PDS Biotechnology (PDSB) 10-K 2 Mar 17 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Feb. 24, 2017	Jun. 30, 2016
Document and Entity Information [Abstract]
Entity Registrant Name	Edge Therapeutics, Inc.
Entity Central Index Key	1,472,091
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Public Float			$ 292.2
Entity Common Stock, Shares Outstanding		29,009,869
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2016

Balance Sheets

Balance Sheets - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 106,398,919	$ 130,189,421
Prepaid expenses and other current assets	954,581	1,081,084
Total current assets	107,353,500	131,270,505
Property and equipment, net	3,418,077	2,766,992
Other assets	142,870	55,161
Total assets	110,914,447	134,092,658
Current liabilities:
Accounts payable	3,471,032	2,584,249
Accrued expenses	3,213,715	3,734,348
Short term debt	0	2,271,111
Total current liabilities	6,684,747	8,589,708
Noncurrent liability:
Long term debt	14,953,143	3,025,423
STOCKHOLDERS' EQUITY
Preferred stock, 5,000,000 shares authorized at December 31, 2016 and 2015, zero outstanding	0	0
Common stock, $0.00033 par value, 75,000,000 shares authorized at December 31, 2016 and December 31, 2015, 28,918,516 shares and 28,810,845 shares issued and outstanding at December 31, 2016 and December 31, 2015, respectively	9,756	9,720
Additional paid-in capital	190,341,769	184,721,777
Accumulated deficit	(101,074,968)	(62,253,970)
Total stockholders' equity	89,276,557	122,477,527
Total liabilities and stockholders' equity	$ 110,914,447	$ 134,092,658

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2016	Dec. 31, 2015
STOCKHOLDERS' EQUITY
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.00033	$ 0.00033
Common stock, shares authorized (in shares)	75,000,000	75,000,000
Common stock, shares issued (in shares)	28,918,516	28,810,845
Common stock, shares outstanding (in shares)	28,918,516	28,810,845

Statements of Operations and Co

Statements of Operations and Comprehensive Loss - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Operating expenses:
Research and development expenses	$ 24,825,379	$ 17,839,951	$ 8,473,522
General and administrative expenses	14,686,767	8,658,867	4,720,661
Total operating expenses	39,512,146	26,498,818	13,194,183
Loss from operations	(39,512,146)	(26,498,818)	(13,194,183)
Other income (expense):
Warrant remeasurement	0	(1,879,823)	582,360
Other expense	(163,463)	0	0
Interest income	212,299	9,084	2,941
Interest expense	(1,203,674)	(816,494)	(183,179)
Loss before income taxes	(40,666,984)	(29,186,051)	(12,792,061)
Benefit for income taxes	1,845,986	1,107,405	590,675
Net loss	(38,820,998)	(28,078,646)	(12,201,386)
Comprehensive loss	(38,820,998)	(28,078,646)	(12,201,386)
Cumulative dividend on Series C , C-1 and C-2 convertible preferred stock	0	(4,356,408)	(1,580,701)
Net loss attributable to common stockholders	$ (38,820,998)	$ (32,435,054)	$ (13,782,087)
Loss per share attributable to common stockholders basic and diluted (in dollars per share)	$ (1.34)	$ (4.01)	$ (8.16)
Weighted average common shares outstanding basic and diluted (in shares)	28,864,216	8,087,924	1,688,475

Statements of Convertible Prefe

Statements of Convertible Preferred Stock and Changes in Stockholders' Equity (Deficit) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Deficit Accumulated [Member]	Deficit Accumulated [Member]Convertible Preferred Stock - Series C [Member]	Deficit Accumulated [Member]Convertible Preferred Stock - Series C-1 [Member]	Deficit Accumulated [Member]Convertible Preferred Stock - Series C-2 [Member]	Total	Convertible Preferred Stock [Member]	Convertible Preferred Stock - Series C [Member]	Convertible Preferred Stock - Series C-1 [Member]	Convertible Preferred Stock - Series C-2 [Member]
Balance at Dec. 31, 2013								$ 20,680,692
Balance (in shares) at Dec. 31, 2013								8,336,865
Increase (Decrease) in Convertible Preferred Stock [Roll Forward]
Issuance of Preferred Stock, net of issuance costs										$ 14,527,016
Issuance of Preferred Stock, net of issuance costs (in shares)										3,558,890
Dividend Preferred Stock									$ 1,446,773	$ 133,928
Balance at Dec. 31, 2014								$ 36,788,409
Balance (in shares) at Dec. 31, 2014								11,895,755
Balance at Dec. 31, 2013	$ 770	$ 686,414	$ (16,036,829)				$ (15,349,645)
Balance (in shares) at Dec. 31, 2013	1,688,475
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock based compensation expense	$ 0	1,297,985	0				1,297,985
Dividend, Preferred Stock				$ (1,446,773)	$ (133,928)				(1,446,773)	(133,928)
Net loss	0	0	(12,201,386)				(12,201,386)
Balance at Dec. 31, 2014	$ 770	1,984,399	(29,818,916)				(27,833,747)
Balance (in shares) at Dec. 31, 2014	1,688,475
Increase (Decrease) in Convertible Preferred Stock [Roll Forward]
Issuance of Preferred Stock, net of issuance costs											$ 52,217,328
Issuance of Preferred Stock, net of issuance costs (in shares)											12,043,006
Other								$ 2,130
Dividend Preferred Stock									1,101,926	1,008,346	$ 2,246,136
Conversion of Preferred Stock to Common Stock upon initial public offering								$ (93,364,275)
Conversion of Preferred Stock to Common Stock upon initial public offering (in shares)								(23,938,761)
Balance at Dec. 31, 2015								$ 0
Balance (in shares) at Dec. 31, 2015								0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock based compensation expense	$ 0	2,899,304	0				2,899,304
Dividend, Preferred Stock				$ (1,101,926)	$ (1,008,346)	$ (2,246,136)			$ (1,101,926)	$ (1,008,346)	$ (2,246,136)
Conversion of Preferred Stock to Common Stock upon initial public offering	$ 6,127	93,358,148	0				93,364,275
Conversion of Preferred Stock to Common Stock upon initial public offering (in shares)	18,566,856
Initial public offering of common stock, net of issuance costs	$ 2,776	82,752,836	0				82,755,612
Initial public offering of common stock, net of issuance costs (in shares)	8,412,423
Conversion of Preferred Stock Warrant to Common Stock Warrant	$ 0	3,726,043	0				3,726,043
Issuance of common stock from exercise of stock options	$ 1	1,093	0				1,094
Issuance of common stock from exercise of stock options (in shares)	4,753
Issuance of common stock from exercise of warrants	$ 46	(46)	0				0
Issuance of common stock from exercise of warrants (in shares)	138,338
Net loss	$ 0	0	(28,078,646)				(28,078,646)
Balance at Dec. 31, 2015	$ 9,720	184,721,777	(62,253,970)				122,477,527
Balance (in shares) at Dec. 31, 2015	28,810,845
Balance at Dec. 31, 2016								$ 0
Balance (in shares) at Dec. 31, 2016								0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock based compensation expense	$ 0	5,305,070	0				5,305,070
Issuance of common stock from exercise of stock options	$ 21	293,967	0				293,988
Issuance of common stock from exercise of stock options (in shares)	63,639
Issuance of common stock from exercise of warrants	$ 15	20,955	0				$ 20,970
Issuance of common stock from exercise of warrants (in shares)	44,032						44,032
Net loss	$ 0	0	(38,820,998)				$ (38,820,998)
Balance at Dec. 31, 2016	$ 9,756	$ 190,341,769	$ (101,074,968)				$ 89,276,557
Balance (in shares) at Dec. 31, 2016	28,918,516

Statements of Convertible Pref6

Statements of Convertible Preferred Stock and Changes in Stockholders' Equity (Deficit) (Parenthetical) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Convertible Preferred Stock - Series C-1 [Member]
Increase (Decrease) in Convertible Preferred Stock [Roll Forward]
Issuance costs		$ 2,022,025
Convertible Preferred Stock - Series C-2 [Member]
Increase (Decrease) in Convertible Preferred Stock [Roll Forward]
Issuance costs	$ 3,782,650

Statements of Cash Flows

Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Cash flows from operating activities:
Net loss	$ (38,820,998)	$ (28,078,646)	$ (12,201,386)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	5,305,070	2,899,304	1,297,985
Warrant remeasurement	0	1,879,823	(582,360)
Depreciation expense	100,117	53,116	31,229
Loss on disposal of fixed assets	102,788	0	0
Amortization of debt discount	75,214	104,311	35,288
Amortization of debt issuance costs	90,800	94,648	0
Non-cash interest expense	175,909	38,521	6,384
Changes in assets and liabilities:
Other receivable	0	0	459,018
Prepaid expenses and other assets	38,794	(814,156)	(96,754)
Accounts payable	1,420,556	(71,751)	526,869
Accrued expenses	(676,918)	2,142,187	808,514
Net cash used in operating activities	(32,188,668)	(21,752,643)	(9,715,213)
Cash flows from investing activities:
Purchases of property and equipment	(686,705)	(1,305,086)	(884,793)
Net cash used in investing activities	(686,705)	(1,305,086)	(884,793)
Cash flows from financing activities:
Proceeds from issuance of debt	11,022,286	3,000,000	3,000,000
Proceeds from exercise of stock options	293,988	1,094	0
Proceeds from exercise of warrants	20,970	0	0
Payments for issuance costs	(544,773)	(1,402,845)	(1,351,450)
Payments for debt issuance costs	(219,042)	0	(94,998)
Repayment of debt	(1,488,558)	(533,729)	0
Proceeds from issuance of common stock, net of underwriting costs	0	86,059,087	0
Proceeds from issuance of preferred stock, net of issuance costs	0	52,394,571	14,917,257
Net cash provided by financing activities	9,084,871	139,518,178	16,470,809
Net (decrease) increase in cash	(23,790,502)	116,460,449	5,870,803
Cash and cash equivalents at beginning of period	130,189,421	13,728,972	7,858,169
Cash and cash equivalents at end of period	106,398,919	130,189,421	13,728,972
Cash paid for:
Interest	790,402	559,175	82,729
Supplemental cash flow information:
Conversion of Preferred Stock to Common Stock	0	93,364,275	0
Conversion of Preferred Stock Warrants to Common Stock Warrants	0	3,726,043	0
Deferred issuance costs included in accrued expenses and accounts payable	0	549,178	53,946
Non-cash financing costs	0	175,114	0
Accrued capital expenditures included in accrued expenses and accounts payable	$ 167,285	$ 71,040	$ 450,373

