Trevena (TRVN) 10-Q 7 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	May 05, 2020
Document and Entity Information
Entity Registrant Name	TREVENA INC
Entity Central Index Key	0001429560
Document Type	10-Q
Document Period End Date	Mar. 31, 2020
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		107,180,976
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1

Balance Sheets

Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 28,090	$ 32,305
Marketable securities		3,500
Prepaid expenses and other current assets	1,666	1,683
Total current assets	29,756	37,488
Restricted cash	1,310	1,309
Property and equipment, net	2,577	2,705
Right-of-use lease asset	5,389	5,472
Other assets	18	20
Total assets	39,050	46,994
Current liabilities:
Accounts payable, net	698	1,047
Accrued expenses and other current liabilities	1,277	2,403
Current portion of loans payable, net		5,037
Lease liability	642	620
Total current liabilities	2,617	9,107
Leases, net of current portion	7,636	7,804
Warrant liability	2	5
Total liabilities	10,255	16,916
Commitments and contingencies (Note 8)
Stockholders' equity:
Common stock?$0.001 par value; 200,000,000 shares authorized at March 31, 2020 and December 31, 2019; 99,030,004 and 94,213,760 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively	99	94
Preferred stock?$0.001 par value; 5,000,000 shares authorized, none issued or outstanding at March 31, 2020 and December 31, 2019
Additional paid-in capital	447,566	443,129
Accumulated deficit	(418,870)	(413,145)
Total stockholders' equity	28,795	30,078
Total liabilities and stockholders' equity	$ 39,050	$ 46,994

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
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)	99,030,004	94,213,760
Common stock outstanding (in shares)	99,030,004	94,213,760
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
	Mar. 31, 2020	Mar. 31, 2019
Operating expenses:
General and administrative	$ 3,632	$ 3,060
Research and development	2,191	2,154
Total operating expenses	5,823	5,214
Loss from operations	(5,823)	(5,214)
Other income (expense):
Change in fair value of warrant liability	3	(12)
Other income, net	69	257
Interest income	52	153
Interest expense	(29)	(353)
Gain on foreign currency exchange	3
Total other income	98	45
Loss before income tax expense	(5,725)	(5,169)
Net loss attributable to common stockholders	(5,725)	(5,169)
Other comprehensive gain, net:
Unrealized gain on marketable securities		12
Other comprehensive gain, net		12
Comprehensive loss	$ (5,725)	$ (5,157)
Per share information:
Net loss per share of common stock, basic and diluted (in dollars per share)	$ (0.06)	$ (0.06)
Weighted average common shares outstanding, basic and diluted (in shares)	96,332,324	88,897,292

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, 2018	$ 82	$ 429,727	$ (388,274)	$ (9)	$ 41,526
Balance (in shares) at Dec. 31, 2018	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		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, 2019	$ 94	443,129	(413,145)		$ 30,078
Balance (in shares) at Dec. 31, 2019	94,213,760				94,213,760
Increase (Decrease) in Stockholders' Equity
Stock-based compensation expense		891			$ 891
Issuance of common stock, net of issuance costs	$ 5	3,546			$ 3,551
Issuance of common stock, net of issuance costs (in shares)	4,816,244				4,800,000
Net loss			(5,725)		$ (5,725)
Ending Balance at Mar. 31, 2020	$ 99	$ 447,566	$ (418,870)		$ 28,795
Balance (in shares) at Mar. 31, 2020	99,030,004				99,030,004

Statement of Stockholders' Equi

Statement of Stockholders' Equity (Parenthetical) - $ / shares	Mar. 31, 2020	Mar. 31, 2019
Common stock, par value (in dollars per share)	$ 0.001
Common Stock
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001

Statements of Cash Flows

Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Operating activities:
Net loss	$ (5,725)	$ (5,169)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	128	149
Stock-based compensation	891	754
Noncash interest expense on loans	8	123
Revaluation of warrant liability	(3)	12
(Accretion) amortization of bond (discount) premium on marketable securities		(159)
Change in right-of-use asset	83
Changes in operating assets and liabilities:
Prepaid expenses and other assets	19	(974)
Operating lease liabilities	(144)
Accounts payable, accrued expenses and other liabilities	(1,475)	(2,419)
Net cash used in operating activities	(6,218)	(7,683)
Investing activities:
Maturities of marketable securities	3,500	18,179
Purchases of marketable securities		(29,219)
Net cash (used in) provided by investing activities	3,500	(11,040)
Financing activities:
Proceeds from exercise of common stock options		21
Proceeds from issuance of common stock, net	3,551	9,243
Capital lease payments	(2)
Capital lease payments		(3)
Repayments of loans payable, net	(5,045)	(3,167)
Net cash (used in) provided by financing activities	(1,496)	6,094
Net decrease in cash, cash equivalents and restricted cash	(4,214)	(12,629)
Cash, cash equivalents and restricted cash?beginning of period	33,614	34,195
Cash, cash equivalents and restricted cash?end of period	29,400	21,566
Supplemental disclosure of cash flow information:
Cash paid for interest	18	229
Fair value of common stock warrants issued to underwriters	$ 347	$ 347

