Trevena (TRVN) 10-Q 4 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Aug. 01, 2016
Document and Entity Information
Entity Registrant Name	TREVENA INC
Entity Central Index Key	1,429,560
Document Type	10-Q
Document Period End Date	Jun. 30, 2016
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		52,178,174
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2

Balance Sheets

Balance Sheets - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 36,802,778	$ 46,773,566
Marketable securities	107,707,828	125,864,447
Prepaid expenses and other current assets	3,129,866	1,892,217
Total current assets	147,640,472	174,530,230
Property and equipment, net	807,353	696,280
Restricted cash	112,620	112,620
Intangible asset, net	13,906	14,844
Total assets	148,574,351	175,353,974
Current liabilities:
Accounts payable	4,925,372	6,749,625
Accrued expenses and other current liabilities	3,785,223	3,029,782
Deferred revenue		3,750,000
Deferred rent	48,086	43,907
Total current liabilities	8,758,681	13,573,314
Loans payable, net	18,249,810	18,185,898
Capital leases, net of current portion	13,176	7,942
Deferred rent, net of current portion	214,679	238,917
Warrant liability	83,517	153,238
Other long term liabilities	270,532	63,200
Total liabilities	27,590,395	32,222,509
Stockholders' equity:
Common stock—$0.001 par value; 100,000,000 shares authorized, 52,177,674 and 50,802,603 shares issued and outstanding at June 30, 2016 and December 31, 2015 respectively	52,178	50,802
Preferred stock - $0.001 par value; 5,000,000 shares authorized, none issued or outstanding at June 30, 2016 and December 31, 2015, respectively
Additional paid-in capital	340,349,923	325,784,484
Accumulated deficit	(219,493,262)	(182,497,965)
Accumulated other comprehensive loss	75,117	(205,856)
Total stockholders' equity	120,983,956	143,131,465
Total liabilities, redeemable convertible preferred stock and stockholders' equity	$ 148,574,351	$ 175,353,974

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2016	Dec. 31, 2015
Balance Sheets
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	52,177,674	50,802,603
Common stock, shares outstanding	52,177,674	50,802,603
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0

Statements of Operations and Co

Statements of Operations and Comprehensive Income (Loss) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenue:
Collaboration revenue	$ 1,875,000	$ 1,875,000	$ 3,750,000	$ 2,500,000
Total revenue	1,875,000	1,875,000	3,750,000	2,500,000
Operating expenses:
General and administrative	3,696,682	3,107,263	7,614,432	6,196,885
Research and development	17,203,345	10,275,470	32,956,432	20,874,463
Total operating expenses	20,900,027	13,382,733	40,570,864	27,071,348
Loss from operations	(19,025,027)	(11,507,733)	(36,820,864)	(24,571,348)
Other income (expense):
Change in fair value of warrant liability	28,234	5,348	69,721	(3,065)
Gain on asset disposal		2,656		2,656
Miscellaneous income			221,699	173,535
Interest income	214,376	53,219	407,213	92,688
Interest expense	(433,901)	(72,341)	(873,066)	(142,962)
Total other (expense) income	(191,291)	(11,118)	(174,433)	122,852
Net loss	(19,216,318)	(11,518,851)	(36,995,297)	(24,448,496)
Net loss attributable to common stockholders	(19,216,318)	(11,518,851)	(36,995,297)	(24,448,496)
Other comprehensive income, net:
Unrealized gains on marketable securities	44,979	2,127	280,973	28,884
Other comprehensive income	44,979	2,127	280,973	28,884
Comprehensive loss	$ (19,171,339)	$ (11,516,724)	$ (36,714,324)	$ (24,419,612)
Per share information:
Net loss per share of common stock, basic and diluted (in dollars per share)	$ (0.37)	$ (0.28)	$ (0.71)	$ (0.61)
Weighted average common shares outstanding, basic and diluted (in shares)	52,174,569	40,809,931	51,762,467	40,034,864

Statement of Stockholders_ Equi

Statement of Stockholders’ Equity - 6 months ended Jun. 30, 2016 - USD ($)	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Total
Balance at Dec. 31, 2015	$ 50,802	$ 325,784,484	$ (182,497,965)	$ (205,856)	$ 143,131,465
Balance (in shares) at Dec. 31, 2015	50,802,603				50,802,603
Increase (Decrease) in Stockholders' Equity
Stock-based compensation expense		2,713,109			$ 2,713,109
Exercise of stock options	$ 25	61,283			$ 61,308
Exercise of stock options (in shares)	23,618				23,618
Net exercise of common stock warrant (in shares)	698
Issuance of common stock, net of issuance costs	$ 1,351	11,791,047			$ 11,792,398
Issuance of common stock, net of issuance costs (in shares)	1,350,755
Unrealized gains on marketable securities				280,973	280,973
Net loss			(36,995,297)		(36,995,297)
Balance at Jun. 30, 2016	$ 52,178	$ 340,349,923	$ (219,493,262)	$ 75,117	$ 120,983,956
Balance (in shares) at Jun. 30, 2016	52,177,674				52,177,674

Statements of Cash Flows

Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Operating activities:
Net loss	$ (36,995,297)	$ (24,448,496)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	118,547	104,499
Stock-based compensation	2,713,109	1,458,107
Noncash interest expense on loans	271,243	77,549
Revaluation of warrant liability	(69,721)	3,065
Amortization of bond premium on marketable securities	803,915	548,784
Changes in operating assets and liabilities:
Prepaid expenses and other assets	(1,237,649)	(214,010)
Accounts payable and other liabilities	(1,090,571)	(1,307,695)
Deferred revenue	(3,750,000)	7,500,000
Net cash used in operating activities	(39,236,424)	(16,278,197)
Investing activities:
Purchases of property and equipment	(219,737)	(160,550)
Maturities of marketable securities	55,014,000	35,230,000
Purchases of marketable securities	(37,380,322)	(27,767,435)
Net cash provided by investing activities	17,413,941	7,302,015
Financing activities:
Proceeds from exercise of common stock options	61,308	196,717
Proceeds from issuance of common stock, net	11,792,398	16,240,932
Capital lease payments	(2,011)	(1,260)
Net cash provided by financing activities	11,851,695	16,436,389
Net (decrease) increase in cash and cash equivalents	(9,970,788)	7,460,207
Cash and cash equivalents—beginning of period	46,773,566	36,205,559
Cash and cash equivalents—end of period	36,802,778	43,665,766
Supplemental disclosure of cash flow information:
Cash paid for interest	601,823	$ 65,413
Capital lease additions	$ 8,944