Nature of Operations

Nature of Operations	12 Months Ended
	Dec. 31, 2016
Nature of Operations [Abstract]
Nature of Operations	Note 1 - Nature of operations: Edge Therapeutics, Inc. (the “Company”) is a clinical-stage biotechnology company that discovers, develops and seeks to commercialize novel, hospital-based therapies capable of transforming treatment paradigms in the management of acute, life-threatening critical care conditions. The Company’s initial product candidates target rare, acute, life-threatening neurological and other conditions for which the Company believes the approved existing therapies, if any, are inadequate. The Company’s product candidates utilize its proprietary, programmable, biodegradable polymer-based development platform (the Precisa Platform TM From the Company’s inception, it has devoted substantially all of its efforts to business planning, engaging regulatory, manufacturing and other technical consultants, acquiring operating assets, planning and executing clinical trials and raising capital. The Company’s future operations are highly dependent on a combination of factors, including (i) the success of its research and development, (ii) the development of competitive therapies by other biotechnology and pharmaceutical companies, and, ultimately, (iii) regulatory approval and market acceptance of the Company’s proposed future products. On October 6, 2015, the Company completed an initial public offering (the “IPO”) of 8,412,423 shares of its common stock which included 1,097,272 shares of common stock issued upon the exercise in full by the underwriters of their over-allotment option at a price of $11.00 per share for aggregate gross proceeds of approximately $92.5 million. The Company received approximately $82.8 million in net proceeds after deducting underwriting discounts and commissions and other offering costs of approximately $9.7 million. Immediately prior to the closing of the IPO, all of the Company’s outstanding shares of convertible preferred stock, including shares issued for accrued dividends, automatically converted into 18,566,856 shares of common stock at the applicable conversion ratio then in effect. There are no shares of preferred stock outstanding.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2016
Summary of Significant Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2 - Summary of Significant Accounting Policies (A) Use of estimates: The preparation of financial statements in conformity with U.S. 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 revenues and expenses during the reporting period. Actual results could differ from those estimates. (B) Significant risks and uncertainties: The Company’s operations are subject to a number of factors that may affect its operating results and financial condition. Such factors include, but are not limited to: the results of clinical testing and trial activities of the Company’s product candidates, the Company’s ability to obtain regulatory approval to market its products, the Company’s intellectual property, competition from products manufactured and sold or being developed by other companies, the price of, and demand for, Company products if approved for sale, the Company’s ability to negotiate favorable licensing or other manufacturing and marketing agreements for its products, and the Company’s ability to raise capital. The Company currently has no commercially approved products and there can be no assurance that the Company’s research and development programs will be successfully commercialized. Developing and commercializing a product requires significant time and capital and is subject to regulatory review and approval as well as competition from other biotechnology and pharmaceutical companies. The Company operates in an environment of rapid change and is dependent upon the continued services of its employees and consultants and obtaining and protecting its intellectual property. (C) Cash equivalents and concentration of cash balance: The Company considers all highly liquid securities with an original maturity of less than three months to be cash equivalents. The Company’s cash and cash equivalents in bank deposit accounts, at times, may exceed federally insured limits. (D) Property and equipment: Property and equipment is recorded at cost. Depreciation is recorded for property and equipment using the straight-line method over the estimated useful lives of three to five years. Leasehold improvements are amortized over the shorter of the estimated useful life or term of the underlying lease. The Company reviews the recoverability of all long-lived assets, including the related useful lives, whenever events or changes in circumstances indicate that the carrying amount of a long-lived asset might not be recoverable. (E) Research and development: Costs incurred in connection with research and development activities are expensed as incurred. These costs include licensing fees to use certain technology in the Company’s research and development projects as well as fees paid to consultants and various entities that perform certain research and testing on behalf of the Company. Costs for certain development activities, such as clinical trials, are recognized based on an evaluation of the progress to completion of specific tasks using data, such as patient enrollment, clinical site activations or information provided by vendors on their actual costs incurred. Payments for these activities are based on the terms of the individual arrangements, which may differ from the pattern of costs incurred. (F) Patent costs: The Company expenses patent costs as incurred and classifies such costs as general and administrative expenses in the accompanying statements of operations and comprehensive loss. (G) Stock-based compensation: The Company measures employee stock-based awards at grant-date fair value and recognizes employee compensation expense on a straight-line basis over the vesting period of the award. Determining the appropriate fair value of stock-based awards requires the input of subjective assumptions, including, for stock options, the expected life of the option, and expected stock price volatility. The Company uses the Black-Scholes option pricing model to value its stock option awards. The assumptions used in calculating the fair value of stock-based awards represent management’s best estimates and involve inherent uncertainties and the application of management’s judgment. As a result, if factors change and management uses different assumptions, stock-based compensation expense could be materially different for future awards. The expected life of stock options was estimated using the “simplified method,” as the Company has limited historical information to develop reasonable expectations about future exercise patterns and employment duration for its stock options grants. The simplified method is based on the average of the vesting tranches and the contractual life of each grant. For stock price volatility, the Company uses comparable public companies as a basis for its expected volatility to calculate the fair value of options grants. The risk-free interest rate is based on U.S. Treasury notes with a term approximating the expected life of the option. The estimation of the number of stock awards that will ultimately vest requires judgment, and to the extent actual results or updated estimates differ from the Company’s current estimates, such amounts are recognized as an adjustment in the period in which estimates are revised. (H) Net loss per common share: Basic and diluted net loss per common share is determined by dividing net loss attributable to common stockholders by the weighted average common shares outstanding during the period. For all periods presented, the common shares underlying the preferred stock, common stock options and warrants have been excluded from the calculation because their effect would be anti-dilutive. Therefore, the weighted average shares outstanding used to calculate both basic and diluted loss per common share are the same. The following potentially dilutive securities have been excluded from the computations of diluted weighted average shares outstanding as they would be anti-dilutive: As of December 31, 2016 2015 2014 Stock options to purchase Common Stock 5,316,511 4,302,267 2,445,711 Convertible preferred stock to purchase Common Stock - - 8,695,092 Warrants to purchase Common Stock 541,415 600,184 99,401 Warrants to purchase Series C Preferred Stock - - 338,534 Warrants to purchase Series C-1 Preferred Stock - - 257,028 Total 5,857,926 4,902,451 11,835,766 (I) Income taxes: The Company provides for deferred income taxes under the asset and liability method, which requires deferred tax assets and liabilities to be recognized for the future tax consequences attributable to net operating loss carryforwards and for differences between the financial statement carrying amounts and the respective tax bases of assets and liabilities. Deferred tax assets are reduced if necessary by a valuation allowance if it is more likely than not that some portion or all of the deferred tax assets will not be realized. (J) Fair value of financial instruments: Financial Accounting Standards Board (“FASB”) guidance specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect market assumptions. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The three levels of the fair value hierarchy are as follows: • Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 1 primarily consists of financial instruments whose value is based on quoted market prices such as exchange-traded instruments and listed equities. • Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly (e.g., quoted prices of similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active). Level 2 includes financial instruments that are valued using models or other valuation methodologies. • Level 3 — Unobservable inputs for the asset or liability. Financial instruments are considered Level 3 when their fair values are determined using pricing models, discounted cash flows or similar techniques and at least one significant model assumption or input is unobservable. (K) Subsequent events: Subsequent events have been evaluated through the date these financial statements were issued. (L) New accounting standards: In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-03, “Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs.” The new standard requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. This standard is effective for annual reporting periods beginning after December 15, 2015, and interim periods within those fiscal years. The Company has adopted this guidance and is reflected in the presentation of debt on the Company’s balance sheet. In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, “Leases (Topic 842).” The new standard requires organizations that lease assets—referred to as “lessees”—to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases (see Note 9). This standard is effective for annual reporting periods beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. The Company is evaluating the impact of adoption. In March 2016, the FASB issued ASU No. 2016-09 which simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. Public companies will be required to adopt this standard in annual reporting periods beginning after December 15, 2016, and interim periods within those annual periods. The Company will adopt this ASU on January 1, 2017. The adoption of the ASU will not have a material impact on the financial statements.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2016
Fair Value of Financial Instruments [Abstract]
Fair Value of Financial Instruments	Note 3 – Fair Value of Financial Instruments Fair Value Measurements at Reporting Date Using Total Quoted Prices in Quoted Prices in Significant Unobservable Inputs (Level 3) As of December 31, 2016: Cash and cash equivalents $ 106,398,919 $ 106,398,919 $ - $ - As of December 31, 2015: Cash and cash equivalents $ 130,189,421 $ 130,189,421 $ - $ - There were no transfers between Levels 1, 2, or 3 during 2016 or 2015. Prior to our IPO, which closed on October 6, 2015, Level 3 instruments consisted of the Company’s Series C and Series C-1 convertible preferred stock warrant liability and common stock warrant liability. The fair values of the outstanding warrants were measured using the Black-Scholes option-pricing model (Note 7). Inputs used to determine estimated fair value of the warrant liabilities include the estimated fair value of the underlying stock at the valuation date, the estimated term of the warrants, risk-free interest rates, expected dividends and the expected volatility of the underlying stock. The significant unobservable inputs used in the fair value measurement of the warrant liabilities were the fair value of the underlying stock at the valuation date and the estimated term of the warrants. Generally, increases (decreases) in the fair value of the underlying stock and estimated term would result in a directionally similar impact to the fair value measurement. After the IPO, the warrants were no longer liability classified and were no longer considered Level 3 instruments. Warrant Fair value as of December 31, 2014 $ 1,671,106 Fair value of warrants issued 175,114 Change in fair value 1,879,823 Reclassification to additional paid in capital at IPO (3,726,043 ) Fair value as of December 31, 2015 - Fair value as of December 31, 2016 $ -

Property and Equipment

Property and Equipment	12 Months Ended
	Dec. 31, 2016
Property and Equipment [Abstract]
Property and Equipment	Note 4 – Property and Equipment Property and equipment is summarized as follows: December 31, 2016 2015 Furniture and equipment $ 456,515 $ 163,162 Leasehold Improvements 358,356 115,938 Construction in Process 2,725,569 2,579,284 3,540,440 2,858,384 Less accumulated depreciation (122,363 ) (91,392 ) Property and equipment, net $ 3,418,077 $ 2,766,992

Accrued Expenses

Accrued Expenses	12 Months Ended
	Dec. 31, 2016
Accrued Expenses [Abstract]
Accrued Expenses	Note 5 – Accrued Expenses Accrued expenses and other liabilities consist of the following: December 31, 2016 2015 Accrued research and development costs $ 654,795 $ 1,874,126 Accrued professional fees 366,394 258,568 Accrued compensation 1,866,255 1,510,430 Accrued other 319,434 56,835 Deferred rent 6,837 34,389 Total $ 3,213,715 $ 3,734,348

