Trevena (TRVN) 10-Q 4 Nov 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2019	Nov. 01, 2019
Document and Entity Information
Entity Registrant Name	TREVENA INC
Entity Central Index Key	0001429560
Document Type	10-Q
Document Period End Date	Sep. 30, 2019
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Common Stock, Shares Outstanding		92,593,239
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3

Balance Sheets

Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 29,255	$ 32,892
Marketable securities	15,461	28,590
Prepaid expenses and other current assets	2,329	607
Total current assets	47,045	62,089
Restricted cash	1,308	1,303
Property and equipment, net	2,848	3,387
Right-of-use lease asset	5,552
Other assets	18
Total assets	56,771	66,779
Current liabilities:
Accounts payable	3,075	1,416
Accrued expenses and other current liabilities	2,380	3,295
Current portion of loans payable, net	8,158	12,562
Lease liability	600	10
Deferred rent		207
Total current liabilities	14,213	17,490
Loans payable, net		4,811
Leases, net of current portion	7,968	20
Deferred rent, net of current portion		2,931
Warrant liability	6	1
Total liabilities	22,187	25,253
Commitments and contingencies (Note 6)
Stockholders' equity:
Common stock - $0.001 par value; 200,000,000 shares authorized; 92,581,496 and 82,323,413 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively	92	82
Preferred stock - $0.001 par value; 5,000,000 shares authorized, none issued or outstanding at September 30, 2019 and December 31, 2018
Additional paid-in capital	441,187	429,727
Accumulated deficit	(406,700)	(388,274)
Accumulated other comprehensive loss	5	(9)
Total stockholders' equity	34,584	41,526
Total liabilities and stockholders' equity	$ 56,771	$ 66,779

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2019	Dec. 31, 2018
Balance Sheets
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock authorized (in shares)	200,000,000	200,000,000
Common stock issued (in shares)	92,581,496	82,323,413
Common stock outstanding (in shares)	92,581,496	82,323,413
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock authorized (in shares)	5,000,000	5,000,000
Preferred stock issued (in shares)	0	0
Preferred stock outstanding (in shares)	0	0

Statements of Operations and Co

Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenue:
Total revenue		$ 3,000		$ 5,500
Revenue, Product and Service [Extensible List]	us-gaap:LicenseMember	us-gaap:LicenseMember	us-gaap:LicenseMember	us-gaap:LicenseMember
Operating expenses:
General and administrative	$ 3,201	$ 3,908	$ 9,572	$ 14,906
Research and development	5,554	3,350	10,430	13,076
Restructuring charges				64
Impairment of property and equipment			108
Total operating expenses	8,755	7,258	20,110	28,046
Loss from operations	(8,755)	(4,258)	(20,110)	(22,546)
Other income (expense):
Change in fair value of warrant liability	1	(7)	(5)	(3)
Net gain on asset disposals		32		148
Other income, net	279		2,152	1,428
Interest income	109	268	360	693
Interest expense	(190)	(515)	(814)	(1,790)
Gain (loss) on foreign currency exchange	(10)	(3)	(9)	7
Total other income (expense)	189	(225)	1,684	483
Loss before income tax expense	(8,566)	(4,483)	(18,426)	(22,063)
Foreign income tax expense				(745)
Net loss attributable to common stockholders	(8,566)	(4,483)	(18,426)	(22,808)
Other comprehensive gain (loss), net:
Unrealized gain (loss) on marketable securities	(5)		14	22
Other comprehensive gain (loss), net	(5)		14	22
Comprehensive loss	$ (8,571)	$ (4,483)	$ (18,412)	$ (22,786)
Per share information:
Net loss per share of common stock, basic and diluted (in dollars per share)	$ (0.09)	$ (0.06)	$ (0.20)	$ (0.32)
Weighted average common shares outstanding, basic and diluted (in shares)	92,569,993	77,445,675	91,307,429	70,604,827

Statements of Stockholders' Equ

Statements of Stockholders' Equity - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Total
Beginning Balance at Dec. 31, 2017	$ 62	$ 392,103	$ (357,490)	$ (42)	$ 34,633
Balance (in shares) at Dec. 31, 2017	62,310,795
Increase (Decrease) in Stockholders' Equity
Stock-based compensation expense		1,498			1,498
Exercise of stock options		57			57
Exercise of stock options (in shares)	88,048
Issuance of common stock, net of issuance costs	$ 6	9,148			9,154
Issuance of common stock, net of issuance costs (in shares)	5,204,893
Unrealized gain on marketable securities				(4)	(4)
Net loss			(9,021)		(9,021)
Ending Balance at Mar. 31, 2018	$ 68	402,806	(366,511)	(46)	36,317
Balance (in shares) at Mar. 31, 2018	67,603,736
Beginning Balance at Dec. 31, 2017	$ 62	392,103	(357,490)	(42)	34,633
Balance (in shares) at Dec. 31, 2017	62,310,795
Increase (Decrease) in Stockholders' Equity
Net loss					(22,808)
Ending Balance at Sep. 30, 2018	$ 82	428,880	(380,298)	(20)	48,644
Balance (in shares) at Sep. 30, 2018	82,323,291
Beginning Balance at Dec. 31, 2017	$ 62	392,103	(357,490)	(42)	34,633
Balance (in shares) at Dec. 31, 2017	62,310,795
Ending Balance at Dec. 31, 2018	$ 82	429,727	(388,274)	(9)	$ 41,526
Balance (in shares) at Dec. 31, 2018	82,323,413				82,323,413
Beginning Balance at Mar. 31, 2018	$ 68	402,806	(366,511)	(46)	$ 36,317
Balance (in shares) at Mar. 31, 2018	67,603,736
Increase (Decrease) in Stockholders' Equity
Stock-based compensation expense		1,287			1,287
Exercise of stock options		26			26
Exercise of stock options (in shares)	44,904
Issuance of common stock, net of issuance costs	$ 6	10,338			10,344
Issuance of common stock, net of issuance costs (in shares)	5,859,345
Unrealized gain on marketable securities				26	26
Net loss			(9,304)		(9,304)
Ending Balance at Jun. 30, 2018	$ 74	414,457	(375,815)	(20)	38,696
Balance (in shares) at Jun. 30, 2018	73,507,985
Increase (Decrease) in Stockholders' Equity
Stock-based compensation expense		734			734
Issuance of common stock, net of issuance costs	$ 8	13,689			13,697
Issuance of common stock, net of issuance costs (in shares)	8,815,306
Net loss			(4,483)		(4,483)
Ending Balance at Sep. 30, 2018	$ 82	428,880	(380,298)	(20)	48,644
Balance (in shares) at Sep. 30, 2018	82,323,291
Beginning Balance at Dec. 31, 2018	$ 82	429,727	(388,274)	(9)	$ 41,526
Balance (in shares) at Dec. 31, 2018	82,323,413				82,323,413
Increase (Decrease) in Stockholders' Equity
Stock-based compensation expense		754			$ 754
Exercise of stock options		21			21
Exercise of stock options (in shares)	30,225
Issuance of warrants to underwriters in connection with equity offering		347			347
Issuance of common stock, net of issuance costs	$ 10	8,886			8,896
Issuance of common stock, net of issuance costs (in shares)	10,000,000
Unrealized gain on marketable securities				12	12
Net loss			(5,169)		(5,169)
Ending Balance at Mar. 31, 2019	$ 92	439,735	(393,443)	3	46,387
Balance (in shares) at Mar. 31, 2019	92,353,638
Beginning Balance at Dec. 31, 2018	$ 82	429,727	(388,274)	(9)	$ 41,526
Balance (in shares) at Dec. 31, 2018	82,323,413				82,323,413
Increase (Decrease) in Stockholders' Equity
Exercise of stock options (in shares)					30,225
Net loss					$ (18,426)
Ending Balance at Sep. 30, 2019	$ 92	441,187	(406,700)	5	$ 34,584
Balance (in shares) at Sep. 30, 2019	92,581,496				92,581,496
Beginning Balance at Mar. 31, 2019	$ 92	439,735	(393,443)	3	$ 46,387
Balance (in shares) at Mar. 31, 2019	92,353,638
Increase (Decrease) in Stockholders' Equity
Stock-based compensation expense		793			793
Shares repurchased by the Company (in shares)	(122)
Issuance of common stock upon vesting of RSUs, net of shares withheld for employee taxes		(104)			(104)
Issuance of common stock upon vesting of RSUs, net of shares withheld for employee taxes (in shares)	213,679
Unrealized gain on marketable securities				7	7
Net loss			(4,691)		(4,691)
Ending Balance at Jun. 30, 2019	$ 92	440,424	(398,134)	10	42,392
Balance (in shares) at Jun. 30, 2019	92,567,195
Increase (Decrease) in Stockholders' Equity
Stock-based compensation expense		768			768
Issuance of common stock upon vesting of RSUs, net of shares withheld for employee taxes		(5)			(5)
Issuance of common stock upon vesting of RSUs, net of shares withheld for employee taxes (in shares)	14,301
Unrealized gain on marketable securities				(5)	(5)
Net loss			(8,566)		(8,566)
Ending Balance at Sep. 30, 2019	$ 92	$ 441,187	$ (406,700)	$ 5	$ 34,584
Balance (in shares) at Sep. 30, 2019	92,581,496				92,581,496

Statement of Stockholders' Equi

Statement of Stockholders' Equity (Parenthetical) - $ / shares	Sep. 30, 2019	Sep. 30, 2018
Common Stock, Par or Stated Value Per Share	$ 0.001
Common Stock
Common Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001

Statements of Cash Flows

Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Operating activities:
Net loss	$ (18,426)	$ (22,808)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	431	496
Stock-based compensation	2,315	3,519
Noncash interest expense on loans	285	626
Impairment of property and equipment	108
Loss on disposal of assets		124
Revaluation of warrant liability	5	3
Accretion of bond discount on marketable securities	(442)	(88)
Changes in operating assets and liabilities:
Prepaid expenses and other assets	(1,766)	197
Operating lease right-of-use assets and operating lease liabilities	(118)
Accounts payable, accrued expenses and other liabilities	746	(1,744)
Net cash used in operating activities	(16,862)	(19,675)
Investing activities:
Purchases of property and equipment		(379)
Maturities of marketable securities	67,390	50,284
Purchases of marketable securities	(53,805)	(46,330)
Net cash provided by investing activities	13,585	3,575
Financing activities:
Proceeds from exercise of common stock options	21	83
Proceeds from issuance of common stock, net	9,243	33,195
Payment of employee withholding taxes on vested restricted stock units	(109)
Capital lease payments	(10)
Capital lease payments		(8)
Repayments of loans payable, net	(9,500)	(9,500)
Net cash (used in) provided by financing activities	(355)	23,770
Net (decrease) increase in cash, cash equivalents and restricted cash	(3,632)	7,670
Cash, cash equivalents and restricted cash - beginning of period	34,195	17,970
Cash, cash equivalents and restricted cash - end of period	30,563	25,640
Supplemental disclosure of cash flow information:
Cash paid for interest	529	$ 1,161
Fair value of common stock warrants issued to underwriters	$ 347