Organization and Description of

Organization and Description of the Business	6 Months Ended
	Jun. 30, 2016
Organization and Description of the Business
Organization and Description of the Business	TREVENA, INC. Notes to Unaudited Financial Statements 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. Liquidity At June 30, 2016, the Company had an accumulated deficit of $219.5 million. The Company’s net loss was $37.0 million and $24.4 million for the six months ended June 30, 2016 and 2015, respectively. The Company expects its cash and cash equivalents of $36.8 million and marketable securities of $107.7 million as of June 30, 2016, together with interest thereon, to be sufficient to fund its operating expenses and capital expenditure requirements into 2018.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2016
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’s functional currency is the U.S. dollar. 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 balance sheet as of June 30, 2016, its results of operations and its comprehensive income (loss) for the three and six months ended June 30, 2016 and 2015, its statement of stockholders’ equity for the period from January 1, 2016 to June 30, 2016 and its cash flows for the six months ended June 30, 2016 and 2015. The financial data and other information disclosed in these notes related to the three and six months ended June 30, 2016 and 2015 are not necessarily indicative of the results to be expected for the year ending December 31, 2016, 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, 2015. 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 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, Cash Equivalents, Investments and Concentration of Credit Risk and Off-Balance Sheet Risk Financial instruments that potentially subject the Company to concentrations of credit risk are primarily cash, cash equivalents, marketable securities and restricted cash. The Company’s investment policy includes guidelines on the quality of the institutions and financial instruments and defines allowable investments that the Company believes minimizes the exposure to concentration of credit risk. The Company considers all highly liquid investments that have maturities of three months or less when acquired to be cash equivalents. Cash equivalents are valued at cost, which approximates their fair market value. The Company maintains a portion of its cash and cash equivalent balances in money market mutual funds that invest substantially all of their assets in U.S. government agency securities, U.S. Treasury securities and reverse repurchase agreements (“RRAs”). RRAs are collateralized by deposits in the form of ‘Government Securities and Obligations’ for an amount not less than 102% of their value. The Company does not record an asset or liability related to the collateral, as the Company is not permitted to sell or repledge the associated collateral. The Company maintains its marketable securities balances in the form of U.S. Treasury and U.S. government agency securities. The Company classifies its marketable securities as “available-for-sale”, pursuant to ASC Topic 320, Investments—Debt and Equity Securities, carries them at fair market value and classifies them 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 (loss) included in stockholders’ equity. As of June 30, 2016 and December 31, 2015, the Company had $107.7 million and $125.9 million, respectively, in available-for-sale investments, all classified as current assets. See Note 3 for additional information. The fair value of the Company’s investments is determined based on observable market quotes or valuation models using assessments of counterparty credit worthiness, credit default risk of underlying security and overall capital market liquidity. The Company reviews unrealized losses associated with available-for-sale securities to determine the classification as “temporary” or “other-than-temporary” impairment. A temporary impairment results in an unrealized loss being recorded in other comprehensive income (loss). If a decline in the fair value is considered other-than-temporary, based on available evidence, the unrealized loss is transferred from other comprehensive income (loss) to the statement of operations. The Company considers various factors in determining the classification, including the length of time and extent to which the fair value has been less than the Company’s cost basis, the financial condition and near-term prospects of the issuer or investee, and the Company’s ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value. There were no charges taken for other-than-temporary declines in fair value of short-term or long-term investments during the three and six months ended June 30, 2016. The Company recorded unrealized gains of $44,979 and $2,127 during the three months ended June 30, 2016 and 2015, respectively, and $280,973 and $28,884 during the six months ended June 30, 2016 and 2015, respectively. Realized gains (losses) are included in interest income (expense) in the statement of operations and comprehensive income (loss) on a specific identification basis. The Company did not record any realized gains or losses during the six months ended June 30, 2016 and 2015. The Company maintains a letter of credit totaling $112,000 as collateral for the Company’s facility lease obligations in Pennsylvania and has recorded this and accumulated interest thereon as restricted cash on its balance sheet. Fair Value of Financial Instruments The carrying amount of the Company’s financial instruments, which include cash and cash equivalents, marketable securities, restricted cash, accounts payable and accrued expenses approximate their fair values, given their short-term nature. The carrying amount of the Company’s loans payable at June 30, 2016 and December 31, 2015 is the nominal value of the loan payable, which is the carrying value, exclusive of debt discount and deferred charges. This approximates fair value because the interest rate is reflective of the rate the Company could obtain on debt with similar terms and conditions. Certain of the Company’s common stock warrants are carried at fair value, as disclosed below. The Company has evaluated the estimated fair value of financial instruments using available market information and management’s estimates. The use of different market assumptions and/or estimation methodologies could have a significant effect on the estimated fair value amounts. See Note 3 for additional information. Recent Accounting Pronouncements In March 2016, the FASB issued Accounting Standards Update 2016-09, Compensation— Stock Compensation (“ASU 2016-09”). ASU 2016-09 was issued as part of the FASB Simplification Initiative. This update addresses the income tax effects of stock-based payments and eliminates the windfall pool concept, as all of the tax effects related to stock-based payments will now be recorded at settlement (or expiration) through the income statement. The new guidance also permits entities to make an accounting policy election for the impact of forfeitures on the recognition of expense for stock-based payment awards. Forfeitures can be estimated or recognized when they occur. The standard is effective for annual periods beginning after December 15, 2016 and interim periods within that reporting period. Early adoption is permitted in any interim or annual period, with any adjustment reflected as of the beginning of the fiscal year of adoption. The Company is evaluating the effect this standard will have on its financial statements and related disclosures. In February 2016, the FASB issued Accounting Standards Update 2016-02, Leases (Topic 842) (“ASU 2016-02”). ASU 2016-02 requires lessees to record most leases on their balance sheets and disclose key information about leasing arrangements in an effort to increase transparency and comparability among organizations. The standard is effective for annual periods beginning after December 15, 2018 and interim periods within that reporting period. Early adoption is permitted. The Company is evaluating the effect this standard will have on its financial statements and related disclosures. In May 2014, the FASB issued Accounting Standards Update 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 in an amount reflecting the consideration it expects to receive in exchange for those goods or services. Additionally, in March 2016, the FASB issued Accounting Standards Update 2016-08 Revenue from Contracts with Customers, Principal versus Agent Considerations (“ASU 2016-08”). ASU 2016-08 amends the principal versus agent guidance in ASU 2014-09 to clarify how an entity should identify the unit of accounting for the principal versus agent evaluation and how it should apply the control principal to certain types of arrangements. The effective date for both standards is January 1, 2018, with an option that permits companies to adopt the standard as early as the January 1, 2017. Early application prior to the January 1, 2017 is not permitted. The standards permit the use of either the retrospective or cumulative effect transition method. The Company is evaluating the transition method that they will elect. The adoption of these standards is not expected to have a material impact on the Company’s financial statements. In August 2014, the FASB issued Accounting Standards Update 2014 ‑15, Presentation of Financial Statements ‑Going Concern (Subtopic 205 ‑40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”), which defines management’s responsibility to assess an entity’s ability to continue as a going concern, and to provide related footnote disclosures if there is substantial doubt about its ability to continue as a going concern. The pronouncement is effective for annual reporting periods ending after December 15, 2016 with early adoption permitted. The adoption of this guidance is not expected to have a material impact on the Company’s financial statements .