Convertible Preferred Stock

Convertible Preferred Stock	12 Months Ended
	Dec. 31, 2016
Convertible Preferred Stock [Abstract]
Convertible Preferred Stock	Note 6 - Convertible Preferred Stock Immediately prior to the closing of the IPO on October 6, 2015, all of the outstanding shares of convertible preferred stock listed below, including shares received for accrued dividends, automatically converted into 18,566,856 shares of common stock at the applicable conversion ratio then in effect. There were no shares of preferred stock outstanding as of December 31, 2016 and 2015. The Company sold Convertible Preferred Stock as follows: Issue Date Series Number of Shares Price per Share Proceeds (in thousands) Common Stock Conversion Price Common shares on conversion Offer Costs (in thousands) 2009 A 390,486 $ 1.00 $ 390 $ 1.00 390,486 $ 25 2010 A 474,014 $ 1.00 $ 474 $ 1.00 474,014 $ 43 2011 B 2,333,000 $ 1.25 $ 2,916 $ 1.25 2,333,000 $ 27 2011 (1) B 82,116 $ 1.25 $ 103 $ 1.25 82,116 — 2012 B-1 359,935 $ 1.75 $ 630 $ 1.75 359,935 $ 153 2013 C 4,631,505 $ 3.85 $ 17,831 $ 3.85 4,631,505 $ 2,747 2013 (2) C 65,809 $ 3.85 $ 253 $ 3.85 65,809 — 2014 C-1 3,558,890 $ 4.65 $ 16,549 $ 4.65 3,558,890 $ 2,022 2015 C-2 12,043,006 $ 4.65 $ 56,000 $ 4.65 12,043,006 $ 3,783 (1) Conversion of $100,000 Note plus accrued interest of $2,645. (2) Conversion of $250,000 promissory note plus accrued interest of $3,365. Dividends The holders of the Series C, Series C-1 and Series C-2 Convertible Preferred Stock were entitled to receive, when, as and if declared by the board, cumulative dividends at the rate of 8% of the original purchase price per annum. The Series C, Series C-1 and Series C-2 dividends accrued from the date of issuance and were payable semi-annually on January 1 and July 1 in cash or common stock at the Company’s option. In accordance with accounting literature, Series C, Series C-1 and Series C-2 dividends since the date of issuance have been accrued in conjunction with the conversion of the Preferred Stock into Common. The other series of Convertible Preferred Stock had no dividend requirement. Preferred Stock Warrants In connection with certain of our preferred stock sales and debt issuances we issued warrants to the placement agent and lender, for preferred stock. The warrants were recorded as liabilities with changes in fair value being recorded in the statement of operations and are calculated utilizing the Black-Scholes option pricing model. At the closing of the IPO date on October 6, 2015 these warrants become exercisable for shares of our common stock. These warrants were exercisable for 600,184 shares of common stock at exercise prices ranging from $5.79 to $12.10 and expire at various dates through 2020. During 2016, 58,769 warrants were exercised resulting in the issuance of 44,032 shares of common stock. As of December 31, 2016, 541,415 warrants were exercisable.

Stock Options

Stock Options	12 Months Ended
	Dec. 31, 2016
Stock Options [Abstract]
Stock Options	Note 7 - Stock Options The Company has three equity compensation plans: the 2010 Equity Incentive Plan, the 2012 Equity Incentive Plan and the 2014 Equity Incentive Plan (the “Plans”). Originally, the Company was able to grant up to 548,206 and 1,096,411 shares of Common Stock as both incentive stock options (“ISOs”) and nonqualified stock options (“NQs”) under the 2010 Equity Incentive Plan and the 2012 Equity Incentive Plan, respectively. In 2013, the Company’s stockholders approved an increase to 1,279,146 shares authorized for issuance under the 2010 Equity Incentive Plan. In 2014, the Board of Directors of the Company (the “Board”) approved an increase to 1,350,412 shares authorized for issuance under the 2010 Equity Incentive Plan. In 2014, the Company’s stockholders approved the 2014 Equity Incentive Plan pursuant to which the Company may grant up to 1,827,351 shares as both ISOs and NQs, subject to increases as hereafter described (the “Plan Limit”). However, on January 1, 2015 and each January 1 thereafter prior to the termination of the 2014 Equity Incentive Plan, pursuant to the terms of the 2014 Equity Incentive Plan, the Plan Limit was and shall be increased by the lesser of (x) 4% of the number of shares of Common Stock outstanding as of the immediately preceding December 31 and (y) such lesser number as the Board of Directors may determine in its discretion. On January 1, 2016 the Plan Limit was increased to 3,047,323 shares. As of January 1, 2017, the Plan Limit increased to 4,204,063. Pursuant to the terms of the Plans, ISOs have a term of ten years from the date of grant or such shorter term as may be provided in the option agreement. Unless specified otherwise in an individual option agreement, ISOs generally vest over a four year term and NQs generally vest over a three or four year term. Unless terminated by the Board, the Plans shall continue to remain effective for a term of ten years or until such time as no further awards may be granted and all awards granted under the Plans are no longer outstanding. On November 16, 2015, the Company issued non-qualified options to purchase a total of 80,000 shares of common stock to its newly appointed Senior Vice President, General Counsel and Secretary. The award was granted outside of the Company’s 2014 Equity Incentive Plan and vests over four years with 25% vesting on October 30, 2016, which is one year following the date of hire, and the remaining 75% vesting in 36 equal monthly installments thereafter, subject to continued service to the Company through each vesting date and subject to acceleration or forfeiture upon the occurrence of certain events as set forth in the applicable option agreement and employment agreement. The foregoing grant award was made pursuant to the NASDAQ inducement grant exception as a material component of employment compensation. On July 1, 2016, the Company issued non-qualified options to purchase a total of 85,000 shares of common stock to its newly appointed Vice President, Clinical Development. The award was granted outside of the Company’s 2014 Equity Incentive Plan and vests over four years with 25% vesting on June 20, 2017, which is one year following the date of hire, and the remaining 75% vesting in 36 equal monthly installments thereafter, subject to continued service to the Company through each vesting date and subject to acceleration or forfeiture upon the occurrence of certain events as set forth in the applicable option agreement and Company policies. The foregoing grant award was made pursuant to the NASDAQ inducement grant exception as a material component of the employment compensation. On November 1, 2016, the Company issued non-qualified options to purchase a total of 150,000 shares of common stock to its newly appointed Chief Operating Officer. The award was granted outside of the Company’s 2014 Equity Incentive Plan and vests over four years with 25% vesting on October 17, 2017, which is one year following the date of hire, and the remaining 75% vesting in 36 equal monthly installments thereafter, subject to continued service to the Company through each vesting date and subject to acceleration or forfeiture upon the occurrence of certain events as set forth in the applicable option agreement and employment agreement. The foregoing grant award was made pursuant to the NASDAQ inducement grant exception as a material component of the employment compensation. The Company’s stock-based compensation expense was recognized in operating expense as follows: Year Ended December 31, 2016 2015 2014 Stock-Based Compensation Research and development $ 2,177,643 $ 1,129,556 $ 569,132 General and administrative 3,127,427 1,769,748 728,853 Total $ 5,305,070 $ 2,899,304 $ 1,297,985 The fair value of options and warrants granted during the years ended December 31, 2016, 2015 and 2014 was estimated using the Black-Scholes option valuation model utilizing the following assumptions: For the year ended December 31, 2016 2015 2014 Weighted Weighted Weighted Volatility 77.20 % 79.80 % 75.54 % Risk-Free Interest Rate 1.39 % 1.74 % 1.96 % Expected Term in Years 6.02 6.05 5.78 Dividend Rate 0.00 % 0.00 % 0.00 % Fair Value of Option on Grant Date $ 5.39 $ 5.42 $ 5.35 The following table summarizes the number of options outstanding and the weighted average exercise price: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life in Years Aggregate Intrinsic Value Options outstanding at January 1, 2014 1,993,301 $ 2.00 Granted 452,410 $ 8.15 Exercised - - Forfeited - - Options outstanding at December 31, 2014 2,445,711 $ 3.13 8.18 $ 6,247,407 Vested and expected to vest at December 31, 2014 2,408,395 $ 3.12 8.17 $ 6,175,025 Exercisable at December 31, 2014 1,413,335 $ 2.46 7.86 $ 4,162,373 Options outstanding at December 31, 2014 2,445,711 $ 3.13 Granted 1,902,609 7.87 Exercised (4,753 ) 0.23 Forfeited (30,640 ) 7.98 Expirations (10,660 ) 8.28 Options outstanding at December 31, 2015 4,302,267 $ 5.19 8.14 $ 31,659,550 Vested and expected to vest at December 31, 2015 4,213,091 $ 5.14 8.12 $ 31,202,132 Exercisable at December 31, 2015 1,857,077 $ 2.83 7.05 $ 17,952,965 Options outstanding at December 31, 2015 4,302,267 $ 5.19 Granted 1,211,400 8.09 Exercised (63,639 ) 4.62 Forfeited (133,517 ) 5.79 Options outstanding at December 31, 2016 5,316,511 $ 5.84 7.60 $ 35,599,646 Vested and expected to vest at December 31, 2016 5,235,931 $ 5.80 7.58 $ 35,246,927 Exercisable at December 31, 2016 3,027,112 $ 4.41 6.76 $ 24,559,384 At December 31, 2016 there was approximately $10,076,261 of unamortized stock compensation expense, which is expected to be recognized over a remaining average vesting period of 1.35 years.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2016
Income Taxes [Abstract]
Income Taxes	Note 8 – Income Taxes A reconciliation of the statutory U.S. federal income tax rate to the Company’s effective tax rate is as follows: Year ended December 31, 2016 2015 2014 Federal statutory rate 34.00 % 34.00 % 34.00 % State taxes 1.16 % 2.89 % 0.81 % Permanent differences -10.62 % -5.84 % -6.58 % Research and development 15.99 % 14.31 % 3.81 % State taxes/ sale of NOL 4.54 % 3.79 % 6.25 % Valuation allowance -40.53 % -45.77 % -32.04 % Other 0.00 % 0.41 % 0.00 % Effective tax rate 4.54 % 3.79 % 6.25 % The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets were as follows: As of December 31, 2016 2015 Federal net operating losses $ 23,644,647 $ 14,763,641 State net operating losses 1,554,730 1,144,762 Stock options 1,419,494 669,012 Federal tax credit 12,709,438 4,832,146 State tax credits 353,684 159,258 Amortization 69,529 76,222 Accrued expense 2,731 13,735 Other 18,042 15,431 Total gross deferred tax assets 39,772,295 21,674,207 Less valuation allowance (39,772,295 ) (21,674,207 ) Net deferred tax assets $ - $ - In assessing the realizability of the net deferred tax assets, the Company considers all relevant positive and negative evidence to determine whether it is more likely than not that some portion or all of the deferred income tax assets will not be realized. The realization of the gross deferred tax assets is dependent on several factors, including the generation of sufficient taxable income prior to the expiration of the net operating loss carryforwards. There was a full valuation allowance against the net deferred tax assets as of December 31, 2016 and December 31, 2015. At December 31, 2016, the Company had federal net operating loss (“NOL”) carryforwards of approximately $69.5 million which expire between 2029 and 2036. At December 31, 2016, the Company had federal research and development credits carryforwards of approximately $1.3 million and an orphan drug credit carryover of approximately $11.4 million. The Company may be subject to the net operating loss utilization provisions of Section 382 of the Internal Revenue Code. The effect of an ownership change would be the imposition of an annual limitation on the use of NOL carryforwards attributable to periods before the change. The amount of the annual limitation depends upon the value of the Company immediately before the change, changes to the Company’s capital during a specified period prior to the change, and the federal published interest rate. Although we have not completed an analysis under Section 382 of the Code, it is likely that the utilization of the NOLs will be limited. At December 31, 2016, the Company had approximately $26.2 million of State of New Jersey NOL’s which expire between 2030 and 2035. At December 31, 2016, the Company had approximately $0.6 million of the State of New Jersey research development credits carryforwards. The State of New Jersey has enacted legislation permitting certain corporations located in New Jersey to sell state tax loss carryforwards and state research and development credits, or net loss carryforwards. In 2016, the Company sold $19,196,765 of State of New Jersey NOL’s and $257,222 of State of New Jersey R&D Credits for $1,845,986. Entities are also required to evaluate, measure, recognize and disclose any uncertain income tax provisions taken on their income tax returns. The Company has analyzed its tax positions and has concluded that as of December 31, 2016, there were no uncertain positions. The Company’s U.S. federal and state net operating losses have occurred since its inception in 2009 and as such, tax years subject to potential tax examination could apply from that date because the utilization of net operating losses from prior years opens the relevant year to audit by the IRS and/or state taxing authorities. The IRS is currently auditing the 2015 tax year. Interest and penalties, if any, as they relate to income taxes assessed, are included in the income tax provision. The Company did not have any unrecognized tax benefits and has not accrued any interest or penalties through 2016.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2016
Commitments and Contingencies [Abstract]
Commitments and Contingencies	Note 9 – Commitments and Contingencies Evonik The Company entered into an agreement with SurModics Pharmaceuticals, Inc. (“SurModics”) in October 2010 for the exclusive worldwide licensing of certain technology, patent rights and know-how rights related to the production of EG-1962, the Company’s lead product candidate (the “Evonik Agreement”). This agreement was later transferred to Evonik Industries AG (“Evonik”) when it purchased substantially all the assets of SurModics. Pursuant to the Evonik Agreement, in exchange for the license, the Company agreed to make milestone payments totaling up to $14.75 million upon the achievement of certain development, regulatory and sales milestones detailed in the Evonik Agreement. The Company paid $0.25 million upon execution of the Evonik Agreement. In August 2016, the Company paid a milestone of $1.0 million after the first patient in the Phase 3 clinical trial of EG-1962 was dosed. In addition, the Evonik Agreement calls for the Company to pay royalties on sales of certain products based on a mid-single digit percentage of net sales. The Evonik Agreement provides for the reduction of royalties in certain limited circumstances. In September 2015, the Company and Evonik entered into Amendment No. 1 to the Evonik Agreement. This amendment clarified the Company’s obligations to pay Evonik certain royalty and milestone payments with respect to the sale of certain products whether or not manufactured by Evonik and removed the Company’s obligation to negotiate exclusively with Evonik for Phase 3 and commercial supply of EG-1962. The term of the Evonik Agreement will continue until the expiration of the Company’s obligation to pay royalties to Evonik. Either party may terminate the Evonik Agreement due to material breach by the other party. Evonik may terminate the Evonik Agreement or convert it to a non-exclusive license, in either case upon giving the Company written notice, if the Company fails to use commercially reasonable efforts to hit certain specified development, regulatory and commercial milestones. Employment Agreements The Company has entered into employment agreements with each of its executive officers. The agreements generally provide for, among other things, salary, bonus and severance payments. The employment agreements provide for between 12 months and 18 months of severance benefits to be paid to an executive (as well as certain potential bonus, COBRA and equity award benefits), subject to the effectiveness of a general release of claims, if the executive terminates his or her employment for good reason or if the Company terminates the executive’s employment without cause. The continued provision of severance benefits is conditioned on each executive’s compliance with the terms of the Company’s confidentiality and invention and assignment agreement as well as his or her release of claims. Leases Effective December 13, 2013, the Company entered into a 63 month lease for approximately 8,000 square feet of office space in Berkeley Heights, New Jersey. On February 18, 2016, the Company entered into a new 63 month lease for approximately 20,410 square feet of office space within the same office complex in Berkeley Heights, New Jersey. The terms of the new lease were structured so that the termination date of the December 13, 2013 lease coincided with the commencement date of the new lease on August 13, 2016. As a result of the lease termination, the Company wrote off $67,118 of leasehold improvements. Rent expense is recognized on a straight line basis where there are escalating payments, and was approximately $344,341, $207,541 and $227,662 for the years ended December 31, 2016, 2015 and 2014, respectively. The following is a schedule by years of future minimum rental payments required under operating leases that have initial or remaining non-cancelable lease terms in excess of one year as of December 31, 2016: Year ended December 31, 2017 $ 592,256 2018 602,461 2019 604,541 2020 603,371 2021 530,384 Total minimum payments required $ 2,933,013

