Property, Plant and Equipment, Useful Life	1 year

Property, Plant and Equipment43

Property, Plant and Equipment, Net - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Property, Plant and Equipment [Line Items]
Depreciation	$ 80,251	$ 64,989	$ 10,974

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Accrued expenses:
Salaries, bonuses and employee benefits	$ 2,884,000	$ 1,628,975
Accrued severance expenses	241,737	106,777
Research and development expenses	916,674	120,700
General and administrative expenses	710,412	0
Other	0	182,752
Total accrued expenses	$ 4,752,823	$ 2,039,204

Stockholders' Equity (Details)

Stockholders' Equity (Details) - Stock Option [Member] - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Number of Shares
Option, Outstanding at beginning of period	3,367,784	3,249,651
Option, Granted	1,196,500	500,300
Option, Exercised	(21,200)	(76,422)
Option, Expired		(11,800)
Option, Forfeited	(85,833)	(293,945)
Option, Outstanding at end of period	4,457,251	3,367,784
Options vested and exercisable	3,008,401
Weighted Average Exercise Price
Option, Outstanding at beginning of period	$ 7.16	$ 6.26
Option, Granted	7.46	13.02
Option, Exercised	7.20	7.25
Option, Expired		7.20
Option, Forfeited	12.18	7.26
Option, Outstanding at end of period	7.14	$ 7.16
Options vested and exercisable	$ 6.59
Total Intrinsic Value
Option, Outstanding at beginning of period	$ 3,971,205	$ 5,187,924
Option, Granted	5,676,405	0
Option, Exercised	0	22,348
Option, Expired		0
Option, Forfeited	0	0
Option, Outstanding at end of period	23,258,604	$ 3,971,205
Options vested and exercisable	$ 17,156,719

Stockholders' Equity (Details 1

Stockholders' Equity (Details 1) - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Maximum [Member]
Share based Compensation Arrangement by Share based Payment Award, Fair Value Assumptions, Method Used [Line Items]
Exercise price	$ 13.21	$ 16.55
Expected stock price volatility	91.80%	95.55%
Risk-free rate of interest	2.18%	2.27%
Term (years)	7 years	8 years 2 months 12 days
Minimum [Member]
Share based Compensation Arrangement by Share based Payment Award, Fair Value Assumptions, Method Used [Line Items]
Exercise price	$ 5.84	$ 7.88
Expected stock price volatility	85.80%	88.62%
Risk-free rate of interest	1.36%	1.49%
Term (years)	5 years 3 months 18 days	5 years

Stockholders' Equity (Details 2

Stockholders' Equity (Details 2)	Dec. 31, 2016USD ($)
Stockholders Equity Note [Line Items]
Year ended December 31, 2017	$ 3,144,140
Year ended December 31, 2018	1,480,661
Year ended December 31, 2019	632,426
Year ended December 31, 2020	160,332
Total	$ 5,417,559

Stockholders' Equity (Details 3

Stockholders' Equity (Details 3) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Allocated Share-based Compensation Expense	$ 5,024,512	$ 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	3,025,178	3,257,732	2,707,336
General and Administrative [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Allocated Share-based Compensation Expense	$ 1,999,334	$ 4,618,852	$ 7,930,158

Stockholders' Equity (Details 4

Stockholders' Equity (Details 4) - Warrant [Member] - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Warrants
Warrants, at beginning of period	16,909	270,761
Warrants, Expired		(133,587)
Warrant, Exercised		(120,265)
Warrants, at ending of period	16,909	16,909
Weighted Average Exercise Price
Warrants, at beginning of period	$ 30.81	$ 24.34
Warrants, Expired		39.34
Warrant, Exercised		5.13
Warrants, at ending of period	$ 30.81	$ 30.81

Stockholders' Equity - Addition

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

Jun. 02, 2016

Apr. 06, 2015

Feb. 10, 2015

Oct. 06, 2014

Nov. 28, 2016

Jun. 29, 2016

Apr. 17, 2015

Mar. 19, 2015

Jul. 31, 2014

Jul. 11, 2014

Jan. 31, 2014

May 19, 2011

Sep. 30, 2014

Dec. 31, 2016

Dec. 31, 2015

Dec. 31, 2014

Dec. 30, 2015

Jul. 10, 2014

Feb. 28, 2014

Stockholders Equity Note [Line Items]

