Phaserx (PZRX) 10-K 27 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	Mar. 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	PHASERX, INC.
Entity Central Index Key	1,429,386
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	Smaller Reporting Company
Entity Public Float			$ 28.1
Trading Symbol	PZRX
Entity Common Stock, Shares Outstanding		11,690,329

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Current assets
Cash and cash equivalents	$ 9,983	$ 3,290
Marketable securities	5,496	0
Prepaids and other current assets	698	388
Total current assets	16,177	3,678
Property and equipment, net	271	236
Total assets	16,448	3,914
Current liabilities
Accounts payable	515	396
Accrued liabilities	884	445
Accrued interest	49	3,199
Current portion of term loan payable	576	0
Convertible notes, net of debt discount	0	19,841
Deferred rent	0	47
Total current liabilities	2,024	23,928
Term loan payable, net of debt discount and current portion	5,127	0
Preferred stock warrant liability	0	3,163
Total liabilities	7,151	27,091
Commitments and contingencies (Note 11)
Stockholders’ equity (deficit)
Preferred stock, $0.0001 par value, 5,000,000 and no shares authorized at December 31, 2016 and 2015, respectively; no shares outstanding at December 31, 2016 and 2015	0	0
Common stock, $0.0001 par value; 50,000,000 and 65,600,000 shares authorized at December 31, 2016 and 2015, respectively; 11,690,329 and 532,885 shares issued and outstanding at December 31, 2016 and 2015, respectively	1	1
Additional paid-in capital	78,773	453
Accumulated other comprehensive income	3	0
Accumulated deficit	(69,480)	(49,343)
Total stockholders' equity (deficit)	9,297	(48,889)
Total liabilities, redeemable convertible preferred stock and stockholders' equity (deficit)	16,448	3,914
Series A Preferred Stock [Member]
Current liabilities
Temporary Equity, Carrying Amount	0	20,212
Series A-1 Preferred Stock [Member]
Current liabilities
Temporary Equity, Carrying Amount	$ 0	$ 5,500

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Preferred Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Preferred Stock, Shares Authorized	5,000,000	0
Preferred Stock, Shares Outstanding	0	0
Common Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Common Stock, Shares Authorized	50,000,000	65,600,000
Common Stock, Shares, Issued	11,690,329	532,885
Common Stock, Shares, Outstanding	11,690,329	532,885
Series A Preferred Stock [Member]
Temporary Equity, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Temporary Equity, Shares Authorized	0	45,100,000
Temporary Equity, Shares Issued	0	20,216,583
Temporary Equity, Shares Outstanding	0	20,216,583
Temporary Equity, Liquidation Preference	$ 0	$ 20,217
Series A-1 Preferred Stock [Member]
Temporary Equity, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Temporary Equity, Shares Authorized	0	10,500,000
Temporary Equity, Shares Issued	0	5,500,000
Temporary Equity, Shares Outstanding	0	5,500,000
Temporary Equity, Liquidation Preference	$ 0	$ 5,500

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Revenue	$ 0	$ 375
Operating expenses
Research and development	6,662	4,883
General and administrative	4,153	1,299
Noncash financial advising fees	7,515	0
Total operating expenses	18,330	6,182
Loss from operations	(18,330)	(5,807)
Interest income	61	0
Interest expense	(2,058)	(1,649)
Other income, net	190	79
Total other income (expense)	(1,807)	(1,570)
Net loss attributable to common stockholders	$ (20,137)	$ (7,377)
Net loss per share attributable to common stockholders, basic and diluted	$ (2.68)	$ (14.22)
Shares used in computation of basic and diluted net loss per share attributable to common stockholders	7,524	519

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Net loss attributable to common stockholders	$ (20,137)	$ (7,377)
Other comprehensive income:
Unrealized gain on marketable securities	3	0
Comprehensive loss	$ (20,134)	$ (7,377)

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]
Balance at Dec. 31, 2014	$ (41,536)	$ 1	$ 429	$ 0	$ (41,966)
Balance (shares) at Dec. 31, 2014		437,261
Exercise of options		$ 0
Exercise of options (shares)	1,780	1,780
Exercise of common stock warrants	$ 10	$ 0	10	0	0
Exercise of common stock warrants (shares)		93,844
Stock-based compensation	21	$ 0	21	0	0
Accretion of Series A Preferred Stock	(7)	0	(7)	0	0
Unrealized gain on marketable securities	0
Net loss attributable to common stockholders	(7,377)	0	0	0	(7,377)
Balance at Dec. 31, 2015	(48,889)	$ 1	453	0	(49,343)
Balance (shares) at Dec. 31, 2015		532,885
Issuance of stock in initial public offering, net of $2,025 in offering costs	16,475	$ 0	16,475	0	0
Issuance of stock in initial public offering, net of $2,025 in offering costs (shares)		3,700,000
Issuance of common stock to financial advisor, noncash	560	$ 0	560	0	0
Issuance of common stock to financial advisor, noncash (shares)		112,000
Conversion of preferred stock	25,716	$ 0	25,716	0	0
Conversion of preferred stock (shares)		3,229,975
Conversion of notes payable, bridge loan and related accrued interest	19,404	$ 0	19,404	0	0
Conversion of notes payable, bridge loan and related accrued interest (shares)		2,788,880
Conversion of bridge loan and related accrued interest	4,086	$ 0	4,086	0	0
Conversion of bridge loan and related accrued interest (in shares)		1,021,525
Debt discount for beneficial conversion feature on bridge loan	1,021	$ 0	1,021	0	0
Cashless exercise of warrants	2,440	$ 0	2,440	0	0
Cashless exercise of warrants (in shares)		303,096
Exercise of options	$ 0	$ 0	0	0	0
Exercise of options (shares)	1,968	1,968
Noncash financial advising fees	$ 6,955	$ 0	6,955	0	0
Warrant liability reclassified to equity upon expiration	535	0	535	0	0
Debt discount for warrant issued with term loan payable	205	0	205	0	0
Stock-based compensation	927	0	927	0	0
Accretion of Series A Preferred Stock	(4)	0	(4)	0	0
Unrealized gain on marketable securities	3	0	0	3	0
Net loss attributable to common stockholders	(20,137)	0	0	0	(20,137)
Balance at Dec. 31, 2016	$ 9,297	$ 1	$ 78,773	$ 3	$ (69,480)
Balance (shares) at Dec. 31, 2016		11,690,329

Consolidated Statements of Sto7

Consolidated Statements of Stockholders' Equity (Deficit) (Parenthetical)	12 Months Ended
	Dec. 31, 2016USD ($)
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs	$ 2,025

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Operating activities
Net loss	$ (20,137)	$ (7,377)
Adjustments to reconcile net loss to net cash used in operating activities
Noncash financial advising fees	7,515	0
Amortization of debt discount	1,610	505
Depreciation and amortization	136	331
Stock-based compensation	927	21
Noncash interest expense	127	1,144
Deferred contract revenue	0	(375)
Preferred stock warrant liability	(190)	(79)
Changes in operating assets and liabilities
Prepaids and other current assets	(310)	(213)
Accounts payable	119	199
Accrued liabilities	439	10
Deferred rent	(47)	(146)
Net cash used in operating activities	(9,811)	(5,980)
Investing activities
Purchases of marketable securities	(12,993)	0
Maturities of marketable securities	7,500	0
Purchases of property and equipment	(171)	(114)
Net cash used in investing activities	(5,664)	(114)
Financing activities
Proceeds from issuance of common stock, net of issuance costs	16,475	0
Proceeds from issuance of term loan, net of issuance costs	5,693	0
Proceeds from issuance of convertible note, net of issuance costs	0	7,343
Proceeds from exercise of common stock warrants	0	10
Proceeds from issuance of original issue discount promissory note	400	0
Payment of original issue discount promissory note	(400)	0
Net cash provided by financing activities	22,168	7,353
Net increase (decrease) in cash and cash equivalents	6,693	1,259
Cash and cash equivalents
Beginning of period	3,290	2,031
End of period	9,983	3,290
Supplemental information
Accretion of Series A Preferred Stock	4	7
Conversion of preferred stock into common stock	25,716	0
Cashless exercise of warrants	2,440	0
Debt discount for beneficial conversion feature on bridge loan	1,021	0
Warrant liability reclassified to equity upon expiration	535	0
Interest Paid	323	0
Debt discount for warrant issued in connection with term loan payable	205	0
Notes Payable, Other Payables [Member]
Supplemental information
Conversion of debt instrument into common stock	19,404	0
Bridge Loan [Member]
Supplemental information
Conversion of debt instrument into common stock	$ 4,086	$ 0

Business and Organization

Business and Organization	12 Months Ended
	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	1. Business and Organization PhaseRx, Inc. (referred to as “PhaseRx”, the “Company,” “we,” “us,” or “our”) was incorporated in the State of Delaware on March 9, 2006 and is located in Seattle, Washington. We are a biopharmaceutical company developing a portfolio of products for the treatment of inherited enzyme deficiencies in the liver using intracellular enzyme replacement therapy, or i-ERT. Our i-ERT approach is enabled by our proprietary Hybrid messenger RNA, or mRNA, Technology platform, which allows synthesis of the missing enzyme inside the cell. Our initial product portfolio targets the three urea cycle disorders ornithine transcarbamylase deficiency, or OTCD, argininosuccinate lyase deficiency, or ASL deficiency, and argininosuccinate synthetase deficiency, or ASS1 deficiency. During 2016, we achieved a number of milestones which we believe as significant. In June 2016, we demonstrated preclinical proof of concept for the treatment of a second product candidate, PRX-ASL, which further established the breadth of our Hybrid mRNA Technology. This was closely followed by selection of our lead product candidate, PRX-OTC. We also tested our Hybrid mRNA Technology’s ability to deliver mRNA in a large animal tolerability study with non-human primates. In November 2016, the OTCD program received orphan drug designation in the United States. We expect to obtain human clinical safety and efficacy data in OTCD patients for our first clinical program in 2018. Initial Public Offering In May 2016, we completed our initial public offering (“IPO”) and sold 3,700,000 5.00 16.5 7,040,380 303,096 51.6 50,000,000 5,000,000 Liquidity Our activities since inception have consisted principally of performing research and development activities and raising capital. Our activities are subject to significant risks and uncertainties, including possible failure of preclinical testing and failing to secure additional funding before we achieve sustainable revenue and profit from operations. As of December 31, 2016, we had an accumulated deficit of $ 69.5 15.5

