Trevena (TRVN) 10-Q 7 May 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2015	4-May-15
Document and Entity Information
Entity Registrant Name	TREVENA INC
Entity Central Index Key	1429560
Document Type	10-Q
Document Period End Date	31-Mar-15
Amendment Flag	FALSE
Current Fiscal Year End Date	-19
Entity Current Reporting Status	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		39,356,378
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1

Balance_Sheets

Balance Sheets (USD $)	Mar. 31, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$29,135,895	$36,205,559
Marketable securities	71,636,172	70,698,640
Prepaid expenses and other current assets	1,723,511	669,155
Total current assets	102,495,578	107,573,354
Property and equipment, net	590,179	553,294
Restricted cash	112,410	112,410
Total assets	103,198,167	108,239,058
Current liabilities:
Accounts payable	3,152,445	4,342,480
Accrued expenses and other current liabilities	1,425,038	2,578,269
Deferred revenue	7,500,000
Deferred rent	40,254	38,359
Total current liabilities	12,117,737	6,959,108
Loans payable, net	1,719,667	1,692,884
Capital lease, net of current portion	10,023	10,677
Deferred rent, net of current portion	271,291	281,885
Deferred revenue, net of current portion	1,875,000
Warrant liability	91,264	82,851
Other long term liabilities	19,151	8,025
Total liabilities	16,104,133	9,035,430
Commitments and contingencies (Note 6)
Stockholders' equity:
Common stock, $0.001 par value; 100,000,000 shares authorized, 39,347,565 and 39,241,173 shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively	39,347	39,241
Additional paid-in capital	231,946,082	231,152,894
Accumulated deficit	-144,899,370	-131,969,725
Accumulated other comprehensive gain (loss)	7,975	-18,782
Total stockholders' equity	87,094,034	99,203,628
Total liabilities and stockholders' equity	$103,198,167	$108,239,058

Balance_Sheets_Parenthetical

Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Balance Sheets
Common stock, par value (in dollars per share)	$0.00	$0.00
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	39,347,565	39,241,173
Common stock, shares outstanding	39,347,565	39,241,173

Statements_of_Operations_and_C

Statements of Operations and Comprehensive Loss (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Revenue:
Collaboration revenue	$625,000
Total revenue	625,000
Operating expenses:
General and administrative	3,089,622	2,020,865
Research and development	10,598,993	7,633,509
Total operating expenses	13,688,615	9,654,374
Loss from operations	-13,063,615	-9,654,374
Other income (expense):
Change in fair value of warrant liability	-8,413	98,922
Miscellaneous income	173,535	176,015
Interest income	39,469	6,023
Interest expense	-70,621
Total other income	133,970	280,960
Net loss and comprehensive loss	-12,929,645	-9,373,414
Accretion of redeemable convertible preferred stock		-28,521
Net loss attributable to common stockholders	-12,929,645	-9,401,935
Other comprehensive income, net:
Unrealized gains on marketable securities	26,757
Other comprehensive gains	26,757
Comprehensive loss	($12,902,888)	($9,401,935)
Per share information:
Net loss per share of common stock, basic and diluted (in dollars per share)	($0.33)	($0.59)
Weighted average shares outstanding, basic and diluted (in shares)	39,251,184	16,023,497

Statement_of_Stockholders_Equi

Statement of Stockholders' Equity (USD $)	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss	Total
Balance at Dec. 31, 2014	$39,241	$231,152,894	($131,969,725)	($18,782)	$99,203,628
Balance (in shares) at Dec. 31, 2014	39,241,173				39,241,173
Increase (Decrease) in Stockholders' Equity
Stock-based compensation expense		613,887			613,887
Exercise of stock options	106	179,301			179,407
Exercise of stock options (in shares)	106,392
Unrealized gains on marketable securities				26,757	26,757
Net loss			-12,929,645		-12,929,645
Balance at Mar. 31, 2015	$39,347	$231,946,082	($144,899,370)	$7,975	$87,094,034
Balance (in shares) at Mar. 31, 2015	39,347,565				39,347,565

Statements_of_Cash_Flows

Statements of Cash Flows (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Operating activities:
Net loss	($12,929,645)	($9,373,414)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	52,503	105,824
Stock-based compensation	613,887	527,302
Noncash interest expense on loans	37,909
Revaluation of warrant liability	8,413	-98,922
Changes in operating assets and liabilities:
Prepaid expenses, offering costs and other assets	-840,710	532,005
Accounts payable and accrued expenses	-2,351,995	2,150,724
Deferred revenue	9,375,000
Net cash used in operating activities	-6,034,638	-6,156,481
Investing activities:
Purchase of property and equipment	-89,389	-20,629
Purchase of marketable securities	-1,124,420
Net cash used in investing activities	-1,213,809	-20,629
Financing activities:
Proceeds from exercise of common stock options	179,408	3,439
Proceeds from issuance of common stock, net		59,553,139
Capital lease payments	-625
Net cash provided by financing activities	178,783	59,556,578
Net increase (decrease) in cash and cash equivalents	-7,069,664	53,379,468
Cash and cash equivalents, beginning of period	36,205,559	37,965,198
Cash and cash equivalents-end of period	$29,135,895	$91,344,666