Organization and Description of

Organization and Description of the Business	9 Months Ended
	Sep. 30, 2019
Organization and Description of the Business
Organization and Description of the Business	1. Organization and Description of the Business Trevena, Inc., or 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 biopharmaceutical company focused on the development and commercialization of novel medicines for patients affected by central nervous system, or CNS, disorders. The Company operates in one segment and has its principal office in Chesterbrook, Pennsylvania. Since commencing operations in 2007, the Company has devoted substantially all of its financial resources and efforts to research and development, including nonclinical studies and clinical trials. The Company has never been profitable and has not yet commenced commercial operations. In November 2018, the U.S. Food and Drug Administration, or FDA, issued a complete response letter, or CRL, with respect to the Company’s new drug application, or NDA, for oliceridine. In the CRL, the FDA requested additional clinical data on the QT interval and indicated that the submitted safety database was not of adequate size for the proposed labeling. The FDA also requested certain additional nonclinical data and validation reports. In January 2019, the Company announced the receipt of the official Type A meeting minutes from the FDA regarding the CRL wherein it agreed that the current oliceridine safety database will support labeling at a maximum daily dose of 27 mg. The FDA also agreed that the Company can conduct a study in healthy volunteers to collect the requested QT interval data and that the study should include placebo- and positive-control arms. The Company submitted a detailed protocol and analysis plan to the FDA and received feedback from the FDA on key design elements for the study and analysis plan. The Company began the study in June 2019 and reported topline date in November 2019. To address remaining items in the CRL, the FDA indicated that the Company should include supporting nonclinical data related to the characterization of the 9662 metabolite and the remaining product validation reports when the Company resubmits the oliceridine NDA. In August 2019, the Company announced that it had completed enrollment in the healthy volunteer QT study, completed the nonclinical work to characterize the 9662 metabolite, and completed the remaining product validation reports requested by the FDA. Since its inception, the Company has incurred losses and negative cash flows from operations. At September 30, 2019, the Company had an accumulated deficit of $406.7 million. The Company’s net loss was $18.4 million and $22.8 million for the nine months ended September 30, 2019 and 2018, respectively. The Company expects its cash and cash equivalents of $29.3 million and marketable securities of $15.5 million as of September 30, 2019, together with interest thereon, to be sufficient to fund its operating expenses, debt service, and capital expenditure requirements into the third quarter of 2020. The Company follows the provisions of Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC, Topic 205-40, Presentation of Financial Statements—Going Concern, which requires management to assess the Company’s ability to continue as a going concern for one year after the date the financial statements are issued. The Company’s existing balance of cash, cash equivalents and marketable securities as of September 30, 2019 is not sufficient to fund operations past the third quarter of 2020. While there is substantial doubt about the Company’s ability to continue as a going concern through the year period from the date of this filing, management’s plans to mitigate this risk include raising additional capital through equity or debt financings, or through strategic transactions. Management’s plans may also include the possible deferral of certain operating expenses unless and until additional capital is received. There can be no assurance that the Company will be successful in raising additional capital or that such capital, if available, will be on terms that are acceptable to the Company, or that the Company will be successful in deferring certain operating expenses. If the Company is unable to raise sufficient additional capital or defer sufficient operating expenses, the Company may be compelled to reduce the scope of its operations and planned capital expenditures. Certain prior period amounts have been reclassified to conform to the current period presentation, the effect of which was not material to the Company’s interim consolidated financial statements.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2019
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, or 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 ASC and Accounting Standards Update, or ASU, of FASB. The Company’s functional currency is the U.S. dollar. The financial statements include all normal and recurring adjustments that are considered necessary for the fair presentation of the Company’s balance sheets as of September 30, 2019 and December 31, 2018, its results of operations and its comprehensive loss for the three and nine months ended September 30, 2019 and 2018, its statement of stockholders’ equity for the period from January 1, 2019 to September 30, 2019 and for the period January 1, 2018 to September 30, 2018, and its statements of cash flows for the nine months ended September 30, 2019 and 2018. The information included in this Quarterly Report on Form 10‑Q should be read in conjunction with the financial statements and accompanying notes included in the Company’s most recent Annual Report on Form 10‑K for the year ended December 31, 2018. Since the date of those financial statements, there have been no changes to the Company’s significant accounting policies. The financial data and other information disclosed in these notes related to the nine months ended September 30, 2019 and 2018 are not necessarily indicative of the results to be expected for the year ending December 31, 2019, any other interim periods, or any future year or period. Leases The Company adopted ASU 2016‑02, Leases (Topic 842) , and all applicable amendments as of January 1, 2019 using a modified retrospective approach. The Company determines if an arrangement is a lease at inception. Operating leases are included in long-term right-of-use assets and current and long-term lease liabilities on our consolidated balance sheets. Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rates, which are the rates incurred to borrow on a collateralized basis over a similar term, an amount equal to the lease payments in a similar economic environment. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The right-of-use assets are tested for impairment according to ASC 360. See Note 6 for details. Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these immaterial leases on a straight-line basis over the lease term. The Company has lease agreements with lease and non-lease components, which are accounted for as a single lease component under the practical expedient provisions of the standard. Lease payments, which may include lease and non-lease components, are included in the measurement of the Company’s lease liabilities to the extent that such payments are either fixed amounts or variable amounts that depend on a rate or index as stipulated in the lease contract. Revenue In accordance with FASB’s ASC 606, Revenue from Contracts with Customers , or ASC 606 , the Company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that the Company determines are within the scope of ASC 606, it performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company applies the five-step model to contracts when it determines that it is probable it will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract and determines those that are performance obligations, and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. Amounts received prior to satisfying the revenue recognition criteria are recognized as deferred revenue in the Company’s balance sheet. Amounts expected to be recognized as revenue within the twelve months following the balance sheet date are classified as Current portion of deferred revenue. Amounts not expected to be recognized as revenue within the twelve months following the balance sheet date are classified as Deferred revenue, net of current portion. License Revenues The Company’s revenues have primarily been generated through licensing arrangements. The terms of these agreements typically include payment to the Company of one or more of the following: nonrefundable, up-front license fees; regulatory and commercial milestone payments; payments for manufacturing supply services; and royalties on net sales of licensed products. See Note 7. In determining the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements, the Company performs the following steps: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. The Company also assesses whether there is an option in a contract to acquire additional goods or services. An option gives rise to a performance obligation only if the option provides a material right to the customer that it would not receive without entering into that contract. Factors that the Company considers in evaluating whether an option represents a material right include, but are not limited to: (i) the overall objective of the arrangement, (ii) the benefit the collaborator might obtain from the arrangement without exercising the option, (iii) the cost to exercise the option (e.g. priced at a significant and incremental discount), and (iv) the likelihood that the option will be exercised. With respect to options determined to be performance obligations, the Company recognizes revenue when those future goods or services are transferred or when the options expire. The Company’s revenue arrangements may include the following: Up-front License Fees: If a license is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenues from nonrefundable, up-front fees allocated to the license when the license is transferred to the licensee and the licensee is able to use and benefit from the license. For licenses that are bundled with other promises, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from non-refundable, up-front fees. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. Milestone Payments: At the inception of an agreement that includes regulatory or commercial milestone payments, the Company evaluates whether each milestone is considered probable of being achieved and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the control of the Company or the licensee, such as regulatory approvals, are not considered probable of being achieved until those approvals are received. At each reporting period, the Company assesses the probability of achievement of each milestone under its current agreements. Research and Development Activities: Under the Company’s current collaboration and license arrangements, if the Company is entitled to reimbursement for costs for services provided by the Company, it expects such reimbursement would be an offset to research and development expenses. Royalties: If the Company is entitled to receive sales-based royalties from its collaborator, including milestone payments based on the level of sales, and the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, provided the reported sales are reliably measurable, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). Manufacturing Supply and Research Services: Arrangements that include a promise for future supply of drug substance or drug product for either clinical development or commercial supply at the licensee’s discretion are generally considered as options. The Company assesses if these options provide a material right to the licensee and if so, they are accounted for as separate performance obligations. The Company receives payments from its licensees based on schedules established in each contract. Upfront payments are recorded as deferred revenue upon receipt, and may require deferral of revenue recognition to a future period until the Company performs its obligations under these arrangements. Amounts are recorded as accounts receivable when the Company’s right to consideration is unconditional. The Company does not assess whether a contract has a significant financing component if the expectation at contract inception is such that the period between payment by the licensees and the transfer of the promised goods or services to the licensees will be one year or less. Income Taxes Income taxes are recorded in accordance with ASC Topic 740, Income Taxes, or ASC 740, which provides for deferred taxes using an asset and liability approach. The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Valuation allowances are provided, if based upon the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company accounts for uncertain tax positions in accordance with the provisions of ASC 740. When uncertain tax positions exist, the Company recognizes the tax benefit of tax positions to the extent that the benefit will more likely than not be realized. The determination as to whether the tax benefit will more likely than not be realized is based upon the technical merits of the tax position, as well as consideration of the available facts and circumstances. To date, the Company has not taken any uncertain tax position or recorded any reserves, interest or penalties. Recently Adopted Accounting Standards In August 2018, the FASB issued ASU 2018-15, Intangibles – Goodwill and Other Internal Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract . The amendments in this update align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. ASU 2018-15 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. The Company adopted this standard beginning in our quarter ending September 30, 2019. In February 2018, the FASB issued ASU 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income , which provides the option to reclassify stranded tax effects within accumulated other comprehensive income to retained earnings. This option would be available in each period in which the effect of the change in the U.S. federal corporate income tax rate in the TCJA (or a portion thereof) is recorded. This is effective for the Company beginning after December 15, 2018, with early adoption permitted. These amendments should be applied in the period of adoption or retrospectively to each period in which the effect of the change in the U.S federal corporate income tax rate in the TCJA is recognized. The adoption of this standard did not have an impact on the Company’s consolidated financial statements and related disclosures. In February 2016, the FASB issued ASU 2016‑02, Leases (Topic 842) , which 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. The Company adopted the standard on January 1, 2019 using a modified retrospective approach. The Company recognized a right-of-use asset and corresponding lease liability related to its operating leases as of the date of adoption. The Company elected to apply the package of practical expedients which allows entities not to reassess whether contracts are or contain leases, lease classification, and whether initial direct costs qualify for capitalization. The Company elected not to separate lease and non-lease components and will not apply the hindsight practical expedient. The adoption of this standard resulted in recording additional net lease assets and lease liabilities of approximately $5.7 million and $8.8 million, respectively. The standard did not materially impact our consolidated net earnings and had no impact on cash flows. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers . 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 ASU 2016-08, Revenue from Contracts with Customers, Principal versus Agent Considerations . 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. The Company adopted these standards on January 1, 2018 and elected the modified retrospective transition method, meaning the cumulative effect of applying the new guidance, if any, was recognized at that date as an adjustment to the opening accumulated deficit balance. There was no impact to the Company’s financial statements upon adoption, as the Company did not have any contracts with customers as of the adoption date. Recent Accounting Standards Not Yet Adopted In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement . The new guidance modifies the disclosure requirements related to fair value measurements in Topic 820, Fair Value Measurement , including removing certain previous disclosure requirements, adding certain new disclosure requirements, and modifying certain other disclosure requirements. The ASU will be effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. The Company is evaluating the effect this standard will have on its financial statements and related disclosures.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2019
Fair Value of Financial Instruments
Fair Value of Financial Instruments	3. Fair Value of Financial Instruments ASC 820, Fair Value Measurement, 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 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 The following table presents fair value of the Company’s cash, cash equivalents, and marketable securities as of September 30, 2019 and December 31, 2018 (in thousands): September 30, 2019 Adjusted Unrealized Unrealized Cash and Cash Restricted Marketable Cost Gains Losses Fair Value Equivalents Cash Securities Cash $ 3,348 $ — $ — $ 3,348 $ 2,040 $ 1,308 $ — Level 1 (1): Money market funds 15,240 — — 15,240 15,240 — — U.S. treasury securities 22,432 4 — 22,436 11,975 — 10,461 Subtotal 37,672 4 — 37,676 27,215 — 10,461 Level 2 (2): U.S. government agency securities 5,000 — — 5,000 — — 5,000 Total $ 46,020 $ 4 $ — $ 46,024 $ 29,255 $ 1,308 $ 15,461 December 31, 2018 Adjusted Unrealized Unrealized Cash and Cash Restricted Marketable Cost Gains Losses Fair Value Equivalents Cash Securities Cash $ 10,992 $ — $ — $ 10,992 $ 9,689 $ 1,303 $ — Level 1 (1): Money market funds 23,203 — — 23,203 23,203 — — U.S. treasury securities 18,938 — (4) 18,934 — — 18,934 Subtotal 42,141 — (4) 42,137 23,203 — 18,934 Level 2 (2): U.S. government agency securities 9,661 — (5) 9,656 — — 9,656 Total $ 62,794 $ — $ (9) $ 62,785 $ 32,892 $ 1,303 $ 28,590 (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 of the assets or liabilities. The Company classifies investments available to fund current operations as current assets on its balance sheets. As of September 30, 2019, the Company did not hold any investment securities exceeding a one-year maturity. The Company maintains $1.3 million as collateral under a letter of credit for the Company’s facility lease obligations in Chesterbrook, Pennsylvania. The Company has recorded this deposit and accumulated interest thereon as restricted cash on its balance sheet. Unrealized gains and losses on marketable securities are recorded as a separate component of accumulated other comprehensive income (loss) included in stockholders’ equity. 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 three and nine months ended September 30, 2019 and 2018. To date, the Company has not recorded any impairment charges on marketable securities related to other-than-temporary declines in market value. Accretion of bond discount on marketable securities is included in other income as a separate component of other income (expense) on the statement of operations and comprehensive loss. Interest income on marketable securities is recorded as interest income on the statement of operations and comprehensive loss. The Company recognizes transfers between levels of the fair value hierarchy as of the end of the reporting period. There were no transfers between Level 2 and Level 3 during the nine months ended September 30, 2019 or the year ended December 31, 2018.