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2016
Fair Value of Financial Instruments
Fair Value of Financial Instruments	3. 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. Cash, Cash Equivalents and Marketable Securities All highly liquid investments that have maturities of three months or less when acquired are considered by the Company to be cash equivalents and are valued at cost, which approximates fair market value. The Company classifies its marketable securities as “available-for-sale,” carries them at fair market value and classifies them 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 (loss) included in stockholders’ equity. There were no charges taken for other-than-temporary declines in fair value of investments during the three and six months ended June 30, 2016 and 2015. The following table presents the Company’s cash and available-for-sale securities’ adjusted cost, gross unrealized gains, gross unrealized losses and fair value by significant investment category recorded as cash and cash equivalents or marketable securities as of June 30, 2016 and December 31, 2015: June 30, 2016 Unrealized Unrealized Cash and Cash Marketable Adjusted Cost Gains Losses Fair Value Equivalents Securities Cash $ $ — $ — $ $ $ — Level 1 (1): Money market funds — — — Level 2 (2): Repurchase agreements — — — U.S. government agency securities — Subtotal Total $ $ $ $ $ $ December 31, 2015 Unrealized Unrealized Cash and Cash Marketable Adjusted Cost Gains Losses Fair Value Equivalents Securities Cash $ $ — $ — $ $ $ — Level 1 (1): Money market funds — — — U.S. Treasury securities — Subtotal Level 2 (2): Repurchase agreements — — — U.S. government agency securities — Subtotal Total $ $ $ $ $ $ (1) The fair value of Level 1 securities is estimated based on quoted prices in active markets for identical assets or liabilities. (2) The fair value of Level 2 securities is estimated based on observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term on the assets or liabilities. As of June 30, 2016, the Company held $18.1 million of available-for-sale investment securities with contractual maturity dates of more than one year and less than two years. The Company did not hold any investment securities exceeding a two-year maturity. The Company recognizes transfers between levels of the fair value hierarchy as of the end of the reporting period. There were no transfers in or out of Level 3 in the hierarchy during the three and six months ended June 30, 2016. Warrants At June 30, 2016, there is an outstanding warrant to purchase up to 20,161 shares of the Company’s common stock with a fair value recorded as a liability of $83,517 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 this 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, 2015 Amounts acquired or issued — Changes in estimated fair value Balance as of June 30, 2016 $ On each re-measurement date, the fair value of the warrant classified as a liability 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, 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 June 30, 2016 and December 31, 2015 to determine the common stock warrant liability: June 30, 2016 December 31, 2015 Estimated remaining term years years Risk-free interest rate % % Volatility % % Dividend yield % % Fair value of underlying instrument* $ $ * Trevena, Inc. closing stock price. The warrant liability is recorded on its own line item on the Company’s balance sheets and is marked-to-market at each reporting period with the change in fair value recorded on its own line in the statements of operations and comprehensive income (loss). In addition to the outstanding warrant to purchase 20,161 shares of common stock discussed above, the Company also has outstanding warrants to purchase an aggregate of 40,689 shares of the Company’s common stock. These warrants qualify 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. See Note 6 for additional information.

Loans Payable

Loans Payable	6 Months Ended
	Jun. 30, 2016
Loans Payable.
Loans Payable	4. Loans Payable In September 2014, the Company entered into a loan and security agreement with Oxford Finance LLC and Pacific Western Bank (formerly Square 1 Bank), (together the “lenders”), pursuant to which the lenders agreed to lend the Company up to $35.0 million in a three-tranche series of term loans (Term Loans A, B, and C). Upon initially entering into the agreement, the Company borrowed $2.0 million under Term Loan A. On April 13, 2015, the Company amended the agreement with the lenders to change the draw period for Term Loan B. On December 23, 2015, the Company further amended the agreement with the lenders to, among other things, change the draw period for Term Loan C, modify the interest only period, and modify the maturity date of the loan. In December 2015, the Company borrowed the Term Loan B tranche of $16.5 million. The Company’s ability to draw an additional $16.5 million under Term Loan C was subject to the satisfaction of one or more specified triggers related to the results of the Company’s Phase 2b clinical trial of TRV027, which were announced in May 2016. While certain of the triggers to draw on Term Loan C were not attained as of June 30, 2016, the Company is continuing to assess the remaining triggers to determine its eligibility to draw on Term Loan C. The proceeds from Term Loan A and Term Loan B may be used to satisfy the Company’s future working capital needs, potentially including the development of its clinical and preclinical product candidates. Borrowings accrue interest at a fixed rate of 6.50% per annum. The Company is required to make payments of interest only on borrowings under the loan agreement on a monthly basis through and including January 1, 2017, after which payments of principal in equal monthly installments and accrued interest will be due until the loan matures on March 1, 2020. If, based on the Company’s ongoing evaluation, it is eligible to draw on Term Loan C, monthly interest only payments will be extended to January 1, 2018 and the loan maturity date will be extended to December 1, 2020. The Company paid the lenders a facility fee of $175,000 in connection with the execution of the original agreement and an amendment fee of $20,000 in connection with the execution of the second amendment to the agreement. Upon the last payment date of the amounts borrowed under the agreement, the Company will be required to pay a final payment fee of 6.1% of the aggregate amounts borrowed. In addition, if the Company repays Term Loan A and Term Loan B prior to the applicable maturity date, it will pay the lenders a prepayment fee of 3.0% of the total amount prepaid if the prepayment occurs prior to December 23, 2016, 2.0% of the total amount prepaid if the prepayment occurs between December 23, 2016 and December 23, 2017, and 1.0% of the total amount prepaid if the prepayment occurs on or after December 24, 2017. 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 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 the agent $65,000 upon execution of the agreement and $87,500 upon its draw of Term Loan B. In connection with entering into the original agreement, the Company issued to the lenders and the placement agent warrants to purchase an aggregate of 7,678 shares of the Company’s common stock, and 5,728 remain outstanding as of June 30, 2016. 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. These warrants are exercisable immediately and have an exercise price of $5.8610 per share. The warrants may be exercised on a cashless basis and 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. In connection with the draw of Term Loan B, the Company issued to the lenders and the placement agent additional warrants to purchase an aggregate of 34,961 shares of the Company’s common stock. These warrants have substantially the same terms as those described above, and have an exercise price of $10.6190 per share and an expiration date of December 23, 2025. As of June 30, 2016, borrowings of $18.5 million attributable to Term Loans A and B remain outstanding. Interest expense of $300,625 and $32,500 was recorded during the three months ended June 30, 2016 and 2015, respectively, and $601,250 and $65,000 was recorded during the six months ended June 30, 2016 and 2015, respectively. The Company incurred lender and third party costs of $225,988 and $106,545 , respectively, related to the issuance of Term Loan A. The Company incurred lender and third party costs of $44,058 and $87,500 , respectively, related to the issuance of Term Loan B. The lender costs are classified as a debt discount and the third party costs are classified as debt issuance costs. Per ASU 2015-03, Interest-Imputation of Interest , 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 the loans using the effective interest method. A total of $30,022 and $29,000 of debt discount and debt issuance cost was amortized to interest expense during the three months ended June 30, 2016 and 2015 respectively, and $63,912 and $58,000 of debt discount and debt issuance costs was amortized to interest expense during the six months ended June 30, 2016 and 2015, respectively. The following table summarizes how the issuance of Term Loans A and B are reflected on the balance sheet at June 30, 2016: June 30, 2016 Gross proceeds $ Debt discount Debt issuance costs Carrying value $