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	2. Summary of Significant Accounting Policies On May 17, 2016, immediately prior to our IPO we amended our third amended and restated certificate of incorporation to reduce the conversion price of our preferred stock to $ 0.747165 On May 17, 2016, following the effectiveness of the conversion price amendment, we effected a reverse stock split at a ratio of 1-for-10.656096 All information presented in these financial statements and related notes reflect the 1-for-10.656096 reverse stock split of our outstanding shares of common stock, stock options and warrants and the amendment to the conversion price of our preferred stock. The consolidated financial statements include the accounts of PhaseRx and its wholly owned subsidiary which was formed in December 2016. All material intercompany transactions and balances have been eliminated in consolidation. Certain balances from prior period have been reclassified in order to conform to the current period presentation. The preparation of consolidated financial statements in conformity with GAAP requires our management to make estimates and assumptions that affect the reported amount of assets, liabilities, revenue and expenses, and related disclosure of contingent assets and liabilities. Actual results could differ from those estimates. In preparing these consolidated financial statements, management has made its best estimates and judgments of certain amounts included in the consolidated financial statements, giving due consideration to materiality. On an ongoing basis, we evaluate our estimates, including those related to revenue recognition, fair value measurements, financing activities, accruals and other contingencies. Cash Equivalents and Marketable Securities We invest our excess cash in investment grade short- to intermediate-term fixed income securities. Such investments are included in cash and cash equivalents or marketable securities, on the balance sheets, classified as available-for-sale and reported at fair value with unrealized gains and losses included in accumulated other comprehensive income (loss). Realized gains and losses on the sale of these securities are recognized in net income or loss. We consider all highly liquid investments with original maturities at purchase of 90 days or less to be cash equivalents, an investment with a maturity greater than twelve months from the balance sheet date as long-term marketable securities and a maturity less than twelve months as short-term at the balance sheet date. Our cash equivalents and marketable securities consist principally of commercial paper and money market securities. Interest earned on securities is included in interest income. Gains are recognized when realized in our statements of operations. Losses are recognized when realized or when we have determined that an other-than-temporary decline in fair value has occurred. The cost of securities sold is based on the specific identification method. We periodically evaluate whether declines in fair values of our investments below their cost are other-than-temporary. This evaluation consists of several qualitative and quantitative factors regarding the severity and duration of the unrealized loss as well as our ability and intent to hold the investment until a forecasted recovery occurs. Factors considered include quoted market prices, recent financial results and operating trends, credit quality of debt instrument issuers, other publicly available information that may affect the value of our investments, duration and severity of the decline in value, and our strategy and intentions for holding the investment. Additionally, we assess whether it is more likely than not we will be required to sell any investment before recovery of its amortized cost basis. Computer equipment and software 2 3 Office equipment and furniture 5 7 Laboratory Equipment 5 Leasehold improvements are amortized using the straight-line method over the shorter of the estimated useful life of the asset or the lease term. We establish the fair value of our assets and liabilities using the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. We established a fair value hierarchy based on the inputs used to measure fair value. The three levels of the fair value hierarchy are as follows: Level 1: Quoted prices in active markets for identical assets or liabilities. Level 2: Inputs, other than the quoted prices in active markets that are observable either directly or indirectly. Level 3: Unobservable inputs in which little or no market data exists, therefore determined using estimates and assumptions developed by us, which reflect those that a market participant would use. We measure and report at fair value our cash equivalents and marketable securities. The carrying value of accounts payable and accrued liabilities approximate their respective fair values due to their relative short maturities. The carrying value of our 8 5 3.7 We may apply the fair value option to any eligible financial assets or liabilities, which permits an instrument by instrument irrevocable election to account for selected financial assets and liabilities at fair value. To date, we have not applied this election. We evaluate our financial instruments such as convertible preferred stock and convertible notes to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then revalued at each reporting date, with changes in the fair value reported in the statements of operations. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative instrument liabilities are classified in the balance sheet as current or non-current based on whether or not net-cash settlement of the derivative instrument could be required within 12 months of the balance sheet date. At each reporting date, we review our convertible securities to determine their classification is appropriate. We defer costs related to the issuance of debt and include them on the accompanying balance sheets as a deduction from the debt liability. Deferred financing costs are amortized over the term of the related loan and are included as a component of interest expense on the accompanying statements of operations. Warrants to purchase our redeemable convertible preferred stock are classified as liabilities and are recorded at their estimated fair value. We use the Black-Scholes option pricing model to evaluate the fair value of the warrants. In each reporting period, any change in the fair value of the warrants are recorded as expense in the case of an increase in fair value and income in the case of a decrease in fair value. We initially record redeemable convertible preferred stock that may be redeemed at the option of the holder or based upon the occurrence of events not under our control outside of stockholders’ deficit at the value of the proceeds received, net of issuance costs. The difference between the original carrying value and the redemption value is accreted at each reporting period on a straight line basis so that the carrying value equals the redemption value on the redemption date. In the absence of retained earnings, these accretion charges are recorded against additional paid-in capital, if any, and then to accumulated deficit. Non-refundable, up-front payments received in connection with collaborative research and development agreements are deferred and recognized on a straight-line basis, unless evidence suggests that the revenue is earned or obligations are fulfilled in a different pattern, over the contractual term of the arrangement or the expected period during which those specified services will be performed, whichever is longer. 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, the costs of laboratory supplies, equipment and facilities, license fees and other external costs. Non-refundable advance payments for goods or services to be received in the future for use in research and development activities are deferred and capitalized. The capitalized amounts are expensed as the related goods are delivered or the services are performed. We expense the cost of employee services received in exchange for an award of equity instruments based on the grant date fair value of such instruments. We use the Black-Scholes option pricing model to calculate the fair value of any equity instruments on the grant date. We recognize stock-based compensation, net of estimated forfeitures, on the graded-vesting method as expense over the requisite service period. The use of the Black-Scholes option pricing model requires management to make assumptions with respect to volatility, expected option term and fair value of our common stock. Measurement of stock-based compensation for options granted to nonemployees is subject to periodic adjustment as the underlying equity instruments vest. We have granted stock options with performance conditions to certain executive officers, directors and nonemployee consultants. At each reporting date, we evaluate whether the achievement of the performance conditions is probable. Compensation expense is recorded over the appropriate service period based upon our assessment of achievement of each performance condition or the occurrence of the event which will trigger the options to vest. The computation of basic and diluted net loss per share attributable to common stockholders is calculated by dividing the net loss by the weighted average number of common stock outstanding during the period and excludes all outstanding stock options, warrants, preferred stock, as well as shares issuable upon conversion of all outstanding convertible notes and term loans from the calculation of diluted net loss per common share, as all such securities are anti-dilutive to the computation for all the periods presented. For the years ended December 31, 2016 and 2015, the computation of diluted net loss per share excluded 1,828,606 6,564,910 Year ended December 31, 2016 2015 Net loss attributable to common stockholders $ (20,137) $ (7,377) Weighted average shares used in computation of basic and diluted net loss per share attributable to common stockholders 7,524 519 Basic and diluted net loss per share attributable to common stockholders $ (2.68) $ (14.22) We account for income taxes under the liability method. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax reporting bases of assets and liabilities and are measured using enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. Realization of deferred tax assets is dependent upon future earnings, the timing and amount of which are uncertain. We utilize a two-step approach to recognize and measure uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained upon tax authority examination, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon ultimate settlement. We are exposed to credit risk from our deposits of cash and cash equivalents in excess of amounts insured by the Federal Deposit Insurance Corporation. We have not experienced any losses on our deposits of cash and cash equivalents since inception. Our cash and cash equivalents balances of $ 9.8 3.0 Operating segments are defined as components of an enterprise engaging in business activities from which it may earn revenues and incur expenses, for which discrete financial information is available and whose operating results are regularly reviewed by the chief operating decision maker in deciding how to allocate resources and in assessing performance. We view our operations and manage our business in one operating segment and all of our operations are in the United States. In May 2014, the Financial Accounting Standards Board, or FASB, issued Accounting Standard Update, or ASU, No. 2014-09, Revenue from Contracts with Customers (Topic 606) Revenue Recognition In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting Compensation — Stock Compensation In June 2016, the FASB issued ASU 2016-13, Financial Instruments: Credit Losses In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments,

Cash Equivalents and Marketable

Cash Equivalents and Marketable Securities	12 Months Ended
	Dec. 31, 2016
Cash and Cash Equivalents [Abstract]
Cash, Cash Equivalents, and Marketable Securities [Text Block]	3. Cash Equivalents and Marketable Securities Cost or Amortized Fair Cost Value (In thousands) Due in one year or less $ 5,493 $ 5,496 Due after one year through two years - - $ 5,493 $ 5,496 We did not incur any realized gains and losses on sales of available-for-sale securities for the year ended December 31, 2016. None of the securities have been in a continuous unrealized loss position for more than 12 months as of December 31, 2016. Cost or Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In thousands) Commercial paper $ 5,493 $ 3 $ - $ 5,496 $ 5,493 $ 3 $ - $ 5,496 Fair values were determined for each individual security in the investment portfolio. We utilize third-party pricing services for all security valuations. We review the pricing methodology, including the collection of market information, used by the third-party pricing services. On a periodic basis, we also review and validate the pricing information received from the third-party providers.