Loans Payable

Loans Payable	9 Months Ended
	Sep. 30, 2019
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 1Bank) (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. In April 2015, the Company amended the agreement with the lenders to change the draw period for Term Loan B. In December 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. Although those triggers were not attained, in December 2016, the Company and the lenders modified the terms and conditions under which the Company could exercise an option to draw $10.0 million of Term Loan C. In March 2017, the Company borrowed the Term Loan C tranche of $10.0 million. Borrowings under Term Loans A and B accrue interest at a fixed rate of 6.50% per annum. Borrowings under Term Loan C accrue interest at a fixed rate of 6.98% per annum. The Company was required to make payments of interest only on borrowings under the loan agreement on a monthly basis through and including January 1, 2018. Payments of principal in equal monthly installments and accrued interest began on January 1, 2018 and will continue to be due until the loan matures on March 1, 2020. As of September 30, 2019, there was $6.3 million aggregate principal balance outstanding under the term loans. Upon the last payment date of the amounts borrowed under the agreement, the Company will be required to pay a final payment fee equal to 6.6% of the aggregate amounts borrowed, which is recorded as interest expense over the term of the loans payable. In addition, if the Company repays Term Loan A, Term Loan B, or Term Loan C prior to the applicable maturity date, it will pay the lenders a prepayment fee of 1.0% of Term Loan C. 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, including the Company’s cash, cash equivalents, and marketable securities but excluding the Company’s intellectual property (together, the collateral). 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 Company’s business, operations or condition (financial or otherwise), a material impairment in the value of the collateral or in the prospect of repayment of the Company’s obligations to the lender, certain levies, attachments and other restraints on the Company’s business, insolvency, defaults under other agreements and misrepresentations. Upon an event of default, the lenders have the right to foreclose upon the available collateral, including the Company’s existing cash and cash equivalents and marketable securities. In connection with entering into the agreement, the Company issued to the lenders and the placement agent warrants to purchase an aggregate of 7,678 shares of Trevena’s common stock, of which 5,728 shares remain outstanding as of September 30, 2019. 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 Trevena common stock. These warrants have substantially the same terms as those noted above, have an exercise price of $10.6190 per share and an expiration date of December 23, 2025. In connection with draw of Term Loan C, the Company issued to the lenders and placement agent additional warrants to purchase an aggregate of 62,241 shares of the Company’s common stock. These warrants have substantially the same terms as those noted above, and have an exercise price of $3.6150 per share and an expiration date of March 31, 2027. As of September 30, 2019, borrowings of $6.3 million attributable to Term Loans A, B, and C are outstanding. Interest expense of $0.5 million and $1.2 million was recorded during the nine months ended September 30, 2019 and 2018, respectively. The Company incurred lender and third-party costs of $1.0 million related to the issuance of its term loans. 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. Immaterial amounts of debt discount and debt issuance cost were amortized to interest expense during the three and nine months ended September 30, 2019 and 2018, respectively. The following table summarizes how the issuance of Term Loans A, B, and C are reflected on the balance sheet at September 30, 2019 and December 31, 2018 (in thousands): September 30, December 31, 2019 2018 Gross proceeds $ 6,333 $ 15,833 Debt discount and debt issuance costs (1) 1,825 1,540 Carrying value 8,158 17,373 Current portion of loans payable, net 8,158 12,562 Loans payable, net $ — $ 4,811 (1) Includes the final fee payment due upon last payment date of the amounts borrowed.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2019
Stockholders' Equity
Stockholders' Equity	5. Stockholders’ Equity Equity Offerings ATM Programs On December 14, 2015, the Company entered into an at the market, or ATM, sales agreement, or the Prior ATM Agreement, with Cowen and Company, LLC, or Cowen, to offer and sell, from time to time at the Company’s sole discretion, shares of its common stock, having an aggregate offering price of up to $75.0 million through Cowen as its sales agent. Sales under the Prior ATM Agreement are deemed to be “at the market offerings,” as defined in Rule 415 under the Securities Act of 1933, as amended, or the Securities Act. Under the Prior ATM Agreement, the Company was required to pay Cowen a commission of up to three percent of the gross sales proceeds and provided Cowen with customary indemnification rights. In 2018, the Company issued and sold 11.4 million shares of common stock under the Prior ATM Agreement at a weighted average price per share of $1.80. The net offering proceeds to the Company in 2018 for sales under the Prior ATM Agreement were approximately $20.0 million after deducting related expenses, including commissions. Sales of common stock under the Prior ATM Agreement terminated on June 29, 2018 when the Company’s Registration Statement on Form S-3 (File No. 333-225685), or the Shelf Registration Statement, was declared effective by the SEC. Accordingly, as of September 30, 2019, there was no remaining capacity available under this ATM sales facility. In June 2018, the Company filed a $175.0 million shelf registration statement that included an ATM sales facility to offer and sell, through Cowen, from time to time at the Company’s sole discretion, shares of its common stock having an aggregate offering price of up to $50.0 million. Sales of the shares of common stock are deemed to be “at the market offerings,” as defined in Rule 415 under the Securities Act. During 2018, the Company sold approximately 8.5 million shares of its common stock under this facility, at a weighted average share price of $1.60, which yielded net proceeds to the Company of approximately $13.2 million after deducting related expenses, including commissions. The Company terminated sales under this ATM sales facility on April 17, 2019, and the remaining capacity was added back to the aggregate amount available under the Shelf Registration Statement. Accordingly, as of September 30, 2019, there was no remaining capacity available under this ATM sales facility . On April 17, 2019, the Company entered into a Common Stock Sales Agreement with H.C. Wainwright & Co., LLC, or Wainwright, pursuant to which the Company may offer and sell through Wainwright, from time to time at the Company’s sole discretion, shares of its common stock, having an aggregate offering price of up to $50.0 million, or the Current ATM Program. Sales of the shares of common stock are deemed to be “at the market offerings,” as defined in Rule 415 under the Securities Act. The Company intends to use the net proceeds from the offering primarily for the development of its lead product candidate, oliceridine, and for general corporate purposes. The Company did not issue any shares through the Current ATM Program during the quarter ended September 30, 2019. As of September 30, 2019, there was $50.0 million remaining available for future issuances under the Current ATM Program. Private Placement and Concurrent Warrant Issuance On January 29, 2019, the Company entered into securities purchase agreements with two institutional investors wherein the Company agreed to sell to the investors an aggregate of 10,000,000 shares of its common stock, at an offering price of $1.00 per share, in a registered direct offering made pursuant to the Company’s existing registration statement on Form S-3. The net proceeds to the Company from the offering were approximately $9.2 million, after deducting fees and the expenses of the placement agent. Pursuant to a letter agreement dated January 28, 2019, the Company engaged H.C. Wainwright & Co., LLC, or Wainwright, to act as its exclusive placement agent in connection with the issuance and sale of the shares. The Company paid Wainwright 7.0% of the aggregate gross proceeds in the offering and $50,000 for certain expenses, and it issued warrants to purchase 500,000 shares of common stock to certain designees of Wainwright. These warrants have a term of five years, are immediately exercisable and have an exercise price of $1.25 per share. The warrants are classified as equity and recorded at fair value as of the date of issuance on the Company’s Consolidated Balance Sheets and no further adjustments to their valuation are made. The letter agreement also includes indemnification obligations of the Company and other provisions customary for transactions of this nature. Equity Incentive Plans The Company utilizes equity incentive plans to grant various forms of stock options and restricted stock units, or RSUs, to eligible employees, directors and consultants to the Company. Under all of such 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. For performance-based stock awards, the Company recognizes expense when achievement of the performance factor is probable, over the requisite service period. The estimated grant-date fair value of the Company’s stock-based awards is amortized on a straight-line basis over the awards’ service periods. Stock-based compensation expense recognized was as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Research and development $ 179 $ 208 $ 603 $ 952 General and administrative 589 526 1,712 2,567 Total stock-based compensation $ 768 $ 734 $ 2,315 $ 3,519 Stock Options A summary of stock option activity and related information through September 30, 2019 follows: Options Outstanding Weighted Average Weighted Remaining Average Contractual Number of Exercise Term Shares Price (in years) Balance, December 31, 2018 8,265,207 $ 3.99 6.99 Granted 1,033,000 1.10 Exercised (30,225) 0.68 Forfeited/Cancelled (1,589,561) (5.00) Balance, September 30, 2019 7,678,421 $ 3.41 7.16 Vested or expected to vest at September 30, 2019 7,678,421 $ 3.41 7.16 Exercisable at September 30, 2019 4,100,616 $ 4.41 5.82 The intrinsic value of the options exercisable as of September 30, 2019 was $0.1 million, based on the Company’s closing stock price of $0.97 per share and a weighted average exercise price of $4.41 per share. At September 30, 2019, there was $3.5 million of total unrecognized compensation expense related to unvested options that will be recognized over the weighted average remaining period of 1.97 years. 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 common 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 nine months ended September 30, 2019 and 2018 was estimated at $0.70 and $1.18 per share, respectively, on the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions: September 30, 2019 2018 Expected term of options (in years) 6.1 5.8 Risk-free interest rate 1.9 % 2.7 % Expected volatility 71.9 % 74.9 % Dividend yield 0 % 0 % Restricted Stock Units On December 6, 2018, the Company granted 1,255,000 RSUs to employees. The units vest subject to the satisfaction of service requirements as follows: 25% vested on June 1, 2019, 25% vest on December 1, 2019, and the remaining vest on December 6, 2021. The closing price of the Company’s common stock on the date of the grant was $0.64 per share, which is the fair market value per unit of the RSUs. RSU-related expense is recognized on a straight-line basis over the vesting period. Upon vesting, these awards may be settled on a net-exercise basis to cover any required withholding tax with the remaining amount converted into an equivalent number of shares of common stock. There were 94,520 shares of common stock underlying vested RSUs that were withheld during the nine months ended September 30, 2019, based on the value of the RSU awards as determined by the Company’s closing stock price on the applicable vesting date. The shares withheld for taxes are again available for issuance under the plan. The following is a summary of changes in the status of non-vested RSUs during the year: RSUs Outstanding Weighted Average Number of Grant Date Awards Fair Value Non-vested at December 31, 2018 1,255,000 $ 0.65 Granted 330,000 0.89 Vested (322,500) 0.65 Forfeited (237,500) 0.65 Non-vested at September 30, 2019 1,025,000 $ 0.73 For the nine months ended September 30, 2019, the Company recorded $0.3 million in stock-based compensation expense related to RSUs, which is reflected in the statement of operations. As of September 30, 2019, there was $0.6 million of total unrecognized compensation expense related to unvested RSUs that will be recognized over the weighted average remaining period of 2.19 years. Shares Available for Future Grant At September 30, 2019, the Company has the following shares available to be granted under its equity incentive plans: Inducement 2013 Plan Plan Available at December 31, 2018 2,603,983 144,125 Authorized 3,387,456 — Granted (1,363,000) — Forfeited/Cancelled 1,781,030 46,031 Available at September 30, 2019 6,409,469 190,156 Shares Reserved for Future Issuance At September 30, 2019, the Company has reserved the following shares of common stock for issuance: Stock options outstanding under 2013 Plan 7,368,577 Restricted stock units outstanding under 2013 Plan 1,025,000 Shares available for future grant under 2013 Plan 6,409,469 Stock options outstanding under Inducement Plan 309,844 Shares available for future grant under Inducement Plan 190,156 Employee stock purchase plan 225,806 Warrants outstanding 623,091 Total shares of common stock reserved for future issuance 16,151,943

