Trevena (TRVN) 10-Q/A 3 Jun 14 2014 Q1 Quarterly report (amended) Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2014	5-May-14
Document and Entity Information	'	'
Entity Registrant Name	'TREVENA INC	'
Entity Central Index Key	'0001429560	'
Document Type	'10-Q	'
Document Period End Date	31-Mar-14	'
Amendment Flag	'false	'
Current Fiscal Year End Date	'--12-31	'
Entity Current Reporting Status	'Yes	'
Entity Filer Category	'Smaller Reporting Company	'
Entity Common Stock, Shares Outstanding	'	26,357,423
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q1	'

Balance_Sheets

Balance Sheets (USD $)	Mar. 31, 2014	Dec. 31, 2013
Current assets:	'	'
Cash and cash equivalents	$91,344,666	$37,965,198
Prepaid expenses and other current assets	3,395,364	1,957,765
Offering costs	'	1,999,279
Total current assets	94,740,030	41,922,242
Property and equipment, net	257,864	343,059
Restricted cash	112,000	112,000
Other assets	45,300	15,625
Total assets	95,155,194	42,392,926
Current liabilities:	'	'
Accounts payable	3,084,016	545,053
Accrued expenses and other current liabilities	1,775,505	2,158,792
Deferred rent	34,707	33,114
Total current liabilities	4,894,228	2,736,959
Deferred rent, net of current portion	307,374	313,919
Warrant liability	106,341	350,519
Total liabilities	5,307,943	3,401,397
Commitments and contingencies (Note 6)	'	'
Redeemable convertible preferred stock:	'	'
Total redeemable convertible preferred stock	'	120,562,138
Stockholders' (deficit) equity:	'	'
Common stock, $0.001 par value; 132,000,000 shares authorized, 957,756 and 26,232,941 shares issued and outstanding at December 31, 2013 and March 31, 2014, respectively	26,233	958
Additional paid in capital	181,463,282	697,283
Deficit accumulated during the development stage	-91,642,264	-82,268,850
Total stockholders' (deficit) equity	89,847,251	-81,570,609
Total liabilities, redeemable convertible preferred stock and stockholders' (deficit) equity	95,155,194	42,392,926
Series A convertible preferred stock	'	'
Redeemable convertible preferred stock:	'	'
Total redeemable convertible preferred stock	'	25,024,373
Series B convertible preferred stock	'	'
Redeemable convertible preferred stock:	'	'
Total redeemable convertible preferred stock	'	30,778,700
Series B 1 convertible preferred stock	'	'
Redeemable convertible preferred stock:	'	'
Total redeemable convertible preferred stock	'	4,823,079
Series C convertible preferred stock	'	'
Redeemable convertible preferred stock:	'	'
Total redeemable convertible preferred stock	'	$59,935,986

Balance_Sheets_Parenthetical

Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Redeemable convertible preferred stock, shares outstanding	'	97,389,703
Common stock, par value (in dollars per share)	$0.00	$0.00
Common stock, shares authorized	132,000,000	132,000,000
Common stock, shares issued	26,232,941	957,756
Common stock, shares outstanding	26,232,941	957,756
Series A convertible preferred stock	'	'
Redeemable convertible preferred stock, par value (in dollars per share)	$0.00	$0.00
Redeemable convertible preferred stock, shares authorized	0	25,074,999
Redeemable convertible preferred stock, shares issued	0	25,074,999
Redeemable convertible preferred stock, shares outstanding	'	25,074,999
Redeemable convertible preferred stock, liquidation preference (in dollars)	'	$25,074,999
Series B convertible preferred stock	'	'
Redeemable convertible preferred stock, par value (in dollars per share)	$0.00	$0.00
Redeemable convertible preferred stock, shares authorized	0	35,500,000
Redeemable convertible preferred stock, shares issued	0	30,800,000
Redeemable convertible preferred stock, shares outstanding	'	30,800,000
Redeemable convertible preferred stock, liquidation preference (in dollars)	'	30,800,000
Series B 1 convertible preferred stock	'	'
Redeemable convertible preferred stock, par value (in dollars per share)	$0.00	$0.00
Redeemable convertible preferred stock, shares authorized	0	6,000,000
Redeemable convertible preferred stock, shares issued	0	4,750,000
Redeemable convertible preferred stock, shares outstanding	'	4,750,000
Redeemable convertible preferred stock, liquidation preference (in dollars)	'	4,200,000
Series C convertible preferred stock	'	'
Redeemable convertible preferred stock, par value (in dollars per share)	$0.00	$0.00
Redeemable convertible preferred stock, shares authorized	0	37,000,000
Redeemable convertible preferred stock, shares issued	0	36,764,704
Redeemable convertible preferred stock, shares outstanding	'	36,764,704
Redeemable convertible preferred stock, liquidation preference (in dollars)	'	$59,999,997

Statements_of_Operations_and_C

Statements of Operations and Comprehensive Loss (USD $)	3 Months Ended		77 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014
Revenue:	'	'	'
Grant revenue	'	$41,201	$9,016,734
Collaboration revenue	'	'	450,000
Total revenue	'	41,201	9,466,734
Operating expenses:	'	'	'
General and administrative	2,020,865	761,437	20,748,841
Research and development	7,633,509	2,115,066	80,408,153
Total operating expenses	9,654,374	2,876,503	101,156,994
Loss from operations	-9,654,374	-2,835,302	-91,690,260
Other income (expense):	'	'	'
Change in fair value of warrant liability	98,922	10,255	395,861
Miscellaneous income	176,015	'	300,052
Interest income	6,023	'	76,553
Interest expense	'	-58,241	-675,768
Total other income (expense)	280,960	-47,986	96,698
Net loss and comprehensive loss	-9,373,414	-2,883,288	-91,593,562
Accretion of redeemable convertible preferred stock	-28,521	-79,161	-850,530
Net loss attributable to common stockholders	($9,401,935)	($2,962,449)	($92,444,092)
Per share information:	'	'	'
Net loss per share of common stock, basic and diluted (in dollars per share)	($0.59)	($4.30)	'
Weighted average shares outstanding, basic and diluted (in shares)	16,023,497	689,266	'

Statements_of_Redeemable_Conve

Statements of Redeemable Convertible Preferred Stock and Stockholders' (Deficit) Equity (USD $)

Total

Common Stock

Additional Paid-in Capital

Deficit Accumulated During the Development Stage

Series A convertible preferred stock

Series A convertible preferred stock

Series A convertible preferred stock

Series B convertible preferred stock

Series B convertible preferred stock

Series B convertible preferred stock

Series B 1 convertible preferred stock

Series B 1 convertible preferred stock

Series B 1 convertible preferred stock

Series C convertible preferred stock

Series C convertible preferred stock

Series C convertible preferred stock

Common Stock

Additional Paid-in Capital

Common Stock

Additional Paid-in Capital

Common Stock

Additional Paid-in Capital

Common Stock

Additional Paid-in Capital

Balance at Dec. 31, 2012

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Increase (Decrease) in Stockholders' Equity

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Conversion of convertible preferred stock to common stock upon initial public offering (in shares)

15,708,013

'

'

'

4,044,354

'

'

4,967,741

'

'

766,129

'

'

5,929,789

'

'

Balance at Dec. 31, 2013

($81,570,609)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Balance at Dec. 31, 2013

120,562,138

958

697,283

-82,268,850

25,024,373

'

'

30,778,700

'

'

4,823,079

'

'

59,935,986

'

'

Balance (in shares) at Dec. 31, 2013

957,756

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Balance (in shares) at Dec. 31, 2013

97,389,703

957,756

'

'

25,074,999

'

'

30,800,000

'

'

4,750,000

'

'

36,764,704

'

'

Increase (Decrease) in Temporary Equity

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Accretion of Series A, Series B/B-1 and Series C convertible preferred stock to its redemption value

28,521

'

'

'

1,688

'

'

709

'

'

23,990

'

'

2,134

'

'

Conversion of Series A convertible preferred stock to common stock upon initial public offering

-25,026,061

'

'

'

-25,026,061

'

'

'

'

'

'

'

'

'

'

'

Conversion of Series A convertible preferred stock to common stock upon initial public offering (in shares)

'

'

'

'

-25,074,999

'

'

'

'

'

'

'

'

'

'

'

Conversion of Series B convertible preferred stock to common stock upon initial public offering

-30,779,409

'

'

'

'

'

'

-30,779,409

'

'

'

'

'

'

'

'

Conversion of Series B convertible preferred stock to common stock upon initial public offering (in shares)

'

'

'

'

'

'

'

-30,800,000

'

'

'

'

'

'

'

'

Conversion of Series B-1 convertible preferred stock to common stock upon initial public offering

-4,847,069

'

'

'

'

'

'

'

'

'

-4,847,069

'

'

'

'

'