Organization and Description of

Organization and Description of the Business	3 Months Ended
	Mar. 31, 2020
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 initiated the healthy volunteer QT study in June 2019 following its receipt of feedback from the FDA on key design elements for the study and analysis plan. 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. In November 2019, the Company reported topline data from the healthy volunteer QT study. In February 2020, the Company resubmitted the oliceridine NDA and in March 2020, the FDA set a PDUFA goal date of August 7, 2020 for the completion of its review of the NDA. Since its inception, the Company has incurred losses and negative cash flows from operations. At March 31, 2020, the Company had an accumulated deficit of $418.9 million. The Company’s net loss was $5.7 million and $5.2 million for the three months ended March 31, 2020 and 2019, respectively. 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 and cash equivalents as of March 31, 2020 is not sufficient to fund operations for one year after the date the financial statements are issued. 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, or that the COVID-19 pandemic will not have an impact on the Company’s ability to raise capital or fund its operations as planned. 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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 and December 31, 2019, its results of operations and its comprehensive loss for the three months ended March 31, 2020 and 2019, its statement of stockholders’ equity for the period from January 1, 2020 to March 31, 2020 and for the period January 1, 2019 to March 31, 2019, and its statements of cash flows for the three months ended March 31, 2020 and 2019. 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, 2019. 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 three months ended March 31, 2020 and 2019 are not necessarily indicative of the results to be expected for the year ending December 31, 2020, any other interim periods, or any future year or period. We have been actively monitoring the novel coronavirus (“COVID-19”) situation and its impact globally. The financial results for the three months ended March 31, 2020, were not significantly impacted by COVID-19. Remote working arrangements and travel restrictions imposed by various jurisdictions have had limited impact on our ability to maintain operations during the quarter. The full extent to which the COVID-19 pandemic will directly or indirectly impact our business, results of operations and financial condition will depend on future developments that are highly uncertain, including as a result of new information that may emerge concerning COVID-19 and the actions taken to contain it or treat COVID-19. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. These estimates and assumptions are based on current facts, historical experience as well as other pertinent industry and regulatory authority information, including the potential future effects of COVID-19, the results of which form the basis for making judgements about the carrying values of assets and liabilities and the recording expenses that are not readily apparent from other sources. Actual results may differ materially and adversely from these estimates. To the extent there are material differences between the estimates and actual results, the Company’s future results of operations will be affected. Fair Value of Financial Instruments The carrying amount of the Company’s financial instruments, which include cash and cash equivalents, marketable securities, restricted cash, accounts payable and accrued expenses approximate their fair values, given their short-term nature. The carrying amount of the Company’s loans payable at December 31, 2019 was the nominal value of the loan payable, net of debt discount and deferred charges. The nominal value approximated fair value because the interest rate was reflective of the rate the Company could obtain on debt similar terms and conditions. Certain of the Company’s common stock warrants are carried at fair value, as disclosed in Note 3. 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. On March 27, 2020, the U.S. government enacted the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The CARES Act makes the following changes to the U.S. tax code that will affect 2018, 2019 and 2020, including, but not limited to, (1) temporary modification of the adjusted taxable income limitation under Section 163(j) from 30% to 50% for tax years 2019 and 2020 only; (2) modification to the net operating loss rules surrounding the ability to now carryback five years net operating losses generated in 2018, 2019, and 2020; (3) temporary repeal of the net operating loss taxable income limitation of 80%; and (4) temporary enhancement of corporate charitable contribution limitation to 25% of taxable income for tax year 2020 only. There no impact to Q1 2020 tax provision for these tax law changes. Recently Adopted Accounting Standards 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. The effective date for both standards in January 1, 2020. The Company adopted these standards on January 1, 2020. There was no impact to the Company’s financial statements upon the adoption. Recent Accounting Standards Not Yet Adopted In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes, which removed certain exceptions to the general principles of the accounting for income taxes and also improves consistent application of and simplification of other areas when accounting for income taxes. The guidance is effective for the Company beginning in the first quarter of fiscal year 2021. 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	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 and December 31, 2019 (in thousands): March 31, 2020 Adjusted Unrealized Unrealized Cash and Cash Restricted Marketable Cost Gains Losses Fair Value Equivalents Cash Securities Cash $ 8,980 $ — $ — $ 8,980 $ 7,670 $ 1,310 $ — Level 1 (1): Money market funds 17,420 — — 17,420 17,420 — — U.S. treasury securities 3,000 — — 3,000 3,000 — Subtotal 20,420 — — 20,420 20,420 — — Level 2 (2): U.S. government agency securities — — — — — — Total $ 29,400 $ — $ — $ 29,400 $ 28,090 $ 1,310 $ — December 31, 2019 Adjusted Unrealized Unrealized Cash and Cash Restricted Marketable Cost Gains Losses Fair Value Equivalents Cash Securities Cash $ 9,302 $ — $ — $ 9,302 $ 7,993 $ 1,309 $ — Level 1 (1): Money market funds 18,306 — — 18,306 18,306 — — U.S. treasury securities 5,996 — — 5,996 2,496 — 3,500 Subtotal 24,302 — — 24,302 20,802 — 3,500 Level 2 (2): U.S. government agency securities 3,510 — — 3,510 3,510 — — Total $ 37,114 $ — $ — $ 37,114 $ 32,305 $ 1,309 $ 3,500 (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 March 31, 2020, 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 months ended March 31, 2020 and 2019. 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 three months ended March 31, 2020 or the year ended December 31, 2019.