Property and Equipment

Property and Equipment	12 Months Ended
	Dec. 31, 2016
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment Disclosure [Text Block]	4. Property and Equipment December 31, 2016 2015 Computer and office equipment $ 249 $ 244 Laboratory equipment 2,273 2,107 Leasehold improvements 881 881 3,403 3,232 Less: Accumulated depreciation and amortization (3,132) (2,996) $ 271 $ 236 Depreciation and amortization expenses were $136,000 and $331,000 in the years ended December 31, 2016 and 2015, respectively.

Accrued Liabilities

Accrued Liabilities	12 Months Ended
	Dec. 31, 2016
Payables and Accruals [Abstract]
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	5. Accrued Liabilities December 31, 2016 2015 Compensation and benefits $ 681 $ 209 Other accrued liabilities 203 236 $ 884 $ 445

Term Loan, Convertible Notes Pa

Term Loan, Convertible Notes Payable and Other Debt	12 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	6. Term Loan, Convertible Notes Payable and Other Debt Hercules Term Loan and Warrants On June 7, 2016, we entered into a Loan and Security Agreement (the “Loan Agreement”) by and among us, the several banks and other financial institutions or entities from time to time parties to the Loan Agreement (the “Lenders”) and Hercules Capital, Inc. (“Hercules”), in its capacity as administrative agent for itself and the Lenders, pursuant to which the Lenders agreed to make a term loan available to us for working capital and general business purposes, in a principal amount of up to $ 8 6 2 The Term Loan bears interest at a floating annual rate equal to the 5.85 At our option, we may prepay all or any portion of the outstanding principal balance and all accrued and unpaid interest with respect to the principal balance being prepaid of the Term Loan, subject to a prepayment fee of 3 2 1 2017 $ 1,084 2018 2,334 2019 2,582 Total principal payments 6,000 Less unamortized debt discount (297) Balance, December 31, 2016 $ 5,703 In connection with the Loan Agreement, we also issued to Hercules Technology III, L.P., as the sole Lender on June 7, 2016, a warrant to purchase up to 63,000 5.00 The warrant issued to Hercules Technology III L.P. met the requirements to be accounted for as equity. The fair value of $ 212,000 5 1.23 81.6 205,000 The total debt discount, inclusive of the end of term charge and other fees, amounted to $ 659,000 Promissory Note On May 2, 2016, we issued an original issue discount promissory note in the aggregate amount of $ 440,000 400,000 Convertible Notes Payable December 31, 2016 2015 8% convertible notes payable on or after February 1,2013 $ - $ 3,600 8% convertible notes payable on or after July 2, 2013 - 1,600 8% convertible notes payable on or after June 10, 2013 - 3,000 8% convertible notes payable on or after December 28, 2013 - 1,400 8% convertible notes payable on or after March 19, 2014 - 1,400 8% convertible notes payable on or after June 4, 2014 - 1,540 8% convertible notes payable on or after October 29, 2015 - 825 8% convertible notes payable on or after December 17, 2015 - 1,650 8% convertible notes payable on or after March 31, 2016 - 1,200 5% convertible notes payable on December 21, 2016 - 4,000 Aggregate principal of convertible notes payable - 20,215 Debt discount and deferred debt issuance costs - (374) Convertible notes payable, net $ - $ 19,841 8% Convertible Notes Payable In April, June, August and October 2015, we issued and sold to investors, including some beneficial owners of more than 5 3.7 12.5 8 3.2 2,788,880 2,452,242 0.01 303,096 The fair value of the warrants were recorded as debt discount and warrant liabilities upon issuance of the convertible notes on the balance sheets because the warrants were exercisable into redeemable Series A Preferred Stock. The debt discount was amortized to interest expense over the term of the notes. The fair value of the warrant liabilities were re-measured at each reporting period using the Black-Scholes option pricing model. Any increase in fair value was recorded as expense and any decrease in the fair value was recorded as income in the statement of operations. The warrant liabilities were zero and $ 3.2 5% Convertible Term Loans On December 21, 2015, we entered into a loan and security agreement with 17 investors, pursuant to which these investors made term loans to us in the aggregate principal amount of $ 4.0 5 86 1,021,525 80 1.0 We incurred debt issuance costs of $ 332,000

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	7. Fair Value Measurements December 31, 2016 Quoted Prices in Significant Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs Description Balance (Level 1) (Level 2) (Level 3) (In thousands) Financial Assets: Money market $ 7,731 $ 7,731 $ - $ - Commercial paper 7,544 - 7,544 - Total financial assets $ 15,275 $ 7,731 $ 7,544 $ - Add Cash: 204 Total cash, cash equivalents and marketable securities $ 15,479 Financial Liabilities: Preferred stock warrant liability $ - $ - $ - $ - Total financial liabilities $ - $ - $ - $ - December 31, 2015 Quoted Prices in Significant Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs Description Balance (Level 1) (Level 2) (Level 3) (In thousands) Financial Assets: Money market $ - $ - $ - $ - Commercial paper Total financial assets $ - $ - $ - $ - Add Cash: $ 3,290 Total cash, cash equivalents and marketable securities $ 3,290 Financial Liabilities: Preferred stock warrant liability $ 3,163 $ - $ - $ 3,163 Total financial liabilities $ 3,163 $ - $ - $ 3,163 The seven-year warrants exercisable into Series A Preferred Stock were issued in connection with the issuance of the 8% convertible notes. We determined the fair value of the warrants using the Black-Scholes option pricing model with the following assumptions (level 3 inputs): no dividend yield; expected life ranging from 3.1 7.0 1.3 2.1 84.0 97.7 1.00 Preferred Stock Warrant Liability Balance, January 1, 2015 $ 2,695 Additional preferred stock warrants issued 547 Change in fair value (79) Balance, December 31, 2015 3,163 Warrants exercised (2,438) Warrants expired (535) Change in fair value (190) Balance, December 31, 2016 $ -