Conversion of Series B-1 convertible preferred stock to common stock upon initial public offering (in shares)

'

'

'

'

'

'

'

'

'

'

-4,750,000

'

'

'

'

'

Conversion of Series C convertible preferred stock to common stock upon initial public offering

-59,938,120

'

'

'

'

'

'

'

'

'

'

'

'

-59,938,120

'

'

Conversion of Series C convertible preferred stock to common stock upon initial public offering (in shares)

'

'

'

'

'

'

'

'

'

'

'

'

'

-36,764,704

'

'

Increase (Decrease) in Stockholders' Equity

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Stock based compensation expense

527,302

'

527,302

'

'

'

'

'

'

'

'

'

'

'

'

'

Exercise of stock options

3,439

26

3,413

'

'

'

'

'

'

'

'

'

'

'

'

'

Exercise of stock options (in shares)

'

26,450

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Accretion of Series A, Series B/B-1 and Series C convertible preferred stock to its redemption value

-28,521

'

-28,521

'

'

'

'

'

'

'

'

'

'

'

'

'

Conversion of convertible preferred stock to common stock upon initial public offering

'

'

'

'

25,026,061

4,044

25,022,017

30,779,409

4,968

3,077,441

4,847,069

766

4,846,303

59,938,120

5,930

59,932,190

Conversion of convertible preferred stock to common stock upon initial public offering (in shares)

'

'

'

'

'

4,044,354

'

'

4,967,741

'

'

766,129

'

'

5,929,789

'

Net conversion of preferred stock warrants to common stock upon initial public offering

'

20

-20

'

'

'

'

'

'

'

'

'

'

'

'

'

Net conversion of preferred stock warrants to common stock upon initial public offering (in shares)

'

20,273

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Reclassification of convertible preferred stock warrant liability

145,256

'

145,256

'

'

'

'

'

'

'

'

'

'

'

'

'

Issuance of common stock, net of issuance costs

59,553,139

9,521

59,543,618

'

'

'

'

'

'

'

'

'

'

'

'

'

Issuance of common stock, net of issuance costs (in shares)

'

9,520,449

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Net loss

-9,373,414

'

'

-9,373,414

'

'

'

'

'

'

'

'

'

'

'

'

Balance at Mar. 31, 2014

89,847,251

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Balance at Mar. 31, 2014

'

$26,233

$181,463,282

($91,642,264)

'

'

'

'

'

'

'

'

'

'

'

'

Balance (in shares) at Mar. 31, 2014

26,232,941

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Balance (in shares) at Mar. 31, 2014

'

26,232,941

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Statements_of_Cash_Flows

Statements of Cash Flows (USD $)	3 Months Ended		77 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014
Operating activities:	'	'	'
Net loss	($9,373,414)	($2,883,288)	($91,593,562)
Adjustments to reconcile net loss to net cash used in operating activities:	'	'	'
Depreciation and amortization	105,824	193,474	4,071,974
Stock-based compensation	527,302	39,724	1,892,552
Issuance of restricted stock for consulting services	'	'	7,380
Issuance of common stock for a license agreement	'	'	1,250
Noncash interest expense on loans	'	13,530	190,438
Loss on disposal of assets	'	'	5,062
Revaluation of preferred stock warrant liability	-98,922	-10,255	-395,861
Changes in operating assets and liabilities:	'	'	'
Prepaid expenses, offering costs and other assets	532,005	-4,931	-3,508,732
Restricted cash	'	'	-112,000
Accounts payable and accrued expenses	2,150,724	17,695	5,181,064
Net cash used in operating activities	-6,156,481	-2,634,051	-84,260,435
Investing activities:	'	'	'
Purchase of property and equipment	-20,629	-6,417	-4,323,662
Net cash used in investing activities	-20,629	-6,417	-4,323,662
Financing activities:	'	'	'
Proceeds from issuance of redeemable convertible preferred stock and warrants, net	'	'	119,735,880
Proceeds from the sale of restricted common stock	'	'	11,836
Proceeds from exercise of common stock options	3,439	1,303	90,457
Proceeds from exercise of preferred stock warrants	'	'	550,000
Proceeds from loans payable	'	'	7,615,278
Proceeds from issuance of common stock, net	59,553,139	'	59,553,139
Repurchase of restricted stock	'	'	-1,312
Repayment of loans payable	'	-530,000	-7,615,278
Capital lease payments	'	'	-11,237
Net cash provided by financing activities	59,556,578	-528,697	179,928,763
Net increase (decrease) in cash and cash equivalents	53,379,468	-3,169,165	91,344,666
Cash and cash equivalents-end of period	91,344,666	3,569,494	91,344,666
Supplemental disclosure of cash flow information:	'	'	'
Fair value of preferred stock warrants issued	'	'	$1,449,135