Loans Payable

Loans Payable	3 Months Ended
	Mar. 31, 2020
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). We were 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 continued until the loan matured on March 1, 2020. On March 2, 2020, we made our final payment under the loan and security agreement with Oxford Finance LLC and Pacific Western Bank. Upon the last payment date of the amounts borrowed under the agreement, we were required to pay a final payment fee of $1.9 million, equal to 6.6% of the aggregate amounts borrowed. 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 March 31, 2020. 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. 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. As of March 31, 2020, principal borrowings of $3.2 million attributable to Term Loans A, B, and C, including a final payment fee of $1.9 million, are fully paid off. Interest expense of $0.02 million and $0.2 million was recorded during the three months ended March 31, 2020 and 2019, 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 were 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 months ended March 31, 2020 and 2019, respectively. The following table summarizes how the issuance of Term Loans A, B, and C are reflected on the balance sheet at March 31, 2020 and December 31, 2019 (in thousands): March 31, December 31, 2020 2019 Gross proceeds $ — $ 3,167 Debt discount and debt issuance costs (1) — 1,870 Carrying value — 5,037 Current portion of loans payable, net — 5,037 Loans payable, net $ — $ — (1) Includes the final fee payment due upon last payment date of the amounts borrowed.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2020
Stockholders' Equity
Stockholders' Equity	5. Stockholders’ Equity Equity Offerings ATM Programs Under its certificate of incorporation, the Company was authorized to issue up to 200,000,000 shares of common stock as of March 31, 2020. The Company also was authorized to issue up to 5,000,000 shares of preferred stock as of March 31, 2020. The Company is required, at all times, to reserve and keep available out of its authorized but unissued shares of common stock sufficient shares to effect the conversion of the shares of the preferred stock and all outstanding stock options and warrants. 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 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. In the first quarter of 2020, the Company issued and sold approximately 4.8 million shares of common stock under the ATM Program. The net offering proceeds for sales under the ATM Program were approximately $3.6 million after deducting related expenses, including commissions. As of March 31, 2020, there was $45.2 million remaining available for future issuances under the ATM Program. Registered Direct Offering 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 In 2008, the Company adopted the 2008 Equity Incentive Plan, as amended on February 29, 2008, January 7, 2010, July 8, 2010, December 10, 2010, June 23, 2011 and June 17, 2013, collectively, the 2008 Plan, that authorized the Company to grant restricted stock and stock options to eligible employees, directors and consultants to the Company. In 2013, the Company adopted the 2013 Equity Incentive Plan, as amended on May 14, 2014, collectively, 2013 Plan. The 2013 Plan became effective upon the Company’s entry into the underwriting agreement related to its IPO in January 2014 and, as of such date, no further grants were permitted under the 2008 Plan. The 2013 Plan provides for the grant of incentive stock options, nonstatutory stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance-based stock awards and other forms of equity compensation (collectively, stock awards), all of which may be granted to employees, including officers, non-employee directors and consultants of the Company. Additionally, the 2013 Plan provides for the grant of cash and stock-based performance awards. The 2013 Plan contains an “evergreen” provision, pursuant to which the number of shares of common stock available for issuance under the plan automatically increases on January 1 of each year beginning in 2015. On December 15, 2016, the Company adopted the Trevena, Inc. Inducement Plan, or the Inducement Plan, effective January 1, 2017, pursuant to which the Company reserved 500,000 shares of the Company’s common stock for issuance under the Inducement Plan. The Plan provides for nonstatutory stock options and restricted stock unit awards. The only persons eligible to receive grants of awards under the Inducement Plan are individuals who satisfy the standards for inducement grants under Nasdaq Marketplace Rule 5635(c)(4) and the related guidance under Nasdaq IM 5635‑1, including individuals who were not previously an employee or director of the Company or are following a bona fide period of non-employment, in each case as an inducement material to such individual’s agreement to enter into employment with 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 March 31, 2020 2019 Research and development $ 209 $ 232 General and administrative 682 522 Total stock-based compensation $ 891 $ 754 Stock Options A summary of stock option activity and related information through March 31, 2020 follows: Options Outstanding Weighted Average Weighted Remaining Average Contractual Number of Exercise Term Shares Price (in years) Balance, December 31, 2019 7,568,304 $ 3.40 7.01 Granted 230,000 0.80 Exercised — — Forfeited/Cancelled (207,874) (3.69) Balance, March 31, 2020 7,590,430 $ 3.32 6.94 Vested or expected to vest at March 31, 2020 7,590,430 $ 3.32 6.94 Exercisable at March 31, 2020 4,812,040 $ 4.23 6.03 The intrinsic value of the options exercisable as of March 31, 2020 was $0 because none of the exercisable options had an exercise price that was below the Company’s closing stock price at March 31, 2020 of $0.57 per share. At March 31, 2020, there was $2.4 million of total unrecognized compensation expense related to unvested options that will be recognized over the weighted average remaining vesting period of 2.03 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 three months ended March 31, 2020 and 2019 was estimated at $0.62 and $1.04 per share, respectively, on the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions: March 31, 2020 2019 Expected term of options (in years) 6.3 6.3 Risk-free interest rate 1.5 % 2.5 % Expected volatility 95.4 % 75.4 % Dividend yield — % — % Restricted Stock Units On December 5, 2019, the Company granted 2,170,585 restricted stock units, or RSUs, to employees. The units vest subject to the satisfaction of service requirements as follows: 50% vest on December 5, 2020, and 50% vest on December 5, 2021. The fair market value per RSU is $0.72, which is equal to the closing price of the Company’s common stock on the date of the grant. 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, 2020. 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. The following is a summary of changes in the status of non-vested RSUs during the year: Weighted Average Number of Grant Date Awards Fair Value Non-vested at December 31, 2019 2,945,585 $ 0.73 Granted 250,000 0.79 Vested — — Forfeited (118,400) 0.70 Non-vested at March 31, 2020 3,077,185 $ 0.73 For the three months ended March 31, 2020, the Company recorded $0.3 million in stock-based compensation expense related to RSUs, which is reflected in the statement of operations. As of March 31, 2020, there was $1.9 million of total unrecognized compensation expense related to unvested RSUs that will be recognized over the weighted average remaining period of 1.98 years. Shares Available for Future Grant At March 31, 2020, the Company has the following shares available to be granted under its equity incentive plans: Inducement 2013 Plan Plan Available at December 31, 2019 4,394,301 205,000 Authorized 3,768,550 — Granted (480,000) — Forfeited/Cancelled 302,524 23,750 Available at March 31, 2020 7,985,375 228,750 Shares Reserved for Future Issuance At March 31, 2020, the Company has reserved the following shares of common stock for issuance: Stock options outstanding under 2013 Plan 7,319,180 Restricted stock units outstanding under 2013 Plan 3,077,185 Shares reserved for future issuance under 2013 Plan 7,985,375 Stock options outstanding under Inducement Plan 271,250 Shares reserved for future issuance under Inducement Plan 228,750 Shares reserved for future issuance under 2013 Employee Stock Purchase Plan 225,806 Warrants outstanding 623,091 Total shares of common stock reserved for future issuance 19,730,637

