Assembly Biosciences (ASMB) 10-Q 8 May 17 2017 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2017	May 04, 2017
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Entity Registrant Name	ASSEMBLY BIOSCIENCES, INC.
Entity Central Index Key	1,426,800
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Trading Symbol	ASMB
Entity Common Stock, Shares Outstanding		17,346,103

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Current assets
Cash and cash equivalents	$ 70,818,011	$ 28,575,085
Marketable securities, at fair value	20,105,000	24,388,403
Prepaid expenses and other current assets	1,298,673	611,176
Total current assets	92,221,684	53,574,664
Long-term assets
Marketable securities, at fair value	0	2,435,753
Property, plant and equipment, net	182,771	214,687
Security deposits	241,600	255,366
Intangible assets	29,000,000	29,000,000
Goodwill	12,638,136	12,638,136
Total long-term assets	42,062,507	44,543,942
Total assets	134,284,191	98,118,606
Current liabilities
Accounts payable	1,947,183	2,368,131
Accrued expenses	4,013,562	4,752,823
Deferred revenue - short-term	4,995,894	0
Total current liabilities	10,956,639	7,120,954
Long-term liabilities
Deferred tax liabilities	11,119,651	11,119,651
Deferred revenue - long-term	44,319,737	0
Total long-term liabilities	55,439,388	11,119,651
Total liabilities	66,396,027	18,240,605
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; 17,318,044 and 17,246,754 shares issued and outstanding as of March 31, 2017 and December 31, 2016, respectively	17,318	17,247
Additional paid-in capital	290,553,583	288,688,990
Accumulated other comprehensive loss	(524,677)	(600,769)
Accumulated deficit	(222,158,060)	(208,227,467)
Total stockholders' equity	67,888,164	79,878,001
Total liabilities and stockholders' equity	$ 134,284,191	$ 98,118,606

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2017	Dec. 31, 2016
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	17,318,044	17,246,754
Common stock, shares outstanding	17,318,044	17,246,754

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Collaboration revenue	$ 684,369	$ 0
Operating expenses:
Research and development	10,573,739	8,118,576
General and administrative	4,040,459	3,158,576
Total operating expenses	14,614,198	11,277,152
Loss from operations	(13,929,829)	(11,277,152)
Other income (expenses)
Interest and other income	136,484	490,421
Realized loss from marketable securities	(137,248)	(201,827)
Total other income	(764)	288,594
Net loss	(13,930,593)	(10,988,558)
Other comprehensive (loss) income
Unrealized loss recognized in accumulated other comprehensive loss before reclassification	(61,156)	(129,737)
Reclassification adjustment of unrealized loss included in net loss	137,248	201,827
Comprehensive loss	$ (13,854,501)	$ (10,916,468)
Net loss per share, basic and diluted	$ (0.81)	$ (0.64)
Weighted average common shares outstanding, basic and diluted	17,268,280	17,225,662

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities
Net loss	$ (13,930,593)	$ (10,988,558)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	31,916	18,558
Stock-based compensation	1,224,647	1,459,855
Realized loss from marketable securities	137,248	201,827
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(687,497)	(61,394)
Accounts payable	(420,948)	962,450
Accrued expenses	(739,261)	(796,010)
Deferred revenue	49,315,631	0
Security deposits	13,766	(7,121)
Net cash provided by (used in) operating activities	34,944,909	(9,210,393)
Cash flows from investing activities
Purchases of fixed assets	0	(2,163)
Purchases of marketable securities	0	(7,951,257)
Redemptions of marketable securities	6,658,000	10,451,332
Net cash provided by investing activities	6,658,000	2,497,912
Cash flows from financing activities
Proceeds from exercise of stock options	640,017	0
Net cash provided by financing activities	640,017	0
Net increase (decrease) in cash and cash equivalents	42,242,926	(6,712,481)
Cash and cash equivalents at the beginning of the period	28,575,085	27,107,526
Cash and cash equivalents at the end of the period	70,818,011	20,395,045
Supplemental disclosure of cash flow information:
Change in unrealized gain on marketable securities available-for-sale	$ 76,092	$ 72,090

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY - 3 months ended Mar. 31, 2017 - USD ($)	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Loss [Member]	Accumulated Deficit [Member]
Balance at Dec. 31, 2016	$ 79,878,001	$ 17,247	$ 288,688,990	$ (600,769)	$ (208,227,467)
Balance (in shares) at Dec. 31, 2016		17,246,754
Proceeds from the exercise of stock options	640,017	$ 71	639,946	0	0
Proceeds from the exercise of stock options (in shares)		71,290
Change in unrealized loss on marketable securities	76,092	$ 0	0	76,092	0
Stock-based compensation	1,224,647	0	1,224,647	0	0
Net loss	(13,930,593)	0	0	0	(13,930,593)
Balance at Mar. 31, 2017	$ 67,888,164	$ 17,318	$ 290,553,583	$ (524,677)	$ (222,158,060)
Balance (in shares) at Mar. 31, 2017		17,318,044