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2019
Commitments and Contingencies.
Commitments and Contingencies	6. Commitments and Contingencies Leases We lease office space in Chesterbrook, Pennsylvania and equipment. We sublease the second floor of our Chesterbrook, Pennsylvania office space to a third party. Rent expense and associated sublease income are recorded in the Company’s statements of operations and comprehensive loss as other income (expense). Supplemental balance sheet information related to leases was as follows (in thousands): September 30, 2019 December 31, 2018 Operating Leases Operating lease right-of-use assets $ 5,552 $ — Other current liabilities 591 — Operating lease liabilities 7,954 — Total operating lease liabilities $ 8,545 $ — Finance Leases Property and equipment, at cost $ 45 $ 59 Accumulated depreciation (23) (29) Property and equipment, net 22 30 Other current liabilities 9 10 Other long-term liabilities 14 20 Total finance lease liabilities $ 23 $ 30 The components of lease expense were as follows (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Operating lease costs: Operating lease rental expense $ 310 $ 213 $ 886 $ 1,011 Other income (358) — (987) — Total operating lease costs $ (48) $ 213 $ (101) $ 1,011 Finance lease costs: Amortization of right-of-use assets Interest on lease liabilities — — Total finance lease costs $ 2 $ 3 $ 9 $ 11 Supplemental cash flow information related to leases was as follows (in thousands): Nine Months Ended September 30, 2019 2018 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ (18) $ (1,011) Operating cash flows from finance leases — — Financing cash flows from finance leases (10) (10) Our operating lease liabilities will mature, as follows (in thousands): Operating Leases Financing Leases 2019 (October 1 - December 31) $ 335 $ 3 2020 1,352 10 2021 1,376 8 2022 1,401 4 2023 1,425 — 2024 and beyond 6,586 — Total minimum lease payments $ 12,475 $ 25 Interest Expense (3,930) (2) Lease liability $ 8,545 $ 23 Per the terms of our sublease, we expect the following inflows (in thousands): Sublease 2019 (October 1 - December 31) $ 269 2020 1,078 2021 943 2022 — 2023 — 2024 and beyond — Total minimum lease payments $ 2,290 Lease term and discount rates are as follows: Nine Months Ended September 30, 2019 2018 Weighted average remaining lease term (years) Operating leases 9 10 Finance leases 2 3 Weighted average discount rate Operating leases Finance leases Legal Proceedings In October and November 2018, the Company and certain current and former officers and directors were sued in three purported class actions filed in the U.S. District Court for the Eastern District of Pennsylvania, or the EDPA, alleging violations of the federal securities laws. In January 2019, the three lawsuits were consolidated into one action, and on May 29, 2019, the District Court appointed a group of five individual investors as lead plaintiffs. A consolidated amended complaint was filed on August 2, 2019, alleging, among other things, that the Company and two former officers made false and misleading statements regarding the Company’s business, operations, and prospects, including certain statements made relating to the Company’s End-of-Phase 2 meeting with the FDA, and certain statements concerning top-line results from the Company’s Phase 3 studies. The plaintiffs seek, among other remedies, unspecified damages, attorneys’ fees and other costs, and unspecified equitable or injunctive relief. The Company believes that the claims are without merit, and the Company intends to vigorously defend itself against the allegations. On October 2, 2019, the Company moved to dismiss the consolidated amended complaint on the basis that there were no false statements and no scienter as a matter of law. In December 2018, a shareholder derivative action was filed on behalf of the Company and against certain current and former officers and directors in the EDPA, and in February 2019, two additional, similar shareholder derivative actions were filed in the U.S. District Court for the District of Delaware. A fourth similar shareholder derivative action was filed in the EDPA in September 2019. These cases, which involve facts similar to the consolidated securities lawsuits, assert claims against the individual defendants for, among other things, breach of fiduciary duty, waste of corporate assets, violations of the federal securities laws, and unjust enrichment, and they make a number of demands, including for monetary damages and other equitable and injunctive relief. The derivative actions have been stayed in favor of the consolidated securities lawsuits.

Licensing Arrangements

Licensing Arrangements	9 Months Ended
	Sep. 30, 2019
Licensing Arrangements
Licensing Arrangements	7. Licensing Arrangements License and Commercialization Agreement with Pharmbio Korea Inc. In April 2018, the Company entered into an exclusive license agreement with Pharmbio Korea Inc., or Pharmbio, for the development and commercialization of oliceridine for the management of moderate to severe acute pain in South Korea. Under the terms of the agreement, the Company received an upfront, non-refundable cash payment of $3.0 million (less applicable withholding taxes of $0.5 million) in June 2018, and will receive a cash commercial milestone of up to $0.5 million if oliceridine is approved in South Korea and tiered royalties on product sales in South Korea ranging from high single digits to 20%, less applicable withholding taxes. As part of the agreement, the Company also granted Pharmbio an option to manufacture oliceridine, on a non-exclusive basis, for the development and commercialization of the product in South Korea, subject to a separate arrangement to be entered into if Pharmbio exercises the option. The license agreement is terminable by Pharmbio for any reason upon 180 days written notice. In accordance with the terms of the agreement, Pharmbio is solely responsible for all development and regulatory activities in South Korea. The parties have formed a Joint Development Committee with equal representation from the Company and Pharmbio to provide overall coordination and oversight of the development of oliceridine in South Korea. The parties also agreed to form a Joint Manufacturing and Commercialization Committee at least six months prior to the anticipated date of regulatory approval of oliceridine in South Korea to provide overall coordination and oversight of the manufacture and commercialization of oliceridine in South Korea. License Agreement with Jiangsu Nhwa Pharmaceutical Co. Ltd. In April 2018, the Company also entered into an exclusive license agreement with Jiangsu Nhwa Pharmaceutical Co. Ltd., or Nhwa, for the development and commercialization of oliceridine for the management of moderate to severe acute pain in China. Under the terms of this agreement, the Company received an upfront, non-refundable cash payment of $2.5 million (less applicable withholding taxes of $0.3 million) in July 2018, and is eligible to receive cash milestone payments of $3.0 million upon regulatory approval of oliceridine in each of the United States and China, up to an additional $6.0 million of commercialization milestones based on product sales levels in China, and a ten percent royalty on all net product sales in China, less applicable withholding taxes. As part of the agreement, the Company also granted Nhwa an option to manufacture oliceridine, on an exclusive basis in China, for the development and commercialization of the product in China. In the second quarter of 2018, Nhwa elected to exercise this manufacturing option and the Company and Nhwa expect to enter into a separate agreement. The license agreement is terminable by Nhwa for any reason upon 180 days written notice. In accordance with the terms of the agreement, Nhwa is solely responsible for all development and regulatory activities in China. The parties have formed a Joint Development Committee with equal representation from the Company and Nhwa to provide overall coordination and oversight of the development of oliceridine in China. The parties also agreed to form a Joint Manufacturing and Commercialization Committee at least six months prior to the anticipated date of regulatory approval of oliceridine in China to provide overall coordination and oversight of the manufacture and commercialization of oliceridine in China.

Net Loss Per Common Share

Net Loss Per Common Share	9 Months Ended
	Sep. 30, 2019
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 (in thousands, except share and per share data): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Basic and diluted net loss per common share calculation: Net loss $ (8,566) $ (4,483) $ (18,426) $ (22,808) Net loss attributable to common stockholders $ (8,566) $ (4,483) $ (18,426) $ (22,808) Weighted average common shares outstanding 92,569,993 77,445,675 91,307,429 70,604,827 Net loss per share of common stock - basic and diluted $ (0.09) $ (0.06) $ (0.20) $ (0.32) The following outstanding securities at September 30, 2019 and 2018 have been excluded from the computation of diluted weighted shares outstanding, as they would have been anti-dilutive: September 30, 2019 2018 Options outstanding 7,678,421 8,576,058 Restricted stock units outstanding 1,025,000 — Warrants 623,091 123,091 Total 9,326,512 8,699,149

Other Comprehensive Loss

Other Comprehensive Loss	9 Months Ended
	Sep. 30, 2019
Other Comprehensive Loss
Other Comprehensive Loss	9. Other Comprehensive Loss The following table presents changes in the components of accumulated other comprehensive loss (in thousands): Balance, December 31, 2018 $ (9) Net unrealized gain on marketable securities 14 Balance, September 30, 2019 $ 5 There were no reclassifications out of accumulated other comprehensive loss during the nine months ended September 30, 2019 and 2018. There was no tax effect during the three and nine months ended September 30, 2019 and 2018.