Organization_and_Description_o

Organization and Description of the Business	3 Months Ended
	Mar. 31, 2014
Organization and Description of the Business	'
Organization and Description of the Business	'
	1. Organization and Description of the Business
	Trevena, Inc. (the Company) is a development stage biopharmaceutical company that was incorporated in Delaware as Parallax Therapeutics, Inc. on November 9, 2007. The Company began operations in December 2007, and its name was changed to Trevena, Inc. on January 3, 2008. The Company is a drug discovery company focused on discovering and developing pharmaceutical products targeting G protein coupled receptors. The Company operates in one segment and has its principal office in King of Prussia, Pennsylvania. The Company’s revenue has been derived from research grants and a research collaboration with a pharmaceutical company.
	Reverse Stock Split
	During 2013, the Company’s Board of Directors and stockholders approved a one-for-6.2 reverse stock split of the Company’s Common Stock which became effective on October 30, 2013. All share and per share amounts in the financial statements and notes thereto have been retroactively adjusted for all periods presented to give effect to this reverse stock split
	Initial Public Offering
	On February 5, 2014, 9,250,000 shares of common stock were sold on the Company’s behalf at an initial public offering price of $7.00 per share, for aggregate gross proceeds of $64.8 million. On March 6, 2014, in connection with the partial exercise by the underwriters of the Company’s initial public offering of the over-allotment option granted to them in connection with the initial public offering, 270,449 additional shares of common stock were sold on the Company’s behalf at the initial public offering price of $7.00 per share, for aggregate gross proceeds of approximately $1.9 million. In addition, as part of the initial public offering, all of the Company’s outstanding convertible preferred stock was converted, and a portion of its warrants were net exercised, into an aggregate of 15,728,286 shares of common stock.
	The Company paid to the underwriters underwriting discounts and commissions of approximately $4.6 million in connection with the initial public offering. In addition, the Company incurred expenses of approximately $2.5 million in connection with the initial public offering. Thus, the net offering proceeds to the Company, after deducting underwriting discounts and commissions and offering expenses, were approximately $59.6 million.
	Following the completion of the initial public offering, there is a warrant exercisable to purchase 20,161 shares of our common stock at an exercise price of $6.20 per share, which expires in December 2021. There is also a warrant exercisable to purchase 2,419 shares of our common stock at an exercise price of $0.06 per share, which expires in June 2018.
	Liquidity
	The Company has incurred recurring operating losses since inception. As of March 31, 2014, the Company had an accumulated deficit of $91,642,264 and will require substantial additional capital to fund its research and development. The net proceeds from the Company’s initial public offering, together with its preexisting cash and cash equivalents, will enable it to fund its operating expenses and capital expenditure requirements through the end of 2015, without giving effect to a potential option payment and, if the option is exercised, potential milestone payments the Company may receive under its option and license agreements with Forest Laboratories Holdings Limited. The Company anticipates operating losses to continue for the foreseeable future due to, among other things, costs related to research funding, development of its product candidates and its preclinical programs, and the expansion of its administrative organization. As the Company continues to incur losses, a transition to profitability is dependent upon the successful development, approval and commercialization of its product candidates and the achievement of a level of revenue adequate to support the Company’s cost structure. The Company may never achieve profitability, and unless and until it does, the Company will continue to need to raise additional capital. Management intends to fund future operations through the sale of equity, debt financings or other sources, including potential additional collaborations. There can be no assurances, however, that additional funding will be available on terms acceptable to the Company, or at all.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2014
Summary of Significant Accounting Policies	'
Summary of Significant Accounting Policies	'
	2. Summary of Significant Accounting Policies
	Basis of Presentation
	The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP). Any reference in these notes to applicable guidance is meant to refer to the authoritative United States generally accepted accounting principles as found in the Accounting Standards Codification (ASC) and Accounting Standards Update (ASU) of the Financial Accounting Standards Board (FASB). The Company considers the U.S. dollar to be its functional currency.
	Unaudited Interim Financial Information
	The accompanying condensed Balance Sheet as of March 31, 2014, and Statements of Operations and Comprehensive Loss and Statements of Cash Flows for the three months ended March 31, 2013 and 2014 and the period from November 9, 2007 (date of inception) to March 31, 2014 and the Statement of Redeemable Convertible Preferred Stock and Stockholders’ (Deficit) Equity from January 1, 2014 to March 31, 2014 are unaudited. The interim unaudited financial statements have been prepared on the same basis as the annual audited financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of March 31, 2014 and the results of its operations, its comprehensive loss and its cash flows for the three months ended March 31, 2013 and 2014 and the period from November 9, 2007 (date of inception) to March 31, 2014. The financial data and other information disclosed in these notes related to the three months ended March 31, 2013 and 2014 are not necessarily indicative of the results to be expected for the year ending December 31, 2014, any other interim periods or any future year or period.
	Significant Accounting Policies
	The Company’s significant accounting policies are described in Note 2 of the Notes to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. Since the date of those financial statements, there have been no changes to the Company’s significant accounting policies.
	Use of Estimates
	Management considers many factors in selecting appropriate financial accounting policies and controls, and in developing the estimates and assumptions that are used in the preparation of these financial statements. Management must apply significant judgment in this process. In addition, other factors may affect estimates, including expected business and operational changes, sensitivity and volatility associated with the assumptions used in developing estimates, and whether historical trends are expected to be representative of future trends. The estimation process often may yield a range of potentially reasonable estimates of the ultimate future outcomes and management must select an amount that falls within that range of reasonable estimates. This process may result in actual results differing materially from those estimated amounts used in the preparation of the financial statements if these results differ from historical experience, or other assumptions do not turn out to be substantially accurate, even if such assumptions are reasonable when made. In preparing these financial statements, management used significant estimates in the following areas, among others: stock-based compensation expense, the determination of the fair value of stock-based awards, the fair value of liability-classified preferred and common stock warrants, the accounting for research and development costs, accrued expenses and the recoverability of the Company’s net deferred tax assets and related valuation allowance.
	Cash and Cash Equivalents
	The Company considers all highly liquid investments that have maturities of three months or less when acquired to be cash equivalents. Cash and cash equivalents subject the Company to concentrations of credit risk. However, the Company has invested in U.S. government securities with one month maturity terms and money market mutual funds that invest substantially all of their assets in U.S. government securities. Cash equivalents are valued at cost, which approximates their fair market value.
	Fair Value Measurements
	ASC Topic 820, Fair Value Measurement (ASC 820), establishes a fair value hierarchy for instruments measured at fair value that distinguishes between assumptions based on market data (observable inputs) and the Company’s own assumptions (unobservable inputs). Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing the asset or liability, and are developed based on the best information available in the circumstances.
	ASC 820 identifies fair value as the exchange price, or exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As a basis for considering market participant assumptions in fair value measurements, ASC Topic 820 establishes a three-tier fair value hierarchy that distinguishes among the following:
	·                  Level 1—Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access.
	·                  Level 2—Valuations based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active and models for which all significant inputs are observable, either directly or indirectly.
	·                  Level 3—Valuations based on inputs that are unobservable and significant to the overall fair value measurement.
	To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.
	Items measured at fair value on a recurring basis include money market mutual funds, restricted cash and warrants to purchase redeemable convertible preferred stock and common stock. During the periods presented, the Company has not changed the manner in which it values assets and liabilities that are measured at fair value using Level 3 inputs. The following fair value hierarchy table presents information about each major category of the Company’s financial assets and liabilities measured at fair value on a recurring basis:
		Quoted Prices in			Significant Other			Significant			Total
		Active Markets			Observable Inputs			Unobservable
		for Identical			(Level 2)			Inputs (Level 3)
		Items
		(Level 1)
	December 31, 2013
	Assets
	Money market mutual funds	$	35,551,000		$	—		$	—		$	35,551,000
	Restricted cash	112,000			—			—			112,000
	Total assets	$	35,663,000		$	—		$	—		$	35,663,000
	Liabilities
	Warrants to purchase redeemable preferred stock	$	—		$	—		$	350,519		$	350,519
	Total liabilities	$	—		$	—		$	350,519		$	350,519
	March 31, 2014
	Assets
	Money market mutual funds	$	10,275,000		$	—		$	—		$	10,275,000
	U.S. Treasury Bills (one month maturity)	79,998,000			—			—			79,998,000
	Restricted cash	112,000			—			—			112,000
	Total assets	$	90,385,000		$	—		$	—		$	90,385,000
	Liabilities
	Warrants to purchase common stock	$	—		$	—		$	106,341		$	106,341
	Total liabilities	$	—		$	—		$	106,341		$	106,341
	The U.S. Treasury Bills and money market mutual funds noted above are included in cash and cash equivalents in the accompanying balance sheets. The Company recognizes transfers between levels of the fair value hierarchy as of the end of the reporting period. There were no transfers within the hierarchy during the three months ended March 31, 2013 or 2014.
	The following table sets forth a summary of changes in the fair value of the Company’s warrant liability, which represents a recurring measurement that is classified within Level 3 of the fair value hierarchy, wherein fair value is estimated using significant unobservable inputs:
		Warrant
		Liability
	Balance as of December 31, 2013	$	350,519
	Amounts acquired or issued	—
	Changes in estimated fair value	(98,922		)
	Amounts reclassified to additional paid-in capital	(145,256		)
	Balance as of March 31, 2014	$	106,341
	In connection with the issuance of the Company’s Series B-1 preferred shares, shareholders received warrants to purchase shares of the Company’s Series B-1 Preferred Stock. Additionally, in connection with a banking facility, the Company issued a warrant to purchase 125,000 shares of Series B preferred stock. As of December 31, 2013, the fair value of the warrants outstanding of $350,519 was recognized as a liability in the Company’s balance sheet in accordance with the guidance for accounting for certain financial instruments with characteristics of both liabilities and equity as the warrants entitle the holder to purchase preferred stock that is considered contingently redeemable. Upon the Company’s initial public offering, 1,100,000 of the outstanding Series B-1 warrants were net exercised into 20,273 shares of common stock and the remaining fair value of $145,256 associated with these particular warrants was reclassified to additional paid-in capital.  The warrant to purchase 125,000 shares of Series B preferred stock was converted into a warrant to purchase up to 20,161 shares of the Company’s common stock and remains outstanding with a fair value recorded as a liability of $106,341 at March 31, 2014 as it contains a cash settlement feature upon certain strategic transactions.
	The fair value of the warrants on the date of issuance and the fair value of the warrants classified as liabilities on each re-measurement date is estimated using the Black-Scholes option pricing model. For this liability, the Company develops its own assumptions that do not have observable inputs or available market data to support the fair value. This method of valuation involves using inputs such as the fair value of the Company’s various classes of preferred stock, stock price volatility, the contractual term of the warrants, risk free interest rates and dividend yields. Due to the nature of these inputs, the valuation of the warrants is considered a Level 3 measurement. The following assumptions were used at December 31, 2013 and March 31, 2014:
		December 31, 2013						March 31, 2014
		Series B-1			Series B			Common stock
		preferred stock			preferred stock			warrant liability
		warrant liability			warrant liability
	Estimated remaining term	0.25 years			8.4 years			8.2 years
	Dividend yield	0		%	0		%	0		%
	Risk-free interest rate	0.38		%	2.75		%	2.42		%
	Fair value of underlying instrument	$	7		$	7		$	7.86
	Volatility	71		%	70		%	74		%
	The warrant liability is recorded on its own line item on the Company’s Balance Sheet and is marked-to-market at each reporting period with the change in fair value recorded on its own line in the Statement of Operations and Comprehensive Loss.
	Recent Accounting Pronouncements
The Company does not anticipate the adoption of recently issued accounting standards to have a significant impact on its financial position, results of operations or cash flows.