Nature of Business

Nature of Business	3 Months Ended
	Mar. 31, 2017
Organization, Business and Basis Of Presentation [Abstract]
Nature of Business	Overview Assembly Biosciences, Inc. (“Assembly” or the “Company”) is a clinical stage biotechnology company advancing two innovative platform programs: a new class of oral therapeutics for the treatment of hepatitis B virus (HBV) infection and 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 rate 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 lead product candidate from this program, ABI-H0731 has completed a Phase 1a human clinical trial, with the Phase 1b/2a portion of the clinical trial expected to commence in the second quarter of 2017. The Company’s Microbiome program consists of a fully integrated platform that includes a disease targeted strain identification and selection process, methods for strain isolation and growth under current Good Manufacturing Practice, or cGMP, conditions, and a patent pending delivery system, that we call GEMICEL ® clostridium difficile 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 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 Liquidity The Company has not derived any revenue from product sales to date and 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, the issuance of debt and an up-front payment related to the Allergan Collaboration Agreement. 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. If the Company is unable to generate enough revenue from the Collaboration Agreement when needed or to secure additional sources of funding and receive related full and timely collections of amounts due, it may be necessary to significantly reduce the current rate of spending through reductions in staff and delaying, scaling back, or stopping certain research and development programs, including more costly clinical trials.

Summary of Significant Accounti

Summary of Significant Accounting Policies and Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2017
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 condensed consolidated interim financial statements include the accounts of the Company and its subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The accompanying condensed consolidated financial statements have been prepared in accordance with the accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and pursuant to the instructions to Form 10-Q and Rule 10-01 of Regulation S-X of the U.S. Securities and Exchange Commission (the “SEC”) and on the same basis as the Company prepares its annual audited consolidated financial statements. The condensed consolidated balance sheet as of March 31, 2017, condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2017 and 2016, condensed consolidated statements of cash flows for the three months ended March 31, 2017 and 2016, and condensed consolidated statement of changes in stockholders’ equity for the three months ended March 31, 2017 are unaudited, but include all adjustments, consisting only of normal recurring adjustments, which the Company considers necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The results for the three months ended March 31, 2017 are not necessarily indicative of results to be expected for the year ending December 31, 2017 or for any future interim period. The consolidated balance sheet at December 31, 2016 has been derived from audited financial statements; however, it does not include all of the information and notes required by U.S. GAAP for complete financial statements. The accompanying condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2016, and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2016 filed with the SEC on March 2, 2017 (the “2016 Annual Report”). The preparation of financial statements in conformity with 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 revenues and 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. In addition, with the Company entering to the Collaboration Agreement, the Company believes its condensed consolidated financial statements are also impacted by the following accounting estimates and judgments: (i) identifying deliverables under collaboration agreements involving multiple elements and determining whether such deliverables are separable from other aspects of the contractual relationship; (ii) estimating the selling price of deliverables for the purpose of allocating arrangement consideration for revenue recognition; and (iii) estimating the periods over which the allocated consideration for deliverables is recognized. 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. There have been no material changes in the Company’s significant accounting policies to those previously disclosed in the 2016 Annual Report. The Company recognizes revenue when each of the following four criteria is met: (i) persuasive evidence of an arrangement exists; (ii) products are delivered or as services are rendered; (iii) the sales price is fixed or determinable; and (iv) collectability is reasonably assured. The Company recognizes revenue under the Collaboration Agreement with Allergan based on the relevant accounting literature. Under this guidance, multiple elements or deliverables may include (i) grants of licenses, or options to obtain licenses, to intellectual property, (ii) research and development services, (iii) participation on joint research and/or joint development committees, and/or (iv) manufacturing or supply services. The payments entities may receive under these arrangements typically include one or more of the following: non-refundable, upfront license fees; option exercise fees; funding of research and/or development efforts; amounts due upon the achievement of specified objectives; and/or royalties on future product sales. Multiple-element arrangements require the separability of deliverables included in an arrangement into different units of accounting and the allocation of arrangement consideration to the units of accounting. The evaluation of multiple-element arrangements requires management to make judgments about (i) the identification of deliverables, (ii) whether such deliverables are separable from the other aspects of the contractual relationship, (iii) the estimated selling price of each deliverable, and (iv) the expected period of performance for each deliverable. To determine the units of accounting under a multiple-element arrangement, management evaluates certain separation criteria, including whether the deliverables have stand-alone value, based on the relevant facts and circumstances for each arrangement. Management then estimates the selling price for each unit of accounting and allocates the arrangement consideration to each unit using the relative selling price method. The allocated consideration for each unit of accounting is recognized based on the method most appropriate for that unit of account and in accordance with the revenue recognition criteria detailed above. If there are deliverables in an arrangement that are not separable from other aspects of the contractual relationship, they are treated as a combined unit of accounting, with the allocated revenue for the combined unit recognized in a manner consistent with the revenue recognition applicable to the final deliverable in the combined unit. Payments received prior to satisfying the relevant revenue recognition criteria are recorded as deferred revenue in the accompanying balance sheets and recognized as revenue when the related revenue recognition criteria are met. The Collaboration Agreement with Allergan provides for non-refundable milestone payments. The Company recognizes revenue that is contingent upon the achievement of a substantive milestone in its entirety in the period in which the milestone is achieved. A milestone is considered substantive when the consideration payable to the Company for such milestone (i) is consistent with the Company’s performance necessary to achieve the milestone or the increase in value to the collaboration resulting from the Company’s performance, (ii) relates solely to the Company’s past performance and (iii) is reasonable relative to all of the other deliverables and payments within the arrangement. In making this assessment, the Company considers all facts and circumstances relevant to the arrangement, including factors such as the scientific, regulatory, commercial and other risks that must be overcome to achieve the milestone, the level of effort and investment required to achieve the milestone and whether any portion of the milestone consideration is related to future performance or deliverables. The Collaboration Agreement provides Allergan with options to license additional intellectual property rights, or purchase additional research, development, or supply services. The Company concluded that these were "substantive options" under the multiple-element arrangement guidance, and accordingly, associated fees have not been considered in allocating contract consideration among deliverables with stand-alone value. If Allergan exercises one or more of these options, the associated revenue would be recognized using the method most appropriate for the particular deliverable. The Company will periodically review the estimated performance periods under the Collaboration Agreement, which provides for non-refundable upfront payments and fees. The Company will adjust the periods over which revenue should be recognized when appropriate to reflect changes in assumptions relating to the estimated performance periods. The Company could accelerate revenue recognition in the event of early termination of programs or if the Company’s expectations change. Alternatively, the Company could decelerate revenue recognition if programs are extended or delayed. While such changes to the Company’s estimates have no impact on the Company’s reported cash flows, the amount of revenue recorded in future periods could be materially impacted. The Company records revenues related to the reimbursement of costs incurred under the Collaboration Agreement where the Company acts as a principal, controls the research and development activities and bears credit risk. Under the Collaboration Agreement, the Company is reimbursed for associated out-of-pocket costs. The gross amount of these pass-through reimbursed costs is reported as revenue in the accompanying statements of operations, while the actual expenses for which the Company is reimbursed are reflected as research and development costs. The Company has also accounted for the milestone payments under ASC 605 Revenue Recognition – Milestone Method Basic net loss per share of common stock excludes dilution and is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share of common stock 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. Three Months Ended March 31, 2017 2016 Warrants to purchase common stock 16,909 16,909 Options to purchase common stock 4,816,126 3,851,688 Total 4,833,035 3,868,597 In March 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update ("ASU") 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting Recent Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers Revenue from Contracts with Customer: (Topic 606) Identifying Performance Obligations and Licensing In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) Leases (Topic 840) 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 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): Simplifying the Accounting for Goodwill Impairment