Restructuring Charges

Restructuring Charges	9 Months Ended
	Sep. 30, 2019
Restructuring Charges
Restructuring Charges	10. Restructuring Charges On November 8, 2018, upon the approval of the Company's Board of Directors, the Company announced a restructuring of approximately one-third of the Company's workforce, or 14 employees, as well as other cost-saving initiatives intended to lower the Company's annualized net operating cash burn. The Company completed the restructuring on December 31, 2018. The Company recorded restructuring charges of approximately $1.4 million in the fourth quarter of 2018, all of which resulted in future cash outlays, primarily related to severance costs and benefit-related expenses. The following table summarizes the restructuring balances at September 30, 2019 and 2018 (in thousands): Nine Months Ended September 30, 2019 2018 Balance, January 1 $ 1,419 $ 1,077 Current year restructuring costs — — Payment of employee severance costs (1,419) (999) Balance, September 30 $ — $ 78

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2019
Subsequent Events
Subsequent Events	11. Subsequent Events Healthy Volunteer QT Study On November 4, 2019, the Company announced the completion of its healthy volunteer QT study for oliceridine and topline results from the study. This was a randomized, single-site, placebo- and positive-controlled three-period crossover study conducted in 68 healthy volunteers, with 59 subjects receiving the maximum daily dose of 27 mg of oliceridine. The protocol and statistical analysis plan were developed based on review and feedback from the FDA. The goal of the study was to collect the additional QT interval data requested by the FDA for the resubmission of the NDA for oliceridine. Subjects were randomly sequenced through all three study periods: IV oliceridine, placebo, and a single oral 400 mg moxifloxacin dose as a positive control. For the oliceridine and placebo arms, 2 or 3 mg of oliceridine or volume-matched placebo was administered by IV bolus every two hours over a 24-hour period. Electrocardiograms for all subjects were obtained at hourly time points using continuous Holter monitoring. Oliceridine was well tolerated and adverse events were generally mild to moderate in severity and consistent with adverse events observed in the prior safety database. There were four study discontinuations, including three for lack of venous access and one for a non-serious adverse event, an asymptomatic and transient occurrence of non-sustained ventricular tachycardia, or briefly accelerated heart rate, confounded by hypokalemia, or low potassium levels, with no associated QT prolongation. One subject also completed dosing but was not evaluable due to equipment malfunction. There were no serious adverse events in the study. The primary endpoint was the placebo-corrected change from baseline in the individual rate-corrected QT interval, measured hourly at each of the 24 time points in the study. On this outcome, the mean increase in the QT interval was less than 10 milliseconds at 22 of the 24 time points. The peak mean increase in QT interval was observed at 9 hours and was 11.7 milliseconds, with a 90% two-sided confidence interval upper bound of 14.7 milliseconds at this time point. At 18 of the 24 measured time points, the upper bound of the 90% confidence intervals for the mean increase in QT interval was less than 10 milliseconds. Secondary endpoints included the 24-hour time-weighted average increase in QT interval and categorical analyses of clinically significant individual outliers. The 24-hour time-weighted average increase in QT interval for oliceridine was 4.0 milliseconds. There were no individual outliers with a rate-corrected change from baseline greater than 60 milliseconds or an absolute QT interval greater than 500 milliseconds. TRV250 Acute Migraine Proof-of-Concept Study On November 4, 2019, the Company announced that it initiated a proof-of-concept study of TRV250 for the treatment of patients with acute migraine. This is a single-dose, double-blind, placebo-controlled study with an enrollment target of approximately 120 patients with acute migraine in a validated nitroglycerin (“NTG”) provocation migraine model. Patients will be randomized before receiving a continuous NTG infusion, followed by administration of a 20 mg subcutaneous dose of TRV250 or placebo. The primary objective of the study is to determine target engagement, which will be measured as a reduction of sustained NTG-induced headaches. This study will also evaluate the ability of TRV250 to reduce symptomatic anxiety, as well as the safety of TRV250. The Company anticipates reporting topline data from this study in the second half of 2020.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2019
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, or 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 ASC and Accounting Standards Update, or ASU, of FASB. The Company’s functional currency is the U.S. dollar. The financial statements include all normal and recurring adjustments that are considered necessary for the fair presentation of the Company’s balance sheets as of September 30, 2019 and December 31, 2018, its results of operations and its comprehensive loss for the three and nine months ended September 30, 2019 and 2018, its statement of stockholders’ equity for the period from January 1, 2019 to September 30, 2019 and for the period January 1, 2018 to September 30, 2018, and its statements of cash flows for the nine months ended September 30, 2019 and 2018. The information included in this Quarterly Report on Form 10‑Q should be read in conjunction with the financial statements and accompanying notes included in the Company’s most recent Annual Report on Form 10‑K for the year ended December 31, 2018. Since the date of those financial statements, there have been no changes to the Company’s significant accounting policies. The financial data and other information disclosed in these notes related to the nine months ended September 30, 2019 and 2018 are not necessarily indicative of the results to be expected for the year ending December 31, 2019, any other interim periods, or any future year or period.
Leases	Leases The Company adopted ASU 2016‑02, Leases (Topic 842) , and all applicable amendments as of January 1, 2019 using a modified retrospective approach. The Company determines if an arrangement is a lease at inception. Operating leases are included in long-term right-of-use assets and current and long-term lease liabilities on our consolidated balance sheets. Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rates, which are the rates incurred to borrow on a collateralized basis over a similar term, an amount equal to the lease payments in a similar economic environment. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The right-of-use assets are tested for impairment according to ASC 360. See Note 6 for details. Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these immaterial leases on a straight-line basis over the lease term. The Company has lease agreements with lease and non-lease components, which are accounted for as a single lease component under the practical expedient provisions of the standard. Lease payments, which may include lease and non-lease components, are included in the measurement of the Company’s lease liabilities to the extent that such payments are either fixed amounts or variable amounts that depend on a rate or index as stipulated in the lease contract.
Revenue	Revenue In accordance with FASB’s ASC 606, Revenue from Contracts with Customers , or ASC 606 , the Company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that the Company determines are within the scope of ASC 606, it performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company applies the five-step model to contracts when it determines that it is probable it will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract and determines those that are performance obligations, and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. Amounts received prior to satisfying the revenue recognition criteria are recognized as deferred revenue in the Company’s balance sheet. Amounts expected to be recognized as revenue within the twelve months following the balance sheet date are classified as Current portion of deferred revenue. Amounts not expected to be recognized as revenue within the twelve months following the balance sheet date are classified as Deferred revenue, net of current portion. License Revenues The Company’s revenues have primarily been generated through licensing arrangements. The terms of these agreements typically include payment to the Company of one or more of the following: nonrefundable, up-front license fees; regulatory and commercial milestone payments; payments for manufacturing supply services; and royalties on net sales of licensed products. See Note 7. In determining the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements, the Company performs the following steps: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. The Company also assesses whether there is an option in a contract to acquire additional goods or services. An option gives rise to a performance obligation only if the option provides a material right to the customer that it would not receive without entering into that contract. Factors that the Company considers in evaluating whether an option represents a material right include, but are not limited to: (i) the overall objective of the arrangement, (ii) the benefit the collaborator might obtain from the arrangement without exercising the option, (iii) the cost to exercise the option (e.g. priced at a significant and incremental discount), and (iv) the likelihood that the option will be exercised. With respect to options determined to be performance obligations, the Company recognizes revenue when those future goods or services are transferred or when the options expire. The Company’s revenue arrangements may include the following: Up-front License Fees: If a license is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenues from nonrefundable, up-front fees allocated to the license when the license is transferred to the licensee and the licensee is able to use and benefit from the license. For licenses that are bundled with other promises, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from non-refundable, up-front fees. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. Milestone Payments: At the inception of an agreement that includes regulatory or commercial milestone payments, the Company evaluates whether each milestone is considered probable of being achieved and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the control of the Company or the licensee, such as regulatory approvals, are not considered probable of being achieved until those approvals are received. At each reporting period, the Company assesses the probability of achievement of each milestone under its current agreements. Research and Development Activities: Under the Company’s current collaboration and license arrangements, if the Company is entitled to reimbursement for costs for services provided by the Company, it expects such reimbursement would be an offset to research and development expenses. Royalties: If the Company is entitled to receive sales-based royalties from its collaborator, including milestone payments based on the level of sales, and the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, provided the reported sales are reliably measurable, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). Manufacturing Supply and Research Services: Arrangements that include a promise for future supply of drug substance or drug product for either clinical development or commercial supply at the licensee’s discretion are generally considered as options. The Company assesses if these options provide a material right to the licensee and if so, they are accounted for as separate performance obligations. The Company receives payments from its licensees based on schedules established in each contract. Upfront payments are recorded as deferred revenue upon receipt, and may require deferral of revenue recognition to a future period until the Company performs its obligations under these arrangements. Amounts are recorded as accounts receivable when the Company’s right to consideration is unconditional. The Company does not assess whether a contract has a significant financing component if the expectation at contract inception is such that the period between payment by the licensees and the transfer of the promised goods or services to the licensees will be one year or less.
Income Taxes	Income Taxes Income taxes are recorded in accordance with ASC Topic 740, Income Taxes, or ASC 740, which provides for deferred taxes using an asset and liability approach. The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Valuation allowances are provided, if based upon the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company accounts for uncertain tax positions in accordance with the provisions of ASC 740. When uncertain tax positions exist, the Company recognizes the tax benefit of tax positions to the extent that the benefit will more likely than not be realized. The determination as to whether the tax benefit will more likely than not be realized is based upon the technical merits of the tax position, as well as consideration of the available facts and circumstances. To date, the Company has not taken any uncertain tax position or recorded any reserves, interest or penalties.
Recent Accounting Pronouncements	Recently Adopted Accounting Standards In August 2018, the FASB issued ASU 2018-15, Intangibles – Goodwill and Other Internal Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract . The amendments in this update align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. ASU 2018-15 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. The Company adopted this standard beginning in our quarter ending September 30, 2019. In February 2018, the FASB issued ASU 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income , which provides the option to reclassify stranded tax effects within accumulated other comprehensive income to retained earnings. This option would be available in each period in which the effect of the change in the U.S. federal corporate income tax rate in the TCJA (or a portion thereof) is recorded. This is effective for the Company beginning after December 15, 2018, with early adoption permitted. These amendments should be applied in the period of adoption or retrospectively to each period in which the effect of the change in the U.S federal corporate income tax rate in the TCJA is recognized. The adoption of this standard did not have an impact on the Company’s consolidated financial statements and related disclosures. In February 2016, the FASB issued ASU 2016‑02, Leases (Topic 842) , which 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. The Company adopted the standard on January 1, 2019 using a modified retrospective approach. The Company recognized a right-of-use asset and corresponding lease liability related to its operating leases as of the date of adoption. The Company elected to apply the package of practical expedients which allows entities not to reassess whether contracts are or contain leases, lease classification, and whether initial direct costs qualify for capitalization. The Company elected not to separate lease and non-lease components and will not apply the hindsight practical expedient. The adoption of this standard resulted in recording additional net lease assets and lease liabilities of approximately $5.7 million and $8.8 million, respectively. The standard did not materially impact our consolidated net earnings and had no impact on cash flows. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers . 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 ASU 2016-08, Revenue from Contracts with Customers, Principal versus Agent Considerations . 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. The Company adopted these standards on January 1, 2018 and elected the modified retrospective transition method, meaning the cumulative effect of applying the new guidance, if any, was recognized at that date as an adjustment to the opening accumulated deficit balance. There was no impact to the Company’s financial statements upon adoption, as the Company did not have any contracts with customers as of the adoption date. Recent Accounting Standards Not Yet Adopted In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement . The new guidance modifies the disclosure requirements related to fair value measurements in Topic 820, Fair Value Measurement , including removing certain previous disclosure requirements, adding certain new disclosure requirements, and modifying certain other disclosure requirements. The ASU will be effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. The Company is evaluating the effect this standard will have on its financial statements and related disclosures.