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2016
Stockholders' Equity
Stockholders' Equity	5. Stockholders’ Equity Under its certificate of incorporation, the Company was authorized to issue up to 100,000,000 shares of common stock as of June 30, 2016. The Company also was authorized to issue up to 5,000,000 shares of preferred stock as of June 30, 2016. 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 any outstanding preferred stock and all outstanding stock options and warrants. Equity Offerings In February 2016, the Company issued and sold 1,350,755 shares of common stock through Cowen and Company, LLC, pursuant to an at-the-market sales facility dated December 14, 2015. The shares were sold at a weighted average price per share of $9.00 . The net offering proceeds to the Company were approximately $11.8 million after deducting related expenses, including commissions. 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 restricted stock and stock options to eligible employees, directors and consultants to the Company. In 2013, the Company adopted the 2013 Equity Incentive Plan, as amended on March 31, 2014 (collectively, the “2013 Plan”). The 2013 Plan became effective upon the Company’s entry into the underwriting agreement related to its initial public offering in January 2014 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. The 2013 Plan contains an “evergreen” provision, pursuant to which the number of shares of common stock available for issuance under the plan automatically increases on January 1 of each year beginning in 2015. As of January 1, 2016, the number of shares of common stock that may be issued under the 2013 Plan was automatically increased by 2,032,104 shares, representing 4% of the total number of shares of common stock outstanding on December 31, 2015. Under both the 2008 Plan and the 2013 Plan, 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 stock-based awards is amortized ratably over the awards’ service periods. Stock-based compensation expense recognized was as follows: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Research and development $ $ $ $ General and administrative Total stock-based compensation $ $ $ $ Options Outstanding Weighted Average Weighted Remaining Average Contractual Number of Exercise Term (in Shares Price years) Balance, December 31, 2015 $ Granted Exercised Forfeited/Cancelled Balance, June 30, 2016 $ Vested or expected to vest at June 30, 2016 $ Exercisable at June 30, 2016 $ The intrinsic value of the options exercisable as of June 30, 2016 was $7.3 million, based on the Company’s closing stock price of $6.30 per share and a weighted average exercise price of $3.81 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 common stock. The per-share weighted-average grant date fair value of the options granted to employees and directors during the quarter ended June 30, 2016 and 2015 was estimated at $5.34 and $4.26 per share, respectively, on the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions: Six Months Ended June 30, 2016 2015 Expected term of options (in years) Risk-free interest rate % % Expected volatility % % Dividend yield % % 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 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’ stock 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% . · Estimated forfeiture rate: The Company’s estimated annual forfeiture rate on stock option grants during 2016 and 2015 was 9% , based on the historical forfeiture experience. At June 30, 2016, there was $15.7 million of total unrecognized compensation expense related to unvested options that will be recognized over the weighted average remaining period of 3.01 years. Shares Available for Future Grant At June 30, 2016, the Company has the following shares available to be granted under the 2013 Plan: Available at December 31, 2015 Authorized Granted Forfeited/Cancelled Available at June 30, 2016 Shares Reserved for Future Issuance At June 30, 2016, the Company has reserved the following shares of common stock for issuance: Stock options outstanding Shares available for future grant under 2013 Plan Employee stock purchase plan Warrants outstanding

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2016
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 Allergan plc (formerly Actavis plc and Forest Laboratories Holdings Limited) (“Allergan”), under which the Company granted to Allergan an exclusive option to license its product candidate, TRV027. Under the option agreement, the Company conducted, at its expense, a Phase 2b trial of TRV027 in acute heart failure. In March 2015, Allergan and the Company signed a letter agreement pursuant to which Allergan paid the Company $10.0 million to fund the expansion of the Phase 2b trial of TRV027 from 500 patients to 620 patients. Collaboration revenue has been recognized on a straight-line basis over the study period and has been fully recognized as of June 30, 2016. The March 2015 letter agreement does not otherwise amend the terms of the May 2013 option agreement. In August 2016, Allergan notified the Company of its decision to not exercise its option. As such, the Company has retained all rights to TRV027. 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.

Revenue

Revenue	6 Months Ended
	Jun. 30, 2016
Revenue
Revenue	7. Revenue For each of the three months ended June 30, 2016 and 2015, the Company recognized collaboration revenue of $1.9 million, and for the six months ended June 30, 2016 and 2015, the Company recognized collaboration revenue of $3.8 million and $2.5 million, respectively, related to its March 2015 letter agreement with Allergan. The terms of this agreement contain multiple deliverables which include (i) research and development activities and (ii) testing and analysis related to the Phase 2b trial of TRV027 in exchange for a nonrefundable upfront fee of $10.0 million. Collaboration 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’s Accounting Standards Update No. 2009-13, Multiple-Deliverable Revenue Arrangements, 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 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 a straight-line model over the period of performance, which is typically the research and development term.