Marketable Securities

Marketable Securities	3 Months Ended
	Mar. 31, 2017
Investments, Debt and Equity Securities [Abstract]
Marketable Securities	Note 3 - Marketable Securities March 31, 2017 Gross Unrealized Gross Unrealized Amortized Cost Gain (1) Loss (1) Fair Value Short-term available-for-sale securities Corporate bonds $ 17,671,194 $ 8,161 $ (401,257) $ 17,278,098 Government and agency obligations 1,225,000 98 - 1,225,098 Municipal bonds 1,596,160 5,644 - 1,601,804 Total $ 20,492,354 $ 13,903 $ (401,257) $ 20,105,000 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) The contractual term to maturity of short-term marketable securities held by the Company as of March 31, 2017 is less than one year. There were no long-term marketable securities held by the Company as of March 31, 2017. March 31, December 31, 2017 2016 Quoted prices in active markets for identical assets (Level 1) $ - $ - Quoted prices for similar assets observable in the marketplace (Level 2) 20,105,000 26,824,156 Significant unobservable inputs (Level 3) - - Total $ 20,105,000 $ 26,824,156 The fair values of marketable securities are determined using quoted market prices from daily exchange traded markets based on the closing prices as of March 31, 2017 and December 31, 2016. There were no transfers of marketable securities between Levels 1, 2 or 3 for the three months ended March 31, 2017 and 2016. Less than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Corporate bonds $ 4,901,519 $ (18,559) $ 8,939,618 $ (382,698) $ 13,841,137 $ (401,257) Total $ 4,901,519 $ (18,559) $ 8,939,618 $ (382,698) $ 13,841,137 $ (401,257) The Company has determined that the unrealized losses are deemed to be temporary impairments as of March 31, 2017. 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 March 31, 2017.

Property, Plant and Equipment,

Property, Plant and Equipment, Net	3 Months Ended
	Mar. 31, 2017
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment, Net	Note 4 - Property, Plant and Equipment, Net March 31, December 31, Useful life (Years) 2017 2016 Computer hardware and software 3 $ 86,228 $ 86,228 Lab equipment 3 to 5 253,735 253,735 Office equipment 3 to 5 1,109 1,109 Leasehold improvement 1 68,213 68,213 Total property, plant and equipment 409,285 409,285 Less: Accumulated depreciation and amortization (226,514) (194,598) Property, plant and equipment, net $ 182,771 $ 214,687 Depreciation expense for the three months ended March 31, 2017 and 2016 was approximately $ 32,000 19,000

Accrued Expenses

Accrued Expenses	3 Months Ended
	Mar. 31, 2017
Payables and Accruals [Abstract]
Accrued Expenses	Note 5 - Accrued Expenses March 31, December 31, 2017 2016 Accrued expenses: Salaries, bonuses and employee benefits $ 1,726,245 $ 2,884,000 Accrued severance expenses 245,028 241,737 Research and development expenses 980,436 916,674 General and administrative expenses 1,061,853 710,412 Total accrued expenses $ 4,013,562 $ 4,752,823