Organization_and_Description_o

Organization and Description of the Business	3 Months Ended
	Mar. 31, 2015
Organization and Description of the Business
Organization and Description of the Business	1. Organization and Description of the Business
	Trevena, Inc. (the “Company”) 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 clinical stage biopharmaceutical company that discovers, develops and intends to commercialize therapeutics that use a novel approach to target G protein coupled receptors. The Company operates in one segment and has its principal office in King of Prussia, Pennsylvania.
	Public Offerings of Common Stock
	On February 5, 2014, the Company issued and sold 9,250,000 shares of common stock in an initial public offering (the “IPO”) at a price of $7.00 per share, for aggregate gross proceeds of $64.8 million. On March 6, 2014, in connection with the partial exercise of the IPO underwriters’ over-allotment option, the Company sold an additional 270,449 shares of common stock at a price of $7.00 per share, for aggregate gross proceeds of approximately $1.9 million. The net offering proceeds to the Company from both sales were approximately $59.5 million, after deducting underwriting discounts and commissions of approximately $4.7 million and offering costs of approximately $2.5 million. In addition, as part of the IPO, all of the Company’s outstanding convertible preferred stock was converted and all but 22,580 of its outstanding warrants were net exercised into an aggregate of 15,728,286 shares of common stock.
	On December 10, 2014, the Company issued and sold 11,250,000 shares of common stock in a public offering as well as 1,598,000 shares of common stock pursuant to the partial exercise of the underwriters’ over-allotment option for a total of 12,848,000 shares at a price of $4.00 per share, for aggregate gross proceeds of approximately $51.4 million. The net offering proceeds to the Company from the combined sales were approximately $47.7 million, after deducting underwriting discounts and commissions of approximately $3.1 million and offering costs of approximately $0.6 million.
	Liquidity
	At March 31, 2015, the Company had an accumulated deficit of $144.9 million and its net loss was $12.9 million and $9.4 million for the three months ended March 31, 2015 and 2014, respectively. The Company expects its cash and cash equivalents of $29.1 million and marketable securities of $71.6 million as of March 31, 2015 and the $16.5 million that the Company is eligible to draw in the fourth quarter of 2015 under the second tranche of its credit facility, together with interest thereon, to be sufficient to fund its operating expenses and capital expenditure requirements through the end of 2016.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2015
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 financial statements 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, 2015 and the results of its operations, its comprehensive loss and its cash flows for the three months ended March 31, 2015 and 2014. The financial data and other information disclosed in these notes related to the three months ended March 31, 2015 and 2014 are not necessarily indicative of the results to be expected for the year ending December 31, 2015, 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, 2014. Since the date of those financial statements, there have been no changes to the Company’s significant accounting policies.
	Reclassifications
	Certain reclassifications of prior year amounts have been made to conform to the current year presentation. These reclassifications have no impact on our stockholders’ equity, net income (loss) or cash flows.
	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, and 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 and Marketable Securities
	The Company considers all highly liquid investments that have maturities of three months or less when acquired to be cash equivalents and are valued at cost, which approximates their fair market value. The Company’s marketable securities are classified as “available-for-sale” and are carried at fair market value as current assets on its balance sheets. Unrealized gains and losses on marketable securities are recorded as a separate component of accumulated other comprehensive income included in stockholders’ equity.
	Fair Value of Financial Instruments
	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 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)
	March 31, 2015
	Assets
	Money market mutual funds		$	22,969,543		$	—		$	—	$	22,969,543
	U.S. Treasury Bonds		70,406,000			—			—		70,406,000
	U.S. Government Securities		—			1,230,172			—		1,230,172
	Restricted cash		112,410			—			—		112,410
	Total assets		$	93,487,953		$	1,230,172		$	—	$	94,718,125
	Liabilities
	Warrants to purchase common stock		$	—		$	—		$	91,264	$	91,264
	Total liabilities		$	—		$	—		$	91,264	$	91,264
	December 31, 2014
	Assets
	Money market mutual funds		$	29,064,011		$	—		$	—	$	29,064,011
	U.S. Treasury Bonds		70,698,640			—			—		70,698,640
	Restricted cash		112,410			—			—		112,410
	Total assets		$	99,875,061		$	—		$	—	$	99,875,061
	Liabilities
	Warrants to purchase common stock		$	—		$	—		$	82,851	$	82,851
	Total liabilities		$	—		$	—		$	82,851	$	82,851
	The money market mutual funds are included in cash and cash equivalents in the accompanying balance sheets. The U.S. Treasury Bonds and U.S. Government Securities are included in marketable securities in the accompanying balance sheets. The Company recognizes transfers between levels of the fair value hierarchy as of the end of the reporting period. During the three months ended March 31, 2015, $1.2 million was transferred from money market mutual funds (a Level 1 investment) to U.S. Government Securities (a Level 2 investment). There were no transfers within the hierarchy during the year ended December 31, 2014.
	In connection with the issuance and sale of the Company’s Series B-1 preferred shares in 2011, the Company issued a warrant to purchase 125,000 shares of Series B preferred stock. Upon the IPO, 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 $91,264 at March 31, 2015 as it contains a cash settlement feature upon certain strategic transactions. 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, 2014		$	82,851
	Changes in estimated fair value		8,413
	Balance as of March 31, 2015		$	91,264
	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 common stock and 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 March 31, 2015 and December 31, 2014:
			March 31, 2015			December 31, 2014
			Common stock			Common stock
			warrant liability			warrant liability
	Estimated remaining term		7.09 years			7.34 years
	Dividend yield		0.00		%	0.00		%
	Risk-free interest rate		1.71		%	1.99		%
	Fair value of underlying instrument		$	6.52		$	5.98
	Volatility		73		%	72		%
	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.
	Revenue Recognition
	For the three months ended March 31, 2015, the Company recognized collaboration revenue of $625,000 related to its March 2015 letter agreement with Actavis. The terms of this agreement contain multiple deliverables which include (i) research and development activities and (ii) testing and analysis related to the ongoing Phase 2b trial of TRV027 in exchange for a nonrefundable upfront fee of $10 million. Revenue is recognized only when the price is fixed or determinable, persuasive evidence of an arrangement exists, delivery has occurred or the services have been rendered and the Company has fulfilled its performance obligations under the contract.
For arrangements with multiple elements, the Company recognizes revenue in accordance with the FASB Accounting Standards Update  No. 2009-13, Multiple-Deliverable Revenue Arrangements (“ASU 2009-13”), which provides guidance for separating and allocating consideration in a multiple element arrangement.  Deliverables under the arrangement are separate units of accounting if the delivered item has value to the customer on a standalone basis and if the arrangement includes a general right of return relative to the delivery or performance of the undelivered item is considered probable and substantially within the Company’s control. The arrangements consideration that is fixed or determinable at the inception of the arrangement is allocated to the separate units of accounting based on their relative selling prices. Management exercises significant judgement in determining whether a deliverable is a separate unit of accounting.
In determining the separate units of accounting, the Company evaluates whether the components have standalone value to the collaborator based on consideration of the relevant facts and circumstances for each arrangements. Whenever the Company determines that an element is delivered over a period of time, revenue is recognized using either a proportional performance model, if a pattern of performance can be determined or on a straight-line model over the period of performance, which is typically the research and development term.
Recent Accounting Pronouncements
On April 7, 2015, the FASB issued Accounting Standards Update 2015-03, Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”). ASU 2015-03 requires debt issuance costs to be presented in the Balance Sheets as a direct deduction from the associated debt liability. While the standard is retrospectively effective for annual reporting periods beginning after December 15, 2015, early adoption is permitted for any annual reporting period or interim period for which the entity’s financial statements have not yet been issued. The Company has elected early adoption in the current period that resulted in a balance sheet adjustment as of December 31, 2014 of $98,401 to Other assets and Loans payable, net. The Company’s adoption of this standard did not have a significant impact on its results of operations or cash flows.  See Note 4.
In May 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-09 Revenue from Contracts with Customers (“ASU 2014-09”). ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. ASU 2014-09 may be applied using either a full retrospective or a modified retrospective approach and is effective for the Company’s fiscal years, and interim periods within those years, beginning after December 15, 2016, and early adoption is not permitted. The Company is currently evaluating the impact of this amendment to our financial position and results of operations.