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2019
Fair Value of Financial Instruments
Schedule of cash, cash equivalents and marketable securities	The following table presents fair value of the Company’s cash, cash equivalents, and marketable securities as of September 30, 2019 and December 31, 2018 (in thousands): September 30, 2019 Adjusted Unrealized Unrealized Cash and Cash Restricted Marketable Cost Gains Losses Fair Value Equivalents Cash Securities Cash $ 3,348 $ — $ — $ 3,348 $ 2,040 $ 1,308 $ — Level 1 (1): Money market funds 15,240 — — 15,240 15,240 — — U.S. treasury securities 22,432 4 — 22,436 11,975 — 10,461 Subtotal 37,672 4 — 37,676 27,215 — 10,461 Level 2 (2): U.S. government agency securities 5,000 — — 5,000 — — 5,000 Total $ 46,020 $ 4 $ — $ 46,024 $ 29,255 $ 1,308 $ 15,461 December 31, 2018 Adjusted Unrealized Unrealized Cash and Cash Restricted Marketable Cost Gains Losses Fair Value Equivalents Cash Securities Cash $ 10,992 $ — $ — $ 10,992 $ 9,689 $ 1,303 $ — Level 1 (1): Money market funds 23,203 — — 23,203 23,203 — — U.S. treasury securities 18,938 — (4) 18,934 — — 18,934 Subtotal 42,141 — (4) 42,137 23,203 — 18,934 Level 2 (2): U.S. government agency securities 9,661 — (5) 9,656 — — 9,656 Total $ 62,794 $ — $ (9) $ 62,785 $ 32,892 $ 1,303 $ 28,590 (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 of the assets or liabilities.

Loans Payable (Tables)

Loans Payable (Tables)	9 Months Ended
	Sep. 30, 2019
Loans Payable
Schedule of debt	The following table summarizes how the issuance of Term Loans A, B, and C are reflected on the balance sheet at September 30, 2019 and December 31, 2018 (in thousands): September 30, December 31, 2019 2018 Gross proceeds $ 6,333 $ 15,833 Debt discount and debt issuance costs (1) 1,825 1,540 Carrying value 8,158 17,373 Current portion of loans payable, net 8,158 12,562 Loans payable, net $ — $ 4,811 (1) Includes the final fee payment due upon last payment date of the amounts borrowed.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2019
Stockholders' Equity
Schedule of share-based compensation expense recognized	The estimated grant-date fair value of the Company’s stock-based awards is amortized on a straight-line basis over the awards’ service periods. Stock-based compensation expense recognized was as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Research and development $ 179 $ 208 $ 603 $ 952 General and administrative 589 526 1,712 2,567 Total stock-based compensation $ 768 $ 734 $ 2,315 $ 3,519
Summary of stock option activity	Options Outstanding Weighted Average Weighted Remaining Average Contractual Number of Exercise Term Shares Price (in years) Balance, December 31, 2018 8,265,207 $ 3.99 6.99 Granted 1,033,000 1.10 Exercised (30,225) 0.68 Forfeited/Cancelled (1,589,561) (5.00) Balance, September 30, 2019 7,678,421 $ 3.41 7.16 Vested or expected to vest at September 30, 2019 7,678,421 $ 3.41 7.16 Exercisable at September 30, 2019 4,100,616 $ 4.41 5.82
Schedule of weighted-average assumptions:	September 30, 2019 2018 Expected term of options (in years) 6.1 5.8 Risk-free interest rate 1.9 % 2.7 % Expected volatility 71.9 % 74.9 % Dividend yield 0 % 0 %
Schedule of changes in the status of non-vested RSU	RSUs Outstanding Weighted Average Number of Grant Date Awards Fair Value Non-vested at December 31, 2018 1,255,000 $ 0.65 Granted 330,000 0.89 Vested (322,500) 0.65 Forfeited (237,500) 0.65 Non-vested at September 30, 2019 1,025,000 $ 0.73
Schedule of shares available to be granted under equity incentive plans	At September 30, 2019, the Company has the following shares available to be granted under its equity incentive plans: Inducement 2013 Plan Plan Available at December 31, 2018 2,603,983 144,125 Authorized 3,387,456 — Granted (1,363,000) — Forfeited/Cancelled 1,781,030 46,031 Available at September 30, 2019 6,409,469 190,156
Schedule of shares of common stock reserved/available	At September 30, 2019, the Company has reserved the following shares of common stock for issuance: Stock options outstanding under 2013 Plan 7,368,577 Restricted stock units outstanding under 2013 Plan 1,025,000 Shares available for future grant under 2013 Plan 6,409,469 Stock options outstanding under Inducement Plan 309,844 Shares available for future grant under Inducement Plan 190,156 Employee stock purchase plan 225,806 Warrants outstanding 623,091 Total shares of common stock reserved for future issuance 16,151,943

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2019
Commitments and Contingencies.
Schedule of balance sheet information related to leases	September 30, 2019 December 31, 2018 Operating Leases Operating lease right-of-use assets $ 5,552 $ — Other current liabilities 591 — Operating lease liabilities 7,954 — Total operating lease liabilities $ 8,545 $ — Finance Leases Property and equipment, at cost $ 45 $ 59 Accumulated depreciation (23) (29) Property and equipment, net 22 30 Other current liabilities 9 10 Other long-term liabilities 14 20 Total finance lease liabilities $ 23 $ 30
Schedule of components of lease expense	Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Operating lease costs: Operating lease rental expense $ 310 $ 213 $ 886 $ 1,011 Other income (358) — (987) — Total operating lease costs $ (48) $ 213 $ (101) $ 1,011 Finance lease costs: Amortization of right-of-use assets Interest on lease liabilities — — Total finance lease costs $ 2 $ 3 $ 9 $ 11
Schedule of cash flow information	Nine Months Ended September 30, 2019 2018 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ (18) $ (1,011) Operating cash flows from finance leases — — Financing cash flows from finance leases (10) (10)
Schedule of maturities of operating lease liabilities	Operating Leases Financing Leases 2019 (October 1 - December 31) $ 335 $ 3 2020 1,352 10 2021 1,376 8 2022 1,401 4 2023 1,425 — 2024 and beyond 6,586 — Total minimum lease payments $ 12,475 $ 25 Interest Expense (3,930) (2) Lease liability $ 8,545 $ 23
Schedule of maturities of financing lease liabilities	Operating Leases Financing Leases 2019 (October 1 - December 31) $ 335 $ 3 2020 1,352 10 2021 1,376 8 2022 1,401 4 2023 1,425 — 2024 and beyond 6,586 — Total minimum lease payments $ 12,475 $ 25 Interest Expense (3,930) (2) Lease liability $ 8,545 $ 23
Schedule of expected sublease inflows	Sublease 2019 (October 1 - December 31) $ 269 2020 1,078 2021 943 2022 — 2023 — 2024 and beyond — Total minimum lease payments $ 2,290
Schedule of lease term and discount rates	Nine Months Ended September 30, 2019 2018 Weighted average remaining lease term (years) Operating leases 9 10 Finance leases 2 3 Weighted average discount rate Operating leases Finance leases

Net Loss Per Common Share (Tabl

Net Loss Per Common Share (Tables)	9 Months Ended
	Sep. 30, 2019
Net Loss Per Common Share
Schedule of computation of basic and diluted net loss per share	The following table sets forth the computation of basic and diluted net loss per share for the periods indicated (in thousands, except share and per share data): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Basic and diluted net loss per common share calculation: Net loss $ (8,566) $ (4,483) $ (18,426) $ (22,808) Net loss attributable to common stockholders $ (8,566) $ (4,483) $ (18,426) $ (22,808) Weighted average common shares outstanding 92,569,993 77,445,675 91,307,429 70,604,827 Net loss per share of common stock - basic and diluted $ (0.09) $ (0.06) $ (0.20) $ (0.32)
Schedule of outstanding securities excluded from the computation of diluted weighted shares outstanding as they would have been anti-dilutive	September 30, 2019 2018 Options outstanding 7,678,421 8,576,058 Restricted stock units outstanding 1,025,000 — Warrants 623,091 123,091 Total 9,326,512 8,699,149

Other Comprehensive Loss (Table

Other Comprehensive Loss (Tables)	9 Months Ended
	Sep. 30, 2019
Other Comprehensive Loss
Schedule of components of accumulated other comprehensive income or loss, net of tax	The following table presents changes in the components of accumulated other comprehensive loss (in thousands): Balance, December 31, 2018 $ (9) Net unrealized gain on marketable securities 14 Balance, September 30, 2019 $ 5

Restructuring Charges (Tables)

Restructuring Charges (Tables)	9 Months Ended
	Sep. 30, 2019
Restructuring Charges
Schedule of restructuring balances	The following table summarizes the restructuring balances at September 30, 2019 and 2018 (in thousands): Nine Months Ended September 30, 2019 2018 Balance, January 1 $ 1,419 $ 1,077 Current year restructuring costs — — Payment of employee severance costs (1,419) (999) Balance, September 30 $ — $ 78

Organization and Description _2

Organization and Description of the Business (Details) - USD ($)	3 Months Ended						9 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Organization and Description of the Business
Number of operating segments							1
Accumulated deficit	$ (406,700,000)						$ (406,700,000)		$ (388,274,000)
Net loss	(8,566,000)	$ (4,691,000)	$ (5,169,000)	$ (4,483,000)	$ (9,304,000)	$ (9,021,000)	(18,426,000)	$ (22,808,000)
Cash and cash equivalents	29,255,000						29,255,000		32,892,000
Marketable securities	$ 15,461,000						$ 15,461,000		$ 28,590,000