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies.
Commitments and Contingencies	6. Commitments and Contingencies Leases The Company leases office space in Chesterbrook, Pennsylvania and equipment. The Company’s principal office is located at 955 Chesterbrook Boulevard, Chesterbrook, Pennsylvania, where the Company currently leases approximately 8,231 square feet of developed office space on the first floor and 40,565 square feet of developed office space on the second floor. The lease term for this space extends through May 2028. On October 11, 2018, the Company entered into an agreement with The Vanguard Group, Inc., or Vanguard, whereby Vanguard agreed to sublease the 40,565 square feet of space on the second floor for an initial term of 37 months. Vanguard has an option to extend the sublease term for 3 years, and a second option to extend the sublease until November 30, 2027. The sublease provides for rent abatement for the first month of the term; thereafter, the rent payable to the Company by Vanguard under the sublease is (i) $0.50 less during months 2 through 13 of the sublease and (ii) in month 14 and thereafter of the sublease, $1.00 less than the base rent payable by the Company under its master lease with Chesterbrook Partners, L.P. Vanguard also is responsible for paying to the Company all tenant energy costs, annual operating costs, and annual tax costs attributable to the subleased space during the term of the sublease. Rent expense and associated sublease income are recorded in the Company’s statements of operations and comprehensive loss as other income (expense). In October 2017, the Company terminated its lease related to vivarium space in Exton, Pennsylvania, under an agreement expiring on December 31, 2018. The Company incurred termination fees equivalent to three months’ rent, totaling less than $0.1 million, in relation to the early termination of this agreement. Additionally, in November 2017, the Company provided notice of its intent to terminate its facility lease of approximately 16,714 square feet of office and laboratory space in King of Prussia, Pennsylvania, under an agreement that expires in September 2020. The Company paid the landlord a $0.15 million termination fee on the date the Company exercised the termination option. This lease was deemed terminated on August 15, 2018. Supplemental balance sheet information related to leases was as follows (in thousands): March 31, 2020 December 31, 2019 Operating leases: Operating lease right-of-use assets $ 5,389 $ 5,472 Other current liabilities 632 611 Operating lease liabilities 7,627 7,793 Total operating lease liabilities $ 8,259 $ 8,404 Finance leases: Property and equipment, at cost $ 45 $ 45 Accumulated depreciation (27) (25) Property and equipment, net 18 20 Other current liabilities 9 9 Other long-term liabilities 9 11 Total finance lease liabilities $ 18 $ 20 The components of lease expense were as follows (in thousands): Three Months Ended March 31, 2020 2019 Operating lease costs: Operating lease rental expense $ 328 $ 306 Other income (299) (328) Total operating lease costs $ 29 $ (22) Finance lease costs: Amortization of right-of-use assets Interest on lease liabilities — Total finance lease costs $ 2 $ 4 Supplemental cash flow information related to leases was as follows (in thousands): Three Months Ended March 31, 2020 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ (121) $ (22) Operating cash flows from finance leases — — Financing cash flows from finance leases (2) (3) Our operating lease liabilities will mature, as follows (in thousands): Operating Leases Financing Leases 2020 (April 1 - December 31) $ 1,017 $ 8 2021 1,376 8 2022 1,401 4 2023 1,425 — 2024 1,450 — 2025 and beyond 5,136 — Total minimum lease payments $ 11,805 $ 20 Interest Expense (3,546) (2) Lease liability $ 8,259 $ 18 Per the terms of our sublease, we expect the following inflows (in thousands): Sublease 2020 (April 1 - December 31) $ 809 2021 943 2022 — 2022 — 2024 — 2025 and beyond — Total minimum lease payments $ 1,752 Lease term and discount rates are as follows: Three Months Ended March 31, 2020 2019 Weighted average remaining lease term (years) Operating leases 8 10 Finance leases 2 2 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, and a fifth, similar derivative action was filed in the EDPA in November 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	3 Months Ended
	Mar. 31, 2020
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, which is subject to Chinese withholding taxes, 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	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 2019 Basic and diluted net loss per common share calculation: Net loss $ (5,725) $ (5,169) Net loss attributable to common stockholders $ (5,725) $ (5,169) Weighted average common shares outstanding 96,332,324 88,897,292 Net loss per share of common stock - basic and diluted $ (0.06) $ (0.06) The following outstanding securities at March 31, 2019 and 2018 have been excluded from the computation of diluted weighted shares outstanding, as they would have been anti-dilutive: March 31, 2020 2019 Options outstanding 7,590,430 7,039,119 RSUs outstanding 3,077,185 1,240,000 Warrants 623,091 623,091 Total 11,290,706 8,902,210

Other Comprehensive Loss

Other Comprehensive Loss	3 Months Ended
	Mar. 31, 2020
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, January 1, 2019 $ (9) Net unrealized loss arising during the period 9 Balance, December 31, 2019 $ — Net unrealized gain on marketable securities — Balance, March 31, 2020 $ — There were no reclassifications out of accumulated other comprehensive loss during the three months ended March 31, 2020 and 2019. There was no tax effect during the three months ended March 31, 2020 and 2019.

Restructuring Charges

Restructuring Charges	3 Months Ended
	Mar. 31, 2020
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 determined that the total costs related to the restructuring were approximately $1.4 million, all of which resulted in future cash outlays, primarily related to severance costs and benefit-related expenses. The Company recorded these charges in the fourth quarter of 2018. The following table summarizes the restructuring balances at March 31, 2020 and 2019 (in thousands): Three Months Ended March 31, 2020 2019 Balance, January 1 $ — $ 1,419 Current year restructuring costs — — Payment of employee severance costs — (1,084) Balance, March 31 $ — $ 335