Fair value of options assumed

$ 758,948

$ 0

$ 0

$ 758,948

Issuance of Stock and Warrants for Services or Claims

$ 0

$ 0

679,447

Preferred Stock, Shares Outstanding

0

0

Proceeds From Issuance Initial Public Offering

$ 0

$ 81,014,989

$ 16,725,946

Initial Public Offering Value Of Shares Authorized

$ 150,000,000

Common Stock Par Or Stated Value Per Share

$ 0.001

$ 0.001

Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition

1 year 8 months 12 days

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

3 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

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

Assembly Pharmaceuticals, Inc [Member]

Stockholders Equity Note [Line Items]

Fair value of options assumed

$ 758,948

Amended And Restated 2014 Plan [Member]

Stockholders Equity Note [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized

32,501

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

21,200

76,422

Common Stock Par Or Stated Value Per Share

$ 0.001

Share Price

$ 1.45

Stock Redeemed or Called During Period, Shares

108

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

Percentage Of Placement Agent Fee

5.00%

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

Dr. Arnold [Member]

Stockholders Equity Note [Line Items]

Accelerated Options

21,585

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

702,959

Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized

300,000

2014 Stock Incentive Plan [Member]

Stockholders Equity Note [Line Items]

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

3,132,641

Common Stock, Capital Shares Reserved for Future Issuance

4,160,000

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

934,070

Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized

1,600,000

Income Taxes (Details)

Income Taxes (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Deferred tax assets:
Net-operating loss carryforward	$ 59,926,000	$ 46,365,000
Stock-based compensation	9,279,000	10,397,000
In-Process R&D	4,050,000	5,282,000
R&D credit	3,962,000	3,068,000
Change in unrealized loss on marketable securities	178,000	368,000
Other	316,000	783,000
Total Deferred Tax Assets	77,711,000	66,263,000
Valuation allowance	(77,711,000)	(66,263,000)
Deferred Tax Asset, Net of Allowance	0	0
In-process research and development (Assembly Merger)	11,119,651	11,600,000
Deferred Tax Liability	$ 11,119,651	$ 11,600,000

Income Taxes (Details 1)

Income Taxes (Details 1)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Effective Income Tax [Line Items]
Statutory Federal Income Tax Rate	(34.00%)	(34.00%)	(34.00%)
State Taxes, Net of Federal Tax Benefit	(4.30%)	(11.00%)	(11.00%)
Merger Cost	0.00%	0.90%	0.00%
Stock based Compensation - ISOs	3.40%	16.70%	0.00%
Credits	(1.80%)	0.00%	0.00%
Rate Change	7.50%	0.00%	0.00%
Other	2.30%	0.10%	0.00%
Change in Valuation Allowance	25.50%	27.30%	45.00%
Income Taxes Provision (Benefit)	(1.40%)	0.00%	0.00%

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Taxes [Line Items]
Deferred Tax Liabilities, Net	$ 11,119,651	$ 11,600,000
Deferred Tax Assets, Operating Loss Carryforwards, State and Local	174,000,000
Deferred Tax Assets, Tax Credit Carryforwards, Research	4,000,000
Deferred Tax Assets, Operating Loss Carryforwards, Federal	146,500,000
Operating Loss Carryforwards	39,100,000
Deferred Income Tax Expense (Benefit)	$ (617,672)	$ 0	$ 0
Maximum [Member]
Income Taxes [Line Items]
Operating Loss Carryforwards Expiration Period	2,036
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, 2016	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
Therabiome, LLC [Member]
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Payment For Nonrefundable License Fee	$ 300,000

Commitments and Contingencies55

Commitments and Contingencies (Details)	Dec. 31, 2016USD ($)
Commitments and Contingencies Disclosure [Line Items]
Year Ended December 31, 2017	$ 1,900,556
Year Ended December 31, 2018	786,419
Year Ended December 31, 2019	376,686
Year Ended December 31, 2020	111,013
Year Ended December 31, 2021	55,353
Operating Leases, Future Minimum Payments Receivable, Total	$ 3,230,027