Net_Loss_Per_Common_Share

Net Loss Per Common Share	3 Months Ended
	Mar. 31, 2014
Net Loss Per Common Share	'
Net Loss Per Common Share	'
	3. Net Loss Per Common Share
	The following table sets forth the computation of basic and diluted net loss per share for the periods indicated:
		Three Months Ended March 31,
		2013			2014
	Basic and diluted net loss per common share calculation:
	Net loss and comprehensive loss	$	(2,883,288	)	$	(9,373,414	)
	Accretion of redeemable convertible preferred stock	(79,161		)	(28,521		)
	Net loss attributable to common stockholders	$	(2,962,449	)	$	(9,401,935	)
	Weighted average common shares outstanding	689,266			16,023,497
	Net loss per share of common stock—basic and diluted	$	(4.30	)	$	(0.59	)
	The following outstanding securities at March, 31, 2013 and 2014 have been excluded from the computation of diluted weighted shares outstanding, as they would have been anti-dilutive:
		March 31,
		2013		2014
	Redeemable convertible preferred stock	9,689,515		—
	Options outstanding	1,427,591		3,441,284
	Warrants	288,709		22,580
	Total	11,405,815		3,463,864

Stockholders_Deficit_Equity

Stockholders' (Deficit) Equity	3 Months Ended
	Mar. 31, 2014
Stockholders' (Deficit) Equity	'
Stockholders' (Deficit) Equity	'
	4. Stockholders’ (Deficit) Equity
	On February 5, 2014, 9,250,000 shares of common stock were sold on the Company’s behalf at an initial public offering price of $7.00 per share, for aggregate gross proceeds of $64.8 million. On March 6, 2014, in connection with the partial exercise by the underwriters of the Company’s initial public offering of the over-allotment option granted to them in connection with the initial public offering, 270,449 additional shares of common stock were sold on the Company’s behalf at the initial public offering price of $7.00 per share, for aggregate gross proceeds of approximately $1.9 million.
	As of December 31, 2013, the Company had the following redeemable convertible preferred stock outstanding which converted into common shares on a one-for-6.2 basis upon consummation of the Company’s initial public offering:
		Preferred	Conversion
		Shares	into Common
		Outstanding	Shares upon
			Initial Public
			Offering
	Series A	25,074,999	4,044,354
	Series B	30,800,000	4,967,741
	Series B-1	4,750,000	766,129
	Series C	36,764,704	5,929,789
	Total	97,389,703	15,708,013
	In connection with the issuance of the Company’s Series B-1 preferred shares, shareholders received warrants to purchase shares of the Company’s Series B-1 Preferred Stock. Additionally, in connection with a banking facility, the Company issued a warrant to purchase 125,000 shares of Series B preferred stock. As of December 31, 2013, the fair value of the warrants outstanding of $350,519 was recognized as a liability in the Company’s balance sheet. Upon the Company’s initial public offering, 1,100,000 of the outstanding Series B-1 warrants were net exercised into 20,273 shares of common stock and the remaining fair value of $145,256 associated with these particular warrants was reclassified to additional paid-in capital.  The warrant to purchase 125,000 shares of Series B preferred stock was converted into a warrant to purchase up to 20,161 shares of the Company’s common stock and remains outstanding with a fair value recorded as a liability of $106,341 at March 31, 2014 as it contains a cash settlement feature upon certain strategic transactions.
	The Company was authorized to issue 132,000,000 shares of common stock as of December 31, 2013 and March 31, 2014. The Company is required, at all times, to reserve and keep available out of its authorized but unissued shares of common stock sufficient shares to effect the conversion of the shares of the preferred stock and all stock options and warrants.

2008_and_2013_Equity_Incentive

2008 and 2013 Equity Incentive Plans	3 Months Ended
	Mar. 31, 2014
2008 and 2013 Equity Incentive Plans	'
2008 and 2013 Equity Incentive Plans	'
	5. 2008 and 2013 Equity Incentive Plans
	In January 2008, the Company adopted the 2008 Equity Incentive Plan (the 2008 Plan), amended on February 29, 2008, January 7, 2010, July 8, 2010, December 10, 2010, June 23, 2011 and June 17, 2013 that authorizes the Company to grant up to 3,310,990 shares of common stock to eligible employees, directors and consultants to the Company, in the form of restricted stock and stock options. The amount, terms of grants and exercisability provisions are determined by the board of directors. The term of the options may be up to 10 years, and options are exercisable in cash or as otherwise determined by the board of directors. Vesting generally occurs over a period of not greater than four years.
	In 2013 the Company adopted the 2013 Equity Incentive Plan (the 2013 plan) that authorizes the Company to grant up to 4,100,000 shares of common stock. The 2013 plan became effective upon the initial public offering in January 2014. As of the time the 2013 plan became effective, no further grants may be made under the 2008 plan. The 2013 plan provides for the grant of incentive stock options, or ISOs, nonstatutory stock options, or NSOs, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance-based stock awards and other forms of equity compensation (collectively, stock awards), all of which may be granted to employees, including officers, non-employee directors and consultants of the Company. Additionally, the 2013 plan provides for the grant of performance cash awards. ISOs may be granted only to employees. All other awards may be granted to employees, including officers, and to non-employee directors and consultants.
	The estimated grant-date fair value of the Company’s share-based awards is amortized ratably over the awards’ service periods. Share-based compensation expense recognized was as follows:
		Three months ended						Period from
		March 31,						November 9, 2007
								(date of inception) to
		2013			2014			March 31, 2014
	Research and development	$	27,151		$	324,188		$	1,219,183
	General and administrative	12,573			203,114			673,369
	Total stock-based compensation	$	39,724		$	527,302		$	1,892,552
				Options Outstanding
		Shares Available		Number of		Weighted-Average			Weighted Average
		for Grant		Shares		Exercise Price			Remaining
									Contractual
									Term (in years)
	Balance, December 31, 2013	83,465		2,795,746		$	2.52		8.45
	Authorized	4,100,000		—
	Granted	(671,988	)	671,988		7.35
	Exercised	—		(26,450	)	0.13
	Forfeitures	—		—		—
	Balance, March 31, 2014	3,511,477		3,441,284		$	3.5		8.58
	Vested or expected to vest at March 31, 2014			3,394,254		$	3.45		8.56
	Exercisable at March 31, 2014			1,136,928		$	1.08		7.09
	The intrinsic value of the options exercisable as of March 31, 2014 was $7.7 million, based on the Company’s closing stock price of $7.86 per share and a weighted average exercise price of $1.08 per share. The intrinsic value of the unvested options as of March 31, 2014 was $7.3 million, based on the Company’s closing stock price of $7.86 per share and a weighted average exercise price of $4.69 per share.
	The Company uses the Black-Scholes option-pricing model to estimate the fair value of stock options at the grant date. The Black-Scholes model requires the Company to make certain estimates and assumptions, including estimating the fair value of the Company’s common stock, assumptions related to the expected price volatility of the Company’s stock, the period during which the options will be outstanding, the rate of return on risk-free investments and the expected dividend yield for the Company’s stock.
	The per-share weighted-average grant date fair value of the options granted to employees and directors during the three months ended March 31, 2014 was estimated at $4.91 per share on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions:
		Three Months
		Ended March
		31, 2014
	Risk-free interest rate	1.89	%
	Expected term of options (in years)	6.06
	Expected volatility	75.59	%
	Dividend yield	0	%
	There were no share-based awards granted to employees during the three months ended March 31, 2013.
	The weighted-average valuation assumptions were determined as follows:
	·                  Risk-free interest rate: The Company based the risk-free interest rate on the interest rate payable on U.S. Treasury securities in effect at the time of grant for a period that is commensurate with the assumed expected option term.
	·                  Expected term of options: The Company estimated the expected life of its employee stock options using the “simplified” method, as prescribed in Staff Accounting Bulletin (SAB) No. 107, whereby the expected life equals the arithmetic average of the vesting term and the original contractual term of the option due to its lack of sufficient historical data.
	·                  Expected stock price volatility: The Company estimated the expected volatility based on actual historical volatility of the stock price of similar companies with publicly-traded equity securities. The Company calculated the historical volatility of the selected companies by using daily closing prices over a period of the expected term of the associated award. The companies were selected based on their enterprise value, risk profiles, position within the industry and with historical share price information sufficient to meet the expected term of the associated award. A decrease in the selected volatility would have decreased the fair value of the underlying instrument.
	·                  Expected annual dividend yield: The Company estimated the expected dividend yield based on consideration of its historical dividend experience and future dividend expectations. The Company has not historically declared or paid dividends to stockholders. Moreover, it does not intend to pay dividends in the future, but instead expects to retain any earnings to invest in the continued growth of the business. Accordingly, the Company assumed an expected dividend yield of 0.0%.
	·                  Estimated forfeiture rate: The Company’s estimated annual forfeiture rate on 2013 and 2014 stock option grants was 5% and 7%, respectively, based on the historical forfeiture experience.
	The fair value of the Company’s common stock, prior to the Company’s initial public offering, was determined by its board of directors with assistance of its management. The board of directors and management considered numerous objective and subjective factors in the assessment of fair value, including the price for the Company’s preferred stock that was sold to investors and the rights, preferences and privileges of the preferred stock and common stock, the Company’s financial condition and results of operations during the relevant periods and the status of strategic initiatives. These estimates involve a significant level of judgment.
	As of March 31, 2014, there was $6.7 million of total unrecognized compensation expense, related to unvested options granted under the Plan, which will be recognized over the weighted average remaining period of 2.16 years.
	Shares Reserved for Future Issuance
	At March 31, 2014, the Company has reserved the following shares of common stock for issuance:
	Common stock options outstanding	3,441,284
	Common stock options and restricted stock available for future grant	3,511,477
	Common stock warrants outstanding	22,580
		6,975,341