Net_Loss_Per_Common_Share

Net Loss Per Common Share	3 Months Ended
	Mar. 31, 2015
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,
		2015			2014
	Basic and diluted net loss per common share calculation:
	Net loss	$	(12,929,645	)	$	(9,373,414	)
	Accretion of redeemable convertible preferred stock	—			(28,521		)
	Net loss attributable to common stockholders	(12,929,645		)	$	(9,401,935	)
	Weighted average common shares outstanding	39,251,184			16,023,497
	Net loss per share of common stock—basic and diluted	$	(0.33	)	$	(0.59	)
	The following outstanding securities at March, 31, 2015 and 2014 have been excluded from the computation of diluted weighted shares outstanding, as they would have been anti-dilutive:
		March 31,
		2015		2014
	Options outstanding	4,494,427		3,441,284
	Warrants	30,258		22,580
	Total	4,524,685		3,463,864

Comprehensive_Income_Loss

Comprehensive Income (Loss)	3 Months Ended
	Mar. 31, 2015
Comprehensive Income (Loss)
Comprehensive Income (Loss)	4. Comprehensive Income (Loss)
	The following table presents changes in the components of accumulated other comprehensive income or loss, net of tax:
	Balance, January 1, 2015	$	(18,782	)
	Net unrealized investment gains on marketable securities	26,757
	Balance, March 31, 2015	$	7,975
	There were no reclassifications out of accumulated other comprehensive income or loss during the three months ended March 31, 2015. There was no tax effect during the three months ended March 31, 2015.

Long_Term_Debt

Long Term Debt	3 Months Ended
	Mar. 31, 2015
Long Term Debt.
Long Term Debt	5.  Long Term Debt
	On September 19, 2014, the Company entered into a loan and security agreement with Oxford Finance LLC, as collateral agent and lender and Square 1 Bank, as lender pursuant to which the lenders have agreed to lend the Company up to $35.0 million in a series of term loans. Upon entering into the agreement, the Company borrowed $2.0 million from the lenders (“Term Loan A”). On April 13, 2015, the Company and the lenders amended the agreement to change the draw period for Term Loan B. As amended, the Company may now, at its sole discretion, borrow from the lenders:
		·		$16.5 million, at any time beginning on October 1, 2015 and ending on December 31, 2015 (“Term Loan B”) since the Company has satisfied specified conditions precedent related to the results of the Company’s ongoing Phase 2 studies of TRV130; and
		·		an additional $16.5 million, at any time on or before March 31, 2016 (“Term Loan C” and together with Term Loan A and Term Loan B, the “Term Loans”), subject to the Company’s satisfaction of specified conditions precedent related to the results of the Company’s ongoing Phase 2 studies of TRV027.
	The proceeds from Term Loan A and future proceeds, if any, from Term Loan B and/or Term Loan C may be used to satisfy the Company’s future working capital needs, potentially including the development of its clinical and preclinical product candidates.
	The Company’s obligations under the loan and security agreement are secured by a first priority security interest in substantially all of the assets of the Company, other than intellectual property. The Company has agreed not to pledge or otherwise encumber its intellectual property, other than through grants of certain permitted non-exclusive or exclusive licenses or other conveyances of its intellectual property.
	The term loans will accrue interest at a fixed rate of 6.50% per annum. The Company is required to make payments of interest only on Term Loan A on a monthly basis through and including April 1, 2016—extended from October 1, 2015, since the Company has satisfied specified conditions precedent related to the results of the Company’s completed Phase 2 bunionectomy study of TRV130—after which consecutive equal monthly payments of principal, plus accrued interest, will be due until December 1, 2018. Both of these dates may be modified further with respect to the term loans, as applicable, as follows:
		·		If the Company meets the conditions to draw Term Loan C on or before March 31, 2016, then the date until which the Company is required to make payments of interest only will be extended from April 1, 2016 to October 1, 2016.
		·		If the Company meets the condition to draw Term Loan C on or before March 31, 2016, and the Company has received net cash proceeds of at least $50,000,000 from its existing strategic partnership and collaborative license option agreement with Actavis or another strategic partnership in form and substance satisfactory to the lenders, then the date until which consecutive equal monthly payments of principal, plus accrued interest, will be due will be extended from December 1, 2018 to September 1, 2019.
	The Company has paid the lenders a facility fee of $175,000 in connection with the execution of the loan and security agreement. Upon the last payment date of the amounts borrowed under the agreement, the Company will be required to pay the lenders a final payment fee equal to 6.1% of the term loans borrowed—increased from 5.25% since the Company has satisfied specified conditions precedent related to the results of the Company’s completed Phase 2 bunionectomy study of TRV130—and subject to further adjustment as follows:
		·		If the Company further meets the condition to draw Term Loan C on or before March 31, 2016, then the Company will be required to pay the lenders a final payment fee equal to 6.6% of the term loans borrowed; and
		·		If the Company further meets the condition to draw Term Loan C on or before March 31, 2016, and the Company has received net cash proceeds of at least $50,000,000 from its existing strategic partnership and collaborative license option agreement with Actavis or another strategic partnership in form and substance satisfactory to the lenders, then the Company will be required to pay the lenders a final payment fee equal to 7.0%.
	In addition, if the Company repays the term loans before the applicable maturity date, it will pay the lenders a prepayment fee of 3.00% of the total amount prepaid if the prepayment occurs prior to the first anniversary of the funding of the applicable term loan, 2.00% percent of the total amount prepaid if the prepayment occurs between the first and second anniversary of the funding of the applicable term loan, and 1.00% percent of the total amount prepaid if the prepayment occurs on or after the second anniversary of the funding of the applicable term loan.
	The loan and security agreement includes affirmative and restrictive covenants, including: (a) financial reporting requirements; (b) limitations on the incurrence of indebtedness; (c) limitations on liens; (d) limitations on certain merger and acquisition transactions; (e) limitations on dispositions of certain assets; (f) limitations on fundamental corporate changes (including changes in control); (g) limitations on investments; (h) limitations on payments and distributions and (i) other covenants. The agreement also contains certain events of default, including for payment defaults, breaches of covenants, a material adverse change in the collateral, the Company’s business, operations or condition (financial or otherwise), certain levies, attachments and other restraints on the Company’s business, insolvency, defaults under other agreements and misrepresentations.
	Three Point Capital, LLC served as a placement agent in connection with the term loans. The Company paid Three Point $65,000 upon execution of the loan and security agreement and will be obligated to pay up to an additional $175,000 if the Company draws on Term Loan B and Term Loan C.
	In connection with entering into the loan and security agreement, the Company issued to each of Oxford, Square 1 and Three Point warrants to purchase shares of the Company’s common stock. The warrants are exercisable, in whole or in part, immediately, and have a per share exercise price of $5.8610, which is the average closing price of the Company’s common stock on the NASDAQ Global Market for the ten trading days prior to the effective date of the agreement. The warrants may be exercised on a cashless basis. The warrants will terminate on the earlier of September 19, 2024 or the closing of a merger or consolidation transaction in which the Company is not the surviving entity. If the Company borrows Term Loan B and/or Term Loan C, upon the funding of such Term Loan, the Company will issue additional warrants to purchase shares of the Company’s common stock, each with a per share exercise price of $5.8610 and on substantially the same terms as those contained in the warrants. The number of warrants issued or issuable by the Company is as follows:
	Entity		Shares Underlying Warrants		Maximum Number of Shares	Maximum Number of Shares
			Issued on the Effective Date		Underlying Warrants Issuable	Underlying Warrants Issuable
					Assuming Full Draw of Term	Assuming Full Draw of Term
					Loan B	Loan C
	Oxford		4,875		40,217	40,217
	Square 1		1,950		16,087	16,087
	Three Point		853		7,038	7,038
	In connection with the issuance of debt, on September 19, 2014, the Company issued to the lenders and the placement agent in the transaction warrants to purchase an aggregate of 7,678 shares of the Company’s common stock. These detachable warrant instruments have qualified for equity classification and have been allocated upon the relative fair value of the base instrument and the warrants, according to the guidance of ASC 470-20-25-2. The maximum aggregate number of shares underlying additional warrants that can be issued by the Company to the lenders under the loan and security agreement and to Three Point under the placement agent arrangement is 126,684.
	As of March 31, 2015, only Term Loan A has been issued, all of which remains outstanding as of such date. The initial maturity date is December 1, 2018 and the loan bears interest at an annual rate of 6.5%. The loan is not convertible and is secured by substantially all of the Company’s assets. Interest expense of $32,500 was recorded during the three months ended March 31, 2015.The Company incurred lender and third party costs of $225,988 and $106,545, respectively, related to the issuance of Term Loan A. The lender costs are classified as a debt discount and the third party costs are classified as debt issuance costs. Per ASU 2015-03, debt discount and debt issuance costs are to be presented as a contra-liability to the debt on the balance sheet. These costs will be amortized to interest expense over the life of Term Loan A using the effective interest method. A total of $37,909 of debt discount and debt issuance costs was amortized to interest expense during the three months ended March 31, 2015.
	The following table summarizes how the issuance of Term Loan A is reflected on the balance sheet at March 31, 2015:
			March 31,
			2015
	Gross proceeds		$	2,000,000
	Debt discount		(190,513		)
	Debt issuance costs		(89,820		)
	Carrying value		$	1,719,667