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($)	Jan. 09, 2016	Jan. 05, 2016	Sep. 26, 2016	Dec. 31, 2016	Dec. 31, 2015
Commitments and Contingencies Disclosure [Line Items]
Operating Leases, Rent Expense				$ 1,200,000	$ 700,000
Operating Lease Expiration Month and Year				2021-06
Equipment Lease [Member]
Commitments and Contingencies Disclosure [Line Items]
Operating Leases, Rent Expense				$ 705,000	107,000
Operating Leases, Future Minimum Payments Due				$ 1,700,000
Maximum [Member] | Equipment Lease [Member]
Commitments and Contingencies Disclosure [Line Items]
Operating Lease Expiration Year				2,020
Minimum [Member] | Equipment Lease [Member]
Commitments and Contingencies Disclosure [Line Items]
Operating Lease Expiration Year				2,017
Chief Executive Officer And Chief Financial Officer [Member]
Commitments and Contingencies Disclosure [Line Items]
Officers Compensation				$ 823,000	$ 780,500
Chief Scientific Officer [Member]
Commitments and Contingencies Disclosure [Line Items]
Officers Compensation		$ 380,000	$ 380,000
Deferred Compensation Arrangement with Individual, Cash Awards Granted, Percentage		35.00%	35.00%
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount		$ 75,000
Maximum Amount Of Commuting Allowance			$ 75,000
Reimbursement of relocation expenses			$ 100,000
Chief Development Officer [Member]
Commitments and Contingencies Disclosure [Line Items]
Officers Compensation	$ 360,000
Deferred Compensation Arrangement with Individual, Cash Awards Granted, Percentage	35.00%
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 ($) $ in Millions	Feb. 10, 2017	Apr. 06, 2015	Oct. 06, 2014	Mar. 19, 2015	Jan. 31, 2014	Feb. 28, 2017
Common Stock [Member]
Subsequent Event [Line Items]
Stock Issued During Period, Shares, New Issues		833,333	1,959,000	5,555,555	92,472
Subsequent Event [Member] | Allergan Pharmaceuticals International Limited [Member]
Subsequent Event [Line Items]
Agreed To Share Maximum Amount Development Cost	$ 75
Description Of Agree To Share Development Cost	In the event any pre-POC development costs exceed $75 million in the aggregate, the Company may elect either (a) to fund ⅓ of such costs in excess of $75 million or (b) to allow Allergan to deduct from future development milestone payments ⅓ of the development costs funded by Allergan in excess of $75 million plus a premium of 25%.
Proceeds From Upfront Payment	$ 50
Revenue Recognition, Milestone Method, Description	the Company is eligible to receive up to approximately $630 million in development milestone payments and up to approximately $2.15 billion in commercial milestone payments in connection with the successful development and commercialization of licensed compounds for up to six different indications.
Subsequent Event [Member] | Common Stock [Member]
Subsequent Event [Line Items]
Stock Issued During Period, Shares, New Issues						19,166

Selected Quarterly Financial 58

Selected Quarterly Financial Data (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Operating expenses	$ 11,868,254	$ 11,678,925	$ 10,454,130	$ 11,277,152	$ 8,176,281	$ 7,122,226	$ 7,153,905	$ 7,203,218	$ 45,278,461	$ 29,655,630	$ 23,956,452
Interest and other income	225,681	378,381	444,605	490,421	456,647	502,684	211,234	58,265	1,539,088	1,228,830	167,653
Realized loss from marketable securities	(521,786)	(273,573)	(142,675)	(201,827)	(28,642)	1,609	0	0	(1,139,861)	(27,033)	0
Net loss	$ (11,546,687)	$ (11,574,117)	$ (10,152,200)	$ (10,988,558)	$ (7,748,276)	$ (6,617,933)	$ (6,942,671)	$ (7,144,953)	$ (44,261,562)	$ (28,453,833)	$ (23,788,799)
Basic and diluted net loss per common share	$ (0.67)	$ (0.67)	$ (0.59)	$ (0.64)	$ (0.45)	$ (0.38)	$ (0.41)	$ (0.64)	$ (2.57)	$ (1.81)	$ (3.40)