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2020
Subsequent Events
Subsequent Events	11. Subsequent Events None.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 and December 31, 2019, its results of operations and its comprehensive loss for the three months ended March 31, 2020 and 2019, its statement of stockholders’ equity for the period from January 1, 2020 to March 31, 2020 and for the period January 1, 2019 to March 31, 2019, and its statements of cash flows for the three months ended March 31, 2020 and 2019. 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, 2019. 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 three months ended March 31, 2020 and 2019 are not necessarily indicative of the results to be expected for the year ending December 31, 2020, any other interim periods, or any future year or period. We have been actively monitoring the novel coronavirus (“COVID-19”) situation and its impact globally. The financial results for the three months ended March 31, 2020, were not significantly impacted by COVID-19. Remote working arrangements and travel restrictions imposed by various jurisdictions have had limited impact on our ability to maintain operations during the quarter. The full extent to which the COVID-19 pandemic will directly or indirectly impact our business, results of operations and financial condition will depend on future developments that are highly uncertain, including as a result of new information that may emerge concerning COVID-19 and the actions taken to contain it or treat COVID-19.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. These estimates and assumptions are based on current facts, historical experience as well as other pertinent industry and regulatory authority information, including the potential future effects of COVID-19, the results of which form the basis for making judgements about the carrying values of assets and liabilities and the recording expenses that are not readily apparent from other sources. Actual results may differ materially and adversely from these estimates. To the extent there are material differences between the estimates and actual results, the Company’s future results of operations will be affected.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The carrying amount of the Company’s financial instruments, which include cash and cash equivalents, marketable securities, restricted cash, accounts payable and accrued expenses approximate their fair values, given their short-term nature. The carrying amount of the Company’s loans payable at December 31, 2019 was the nominal value of the loan payable, net of debt discount and deferred charges. The nominal value approximated fair value because the interest rate was reflective of the rate the Company could obtain on debt similar terms and conditions. Certain of the Company’s common stock warrants are carried at fair value, as disclosed in Note 3.
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. On March 27, 2020, the U.S. government enacted the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The CARES Act makes the following changes to the U.S. tax code that will affect 2018, 2019 and 2020, including, but not limited to, (1) temporary modification of the adjusted taxable income limitation under Section 163(j) from 30% to 50% for tax years 2019 and 2020 only; (2) modification to the net operating loss rules surrounding the ability to now carryback five years net operating losses generated in 2018, 2019, and 2020; (3) temporary repeal of the net operating loss taxable income limitation of 80%; and (4) temporary enhancement of corporate charitable contribution limitation to 25% of taxable income for tax year 2020 only. There no impact to Q1 2020 tax provision for these tax law changes.
Recent Accounting Pronouncements	Recently Adopted Accounting Standards 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. The effective date for both standards in January 1, 2020. The Company adopted these standards on January 1, 2020. There was no impact to the Company’s financial statements upon the adoption. Recent Accounting Standards Not Yet Adopted In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes, which removed certain exceptions to the general principles of the accounting for income taxes and also improves consistent application of and simplification of other areas when accounting for income taxes. The guidance is effective for the Company beginning in the first quarter of fiscal year 2021. 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)	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 and December 31, 2019 (in thousands): March 31, 2020 Adjusted Unrealized Unrealized Cash and Cash Restricted Marketable Cost Gains Losses Fair Value Equivalents Cash Securities Cash $ 8,980 $ — $ — $ 8,980 $ 7,670 $ 1,310 $ — Level 1 (1): Money market funds 17,420 — — 17,420 17,420 — — U.S. treasury securities 3,000 — — 3,000 3,000 — Subtotal 20,420 — — 20,420 20,420 — — Level 2 (2): U.S. government agency securities — — — — — — Total $ 29,400 $ — $ — $ 29,400 $ 28,090 $ 1,310 $ — December 31, 2019 Adjusted Unrealized Unrealized Cash and Cash Restricted Marketable Cost Gains Losses Fair Value Equivalents Cash Securities Cash $ 9,302 $ — $ — $ 9,302 $ 7,993 $ 1,309 $ — Level 1 (1): Money market funds 18,306 — — 18,306 18,306 — — U.S. treasury securities 5,996 — — 5,996 2,496 — 3,500 Subtotal 24,302 — — 24,302 20,802 — 3,500 Level 2 (2): U.S. government agency securities 3,510 — — 3,510 3,510 — — Total $ 37,114 $ — $ — $ 37,114 $ 32,305 $ 1,309 $ 3,500 (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)	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 and December 31, 2019 (in thousands): March 31, December 31, 2020 2019 Gross proceeds $ — $ 3,167 Debt discount and debt issuance costs (1) — 1,870 Carrying value — 5,037 Current portion of loans payable, net — 5,037 Loans payable, net $ — $ — Includes the final fee payment due upon last payment date of the amounts borrowed

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 2019 Research and development $ 209 $ 232 General and administrative 682 522 Total stock-based compensation $ 891 $ 754
Summary of stock option activity	Options Outstanding Weighted Average Weighted Remaining Average Contractual Number of Exercise Term Shares Price (in years) Balance, December 31, 2019 7,568,304 $ 3.40 7.01 Granted 230,000 0.80 Exercised — — Forfeited/Cancelled (207,874) (3.69) Balance, March 31, 2020 7,590,430 $ 3.32 6.94 Vested or expected to vest at March 31, 2020 7,590,430 $ 3.32 6.94 Exercisable at March 31, 2020 4,812,040 $ 4.23 6.03
Schedule of weighted-average assumptions:	March 31, 2020 2019 Expected term of options (in years) 6.3 6.3 Risk-free interest rate 1.5 % 2.5 % Expected volatility 95.4 % 75.4 % Dividend yield — % — %
Schedule of changes in the status of non-vested RSU	Weighted Average Number of Grant Date Awards Fair Value Non-vested at December 31, 2019 2,945,585 $ 0.73 Granted 250,000 0.79 Vested — — Forfeited (118,400) 0.70 Non-vested at March 31, 2020 3,077,185 $ 0.73
Schedule of shares available to be granted under equity incentive plans	At March 31, 2020, the Company has the following shares available to be granted under its equity incentive plans: Inducement 2013 Plan Plan Available at December 31, 2019 4,394,301 205,000 Authorized 3,768,550 — Granted (480,000) — Forfeited/Cancelled 302,524 23,750 Available at March 31, 2020 7,985,375 228,750
Schedule of shares of common stock reserved/available	At March 31, 2020, the Company has reserved the following shares of common stock for issuance: Stock options outstanding under 2013 Plan 7,319,180 Restricted stock units outstanding under 2013 Plan 3,077,185 Shares reserved for future issuance under 2013 Plan 7,985,375 Stock options outstanding under Inducement Plan 271,250 Shares reserved for future issuance under Inducement Plan 228,750 Shares reserved for future issuance under 2013 Employee Stock Purchase Plan 225,806 Warrants outstanding 623,091 Total shares of common stock reserved for future issuance 19,730,637

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies.
Schedule of balance sheet information related to leases	Supplemental balance sheet information related to leases was as follows (in thousands): March 31, 2020 December 31, 2019 Operating leases: Operating lease right-of-use assets $ 5,389 $ 5,472 Other current liabilities 632 611 Operating lease liabilities 7,627 7,793 Total operating lease liabilities $ 8,259 $ 8,404 Finance leases: Property and equipment, at cost $ 45 $ 45 Accumulated depreciation (27) (25) Property and equipment, net 18 20 Other current liabilities 9 9 Other long-term liabilities 9 11 Total finance lease liabilities $ 18 $ 20
Schedule of components of lease expense	The components of lease expense were as follows (in thousands): Three Months Ended March 31, 2020 2019 Operating lease costs: Operating lease rental expense $ 328 $ 306 Other income (299) (328) Total operating lease costs $ 29 $ (22) Finance lease costs: Amortization of right-of-use assets Interest on lease liabilities — Total finance lease costs $ 2 $ 4
Schedule of cash flow information	Supplemental cash flow information related to leases was as follows (in thousands): Three Months Ended March 31, 2020 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ (121) $ (22) Operating cash flows from finance leases — — Financing cash flows from finance leases (2) (3)
Schedule of maturities of operating lease liabilities	Our operating lease liabilities will mature, as follows (in thousands): Operating Leases Financing Leases 2020 (April 1 - December 31) $ 1,017 $ 8 2021 1,376 8 2022 1,401 4 2023 1,425 — 2024 1,450 — 2025 and beyond 5,136 — Total minimum lease payments $ 11,805 $ 20 Interest Expense (3,546) (2) Lease liability $ 8,259 $ 18
Schedule of maturities of financing lease liabilities	Our operating lease liabilities will mature, as follows (in thousands): Operating Leases Financing Leases 2020 (April 1 - December 31) $ 1,017 $ 8 2021 1,376 8 2022 1,401 4 2023 1,425 — 2024 1,450 — 2025 and beyond 5,136 — Total minimum lease payments $ 11,805 $ 20 Interest Expense (3,546) (2) Lease liability $ 8,259 $ 18
Schedule of expected sublease inflows	Per the terms of our sublease, we expect the following inflows (in thousands): Sublease 2020 (April 1 - December 31) $ 809 2021 943 2022 — 2022 — 2024 — 2025 and beyond — Total minimum lease payments $ 1,752
Schedule of lease term and discount rates	Three Months Ended March 31, 2020 2019 Weighted average remaining lease term (years) Operating leases 8 10 Finance leases 2 2 Weighted average discount rate Operating leases Finance leases