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2014
Commitments and Contingencies.	'
Commitments and Contingencies	'
	6. Commitments and Contingencies
	Licenses
	On May 3, 2013, the Company entered into an option agreement and a license agreement with Forest, under which the Company granted to Forest an exclusive option to license its product candidate, TRV027. If Forest exercises this option, the license agreement between the Company and Forest will become effective and Forest will have an exclusive worldwide license to develop and commercialize TRV027 and specified related compounds. Under the option agreement, the Company will conduct, at its expense, a Phase 2b trial of TRV027 in acute heart failure. Forest may exercise its option during the pendency of the Phase 2b clinical trial or during a specified time period after the Company delivers the data from the Phase 2b clinical trial to Forest. During the option period, the Company is not permitted to negotiate for or enter into any agreement with a third party for the development and commercialization of TRV027 and its related compounds. Under specified circumstances linked to adverse changes in the market or with respect to TRV027, Forest has the right to renegotiate the terms of the license agreement. If Forest exercises such right, its option will expire and the Company will be obligated to negotiate in good faith with Forest for a period of time the terms of any new arrangement. If the Company and Forest are unable to agree on the terms of any new arrangement during such period of time, then the option agreement will terminate and for a specified period of time thereafter the Company may not offer a license to any third party on terms better than those last proposed by either the Company or Forest during the negotiations.
	If Forest does not exercise the option during the specified period, its option will expire and the license agreement will not become effective. In that event, the Company would be free to enter into a collaboration arrangement with another party for the development and commercialization of TRV027 or to pursue development and commercialization on its own.
	If Forest exercises the option, Forest will have the sole and exclusive right under the license agreement, at its sole cost and expense, to develop and commercialize TRV027 and specified related compounds throughout the world. At the Company’s request, Forest will consider in good faith whether to grant the Company the right to co-promote the licensed products in the United States under terms to be agreed upon by the parties.
	The Company received no consideration upon the grant of the option to Forest. If Forest exercises the option, the Company could potentially receive up to $430 million in the aggregate, including an upfront option exercise fee of $65 million and milestone payments depending upon the achievement of future development and commercial milestones. The Company could also receive tiered royalties between 10% and 20% on net sales of licensed products worldwide, with the royalty rates on net sales of licensed products in the United States being somewhat higher than the royalty rates on net sales of licensed products outside the United States.
	If Forest exercises the option and the license agreement becomes effective, both Forest and the Company would have the right to terminate the license agreement in the event of an uncured material breach or insolvency of the other party. In addition, Forest would be permitted to terminate the license agreement without cause at any time upon prior written notice or immediately for product safety reasons. Following a termination of the license agreement, all licenses granted to Forest would terminate, and Forest would grant the Company an exclusive royalty bearing license under specified patents and know-how to develop and commercialize reverted licensed products. If not terminated, the license agreement would remain in effect until the expiration of the last royalty term for the last licensed product.
	If Forest elects to exercise its option, the term of the royalty on sales of TRV027 for a given country would extend until the latest to occur of (i) 10 years from first commercial sale of TRV027 in that country, (ii) the expiration of the last to expire patent claiming TRV027 that is sufficient to block the entrance of a generic version of the product, or (iii) the expiration of any period of exclusivity granted by applicable law or any regulatory authority in such country that confers exclusive marketing rights on the product.
	Forest has the right to grant sublicenses under the license agreement to affiliates and third parties. Any sublicensing does not act to relieve Forest of any of its obligations under the license agreement, including Forest’s obligation to make milestone payments to the Company with respect to TRV027 or pay royalties to the Company on sales of TRV027 by such sublicensee. Forest participated in the Series C Preferred Stock financing and purchased $30 million of Series C Preferred Stock. Because the Series C Preferred Stock was acquired at the same time as the option agreement, management considered whether the Preferred Stock was issued at fair value and if not, whether the consideration received for the Preferred Stock should be allocated in the financial statements in a manner differently than the price stated in the agreement. The Series C Preferred Stock acquired by Forest was acquired at the same time and at the same price per share as all of the other investors in the Series C Preferred Stock financing and therefore the preferred stock sold to Forest was deemed to be issued at fair value and no value was allocated to the option agreement. The Series C Preferred Stock held by Forest was converted into common shares on a one-for 6.2 basis upon consummation of the Company’s initial public offering.
	Legal Proceedings
	The Company is not involved in any legal proceeding that it expects to have a material effect on its business, financial condition, results of operations and cash flows.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2014
Summary of Significant Accounting Policies	'
Basis of Presentation	'
	Basis of Presentation
	The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP). Any reference in these notes to applicable guidance is meant to refer to the authoritative United States generally accepted accounting principles as found in the Accounting Standards Codification (ASC) and Accounting Standards Update (ASU) of the Financial Accounting Standards Board (FASB). The Company considers the U.S. dollar to be its functional currency.
Unaudited Interim Financial Information	'
	Unaudited Interim Financial Information
	The accompanying condensed Balance Sheet as of March 31, 2014, and Statements of Operations and Comprehensive Loss and Statements of Cash Flows for the three months ended March 31, 2013 and 2014 and the period from November 9, 2007 (date of inception) to March 31, 2014 and the Statement of Redeemable Convertible Preferred Stock and Stockholders’ (Deficit) Equity from January 1, 2014 to March 31, 2014 are unaudited. The interim unaudited financial statements have been prepared on the same basis as the annual audited financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of March 31, 2014 and the results of its operations, its comprehensive loss and its cash flows for the three months ended March 31, 2013 and 2014 and the period from November 9, 2007 (date of inception) to March 31, 2014. The financial data and other information disclosed in these notes related to the three months ended March 31, 2013 and 2014 are not necessarily indicative of the results to be expected for the year ending December 31, 2014, any other interim periods or any future year or period.
Use of Estimates	'
	Use of Estimates
	Management considers many factors in selecting appropriate financial accounting policies and controls, and in developing the estimates and assumptions that are used in the preparation of these financial statements. Management must apply significant judgment in this process. In addition, other factors may affect estimates, including expected business and operational changes, sensitivity and volatility associated with the assumptions used in developing estimates, and whether historical trends are expected to be representative of future trends. The estimation process often may yield a range of potentially reasonable estimates of the ultimate future outcomes and management must select an amount that falls within that range of reasonable estimates. This process may result in actual results differing materially from those estimated amounts used in the preparation of the financial statements if these results differ from historical experience, or other assumptions do not turn out to be substantially accurate, even if such assumptions are reasonable when made. In preparing these financial statements, management used significant estimates in the following areas, among others: stock-based compensation expense, the determination of the fair value of stock-based awards, the fair value of liability-classified preferred and common stock warrants, the accounting for research and development costs, accrued expenses and the recoverability of the Company’s net deferred tax assets and related valuation allowance.
Cash and Cash Equivalents	'
	Cash and Cash Equivalents
	The Company considers all highly liquid investments that have maturities of three months or less when acquired to be cash equivalents. Cash and cash equivalents subject the Company to concentrations of credit risk. However, the Company has invested in U.S. government securities with one month maturity terms and money market mutual funds that invest substantially all of their assets in U.S. government securities. Cash equivalents are valued at cost, which approximates their fair market value.
Fair Value Measurements	'
	Fair Value Measurements
	ASC Topic 820, Fair Value Measurement (ASC 820), establishes a fair value hierarchy for instruments measured at fair value that distinguishes between assumptions based on market data (observable inputs) and the Company’s own assumptions (unobservable inputs). Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing the asset or liability, and are developed based on the best information available in the circumstances.
	ASC 820 identifies fair value as the exchange price, or exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As a basis for considering market participant assumptions in fair value measurements, ASC Topic 820 establishes a three-tier fair value hierarchy that distinguishes among the following:
	·                  Level 1—Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access.
	·                  Level 2—Valuations based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active and models for which all significant inputs are observable, either directly or indirectly.
	·                  Level 3—Valuations based on inputs that are unobservable and significant to the overall fair value measurement.
	To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.
	Items measured at fair value on a recurring basis include money market mutual funds, restricted cash and warrants to purchase redeemable convertible preferred stock and common stock. During the periods presented, the Company has not changed the manner in which it values assets and liabilities that are measured at fair value using Level 3 inputs. The following fair value hierarchy table presents information about each major category of the Company’s financial assets and liabilities measured at fair value on a recurring basis:
		Quoted Prices in			Significant Other			Significant			Total
		Active Markets			Observable Inputs			Unobservable
		for Identical			(Level 2)			Inputs (Level 3)
		Items
		(Level 1)
	December 31, 2013
	Assets
	Money market mutual funds	$	35,551,000		$	—		$	—		$	35,551,000
	Restricted cash	112,000			—			—			112,000
	Total assets	$	35,663,000		$	—		$	—		$	35,663,000
	Liabilities
	Warrants to purchase redeemable preferred stock	$	—		$	—		$	350,519		$	350,519
	Total liabilities	$	—		$	—		$	350,519		$	350,519
	March 31, 2014
	Assets
	Money market mutual funds	$	10,275,000		$	—		$	—		$	10,275,000
	U.S. Treasury Bills (one month maturity)	79,998,000			—			—			79,998,000
	Restricted cash	112,000			—			—			112,000
	Total assets	$	90,385,000		$	—		$	—		$	90,385,000
	Liabilities
	Warrants to purchase common stock	$	—		$	—		$	106,341		$	106,341
	Total liabilities	$	—		$	—		$	106,341		$	106,341
	The U.S. Treasury Bills and money market mutual funds noted above are included in cash and cash equivalents in the accompanying balance sheets. The Company recognizes transfers between levels of the fair value hierarchy as of the end of the reporting period. There were no transfers within the hierarchy during the three months ended March 31, 2013 or 2014.
	The following table sets forth a summary of changes in the fair value of the Company’s warrant liability, which represents a recurring measurement that is classified within Level 3 of the fair value hierarchy, wherein fair value is estimated using significant unobservable inputs:
		Warrant
		Liability
	Balance as of December 31, 2013	$	350,519
	Amounts acquired or issued	—
	Changes in estimated fair value	(98,922		)
	Amounts reclassified to additional paid-in capital	(145,256		)
	Balance as of March 31, 2014	$	106,341
	In connection with the issuance of the Company’s Series B-1 preferred shares, shareholders received warrants to purchase shares of the Company’s Series B-1 Preferred Stock. Additionally, in connection with a banking facility, the Company issued a warrant to purchase 125,000 shares of Series B preferred stock. As of December 31, 2013, the fair value of the warrants outstanding of $350,519 was recognized as a liability in the Company’s balance sheet in accordance with the guidance for accounting for certain financial instruments with characteristics of both liabilities and equity as the warrants entitle the holder to purchase preferred stock that is considered contingently redeemable. Upon the Company’s initial public offering, 1,100,000 of the outstanding Series B-1 warrants were net exercised into 20,273 shares of common stock and the remaining fair value of $145,256 associated with these particular warrants was reclassified to additional paid-in capital.  The warrant to purchase 125,000 shares of Series B preferred stock was converted into a warrant to purchase up to 20,161 shares of the Company’s common stock and remains outstanding with a fair value recorded as a liability of $106,341 at March 31, 2014 as it contains a cash settlement feature upon certain strategic transactions.
	The fair value of the warrants on the date of issuance and the fair value of the warrants classified as liabilities on each re-measurement date is estimated using the Black-Scholes option pricing model. For this liability, the Company develops its own assumptions that do not have observable inputs or available market data to support the fair value. This method of valuation involves using inputs such as the fair value of the Company’s various classes of preferred stock, stock price volatility, the contractual term of the warrants, risk free interest rates and dividend yields. Due to the nature of these inputs, the valuation of the warrants is considered a Level 3 measurement. The following assumptions were used at December 31, 2013 and March 31, 2014:
		December 31, 2013						March 31, 2014
		Series B-1			Series B			Common stock
		preferred stock			preferred stock			warrant liability
		warrant liability			warrant liability
	Estimated remaining term	0.25 years			8.4 years			8.2 years
	Dividend yield	0		%	0		%	0		%
	Risk-free interest rate	0.38		%	2.75		%	2.42		%
	Fair value of underlying instrument	$	7		$	7		$	7.86
	Volatility	71		%	70		%	74		%
	The warrant liability is recorded on its own line item on the Company’s Balance Sheet and is marked-to-market at each reporting period with the change in fair value recorded on its own line in the Statement of Operations and Comprehensive Loss.
Recent Accounting Pronouncements	'
	Recent Accounting Pronouncements
	The Company does not anticipate the adoption of recently issued accounting standards to have a significant impact on its financial position, results of operations or cash flows.

