PDS Biotechnology (PDSB) 10-Q 3 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	Apr. 27, 2017
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 Common Stock, Shares Outstanding		30,811,436
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2017

Balance Sheets (Unaudited)

Balance Sheets (Unaudited) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 95,590,661	$ 106,398,919
Prepaid expenses and other current assets	699,525	954,581
Total current assets	96,290,186	107,353,500
Property and equipment, net	3,465,055	3,418,077
Other assets	142,870	142,870
Total assets	99,898,111	110,914,447
Current liabilities:
Accounts payable	2,527,616	3,471,032
Accrued expenses	3,638,589	3,213,715
Short term debt	579,554	0
Total current liabilities	6,745,759	6,684,747
Noncurrent liability:
Long term debt	14,505,605	14,953,143
STOCKHOLDERS' EQUITY
Preferred stock, 5,000,000 shares authorized at March 31, 2017 and December 31, 2016, 0 outstanding	0	0
Common stock, $0.00033 par value, 75,000,000 shares authorized at March 31, 2017 and December 31, 2016, 29,011,436 shares and 28,918,516 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively	9,786	9,756
Additional paid-in capital	191,895,736	190,341,769
Accumulated deficit	(113,258,775)	(101,074,968)
Total stockholders' equity	78,646,747	89,276,557
Total liabilities and stockholders' equity	$ 99,898,111	$ 110,914,447

Balance Sheets (Unaudited) (Par

Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2017	Dec. 31, 2016
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)	29,011,436	28,918,516
Common stock, shares outstanding (in shares)	29,011,436	28,918,516

Statements of Operations and Co

Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Operating expenses:
Research and development expenses	$ 7,589,496	$ 5,346,763
General and administrative expenses	4,201,842	3,685,597
Total operating expenses	11,791,338	9,032,360
Loss from operations	(11,791,338)	(9,032,360)
Other income (expense):
Interest income	96,259	42,814
Interest expense	(475,141)	(180,864)
Net loss	(12,170,220)	(9,170,410)
Comprehensive loss	$ (12,170,220)	$ (9,170,410)
Loss per share basic and diluted (in dollars per share)	$ (0.42)	$ (0.32)
Weighted average common shares outstanding basic and diluted (in shares)	28,998,616	28,812,907

Statements of Cash Flows (Unaud

Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities:
Net loss	$ (12,170,220)	$ (9,170,410)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	1,485,705	1,415,301
Stock-based 401K company common match	121,620	0
Depreciation expense	42,306	15,300
Amortization of debt discount	12,365	22,534
Amortization of debt issuance costs	27,102	21,016
Non-cash interest expense	92,549	8,955
Changes in assets and liabilities:
Prepaid expenses and other assets	255,055	151,571
Accounts payable	(943,416)	842,864
Accrued expenses	303,255	(2,381,078)
Net cash used in operating activities	(10,773,679)	(9,073,947)
Cash flows from investing activities:
Purchases of property and equipment	(89,284)	(77,287)
Net cash used in investing activities	(89,284)	(77,287)
Cash flows from financing activities:
Proceeds from exercise of stock options	50,960	546
Proceeds from exercise of warrants	3,745	0
Payments for issuance costs	0	(549,178)
Repayment of debt	0	(547,140)
Net cash provided by (used in) financing activities	54,705	(1,095,772)
Net decrease in cash	(10,808,258)	(10,247,006)
Cash and cash equivalents at beginning of period	106,398,919	130,189,421
Cash and cash equivalents at end of period	95,590,661	119,942,415
Cash paid for:
Interest	343,125	133,047
Supplemental cash flow information:
Accrued capital expenditures included in accrued expenses and accounts payable	$ 0	$ 5,000