Debt

Debt	12 Months Ended
	Dec. 31, 2016
Debt [Abstract]
Debt	Note 10 - Debt On August 28, 2014, the Company entered into a loan and security agreement with Hercules Technology Growth Capital, Inc., (the “Original Loan Agreement”). The Original Loan Agreement provided funding for an aggregate principal amount of up to $10,000,000 in three separate term loans. The Wall Street Journal The Wall Street Journal Commencing in October 2015, the term loans began amortizing in equal monthly installments of principal and interest over 30 months. On the maturity date or the date the loan otherwise became due and payable, the Company was also required to make a payment equal to 1.5% of the total amounts funded under the Original Loan Agreement. On August 1, 2016, the Company entered into an Amended and Restated Loan and Security Agreement (the “Amended Loan Agreement”) with Hercules Capital, Inc., formerly known as Hercules Technology Growth Capital, Inc. Pursuant to the Amended Loan Agreement, the Company may borrow up to $20,000,000. At closing, the Company borrowed $15,000,000 available for draw under the Amended Loan Agreement (and received proceeds net of the amount then outstanding under the Original Loan Agreement, fees and expenses). The Amended Loan Agreement allows the Company, at its option, to drawn down a second tranche of $5 million on or before June 15, 2017. Amounts drawn under the Amended Loan Agreement bear interest at a rate per annum equal to the greater of either (i) the sum of (a) 9.15%, plus (b) the prime rate as reported in The Wall Street Journal minus 4.50% or (ii) 9.15%. The effective interest rate on the loan as of December 31, 2016 was 9.15%. Pursuant to the terms of the Amended Loan Agreement, the Company will make interest-only payments until March 1, 2018, and then repay the principal balance of the loan in 24 equal monthly payments of principal and interest through the scheduled maturity date of February 3, 2020. The period of interest-only payments and the maturity date may be extended if the Company satisfies certain conditions as described in the Amended Loan Agreement. Pursuant to the Amended Loan Agreement, in March 2018, the Company must make a payment of $90,000, which is equal to 1.5% of the total amounts funded under the Original Loan Agreement. On the maturity date or the date the loan otherwise becomes due and payable, under the Amended Loan Agreement the Company must also make a payment of $900,000, which is equal to 4.5% of the total amounts available under the Amended Loan Agreement. In addition, if the Company prepays the term loan during the first year following the initial closing, the Company must pay a prepayment charge equal to 2% of the amount being prepaid, if the Company prepays the term loan during the second year following the closing, the Company must pay a prepayment charge equal to 1% of the amount being prepaid, and if the Company prepays the term loan after the second year following the closing, the Company must pay a prepayment charge equal to 0.5% of the amount being prepaid. The loan is secured by substantially all of the Company’s assets, other than intellectual property, which is the subject of a negative pledge. Under the Amended Loan Agreement, the Company is subject to certain customary covenants that limit or restrict the Company’s ability to, among other things, incur additional indebtedness, investments, distributions, transfer assets, make acquisitions, grant any security interests, pay cash dividends, repurchase its common stock, make loans, or enter into certain transactions without prior consent. The Amended Loan Agreement contains several events of default, including, among others, payment defaults, breaches of covenants or representations, material impairment in the perfection of Hercules’ security interest or in the collateral and events related to bankruptcy or insolvency. Upon an event of default, Hercules may declare all outstanding obligations immediately due and payable (along with a prepayment charge), a default rate of an additional 5.0% may be applied to the outstanding loan balances, and Hercules may take such further actions as set forth in the Amended Loan Agreement, including collecting or taking such other action with respect to the collateral pledged in connection with the Amended Loan Agreement. Future principal payments on the note as of December 31, 2016 were as follows: Year Ending in December 31: (000's) 2017 $ - 2018 5,912 2019 7,716 2020 1,372 $ 15,000 The estimated fair value of the debt (categorized as a Level 2 liability for fair value measurement purposes) is determined using current market factors and the ability of the Company to obtain debt at comparable terms to those that are currently in place. The Company believes the estimated fair value at December 31, 2016 approximates the carrying amount.

Retirement Plan

Retirement Plan	12 Months Ended
	Dec. 31, 2016
Retirement Plan [Abstract]
Retirement Plan	Note 11 – Retirement Plan The Company has a 401(k) defined contribution plan for the benefit for all employees and permits voluntary contributions by employees subject to IRS-imposed limitations. The 401K employer contribution for the 2016 and 2015 plan years were $16,979 and $15,253 respectively.

Selected Quarterly Financial Da

Selected Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2016
Selected Quarterly Financial Data (Unaudited) [Abstract]
Selected Quarterly Financial Data (Unaudited)	Note 12 – Selected Quarterly Financial Data (Unaudited) The following table summarizes unaudited quarterly financial data for the years ended December 31, 2016 and 2015 (in thousands, except per share data). 2016 First Second Third Fourth Total Total operating expenses $ 9,032 $ 9,264 $ 10,277 $ 10,939 $ 39,512 Loss from operations $ (9,032 ) $ (9,264 ) $ (10,277 ) $ (10,939 ) $ (39,512 ) Net loss and comprehensive loss $ (9,170 ) $ (9,376 ) $ (10,759 ) $ (9,516 ) $ (38,821 ) Net loss attributable to common stockholders $ (9,170 ) $ (9,376 ) $ (10,759 ) $ (9,516 ) $ (38,821 ) Loss per share attributable to common stockholders basic and diluted $ (0.32 ) $ (0.33 ) $ (0.37 ) $ (0.33 ) $ (1.34 ) 2015 First Second Third Fourth Total Total operating expenses $ 4,182 $ 4,961 $ 8,485 $ 8,871 $ 26,499 Loss from operations $ (4,182 ) $ (4,961 ) $ (8,485 ) $ (8,871 ) $ (26,499 ) Net loss and comprehensive loss $ (4,468 ) $ (5,521 ) $ (10,130 ) $ (7,960 ) $ (28,079 ) Net loss attributable to common stockholders $ (5,152 ) $ (7,267 ) $ (11,958 ) $ (8,058 ) $ (32,435 ) Loss per share attributable to common stockholders basic and diluted $ (3.05 ) $ (4.30 ) $ (7.08 ) $ (0.30 ) $ (4.01 ) Basic and diluted net loss per share amounts included in the above table were computed independently for each of the quarters presented. Accordingly, the sum of the quarterly basic and diluted net loss per share amounts may not agree to the total for the year.