Equity_Incentive_Plans

Equity Incentive Plans	3 Months Ended
	Mar. 31, 2015
Equity Incentive Plans
Equity Incentive Plans	6. Equity Incentive Plans
	In 2008, the Company adopted the 2008 Equity Incentive Plan, as amended on February 29, 2008, January 7, 2010, July 8, 2010, December 10, 2010, June 23, 2011 and June 17, 2013 (collectively, the “2008 Plan”) that authorized 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.
	In 2013, the Company adopted the 2013 Equity Incentive Plan, as amended on May 14, 2014 and January 1, 2015  (collectively, the “2013 Plan”), that reserves for issuance under the plan up to 3,284,326 shares of common stock. The 2013 Plan contains an “evergreen” provision, pursuant to which the number of shares of common stock available for issuance under the plan will automatically increase on January 1 of each year beginning in 2015. The 2013 plan became effective upon the January 2014 IPO and, as of such date, the Company may not make further grants under the 2008 plan. The 2013 plan provides for the grant of incentive stock options, nonstatutory stock options, 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 cash and stock based performance awards.
	Under both the 2008 and 2013 Plans, the amount, terms of grants and exercisability provisions are determined by the board of directors or its designee. 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.
	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
			March 31,
			2015			2014
	Research and development		$	227,801		$	324,188
	General and administrative		386,086			203,114
	Total stock-based compensation		$	613,887		$	527,302
	A summary of stock option activity for the three months March 31, 2015 is as follows:
			Options Outstanding
			Number		Weighted-			Weighted
			of Shares		Average			Average
					Exercise			Remaining
					Price			Contractual
								Term (in years)
	Balance, December 31, 2014		3,574,450		$	3.75		8.06
	Granted		1,102,000
	Exercised		(106,392	)
	Forfeitures		(75,631	)
	Balance, March 31, 2015		4,494,427		$	4.5		8.3
	Vested or expected to vest at March 31, 2015		4,337,547		$	4.42
	Exercisable at March 31, 2015		1,687,280		$	2.56
	The intrinsic value of the options exercisable as of March 31, 2015 was $7.0 million, based on the Company’s closing stock price of $6.52 per share and a weighted average exercise price of $2.56 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, 2015 and 2014 was estimated at $4.21 and $4.91 per share, respectively, on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions:
			March 31,		March 31,
			2015		2014
	Risk-free interest rate		1.69	%	1.89	%
	Expected term of options (in years)		6.25		6.06
	Expected volatility		68.8	%	75.6	%
	Dividend yield		0	%	0	%
	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:  Due to its lack of sufficient historical data, the Company estimates 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.
		·		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 for the three months ended March 31, 2015 and 2014 stock option grants was 9% and 7%, respectively, based on the historical forfeiture experience.
	The fair value of the Company’s common stock, prior to the Company’s IPO, was determined by its board of directors with assistance from 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 involved a significant level of judgment.
	As of March 31, 2015, there was $9.3 million of total unrecognized compensation expense related to unvested options that will be recognized over the weighted average remaining period of 3.22 years.
	Shares Available for Future Grant
	At March 31, 2015, the Company has the following shares available to be granted under the 2013 Plan:
	Available at December 31, 2014		829,364
	Authorized		1,569,646
	Granted		(1,102,000	)
	Forfeitures		75,631
	Available at March 31, 2015		1,372,641
	Shares Reserved for Future Issuance
	At March 31, 2015, the Company has reserved the following shares of common stock for issuance:
	Stock options outstanding		4,494,427
	Shares available for future grant under 2013 Plan		1,372,641
	Warrants outstanding		30,258
			5,897,326