Redeemable Convertible Preferre

Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit)	12 Months Ended
	Dec. 31, 2016
Stockholders' Equity Note [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	8. Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) Redeemable Convertible Preferred Stock We had 20,216,583 5,500,000 3,229,975 Pursuant to our fourth amended and restated certificate of incorporation, we are authorized to issue 5,000,000 Warrants In February 2015, we received an aggregate of $ 10,000 93,844 0.11 As discussed above, immediately prior to the consummation of our IPO, seven-year warrants to purchase 2,452,242 0.01 303,096 As of December 31, 2016, we have an outstanding warrant to purchase 63,000 5.00 14,133 7.96 December 1, 2020 Common Stock In connection with a bridge loan financing and our IPO, in December 2015 and in February 2016, some of our investors, who collectively beneficially owned the majority of our common stock, entered into stock purchase agreements with Titan Multi-Strategy Fund I, LTD (“Titan”) and certain of its third-party designees pursuant to which, concurrently with the closing of the IPO, sold an aggregate of 1,393,880 We recorded the fair value of this stock amounting to $ 7.0 5.00 We have also issued to Palladium Capital Advisors, LLC, as consideration for serving as a non-exclusive advisor in connection with our IPO and financing activities, 112,000 5.00 560,000 December 31, 2016 2015 Stock options outstanding 1,751,473 443,779 Stock options available for grant 465,265 30,319 Exercise of common stock warrants 77,133 — Exercise of Series A Preferred Stock warrants - 454,014 Convertible notes payable - 2,437,142 Issuance of Series A Preferred Stock - 2,539,182 Issuance of Series A-1 preferred stock - 690,793 2,293,871 6,595,229 Stock Option Plans 2006 Stock Plan The PhaseRx, Inc. 2006 Stock Plan, as amended and restated on June 13, 2014, as subsequently amended, which we refer to as the 2006 Stock Plan, was adopted by our board of directors in March 2006 and approved by our stockholders in April 2006. Our 2006 Stock Plan provides for the grant of incentive stock options, within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended, to our employees, and for the grant of non-statutory stock options and stock purchase rights to our employees, directors and consultants. Immediately prior to the IPO, the 2006 Stock Plan ceased to be available for future issuances of awards, and we will not grant any additional awards under the 2006 Stock Plan. However, our 2006 Stock Plan will continue to govern the terms and conditions of outstanding awards granted thereunder. 2016 Long-Term Incentive Plan On February 8, 2016, our board of directors approved the 2016 Long-Term Incentive Plan, which we refer to as the 2016 Plan. The 2016 Plan provides for the granting of incentive stock options, within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended, to our employees and for the granting of nonqualified stock options, restricted stock, stock appreciation rights, restricted stock units, performance awards, dividend equivalent rights, and other awards to our employees, directors and consultants. The 2016 Plan became effective immediately prior to the IPO. We have initially reserved a total of 1,532,299 5 584,516 2,116,815 Shares Available for Future Issuances Balance, January 1, 2016 - Shares authorized based on 2016 Long-Term Incentive Plan 1,532,299 Granted (1,095,237) Forfeited or expired 28,203 Balance, December 31, 2016 465,265 Stock-Based Compensation We granted incentive stock options to employees and members of the board of directors for their services on the board of directors and nonqualified stock options to nonemployee consultants for their consulting services. Options, in general, either vest in 48 equal installments on each monthly anniversary or 25% on the first year anniversary and 1/48 th We recorded employee stock-based compensation expense of $ 927,000 21,000 1.6 2.0 Year Ended December 31, 2016 2015 Research and development $ 294 $ 17 General and administrative 633 4 $ 927 $ 21 Year ended December 31, 2016 2015 Weighted- Average Weighted- Average Options Exercise Price Options Exercise Price Outstanding – beginning of period 443,779 $ 0.9537 440,776 $ 0.9795 Options granted 1,340,817 3.1136 21,588 0.1066 Options exercised (1,968) 0.0407 (1,780) 0.1066 Options forfeited (31,155) 4.5989 (16,805) 0.6318 Outstanding – end of period 1,751,473 $ 2.5434 443,779 $ 0.9537 Exercisable – end of period 466,403 $ 1.8853 257,383 $ 1.3934 Weighted-average fair value of options granted during the period $ 2.2677 $ 0.092 Weighted-Average Weighted-Average Number of Remaining Number of Exercise Options Contractual Life Exercise Prices Options Price Exercisable (years) $ 0.0020 - $1.0656 280,019 $ 0.1723 178,803 6.97 $ 1.4500 384,900 1.4500 500 9.94 $ 1.8115 - $2.3443 396,442 2.0206 182,467 7.19 $ 2.6640 - $3.1600 216,181 3.1417 46,439 9.36 $ 4.2900 50,000 4.2900 5,208 9.50 $ 5.0800 423,931 5.0800 52,986 9.42 1,751,473 $ 2.5434 466,403 8.64 The aggregate intrinsic value of stock options outstanding at December 31, 2016 was $ 424,000 240,000 3,000 Year Ended December 31, 2016 2015 Weighted average estimated fair value per share $ 2.2677 $ 0.092 Weighted average assumptions: Dividend yields — — Expected term (years) 5.9 6.9 Risk free interest rate 1.5 % 1.6 % Volatility 80.3 % 89.6 % The risk-free interest rates used in the Black-Scholes option pricing model are based on the implied yield currently available in United States Treasury securities at maturity with an equivalent term. We have limited stock option exercise information. Accordingly, the expected term of stock options granted was calculated using the simplified method, which represents the average of the contractual term of the stock option and the weighted-average vesting period of the stock option. We have not declared or paid any dividends and do not currently expect to do so in the foreseeable future. The value of our underlying common stock is determined by the board of directors relied in part upon the report of third party valuation specialists and input from our management prior to the IPO. Expected volatility is based on an average volatility of stock prices for a group of similar publicly traded companies. The fair value of each stock option award is estimated on the date of grant using the Black-Scholes option pricing model.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	As of December 31, 2016, we had a gross operating loss carryforward for federal income tax purposes of approximately $ 39.5 2028 1.3 2028 December 31, 2016 2015 (in thousands) Deferred tax assets: Net operating loss carryforward $ 13,815 $ 10,816 Capitalized research and development expenses 4,666 3,969 Research and other credits 1,275 1,021 Other 572 284 20,328 16,090 Less: Valuation allowance (20,328) (16,090) Total deferred tax assets $ — $ — 35 Year Ended December 31, 2016 2015 (in thousands) U.S. Federal provision (benefit) Loss before provision for income taxes $ (20,137) $ (7,377) At statutory rate of 35% $ (7,047) $ (2,582) Change in valuation allowance 4,238 2,222 IPO costs 2,434 - Tax credits (254) (188) Stock based compensation 178 7 Nondeductible expenses 451 541 Total $ — $ —

Significant Agreement

Significant Agreement	12 Months Ended
	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Collaborative Arrangement Disclosure [Text Block]	10. Significant Agreement On April 4, 2014, we entered into an exclusive development and option agreement, or development agreement, with Synageva BioPharma Corp., or Synageva, pursuant to which we agreed to conduct certain development activities in connection with the development of our mRNA and polymer products. Under the development agreement, Synageva had an option to acquire us through a merger of a wholly-owned subsidiary of Synageva with and into us. In partial consideration of our obligations under the development agreement, Synageva paid us a non-refundable upfront fee in the aggregate amount of $ 1.5 5,500,000 5.5 375,000

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]	11. Commitments and Contingencies In February 2010, we entered into two lease agreements for approximately 14,200 65 605,000 In September 2016, we extended the term of the lease agreements through November 30, 2021 14,600 2017 $ 615 2018 633 2019 652 2020 672 2021 633 Total minimum lease payments $ 3,205 Rent expense totaled $ 833,000 689,000

Employee Benefit Plan

Employee Benefit Plan	12 Months Ended
	Dec. 31, 2016
Compensation and Retirement Disclosure [Abstract]
Compensation and Employee Benefit Plans [Text Block]	12. Employee Benefit Plan We have a 401(k) plan for employees who meet eligibility requirements. Eligible employees may contribute from 1