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2017
Stockholders' Transactions [Abstract]
Stockholders' Equity	Note 6 - Stockholders’ Equity Common Stock For the three months ended March 31, 2017, the Company issued an aggregate of 71,290 0.6 Options In July 2010, the stockholders approved the 2010 Equity Incentive Plan (the “2010 Plan”). As of March 31, 2017, there were outstanding options to purchase an aggregate of 654,834 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 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 3,539,641 498,905 37,501 Pursuant to the terms of the merger of Assembly Pharmaceuticals, Inc. with a wholly-owned subsidiary of the Company in 2014, the options to purchase shares of Assembly Pharmaceuticals' common stock issued and outstanding immediately prior to the merger were assumed by the Company and became exercisable for an aggregate of 621,651 621,651 Weighted Average Total Intrinsic Number of Shares Exercise Price Value Outstanding as of December 31, 2016 4,457,251 $ 7.14 $ 23,258,604 Granted 436,500 22.04 1,505,435 Exercised (71,290) 8.98 - Forfeited (6,335) 9.77 - Outstanding as of March 31, 2017 4,816,126 $ 8.46 $ 82,006,913 Options vested and exercisable 3,087,647 $ 6.56 $ 58,451,683 Three Months Ended March 31, 2017 2016 Exercise price 12.81 - 25.34 6.36 - 7.03 Expected stock price volatility 85.4% - 87.0% 88.7% - 91.8% Risk-free rate of interest 2.19% - 2.23% 1.53% - 1.94% Term (years) 5.5 - 7.0 5.4 - 7.0 Future Stock Option Compensation Expenses Nine Months Ended December 31, 2017 $ 5,902,782 Year Ended December 31, 2018 3,811,811 Year Ended December 31, 2019 1,112,946 Year Ended December 31, 2020 331,969 Year Ended December 31, 2021 5,138 Total $ 11,164,646 Unamortized stock-based compensation expense amounted to approximately $ 11.2 1.6 0 Three Months Ended March 31, 2017 2016 Research and development $ 951,926 $ 718,156 General and administrative 272,721 741,699 Total stock-based compensation expense $ 1,224,647 $ 1,459,855 Warrants There was no warrant activity for the three months ended March 31, 2017. The weighted average remaining contractual life of 16,909 3.2

Collaboration Agreement

Collaboration Agreement	3 Months Ended
	Mar. 31, 2017
Organization, Business and Basis Of Presentation [Abstract]
Collaboration Agreement	Note 7 – Collaboration Agreement On January 6, 2017, the Company entered into the Collaboration Agreement with 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 irritable bowel disease (IBD), such as ulcerative colitis (UC) and Crohn’s disease, and irritable bowel syndrome (IBS). 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 the Company is eligible to receive up to approximately $630 million in payments related to 7 development milestones and up to approximately $2.15 billion in payments related to 12 commercial development and sales milestones in connection with the successful development and commercialization of licensed compounds for up to six different indications. 75 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. The Collaboration Agreement meets the definition of a collaborative arrangement and a multiple-element arrangement. The Company concluded that there were two significant deliverables under the Collaboration Agreement – the license and the research and development services – but that the license does not have stand- alone value as Allergan cannot obtain value from the license without the research and development services, which the Company is uniquely able to perform. As such, the Company recognized the upfront payment received of $ 50.0 5.0 45.0 10 0.7

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 8 – Commitments and Contingencies Real Property Leases The Company leases office space for corporate functions in Carmel, Indiana under a lease agreement that expires in June 2021. The leased location in Carmel, Indiana supports 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. The Company also conducts research activities for the HBV-cure program at laboratory space leased from Indiana University at Bloomington, Indiana. The related activities performed at Indiana University are being transferred to the Company’s Indiana and California locations such that the Company’s use of this leased facility will cease by the end of May 2017. Research activities for the Microbiome program are also conducted at office and laboratory space in Groton, Connecticut under a lease that expires in March 2018 and office and laboratory space leased from the University of Florida Research Foundation in Alachua, Florida under a lease that expires in May 2017. The total leasing expenses for the three months ended March 31, 2017 and 2016 were approximately $ 0.3 0.3 Equipment Lease Pursuant to a Master Lease agreement dated November 25, 2014, the Company leases certain equipment. The equipment lease expense for the three months ended March 31, 2017 and 2016 amounted to approximately $182,000 and $ 57,000 2017 2020 $ 1.5 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	3 Months Ended
	Mar. 31, 2017
Subsequent Events [Abstract]
Subsequent Event	Note 9 - Subsequent Event On April 3, 2017, the Board of Directors of the Company adopted the Assembly Biosciences, Inc. 2017 Inducement Award Plan (the “Inducement Plan”) pursuant to which the Company reserved 800,000 shares of common stock for issuance under the Inducement Plan. The only persons eligible to receive grants of awards under the Inducement Plan are individuals who satisfy the standards for inducement grants under Nasdaq Marketplace Rule 5635(c)(4) and the related guidance under Nasdaq IM 5635-1. An “Award” is any right to receive Assembly Biosciences common stock pursuant to the Inducement Plan, consisting of nonstatutory stock options, stock appreciation rights, dividend equivalent rights, restricted stock awards, restricted stock unit awards, or any other stock award.