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2015
Commitments and Contingencies.
Commitments and Contingencies	7. Commitments and Contingencies
	Licenses
	On May 3, 2013, the Company entered into an option agreement and a license agreement with Actavis plc (formerly Forest Laboratories Holdings Limited), under which the Company granted to Actavis an exclusive option to license its product candidate, TRV027. If Actavis exercises this option, the license agreement between the Company and Actavis will become effective and Actavis will have an exclusive worldwide license to develop and commercialize TRV027 and specified related compounds. At the Company’s request, Actavis will consider in good faith whether to grant the Company the right to co-promote the licensed products in the United States under the terms to be agreed upon by the parties. Actavis will be responsible for subsequent development, regulatory approval and commercialization of TRV027 at Actavis’ sole cost and expense.
	Under the option agreement, the Company is conducting, at its expense, a Phase 2b trial of TRV027 in acute heart failure, or AHF. In March 2015, Actavis and the Company signed a letter agreement wherein Actavis agreed to pay the Company $10.0 million to fund the expansion of this ongoing Phase 2b trial of TRV027 from 500 patients to 620 patients. As part of this agreement, the Company and Actavis agreed to certain testing and analysis with respect to the study. The extended Phase 2b trial and related analysis are currently expected to be completed in the second quarter of 2016. Collaboration Revenue will be recognized on a straight line basis over the study period. At the end of each reporting period, the Company will reassess the trial completion date and adjust the recognition period if applicable. The March 2015 letter agreement does not otherwise amend the terms of the May 2013 option agreement. Actavis 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 Actavis. 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 related to the results from the Phase 2b trial of TRV027, Actavis has the right to renegotiate the terms of the license agreement. If Actavis exercises such right, the Company will be obligated to negotiate in good faith with Actavis for a period of time the terms of any new arrangement. If the Company and Actavis are unable to agree on the terms of any new arrangement, 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 Actavis during the negotiations.
	If Actavis does not exercise its option during the specified period, the option will expire and the license agreement will not become effective. In that case, 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. The Company received no consideration upon the grant of the option to Actavis. If Actavis exercises the option, the Company would receive a $65 million option exercise fee and could potentially receive up to $365 million depending upon the achievement of future development and commercial milestones. The Company also could 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. 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.
	If the license agreement becomes effective, Actavis has the right to grant sublicenses under the license agreement to affiliates and third parties. Any sublicensing does not act to relieve Actavis of any of its obligations under the license agreement, including Actavis’ 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. Under the license, both Actavis and the Company have the right to terminate the agreement in the event of an uncured material breach or insolvency of the other party. In addition, Actavis is 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 Actavis would terminate, and Actavis 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.
	Actavis 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 Actavis 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 Actavis was deemed to be issued at fair value and no value was allocated to the option agreement. The Series C Preferred Stock held by Actavis was converted into common shares on a one-for-6.2 basis upon consummation of the Company’s IPO.
	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, 2015
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 financial statements 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, 2015 and the results of its operations, its comprehensive loss and its cash flows for the three months ended March 31, 2015 and 2014. The financial data and other information disclosed in these notes related to the three months ended March 31, 2015 and 2014 are not necessarily indicative of the results to be expected for the year ending December 31, 2015, any other interim periods or any future year or period.
Reclassifications	Reclassifications
	Certain reclassifications of prior year amounts have been made to conform to the current year presentation. These reclassifications have no impact on our stockholders’ equity, net income (loss) or cash flows.
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, and 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 and Marketable Securities	Cash and Cash Equivalents and Marketable Securities
	The Company considers all highly liquid investments that have maturities of three months or less when acquired to be cash equivalents and are valued at cost, which approximates their fair market value. The Company’s marketable securities are classified as “available-for-sale” and are carried at fair market value as current assets on its balance sheets. Unrealized gains and losses on marketable securities are recorded as a separate component of accumulated other comprehensive income included in stockholders’ equity.
Fair Value of Financial Instruments	Fair Value of Financial Instruments
	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 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)
	March 31, 2015
	Assets
	Money market mutual funds		$	22,969,543		$	—		$	—	$	22,969,543
	U.S. Treasury Bonds		70,406,000			—			—		70,406,000
	U.S. Government Securities		—			1,230,172			—		1,230,172
	Restricted cash		112,410			—			—		112,410
	Total assets		$	93,487,953		$	1,230,172		$	—	$	94,718,125
	Liabilities
	Warrants to purchase common stock		$	—		$	—		$	91,264	$	91,264
	Total liabilities		$	—		$	—		$	91,264	$	91,264
	December 31, 2014
	Assets
	Money market mutual funds		$	29,064,011		$	—		$	—	$	29,064,011
	U.S. Treasury Bonds		70,698,640			—			—		70,698,640
	Restricted cash		112,410			—			—		112,410
	Total assets		$	99,875,061		$	—		$	—	$	99,875,061
	Liabilities
	Warrants to purchase common stock		$	—		$	—		$	82,851	$	82,851
	Total liabilities		$	—		$	—		$	82,851	$	82,851
	The money market mutual funds are included in cash and cash equivalents in the accompanying balance sheets. The U.S. Treasury Bonds and U.S. Government Securities are included in marketable securities in the accompanying balance sheets. The Company recognizes transfers between levels of the fair value hierarchy as of the end of the reporting period. During the three months ended March 31, 2015, $1.2 million was transferred from money market mutual funds (a Level 1 investment) to U.S. Government Securities (a Level 2 investment). There were no transfers within the hierarchy during the year ended December 31, 2014.
	In connection with the issuance and sale of the Company’s Series B-1 preferred shares in 2011, the Company issued a warrant to purchase 125,000 shares of Series B preferred stock. Upon the IPO, 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 $91,264 at March 31, 2015 as it contains a cash settlement feature upon certain strategic transactions. 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, 2014		$	82,851
	Changes in estimated fair value		8,413
	Balance as of March 31, 2015		$	91,264
	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 common stock and 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 March 31, 2015 and December 31, 2014:
			March 31, 2015			December 31, 2014
			Common stock			Common stock
			warrant liability			warrant liability
	Estimated remaining term		7.09 years			7.34 years
	Dividend yield		0.00		%	0.00		%
	Risk-free interest rate		1.71		%	1.99		%
	Fair value of underlying instrument		$	6.52		$	5.98
	Volatility		73		%	72		%
	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.
Revenue Recognition	Revenue Recognition
	For the three months ended March 31, 2015, the Company recognized collaboration revenue of $625,000 related to its March 2015 letter agreement with Actavis. The terms of this agreement contain multiple deliverables which include (i) research and development activities and (ii) testing and analysis related to the ongoing Phase 2b trial of TRV027 in exchange for a nonrefundable upfront fee of $10 million. Revenue is recognized only when the price is fixed or determinable, persuasive evidence of an arrangement exists, delivery has occurred or the services have been rendered and the Company has fulfilled its performance obligations under the contract.
	For arrangements with multiple elements, the Company recognizes revenue in accordance with the FASB Accounting Standards Update  No. 2009-13, Multiple-Deliverable Revenue Arrangements (“ASU 2009-13”), which provides guidance for separating and allocating consideration in a multiple element arrangement.  Deliverables under the arrangement are separate units of accounting if the delivered item has value to the customer on a standalone basis and if the arrangement includes a general right of return relative to the delivery or performance of the undelivered item is considered probable and substantially within the Company’s control. The arrangements consideration that is fixed or determinable at the inception of the arrangement is allocated to the separate units of accounting based on their relative selling prices. Management exercises significant judgement in determining whether a deliverable is a separate unit of accounting.
	In determining the separate units of accounting, the Company evaluates whether the components have standalone value to the collaborator based on consideration of the relevant facts and circumstances for each arrangements. Whenever the Company determines that an element is delivered over a period of time, revenue is recognized using either a proportional performance model, if a pattern of performance can be determined or on a straight-line model over the period of performance, which is typically the research and development term.
Recent Accounting Pronouncements	Recent Accounting Pronouncements
	On April 7, 2015, the FASB issued Accounting Standards Update 2015-03, Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”). ASU 2015-03 requires debt issuance costs to be presented in the Balance Sheets as a direct deduction from the associated debt liability. While the standard is retrospectively effective for annual reporting periods beginning after December 15, 2015, early adoption is permitted for any annual reporting period or interim period for which the entity’s financial statements have not yet been issued. The Company has elected early adoption in the current period that resulted in a balance sheet adjustment as of December 31, 2014 of $98,401 to Other assets and Loans payable, net. The Company’s adoption of this standard did not have a significant impact on its results of operations or cash flows.  See Note 4.
	In May 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-09 Revenue from Contracts with Customers (“ASU 2014-09”). ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. ASU 2014-09 may be applied using either a full retrospective or a modified retrospective approach and is effective for the Company’s fiscal years, and interim periods within those years, beginning after December 15, 2016, and early adoption is not permitted. The Company is currently evaluating the impact of this amendment to our financial position and results of operations.