Net Loss Per Common Share

Net Loss Per Common Share	6 Months Ended
	Jun. 30, 2016
Net Loss Per Common Share
Net Loss Per Common Share	8. 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 June 30, Six Months Ended June 30, 2016 2015 2016 2015 Basic and diluted net loss per common share calculation: Net loss $ $ $ $ Net loss attributable to common stockholders $ $ $ $ Weighted average common shares outstanding Net loss per share of common stock - basic and diluted $ $ $ $ The following outstanding securities at June 30, 2016 and 2015 have been excluded from the computation of diluted weighted shares outstanding, as they would have been anti-dilutive: June 30, 2016 2015 Options outstanding Warrants Total

Other Comprehensive Income

Other Comprehensive Income	6 Months Ended
	Jun. 30, 2016
Other Comprehensive Income
Other Comprehensive Income	9. Other Comprehensive Income The following table presents changes in the components of accumulated other comprehensive income (loss), net of tax: Balance, December 31, 2015 $ Net unrealized gains on marketable securities Balance, June 30, 2016 $ There were no reclassifications out of accumulated other comprehensive income during the three or six months ended June 30, 2016 and 2015. There was no tax effect during the three or six months ended June 30, 2016 and 2015.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2016
Subsequent Events
Subsequent Events	10. Subsequent Events In August 2016, Allergan notified the Company of its decision to not exercise its option to exclusively license TRV027. As such, the Company has retained all rights to TRV027.

Summary of Significant Accoun17

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2016
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’s functional currency is the U.S. dollar.
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 balance sheet as of June 30, 2016, its results of operations and its comprehensive income (loss) for the three and six months ended June 30, 2016 and 2015, its statement of stockholders’ equity for the period from January 1, 2016 to June 30, 2016 and its cash flows for the six months ended June 30, 2016 and 2015. The financial data and other information disclosed in these notes related to the three and six months ended June 30, 2016 and 2015 are not necessarily indicative of the results to be expected for the year ending December 31, 2016, 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 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, Cash Equivalents, Investments and Concentration Of Credit Risk and Off Balance Sheet Risk	Cash, Cash Equivalents, Investments and Concentration of Credit Risk and Off-Balance Sheet Risk Financial instruments that potentially subject the Company to concentrations of credit risk are primarily cash, cash equivalents, marketable securities and restricted cash. The Company’s investment policy includes guidelines on the quality of the institutions and financial instruments and defines allowable investments that the Company believes minimizes the exposure to concentration of credit risk. The Company considers all highly liquid investments that have maturities of three months or less when acquired to be cash equivalents. Cash equivalents are valued at cost, which approximates their fair market value. The Company maintains a portion of its cash and cash equivalent balances in money market mutual funds that invest substantially all of their assets in U.S. government agency securities, U.S. Treasury securities and reverse repurchase agreements (“RRAs”). RRAs are collateralized by deposits in the form of ‘Government Securities and Obligations’ for an amount not less than 102% of their value. The Company does not record an asset or liability related to the collateral, as the Company is not permitted to sell or repledge the associated collateral. The Company maintains its marketable securities balances in the form of U.S. Treasury and U.S. government agency securities. The Company classifies its marketable securities as “available-for-sale”, pursuant to ASC Topic 320, Investments—Debt and Equity Securities, carries them at fair market value and classifies them 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 (loss) included in stockholders’ equity. As of June 30, 2016 and December 31, 2015, the Company had $107.7 million and $125.9 million, respectively, in available-for-sale investments, all classified as current assets. See Note 3 for additional information. The fair value of the Company’s investments is determined based on observable market quotes or valuation models using assessments of counterparty credit worthiness, credit default risk of underlying security and overall capital market liquidity. The Company reviews unrealized losses associated with available-for-sale securities to determine the classification as “temporary” or “other-than-temporary” impairment. A temporary impairment results in an unrealized loss being recorded in other comprehensive income (loss). If a decline in the fair value is considered other-than-temporary, based on available evidence, the unrealized loss is transferred from other comprehensive income (loss) to the statement of operations. The Company considers various factors in determining the classification, including the length of time and extent to which the fair value has been less than the Company’s cost basis, the financial condition and near-term prospects of the issuer or investee, and the Company’s ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value. There were no charges taken for other-than-temporary declines in fair value of short-term or long-term investments during the three and six months ended June 30, 2016. The Company recorded unrealized gains of $44,979 and $2,127 during the three months ended June 30, 2016 and 2015, respectively, and $280,973 and $28,884 during the six months ended June 30, 2016 and 2015, respectively. Realized gains (losses) are included in interest income (expense) in the statement of operations and comprehensive income (loss) on a specific identification basis. The Company did not record any realized gains or losses during the six months ended June 30, 2016 and 2015. The Company maintains a letter of credit totaling $112,000 as collateral for the Company’s facility lease obligations in Pennsylvania and has recorded this and accumulated interest thereon as restricted cash on its balance sheet.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The carrying amount of the Company’s financial instruments, which include cash and cash equivalents, marketable securities, restricted cash, accounts payable and accrued expenses approximate their fair values, given their short-term nature. The carrying amount of the Company’s loans payable at June 30, 2016 and December 31, 2015 is the nominal value of the loan payable, which is the carrying value, exclusive of debt discount and deferred charges. This approximates fair value because the interest rate is reflective of the rate the Company could obtain on debt with similar terms and conditions. Certain of the Company’s common stock warrants are carried at fair value, as disclosed below. The Company has evaluated the estimated fair value of financial instruments using available market information and management’s estimates. The use of different market assumptions and/or estimation methodologies could have a significant effect on the estimated fair value amounts. See Note 3 for additional information.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In March 2016, the FASB issued Accounting Standards Update 2016-09, Compensation— Stock Compensation (“ASU 2016-09”). ASU 2016-09 was issued as part of the FASB Simplification Initiative. This update addresses the income tax effects of stock-based payments and eliminates the windfall pool concept, as all of the tax effects related to stock-based payments will now be recorded at settlement (or expiration) through the income statement. The new guidance also permits entities to make an accounting policy election for the impact of forfeitures on the recognition of expense for stock-based payment awards. Forfeitures can be estimated or recognized when they occur. The standard is effective for annual periods beginning after December 15, 2016 and interim periods within that reporting period. Early adoption is permitted in any interim or annual period, with any adjustment reflected as of the beginning of the fiscal year of adoption. The Company is evaluating the effect this standard will have on its financial statements and related disclosures. In February 2016, the FASB issued Accounting Standards Update 2016-02, Leases (Topic 842) (“ASU 2016-02”). ASU 2016-02 requires lessees to record most leases on their balance sheets and disclose key information about leasing arrangements in an effort to increase transparency and comparability among organizations. The standard is effective for annual periods beginning after December 15, 2018 and interim periods within that reporting period. Early adoption is permitted. The Company is evaluating the effect this standard will have on its financial statements and related disclosures. In May 2014, the FASB issued Accounting Standards Update 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 in an amount reflecting the consideration it expects to receive in exchange for those goods or services. Additionally, in March 2016, the FASB issued Accounting Standards Update 2016-08 Revenue from Contracts with Customers, Principal versus Agent Considerations (“ASU 2016-08”). ASU 2016-08 amends the principal versus agent guidance in ASU 2014-09 to clarify how an entity should identify the unit of accounting for the principal versus agent evaluation and how it should apply the control principal to certain types of arrangements. The effective date for both standards is January 1, 2018, with an option that permits companies to adopt the standard as early as the January 1, 2017. Early application prior to the January 1, 2017 is not permitted. The standards permit the use of either the retrospective or cumulative effect transition method. The Company is evaluating the transition method that they will elect. The adoption of these standards is not expected to have a material impact on the Company’s financial statements. In August 2014, the FASB issued Accounting Standards Update 2014 ‑15, Presentation of Financial Statements ‑Going Concern (Subtopic 205 ‑40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”), which defines management’s responsibility to assess an entity’s ability to continue as a going concern, and to provide related footnote disclosures if there is substantial doubt about its ability to continue as a going concern. The pronouncement is effective for annual reporting periods ending after December 15, 2016 with early adoption permitted. The adoption of this guidance is not expected to have a material impact on the Company’s financial statements