Summary of Significant Accoun16

Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Policies)	3 Months Ended
	Mar. 31, 2017
Summary Of Significant Accounting Policies [Abstract]
Basis of presentation	Basis of Presentation The accompanying condensed consolidated interim financial statements include the accounts of the Company and its subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The accompanying condensed consolidated financial statements have been prepared in accordance with the accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and pursuant to the instructions to Form 10-Q and Rule 10-01 of Regulation S-X of the U.S. Securities and Exchange Commission (the “SEC”) and on the same basis as the Company prepares its annual audited consolidated financial statements. The condensed consolidated balance sheet as of March 31, 2017, condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2017 and 2016, condensed consolidated statements of cash flows for the three months ended March 31, 2017 and 2016, and condensed consolidated statement of changes in stockholders’ equity for the three months ended March 31, 2017 are unaudited, but include all adjustments, consisting only of normal recurring adjustments, which the Company considers necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The results for the three months ended March 31, 2017 are not necessarily indicative of results to be expected for the year ending December 31, 2017 or for any future interim period. The consolidated balance sheet at December 31, 2016 has been derived from audited financial statements; however, it does not include all of the information and notes required by U.S. GAAP for complete financial statements. The accompanying condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2016, and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2016 filed with the SEC on March 2, 2017 (the “2016 Annual Report”).
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with 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 revenues and 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. In addition, with the Company entering to the Collaboration Agreement, the Company believes its condensed consolidated financial statements are also impacted by the following accounting estimates and judgments: (i) identifying deliverables under collaboration agreements involving multiple elements and determining whether such deliverables are separable from other aspects of the contractual relationship; (ii) estimating the selling price of deliverables for the purpose of allocating arrangement consideration for revenue recognition; and (iii) estimating the periods over which the allocated consideration for deliverables is recognized. 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.
Significant Accounting Policies	Significant Accounting Policies There have been no material changes in the Company’s significant accounting policies to those previously disclosed in the 2016 Annual Report.
Revenue Recognition	Revenue Recognition The Company recognizes revenue when each of the following four criteria is met: (i) persuasive evidence of an arrangement exists; (ii) products are delivered or as services are rendered; (iii) the sales price is fixed or determinable; and (iv) collectability is reasonably assured. The Company recognizes revenue under the Collaboration Agreement with Allergan based on the relevant accounting literature. Under this guidance, multiple elements or deliverables may include (i) grants of licenses, or options to obtain licenses, to intellectual property, (ii) research and development services, (iii) participation on joint research and/or joint development committees, and/or (iv) manufacturing or supply services. The payments entities may receive under these arrangements typically include one or more of the following: non-refundable, upfront license fees; option exercise fees; funding of research and/or development efforts; amounts due upon the achievement of specified objectives; and/or royalties on future product sales. Multiple-element arrangements require the separability of deliverables included in an arrangement into different units of accounting and the allocation of arrangement consideration to the units of accounting. The evaluation of multiple-element arrangements requires management to make judgments about (i) the identification of deliverables, (ii) whether such deliverables are separable from the other aspects of the contractual relationship, (iii) the estimated selling price of each deliverable, and (iv) the expected period of performance for each deliverable. To determine the units of accounting under a multiple-element arrangement, management evaluates certain separation criteria, including whether the deliverables have stand-alone value, based on the relevant facts and circumstances for each arrangement. Management then estimates the selling price for each unit of accounting and allocates the arrangement consideration to each unit using the relative selling price method. The allocated consideration for each unit of accounting is recognized based on the method most appropriate for that unit of account and in accordance with the revenue recognition criteria detailed above. If there are deliverables in an arrangement that are not separable from other aspects of the contractual relationship, they are treated as a combined unit of accounting, with the allocated revenue for the combined unit recognized in a manner consistent with the revenue recognition applicable to the final deliverable in the combined unit. Payments received prior to satisfying the relevant revenue recognition criteria are recorded as deferred revenue in the accompanying balance sheets and recognized as revenue when the related revenue recognition criteria are met. The Collaboration Agreement with Allergan provides for non-refundable milestone payments. The Company recognizes revenue that is contingent upon the achievement of a substantive milestone in its entirety in the period in which the milestone is achieved. A milestone is considered substantive when the consideration payable to the Company for such milestone (i) is consistent with the Company’s performance necessary to achieve the milestone or the increase in value to the collaboration resulting from the Company’s performance, (ii) relates solely to the Company’s past performance and (iii) is reasonable relative to all of the other deliverables and payments within the arrangement. In making this assessment, the Company considers all facts and circumstances relevant to the arrangement, including factors such as the scientific, regulatory, commercial and other risks that must be overcome to achieve the milestone, the level of effort and investment required to achieve the milestone and whether any portion of the milestone consideration is related to future performance or deliverables. The Collaboration Agreement provides Allergan with options to license additional intellectual property rights, or purchase additional research, development, or supply services. The Company concluded that these were "substantive options" under the multiple-element arrangement guidance, and accordingly, associated fees have not been considered in allocating contract consideration among deliverables with stand-alone value. If Allergan exercises one or more of these options, the associated revenue would be recognized using the method most appropriate for the particular deliverable. The Company will periodically review the estimated performance periods under the Collaboration Agreement, which provides for non-refundable upfront payments and fees. The Company will adjust the periods over which revenue should be recognized when appropriate to reflect changes in assumptions relating to the estimated performance periods. The Company could accelerate revenue recognition in the event of early termination of programs or if the Company’s expectations change. Alternatively, the Company could decelerate revenue recognition if programs are extended or delayed. While such changes to the Company’s estimates have no impact on the Company’s reported cash flows, the amount of revenue recorded in future periods could be materially impacted. The Company records revenues related to the reimbursement of costs incurred under the Collaboration Agreement where the Company acts as a principal, controls the research and development activities and bears credit risk. Under the Collaboration Agreement, the Company is reimbursed for associated out-of-pocket costs. The gross amount of these pass-through reimbursed costs is reported as revenue in the accompanying statements of operations, while the actual expenses for which the Company is reimbursed are reflected as research and development costs. The Company has also accounted for the milestone payments under ASC 605 Revenue Recognition – Milestone Method
Loss per Share of Common Stock	Loss per Share of Common Stock Basic net loss per share of common stock excludes dilution and is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share of common stock 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. Three Months Ended March 31, 2017 2016 Warrants to purchase common stock 16,909 16,909 Options to purchase common stock 4,816,126 3,851,688 Total 4,833,035 3,868,597
Recent Accounting Pronouncements	Adoption of Recent Accounting Pronouncements In March 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update ("ASU") 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting Recent Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers Revenue from Contracts with Customer: (Topic 606) Identifying Performance Obligations and Licensing In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) Leases (Topic 840) 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 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): Simplifying the Accounting for Goodwill Impairment