Summary of Significant Accoun21

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Conversion Price Amendment [Policy Text Block]	Conversion Price Amendment On May 17, 2016, immediately prior to our IPO we amended our third amended and restated certificate of incorporation to reduce the conversion price of our preferred stock to $ 0.747165
Reserve Stock Spilt [Policy Text Block]	Reverse Stock Split On May 17, 2016, following the effectiveness of the conversion price amendment, we effected a reverse stock split at a ratio of 1-for-10.656096 All information presented in these financial statements and related notes reflect the 1-for-10.656096 reverse stock split of our outstanding shares of common stock, stock options and warrants and the amendment to the conversion price of our preferred stock.
Consolidation, Policy [Policy Text Block]	Principles of Consolidation The consolidated financial statements include the accounts of PhaseRx and its wholly owned subsidiary which was formed in December 2016. All material intercompany transactions and balances have been eliminated in consolidation.
Reclassification, Policy [Policy Text Block]	Reclassification Certain balances from prior period have been reclassified in order to conform to the current period presentation.
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The preparation of financial statements in conformity with GAAP requires our management to make estimates and assumptions that affect the reported amount of assets, liabilities, revenue and expenses, and related disclosure of contingent assets and liabilities. Actual results could differ from those estimates. In preparing these financial statements, management has made its best estimates and judgments of certain amounts included in the financial statements, giving due consideration to materiality. On an ongoing basis, we evaluate our estimates, including those related to revenue recognition, fair value measurements, financing activities, accruals and other contingencies.
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash Equivalents and Marketable Securities We invest our excess cash in investment grade short- to intermediate-term fixed income securities. Such investments are included in cash and cash equivalents or marketable securities, on the balance sheets, classified as available-for-sale and reported at fair value with unrealized gains and losses included in accumulated other comprehensive income (loss). Realized gains and losses on the sale of these securities are recognized in net income or loss. We consider all highly liquid investments with original maturities at purchase of 90 days or less to be cash equivalents, an investment with a maturity greater than twelve months from the balance sheet date as long-term marketable securities and a maturity less than twelve months as short-term at the balance sheet date. Our cash equivalents and marketable securities consist principally of commercial paper and money market securities. Interest earned on securities is included in interest income. Gains are recognized when realized in our statements of operations. Losses are recognized when realized or when we have determined that an other-than-temporary decline in fair value has occurred. The cost of securities sold is based on the specific identification method. We periodically evaluate whether declines in fair values of our investments below their cost are other-than-temporary. This evaluation consists of several qualitative and quantitative factors regarding the severity and duration of the unrealized loss as well as our ability and intent to hold the investment until a forecasted recovery occurs. Factors considered include quoted market prices, recent financial results and operating trends, credit quality of debt instrument issuers, other publicly available information that may affect the value of our investments, duration and severity of the decline in value, and our strategy and intentions for holding the investment. Additionally, we assess whether it is more likely than not we will be required to sell any investment before recovery of its amortized cost basis.
Property, Plant and Equipment, Policy [Policy Text Block]	Property and Equipment Computer equipment and software 2 3 Office equipment and furniture 5 7 Laboratory Equipment 5 Leasehold improvements are amortized using the straight-line method over the shorter of the estimated useful life of the asset or the lease term.
Fair Value of Financial Instruments, Policy [Policy Text Block]	Fair Value of Financial Instruments We establish the fair value of our assets and liabilities using the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. We established a fair value hierarchy based on the inputs used to measure fair value. The three levels of the fair value hierarchy are as follows: Level 1: Quoted prices in active markets for identical assets or liabilities. Level 2: Inputs, other than the quoted prices in active markets that are observable either directly or indirectly. Level 3: Unobservable inputs in which little or no market data exists, therefore determined using estimates and assumptions developed by us, which reflect those that a market participant would use. We measure and report at fair value our cash equivalents and marketable securities. The carrying value of accounts payable and accrued liabilities approximate their respective fair values due to their relative short maturities. The carrying value of our 8 5 3.7 We may apply the fair value option to any eligible financial assets or liabilities, which permits an instrument by instrument irrevocable election to account for selected financial assets and liabilities at fair value. To date, we have not applied this election.
Derivatives, Policy [Policy Text Block]	Derivative Financial Instruments We evaluate our financial instruments such as convertible preferred stock and convertible notes to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then revalued at each reporting date, with changes in the fair value reported in the statements of operations. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative instrument liabilities are classified in the balance sheet as current or non-current based on whether or not net-cash settlement of the derivative instrument could be required within 12 months of the balance sheet date. At each reporting date, we review our convertible securities to determine their classification is appropriate.
Deferred Charges, Policy [Policy Text Block]	Deferred Financing Costs We defer costs related to the issuance of debt and include them on the accompanying balance sheets as a deduction from the debt liability. Deferred financing costs are amortized over the term of the related loan and are included as a component of interest expense on the accompanying statements of operations.
Warrant Liabilities [Policy Text Block]	Warrant Liabilities Warrants to purchase our redeemable convertible preferred stock are classified as liabilities and are recorded at their estimated fair value. We use the Black-Scholes option pricing model to evaluate the fair value of the warrants. In each reporting period, any change in the fair value of the warrants are recorded as expense in the case of an increase in fair value and income in the case of a decrease in fair value.
Redeemable Convertible Preferred Stock [Policy Text Block]	Redeemable Convertible Preferred Stock We initially record redeemable convertible preferred stock that may be redeemed at the option of the holder or based upon the occurrence of events not under our control outside of stockholders’ deficit at the value of the proceeds received, net of issuance costs. The difference between the original carrying value and the redemption value is accreted at each reporting period on a straight line basis so that the carrying value equals the redemption value on the redemption date. In the absence of retained earnings, these accretion charges are recorded against additional paid-in capital, if any, and then to accumulated deficit.
Revenue Recognition, Policy [Policy Text Block]	Revenue Recognition Non-refundable, up-front payments received in connection with collaborative research and development agreements are deferred and recognized on a straight-line basis, unless evidence suggests that the revenue is earned or obligations are fulfilled in a different pattern, over the contractual term of the arrangement or the expected period during which those specified services will be performed, whichever is longer.
Research and Development Expense, Policy [Policy Text Block]	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, the costs of laboratory supplies, equipment and facilities, license fees and other external costs. Non-refundable advance payments for goods or services to be received in the future for use in research and development activities are deferred and capitalized. The capitalized amounts are expensed as the related goods are delivered or the services are performed.
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]	Stock-Based Compensation We expense the cost of employee services received in exchange for an award of equity instruments based on the grant date fair value of such instruments. We use the Black-Scholes option pricing model to calculate the fair value of any equity instruments on the grant date. We recognize stock-based compensation, net of estimated forfeitures, on the graded-vesting method as expense over the requisite service period. The use of the Black-Scholes option pricing model requires management to make assumptions with respect to volatility, expected option term and fair value of our common stock. Measurement of stock-based compensation for options granted to nonemployees is subject to periodic adjustment as the underlying equity instruments vest. We have granted stock options with performance conditions to certain executive officers, directors and nonemployee consultants. At each reporting date, we evaluate whether the achievement of the performance conditions is probable. Compensation expense is recorded over the appropriate service period based upon our assessment of achievement of each performance condition or the occurrence of the event which will trigger the options to vest.
Earnings Per Share, Policy [Policy Text Block]	Net Loss Per Share Attributable to Common Stockholders The computation of basic and diluted net loss per share attributable to common stockholders is calculated by dividing the net loss by the weighted average number of common stock outstanding during the period and excludes all outstanding stock options, warrants, preferred stock, as well as shares issuable upon conversion of all outstanding convertible notes and term loans from the calculation of diluted net loss per common share, as all such securities are anti-dilutive to the computation for all the periods presented. For the years ended December 31, 2016 and 2015, the computation of diluted net loss per share excluded 1,828,606 6,564,910 Year ended December 31, 2016 2015 Net loss attributable to common stockholders $ (20,137) $ (7,377) Weighted average shares used in computation of basic and diluted net loss per share attributable to common stockholders 7,524 519 Basic and diluted net loss per share attributable to common stockholders $ (2.68) $ (14.22)
Income Tax, Policy [Policy Text Block]	Income Taxes We account for income taxes under the liability method. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax reporting bases of assets and liabilities and are measured using enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. Realization of deferred tax assets is dependent upon future earnings, the timing and amount of which are uncertain. We utilize a two-step approach to recognize and measure uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained upon tax authority examination, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon ultimate settlement.
Concentration Risk, Credit Risk, Policy [Policy Text Block]	Concentration of Risk We are exposed to credit risk from our deposits of cash and cash equivalents in excess of amounts insured by the Federal Deposit Insurance Corporation. We have not experienced any losses on our deposits of cash and cash equivalents since inception. Our cash and cash equivalents balances of $ 9.8 3.0
Segment Reporting, Policy [Policy Text Block]	Segment Reporting Operating segments are defined as components of an enterprise engaging in business activities from which it may earn revenues and incur expenses, for which discrete financial information is available and whose operating results are regularly reviewed by the chief operating decision maker in deciding how to allocate resources and in assessing performance. We view our operations and manage our business in one operating segment and all of our operations are in the United States.
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board, or FASB, issued Accounting Standard Update, or ASU, No. 2014-09, Revenue from Contracts with Customers (Topic 606) Revenue Recognition In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting Compensation — Stock Compensation In June 2016, the FASB issued ASU 2016-13, Financial Instruments: Credit Losses In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments,

Summary of Significant Accoun22

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Summary Of Useful Lives Of Property Plant And Equipment [Table Text Block]	Property and equipment are stated at cost, net of accumulated depreciation and amortization. The cost of property and equipment is depreciated or amortized using the straight-line method over the following estimated useful lives: Computer equipment and software 2 3 Office equipment and furniture 5 7 Laboratory Equipment 5
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	The following table presents the calculation of basic and diluted net loss per share (in thousands): Year ended December 31, 2016 2015 Net loss attributable to common stockholders $ (20,137) $ (7,377) Weighted average shares used in computation of basic and diluted net loss per share attributable to common stockholders 7,524 519 Basic and diluted net loss per share attributable to common stockholders $ (2.68) $ (14.22)

Cash Equivalents and Marketab23

Cash Equivalents and Marketable Securities (Tables)	12 Months Ended
	Dec. 31, 2016
Cash and Cash Equivalents [Abstract]
Investments Classified by Contractual Maturity Date [Table Text Block]	We did not have any available-for-sale security holdings in 2015. Securities available-for-sale at cost and fair market value by contractual maturity as of December 31, 2016 were as follows: Cost or Amortized Fair Cost Value (In thousands) Due in one year or less $ 5,493 $ 5,496 Due after one year through two years - - $ 5,493 $ 5,496
Available-for-sale Securities [Table Text Block]	Marketable securities available-for-sale consisted of the following as of December 31, 2016: Cost or Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value (In thousands) Commercial paper $ 5,493 $ 3 $ - $ 5,496 $ 5,493 $ 3 $ - $ 5,496

Property and Equipment(Tables)

Property and Equipment(Tables)	12 Months Ended
	Dec. 31, 2016
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment [Table Text Block]	Property and equipment consisted of the following (in thousands): December 31, 2016 2015 Computer and office equipment $ 249 $ 244 Laboratory equipment 2,273 2,107 Leasehold improvements 881 881 3,403 3,232 Less: Accumulated depreciation and amortization (3,132) (2,996) $ 271 $ 236

Accrued Liabilities(Tables)

Accrued Liabilities(Tables)	12 Months Ended
	Dec. 31, 2016
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities [Table Text Block]	Accrued liabilities consisted of the following (in thousands): December 31, 2016 2015 Compensation and benefits $ 681 $ 209 Other accrued liabilities 203 236 $ 884 $ 445

Term Loan, Convertible Notes 26

Term Loan, Convertible Notes Payable and Other Debt (Tables)	12 Months Ended
	Dec. 31, 2016
Schedule of Short-term Debt [Table Text Block]	As of December 31, 2016, Term Loan principal payments due each year are as follows (in thousands): 2017 $ 1,084 2018 2,334 2019 2,582 Total principal payments 6,000 Less unamortized debt discount (297) Balance, December 31, 2016 $ 5,703
Convertible Debt [Member]
Schedule of Short-term Debt [Table Text Block]	Convertible notes payable consisted of the following (in thousands): December 31, 2016 2015 8% convertible notes payable on or after February 1,2013 $ - $ 3,600 8% convertible notes payable on or after July 2, 2013 - 1,600 8% convertible notes payable on or after June 10, 2013 - 3,000 8% convertible notes payable on or after December 28, 2013 - 1,400 8% convertible notes payable on or after March 19, 2014 - 1,400 8% convertible notes payable on or after June 4, 2014 - 1,540 8% convertible notes payable on or after October 29, 2015 - 825 8% convertible notes payable on or after December 17, 2015 - 1,650 8% convertible notes payable on or after March 31, 2016 - 1,200 5% convertible notes payable on December 21, 2016 - 4,000 Aggregate principal of convertible notes payable - 20,215 Debt discount and deferred debt issuance costs - (374) Convertible notes payable, net $ - $ 19,841

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Abstract]
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block]	The following table sets forth the fair value of our assets and liabilities measured at fair value at December 31, 2016 and 2015: December 31, 2016 Quoted Prices in Significant Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs Description Balance (Level 1) (Level 2) (Level 3) (In thousands) Financial Assets: Money market $ 7,731 $ 7,731 $ - $ - Commercial paper 7,544 - 7,544 - Total financial assets $ 15,275 $ 7,731 $ 7,544 $ - Add Cash: 204 Total cash, cash equivalents and marketable securities $ 15,479 Financial Liabilities: Preferred stock warrant liability $ - $ - $ - $ - Total financial liabilities $ - $ - $ - $ - December 31, 2015 Quoted Prices in Significant Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs Description Balance (Level 1) (Level 2) (Level 3) (In thousands) Financial Assets: Money market $ - $ - $ - $ - Commercial paper Total financial assets $ - $ - $ - $ - Add Cash: $ 3,290 Total cash, cash equivalents and marketable securities $ 3,290 Financial Liabilities: Preferred stock warrant liability $ 3,163 $ - $ - $ 3,163 Total financial liabilities $ 3,163 $ - $ - $ 3,163
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	The changes in the balances of the Level 3 Series A Preferred Stock warrant liability measured at fair value for the years ended December 31, 2016 and 2015 were as follows (in thousands): Preferred Stock Warrant Liability Balance, January 1, 2015 $ 2,695 Additional preferred stock warrants issued 547 Change in fair value (79) Balance, December 31, 2015 3,163 Warrants exercised (2,438) Warrants expired (535) Change in fair value (190) Balance, December 31, 2016 $ -