Net Loss Per Common Share (Tabl

Net Loss Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 2019 Basic and diluted net loss per common share calculation: Net loss $ (5,725) $ (5,169) Net loss attributable to common stockholders $ (5,725) $ (5,169) Weighted average common shares outstanding 96,332,324 88,897,292 Net loss per share of common stock - basic and diluted $ (0.06) $ (0.06)
Schedule of outstanding securities excluded from the computation of diluted weighted shares outstanding as they would have been anti-dilutive	March 31, 2020 2019 Options outstanding 7,590,430 7,039,119 RSUs outstanding 3,077,185 1,240,000 Warrants 623,091 623,091 Total 11,290,706 8,902,210

Other Comprehensive Loss (Table

Other Comprehensive Loss (Tables)	3 Months Ended
	Mar. 31, 2020
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, January 1, 2019 $ (9) Net unrealized loss arising during the period 9 Balance, December 31, 2019 $ — Net unrealized gain on marketable securities — Balance, March 31, 2020 $ —

Restructuring Charges (Tables)

Restructuring Charges (Tables)	3 Months Ended
	Mar. 31, 2020
Restructuring Charges
Schedule of restructuring balances	The following table summarizes the restructuring balances at March 31, 2020 and 2019 (in thousands):

Organization and Description _2

Organization and Description of the Business (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Organization and Description of the Business
Number of operating segments	1
Accumulated deficit	$ 418,870,000		$ 413,145,000
Net loss	$ 5,725,000	$ 5,169,000

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Hierarchy Table (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Fair value
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	8,980	9,302
Assets, Fair Value Disclosure	29,400	37,114
Fair Value
Fair value
Cash and Cash Equivalents, Fair Value Disclosure	8,980	9,302
Assets, Fair Value Disclosure	29,400	37,114
Cash and Cash Equivalents | Fair Value
Fair value
Cash and Cash Equivalents, Fair Value Disclosure	7,670	7,993
Assets, Fair Value Disclosure	28,090	32,305
Restricted Cash | Fair Value
Fair value
Cash and Cash Equivalents, Fair Value Disclosure	1,310	1,309
Assets, Fair Value Disclosure	1,310	1,309
Marketable Securities | Fair Value
Fair value
Assets, Fair Value Disclosure		3,500
Level 1 | Adjusted cost
Fair value
Investments, Fair Value Disclosure	20,420	24,302
Level 1 | Fair Value
Fair value
Investments, Fair Value Disclosure	20,420	24,302
Level 1 | Money market funds | Adjusted cost
Fair value
Investments, Fair Value Disclosure	17,420	18,306
Level 1 | Money market funds | Fair Value
Fair value
Investments, Fair Value Disclosure	17,420	18,306
Level 1 | U.S. treasury securities | Adjusted cost
Fair value
Investments, Fair Value Disclosure	3,000	5,996
Level 1 | U.S. treasury securities | Fair Value
Fair value
Investments, Fair Value Disclosure	3,000	5,996
Level 1 | Cash and Cash Equivalents | Fair Value
Fair value
Investments, Fair Value Disclosure	20,420	20,802
Level 1 | Cash and Cash Equivalents | Money market funds | Fair Value
Fair value
Investments, Fair Value Disclosure	17,420	18,306
Level 1 | Cash and Cash Equivalents | U.S. treasury securities | Fair Value
Fair value
Investments, Fair Value Disclosure	$ 3,000	2,496
Level 1 | Marketable Securities | Fair Value
Fair value
Investments, Fair Value Disclosure		3,500
Level 1 | Marketable Securities | U.S. treasury securities | Fair Value
Fair value
Investments, Fair Value Disclosure		3,500
Level 2 | U.S. government agency securities | Adjusted cost
Fair value
Investments, Fair Value Disclosure		3,510
Level 2 | U.S. government agency securities | Fair Value
Fair value
Investments, Fair Value Disclosure		3,510
Level 2 | Cash and Cash Equivalents | U.S. government agency securities | Fair Value
Fair value
Investments, Fair Value Disclosure		$ 3,510

Loans Payable (Details)

Loans Payable (Details) $ / shares in Units, $ in Thousands	Mar. 02, 2020USD ($)	Mar. 01, 2020USD ($)	Sep. 30, 2014USD ($)tranche$ / sharesshares	Mar. 31, 2020USD ($)$ / sharesshares	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2015$ / sharesshares
Long Term Debt
Interest expense				$ 29	$ 353
Loan and security agreement
Long Term Debt
Maximum amount available			$ 35,000
Debt number of tranches | tranche			3
Gross proceeds		$ 3,200				$ 3,167
Final fee payment	$ 1,900	$ 1,900
Final payment fee percentage	6.60%
Interest expense				$ 20	$ 200
Debt discount and debt issuance costs			$ 1,000
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
Exercise price | $ / shares			$ 5.8610
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 | Common Stock | Warrants
Long Term Debt
Number of shares that can be purchased upon exercise of warrants (in shares) | shares				62,241
Exercise price | $ / shares				$ 3.6150

Loans Payable Schedule of Debt

Loans Payable Schedule of Debt (Details) - USD ($) $ in Thousands	Mar. 01, 2020	Dec. 31, 2019
Long Term Debt
Current portion of loans payable, net		$ 5,037
Loan and security agreement
Long Term Debt
Gross proceeds	$ 3,200	3,167
Debt discount and debt issuance costs		1,870
Carrying value		5,037
Current portion of loans payable, net		$ 5,037