Summary of Significant Accoun17

Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Tables)	3 Months Ended
	Mar. 31, 2017
Summary Of Significant Accounting Policies [Abstract]
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	Securities that could potentially result in diluted loss per share in the future that were not included in the computation of diluted loss per share at March 31, 2017 and 2016 are as follows: Three Months Ended March 31, 2017 2016 Warrants to purchase common stock 16,909 16,909 Options to purchase common stock 4,816,126 3,851,688 Total 4,833,035 3,868,597

Marketable Securities (Tables)

Marketable Securities (Tables)	3 Months Ended
	Mar. 31, 2017
Investments, Debt and Equity Securities [Abstract]
Schedule of Available-for-sale Securities Reconciliation	Marketable securities consist of the following as of March 31, 2017 and December 31, 2016: March 31, 2017 Gross Unrealized Gross Unrealized Amortized Cost Gain (1) Loss (1) Fair Value Short-term available-for-sale securities Corporate bonds $ 17,671,194 $ 8,161 $ (401,257) $ 17,278,098 Government and agency obligations 1,225,000 98 - 1,225,098 Municipal bonds 1,596,160 5,644 - 1,601,804 Total $ 20,492,354 $ 13,903 $ (401,257) $ 20,105,000 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)
Schedule Of Available For Sale Securities Fair Value Measurement Categories	The fair value of marketable securities was classified into fair value measurement categories as of March 31, 2017 and December 31, 2016 as follows: March 31, December 31, 2017 2016 Quoted prices in active markets for identical assets (Level 1) $ - $ - Quoted prices for similar assets observable in the marketplace (Level 2) 20,105,000 26,824,156 Significant unobservable inputs (Level 3) - - Total $ 20,105,000 $ 26,824,156
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value	The following table shows the Company’s investments’ gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at March 31, 2017. Less than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Corporate bonds $ 4,901,519 $ (18,559) $ 8,939,618 $ (382,698) $ 13,841,137 $ (401,257) Total $ 4,901,519 $ (18,559) $ 8,939,618 $ (382,698) $ 13,841,137 $ (401,257)

Property, Plant and Equipment19

Property, Plant and Equipment, Net (Tables)	3 Months Ended
	Mar. 31, 2017
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property, plant and equipment, consists of the following: March 31, December 31, Useful life (Years) 2017 2016 Computer hardware and software 3 $ 86,228 $ 86,228 Lab equipment 3 to 5 253,735 253,735 Office equipment 3 to 5 1,109 1,109 Leasehold improvement 1 68,213 68,213 Total property, plant and equipment 409,285 409,285 Less: Accumulated depreciation and amortization (226,514) (194,598) Property, plant and equipment, net $ 182,771 $ 214,687

Accrued Expenses (Tables)

Accrued Expenses (Tables)	3 Months Ended
	Mar. 31, 2017
Payables and Accruals [Abstract]
Schedule Accrued Expenses	Accrued expenses consist of the following: March 31, December 31, 2017 2016 Accrued expenses: Salaries, bonuses and employee benefits $ 1,726,245 $ 2,884,000 Accrued severance expenses 245,028 241,737 Research and development expenses 980,436 916,674 General and administrative expenses 1,061,853 710,412 Total accrued expenses $ 4,013,562 $ 4,752,823