Fair Value of Financial Instr18

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2016
Fair Value of Financial Instruments
Schedule of cash and available-for-sale securities’ adjusted cost, gross unrealized gains, gross unrealized losses and fair values by significant investment category	June 30, 2016 Unrealized Unrealized Cash and Cash Marketable Adjusted Cost Gains Losses Fair Value Equivalents Securities Cash $ $ — $ — $ $ $ — Level 1 (1): Money market funds — — — Level 2 (2): Repurchase agreements — — — U.S. government agency securities — Subtotal Total $ $ $ $ $ $ December 31, 2015 Unrealized Unrealized Cash and Cash Marketable Adjusted Cost Gains Losses Fair Value Equivalents Securities Cash $ $ — $ — $ $ $ — Level 1 (1): Money market funds — — — U.S. Treasury securities — Subtotal Level 2 (2): Repurchase agreements — — — U.S. government agency securities — Subtotal Total $ $ $ $ $ $ (1) The fair value of Level 1 securities is estimated based on quoted prices in active markets for identical assets or liabilities. (2) The fair value of Level 2 securities is estimated based on observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term on the assets or liabilities.
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, 2015 Amounts acquired or issued — Changes in estimated fair value Balance as of June 30, 2016 $
Schedule of assumptions used for valuation of warrants	June 30, 2016 December 31, 2015 Estimated remaining term years years Risk-free interest rate % % Volatility % % Dividend yield % % Fair value of underlying instrument* $ $ * Trevena, Inc. closing stock price.

Loans Payable (Tables)

Loans Payable (Tables)	6 Months Ended
	Jun. 30, 2016
Loans Payable.
Schedule of loans reflected on the balance sheet	June 30, 2016 Gross proceeds $ Debt discount Debt issuance costs Carrying value $

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2016
Schedule of share-based compensation expense recognized	Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Research and development $ $ $ $ General and administrative Total stock-based compensation $ $ $ $
Summary of stock option activity	Options Outstanding Weighted Average Weighted Remaining Average Contractual Number of Exercise Term (in Shares Price years) Balance, December 31, 2015 $ Granted Exercised Forfeited/Cancelled Balance, June 30, 2016 $ Vested or expected to vest at June 30, 2016 $ Exercisable at June 30, 2016 $
Schedule of weighted-average assumptions:	Six Months Ended June 30, 2016 2015 Expected term of options (in years) Risk-free interest rate % % Expected volatility % % Dividend yield % %
Schedule of shares of common stock reserved/available	Stock options outstanding Shares available for future grant under 2013 Plan Employee stock purchase plan Warrants outstanding
2013 plan
Schedule of shares of common stock reserved/available	Available at December 31, 2015 Authorized Granted Forfeited/Cancelled Available at June 30, 2016

Net Loss Per Common Share (Tabl

Net Loss Per Common Share (Tables)	6 Months Ended
	Jun. 30, 2016
Net Loss Per Common Share
Schedule of computation of basic and diluted net loss per share	Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Basic and diluted net loss per common share calculation: Net loss $ $ $ $ Net loss attributable to common stockholders $ $ $ $ Weighted average common shares outstanding Net loss per share of common stock - basic and diluted $ $ $ $
Schedule of outstanding securities excluded from the computation of diluted weighted shares outstanding as they would have been anti-dilutive	June 30, 2016 2015 Options outstanding Warrants Total

Other Comprehensive Income (Tab

Other Comprehensive Income (Tables)	6 Months Ended
	Jun. 30, 2016
Other Comprehensive Income
Schedule of accumulated other comprehensive income (loss), net of tax	Balance, December 31, 2015 $ Net unrealized gains on marketable securities Balance, June 30, 2016 $

Organization and Description 23

Organization and Description of the Business (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)item	Jun. 30, 2015USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Organization and Description of the Business
Number of operating segments | item			1
Liquidity
Accumulated deficit	$ 219,493,262		$ 219,493,262		$ 182,497,965
Net loss	(19,216,318)	$ (11,518,851)	(36,995,297)	$ (24,448,496)
Cash and cash equivalents	36,802,778	$ 43,665,766	36,802,778	$ 43,665,766	46,773,566	$ 36,205,559
Marketable securities	$ 107,707,828		$ 107,707,828		$ 125,864,447

Summary of Significant Accoun24

Summary of Significant Accounting Policies (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Investments
Minimum percentage value of RRAs collateralized by deposits in the form of Government Securities and Obligations			102.00%
Marketable Securities	$ 107,707,828		$ 107,707,828		$ 125,864,447
Charges for other-than-temporary declines in fair value of short-term or long-term investments	0	$ 0	0	$ 0
Unrealized gains on marketable securities	44,979	$ 2,127	280,973	$ 28,884
Restricted Cash
Letters of credit	112,000		112,000
Intangible Asset
Intangible asset	13,906		13,906		14,844
Accounting pronouncements reclassifications
Loans payable, net	$ 18,249,810		$ 18,249,810		$ 18,185,898