Summary of Significant Accoun20

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2016
Summary of Significant Accounting Policies [Abstract]
Use of Estimates	(A) Use of estimates: The preparation of financial statements in conformity with U.S. 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 revenues and expenses during the reporting period. Actual results could differ from those estimates.
Significant Risks and Uncertainties	(B) Significant risks and uncertainties: The Company’s operations are subject to a number of factors that may affect its operating results and financial condition. Such factors include, but are not limited to: the results of clinical testing and trial activities of the Company’s product candidates, the Company’s ability to obtain regulatory approval to market its products, the Company’s intellectual property, competition from products manufactured and sold or being developed by other companies, the price of, and demand for, Company products if approved for sale, the Company’s ability to negotiate favorable licensing or other manufacturing and marketing agreements for its products, and the Company’s ability to raise capital. The Company currently has no commercially approved products and there can be no assurance that the Company’s research and development programs will be successfully commercialized. Developing and commercializing a product requires significant time and capital and is subject to regulatory review and approval as well as competition from other biotechnology and pharmaceutical companies. The Company operates in an environment of rapid change and is dependent upon the continued services of its employees and consultants and obtaining and protecting its intellectual property.
Cash Equivalents and Concentration of Cash Balance	(C) Cash equivalents and concentration of cash balance: The Company considers all highly liquid securities with an original maturity of less than three months to be cash equivalents. The Company’s cash and cash equivalents in bank deposit accounts, at times, may exceed federally insured limits.
Property and Equipment	(D) Property and equipment: Property and equipment is recorded at cost. Depreciation is recorded for property and equipment using the straight-line method over the estimated useful lives of three to five years. Leasehold improvements are amortized over the shorter of the estimated useful life or term of the underlying lease. The Company reviews the recoverability of all long-lived assets, including the related useful lives, whenever events or changes in circumstances indicate that the carrying amount of a long-lived asset might not be recoverable.
Research and Development	(E) Research and development: Costs incurred in connection with research and development activities are expensed as incurred. These costs include licensing fees to use certain technology in the Company’s research and development projects as well as fees paid to consultants and various entities that perform certain research and testing on behalf of the Company. Costs for certain development activities, such as clinical trials, are recognized based on an evaluation of the progress to completion of specific tasks using data, such as patient enrollment, clinical site activations or information provided by vendors on their actual costs incurred. Payments for these activities are based on the terms of the individual arrangements, which may differ from the pattern of costs incurred.
Patent Costs	(F) Patent costs: The Company expenses patent costs as incurred and classifies such costs as general and administrative expenses in the accompanying statements of operations and comprehensive loss.
Stock-Based Compensation	(G) Stock-based compensation: The Company measures employee stock-based awards at grant-date fair value and recognizes employee compensation expense on a straight-line basis over the vesting period of the award. Determining the appropriate fair value of stock-based awards requires the input of subjective assumptions, including, for stock options, the expected life of the option, and expected stock price volatility. The Company uses the Black-Scholes option pricing model to value its stock option awards. The assumptions used in calculating the fair value of stock-based awards represent management’s best estimates and involve inherent uncertainties and the application of management’s judgment. As a result, if factors change and management uses different assumptions, stock-based compensation expense could be materially different for future awards. The expected life of stock options was estimated using the “simplified method,” as the Company has limited historical information to develop reasonable expectations about future exercise patterns and employment duration for its stock options grants. The simplified method is based on the average of the vesting tranches and the contractual life of each grant. For stock price volatility, the Company uses comparable public companies as a basis for its expected volatility to calculate the fair value of options grants. The risk-free interest rate is based on U.S. Treasury notes with a term approximating the expected life of the option. The estimation of the number of stock awards that will ultimately vest requires judgment, and to the extent actual results or updated estimates differ from the Company’s current estimates, such amounts are recognized as an adjustment in the period in which estimates are revised.
Net Loss per Common Share	(H) Net loss per common share: Basic and diluted net loss per common share is determined by dividing net loss attributable to common stockholders by the weighted average common shares outstanding during the period. For all periods presented, the common shares underlying the preferred stock, common stock options and warrants have been excluded from the calculation because their effect would be anti-dilutive. Therefore, the weighted average shares outstanding used to calculate both basic and diluted loss per common share are the same. The following potentially dilutive securities have been excluded from the computations of diluted weighted average shares outstanding as they would be anti-dilutive: As of December 31, 2016 2015 2014 Stock options to purchase Common Stock 5,316,511 4,302,267 2,445,711 Convertible preferred stock to purchase Common Stock - - 8,695,092 Warrants to purchase Common Stock 541,415 600,184 99,401 Warrants to purchase Series C Preferred Stock - - 338,534 Warrants to purchase Series C-1 Preferred Stock - - 257,028 Total 5,857,926 4,902,451 11,835,766
Income Taxes	(I) Income taxes: The Company provides for deferred income taxes under the asset and liability method, which requires deferred tax assets and liabilities to be recognized for the future tax consequences attributable to net operating loss carryforwards and for differences between the financial statement carrying amounts and the respective tax bases of assets and liabilities. Deferred tax assets are reduced if necessary by a valuation allowance if it is more likely than not that some portion or all of the deferred tax assets will not be realized.
Fair Value of Financial Instruments	(J) Fair value of financial instruments: Financial Accounting Standards Board (“FASB”) guidance specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect market assumptions. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The three levels of the fair value hierarchy are as follows: • Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 1 primarily consists of financial instruments whose value is based on quoted market prices such as exchange-traded instruments and listed equities. • Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly (e.g., quoted prices of similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active). Level 2 includes financial instruments that are valued using models or other valuation methodologies. • Level 3 — Unobservable inputs for the asset or liability. Financial instruments are considered Level 3 when their fair values are determined using pricing models, discounted cash flows or similar techniques and at least one significant model assumption or input is unobservable.
Subsequent Events	(K) Subsequent events: Subsequent events have been evaluated through the date these financial statements were issued.
New Accounting Standards	(L) New accounting standards: In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-03, “Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs.” The new standard requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. This standard is effective for annual reporting periods beginning after December 15, 2015, and interim periods within those fiscal years. The Company has adopted this guidance and is reflected in the presentation of debt on the Company’s balance sheet. In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, “Leases (Topic 842).” The new standard requires organizations that lease assets—referred to as “lessees”—to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases (see Note 9). This standard is effective for annual reporting periods beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. The Company is evaluating the impact of adoption. In March 2016, the FASB issued ASU No. 2016-09 which simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. Public companies will be required to adopt this standard in annual reporting periods beginning after December 15, 2016, and interim periods within those annual periods. The Company will adopt this ASU on January 1, 2017. The adoption of the ASU will not have a material impact on the financial statements.

Summary of Significant Accoun21

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2016
Summary of Significant Accounting Policies [Abstract]
Potentially Dilutive Securities Excluded from Computations of Diluted Weighted Average Shares Outstanding	The following potentially dilutive securities have been excluded from the computations of diluted weighted average shares outstanding as they would be anti-dilutive: As of December 31, 2016 2015 2014 Stock options to purchase Common Stock 5,316,511 4,302,267 2,445,711 Convertible preferred stock to purchase Common Stock - - 8,695,092 Warrants to purchase Common Stock 541,415 600,184 99,401 Warrants to purchase Series C Preferred Stock - - 338,534 Warrants to purchase Series C-1 Preferred Stock - - 257,028 Total 5,857,926 4,902,451 11,835,766

Fair Value of Financial Instr22

Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2016
Fair Value of Financial Instruments [Abstract]
Fair Value of Financial Instruments	Fair Value Measurements at Reporting Date Using Total Quoted Prices in Quoted Prices in Significant Unobservable Inputs (Level 3) As of December 31, 2016: Cash and cash equivalents $ 106,398,919 $ 106,398,919 $ - $ - As of December 31, 2015: Cash and cash equivalents $ 130,189,421 $ 130,189,421 $ - $ -
Significant Unobservable Input Reconciliation	Prior to our IPO, which closed on October 6, 2015, Level 3 instruments consisted of the Company’s Series C and Series C-1 convertible preferred stock warrant liability and common stock warrant liability. The fair values of the outstanding warrants were measured using the Black-Scholes option-pricing model (Note 7). Inputs used to determine estimated fair value of the warrant liabilities include the estimated fair value of the underlying stock at the valuation date, the estimated term of the warrants, risk-free interest rates, expected dividends and the expected volatility of the underlying stock. The significant unobservable inputs used in the fair value measurement of the warrant liabilities were the fair value of the underlying stock at the valuation date and the estimated term of the warrants. Generally, increases (decreases) in the fair value of the underlying stock and estimated term would result in a directionally similar impact to the fair value measurement. After the IPO, the warrants were no longer liability classified and were no longer considered Level 3 instruments. Warrant Fair value as of December 31, 2014 $ 1,671,106 Fair value of warrants issued 175,114 Change in fair value 1,879,823 Reclassification to additional paid in capital at IPO (3,726,043 ) Fair value as of December 31, 2015 - Fair value as of December 31, 2016 $ -

Property and Equipment (Tables)

Property and Equipment (Tables)	12 Months Ended
	Dec. 31, 2016
Property and Equipment [Abstract]
Property and Equipment	Property and equipment is summarized as follows: December 31, 2016 2015 Furniture and equipment $ 456,515 $ 163,162 Leasehold Improvements 358,356 115,938 Construction in Process 2,725,569 2,579,284 3,540,440 2,858,384 Less accumulated depreciation (122,363 ) (91,392 ) Property and equipment, net $ 3,418,077 $ 2,766,992

Accrued Expenses (Tables)

Accrued Expenses (Tables)	12 Months Ended
	Dec. 31, 2016
Accrued Expenses [Abstract]
Accrued Expenses and Other Liabilities	Accrued expenses and other liabilities consist of the following: December 31, 2016 2015 Accrued research and development costs $ 654,795 $ 1,874,126 Accrued professional fees 366,394 258,568 Accrued compensation 1,866,255 1,510,430 Accrued other 319,434 56,835 Deferred rent 6,837 34,389 Total $ 3,213,715 $ 3,734,348

Convertible Preferred Stock (Ta

Convertible Preferred Stock (Tables)	12 Months Ended
	Dec. 31, 2016
Convertible Preferred Stock [Abstract]
Convertible Preferred Stock	The Company sold Convertible Preferred Stock as follows: Issue Date Series Number of Shares Price per Share Proceeds (in thousands) Common Stock Conversion Price Common shares on conversion Offer Costs (in thousands) 2009 A 390,486 $ 1.00 $ 390 $ 1.00 390,486 $ 25 2010 A 474,014 $ 1.00 $ 474 $ 1.00 474,014 $ 43 2011 B 2,333,000 $ 1.25 $ 2,916 $ 1.25 2,333,000 $ 27 2011 (1) B 82,116 $ 1.25 $ 103 $ 1.25 82,116 — 2012 B-1 359,935 $ 1.75 $ 630 $ 1.75 359,935 $ 153 2013 C 4,631,505 $ 3.85 $ 17,831 $ 3.85 4,631,505 $ 2,747 2013 (2) C 65,809 $ 3.85 $ 253 $ 3.85 65,809 — 2014 C-1 3,558,890 $ 4.65 $ 16,549 $ 4.65 3,558,890 $ 2,022 2015 C-2 12,043,006 $ 4.65 $ 56,000 $ 4.65 12,043,006 $ 3,783 (1) Conversion of $100,000 Note plus accrued interest of $2,645. (2) Conversion of $250,000 promissory note plus accrued interest of $3,365.