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2014
Summary of Significant Accounting Policies	'
Schedule of major category of financial assets and liabilities measured at fair value on a recurring basis	'
		Quoted Prices in			Significant Other			Significant			Total
		Active Markets			Observable Inputs			Unobservable
		for Identical			(Level 2)			Inputs (Level 3)
		Items
		(Level 1)
	December 31, 2013
	Assets
	Money market mutual funds	$	35,551,000		$	—		$	—		$	35,551,000
	Restricted cash	112,000			—			—			112,000
	Total assets	$	35,663,000		$	—		$	—		$	35,663,000
	Liabilities
	Warrants to purchase redeemable preferred stock	$	—		$	—		$	350,519		$	350,519
	Total liabilities	$	—		$	—		$	350,519		$	350,519
	March 31, 2014
	Assets
	Money market mutual funds	$	10,275,000		$	—		$	—		$	10,275,000
	U.S. Treasury Bills (one month maturity)	79,998,000			—			—			79,998,000
	Restricted cash	112,000			—			—			112,000
	Total assets	$	90,385,000		$	—		$	—		$	90,385,000
	Liabilities
	Warrants to purchase common stock	$	—		$	—		$	106,341		$	106,341
	Total liabilities	$	—		$	—		$	106,341		$	106,341
Schedule of changes in the fair value of the Company's preferred warrant liability representing a recurring measurement classified within Level 3, wherein fair value is estimated using significant unobservable inputs	'
		Warrant
		Liability
	Balance as of December 31, 2013	$	350,519
	Amounts acquired or issued	—
	Changes in estimated fair value	(98,922		)
	Amounts reclassified to additional paid-in capital	(145,256		)
	Balance as of March 31, 2014	$	106,341
Schedule of assumptions used for valuation of warrants	'
		December 31, 2013						March 31, 2014
		Series B-1			Series B			Common stock
		preferred stock			preferred stock			warrant liability
		warrant liability			warrant liability
	Estimated remaining term	0.25 years			8.4 years			8.2 years
	Dividend yield	0		%	0		%	0		%
	Risk-free interest rate	0.38		%	2.75		%	2.42		%
	Fair value of underlying instrument	$	7		$	7		$	7.86
	Volatility	71		%	70		%	74		%

Net_Loss_Per_Common_Share_Tabl

Net Loss Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2014
Net Loss Per Common Share	'
Schedule of computation of basic and diluted net loss per share	'
		Three Months Ended March 31,
		2013			2014
	Basic and diluted net loss per common share calculation:
	Net loss and comprehensive loss	$	(2,883,288	)	$	(9,373,414	)
	Accretion of redeemable convertible preferred stock	(79,161		)	(28,521		)
	Net loss attributable to common stockholders	$	(2,962,449	)	$	(9,401,935	)
	Weighted average common shares outstanding	689,266			16,023,497
	Net loss per share of common stock—basic and diluted	$	(4.30	)	$	(0.59	)
Schedule of outstanding securities excluded from the computation of diluted weighted shares outstanding as they would have been anti dilutive	'
		March 31,
		2013		2014
	Redeemable convertible preferred stock	9,689,515		—
	Options outstanding	1,427,591		3,441,284
	Warrants	288,709		22,580
	Total	11,405,815		3,463,864

Stockholders_Deficit_Equity_Ta

Stockholders' (Deficit) Equity (Tables)	3 Months Ended
	Mar. 31, 2014
Stockholders' (Deficit) Equity	'
Schedule of redeemable convertible preferred stock outstanding which converted into common shares	'
	As of December 31, 2013, the Company had the following redeemable convertible preferred stock outstanding which converted into common shares on a one-for-6.2 basis upon consummation of the Company’s initial public offering:
		Preferred	Conversion
		Shares	into Common
		Outstanding	Shares upon
			Initial Public
			Offering
	Series A	25,074,999	4,044,354
	Series B	30,800,000	4,967,741
	Series B-1	4,750,000	766,129
	Series C	36,764,704	5,929,789
	Total	97,389,703	15,708,013

2008_and_2013_Equity_Incentive1

2008 and 2013 Equity Incentive Plans (Tables)	3 Months Ended
	Mar. 31, 2014
2008 and 2013 Equity Incentive Plans	'
Schedule of share-based compensation expense recognized	'
		Three months ended						Period from
		March 31,						November 9, 2007
								(date of inception) to
		2013			2014			March 31, 2014
	Research and development	$	27,151		$	324,188		$	1,219,183
	General and administrative	12,573			203,114			673,369
	Total stock-based compensation	$	39,724		$	527,302		$	1,892,552
Schedule of options outstanding	'
				Options Outstanding
		Shares Available		Number of		Weighted-Average			Weighted Average
		for Grant		Shares		Exercise Price			Remaining
									Contractual
									Term (in years)
	Balance, December 31, 2013	83,465		2,795,746		$	2.52		8.45
	Authorized	4,100,000		—
	Granted	(671,988	)	671,988		7.35
	Exercised	—		(26,450	)	0.13
	Forfeitures	—		—		—
	Balance, March 31, 2014	3,511,477		3,441,284		$	3.5		8.58
	Vested or expected to vest at March 31, 2014			3,394,254		$	3.45		8.56
	Exercisable at March 31, 2014			1,136,928		$	1.08		7.09
Schedule of weighted-average assumptions:	'
		Three Months
		Ended March
		31, 2014
	Risk-free interest rate	1.89	%
	Expected term of options (in years)	6.06
	Expected volatility	75.59	%
	Dividend yield	0	%
Schedule of shares of common stock reserved for issuance	'
	At March 31, 2014, the Company has reserved the following shares of common stock for issuance:
	Common stock options outstanding	3,441,284
	Common stock options and restricted stock available for future grant	3,511,477
	Common stock warrants outstanding	22,580
		6,975,341