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2015
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)
	March 31, 2015
	Assets
	Money market mutual funds	$	22,969,543		$	—		$	—	$	22,969,543
	U.S. Treasury Bonds	70,406,000			—			—		70,406,000
	U.S. Government Securities	—			1,230,172			—		1,230,172
	Restricted cash	112,410			—			—		112,410
	Total assets	$	93,487,953		$	1,230,172		$	—	$	94,718,125
	Liabilities
	Warrants to purchase common stock	$	—		$	—		$	91,264	$	91,264
	Total liabilities	$	—		$	—		$	91,264	$	91,264
	December 31, 2014
	Assets
	Money market mutual funds	$	29,064,011		$	—		$	—	$	29,064,011
	U.S. Treasury Bonds	70,698,640			—			—		70,698,640
	Restricted cash	112,410			—			—		112,410
	Total assets	$	99,875,061		$	—		$	—	$	99,875,061
	Liabilities
	Warrants to purchase common stock	$	—		$	—		$	82,851	$	82,851
	Total liabilities	$	—		$	—		$	82,851	$	82,851
Schedule of changes in the fair value of the Company's 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, 2014	$	82,851
	Changes in estimated fair value	8,413
	Balance as of March 31, 2015	$	91,264
Schedule of assumptions used for valuation of warrants
		March 31, 2015			December 31, 2014
		Common stock			Common stock
		warrant liability			warrant liability
	Estimated remaining term	7.09 years			7.34 years
	Dividend yield	0.00		%	0.00		%
	Risk-free interest rate	1.71		%	1.99		%
	Fair value of underlying instrument	$	6.52		$	5.98
	Volatility	73		%	72		%

Net_Loss_Per_Common_Share_Tabl

Net Loss Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2015
Net Loss Per Common Share
Schedule of computation of basic and diluted net loss per share
		Three Months Ended March 31,
		2015			2014
	Basic and diluted net loss per common share calculation:
	Net loss	$	(12,929,645	)	$	(9,373,414	)
	Accretion of redeemable convertible preferred stock	—			(28,521		)
	Net loss attributable to common stockholders	(12,929,645		)	$	(9,401,935	)
	Weighted average common shares outstanding	39,251,184			16,023,497
	Net loss per share of common stock—basic and diluted	$	(0.33	)	$	(0.59	)
Schedule of outstanding securities excluded from the computation of diluted weighted shares outstanding as they would have been anti-dilutive
		March 31,
		2015		2014
	Options outstanding	4,494,427		3,441,284
	Warrants	30,258		22,580
	Total	4,524,685		3,463,864

Comprehensive_Income_Loss_Tabl

Comprehensive Income (Loss) (Tables)	3 Months Ended
	Mar. 31, 2015
Comprehensive Income (Loss)
Schedule of accumulated other comprehensive income or loss
	Balance, January 1, 2015	$	(18,782	)
	Net unrealized investment gains on marketable securities	26,757
	Balance, March 31, 2015	$	7,975

Long_Term_Debt_Tables

Long Term Debt (Tables)	3 Months Ended
	Mar. 31, 2015
Long Term Debt
Schedule of number of warrants issued or issuable by the Company
	Entity	Shares Underlying Warrants		Maximum Number of Shares	Maximum Number of Shares
		Issued on the Effective Date		Underlying Warrants Issuable	Underlying Warrants Issuable
				Assuming Full Draw of Term	Assuming Full Draw of Term
				Loan B	Loan C
	Oxford	4,875		40,217	40,217
	Square 1	1,950		16,087	16,087
	Three Point	853		7,038	7,038
Term Loan A
Long Term Debt
Schedule of loan reflected on Balance Sheet
		March 31,
		2015
	Gross proceeds	$	2,000,000
	Debt discount	(190,513		)
	Debt issuance costs	(89,820		)
	Carrying value	$	1,719,667

Equity_Incentive_Plans_Tables

Equity Incentive Plans (Tables)	3 Months Ended
	Mar. 31, 2015
Schedule of share-based compensation expense recognized
		Three Months Ended
		March 31,
		2015			2014
	Research and development	$	227,801		$	324,188
	General and administrative	386,086			203,114
	Total stock-based compensation	$	613,887		$	527,302
Summary of stock option activity
		Options Outstanding
		Number		Weighted-			Weighted
		of Shares		Average			Average
				Exercise			Remaining
				Price			Contractual
							Term (in years)
	Balance, December 31, 2014	3,574,450		$	3.75		8.06
	Granted	1,102,000
	Exercised	(106,392	)
	Forfeitures	(75,631	)
	Balance, March 31, 2015	4,494,427		$	4.5		8.3
	Vested or expected to vest at March 31, 2015	4,337,547		$	4.42
	Exercisable at March 31, 2015	1,687,280		$	2.56
Schedule of weighted-average assumptions:
		March 31,		March 31,
		2015		2014
	Risk-free interest rate	1.69	%	1.89	%
	Expected term of options (in years)	6.25		6.06
	Expected volatility	68.8	%	75.6	%
	Dividend yield	0	%	0	%
Schedule of shares of common stock reserved for issuance
	At March 31, 2015, the Company has reserved the following shares of common stock for issuance:
	Stock options outstanding	4,494,427
	Shares available for future grant under 2013 Plan	1,372,641
	Warrants outstanding	30,258
		5,897,326
2013 plan
Schedule of shares of common stock reserved for issuance
	At March 31, 2015, the Company has the following shares available to be granted under the 2013 Plan:
	Available at December 31, 2014	829,364
	Authorized	1,569,646
	Granted	(1,102,000	)
	Forfeitures	75,631
	Available at March 31, 2015	1,372,641

Organization_and_Description_o1

Organization and Description of the Business (Details) (USD $)	0 Months Ended			1 Months Ended	3 Months Ended
	Dec. 10, 2014	Mar. 06, 2014	Feb. 05, 2014	Mar. 06, 2014	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014	Dec. 31, 2013
					item
Organization and Description of the Business
Number of operating segments					1
Public Offerings of Common Stock
Issuance of common stock in public offering (in shares)	11,250,000
Issuance of common stock underwriters allotment option (in shares)	1,598,000
Issuance of common stock (in shares)	12,848,000	270,449	9,250,000
Public offering price (in dollars per share)	$4	$7	$7
Aggregate gross proceeds from shares sold	$51,400,000	$1,900,000	$64,800,000
Number of outstanding warrants not exercised as part of the IPO				22,580
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	3,100,000			4,700,000
Offering expense	600,000			2,500,000
Proceeds from issuance of common stock, net	47,700,000					59,553,139
Liquidity
Accumulated deficit					144,899,370		131,969,725
Net loss					-12,929,645	-9,373,414
Cash and cash equivalents					29,135,895	91,344,666	36,205,559	37,965,198
Marketable securities					71,636,172		70,698,640
Amount available for withdrawal under credit facility					$16,500,000