Stock Options (Tables)

Stock Options (Tables)	12 Months Ended
	Dec. 31, 2016
Stock Options [Abstract]
Stock-Based Compensation Expense	The Company’s stock-based compensation expense was recognized in operating expense as follows: Year Ended December 31, 2016 2015 2014 Stock-Based Compensation Research and development $ 2,177,643 $ 1,129,556 $ 569,132 General and administrative 3,127,427 1,769,748 728,853 Total $ 5,305,070 $ 2,899,304 $ 1,297,985
Assumptions Used to Value Stock Options and Warrants Granted	The fair value of options and warrants granted during the years ended December 31, 2016, 2015 and 2014 was estimated using the Black-Scholes option valuation model utilizing the following assumptions: For the year ended December 31, 2016 2015 2014 Weighted Weighted Weighted Volatility 77.20 % 79.80 % 75.54 % Risk-Free Interest Rate 1.39 % 1.74 % 1.96 % Expected Term in Years 6.02 6.05 5.78 Dividend Rate 0.00 % 0.00 % 0.00 % Fair Value of Option on Grant Date $ 5.39 $ 5.42 $ 5.35
Stock Option Activity	The following table summarizes the number of options outstanding and the weighted average exercise price: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life in Years Aggregate Intrinsic Value Options outstanding at January 1, 2014 1,993,301 $ 2.00 Granted 452,410 $ 8.15 Exercised - - Forfeited - - Options outstanding at December 31, 2014 2,445,711 $ 3.13 8.18 $ 6,247,407 Vested and expected to vest at December 31, 2014 2,408,395 $ 3.12 8.17 $ 6,175,025 Exercisable at December 31, 2014 1,413,335 $ 2.46 7.86 $ 4,162,373 Options outstanding at December 31, 2014 2,445,711 $ 3.13 Granted 1,902,609 7.87 Exercised (4,753 ) 0.23 Forfeited (30,640 ) 7.98 Expirations (10,660 ) 8.28 Options outstanding at December 31, 2015 4,302,267 $ 5.19 8.14 $ 31,659,550 Vested and expected to vest at December 31, 2015 4,213,091 $ 5.14 8.12 $ 31,202,132 Exercisable at December 31, 2015 1,857,077 $ 2.83 7.05 $ 17,952,965 Options outstanding at December 31, 2015 4,302,267 $ 5.19 Granted 1,211,400 8.09 Exercised (63,639 ) 4.62 Forfeited (133,517 ) 5.79 Options outstanding at December 31, 2016 5,316,511 $ 5.84 7.60 $ 35,599,646 Vested and expected to vest at December 31, 2016 5,235,931 $ 5.80 7.58 $ 35,246,927 Exercisable at December 31, 2016 3,027,112 $ 4.41 6.76 $ 24,559,384

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2016
Income Taxes [Abstract]
Statutory to Effective Federal Income Tax Rate Reconciliation	A reconciliation of the statutory U.S. federal income tax rate to the Company’s effective tax rate is as follows: Year ended December 31, 2016 2015 2014 Federal statutory rate 34.00 % 34.00 % 34.00 % State taxes 1.16 % 2.89 % 0.81 % Permanent differences -10.62 % -5.84 % -6.58 % Research and development 15.99 % 14.31 % 3.81 % State taxes/ sale of NOL 4.54 % 3.79 % 6.25 % Valuation allowance -40.53 % -45.77 % -32.04 % Other 0.00 % 0.41 % 0.00 % Effective tax rate 4.54 % 3.79 % 6.25 %
Deferred Tax Assets	The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets were as follows: As of December 31, 2016 2015 Federal net operating losses $ 23,644,647 $ 14,763,641 State net operating losses 1,554,730 1,144,762 Stock options 1,419,494 669,012 Federal tax credit 12,709,438 4,832,146 State tax credits 353,684 159,258 Amortization 69,529 76,222 Accrued expense 2,731 13,735 Other 18,042 15,431 Total gross deferred tax assets 39,772,295 21,674,207 Less valuation allowance (39,772,295 ) (21,674,207 ) Net deferred tax assets $ - $ -

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2016
Commitments and Contingencies [Abstract]
Future Minimum Rental Payments Required under Operating Leases	The following is a schedule by years of future minimum rental payments required under operating leases that have initial or remaining non-cancelable lease terms in excess of one year as of December 31, 2016: Year ended December 31, 2017 $ 592,256 2018 602,461 2019 604,541 2020 603,371 2021 530,384 Total minimum payments required $ 2,933,013

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2016
Debt [Abstract]
Future Principal Payments	Future principal payments on the note as of December 31, 2016 were as follows: Year Ending in December 31: (000's) 2017 $ - 2018 5,912 2019 7,716 2020 1,372 $ 15,000

Selected Quarterly Financial 30

Selected Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2016
Selected Quarterly Financial Data (Unaudited) [Abstract]
Selected Quarterly Financial Data (Unaudited)	The following table summarizes unaudited quarterly financial data for the years ended December 31, 2016 and 2015 (in thousands, except per share data). 2016 First Second Third Fourth Total Total operating expenses $ 9,032 $ 9,264 $ 10,277 $ 10,939 $ 39,512 Loss from operations $ (9,032 ) $ (9,264 ) $ (10,277 ) $ (10,939 ) $ (39,512 ) Net loss and comprehensive loss $ (9,170 ) $ (9,376 ) $ (10,759 ) $ (9,516 ) $ (38,821 ) Net loss attributable to common stockholders $ (9,170 ) $ (9,376 ) $ (10,759 ) $ (9,516 ) $ (38,821 ) Loss per share attributable to common stockholders basic and diluted $ (0.32 ) $ (0.33 ) $ (0.37 ) $ (0.33 ) $ (1.34 ) 2015 First Second Third Fourth Total Total operating expenses $ 4,182 $ 4,961 $ 8,485 $ 8,871 $ 26,499 Loss from operations $ (4,182 ) $ (4,961 ) $ (8,485 ) $ (8,871 ) $ (26,499 ) Net loss and comprehensive loss $ (4,468 ) $ (5,521 ) $ (10,130 ) $ (7,960 ) $ (28,079 ) Net loss attributable to common stockholders $ (5,152 ) $ (7,267 ) $ (11,958 ) $ (8,058 ) $ (32,435 ) Loss per share attributable to common stockholders basic and diluted $ (3.05 ) $ (4.30 ) $ (7.08 ) $ (0.30 ) $ (4.01 )

Nature of Operations (Details)

Nature of Operations (Details) - USD ($)	Oct. 06, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Completion of IPO [Abstract]
Sales price per share (in dollars per share)	$ 11
Gross proceeds from issuance of common stock	$ 92,500,000	$ 0	$ 86,059,087	$ 0
Net proceeds from issuance of common stock	82,800,000
Underwriting discounts, commissions and other offering costs	$ 9,700,000
Common shares issued upon conversion of preferred stock (in shares)	18,566,856
Preferred stock, shares outstanding (in shares)		0	0
IPO [Member]
Completion of IPO [Abstract]
Shares of common stock sold (in shares)	8,412,423
Over-Allotment Option [Member]
Completion of IPO [Abstract]
Shares of common stock sold (in shares)	1,097,272

Summary of Significant Accoun32

Summary of Significant Accounting Policies (Details) - shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Net Loss per Common Share [Abstract]
Antidilutive securities excluded from computation of earnings per share (in shares)	5,857,926	4,902,451	11,835,766
Maximum [Member]
Property and Equipment [Abstract]
Estimated useful lives of property and equipment	5 years
Minimum [Member]
Property and Equipment [Abstract]
Estimated useful lives of property and equipment	3 years
Stock Options to Purchase Common Stock [Member]
Net Loss per Common Share [Abstract]
Antidilutive securities excluded from computation of earnings per share (in shares)	5,316,511	4,302,267	2,445,711
Convertible Preferred Stock to Purchase Common Stock [Member]
Net Loss per Common Share [Abstract]
Antidilutive securities excluded from computation of earnings per share (in shares)	0	0	8,695,092
Warrants to Purchase Common Stock [Member]
Net Loss per Common Share [Abstract]
Antidilutive securities excluded from computation of earnings per share (in shares)	541,415	600,184	99,401
Warrants to Purchase Series C Preferred Stock [Member]
Net Loss per Common Share [Abstract]
Antidilutive securities excluded from computation of earnings per share (in shares)	0	0	338,534
Warrants to Purchase Series C-1 Preferred Stock [Member]
Net Loss per Common Share [Abstract]
Antidilutive securities excluded from computation of earnings per share (in shares)	0	0	257,028

Fair Value of Financial Instr33

Fair Value of Financial Instruments (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Fair Value of Financial Instruments [Abstract]
Cash and cash equivalents	$ 106,398,919	$ 130,189,421
Fair Value Transfers Between Levels [Abstract]
Transfers from Level 1 to Level 2, assets	0	0
Transfers from Level 2 to Level 1, assets	0	0
Transfers into Level 3, assets	0	0
Transfers out of Level 3, assets	0	0
Significant Unobservable Input Reconciliation [Roll Forward]
Change in fair value	0	1,879,823	$ (582,360)
Warrant Liability [Member]
Significant Unobservable Input Reconciliation [Roll Forward]
Fair value, beginning balance	0	1,671,106
Fair value of warrants issued		175,114
Change in fair value		1,879,823
Reclassification to additional paid in capital at IPO		(3,726,043)
Fair value, ending balance	0	0	$ 1,671,106
Quoted Prices in Active Markets (Level 1) [Member]
Fair Value of Financial Instruments [Abstract]
Cash and cash equivalents	106,398,919	130,189,421
Quoted Prices in Inactive Markets (Level 2) [Member]
Fair Value of Financial Instruments [Abstract]
Cash and cash equivalents	0	0
Significant Unobservable Inputs (Level 3) [Member]
Fair Value of Financial Instruments [Abstract]
Cash and cash equivalents	$ 0	$ 0