Organization_and_Description_o1

Organization and Description of the Business (Details) (USD $)	0 Months Ended	3 Months Ended	77 Months Ended				0 Months Ended
	Oct. 30, 2013	Mar. 31, 2014	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2014	Mar. 31, 2014	Feb. 05, 2014	Mar. 06, 2014
		item			Warrant expiring in December 2021	Warrant expiring in June 2018	Initial public offering	Over allotment option exercised by underwriters
Organization and Description of the Business	'	'	'	'	'	'	'	'
Number of operating segments	'	1	'	'	'	'	'	'
Reverse stock split ratio	0.1613	'	'	'	'	'	'	'
Initial Public Offering	'	'	'	'	'	'	'	'
Shares of common stock sold	'	'	'	'	'	'	9,250,000	270,449
Initial public offering price (in dollars per share)	'	'	'	'	'	'	$7	$7
Aggregate gross proceeds from shares sold	'	'	'	'	'	'	$64,800,000	$1,900,000
Shares of common stock issued upon conversion of outstanding convertible preferred stock and net exercise of a portion of warrants	'	15,728,286	'	'	'	'	'	'
Payment of underwriting discounts and commissions	'	4,600,000	'	'	'	'	'	'
Offering expense	'	2,500,000	'	'	'	'	'	'
Net offering proceeds after deducting underwriting discounts and commissions and offering expenses	'	59,553,139	59,553,139	'	'	'	'	'
Shares of common stock that may be purchased by warrant	'	'	'	'	20,161	2,419	'	'
Exercise price (in dollars per share)	'	'	'	'	$6.20	$0.06	'	'
Liquidity	'	'	'	'	'	'	'	'
Accumulated deficit	'	$91,642,264	$91,642,264	$82,268,850	'	'	'	'

Summary_of_Significant_Account3

Summary of Significant Accounting Policies (Details) (USD $)

3 Months Ended

Mar. 31, 2014

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Dec. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Dec. 31, 2013

Recurring basis

Recurring basis

Recurring basis

Recurring basis

Recurring basis

Recurring basis

Recurring basis

Recurring basis

Recurring basis

Recurring basis

Recurring basis

Recurring basis

Recurring basis

Recurring basis

Recurring basis

Recurring basis

Recurring basis

Recurring basis

Recurring basis

Recurring basis

Quoted Prices in Active Markets for Identical Items (Level 1)

Quoted Prices in Active Markets for Identical Items (Level 1)

Quoted Prices in Active Markets for Identical Items (Level 1)

Quoted Prices in Active Markets for Identical Items (Level 1)

Quoted Prices in Active Markets for Identical Items (Level 1)

Quoted Prices in Active Markets for Identical Items (Level 1)

Quoted Prices in Active Markets for Identical Items (Level 1)

Significant Unobservable Inputs (Level 3)

Significant Unobservable Inputs (Level 3)

Significant Unobservable Inputs (Level 3)

Significant Unobservable Inputs (Level 3)

Total

Total

Total

Total

Total

Total

Total

Total

Total

Money market mutual funds

Money market mutual funds

U.S. Treasury Bills (one month maturity)

Restricted cash

Restricted cash

Warrants to purchase stock

Warrants to purchase stock

Warrants to purchase stock

Warrants to purchase stock

Money market mutual funds

Money market mutual funds

U.S. Treasury Bills (one month maturity)

Restricted cash

Restricted cash

Redeemable preferred stock

Common stock

Redeemable preferred stock

Common stock

Cash and Cash Equivalents

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

U.S. government securities maturity term

'1 month

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Financial assets and liabilities measured at fair value on a recurring basis

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Assets

'

$90,385,000

$35,663,000

$10,275,000

$35,551,000

$79,998,000

$112,000

$112,000

'

'

'

'

$90,385,000

$35,663,000

'

'

$10,275,000

$35,551,000

$79,998,000

$112,000

$112,000

Liabilities

'

'

'

'

'

'

'

'

$106,341

$350,519

$350,519

$106,341

$106,341

$350,519

$350,519

$106,341

'

'

'

'

'

U.S. Treasury Bills, maturity term

'1 month

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Summary_of_Significant_Account4

Summary of Significant Accounting Policies (Details 2) (USD $)	3 Months Ended		77 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014
Changes in the fair value of warrant liability	'	'	'
Changes in estimated fair value	$98,922	$10,255	$395,861
Warrant Liability	'	'	'
Changes in the fair value of warrant liability	'	'	'
Balance at the beginning of the period	350,519	'	'
Changes in estimated fair value	-98,922	'	'
Amounts reclassified to additional paid-in capital	-145,256	'	'
Balance at the end of the period	$106,341	'	$106,341

Summary_of_Significant_Account5

Summary of Significant Accounting Policies (Details 3) (USD $)	3 Months Ended
	Mar. 31, 2014	Dec. 31, 2013
Fair value, warrant liability	'	'
Outstanding warrants (in shares)	22,580	'
Fair value of the warrants outstanding	$106,341	$350,519
Reclassification of warrant to additional paid-in capital	145,256	'
Warrants	'	'
Fair value, warrant liability	'	'
Fair value of the warrants outstanding	106,341	'
Warrants | Common Stock | Maximum	'	'
Fair value, warrant liability	'	'
Number of shares called upon conversion of warrants (in shares)	20,161	'
Warrants | Series B preferred stock	'	'
Fair value, warrant liability	'	'
Number of shares called upon exercise of warrants (in shares)	125,000	'
Series B-1 warrants	'	'
Fair value, warrant liability	'	'
Outstanding warrants (in shares)	1,100,000	'
Reclassification of warrant to additional paid-in capital	$145,256	'
Series B-1 warrants | Common Stock	'	'
Fair value, warrant liability	'	'
Number of shares called upon exercise of warrants (in shares)	20,273	'

Summary_of_Significant_Account6

Summary of Significant Accounting Policies (Details 4) (Level 3 measurement, Warrant liability, USD $)	12 Months Ended		3 Months Ended
	Dec. 31, 2013	Dec. 31, 2013	Mar. 31, 2014
	Series B-1 preferred stock	Series B preferred stock	Common stock
Fair value assumptions	'	'	'
Estimated remaining term	'3 months	'8 years 4 months 24 days	'8 years 2 months 12 days
Dividend yield (as a percent)	0.00%	0.00%	0.00%
Risk-free interest rate (as a percent)	0.38%	2.75%	2.42%
Fair value of underlying instrument (in dollar per share)	$7	$7	$7.86
Volatility (as a percent)	71.00%	70.00%	74.00%

Net_Loss_Per_Common_Share_Deta

Net Loss Per Common Share (Details) (USD $)	3 Months Ended		77 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014
Basic and diluted net loss per common share calculation:	'	'	'
Net loss and comprehensive loss	($9,373,414)	($2,883,288)	($91,593,562)
Accretion of redeemable convertible preferred stock	-28,521	-79,161	-850,530
Net loss attributable to common stockholders	($9,401,935)	($2,962,449)	($92,444,092)
Weighted average common shares outstanding	16,023,497	689,266	'
Net loss per share of common stock-basic and diluted	($0.59)	($4.30)	'
Outstanding securities excluded from computation of diluted weighted shares outstanding as they would have been anti dilutive:	'	'	'
Outstanding securities excluded from computation of diluted weighted shares outstanding (in shares)	3,463,864	11,405,815	'
Redeemable convertible preferred stock	'	'	'
Outstanding securities excluded from computation of diluted weighted shares outstanding as they would have been anti dilutive:	'	'	'
Outstanding securities excluded from computation of diluted weighted shares outstanding (in shares)	'	9,689,515	'
Options outstanding	'	'	'
Outstanding securities excluded from computation of diluted weighted shares outstanding as they would have been anti dilutive:	'	'	'
Outstanding securities excluded from computation of diluted weighted shares outstanding (in shares)	3,441,284	1,427,591	'
Warrants	'	'	'
Outstanding securities excluded from computation of diluted weighted shares outstanding as they would have been anti dilutive:	'	'	'
Outstanding securities excluded from computation of diluted weighted shares outstanding (in shares)	22,580	288,709	'