Summary_of_Significant_Account3

Summary of Significant Accounting Policies (Details) (Recurring basis, USD $)	Mar. 31, 2015	Dec. 31, 2014
Quoted Prices in Active Markets for Identical Items (Level 1)
Financial assets and liabilities measured at fair value on a recurring basis
Assets	$93,487,953	$99,875,061
Quoted Prices in Active Markets for Identical Items (Level 1) | Money market mutual funds
Financial assets and liabilities measured at fair value on a recurring basis
Assets	22,969,543	29,064,011
Quoted Prices in Active Markets for Identical Items (Level 1) | U.S. Treasury Bonds
Financial assets and liabilities measured at fair value on a recurring basis
Assets	70,406,000	70,698,640
Quoted Prices in Active Markets for Identical Items (Level 1) | Restricted cash
Financial assets and liabilities measured at fair value on a recurring basis
Assets	112,410	112,410
Significant Other Observable Inputs (Level 2)
Financial assets and liabilities measured at fair value on a recurring basis
Assets	1,230,172
Significant Other Observable Inputs (Level 2) | U.S. Government Securities
Financial assets and liabilities measured at fair value on a recurring basis
Assets	1,230,172
Significant Unobservable Inputs (Level 3)
Financial assets and liabilities measured at fair value on a recurring basis
Liabilities	91,264	82,851
Significant Unobservable Inputs (Level 3) | Warrants
Financial assets and liabilities measured at fair value on a recurring basis
Liabilities	91,264	82,851
Total
Financial assets and liabilities measured at fair value on a recurring basis
Assets	94,718,125	99,875,061
Liabilities	91,264	82,851
Total | Warrants
Financial assets and liabilities measured at fair value on a recurring basis
Liabilities	91,264	82,851
Total | Money market mutual funds
Financial assets and liabilities measured at fair value on a recurring basis
Assets	22,969,543	29,064,011
Total | U.S. Treasury Bonds
Financial assets and liabilities measured at fair value on a recurring basis
Assets	70,406,000	70,698,640
Total | U.S. Government Securities
Financial assets and liabilities measured at fair value on a recurring basis
Assets	1,230,172
Total | Restricted cash
Financial assets and liabilities measured at fair value on a recurring basis
Assets	$112,410	$112,410

Summary_of_Significant_Account4

Summary of Significant Accounting Policies (Details 2) (USD $)	Mar. 31, 2015	Dec. 31, 2014	Dec. 31, 2011
Fair value, warrant liability
Transfer of fair value of assets from Level 1 to Level 2	$1,200,000
Transfers between levels within the fair value hierarchy		0
Warrants
Fair value, warrant liability
Fair value of the warrants outstanding	$91,264
Common Stock | Maximum | Warrants
Fair value, warrant liability
Number of shares called upon exercise of warrants (in shares)	20,161
Series B preferred stock | Warrants
Fair value, warrant liability
Number of shares called upon exercise of warrants (in shares)			125,000

Summary_of_Significant_Account5

Summary of Significant Accounting Policies (Details 3) (USD $)	3 Months Ended		1 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015
Changes in the fair value of warrant liability
Changes in estimated fair value	$8,413	($98,922)
Revenue
Collaboration revenue	625,000
Actavis plc (formerly Forest Laboratories Holdings Limited)
Revenue
Collaboration revenue	625,000
Nonrefundable upfront fee	10,000,000		10,000,000
Warrants
Changes in the fair value of warrant liability
Balance at the beginning of the period	82,851
Changes in estimated fair value	8,413
Balance at the end of the period	$91,264		$91,264

Summary_of_Significant_Account6

Summary of Significant Accounting Policies (Details 4) (USD $)	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Recent Accounting Pronouncements
Loans payable, net	$1,719,667	$1,692,884
Adjustments for New Accounting Principle, Early Adoption
Recent Accounting Pronouncements
Other assets		-98,401
Loans payable, net		($98,401)
Significant Unobservable Inputs (Level 3) | Warrants | Common Stock
Fair value assumptions
Estimated remaining term	7 years 1 month 2 days	7 years 4 months 2 days
Dividend yield (as a percent)	0.00%	0.00%
Risk-free interest rate (as a percent)	1.71%	1.99%
Fair value of underlying instrument (in dollar per share)	$6.52	$5.98
Volatility (as a percent)	73.00%	72.00%

Net_Loss_Per_Common_Share_Deta

Net Loss Per Common Share (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Basic and diluted net loss per common share calculation:
Net loss	($12,929,645)	($9,373,414)
Accretion of redeemable convertible preferred stock		-28,521
Net loss attributable to common stockholders	($12,929,645)	($9,401,935)
Weighted average common shares outstanding	39,251,184	16,023,497
Net loss per share of common stock-basic and diluted	($0.33)	($0.59)
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)	4,524,685	3,463,864
Stock options
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)	4,494,427	3,441,284
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)	30,258	22,580

Comprehensive_Income_Loss_Deta

Comprehensive Income (Loss) (Details) (USD $)	3 Months Ended
	Mar. 31, 2015
Comprehensive Income (Loss)
Accumulated other comprehensive income (loss), net of tax, beginning balance	($18,782)
Net unrealized investment gains on marketable securities	26,757
Accumulated other comprehensive income (loss), net of tax, ending balance	7,975
Reclassifications out of accumulated other comprehensive income or loss, net of tax	0
Tax effect	$0