Redeemable Convertible Prefer28

Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) (Tables)	12 Months Ended
	Dec. 31, 2016
Equity [Abstract]
Common Stock Capital Shares Resrved For Future Issuance [Table Text Block]	We have reserved for future issuance the following number of shares of common stock as of December 31, 2016 and 2015, respectively: December 31, 2016 2015 Stock options outstanding 1,751,473 443,779 Stock options available for grant 465,265 30,319 Exercise of common stock warrants 77,133 — Exercise of Series A Preferred Stock warrants - 454,014 Convertible notes payable - 2,437,142 Issuance of Series A Preferred Stock - 2,539,182 Issuance of Series A-1 preferred stock - 690,793 2,293,871 6,595,229
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block]	As of December 31, 2016, shares available for future issuances under the 2016 Stock plan are as follows: Shares Available for Future Issuances Balance, January 1, 2016 - Shares authorized based on 2016 Long-Term Incentive Plan 1,532,299 Granted (1,095,237) Forfeited or expired 28,203 Balance, December 31, 2016 465,265
Schedule of Stock Options Roll Forward [Table Text Block]	A summary of our employee and nonemployee stock option activity and related information follows: Year ended December 31, 2016 2015 Weighted- Average Weighted- Average Options Exercise Price Options Exercise Price Outstanding – beginning of period 443,779 $ 0.9537 440,776 $ 0.9795 Options granted 1,340,817 3.1136 21,588 0.1066 Options exercised (1,968) 0.0407 (1,780) 0.1066 Options forfeited (31,155) 4.5989 (16,805) 0.6318 Outstanding – end of period 1,751,473 $ 2.5434 443,779 $ 0.9537 Exercisable – end of period 466,403 $ 1.8853 257,383 $ 1.3934 Weighted-average fair value of options granted during the period $ 2.2677 $ 0.092
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block]	Stock-based compensation expense has been included in the Statement of Operations as follows (in thousands): Year Ended December 31, 2016 2015 Research and development $ 294 $ 17 General and administrative 633 4 $ 927 $ 21
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block]	The following table summarizes information about our options outstanding at December 31, 2016: Weighted-Average Weighted-Average Number of Remaining Number of Exercise Options Contractual Life Exercise Prices Options Price Exercisable (years) $ 0.0020 - $1.0656 280,019 $ 0.1723 178,803 6.97 $ 1.4500 384,900 1.4500 500 9.94 $ 1.8115 - $2.3443 396,442 2.0206 182,467 7.19 $ 2.6640 - $3.1600 216,181 3.1417 46,439 9.36 $ 4.2900 50,000 4.2900 5,208 9.50 $ 5.0800 423,931 5.0800 52,986 9.42 1,751,473 $ 2.5434 466,403 8.64
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	The fair value of the stock options was estimated at the date of grant using the Black Scholes option-pricing model with the following weighted average assumptions: Year Ended December 31, 2016 2015 Weighted average estimated fair value per share $ 2.2677 $ 0.092 Weighted average assumptions: Dividend yields — — Expected term (years) 5.9 6.9 Risk free interest rate 1.5 % 1.6 % Volatility 80.3 % 89.6 %

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	Significant components of our deferred tax assets for federal taxes are as follows: December 31, 2016 2015 (in thousands) Deferred tax assets: Net operating loss carryforward $ 13,815 $ 10,816 Capitalized research and development expenses 4,666 3,969 Research and other credits 1,275 1,021 Other 572 284 20,328 16,090 Less: Valuation allowance (20,328) (16,090) Total deferred tax assets $ — $ —
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	The income tax provision (benefit) related to continuing operations differs from the amounts computed by applying the statutory income tax rate of 35 Year Ended December 31, 2016 2015 (in thousands) U.S. Federal provision (benefit) Loss before provision for income taxes $ (20,137) $ (7,377) At statutory rate of 35% $ (7,047) $ (2,582) Change in valuation allowance 4,238 2,222 IPO costs 2,434 - Tax credits (254) (188) Stock based compensation 178 7 Nondeductible expenses 451 541 Total $ — $ —

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 [Table Text Block]	2017 $ 615 2018 633 2019 652 2020 672 2021 633 Total minimum lease payments $ 3,205

Business and Organization (Deta

Business and Organization (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended
	May 31, 2016	Oct. 23, 2014	Dec. 31, 2016	Dec. 31, 2015	Feb. 28, 2015
Retained Earnings (Accumulated Deficit)			$ (69,480)	$ (49,343)
Stock Issued During Period, Shares, New Issues		5,500,000
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	303,096				93,844
Debt Conversion, Converted Instrument, Shares Issued	7,040,380
Common Stock, Shares Authorized			50,000,000	65,600,000
Preferred Stock, Shares Authorized			5,000,000	0
Additional Paid in Capital, Common Stock	$ 51,600		$ 78,773	$ 453
Cash, Cash Equivalents, and Short-term Investments			$ 15,500
IPO [Member]
Stock Issued During Period, Shares, New Issues	3,700,000
Shares Issued, Price Per Share	$ 5
Proceeds from Issuance Initial Public Offering	$ 16,500

Summary of Significant Accoun32

Summary of Significant Accounting Policies (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Schedule Of Earnings Per Share Basic And Diluted [Line Items]
Net loss attributable to common stockholders	$ (20,137)	$ (7,377)
Weighted average shares used in computation of basic and diluted net loss per share attributable to common stockholders	7,524	519
Basic and diluted net loss per share attributable to common stockholders	$ (2.68)	$ (14.22)

Summary of Significant Accoun33

Summary of Significant Accounting Policies (Details 1)	12 Months Ended
	Dec. 31, 2016
Computer equipment and software [Member] | Minimum [Member]
Property, Plant and Equipment, Useful Life	2 years
Computer equipment and software [Member] | Maximum [Member]
Property, Plant and Equipment, Useful Life	3 years
Equipment [Member]
Property, Plant and Equipment, Useful Life	5 years
Office Equipment [Member] | Minimum [Member]
Property, Plant and Equipment, Useful Life	5 years
Office Equipment [Member] | Maximum [Member]
Property, Plant and Equipment, Useful Life	7 years

Summary of Significant Accoun34

Summary of Significant Accounting Policies (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	May 17, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount		1,828,606	6,564,910
Preferred Stock, Conversion Price Per Share	$ 0.747165
Stockholders' Equity, Reverse Stock Split	1-for-10.656096
Long-term Debt, Gross		$ 6,000	$ 20,215
Cash and Cash Equivalents, at Carrying Value		$ 9,983	$ 3,290	$ 2,031
Convertiable Notes Payable [Member]
Debt Instrument, Interest Rate, Stated Percentage		8.00%
Convertible Term Loan [Member]
Debt Instrument, Interest Rate, Stated Percentage			5.00%
Long-term Debt, Gross			$ 3,700

Cash Equivalents and Marketab35

Cash Equivalents and Marketable Securities (Details) $ in Thousands	Dec. 31, 2016USD ($)
Cost or Amortized Cost, Due in one year or less	$ 5,493
Cost or Amortized Cost, Due after one year through two years	0
Cost or Amortized Cost	5,493
Fair Value, Due in one year or less	5,496
Fair Value, Due after one year through two years	0
Fair Value	$ 5,496

Cash Equivalents and Marketab36

Cash Equivalents and Marketable Securities (Details 1) $ in Thousands	Dec. 31, 2016USD ($)
Cost or Amortized Cost	$ 5,493
Gross Unrealized Gains	3
Gross Unrealized Losses	0
Fair Value	5,496
Commercial Paper [Member]
Cost or Amortized Cost	5,493
Gross Unrealized Gains	3
Gross Unrealized Losses	0
Fair Value	$ 5,496

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Property, Plant and Equipment, Gross, Total	$ 3,403	$ 3,232
Less: Accumulated depreciation and amortization	(3,132)	(2,996)
Property, Plant and Equipment, Net, Total	271	236
Computer Equipment [Member]
Property, Plant and Equipment, Gross, Total	249	244
Laboratory Equipment [Member]
Property, Plant and Equipment, Gross, Total	2,273	2,107
Leasehold Improvements [Member]
Property, Plant and Equipment, Gross, Total	$ 881	$ 881

Property and Equipment (Detai38

Property and Equipment (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Depreciation, Depletion and Amortization	$ 136	$ 331

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Compensation and benefits	$ 681	$ 209
Other accrued liabilities	203	236
Accrued Liabilities, Current	$ 884	$ 445

Term Loan, Convertible Notes 40

Term Loan, Convertible Notes Payable and Other Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
2,017	$ 1,084
2,018	2,334
2,019	2,582
Total principal payments	6,000	$ 20,215
Less unamortized debt discount	(297)
Balance, December 31, 2016	$ 5,703