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2017
Stockholders' Transactions [Abstract]
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award	A summary of the Company’s option activity and related information for the three-month period ended March 31, 2017 is as follows: Weighted Average Total Intrinsic Number of Shares Exercise Price Value Outstanding as of December 31, 2016 4,457,251 $ 7.14 $ 23,258,604 Granted 436,500 22.04 1,505,435 Exercised (71,290) 8.98 - Forfeited (6,335) 9.77 - Outstanding as of March 31, 2017 4,816,126 $ 8.46 $ 82,006,913 Options vested and exercisable 3,087,647 $ 6.56 $ 58,451,683
Assumptions for Weighted Average Fair Value of Options Granted	The fair value of the options granted for the three months ended March 31, 2017 and 2016, were based on the following assumptions: Three Months Ended March 31, 2017 2016 Exercise price 12.81 - 25.34 6.36 - 7.03 Expected stock price volatility 85.4% - 87.0% 88.7% - 91.8% Risk-free rate of interest 2.19% - 2.23% 1.53% - 1.94% Term (years) 5.5 - 7.0 5.4 - 7.0
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 Nine Months Ended December 31, 2017 $ 5,902,782 Year Ended December 31, 2018 3,811,811 Year Ended December 31, 2019 1,112,946 Year Ended December 31, 2020 331,969 Year Ended December 31, 2021 5,138 Total $ 11,164,646
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs	Stock-based compensation expense for the three months ended March 31, 2017 and 2016 is as follows: Three Months Ended March 31, 2017 2016 Research and development $ 951,926 $ 718,156 General and administrative 272,721 741,699 Total stock-based compensation expense $ 1,224,647 $ 1,459,855

Nature of Business - Additional

Nature of Business - Additional Information (Details) $ in Millions	Feb. 10, 2017USD ($)
Overview [Line Items]
Licenses Revenue	$ 50
Allergan Pharmaceuticals International Limited [Member]
Overview [Line Items]
Agreed To Share Maximum Amount Development Cost	$ 75

Summary of Significant Accoun23

Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Details) - shares	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	4,833,035	3,868,597
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
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	4,816,126	3,851,688

Marketable Securities (Details)

Marketable Securities (Details) - USD ($)		Mar. 31, 2017	Dec. 31, 2016
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost			$ 27,287,602
Gross Unrealized Gain	[1]		9,610
Gross Unrealized Loss	[1]		(473,056)
Fair Value		$ 20,105,000	26,824,156
Short-term Investments [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		20,492,354	24,853,351
Gross Unrealized Gain	[1]	13,903	8,108
Gross Unrealized Loss	[1]	(401,257)	(473,056)
Fair Value		20,105,000	24,388,403
Short-term Investments [Member] | Corporate Bond Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		17,671,194	22,032,191
Gross Unrealized Gain	[1]	8,161	3,190
Gross Unrealized Loss	[1]	(401,257)	(473,056)
Fair Value		17,278,098	21,562,325
Short-term Investments [Member] | US Government Agencies Debt Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		1,225,000	1,225,000
Gross Unrealized Gain	[1]	98	661
Gross Unrealized Loss	[1]	0	0
Fair Value		1,225,098	1,225,661
Short-term Investments [Member] | Municipal Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		1,596,160	1,596,160
Gross Unrealized Gain	[1]	5,644	4,257
Gross Unrealized Loss	[1]	0	0
Fair Value		$ 1,601,804	1,600,417
Long-term Investments [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost			2,434,251
Gross Unrealized Gain	[1]		1,502
Gross Unrealized Loss	[1]		0
Fair Value			2,435,753
Long-term Investments [Member] | Corporate Bond Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost			2,434,251
Gross Unrealized Gain	[1]		1,502
Gross Unrealized Loss	[1]		0
Fair Value			$ 2,435,753
[1]	Gross unrealized gain (loss) is pre-tax.

Marketable Securities (Details

Marketable Securities (Details 1) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities	$ 20,105,000	$ 26,824,156
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	20,105,000	26,824,156
Fair Value, Inputs, Level 3 [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale Securities	$ 0	$ 0

Marketable Securities (Detail26

Marketable Securities (Details 2)	Mar. 31, 2017USD ($)
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Less than 12 Months	$ 4,901,519
Unrealized Losses, Less than 12 Months	(18,559)
Fair Value, 12 Months or More	8,939,618
Unrealized Losses,12 Months or More	(382,698)
Fair Value, Total	13,841,137
Unrealized Losses, Total	(401,257)
Corporate Bond Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Less than 12 Months	4,901,519
Unrealized Losses, Less than 12 Months	(18,559)
Fair Value, 12 Months or More	8,939,618
Unrealized Losses,12 Months or More	(382,698)
Fair Value, Total	13,841,137
Unrealized Losses, Total	$ (401,257)

Property, Plant and Equipment27

Property, Plant and Equipment, Net (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 409,285	$ 409,285
Less: Accumulated depreciation and amortization	(226,514)	(194,598)
Property, plant and equipment, net	182,771	214,687
Computer hardware and software [Member]
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 86,228	86,228
Property, Plant and Equipment, Useful Life	3 years
Lab equipment [Member]
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 253,735	253,735
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	$ 68,213
Property, Plant and Equipment, Useful Life	1 year

Property, Plant and Equipment28

Property, Plant and Equipment, Net - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Property, Plant and Equipment [Line Items]
Depreciation	$ 31,916	$ 18,558

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Accrued expenses:
Salaries, bonuses and employee benefits	$ 1,726,245	$ 2,884,000
Accrued severance expenses	245,028	241,737
Research and development expenses	980,436	916,674
General and administrative expenses	1,061,853	710,412
Total accrued expenses	$ 4,013,562	$ 4,752,823