Long_Term_Debt_Details

Long Term Debt (Details) (USD $)	3 Months Ended	0 Months Ended
	Mar. 31, 2015	Sep. 19, 2014	Apr. 13, 2015
Long Term Debt
Amortization of debt discount and issuance costs	$37,909
Interest expense	70,621
Loan and security agreement
Long Term Debt
Face amount		35,000,000
Term Loan A
Long Term Debt
Face amount		2,000,000
Interest rate (as a percent)	6.50%	6.50%
Deferred financing fees		106,545
Gross proceeds	2,000,000
Debt discount	-190,513	225,988
Debt issuance costs	-89,820
Carrying value	1,719,667
Interest expense	32,500
Term Loan B
Long Term Debt
Face amount			16,500,000
Term Loan C
Long Term Debt
Face amount			16,500,000
Minimum net cash proceeds from strategic partnerships as a condition to extend the date for payments	50,000,000
Lenders | Loan and security agreement
Fees
Facility fee		175,000
Final payment fee due upon that last payment date of the amounts borrowed under the agreement subject to adjustment (as a percent)		6.10%
Final payment fee due upon that last payment date of the amounts borrowed under the agreement, scenario 1 (as a percent)		6.60%
Final payment fee due upon that last payment date of the amounts borrowed under the agreement, scenario 2 (as a percent)		5.25%
Final payment fee due upon that last payment date of the amounts borrowed under the agreement, scenario 3 (as a percent)		7.00%
Prepayment fee as a percent of total amount prepaid if prepayment occurs prior to the first anniversary of the funding		3.00%
Prepayment fee as a percent of total amount prepaid if prepayment occurs between the first and second anniversary of the funding		2.00%
Prepayment fee as a percent of total amount prepaid if prepayment occurs on or after the second anniversary of the funding		1.00%
Three Point
Fees
Facility fee		65,000
Additional fee if draws are made on term loans		$175,000
Warrants
Warrants
Exercise price (in dollars per share)		$5.86
Number of trading days prior to the effective date of the agreement that are used to determine the exercise price of warrants		10 days
Warrants | Lenders and Placement Agent | Maximum
Warrants
Number of shares called upon exercise of warrants (in shares)		126,684
Warrants | Three Point
Warrants
Number of shares called upon exercise of warrants (in shares)		853
Maximum Number of Shares Underlying Warrants Issuable Assuming Full Draw of Term Loan B		7,038
Maximum Number of Shares Underlying Warrants Issuable Assuming Full Draw of Term Loan C		7,038
Warrants | Oxford
Warrants
Number of shares called upon exercise of warrants (in shares)		4,875
Maximum Number of Shares Underlying Warrants Issuable Assuming Full Draw of Term Loan B		40,217
Maximum Number of Shares Underlying Warrants Issuable Assuming Full Draw of Term Loan C		40,217
Warrants | Square I
Warrants
Number of shares called upon exercise of warrants (in shares)		1,950
Maximum Number of Shares Underlying Warrants Issuable Assuming Full Draw of Term Loan B		16,087
Maximum Number of Shares Underlying Warrants Issuable Assuming Full Draw of Term Loan C		16,087
Warrants | Common Stock | Maximum
Warrants
Number of shares called upon exercise of warrants (in shares)	20,161
Warrants | Common Stock | Lenders and Placement Agent
Warrants
Number of shares called upon exercise of warrants (in shares)		7,678

Equity_Incentive_Plans_Details

Equity Incentive Plans (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Jan. 01, 2015	Dec. 31, 2014
Equity Incentive Plans
Number of shares may further be granted under the plan	1,372,641
Stock-based compensation	$613,887	$527,302
Research and development
Equity Incentive Plans
Stock-based compensation	227,801	324,188
General and administrative
Equity Incentive Plans
Stock-based compensation	$386,086	$203,114
2008 Plan
Equity Incentive Plans
Number of shares authorized to grant	3,310,990
2008 Plan | Stock options | Maximum
Equity Incentive Plans
Term of award	10 years
Vesting period	4 years
2013 plan
Equity Incentive Plans
Number of shares authorized to grant	1,569,646		3,284,326
Number of shares may further be granted under the plan	1,372,641			829,364
2013 plan | Stock options | Maximum
Equity Incentive Plans
Term of award	10 years
Vesting period	4 years

Equity_Incentive_Plans_Details1

Equity Incentive Plans (Details 2) (USD $)	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Number of Shares
Balance at the end of the period (in shares)	4,494,427
Stock options
Number of Shares
Balance at the beginning of the period (in shares)	3,574,450
Granted (in shares)	1,102,000
Exercised (in shares)	-106,392
Forfeitures (in shares)	-75,631
Balance at the end of the period (in shares)	4,494,427	3,574,450
Vested or expected to vest at the end of the period (in shares)	4,337,547
Exercisable at the end of the period (in shares)	1,687,280
Weighted-Average Exercise Price
Balance at the beginning of the period (in dollars per share)	$3.75
Balance at the end of the period (in dollars per share)	$4.50	$3.75
Vested or expected to vest at the end of the period (in dollars per share)	$4.42
Exercisable at the end of the period (in dollars per share)	$2.56
Weighted Average Remaining Contractual Term
Options Outstanding at the end of the period	8 years 3 months 18 days	8 years 22 days

Equity_Incentive_Plans_Details2

Equity Incentive Plans (Details 3) (USD $)	3 Months Ended
In Millions, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Jan. 01, 2015	Dec. 31, 2014
Shares Available for Grant
Balance at the end of the period (in shares)	1,372,641
Shares of common stock reserved for issuance
Stock options outstanding (in shares)	4,494,427
Shares available for future grant under 2013 Plan (in shares)	1,372,641
Warrants outstanding (in shares)	30,258
Total shares of common stock reserved for issuance	5,897,326
Estimated
Weighted-average assumptions:
Estimated annual forfeiture rate (as a percent)	9.00%	7.00%
2013 plan
Shares Available for Grant
Balance at the beginning of the period (in shares)	829,364
Authorized (in shares)	1,569,646		3,284,326
Granted (in shares)	-1,102,000
Forfeitures (in shares)	75,631
Balance at the end of the period (in shares)	1,372,641
Shares of common stock reserved for issuance
Shares available for future grant under 2013 Plan (in shares)	1,372,641
Stock options
Equity Incentive Plans
Intrinsic value of options exercisable	7
Per share price of Company's closing stock price (in dollars per share)	6.52
Weighted average exercise price (in dollars per share)	2.56
Per-share weighted-average grant date fair value of options granted (in dollars per share)	4.21	4.91
Weighted-average assumptions:
Unrecognized compensation expense	9.3
Weighted average remaining period for recognition of unrecognized compensation expense	3 years 2 months 19 days
Shares of common stock reserved for issuance
Stock options outstanding (in shares)	4,494,427			3,574,450
Stock options | Weighted-average
Weighted-average assumptions:
Risk-free interest rate (as a percent)	1.69%	1.89%
Expected term of options (in years)	6 years 3 months	6 years 22 days
Expected volatility (as a percent)	68.80%	75.60%
Dividend yield (as a percent)	0.00%	0.00%

Commitments_and_Contingencies_

Commitments and Contingencies (Details) (USD $)	1 Months Ended	3 Months Ended	0 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2015	Feb. 05, 2014
	person	person
Actavis plc (formerly Forest Laboratories Holdings Limited)
Collaboration Revenue.
Payment received to fund expansion of clinical trial	$10	$10
Number of patients before expansion of the trial	500	500
Number of patients after expansion of the trial	620	620
Actavis plc (formerly Forest Laboratories Holdings Limited) | Series C convertible preferred stock
Collaboration Revenue.
Value of temporary equity allocated to the option agreement		30
Reverse stock split ratio			0.1613
Option agreement and a license agreement | Minimum
Collaboration Revenue.
Tiered royalties that could be received, as a percentage of net sales of licensed products		10.00%
Option agreement and a license agreement | Maximum
Collaboration Revenue.
Tiered royalties that could be received, as a percentage of net sales of licensed products		20.00%
Option agreement and a license agreement | Actavis plc (formerly Forest Laboratories Holdings Limited)
Collaboration Revenue.
Consideration received upon the grant of the option		0
Option exercise fee		65
Aggregate potential consideration		365
Term of royalty on sales from the first commercial sale of product		10 years
Option agreement and a license agreement | Actavis plc (formerly Forest Laboratories Holdings Limited) | Series C convertible preferred stock
Collaboration Revenue.
Value of temporary equity allocated to the option agreement		$0