Stockholders' Equity - Equity O

Stockholders' Equity - Equity Offerings (Details)	Jan. 29, 2019USD ($)Institution$ / sharesshares	Jan. 28, 2019USD ($)$ / sharesshares	Mar. 31, 2020USD ($)shares	Mar. 31, 2019USD ($)	Dec. 31, 2019shares	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
Issuance of common stock (in shares) | shares			4,800,000
Offering price (in dollars per share) | $ / shares	$ 1
Issuance of common stock, net of issuance costs			$ 3,551,000	$ 8,896,000
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 - April 17, 2019 agreement
Stockholders' Equity
Offering amount						$ 50,000,000
Issuance of common stock, net of issuance costs			3,600,000
Remaining available for future issuances			$ 45,200,000
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	Dec. 15, 2016	Mar. 31, 2020	Mar. 31, 2019
Equity Incentive Plans
Stock-based compensation		$ 891	$ 754
Research and Development Expense
Equity Incentive Plans
Stock-based compensation		209	232
General and Administrative Expense
Equity Incentive Plans
Stock-based compensation		$ 682	$ 522
Maximum
Equity Incentive Plans
Term of award		10 years
Vesting period		4 years
2008 Plan and 2013 Plan
Equity Incentive Plans
Authorized (in shares)	500,000

Stockholders' Equity - Options

Stockholders' Equity - Options Outstanding (Details) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Number of Shares
Balance at the beginning of the period (in shares)	7,568,304
Granted (in shares)	230,000
Forfeited/Cancelled (in shares)	(207,874)
Balance at the end of the period (in shares)	7,590,430	7,568,304
Vested or expected to vest at the end of the period (in shares)	7,590,430
Exercisable at the end of the period (in shares)	4,812,040
Weighted-Average Exercise Price
Balance at the beginning of the period (in dollars per share)	$ 3.40
Granted (in dollars per share)	0.80
Forfeited/Cancelled (in dollars per share)	(3.69)
Balance at the end of the period (in dollars per share)	3.32	$ 3.40
Vested or expected to vest at the end of the period (in dollars per share)	3.32
Exercisable at the end of the period (in dollars per share)	$ 4.23
Weighted Average Remaining Contractual Term
Options Outstanding at the end of the period	6 years 11 months 9 days	7 years 4 days
Vested or expected to vest at the end of the period	6 years 11 months 9 days
Exercisable at the end of the period	6 years 11 days

Stockholders' Equity - Option_2

Stockholders' Equity - Options Other Info (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Options outstanding
Closing price of Company's stock (in dollars per share)	$ 0.57
Employee Stock Option
Options outstanding
Intrinsic value of options exercisable	$ 0
Unrecognized compensation expense	$ 2,400
Weighted average remaining period for recognition of unrecognized compensation expense	2 years 11 days
Per-share weighted-average grant date fair value of options granted (in dollars per share)	$ 0.62	$ 1.04
Employee Stock Option | Weighted-average
Weighted-average assumptions:
Expected term of options (in years)	6 years 3 months 18 days	6 years 3 months 18 days
Risk-free interest rate (as a percent)	1.50%	2.50%
Expected volatility (as a percent)	95.40%	75.40%
Dividend yield (as a percent)	0.00%	0.00%

Stockholders' Equity - Restrict

Stockholders' Equity - Restricted Stock Units (Details) - $ / shares	Dec. 05, 2019	Dec. 06, 2018	Mar. 31, 2020
Stockholders' Equity
Closing price of Company's stock (in dollars per share)			$ 0.57
Restricted Stock Units
Stockholders' Equity
Number of shares granted	2,170,585	1,255,000	250,000
Closing price of Company's stock (in dollars per share)		$ 0.64
Restricted Stock Units | Vesting period One
Stockholders' Equity
Vesting percentage	50.00%	25.00%
Closing price of Company's stock (in dollars per share)	$ 0.72
Restricted Stock Units | Vesting period Two
Stockholders' Equity
Vesting percentage	50.00%	25.00%
Closing price of Company's stock (in dollars per share)	$ 0.72

Stockholders' Equity - Non-vest

Stockholders' Equity - Non-vested RSUs (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 05, 2019	Dec. 06, 2018	Mar. 31, 2020	Mar. 31, 2019
Weighted Average Grant Date Fair Value
Stock-based compensation			$ 891	$ 754
Restricted Stock Units
Number of Shares
Non-vested at beginning of period (in shares)			2,945,585
Granted (in shares)	2,170,585	1,255,000	250,000
Forfeited/Cancelled			(118,400)
Non-vested at end of period (in shares)			3,077,185
Weighted Average Grant Date Fair Value
Non-vested at beginning of period (in dollars per share)			$ 0.73
Granted (in dollars per share)			0.79
Forfeited (in dollars per share)			0.70
Non-vested at end of period (in dollars per share)			$ 0.73
Stock-based compensation			$ 300
Unrecognized compensation expense			$ 1,900
Weighted average remaining period for recognition of unrecognized compensation expense			1 year 11 months 23 days

Stockholder's Equity - Shares R

Stockholder's Equity - Shares Reserved for Future Grant and Issuance (Details) - shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Shares Reserved for Future Issuance
Stock options outstanding (in shares)		7,590,430	7,568,304
Warrants outstanding (in shares)		623,091
Total shares of common stock reserved for issuance (in shares)		19,730,637
2013 plan
Shares Available for Future Grant
Balance at the beginning of the period (in shares)	4,394,301
Authorized (in shares)	3,768,550
Granted (in shares)	(480,000)
Forfeitures/Expirations (in shares)	302,524
Balance at the end of the period (in shares)	7,985,375
Shares Reserved for Future Issuance
Shares available for future grant (in shares)	7,985,375	7,985,375	4,394,301
Inducement Plan
Shares Available for Future Grant
Balance at the beginning of the period (in shares)	205,000
Forfeitures/Expirations (in shares)	23,750
Balance at the end of the period (in shares)	228,750
Shares Reserved for Future Issuance
Shares available for future grant (in shares)	228,750	228,750	205,000
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)		7,319,180
Employee Stock Option | Inducement Plan
Shares Reserved for Future Issuance
Stock options outstanding (in shares)		271,250
Restricted Stock Units | 2013 plan
Shares Reserved for Future Issuance
Total shares of common stock reserved for issuance (in shares)		3,077,185