Term Loan, Convertible Notes 41

Term Loan, Convertible Notes Payable and Other Debt (Details 1) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Long-term Debt, Gross	$ 6,000	$ 20,215
Debt Instrument, Unamortized Discount, Current	0	(374)
Convertible Notes Payable, Current	0	19,841
8% convertible notes payable on or after February 1,2013 [Member]
Long-term Debt, Gross	0	3,600
8% convertible notes payable on or after July 2, 2013 [Member]
Long-term Debt, Gross	0	1,600
8% convertible notes payable on or after June 10, 2013 [Member]
Long-term Debt, Gross	0	3,000
8% convertible notes payable on or after December 28, 2013 [Member]
Long-term Debt, Gross	0	1,400
8% convertible notes payable on or after March 19, 2014 [Member]
Long-term Debt, Gross	0	1,400
8% convertible notes payable on or after June 4, 2014 [Member]
Long-term Debt, Gross	0	1,540
8% convertible notes payable on or after October 29, 2015 [Member]
Long-term Debt, Gross	0	825
8% convertible notes payable on or after December 17, 2015 [Member]
Long-term Debt, Gross	0	1,650
8% convertible notes payable on or after March 31, 2016 [Member]
Long-term Debt, Gross	0	1,200
5% convertible notes payable on December 21, 2016 [Member]
Long-term Debt, Gross	$ 0	$ 4,000

Term Loan, Convertible Notes 42

Term Loan, Convertible Notes Payable and Other Debt (Details Textual) - USD ($)	Jun. 07, 2016	May 31, 2016	May 02, 2016	Dec. 31, 2015	Dec. 21, 2015	Oct. 23, 2014	Oct. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Feb. 28, 2015	Oct. 31, 2014
Class of Warrant or Right, Number of Securities Called by Warrants or Rights		303,096								93,844
Class of Warrant or Right, Exercise Price of Warrants or Rights										$ 0.11
Debt Conversion, Converted Instrument, Shares Issued		7,040,380
Debt Instrument, Unamortized Discount								$ 297,000
Payments for Loans			$ 400,000
Preferred Stock Warrant Liability				$ 3,163,000				0	$ 3,163,000
Stock Issued During Period, Shares, New Issues						5,500,000
Adjustments to Additional Paid in Capital, Convertible Debt with Conversion Feature								$ 1,021,000
Debt Issuance Costs, Net					$ 332,000
Hercules Term Loan [Member]
Long-term Line of Credit	$ 6,000,000
Line of Credit Facility, Remaining Borrowing Capacity	2,000,000
Line of Credit Facility, Maximum Borrowing Capacity	$ 8,000,000
Debt instrument End of Term Loan Fee Percentage								5.85%
Debt Instrument Prepayment Fee Percentage, If Paid within Twelve Months								3.00%
Debt Instrument Prepayment Fee Percentage, If Paid within Two Years								2.00%
Debt Instrument Prepayment Fee Percentage, If Paid After Two Years								1.00%
Debt Instrument, Interest Rate Terms								greater of (i) 9.25% and (ii) the sum of (a) 9.25%, plus (b) the prime rate as reported by The Wall Street Journal minus 3.50%, resulting in a rate of 9.50%
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	63,000
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 5
Warrants and Rights Outstanding	$ 212,000
Fair Value Assumptions, Expected Term	5 years
Fair Value Assumptions, Risk Free Interest Rate	1.23%
Fair Value Assumptions, Expected Volatility Rate	81.60%
Warrants Not Settleable in Cash, Fair Value Disclosure	$ 205,000
Debt Instrument, Unamortized Discount								$ 659,000
Promissory Note [Member]
Debt Instrument, Face Amount			$ 440,000
Eight Percent Convertible Notes Payable [Member]
Debt Instrument, Interest Rate, Stated Percentage							8.00%
Class of Warrant or Right, Number of Securities Called by Warrants or Rights				2,452,242					2,452,242
Class of Warrant or Right, Exercise Price of Warrants or Rights				$ 0.01					$ 0.01	$ 0.01
Debt Conversion, Converted Instrument, Shares Issued									2,788,880
Interest Payable				$ 3,200,000					$ 3,200,000
Debt Instrument, Face Amount							$ 3,700,000				$ 12,500,000
Beneficial Ownership Percentage							5.00%
Class Of Warrant Or Rights, Term Of Warrant				7 years			7 years
Stock Issued During Period, Shares, New Issues				303,096
Five Percent Convertible Notes Payable [Member]
Debt Instrument, Interest Rate, Stated Percentage					5.00%
Debt Conversion, Converted Instrument, Shares Issued					1,021,525
Debt Instrument, Face Amount					$ 4,000,000
Debt Instrument, Maturity Date					Dec. 21, 2016
Debt Conversion, Converted Instrument, Amount					$ 86,000
Debt Instrument Conversion Price Percentage					80.00%
Adjustments to Additional Paid in Capital, Convertible Debt with Conversion Feature					$ 1,000,000

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Financial Assets:
Total financial assets	$ 15,275	$ 0
Add Cash:	204	3,290
Total cash, cash equivalents and marketable securities	15,479	3,290
Financial Liabilities:
Preferred stock warrant liability	0	3,163
Total financial liabilities	0	3,163
Money Market Funds [Member]
Financial Assets:
Total financial assets	7,731	0
Commercial Paper [Member]
Financial Assets:
Total financial assets	7,544
Fair Value, Inputs, Level 1 [Member]
Financial Assets:
Total financial assets	7,731	0
Financial Liabilities:
Preferred stock warrant liability	0	0
Total financial liabilities	0	0
Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member]
Financial Assets:
Total financial assets	7,731	0
Fair Value, Inputs, Level 1 [Member] | Commercial Paper [Member]
Financial Assets:
Total financial assets	0
Fair Value, Inputs, Level 2 [Member]
Financial Assets:
Total financial assets	7,544	0
Financial Liabilities:
Preferred stock warrant liability	0	0
Total financial liabilities	0	0
Fair Value, Inputs, Level 2 [Member] | Money Market Funds [Member]
Financial Assets:
Total financial assets	0	0
Fair Value, Inputs, Level 2 [Member] | Commercial Paper [Member]
Financial Assets:
Total financial assets	7,544
Fair Value, Inputs, Level 3 [Member]
Financial Assets:
Total financial assets	0	0
Financial Liabilities:
Preferred stock warrant liability	0	3,163
Total financial liabilities	0	3,163
Fair Value, Inputs, Level 3 [Member] | Money Market Funds [Member]
Financial Assets:
Total financial assets	0	$ 0
Fair Value, Inputs, Level 3 [Member] | Commercial Paper [Member]
Financial Assets:
Total financial assets	$ 0

Fair Value Measurements (Deta44

Fair Value Measurements (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance	$ 3,163	$ 2,695
Additional preferred stock warrants issued		547
Change in fair value	(190)	(79)
Warrants exercised	(2,438)
Warrants expired	(535)
Balance	$ 0	$ 3,163

Fair Value Measurements (Deta45

Fair Value Measurements (Details Textual)	12 Months Ended
	Dec. 31, 2016USD ($)
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Preferred Stock, Liquidation Preference, Value	$ 1
Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Assumptions, Expected Term	3 years 1 month 6 days
Fair Value Assumptions, Risk Free Interest Rate	1.30%
Fair Value Assumptions, Expected Volatility Rate	84.00%
Maximum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Assumptions, Expected Term	7 years
Fair Value Assumptions, Risk Free Interest Rate	2.10%
Fair Value Assumptions, Expected Volatility Rate	97.70%

Redeemable Convertible Prefer46

Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) (Details) - shares	Dec. 31, 2016	Dec. 31, 2015
Common Stock, Capital Shares Reserved for Future Issuance	2,293,871	6,595,229
Convertible Debt [Member]
Common Stock, Capital Shares Reserved for Future Issuance	0	2,437,142
Common Stock [Member]
Stock options outstanding	1,751,473	443,779
Stock options available for grant	465,265	30,319
Class of Warrant or Right, Outstanding	77,133	0
Series A Preferred Stock [Member]
Class of Warrant or Right, Outstanding	0	454,014
Common Stock, Capital Shares Reserved for Future Issuance	0	2,539,182
Series A-1 Preferred Stock [Member]
Common Stock, Capital Shares Reserved for Future Issuance	0	690,793

Redeemable Convertible Prefer47

Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) (Details 1) - shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Balance, January 1, 2016	6,595,229
Granted	(1,340,817)	(21,588)
Balance, December 31, 2016	2,293,871	6,595,229
Stock Plan 2016 [Member]
Balance, January 1, 2016	0
Shares authorized based on 2016 Long-Term Incentive Plan	1,532,299
Granted	(1,095,237)
Forfeited or expired	28,203
Balance, December 31, 2016	465,265	0

Redeemable Convertible Prefer48

Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Allocated Share-based Compensation Expense	$ 927	$ 21
Research and Development Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Allocated Share-based Compensation Expense	294	17
General and Administrative Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Allocated Share-based Compensation Expense	$ 633	$ 4

Redeemable Convertible Prefer49

Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) (Details 3) - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Stock Options, Balance beginning of period	443,779	440,776
Number of Stock Options, Options granted	1,340,817	21,588
Number of Stock Options, Options exercised	(1,968)	(1,780)
Number of Stock Options, Options forfeited	(31,155)	(16,805)
Number of Stock Options, Balance end of period	1,751,473	443,779
Number of Stock Options, Exercisable - end of period	466,403	257,383
Weighted Average Exercise Price, Outstanding	$ 0.9537	$ 0.9795
Weighted- Average Exercise Price, Options granted	3.1136	0.1066
Weighted- Average Exercise Price, Options exercised	0.0407	0.1066
Weighted-Average Exercise Price, Options forfeited	4.5989	0.6318
Weighted-Average Exercise Price, Outstanding	2.5434	0.9537
Weighted-Average Exercise Price, Exercisable - end of period	1.8853	1.3934
Weighted-average fair value of options granted during the period	$ 2.2677	$ 0.092