Property and Equipment (Details

Property and Equipment (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Property and Equipment [Abstract]
Property and equipment	$ 3,540,440	$ 2,858,384
Less accumulated depreciation	(122,363)	(91,392)
Property and equipment, net	3,418,077	2,766,992
Furniture and Equipment [Member]
Property and Equipment [Abstract]
Property and equipment	456,515	163,162
Leasehold Improvements [Member]
Property and Equipment [Abstract]
Property and equipment	358,356	115,938
Construction in Process [Member]
Property and Equipment [Abstract]
Property and equipment	$ 2,725,569	$ 2,579,284

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Accrued Expenses [Abstract]
Accrued research and development costs	$ 654,795	$ 1,874,126
Accrued professional fees	366,394	258,568
Accrued compensation	1,866,255	1,510,430
Accrued other	319,434	56,835
Deferred rent	6,837	34,389
Total	$ 3,213,715	$ 3,734,348

Convertible Preferred Stock (De

Convertible Preferred Stock (Details) - USD ($)		Oct. 06, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Convertible Preferred Stock [Abstract]
Proceeds			$ 0	$ 52,394,571	$ 14,917,257
Common shares on conversion (in shares)		18,566,856
Preferred stock, shares outstanding (in shares)			0	0
Preferred Stock Warrants [Abstract]
Warrants exercised (in shares)			58,769
Issuance of common stock from exercise of warrants (in shares)			44,032
Warrants exercisable (in shares)			541,415
Warrants Issued in Connection with Loan Agreement [Member]
Preferred Stock Warrants [Abstract]
Number of shares of stock that can be purchased with warrants (in shares)		600,184
Warrants Issued in Connection with Loan Agreement [Member] | Minimum [Member]
Preferred Stock Warrants [Abstract]
Exercise price of warrants (in dollars per share)		$ 5.79
Warrants Issued in Connection with Loan Agreement [Member] | Maximum [Member]
Preferred Stock Warrants [Abstract]
Exercise price of warrants (in dollars per share)		$ 12.10
Convertible Note [Member]
Convertible Preferred Stock [Abstract]
Notes payable converted			$ 100,000
Accrued interest converted			2,645
Convertible Promissory Note [Member]
Convertible Preferred Stock [Abstract]
Notes payable converted			250,000
Accrued interest converted			$ 3,365
Convertible Preferred Stock - Series A [Member]
Convertible Preferred Stock [Abstract]
Number of shares (in shares)									474,014	390,486
Price per share (in dollars per share)									$ 1	$ 1
Proceeds									$ 474,000	$ 390,000
Common stock conversion price (in dollars per share)									$ 1	$ 1
Common shares on conversion (in shares)									474,014	390,486
Offer costs									$ 43,000	$ 25,000
Convertible Preferred Stock - Series B [Member]
Convertible Preferred Stock [Abstract]
Number of shares (in shares)								2,333,000
Price per share (in dollars per share)								$ 1.25
Proceeds								$ 2,916,000
Common stock conversion price (in dollars per share)								$ 1.25
Common shares on conversion (in shares)								2,333,000
Offer costs								$ 27,000
Convertible Preferred Stock - Series B [Member] | Convertible Note [Member]
Convertible Preferred Stock [Abstract]
Number of shares (in shares)	[1]							82,116
Price per share (in dollars per share)	[1]							$ 1.25
Proceeds	[1]							$ 103,000
Common stock conversion price (in dollars per share)	[1]							$ 1.25
Common shares on conversion (in shares)	[1]							82,116
Offer costs	[1]							$ 0
Convertible Preferred Stock - Series B-1 [Member]
Convertible Preferred Stock [Abstract]
Number of shares (in shares)							359,935
Price per share (in dollars per share)							$ 1.75
Proceeds							$ 630,000
Common stock conversion price (in dollars per share)							$ 1.75
Common shares on conversion (in shares)							359,935
Offer costs							$ 153,000
Convertible Preferred Stock - Series C [Member]
Convertible Preferred Stock [Abstract]
Number of shares (in shares)						4,631,505
Price per share (in dollars per share)						$ 3.85
Proceeds						$ 17,831,000
Common stock conversion price (in dollars per share)						$ 3.85
Common shares on conversion (in shares)						4,631,505
Offer costs						$ 2,746,612
Dividends [Abstract]
Cumulative dividend rate						8.00%
Convertible Preferred Stock - Series C [Member] | Convertible Promissory Note [Member]
Convertible Preferred Stock [Abstract]
Number of shares (in shares)	[2]					65,809
Price per share (in dollars per share)	[2]					$ 3.85
Proceeds	[2]					$ 253,000
Common stock conversion price (in dollars per share)	[2]					$ 3.85
Common shares on conversion (in shares)	[2]					65,809
Offer costs	[2]					$ 0
Convertible Preferred Stock - Series C-1 [Member]
Convertible Preferred Stock [Abstract]
Number of shares (in shares)					3,558,890
Price per share (in dollars per share)					$ 4.65
Proceeds					$ 16,549,000
Common stock conversion price (in dollars per share)					$ 4.65
Common shares on conversion (in shares)					3,558,890
Offer costs					$ 2,022,025
Dividends [Abstract]
Cumulative dividend rate					8.00%
Convertible Preferred Stock - Series C-2 [Member]
Convertible Preferred Stock [Abstract]
Number of shares (in shares)				12,043,006
Price per share (in dollars per share)				$ 4.65
Proceeds				$ 56,000,000
Common stock conversion price (in dollars per share)				$ 4.65
Common shares on conversion (in shares)				12,043,006
Offer costs				$ 3,782,650
Dividends [Abstract]
Cumulative dividend rate				8.00%
[1]	Conversion of $100,000 Note plus accrued interest of $2,645.
[2]	Conversion of $250,000 promissory note plus accrued interest of $3,365.

Stock Options, Equity Compensat

Stock Options, Equity Compensation Plans (Details)	Nov. 01, 2016shares	Jul. 01, 2016shares	Nov. 16, 2015shares	Dec. 31, 2016PlanInstallmentshares	Dec. 31, 2015shares	Dec. 31, 2014shares	Jan. 02, 2017shares	Jan. 02, 2016shares	Dec. 31, 2013shares	Dec. 31, 2012shares	Dec. 31, 2010shares
Stock Options [Abstract]
Number of equity compensation plans | Plan				3
Term of option				10 years
Incentive Stock Options [Member]
Stock Options [Abstract]
Vesting period				4 years
Nonqualified Stock Options [Member]
Stock Options [Abstract]
Options granted (in shares)		85,000
Vesting period				4 years
Nonqualified Stock Options [Member] | Vesting One Year Following Date of Hire [Member]
Stock Options [Abstract]
Vesting percentage				25.00%
Nonqualified Stock Options [Member] | Vesting in 36 Monthly Installments Thereafter [Member]
Stock Options [Abstract]
Vesting percentage				75.00%
Number of monthly installments for vesting | Installment				36
Nonqualified Stock Options [Member] | Minimum [Member]
Stock Options [Abstract]
Vesting period				3 years
Nonqualified Stock Options [Member] | Maximum [Member]
Stock Options [Abstract]
Vesting period				4 years
Senior Vice President, General Counsel and Secretary [Member] | Nonqualified Stock Options [Member]
Stock Options [Abstract]
Options granted (in shares)			80,000
Vesting period				4 years
Senior Vice President, General Counsel and Secretary [Member] | Nonqualified Stock Options [Member] | Vesting One Year Following Date of Hire [Member]
Stock Options [Abstract]
Vesting percentage				25.00%
Senior Vice President, General Counsel and Secretary [Member] | Nonqualified Stock Options [Member] | Vesting in 36 Monthly Installments Thereafter [Member]
Stock Options [Abstract]
Vesting percentage				75.00%
Number of monthly installments for vesting | Installment				36
Chief Operating Officer [Member] | Nonqualified Stock Options [Member]
Stock Options [Abstract]
Options granted (in shares)	150,000
Vesting period				4 years
Chief Operating Officer [Member] | Nonqualified Stock Options [Member] | Vesting One Year Following Date of Hire [Member]
Stock Options [Abstract]
Vesting percentage				25.00%
Chief Operating Officer [Member] | Nonqualified Stock Options [Member] | Vesting in 36 Monthly Installments Thereafter [Member]
Stock Options [Abstract]
Vesting percentage				75.00%
Number of monthly installments for vesting | Installment				36
The Plans [Member] | Qualified and Nonqualified Stock Options [Member]
Stock Options [Abstract]
Options granted (in shares)				1,211,400	1,902,609	452,410
2010 Equity Incentive Plan [Member]
Stock Options [Abstract]
Number of shares authorized for issuance (in shares)						1,350,412			1,279,146		548,206
Term of plan				10 years
2012 Equity Incentive Plan [Member]
Stock Options [Abstract]
Number of shares authorized for issuance (in shares)										1,096,411
Term of plan				10 years
2014 Equity Incentive Plan [Member]
Stock Options [Abstract]
Number of shares authorized for issuance (in shares)						1,827,351		3,047,323
Percentage of Common Stock outstanding used to determine annual increase in the plan limit						4.00%
Term of plan				10 years
2014 Equity Incentive Plan [Member] | Subsequent Event [Member]
Stock Options [Abstract]
Number of shares authorized for issuance (in shares)							4,204,063

Stock Options, Stock-Based Comp

Stock Options, Stock-Based Compensation Expense (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Stock-Based Compensation [Abstract]
Stock-based compensation expense	$ 5,305,070	$ 2,899,304	$ 1,297,985
Research and Development [Member]
Stock-Based Compensation [Abstract]
Stock-based compensation expense	2,177,643	1,129,556	569,132
General and Administrative [Member]
Stock-Based Compensation [Abstract]
Stock-based compensation expense	$ 3,127,427	$ 1,769,748	$ 728,853

Stock Options, Assumptions Used

Stock Options, Assumptions Used to Value Stock Options and Warrants Granted (Details) - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Assumptions Used in Determining Fair Value of Stock Options and Warrants Granted [Abstract]
Volatility	77.20%	79.80%	75.54%
Risk-free interest rate	1.39%	1.74%	1.96%
Expected term	6 years 7 days	6 years 18 days	5 years 9 months 11 days
Dividend rate	0.00%	0.00%	0.00%
Fair value of option on grant date (in dollars per share)	$ 5.39	$ 5.42	$ 5.35