Commitments and Contingencies -

Commitments and Contingencies - Leases (Details) $ in Thousands	Oct. 11, 2018ft²$ / ft²	Nov. 30, 2017USD ($)ft²	Oct. 31, 2017USD ($)	Mar. 31, 2020ft²
Chesterbrook, Pennsylvania
Lessee, Lease, Description [Line Items]
Number of square feet of space leased on the first floor				8,231
Number of square feet of space leased on the second floor				40,565
Chesterbrook, Pennsylvania | Sublease Agreements | Vanguard Group, Inc
Lessee, Lease, Description [Line Items]
Number of square feet of space being subleased on second floor	40,565
Initial term of sublease	37 months
Term of optional sublease extension	3 years
Amount per square foot less for rent during months 2 to 13 | $ / ft²	0.50
Amount per square foot for rent after month 14 | $ / ft²	1
King of Prussia, Pennsylvania
Lessee, Lease, Description [Line Items]
Termination fees for cancellation of lease | $		$ 150
Area of office and laboratory space where lease terminated		16,714
Exton, Pennsylvania | Maximum
Lessee, Lease, Description [Line Items]
Termination fees for cancellation of lease | $			$ 100

Commitments and Contingencies_2

Commitments and Contingencies - Balance sheet information related to leases (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets	$ 5,389	$ 5,472
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:OperatingLeaseRightOfUseAsset	us-gaap:OperatingLeaseRightOfUseAsset
Operating lease liabilities - Current	$ 632	$ 611
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesCurrent	us-gaap:OtherLiabilitiesCurrent
Operating lease liabilities - Noncurrent	$ 7,627	$ 7,793
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	us-gaap:OperatingLeaseLiabilityNoncurrent	us-gaap:OperatingLeaseLiabilityNoncurrent
Lease Liability	$ 8,259	$ 8,404
Operating Lease, Liability, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesCurrent us-gaap:OperatingLeaseLiabilityNoncurrent	us-gaap:OtherLiabilitiesCurrent us-gaap:OperatingLeaseLiabilityNoncurrent
Property and equipment, net	$ 2,577	$ 2,705
Finance lease liabilities - Current	$ 9
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesCurrent
Finance lease liabilities - Noncurrent	$ 9
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesNoncurrent
Lease Liability	$ 18
Finance Lease, Liability, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesCurrent us-gaap:OtherLiabilitiesNoncurrent
Capital Lease Obligations, Total		20
Other current liabilities
Lessee, Lease, Description [Line Items]
Capital lease obligation - Current		9
Other long-term liabilities
Lessee, Lease, Description [Line Items]
Capital lease obligation - Noncurrent		11
Finance leased assets
Lessee, Lease, Description [Line Items]
Property and equipment, at cost	$ 45
Accumulated depreciation	(27)
Property and equipment, net	$ 18
Capital leased assets
Lessee, Lease, Description [Line Items]
Property and equipment, at cost		45
Accumulated depreciation		(25)
Property and equipment, net		$ 20

Commitments and Contingencies_3

Commitments and Contingencies - Components of lease expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Operating lease costs:
Operating lease rental expense	$ 328
Sublease income	(299)
Total operating lease costs	29
Finance lease costs:
Amortization of right-of-use assets	2
Total finance lease costs	$ 2
Operating lease costs:
Operating lease rental expense		$ 306
Sublease income		(328)
Total operating lease costs		(22)
Finance lease costs:
Amortization of right-of-use assets		3
Interest on lease liabilities		1
Total finance lease costs		$ 4

Commitments and Contingencies_4

Commitments and Contingencies - Cash flow information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Commitments and Contingencies.
Operating cash flows from operating leases	$ (121)
Operating cash flows from operating leases, pre-adoption		$ (22)
Financing cash flows from finance leases	$ (2)
Financing cash flows from finance leases, pre-adoption		$ (3)

Commitments and Contingencies_5

Commitments and Contingencies - Lease liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Operating Leases
2020 (April 1 - December 31)	$ 1,017
2021	1,376
2022	1,401
2023	1,425
2024	1,450
2025 and beyond	5,136
Total minimum lease payments	11,805
Interest Expense	(3,546)
Lease Liability	8,259	$ 8,404
Financing Leases
2020 (April 1 - December 31)	8
2021	8
2022	4
Total minimum lease payments	20
Interest Expense	(2)
Lease Liability	18
Sublease
2020 (April 1 - December 31)	809
2021	943
Total minimum lease payments	$ 1,752

Commitments and Contingencies_6

Commitments and Contingencies - Lease term and discount rates (Details)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2020
Commitments and Contingencies.
Weighted average remaining lease term - Operating leases		8 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	2 years
Weighted average discount rate - Operating leases	9.20%
Weighted average discount rate - Finance leases	6.50%

Commitments and Contingencies_7

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
	Mar. 31, 2020	Mar. 31, 2019
Basic and diluted net loss per common share calculation:
Net loss	$ (5,725)	$ (5,169)
Net loss attributable to common stockholders	$ (5,725)	$ (5,169)
Weighted average common shares outstanding (in shares)	96,332,324	88,897,292
Net loss per share of common stock, basic and diluted (in dollars per share)	$ (0.06)	$ (0.06)
Outstanding securities excluded from computation of diluted weighted shares outstanding (in shares)	11,290,706	8,902,210
Employee Stock Option
Basic and diluted net loss per common share calculation:
Outstanding securities excluded from computation of diluted weighted shares outstanding (in shares)	7,590,430	7,039,119
Restricted Stock Units
Basic and diluted net loss per common share calculation:
Outstanding securities excluded from computation of diluted weighted shares outstanding (in shares)	3,077,185	1,240,000
Warrants
Basic and diluted net loss per common share calculation:
Outstanding securities excluded from computation of diluted weighted shares outstanding (in shares)	623,091	623,091

Other Comprehensive Loss (Detai

Other Comprehensive Loss (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Other Comprehensive Loss
Beginning Balance	$ 30,078,000	$ 41,526,000	$ 41,526,000
Ending Balance	28,795,000	46,387,000	30,078,000
Reclassifications out of accumulated other comprehensive income or loss, net of tax	0	0
Tax effect	$ 0	0
Accumulated Other Comprehensive Income (Loss)
Other Comprehensive Loss
Beginning Balance		(9,000)	(9,000)
Net unrealized gain (loss) on marketable securities			$ 9,000
Ending Balance		$ 3,000

Restructuring Charges (Details)

Restructuring Charges (Details) $ in Thousands	Nov. 08, 2018employee	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Summary of restructuring balances
Beginning balance		$ 1,419
Payment of employee severance costs		(1,084)
Ending balance		$ 335	$ 1,419
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