Fair Value of Financial Instr25

Fair Value of Financial Instruments - Hierarchy Table (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Fair value
Charges for other-than-temporary declines in fair value of investments	$ 0	$ 0	$ 0	$ 0
Available-for-sale investment securities with contractual maturity date of more than one but less than two years	18,100,000		18,100,000
Transfers into Level 3	0		0
Transfers out of Level 3	0		0
Cash
Fair value
Adjusted Cost	11,881,989		11,881,989		$ 20,672,737
Fair Value	11,881,989		11,881,989		20,672,737
Cash and Cash Equivalents | Cash
Fair value
Fair Value	11,881,989		11,881,989		20,672,737
Total
Fair value
Adjusted Cost	144,435,489		144,435,489
Unrealized Gains			78,553
Unrealized Losses			(3,436)
Fair Value	144,510,606		144,510,606
Total | Cash and Cash Equivalents
Fair value
Fair Value	36,802,778		36,802,778
Total | Marketable Securities.
Fair value
Fair Value	107,707,828		107,707,828
Repurchase agreements
Fair value
Adjusted Cost					22,000,000
Fair Value					22,000,000
Repurchase agreements | Cash and Cash Equivalents
Fair value
Fair Value					22,000,000
U.S. government agency securities
Fair value
Adjusted Cost					114,049,441
Unrealized Gains					269
Unrealized Losses					(204,783)
Fair Value					113,844,927
U.S. government agency securities | Marketable Securities.
Fair value
Fair Value					113,844,927
Level 1
Fair value
Adjusted Cost					16,121,691
Unrealized Gains					92
Unrealized Losses					(1,434)
Fair Value					16,120,349
Level 1 | Cash and Cash Equivalents
Fair value
Fair Value					4,100,829
Level 1 | Marketable Securities.
Fair value
Fair Value					12,019,520
Level 1 | Money market mutual funds
Fair value
Adjusted Cost	14,920,789		14,920,789		4,100,829
Fair Value	14,920,789		14,920,789		4,100,829
Level 1 | Money market mutual funds | Cash and Cash Equivalents
Fair value
Fair Value	14,920,789		14,920,789
Level 1 | U.S. Treasury securities
Fair value
Adjusted Cost					12,020,862
Unrealized Gains					92
Unrealized Losses					(1,434)
Fair Value					12,019,520
Level 2
Fair value
Adjusted Cost	117,632,711		117,632,711		136,049,441
Unrealized Gains			78,553		269
Unrealized Losses			(3,436)		(204,783)
Fair Value	117,707,828		117,707,828		135,844,927
Level 2 | Cash and Cash Equivalents
Fair value
Fair Value	10,000,000		10,000,000		22,000,000
Level 2 | Marketable Securities.
Fair value
Fair Value	107,707,828		107,707,828		113,844,927
Level 2 | Total
Fair value
Adjusted Cost					172,843,869
Unrealized Gains					361
Unrealized Losses					(206,217)
Fair Value					172,638,013
Level 2 | Total | Cash and Cash Equivalents
Fair value
Fair Value					46,773,566
Level 2 | Total | Marketable Securities.
Fair value
Fair Value					$ 125,864,447
Level 2 | Repurchase agreements
Fair value
Adjusted Cost	10,000,000		10,000,000
Fair Value	10,000,000		10,000,000
Level 2 | Repurchase agreements | Cash and Cash Equivalents
Fair value
Fair Value	10,000,000		10,000,000
Level 2 | U.S. government agency securities
Fair value
Adjusted Cost	107,632,711		107,632,711
Unrealized Gains			78,553
Unrealized Losses			(3,436)
Fair Value	107,707,828		107,707,828
Level 2 | U.S. government agency securities | Marketable Securities.
Fair value
Fair Value	$ 107,707,828		$ 107,707,828

Fair Value of Financial Instr26

Fair Value of Financial Instruments - Warrants (Details) - Warrants	Jun. 30, 2016USD ($)shares
Warrants
Fair value of the warrant liability outstanding | $	$ 83,517
Maximum
Warrants
Number of shares that can be purchased upon exercise of warrants (in shares) | shares	20,161

Fair Value of Financial Instr27

Fair Value of Financial Instruments - Summary of Changes in Warrant Liability (Details) - Warrants - Warrant Liability	6 Months Ended
	Jun. 30, 2016USD ($)
Warrant Liability
Balance at the beginning of the period	$ 153,238
Changes in estimated fair value	(69,721)
Balance at the end of the period	$ 83,517

Fair Value of Financial Instr28

Fair Value of Financial Instruments - Warrant Liability Assumptions (Details) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Warrants | Maximum
Warrants
Number of shares that can be purchased upon exercise of warrants (in shares)	20,161
Term Loans A and B | Warrants
Warrants
Number of shares that can be purchased upon exercise of warrants (in shares)	40,689
Level 3 | Warrants
Fair value assumptions
Estimated remaining term	5 years 9 months 18 days	6 years 3 months 18 days
Risk-free interest rate (as a percent)	1.10%	2.00%
Volatility (as a percent)	76.20%	67.40%
Dividend yield (as a percent)	0.00%	0.00%
Fair value of underlying instrument (in dollar per share)	$ 6.30	$ 10.50

Loans Payable (Details)

Loans Payable (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015	Sep. 30, 2014
Long Term Debt
Interest rate (as a percent)	6.50%		6.50%
Amortization of debt discount and issuance costs	$ 30,022	$ 29,000	$ 63,912	$ 58,000
Carrying value	18,249,810		18,249,810		$ 18,185,898
Interest expense	433,901	72,341	$ 873,066	142,962
Fees
Facility fee						$ 175,000
Debt Instrument Amendment Fee					20,000
Final payment fee due upon that last payment date of the amounts borrowed under the agreement subject to adjustment (as a percent)			6.10%
Loan and security agreement
Long Term Debt
Face amount						35,000,000
Term Loan A
Long Term Debt
Face amount						2,000,000
Deferred financing fees						106,545
Debt discount						(225,988)
Term Loan B
Long Term Debt
Face amount					16,500,000
Deferred financing fees					87,500
Debt discount					(44,058)
Term Loan C
Long Term Debt
Face amount	16,500,000		$ 16,500,000
Term Loans A and B
Long Term Debt
Gross proceeds	18,500,000		18,500,000
Debt discount	(133,768)		(133,768)
Debt issuance costs	(116,422)		(116,422)
Carrying value	18,249,810		18,249,810
Interest expense	$ 300,625	$ 32,500	$ 601,250	$ 65,000
Fees
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
Three Point | Term Loan B
Fees
Facility fee					$ 87,500
Warrants
Warrants
Exercise price (in dollars per share)					$ 10.6190	$ 5.8610
Warrants | Term Loans A and B
Warrants
Number of shares that can be purchased upon exercise of warrants (in shares)	40,689		40,689
Warrants | Common Stock | Term Loan A
Warrants
Number of shares that can be purchased upon exercise of warrants (in shares)	5,728		5,728			7,678
Warrants | Common Stock | Term Loan B
Warrants
Number of shares that can be purchased upon exercise of warrants (in shares)					34,961