Stockholders' Equity (Details)

Stockholders' Equity (Details) - Stock Option [Member]	3 Months Ended
	Mar. 31, 2017USD ($)$ / sharesshares
Number of Shares
Option, Outstanding at beginning of period | shares	4,457,251
Option, Granted | shares	436,500
Option, Exercised | shares	(71,290)
Option, Forfeited | shares	(6,335)
Option, Outstanding at end of period | shares	4,816,126
Options vested and exercisable | shares	3,087,647
Weighted Average Exercise Price
Option, Outstanding at beginning of period | $ / shares	$ 7.14
Option, Granted | $ / shares	22.04
Option, Exercised | $ / shares	8.98
Option, Forfeited | $ / shares	9.77
Option, Outstanding at end of period | $ / shares	8.46
Options vested and exercisable | $ / shares	$ 6.56
Total Intrinsic Value
Option, Outstanding at beginning of period | $	$ 23,258,604
Option, Granted | $	1,505,435
Option, Exercised | $	0
Option, Forfeited | $	0
Option, Outstanding at end of period | $	82,006,913
Options vested and exercisable | $	$ 58,451,683

Stockholders' Equity (Details 1

Stockholders' Equity (Details 1) - $ / shares	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Maximum [Member]
Share based Compensation Arrangement by Share based Payment Award, Fair Value Assumptions, Method Used [Line Items]
Exercise price	$ 25.34	$ 7.03
Expected stock price volatility	87.00%	91.80%
Risk-free rate of interest	2.23%	1.94%
Term (years)	7 years	7 years
Minimum [Member]
Share based Compensation Arrangement by Share based Payment Award, Fair Value Assumptions, Method Used [Line Items]
Exercise price	$ 12.81	$ 6.36
Expected stock price volatility	85.40%	88.70%
Risk-free rate of interest	2.19%	1.53%
Term (years)	5 years 6 months	5 years 4 months 24 days

Stockholders' Equity (Details 2

Stockholders' Equity (Details 2)	Mar. 31, 2017USD ($)
Stockholders Equity Note [Line Items]
Nine Months Ended December 31, 2017	$ 5,902,782
Year ended December 31, 2018	3,811,811
Year ended December 31, 2019	1,112,946
Year ended December 31, 2020	331,969
Year Ended December 31, 2021	5,138
Total	$ 11,164,646

Stockholders' Equity (Details 3

Stockholders' Equity (Details 3) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Allocated Share-based Compensation Expense	$ 1,224,647	$ 1,459,855
Research and Development [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Allocated Share-based Compensation Expense	951,926	718,156
General and Administrative [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Allocated Share-based Compensation Expense	$ 272,721	$ 741,699

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($) $ in Millions	Jun. 02, 2016	Mar. 31, 2017	Jul. 31, 2014
Stockholders Equity Note [Line Items]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition		1 year 7 months 6 days
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized		$ 11.2
Proceeds from Stock Options Exercised		$ 0.6
Class of Warrant or Right, Outstanding		16,909
Share-based Compensation Arrangement by Share-based Payment Award, Forfeiture Rate		0.00%
Warrant [Member]
Stockholders Equity Note [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term		3 years 2 months 12 days
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		37,501
Common Stock [Member]
Stockholders Equity Note [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number			621,651
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number		621,651
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period		71,290
2010 Stock Incentive Plan [Member]
Stockholders Equity Note [Line Items]
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number		654,834
2014 Stock Incentive Plan [Member]
Stockholders Equity Note [Line Items]
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number		3,539,641
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		498,905
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized	1,600,000

Collaboration Agreement - Addit

Collaboration Agreement - Additional Information (Details) - USD ($)	Feb. 10, 2017	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Collaboration revenue		$ 684,369	$ 0
Deferred Revenue,Amortization Period Over Service Tenure		10 years
Licenses Revenue	$ 50,000,000
Deferred Revenue, Current		$ 4,995,894		$ 0
Deferred Revenue, Noncurrent		$ 44,319,737		$ 0
Allergan Pharmaceuticals International Limited [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Revenue Recognition, Milestone Method, Description	the Company is eligible to receive up to approximately $630 million in payments related to 7 development milestones and up to approximately $2.15 billion in payments related to 12 commercial development and sales milestones in connection with the successful development and commercialization of licensed compounds for up to six different indications.
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 1/3 of such costs in excess of $75 million or (b) to allow Allergan to deduct from future development milestone payments 1/3 of the development costs funded by Allergan in excess of $75 million plus a premium of 25%.
Proceeds From Upfront Payment	$ 50,000,000
Agreed To Share Maximum Amount Development Cost	$ 75,000,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Commitments and Contingencies Disclosure [Line Items]
Operating Leases, Rent Expense	$ 300,000	$ 300,000
Equipment Lease [Member]
Commitments and Contingencies Disclosure [Line Items]
Operating Leases, Rent Expense	182,000	$ 57,000
Operating Leases, Future Minimum Payments Due	$ 1,500,000
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

Subsequent Event - Additional I

Subsequent Event - Additional Information (Details)	Apr. 03, 2017shares
Subsequent Event [Member] | 2017 Inducement Award Plan[Member]
Subsequent Event [Line Items]
Common Stock, Capital Shares Reserved for Future Issuance	800,000