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) $ in Millions	Jan. 01, 2019USD ($)
Recent Accounting Standards
Lease, Practical Expedients, Package [true false]	true
Lease, Practical Expedient, Use of Hindsight [true false]	false
ASU 2016-02
Recent Accounting Standards
Right of use assets	$ 5.7
Lease liabilities	$ 8.8

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Hierarchy Table (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Fair value
Unrealized Gains	$ 4
Unrealized Losses		$ (9)
Transfers between Level 2 and Level 3	0	0
Letter of credit collateral	1,300
Adjusted cost
Fair value
Cash and Cash Equivalents, Fair Value Disclosure	3,348	10,992
Assets, Fair Value Disclosure	46,020	62,794
Fair Value
Fair value
Cash and Cash Equivalents, Fair Value Disclosure	3,348	10,992
Assets, Fair Value Disclosure	46,024	62,785
Cash and Cash Equivalents | Fair Value
Fair value
Cash and Cash Equivalents, Fair Value Disclosure	2,040	9,689
Assets, Fair Value Disclosure	29,255	32,892
Restricted Cash | Fair Value
Fair value
Cash and Cash Equivalents, Fair Value Disclosure	1,308	1,303
Assets, Fair Value Disclosure	1,308	1,303
Marketable Securities | Fair Value
Fair value
Assets, Fair Value Disclosure	15,461	28,590
Level 1
Fair value
Unrealized Gains	4
Unrealized Losses		(4)
Level 1 | Adjusted cost
Fair value
Investments, Fair Value Disclosure	37,672	42,141
Level 1 | Fair Value
Fair value
Investments, Fair Value Disclosure	37,676	42,137
Level 1 | Money market funds | Adjusted cost
Fair value
Investments, Fair Value Disclosure	15,240	23,203
Level 1 | Money market funds | Fair Value
Fair value
Investments, Fair Value Disclosure	15,240	23,203
Level 1 | U.S. treasury securities
Fair value
Unrealized Gains	4
Unrealized Losses		(4)
Level 1 | U.S. treasury securities | Adjusted cost
Fair value
Investments, Fair Value Disclosure	22,432	18,938
Level 1 | U.S. treasury securities | Fair Value
Fair value
Investments, Fair Value Disclosure	22,436	18,934
Level 1 | Cash and Cash Equivalents | Fair Value
Fair value
Investments, Fair Value Disclosure	27,215	23,203
Level 1 | Cash and Cash Equivalents | Money market funds | Fair Value
Fair value
Investments, Fair Value Disclosure	15,240	23,203
Level 1 | Cash and Cash Equivalents | U.S. treasury securities | Fair Value
Fair value
Investments, Fair Value Disclosure	11,975
Level 1 | Marketable Securities | Fair Value
Fair value
Investments, Fair Value Disclosure	10,461	18,934
Level 1 | Marketable Securities | U.S. treasury securities | Fair Value
Fair value
Investments, Fair Value Disclosure	10,461	18,934
Level 2 | U.S. government agency securities
Fair value
Unrealized Losses		(5)
Level 2 | U.S. government agency securities | Adjusted cost
Fair value
Investments, Fair Value Disclosure	5,000	9,661
Level 2 | U.S. government agency securities | Fair Value
Fair value
Investments, Fair Value Disclosure	5,000	9,656
Level 2 | Marketable Securities | U.S. government agency securities | Fair Value
Fair value
Investments, Fair Value Disclosure	$ 5,000	$ 9,656

Loans Payable (Details)

Loans Payable (Details) $ / shares in Units, $ in Thousands	1 Months Ended		3 Months Ended		9 Months Ended
	Dec. 31, 2015USD ($)item$ / sharesshares	Sep. 30, 2014USD ($)tranche$ / sharesshares	Sep. 30, 2019USD ($)$ / sharesshares	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)$ / sharesshares	Sep. 30, 2018USD ($)	Dec. 31, 2018USD ($)	Mar. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Long Term Debt
Face amount	$ 16,500
Interest expense			$ 190	$ 515	$ 814	$ 1,790
Loan and security agreement
Long Term Debt
Maximum amount available		$ 35,000
Debt number of tranches | tranche		3
Gross proceeds			$ 6,333		$ 6,333		$ 15,833
Final payment fee					6.60%
Interest expense					$ 500	$ 1,200
Debt discount and debt issuance costs		$ 1,000
Term Loan A
Long Term Debt
Face amount		$ 2,000
Interest rate (as a percent)			6.50%		6.50%
Term Loan A | Common Stock | Warrants
Long Term Debt
Number of shares that can be purchased upon exercise of warrants (in shares) | shares		7,678	5,728		5,728
Exercise price | $ / shares		$ 5.861
Term Loan B
Long Term Debt
Remaining amount available	$ 16,500
Interest rate (as a percent)			6.50%		6.50%
Term Loan B | Common Stock | Warrants
Long Term Debt
Number of shares that can be purchased upon exercise of warrants (in shares) | shares	34,961
Exercise price | $ / shares	$ 10.6190
Term Loan C
Long Term Debt
Face amount								$ 10,000
Remaining amount available									$ 10,000
Number of specified triggers needed to be satisfied to draw on loan | item	1
Interest rate (as a percent)			6.98%		6.98%
Prepayment fee percent					1.00%
Term Loan C | Common Stock | Warrants
Long Term Debt
Number of shares that can be purchased upon exercise of warrants (in shares) | shares			62,241		62,241
Exercise price | $ / shares			$ 3.6150		$ 3.6150

Loans Payable Schedule of Debt

Loans Payable Schedule of Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Long Term Debt
Current portion of loans payable, net	$ 8,158	$ 12,562
Loans payable, net		4,811
Loan and security agreement
Long Term Debt
Gross proceeds	6,333	15,833
Debt discount and debt issuance costs	1,825	1,540
Carrying value	8,158	17,373
Current portion of loans payable, net	$ 8,158	12,562
Loans payable, net		$ 4,811

Stockholders' Equity - Equity O

Stockholders' Equity - Equity Offerings (Details)	Jan. 29, 2019USD ($)Institution$ / sharesshares	Jan. 28, 2019USD ($)$ / sharesshares	Dec. 14, 2015USD ($)	Mar. 31, 2019USD ($)	Sep. 30, 2018USD ($)	Jun. 30, 2018USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2018USD ($)$ / sharesshares	Sep. 30, 2019USD ($)$ / sharesshares	Apr. 17, 2019USD ($)
Stockholders' Equity
Common stock authorized (in shares) | shares								200,000,000	200,000,000
Preferred stock authorized (in shares) | shares								5,000,000	5,000,000
Common stock, par value (in dollars per share) | $ / shares								$ 0.001	$ 0.001
Offering price (in dollars per share) | $ / shares	$ 1
Issuance of common stock, net of issuance costs				$ 8,896,000	$ 13,697,000	$ 10,344,000	$ 9,154,000
Wainwright
Stockholders' Equity
Percentage of aggregate gross proceeds paid		7.00%
Expenses paid		$ 50,000
Warrants to purchase shares of common stock | shares		500,000
Warrants term		5 years
Exercise price (in dollars per share) | $ / shares		$ 1.25
At-the-market sales facility - December 14, 2015 agreement
Stockholders' Equity
Offering amount									$ 0
Issuance of common stock (in shares) | shares								11,400,000
Issuance of common stock, net of issuance costs								$ 20,000,000
At-the-market sales facility - December 14, 2015 agreement | Maximum
Stockholders' Equity
Offering amount			$ 75,000,000
Commission (as a percent)			3.00%
At-the-market sales facility - December 14, 2015 agreement | Weighted-average
Stockholders' Equity
Offering price (in dollars per share) | $ / shares								$ 1.80
At-the-market sales facility - June 2018 agreement
Stockholders' Equity
Offering amount						50,000,000			0
Issuance of common stock (in shares) | shares								8,500,000
Issuance of common stock, net of issuance costs								$ 13,200,000
At-the-market sales facility - June 2018 agreement | Maximum
Stockholders' Equity
Offering amount						$ 175,000,000
At-the-market sales facility - June 2018 agreement | Weighted-average
Stockholders' Equity
Offering price (in dollars per share) | $ / shares								$ 1.60
At-the-market sales facility - April 17, 2019 agreement
Stockholders' Equity
Offering amount										$ 50,000,000
At-the-market sales facility - April 17, 2019 agreement | Maximum
Stockholders' Equity
Offering amount									$ 50,000,000
Private Placement
Stockholders' Equity
Issuance of common stock (in shares) | shares	10,000,000
Issuance of common stock, net of issuance costs	$ 9,200,000
Number of institutional investors | Institution	2

Stockholders' Equity - Equity I

Stockholders' Equity - Equity Incentive Plans (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Equity Incentive Plans
Stock-based compensation	$ 768	$ 734	$ 2,315	$ 3,519
Research and Development Expense
Equity Incentive Plans
Stock-based compensation	179	208	603	952
General and Administrative Expense
Equity Incentive Plans
Stock-based compensation	$ 589	$ 526	$ 1,712	$ 2,567
Maximum
Equity Incentive Plans
Term of award			10 years
Vesting period			4 years

Stockholders' Equity - Options

Stockholders' Equity - Options Outstanding (Details) - USD ($) $ / shares in Units, $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Number of Shares
Balance at the beginning of the period (in shares)	8,265,207
Granted (in shares)	1,033,000
Exercised (in shares)	(30,225)
Forfeited/Cancelled (in shares)	(1,589,561)
Balance at the end of the period (in shares)	7,678,421	8,265,207
Vested or expected to vest at the end of the period (in shares)	7,678,421
Exercisable at the end of the period (in shares)	4,100,616
Weighted-Average Exercise Price
Balance at the beginning of the period (in dollars per share)	$ 3.99
Granted (in dollars per share)	1.10
Exercised (in dollars per share)	0.68
Forfeited/Cancelled (in dollars per share)	(5)
Balance at the end of the period (in dollars per share)	3.41	$ 3.99
Vested or expected to vest at the end of the period (in dollars per share)	3.41
Exercisable at the end of the period (in dollars per share)	$ 4.41
Weighted Average Remaining Contractual Term
Options Outstanding at the end of the period	7 years 1 month 28 days	6 years 11 months 27 days
Vested or expected to vest at the end of the period	7 years 1 month 28 days
Exercisable at the end of the period	5 years 9 months 26 days
Intrinsic value of options exercisable	$ 0.1
Offering price	$ 0.97

Stockholders' Equity - Option_2

Stockholders' Equity - Options Other Info (Details) - USD ($) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Options outstanding
Intrinsic value of options exercisable	$ 0.1
Offering price	$ 0.97
Exercisable at the end of the period (in dollars per share)	$ 4.41
Employee Stock Option
Options outstanding
Unrecognized compensation expense	$ 3.5
Weighted average remaining period for recognition of unrecognized compensation expense	1 year 11 months 19 days
Per-share weighted-average grant date fair value of options granted (in dollars per share)	$ 0.70	$ 1.18
Employee Stock Option | Weighted-average
Weighted-average assumptions:
Expected term of options (in years)	6 years 1 month 6 days	5 years 9 months 18 days
Risk-free interest rate (as a percent)	1.90%	2.70%
Expected volatility (as a percent)	71.90%	74.90%
Dividend yield (as a percent)	0.00%	0.00%