Redeemable Convertible Prefer50

Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) (Details 4)	12 Months Ended
	Dec. 31, 2016$ / sharesshares
Number of Options | shares	1,751,473
Weighted-Average Exercise Price	$ 2.5434
Number of Options Exercisable | shares	466,403
Weighted-Average Remaining Contractual Life (years)	8 years 7 months 20 days
Exercise Price One [Member]
Exercise Prices, Upper Range Limit	$ 1.0656
Exercise Prices, Lower Range Limit	$ 0.0020
Number of Options | shares	280,019
Weighted-Average Exercise Price	$ 0.1723
Number of Options Exercisable | shares	178,803
Weighted-Average Remaining Contractual Life (years)	6 years 11 months 19 days
Exercise Price Two [Member]
Exercise Prices, Upper Range Limit	$ 1.4500
Number of Options | shares	384,900
Weighted-Average Exercise Price	$ 1.4500
Number of Options Exercisable | shares	500
Weighted-Average Remaining Contractual Life (years)	9 years 11 months 8 days
Exercise Price Three [Member]
Exercise Prices, Upper Range Limit	$ 2.3443
Exercise Prices, Lower Range Limit	$ 1.8115
Number of Options | shares	396,442
Weighted-Average Exercise Price	$ 2.0206
Number of Options Exercisable | shares	182,467
Weighted-Average Remaining Contractual Life (years)	7 years 2 months 8 days
Exercise Price Four [Member]
Exercise Prices, Upper Range Limit	$ 3.1600
Exercise Prices, Lower Range Limit	$ 2.6640
Number of Options | shares	216,181
Weighted-Average Exercise Price	$ 3.1417
Number of Options Exercisable | shares	46,439
Weighted-Average Remaining Contractual Life (years)	9 years 4 months 10 days
Exercise Price Five [Member]
Exercise Prices, Upper Range Limit	$ 4.2900
Number of Options | shares	50,000
Weighted-Average Exercise Price	$ 4.2900
Number of Options Exercisable | shares	5,208
Weighted-Average Remaining Contractual Life (years)	9 years 6 months
Exercise Price Six [Member]
Exercise Prices, Upper Range Limit	$ 5.0800
Number of Options | shares	423,931
Weighted-Average Exercise Price	$ 5.0800
Number of Options Exercisable | shares	52,986
Weighted-Average Remaining Contractual Life (years)	9 years 5 months 1 day

Redeemable Convertible Prefer51

Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) (Details 5) - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average estimated fair value per share	$ 2.2677	$ 0.092
Weighted average assumptions:
Dividend yields	0.00%	0.00%
Expected term (years)	5 years 10 months 24 days	6 years 10 months 24 days
Risk free interest rate	1.50%	1.60%
Volatility	80.30%	89.60%

Redeemable Convertible Prefer52

Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) (Details Textual) - USD ($)	1 Months Ended						6 Months Ended	12 Months Ended
	Jan. 01, 2017	May 31, 2016	Feb. 28, 2016	Dec. 31, 2015	Feb. 28, 2015	Oct. 23, 2014	Oct. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Preferred Stock, Shares Authorized				0				5,000,000	0
Proceeds from Issuance of Warrants					$ 10,000
Class of Warrant or Right, Number of Securities Called by Warrants or Rights		303,096			93,844
Class of Warrant or Right, Exercise Price of Warrants or Rights					$ 0.11
Stock Issued During Period, Shares, New Issues						5,500,000
Stock Issued During Period, Value, New Issues								$ 16,475,000
Share Price				$ 0.092				$ 2.2677	$ 0.092
Stock Issued During Period, Value, Issued for Services								$ 560,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights								Options, in general, either vest in 48 equal installments on each monthly anniversary or 25% on the first year anniversary and 1/48th equal installments on each monthly anniversary of the date of grant, such that options are fully vested on the four-year anniversary of the date of grant.
Share-based Compensation, Total								$ 927,000	$ 21,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized								$ 1,600,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition								2 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value								$ 424,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value								240,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value								$ 3,000
2016 Plan
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized								1,532,299
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Increase, Percentage								5.00%
2016 Plan | Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	2,116,815
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized	584,516
IPO [Member]
Stock Issued During Period, Shares, New Issues		3,700,000
IPO [Member] | Titan Multi-Strategy Fund I LTD [Member]
Stock Issued During Period, Shares, New Issues			1,393,880
Stock Issued During Period, Value, New Issues			$ 7,000,000
Share Price			$ 5
IPO [Member] | Palladium Capital Advisor [Member]
Share Price			$ 5
Stock Issued During Period, Shares, Issued for Services			112,000
Stock Issued During Period, Value, Issued for Services								$ 560,000
Hercules Technology III, L.P [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights								$ 5
Class of Warrant or Right, Outstanding								63,000
Lender [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights								$ 7.96
Class of Warrant or Right, Outstanding								14,133
Class Of Warrant Or Right, Warrants Expiration Date								Dec. 1, 2020
Eight Percent Convertible Notes Payable [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights				2,452,242					2,452,242
Class of Warrant or Right, Exercise Price of Warrants or Rights				$ 0.01	$ 0.01				$ 0.01
Class Of Warrant Or Rights, Term Of Warrant				7 years			7 years
Stock Issued During Period, Shares, New Issues				303,096
Common Stock [Member]
Conversion of Stock, Shares Issued								3,229,975
Stock Issued During Period, Share, Warrants Exercised In Period								303,096
Class of Warrant or Right, Outstanding				0				77,133	0
Stock Issued During Period, Shares, New Issues								3,700,000
Stock Issued During Period, Value, New Issues								$ 0
Stock Issued During Period, Shares, Issued for Services								112,000
Stock Issued During Period, Value, Issued for Services								$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized				443,779				1,751,473	443,779
Common Stock [Member] | Eight Percent Convertible Notes Payable [Member]
Stock Issued During Period, Share, Warrants Exercised In Period					303,096
Preferred Stock [Member] | Eight Percent Convertible Notes Payable [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights					2,452,242
Series A Preferred Stock [Member]
Temporary Equity, Shares Outstanding				20,216,583				0	20,216,583
Class of Warrant or Right, Outstanding				454,014				0	454,014
Series A-1 Preferred Stock [Member]
Temporary Equity, Shares Outstanding				5,500,000				0	5,500,000

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Deferred tax assets:
Net operating loss carryforward	$ 13,815	$ 10,816
Capitalized research and development expenses	4,666	3,969
Research and other credits	1,275	1,021
Other	572	284
Deferred Tax Assets, Gross, Total	20,328	16,090
Less: Valuation allowance	(20,328)	(16,090)
Total deferred tax assets	$ 0	$ 0

Income Taxes (Details 1)

Income Taxes (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
U.S. Federal provision (benefit)
Loss before provision for income taxes	$ (20,137)	$ (7,377)
At statutory rate of 35%	(7,047)	(2,582)
Change in valuation allowance	4,238	2,222
IPO costs	2,434	0
Tax credits	(254)	(188)
Stock based compensation	178	7
Nondeductible expenses	451	541
Total	$ 0	$ 0

Income Taxes (Details Textual)

Income Taxes (Details Textual) $ in Millions	12 Months Ended
	Dec. 31, 2016USD ($)
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	35.00%
Domestic Tax Authority [Member]
Operating Loss Carryforwards	$ 39.5
Tax Credit Carryforward, Amount	$ 1.3
Operating Loss Carryforwards Expiration Period	2028 years
Tax Credit Carryforward, Expiration Period	2028 years

Significant Agreement (Details

Significant Agreement (Details Textual) - USD ($)	1 Months Ended		12 Months Ended
	Oct. 23, 2014	Apr. 04, 2014	Dec. 31, 2016	Dec. 31, 2015
Schedule Of Significant Agreement [Line Items]
Proceeds From Non-refundable Upfront fees For Acquistion		$ 1,500,000
Stock Issued During Period, Shares, New Issues	5,500,000
Research and Development Expense, Total			$ 6,662,000	$ 4,883,000
Proceeds from Issuance of Preferred Stock and Preference Stock	$ 5,500,000
Development And Option Agreement [Member]
Schedule Of Significant Agreement [Line Items]
Research and Development Expense, Total				$ 375,000

Commitments and Contingencies57

Commitments and Contingencies (Details) $ in Thousands	Dec. 31, 2016USD ($)
Year ending December 31:
2,017	$ 615
2,018	633
2,019	652
2,020	672
2,021	633
Total minimum lease payments	$ 3,205

Commitments and Contingencies58

Commitments and Contingencies (Details Textual)	1 Months Ended	12 Months Ended
	Feb. 28, 2010USD ($)ft²	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Sep. 30, 2016a
Schedule Of Commitments And Contingencies [Line Items]
Area of Land	14,200			14,600
Lessee Leasing Arrangements, Operating Leases, Term of Contract	65 months
Lessee Leasing Arrangements, Operating Leases, Renewal Term	5 years
Incentive to Lessee	$ 605,000
Operating Leases, Rent Expense		$ 833,000	$ 689,000
Lessee Leasing Arrangements, Operating Leases, Renewal Date		Nov. 30, 2021

Employee Benefit Plan (Details

Employee Benefit Plan (Details Textual)	12 Months Ended
	Dec. 31, 2016
Defined Benefit Plan Disclosure [Line Items]
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent	1.00%