Stockholders' Equity - Equity O

Stockholders' Equity - Equity Offerings (Details) - USD ($)	1 Months Ended	6 Months Ended
	Feb. 29, 2016	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Equity Offerings
Issuance of common stock, net of issuance costs		$ 11,792,398
Proceeds from issuance of common stock, net		$ 11,792,398	$ 16,240,932
Common stock, shares authorized		100,000,000		100,000,000
Preferred Stock, shares authorized		5,000,000		5,000,000
At-the-market sales facility
Equity Offerings
Issuance of common stock, net of issuance costs (in shares)	1,350,755
Proceeds from issuance of common stock, net	$ 11,800,000
At-the-market sales facility | Weighted-average
Equity Offerings
Offering price (in dollars per share)	$ 9

Stockholders' Equity - Equity I

Stockholders' Equity - Equity Incentive Plans (Details) - USD ($)	Jan. 01, 2016	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Equity Incentive Plans
Stock-based compensation		$ 1,510,383	$ 844,220	$ 2,713,108	$ 1,458,107
Research and development
Equity Incentive Plans
Stock-based compensation		622,746	350,022	1,128,796	577,823
General and administrative
Equity Incentive Plans
Stock-based compensation		$ 887,637	$ 494,198	$ 1,584,312	$ 880,284
2013 plan
Equity Incentive Plans
Increase in number of shares authorized for issuance	2,032,104
Newly authorized shares for issuance as a percentage of common stock outstanding						4.00%
2008 Plan and 2013 Plan | Maximum
Equity Incentive Plans
Term of award				10 years
Vesting period				4 years

Stockholder's Equity - Options

Stockholder's Equity - Options Outstanding (Details) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Number of Shares
Balance at the beginning of the period (in shares)	4,630,073
Granted (in shares)	1,902,500
Exercised (in shares)	(23,618)
Forfeitures (in shares)	(28,375)
Balance at the end of the period (in shares)	6,480,580	4,630,073
Vested or expected to vest at the end of the period (in shares)	6,209,938
Exercisable at the end of the period (in shares)	2,579,905
Weighted-Average Exercise Price
Balance at the beginning of the period (in dollars per share)	$ 4.98
Granted (in dollars per share)	8.61
Exercised (in dollars per share)	2.60
Forfeitures/Expirations (in dollars per share)	6.22
Balance at the end of the period (in dollars per share)	6.05	$ 4.98
Vested or expected to vest at the end of the period (in dollars per share)	5.95
Exercisable at the end of the period (in dollars per share)	$ 3.81
Weighted Average Remaining Contractual Term
Options Outstanding at the end of the period	8 years 18 days	7 years 10 months 13 days
Vested or expected to vest at the end of the period	7 years 11 months 27 days
Exercisable at the end of the period	6 years 7 months 28 days
Options outstanding
Weighted-Average Exercise Price
Exercisable at the end of the period (in dollars per share)	$ 3.81

Stockholder's Equity - Shares A

Stockholder's Equity - Shares Available for Future Issuance (Details) - USD ($) $ / shares in Units, $ in Millions	6 Months Ended		18 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2016	Dec. 31, 2015
Equity Incentive Plans
Weighted average exercise price (in dollars per share)				$ 3.81
Weighted-average assumptions:
Estimated annual forfeiture rate (as a percent)			9.00%
Shares Available for Future Grant
Balance at the end of the period (in shares)	1,117,333		1,117,333
Shares Reserved for Future Issuance
Stock options outstanding (in shares)				6,480,580	4,630,073
Shares available for future grant under 2013 Plan (in shares)	1,117,333		1,117,333	1,117,333
Employee stock purchase plan				225,806
Warrants outstanding (in shares)				60,850
Total shares of common stock reserved for issuance				7,884,569
2013 plan
Shares Available for Future Grant
Balance at the beginning of the period (in shares)	959,354
Authorized (in shares)				2,032,104
Granted (in shares)	(1,902,500)
Forfeitures/Expirations (in shares)	28,375
Balance at the end of the period (in shares)	1,117,333		1,117,333
Shares Reserved for Future Issuance
Shares available for future grant under 2013 Plan (in shares)	959,354		1,117,333	1,117,333	959,354
Options outstanding
Equity Incentive Plans
Intrinsic value of options exercisable				$ 7.3
Per share price of Company's closing stock price (in dollars per share)				$ 6.30
Weighted average exercise price (in dollars per share)				$ 3.81
Per-share weighted-average grant date fair value of options granted (in dollars per share)	$ 5.34	$ 4.26
Weighted-average assumptions:
Unrecognized compensation expense				$ 15.7
Weighted average remaining period for recognition of unrecognized compensation expense	3 years 4 days
Options outstanding | Weighted-average
Weighted-average assumptions:
Expected term of options (in years)	6 years 2 months 12 days	6 years 2 months 12 days
Risk-free interest rate (as a percent)	1.47%	1.68%
Expected volatility (as a percent)	67.90%	68.90%
Dividend yield (as a percent)	0.00%	0.00%

Commitments and Contingencies (

Commitments and Contingencies (Details) - Allergan $ in Millions	1 Months Ended
	Mar. 31, 2015USD ($)person
Collaboration Revenue.
Payment received to fund expansion of clinical trial | $	$ 10
Number of patients before expansion of the trial	500
Number of patients after expansion of the trial	620

Revenue (Details)

Revenue (Details) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
	Mar. 31, 2015	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenue
Collaboration revenue		$ 1,875,000	$ 1,875,000	$ 3,750,000	$ 2,500,000
Allergan
Revenue
Collaboration revenue		$ 1,900,000	$ 1,900,000	$ 3,800,000	$ 2,500,000
Nonrefundable upfront fee	$ 10,000,000

Net Loss Per Common Share (Deta

Net Loss Per Common Share (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
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)			6,541,430	4,690,699
Basic and diluted net loss per common share calculation:
Net loss	$ (19,216,318)	$ (11,518,851)	$ (36,995,297)	$ (24,448,496)
Net loss attributable to common stockholders	$ (19,216,318)	$ (11,518,851)	$ (36,995,297)	$ (24,448,496)
Weighted average common shares outstanding	52,174,569	40,809,931	51,762,467	40,034,864
Net loss per share of common stock—basic and diluted	$ (0.37)	$ (0.28)	$ (0.71)	$ (0.61)
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)			6,480,580	4,662,860
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)			60,850	27,839

Other Comprehensive Income (Det

Other Comprehensive Income (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Accumulated Other Comprehensive Income (Loss), Net of Tax.
Balance			$ 143,131,465
Net unrealized gains on marketable securities	$ 44,979	$ 2,127	280,973	$ 28,884
Balance	120,983,956		120,983,956
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss), Net of Tax.
Balance			(205,856)
Net unrealized gains on marketable securities			280,973
Balance	75,117		75,117
Reclassifications out of accumulated other comprehensive income or loss, net of tax	0	0	0	0
Tax effect	$ 0	$ 0	$ 0	$ 0