Stockholders' Equity - Restrict

Stockholders' Equity - Restricted Stock Units (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 06, 2018	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Stockholders' Equity
Offering price		$ 0.97		$ 0.97
Shares underlying exercised				94,520
Stock-based compensation		$ 768	$ 734	$ 2,315	$ 3,519
Restricted Stock Units
Stockholders' Equity
Number of shares granted	1,255,000			330,000
Offering price	$ 0.64
Stock-based compensation				$ 300
Restricted Stock Units | Vest on June 1, 2019
Stockholders' Equity
Vesting percentage	25.00%
Restricted Stock Units | Vest on December 1, 2019
Stockholders' Equity
Vesting percentage	25.00%

Stockholders' Equity - Non-vest

Stockholders' Equity - Non-vested RSUs (Details) - Restricted Stock Units - USD ($) $ / shares in Units, $ in Millions	Dec. 06, 2018	Sep. 30, 2019
Number of Shares
Non-vested at beginning of period (in shares)		1,255,000
Granted (in shares)	1,255,000	330,000
Vested (in shares)		(322,500)
Forfeited (in shares)		(237,500)
Non-vested at end of period (in shares)		1,025,000
Weighted Average Grant Date Fair Value
Non-vested at beginning of period (in dollars per share)		$ 0.65
Granted (in dollars per share)		0.89
Vested (in dollars per share)		0.65
Forfeited (in dollars per share)		0.65
Non-vested at end of period (in dollars per share)		$ 0.73
Unrecognized compensation expense		$ 0.6
Weighted average remaining period for recognition of unrecognized compensation expense		2 years 2 months 9 days

Stockholder's Equity - Shares R

Stockholder's Equity - Shares Reserved for Future Grant Issuance (Details) - shares	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019	Dec. 31, 2018
Shares Reserved for Future Issuance
Stock options outstanding (in shares)		7,678,421	8,265,207
Warrants outstanding (in shares)		623,091
Total shares of common stock reserved for issuance (in shares)		16,151,943
2013 plan
Shares Available for Future Grant
Balance at the beginning of the period (in shares)	2,603,983
Authorized (in shares)	3,387,456
Granted (in shares)	(1,363,000)
Forfeitures/Expirations (in shares)	1,781,030
Balance at the end of the period (in shares)	6,409,469
Shares Reserved for Future Issuance
Shares available for future grant (in shares)	2,603,983	6,409,469	2,603,983
Inducement Plan
Shares Available for Future Grant
Balance at the beginning of the period (in shares)	144,125
Forfeitures/Expirations (in shares)	46,031
Balance at the end of the period (in shares)	190,156
Shares Reserved for Future Issuance
Shares available for future grant (in shares)	144,125	190,156	144,125
Employee Stock Purchase Plan [Member]
Shares Reserved for Future Issuance
Total shares of common stock reserved for issuance (in shares)		225,806
Employee Stock Option | 2013 plan
Shares Reserved for Future Issuance
Stock options outstanding (in shares)		7,368,577
Employee Stock Option | Inducement Plan
Shares Reserved for Future Issuance
Stock options outstanding (in shares)		309,844
Restricted Stock Units | 2013 plan
Shares Reserved for Future Issuance
Total shares of common stock reserved for issuance (in shares)		1,025,000

Commitments and Contingencies -

Commitments and Contingencies - Balance sheet information related to leases (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets	$ 5,552
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:OperatingLeaseRightOfUseAsset
Operating lease liabilities - Current	$ 591
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesCurrent
Operating lease liabilities - Noncurrent	$ 7,954
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	us-gaap:OperatingLeaseLiabilityNoncurrent
Lease Liability	$ 8,545
Operating Lease, Liability, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesCurrent us-gaap:OperatingLeaseLiabilityNoncurrent
Property and equipment, net	$ 2,848	$ 3,387
Finance lease liabilities - Current	$ 9
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesCurrent
Finance lease liabilities - Noncurrent	$ 14
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesNoncurrent
Lease Liability	$ 23
Finance Lease, Liability, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesCurrent us-gaap:OtherLiabilitiesNoncurrent
Capital Lease Obligations, Total		30
Other current liabilities
Lessee, Lease, Description [Line Items]
Capital lease obligation - Current		10
Other long-term liabilities
Lessee, Lease, Description [Line Items]
Capital lease obligation - Noncurrent		20
Finance leased assets
Lessee, Lease, Description [Line Items]
Property and equipment, at cost	$ 45
Accumulated depreciation	(23)
Property and equipment, net	$ 22
Capital leased assets
Lessee, Lease, Description [Line Items]
Property and equipment, at cost		59
Accumulated depreciation		(29)
Property and equipment, net		$ 30

Commitments and Contingencies_2

Commitments and Contingencies - Components of lease expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Operating lease costs:
Operating lease rental expense	$ 310		$ 886
Sublease income	(358)		(987)
Total operating lease costs	(48)		(101)
Finance lease costs:
Amortization of right-of-use assets	2		8
Interest on lease liabilities			1
Total finance lease costs	$ 2		$ 9
Operating lease costs:
Operating lease rental expense		$ 213		$ 1,011
Total operating lease costs		213		1,011
Finance lease costs:
Amortization of right-of-use assets		3		9
Interest on lease liabilities				2
Total finance lease costs		$ 3		$ 11

Commitments and Contingencies_3

Commitments and Contingencies - Cash flow information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Commitments and Contingencies.
Operating cash flows from operating leases	$ (18)
Operating cash flows from operating leases, pre-adoption		$ (1,011)
Financing cash flows from finance leases	$ (10)
Financing cash flows from finance leases, pre-adoption		$ (10)

Commitments and Contingencies_4

Commitments and Contingencies - Lease liabilities (Details) $ in Thousands	Sep. 30, 2019USD ($)
Operating Leases
2019 (October 1 - December 31)	$ 335
2020	1,352
2021	1,376
2022	1,401
2023	1,425
2024 and beyond	6,586
Total minimum lease payments	12,475
Interest Expense	(3,930)
Lease Liability	8,545
Financing Leases
2019 (October 1 - December 31)	3
2020	10
2021	8
2022	4
Total minimum lease payments	25
Interest Expense	(2)
Lease Liability	23
Sublease
2019 (October 1 - December 31)	269
2020	1,078
2021	943
Total minimum lease payments	$ 2,290

Commitments and Contingencies_5

Commitments and Contingencies - Lease term and discount rates (Details)	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2019
Commitments and Contingencies.
Weighted average remaining lease term - Operating leases		9 years
Weighted average remaining lease term - Finance leases		2 years
Weighted average discount rate - Operating leases		9.20%
Weighted average discount rate - Finance leases		6.50%
Weighted average remaining lease term - Operating leases	10 years
Weighted average remaining lease term - Finance leases	3 years
Weighted average discount rate - Operating leases	0.00%
Weighted average discount rate - Finance leases	6.50%

Commitments and Contingencies_6

Commitments and Contingencies - Legal Proceedings (Details) - item	Aug. 02, 2019	May 29, 2019	Feb. 28, 2019	Jan. 31, 2019	Nov. 30, 2018
Class Actions In Eastern District Of Pennsylvania [Member]
Loss Contingencies [Line Items]
Number of claims				3	3
Number of claims after consolidation				1
Number of investors appointed		5
Number of former officers	2
Shareholder Derivative Actions [Member]
Loss Contingencies [Line Items]
Number of claims			2

Licensing Arrangements (Details

Licensing Arrangements (Details) - Licensing agreements for development and commercialization $ in Millions	1 Months Ended
	Apr. 30, 2018USD ($)
Pharmbio Korea Inc
Licensing Arrangements
Upfront payment	$ 3
Withholding taxes	$ 0.5
Time period for written notice to terminate license agreement	180 days
Pharmbio Korea Inc | Minimum
Licensing Arrangements
Time period to form a committee prior to the anticipated date of regulatory approval	6 months
Pharmbio Korea Inc | Maximum
Licensing Arrangements
Commercialization milestone payments	$ 0.5
Royalties on product sales, percentage	20.00%
Jiangsu Nhwa Pharmaceutical Co Ltd
Licensing Arrangements
Upfront payment	$ 2.5
Withholding taxes	$ 0.3
Royalties on product sales, percentage	10.00%
Time period for written notice to terminate license agreement	180 days
Time period to form a committee prior to the anticipated date of regulatory approval	6 months
Milestone payment	$ 3
Jiangsu Nhwa Pharmaceutical Co Ltd | Maximum
Licensing Arrangements
Commercialization milestone payments	$ 6

Net Loss Per Common Share (Deta

Net Loss Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	Sep. 30, 2018
Basic and diluted net loss per common share calculation:
Net loss	$ (8,566)	$ (4,691)	$ (5,169)	$ (4,483)	$ (9,304)	$ (9,021)	$ (18,426)	$ (22,808)
Net loss attributable to common stockholders	$ (8,566)			$ (4,483)			$ (18,426)	$ (22,808)
Weighted average common shares outstanding (in shares)	92,569,993			77,445,675			91,307,429	70,604,827
Net loss per share of common stock, basic and diluted (in dollars per share)	$ (0.09)			$ (0.06)			$ (0.20)	$ (0.32)
Outstanding securities excluded from computation of diluted weighted shares outstanding (in shares)							9,326,512	8,699,149
Employee Stock Option
Basic and diluted net loss per common share calculation:
Outstanding securities excluded from computation of diluted weighted shares outstanding (in shares)							7,678,421	8,576,058
Restricted Stock Units
Basic and diluted net loss per common share calculation:
Outstanding securities excluded from computation of diluted weighted shares outstanding (in shares)							1,025,000
Warrants
Basic and diluted net loss per common share calculation:
Outstanding securities excluded from computation of diluted weighted shares outstanding (in shares)							623,091	123,091

Other Comprehensive Loss (Detai

Other Comprehensive Loss (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Other Comprehensive Loss
Beginning Balance	$ 42,392,000	$ 38,696,000	$ 41,526,000	$ 34,633,000
Ending Balance	34,584,000	48,644,000	34,584,000	48,644,000
Reclassifications out of accumulated other comprehensive income or loss, net of tax			0	0
Tax effect	0	0	0	0
Accumulated Other Comprehensive Income (Loss)
Other Comprehensive Loss
Beginning Balance	10,000	(20,000)	(9,000)	(42,000)
Net unrealized gain (loss) on marketable securities			14,000
Ending Balance	$ 5,000	$ (20,000)	$ 5,000	$ (20,000)

Restructuring Charges (Details)

Restructuring Charges (Details) $ in Thousands	Nov. 08, 2018employee	Dec. 31, 2018USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)
Summary of restructuring balances
Beginning balance		$ 78	$ 1,419	$ 1,077
Current year restructuring costs				64
Payment of employee severance costs			$ (1,419)	(999)
Ending balance		1,419		$ 78
Employee Severance
Restructuring Charges
Number of positions eliminated, percent	33.33%
Number of positions eliminated | employee	14
Total costs related to the restructuring		$ 1,400