Stock Options, Stock Option Act

Stock Options, Stock Option Activity (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Unamortized Stock Compensation Expense [Abstract]
Unamortized stock compensation expense	$ 10,076,261
Period for recognition	1 year 4 months 6 days
The Plans [Member] | Stock Options [Member]
Number of Shares [Roll Forward]
Options outstanding, beginning balance (in shares)	4,302,267	2,445,711	1,993,301
Granted (in shares)	1,211,400	1,902,609	452,410
Exercised (in shares)	(63,639)	(4,753)	0
Forfeited (in shares)	(133,517)	(30,640)	0
Expirations (in shares)		(10,660)
Options outstanding, ending balance (in shares)	5,316,511	4,302,267	2,445,711
Vested and expected to vest (in shares)	5,235,931	4,213,091	2,408,395
Exercisable (in shares)	3,027,112	1,857,077	1,413,335
Weighted Average Exercise Price [Roll Forward]
Options outstanding, beginning balance (in dollars per share)	$ 5.19	$ 3.13	$ 2
Granted (in dollars per share)	8.09	7.87	8.15
Exercised (in dollars per share)	4.62	0.23	0
Forfeited (in dollars per share)	5.79	7.98	0
Expirations (in dollars per share)		8.28
Options outstanding, ending balance (in dollars per share)	5.84	5.19	3.13
Vested and expected to vest (in dollars per share)	5.80	5.14	3.12
Exercisable (in dollars per share)	$ 4.41	$ 2.83	$ 2.46
Remaining Contractual Life and Aggregate Intrinsic Value [Abstract]
Options outstanding, weighted average remaining contractual life	7 years 7 months 6 days	8 years 1 month 20 days	8 years 2 months 5 days
Options outstanding, aggregate intrinsic value	$ 35,599,646	$ 31,659,550	$ 6,247,407
Vested and expected to vest, weighted average contractual life	7 years 6 months 29 days	8 years 1 month 13 days	8 years 2 months 1 day
Vested and expected to vest, aggregate intrinsic value	$ 35,246,927	$ 31,202,132	$ 6,175,025
Exercisable, weighted average contractual life	6 years 9 months 4 days	7 years 18 days	7 years 10 months 10 days
Exercisable, aggregate intrinsic value	$ 24,559,384	$ 17,952,965	$ 4,162,373

Income Taxes (Details)

Income Taxes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Effective Federal Income Tax Rate Reconciliation [Abstract]
Federal statutory rate	34.00%	34.00%	34.00%
State taxes	1.16%	2.89%	0.81%
Permanent differences	(10.62%)	(5.84%)	(6.58%)
Research and development	15.99%	14.31%	3.81%
State taxes/ sale of NOL	4.54%	3.79%	6.25%
Valuation allowance	(40.53%)	(45.77%)	(32.04%)
Other	0.00%	0.41%	0.00%
Effective tax rate	4.54%	3.79%	6.25%
Deferred Tax Assets [Abstract]
Federal net operating losses	$ 23,644,647	$ 14,763,641
State net operating losses	1,554,730	1,144,762
Stock options	1,419,494	669,012
Amortization	69,529	76,222
Accrued expense	2,731	13,735
Other	18,042	15,431
Total gross deferred tax assets	39,772,295	21,674,207
Less valuation allowance	(39,772,295)	(21,674,207)
Net deferred tax assets	0	0
Income Tax Uncertainties [Abstract]
Uncertain tax positions	0
Federal [Member]
Tax Carryforwards [Abstract]
Net operating loss carryforwards	$ 69,500,000
Income Tax Uncertainties [Abstract]
Tax year under examination	2,015
Unrecognized tax benefits	$ 0
Accrued interest and penalties	$ 0
Federal [Member] | Minimum [Member]
Tax Carryforwards [Abstract]
Expiration date of net operating loss carryforwards	Dec. 31, 2029
Federal [Member] | Maximum [Member]
Tax Carryforwards [Abstract]
Expiration date of net operating loss carryforwards	Dec. 31, 2036
New Jersey [Member]
Tax Carryforwards [Abstract]
Net operating loss carryforwards	$ 26,200,000
NOL's sold	19,196,765
Proceeds from sale of NOL's and R&D tax credits	$ 1,845,956
New Jersey [Member] | Minimum [Member]
Tax Carryforwards [Abstract]
Expiration date of net operating loss carryforwards	Dec. 31, 2030
New Jersey [Member] | Maximum [Member]
Tax Carryforwards [Abstract]
Expiration date of net operating loss carryforwards	Dec. 31, 2035
Research and Development Credit [Member] | Federal [Member]
Tax Carryforwards [Abstract]
Tax credit carryforwards	$ 1,300,000
Research and Development Credit [Member] | New Jersey [Member]
Tax Carryforwards [Abstract]
Tax credit carryforwards	600,000
Tax credit carryforwards sold	257,222
Orphan Drug Credit [Member] | Federal [Member]
Tax Carryforwards [Abstract]
Tax credit carryforwards	11,400,000
Federal [Member]
Deferred Tax Assets [Abstract]
Tax credits	12,709,438	4,832,146
State [Member]
Deferred Tax Assets [Abstract]
Tax credits	$ 353,684	$ 159,258

Commitments and Contingencies42

Commitments and Contingencies (Details)	1 Months Ended		12 Months Ended
	Aug. 31, 2016USD ($)	Oct. 31, 2010USD ($)	Dec. 31, 2016USD ($)ft²	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Leases [Abstract]
Rent expense			$ 344,341	$ 207,541	$ 227,662
Future Minimum Rental Payments Required under Operating Leases [Abstract]
2,017			592,256
2,018			602,461
2,019			604,541
2,020			603,371
2,021			530,384
Total minimum payments required			2,933,013
Evonik License Agreement [Member]
Evonik [Abstract]
Milestone payments paid	$ 1,000,000	$ 250,000
Evonik License Agreement [Member] | Maximum [Member]
Evonik [Abstract]
Milestone payments to be paid			$ 14,750,000
Employment Agreements with Executives [Member] | Minimum [Member]
Employment Agreements [Abstract]
Term for payment of severance benefits			12 months
Employment Agreements with Executives [Member] | Maximum [Member]
Employment Agreements [Abstract]
Term for payment of severance benefits			18 months
Office Space in Berkeley Heights, New Jersey Under Lease Effective December 13, 2013 [Member]
Leases [Abstract]
Term of lease			63 months
Area of leased property | ft²			8,000
Writeoff of leasehold improvements			$ 67,118
Office Space in Berkeley Heights, New Jersey Under Lease Entered into February 18, 2016 [Member]
Leases [Abstract]
Term of lease			63 months
Area of leased property | ft²			20,410

Debt (Details)

Debt (Details)	Aug. 01, 2016USD ($)	Apr. 06, 2015	Aug. 28, 2014USD ($)Loan	Dec. 31, 2016USD ($)	Jun. 30, 2015USD ($)	Jan. 29, 2015USD ($)
Future Principal Payments [Abstract]
2,017				$ 0
2,018				5,912,000
2,019				7,716,000
2,020				1,372,000
Total				$ 15,000,000
Original Loan Agreement [Member]
Loan and Security Agreement [Abstract]
Aggregate principal amount of borrowing capacity			$ 10,000,000
Number of term loans | Loan			3
Interest rate		9.95%	10.45%
Adjustment to interest rate		(4.50%)	(4.50%)
Term for making principal and interest payments				30 months
Additional interest charged on due date			$ 90,000
Additional interest rate charged on due date			1.50%
First Term Loan under Original Loan Agreement [Member]
Loan and Security Agreement [Abstract]
Funded amount			$ 3,000,000
Maturity date				Mar. 1, 2018
Second Term Loan under Original Loan Agreement[Member]
Loan and Security Agreement [Abstract]
Funded amount						$ 3,000,000
Maturity date				Mar. 1, 2018
Third Term Loan under Original Loan Agreement [Member]
Loan and Security Agreement [Abstract]
Maturity date				Jun. 30, 2015
Unused borrowing capacity					$ 4,000,000
Amended Loan Agreement [Member]
Loan and Security Agreement [Abstract]
Aggregate principal amount of borrowing capacity	$ 20,000,000
Maturity date				Feb. 3, 2020
Interest rate	9.15%
Adjustment to interest rate	(4.15%)
Term for making principal and interest payments				24 months
Effective interest rate				9.15%
Additional interest charged on due date	$ 900,000
Additional interest rate charged on due date	4.50%
Prepayment charge during first year following initial closing			2.00%
Prepayment charge during second year following initial closing			1.00%
Prepayment charge after second year following initial closing			0.50%
Event of default rate	5.00%
First Term Loan under Amended Loan Agreement [Member]
Loan and Security Agreement [Abstract]
Funded amount	$ 15,000,000
Second Term Loan under Amended Loan Agreement [Member]
Loan and Security Agreement [Abstract]
Unused borrowing capacity	$ 5,000,000

Retirement Plan (Details)

Retirement Plan (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Retirement Plan [Abstract]
401(K) employer contribution	$ 16,979	$ 15,253

Selected Quarterly Financial 45

Selected Quarterly Financial Data (Unaudited) (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Selected Quarterly Financial Data (Unaudited) [Abstract]
Total operating expenses	$ 10,939,000	$ 10,277,000	$ 9,264,000	$ 9,032,000	$ 8,871,000	$ 8,485,000	$ 4,961,000	$ 4,182,000	$ 39,512,146	$ 26,498,818	$ 13,194,183
Loss from operations	(10,939,000)	(10,277,000)	(9,264,000)	(9,032,000)	(8,871,000)	(8,485,000)	(4,961,000)	(4,182,000)	(39,512,146)	(26,498,818)	(13,194,183)
Net loss	(9,516,000)	(10,759,000)	(9,376,000)	(9,170,000)	(7,960,000)	(10,130,000)	(5,521,000)	(4,468,000)	(38,820,998)	(28,078,646)	(12,201,386)
Comprehensive loss	(9,516,000)	(10,759,000)	(9,376,000)	(9,170,000)	(7,960,000)	(10,130,000)	(5,521,000)	(4,468,000)	(38,820,998)	(28,078,646)	(12,201,386)
Net loss attributable to common stockholders	$ (9,516,000)	$ (10,759,000)	$ (9,376,000)	$ (9,170,000)	$ (8,058,000)	$ (11,958,000)	$ (7,267,000)	$ (5,152,000)	$ (38,820,998)	$ (32,435,054)	$ (13,782,087)
Loss per share attributable to common stockholders basic and diluted (in dollars per share)	$ (0.33)	$ (0.37)	$ (0.33)	$ (0.32)	$ (0.30)	$ (7.08)	$ (4.30)	$ (3.05)	$ (1.34)	$ (4.01)	$ (8.16)