Stockholders_Deficit_Equity_De

Stockholders' (Deficit) Equity (Details) (USD $)	3 Months Ended	12 Months Ended					0 Months Ended
In Millions, except Share data, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013	Feb. 05, 2014	Mar. 06, 2014
			Redeemable convertible preferred stock, Series A	Redeemable convertible preferred stock, Series B	Redeemable convertible preferred stock, Series B-1	Redeemable convertible preferred stock, Series C	Initial public offering	Over allotment option exercised by underwriters
Stockholders' (deficit) equity	'	'	'	'	'	'	'	'
Shares of common stock sold	'	'	'	'	'	'	9,250,000	270,449
Initial public offering price (in dollars per share)	'	'	'	'	'	'	$7	$7
Aggregate gross proceeds from shares sold	'	'	'	'	'	'	$64.80	$1.90
Redeemable convertible preferred stock, conversion ratio	0.1613	'	'	'	'	'	'	'
Redeemable convertible preferred stock outstanding which converted into common shares	'	'	'	'	'	'	'	'
Preferred Shares Outstanding	'	97,389,703	25,074,999	30,800,000	4,750,000	36,764,704	'	'
Conversion into Common Shares upon Initial public offering (in shares)	'	15,708,013	4,044,354	4,967,741	766,129	5,929,789	'	'

Stockholders_Deficit_Equity_De1

Stockholders' (Deficit) Equity (Details 2) (USD $)	3 Months Ended
	Mar. 31, 2014	Dec. 31, 2013
Warrants liability	'	'
Fair value of the warrants outstanding	$106,341	'
Outstanding warrants (in shares)	22,580	'
Reclassification of warrant to additional paid-in capital	145,256	'
Remaining fair value of the warrant liability reclassified to additional paid-in capital	106,341	350,519
Common stock, shares authorized	132,000,000	132,000,000
Warrants	'	'
Warrants liability	'	'
Remaining fair value of the warrant liability reclassified to additional paid-in capital	106,341	'
Warrants | Common stock | Maximum	'	'
Warrants liability	'	'
Number of shares called upon conversion of warrants (in shares)	20,161	'
Series B-1 warrants	'	'
Warrants liability	'	'
Outstanding warrants (in shares)	1,100,000	'
Reclassification of warrant to additional paid-in capital	$145,256	'
Series B-1 warrants | Common stock	'	'
Warrants liability	'	'
Number of shares called upon exercise of warrants (in shares)	20,273	'

2008_and_2013_Equity_Incentive2

2008 and 2013 Equity Incentive Plans (Details) (USD $)

3 Months Ended

77 Months Ended

3 Months Ended

77 Months Ended

3 Months Ended

77 Months Ended

3 Months Ended

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Research and development

Research and development

Research and development

General and administrative

General and administrative

General and administrative

Stock options

Stock options

2008 Plan

2008 Plan

2008 Plan

2013 plan

Maximum

Stock options

Maximum

2008 and 2013 Equity Incentive Plans

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of shares authorized to grant

'

'

'

'

'

'

'

'

'

4,100,000

'

3,310,990

'

'

4,100,000

Term of award

'

'

'

'

'

'

'

'

'

'

'

'

'

'10 years

'

Vesting period

'

'

'

'

'

'

'

'

'

'

'

'

'4 years

'

'

Number of shares may further be granted under the plan

3,511,477

'

3,511,477

'

'

'

'

'

'

3,511,477

83,465

0

'

'

'

Stock-based compensation

$527,302

$39,724

$1,892,552

$324,188

$27,151

$1,219,183

$203,114

$12,573

$673,369

'

'

'

'

'

'

2008_and_2013_Equity_Incentive3

2008 and 2013 Equity Incentive Plans (Details 2) (USD $)	3 Months Ended	12 Months Ended
	Mar. 31, 2014	Dec. 31, 2013
Shares Available for Grant	'	'
Balance at the end of the period (in shares)	3,511,477	'
Number of Shares	'	'
Balance at the end of the period (in shares)	3,441,284	'
Stock options	'	'
Shares Available for Grant	'	'
Balance at the beginning of the period (in shares)	83,465	'
Authorized (in shares)	4,100,000	'
Granted (in shares)	-671,988	'
Balance at the end of the period (in shares)	3,511,477	83,465
Number of Shares	'	'
Balance at the beginning of the period (in shares)	2,795,746	'
Granted (in shares)	671,988	'
Exercised (in shares)	-26,450	'
Balance at the end of the period (in shares)	3,441,284	2,795,746
Vested or expected to vest at the end of the period (in shares)	3,394,254	'
Exercisable at the end of the period (in shares)	1,136,928	'
Weighted-Average Exercise Price	'	'
Balance at the beginning of the period (in dollars per share)	$2.52	'
Granted (in dollars per share)	$7.35	'
Exercised (in dollars per share)	$0.13	'
Balance at the end of the period (in dollars per share)	$3.50	$2.52
Vested or expected to vest at the end of the period (in dollars per share)	$3.45	'
Exercisable at the end of the period (in dollars per share)	$1.08	'
Weighted Average Remaining Contractual Term	'	'
Options Outstanding at the end of the period	'8 years 6 months 29 days	'8 years 5 months 12 days
Vested or expected to vest at the end of the period	'8 years 6 months 22 days	'
Exercisable at the end of the period	'7 years 1 month 2 days	'

2008_and_2013_Equity_Incentive4

2008 and 2013 Equity Incentive Plans (Details 3) (USD $)	3 Months Ended	12 Months Ended
In Millions, except Share data, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Shares of common stock reserved for issuance	'	'
Common stock options outstanding (in shares)	3,441,284	'
Common stock options and restricted stock available for future grant (in shares)	3,511,477	'
Common stock warrants outstanding	22,580	'
Total shares of common stock reserved for issuance	6,975,341	'
Estimated	'	'
Weighted-average assumptions:	'	'
Estimated annual forfeiture rate (as a percent)	7.00%	5.00%
Stock options	'	'
2008 and 2013 Equity Incentive Plans	'	'
Intrinsic value of options exercisable	7.7	'
Per share price of Company's closing stock price (in dollars per share)	7.86	'
Weighted average exercise price (in dollars per share)	1.08	'
Intrinsic value of unvested options	7.3	'
Weighted average exercise price (in dollars per share)	4.69	'
Per-share weighted-average grant date fair value of options granted (in dollars per share)	4.91	'
Weighted-average assumptions:	'	'
Share-based awards granted (in shares)	671,988	'
Unrecognized compensation expense	6.7	'
Weighted average remaining period for recognition of unrecognized compensation expense	'2 years 1 month 28 days	'
Shares of common stock reserved for issuance	'	'
Common stock options outstanding (in shares)	3,441,284	2,795,746
Common stock options and restricted stock available for future grant (in shares)	3,511,477	83,465
Stock options | Employees	'	'
Weighted-average assumptions:	'	'
Share-based awards granted (in shares)	0	'
Stock options | Weighted-average	'	'
Weighted-average assumptions:	'	'
Risk-free interest rate (as a percent)	1.89%	'
Expected term of options	'6 years 22 days	'
Expected volatility (as a percent)	75.59%	'
Dividend yield (as a percent)	0.00%	'

Commitments_and_Contingencies_

Commitments and Contingencies (Details) (USD $)	3 Months Ended			0 Months Ended		3 Months Ended
	Mar. 31, 2014	Dec. 31, 2013	Dec. 31, 2013	Feb. 05, 2014	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014
			Series C convertible preferred stock	Forest	Forest	Option agreement and a license agreement	Option agreement and a license agreement	Option agreement and a license agreement	Option agreement and a license agreement
				Series C convertible preferred stock	Series C convertible preferred stock	Minimum	Maximum	Forest	Forest
									Series C convertible preferred stock
Licenses	'	'	'	'	'	'	'	'	'
Consideration received upon the grant of the option	'	'	'	'	'	'	'	$0	'
Aggregate potential consideration	'	'	'	'	'	'	'	430,000,000	'
Upfront option exercise fee	'	'	'	'	'	'	'	65,000,000	'
Tiered royalties that could be received, as a percentage of net sales of licensed products	'	'	'	'	'	10.00%	20.00%	'	'
Term of royalty on sales from the first commercial sale of product	'	'	'	'	'	'	'	'10 years	'
Value of temporary equity purchased by licensee	'	120,562,138	59,935,986	'	30,000,000	'	'	'	'
Value of temporary equity allocated to the option agreement	'	'	'	'	'	'	'	'	$0
Preferred stock conversion ratio	0.1613	'	'	0.1613	'	'	'	'	'