Nature of Operations

Nature of Operations	3 Months Ended
	Mar. 31, 2017
Nature of Operations [Abstract]
Nature of Operations	Note 1 – 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 product candidates utilize the Company’s 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, par value of $0.00033 per share ("Common Stock") 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. 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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2017
Summary of Significant Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2 – Summary of Significant Accounting Policies (A) Unaudited interim financial statements: The interim balance sheet at March 31, 2017, the statements of operations and comprehensive loss for the three months ended March 31, 2017 and 2016, and cash flows for the three months ended March 31, 2017 and 2016 are unaudited. The accompanying unaudited condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”), and following the requirements of the Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP can be condensed or omitted. These financial statements have been prepared on the same basis as the Company’s annual financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments that are necessary for a fair statement of its financial information. The results of operations for the three months ended March 31, 2017 are not necessarily indicative of the results to be expected for the year ending December 31, 2017 or for any other future annual or interim period. The balance sheet as of December 31, 2016 included herein was derived from the audited financial statements as of that date. These financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto included in the Company’s Form 10-K for the year ended December 31, 2016. (B) 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. (C) 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 manufacture its products or have its products manufactured, 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. (D) 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. (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. (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, Common Stock underlying the 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 March 31, 2017 2016 Stock options to purchase Common Stock 6,193,461 5,117,292 Warrants to purchase Common Stock 403,782 600,184 Total 6,597,243 5,717,476 (I) Accounting standards not yet adopted: 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 7). 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. (J) Accounting standards adopted: 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 adopted this ASU on January 1, 2017. The impact of adopting ASU 2016-09 resulted in the following: · The Company recognized $84,786 of tax benefit along with a full valuation allowance as of the adoption date related to the historical excess tax benefits from historical option exercises related to employee equity award activity. · The Company elected to recognize forfeitures as they occur. The cumulative effect adjustment as a result of the adoption of this amendment on a modified retrospective basis was not material. There were no other material impacts to our consolidated financial statements as a result of adopting this updated standard.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2017
Fair Value of Financial Instruments [Abstract]
Fair Value of Financial Instruments	Note 3 – Fair Value of Financial Instruments There were no transfers between Levels 1, 2, or 3 during 2017 or 2016. Fair Value Measurements at Reporting Date Using Total Quoted Prices in Active Markets (Level 1) Quoted Prices in Inactive Markets (Level 2) Significant Unobservable Inputs (Level 3) As of March 31, 2017: (unaudited) Cash and cash equivalents $ 95,590,661 $ 95,590,661 $ - $ - As of December 31, 2016: Cash and cash equivalents $ 106,398,919 $ 106,398,919 $ - $ -

Accrued Expenses

Accrued Expenses	3 Months Ended
	Mar. 31, 2017
Accrued Expenses [Abstract]
Accrued Expenses	Note 4 – Accrued Expenses Accrued expenses and other liabilities consist of the following: As of March 31, As of December 31, 2017 2016 Accrued research and development costs $ 1,674,808 $ 654,795 Accrued professional fees 597,914 366,394 Accrued compensation 1,030,102 1,866,255 Accrued other 324,068 319,434 Deferred rent 11,697 6,837 Total $ 3,638,589 $ 3,213,715

Stock Options

Stock Options	3 Months Ended
	Mar. 31, 2017
Stock Options [Abstract]
Stock Options	Note 5 – 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”). The Company was able to grant up to 1,350,412 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 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”). 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 shares. 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 March 1, 2017, the Company issued non-qualified options to purchase a total of 80,000 shares of Common Stock to its newly appointed Senior Vice President, Regulatory Affairs. The award was granted outside of the Company’s 2014 Equity Incentive Plan and vests over four years with 25% vesting on February 28, 2018, which is one year following the employee's date of hire, and the remaining 75% vesting in 36 equal monthly installments thereafter, subject to the employee's 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 employee's stock option agreement. The foregoing grant award was made pursuant to the NASDAQ inducement grant exception as a material component of the employee's employment compensation. Together with the other inducement grants made by the Company, there are options covering an aggregate of 395,000 shares outstanding that were granted outside of the Plans. The Company’s stock-based compensation expense was recognized in operating expense as follows: Three Months Ended March 31, 2017 2016 (unaudited) Stock-Based Compensation Research and development $ 608,443 $ 497,529 General and administrative 877,262 917,772 Total $ 1,485,705 $ 1,415,301 The fair value of options and warrants granted during the three months ended March 31, 2017 and 2016 was estimated using the Black-Scholes option valuation model utilizing the following assumptions: Three Months Ended March 31, 2017 2016 Weighted Average Weighted Average (unaudited) Volatility 89.37 % 79.80 % Risk-Free Interest Rate 1.90 % 1.41 % Expected Term in Years 6.05 6.08 Dividend Rate 0.00 % 0.00 % Fair Value of Option on Grant Date $ 6.67 $ 4.97 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 December 31, 2016 5,316,511 $ 5.84 Granted 965,700 8.97 Exercised (25,000 ) 2.04 Forfeited (63,750 ) 8.20 Options outstanding at March 31, 2017 6,193,461 $ 6.32 7.75 $ 19,191,512 Vested and expected to vest at March 31, 2017 6,193,461 $ 6.32 7.75 $ 19,191,512 Exercisable at March 31, 2017 3,358,600 $ 4.62 6.68 $ 15,807,994 At March 31, 2017 there was approximately $15,290,084 of unamortized stock compensation expense, which is expected to be recognized over a remaining average vesting period of 2.97 years.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2017
Income Taxes [Abstract]
Income Taxes	Note 6 – Income Taxes 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 March 31, 2017 and December 31, 2016. 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 the Company has 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 Company's 2015 tax year. Even though the audit is in the initial phase, the Company does not expect any material audit adjustments. 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 for the three months ended March 31, 2017 and 2016.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2017
Commitments and Contingencies [Abstract]
Commitments and Contingencies	Note 7 – 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. Rent expense is recognized on a straight line basis where there are escalating payments, and was approximately $148,060 and $58,109 for the three months ended March 31, 2017 and 2016, 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 March 31, 2017: Year ended December 31, 2017 (remaining) $ 444,511 2018 602,461 2019 604,541 2020 603,371 2021 530,384 2022 and after - Total minimum payments required $ 2,785,268

Debt

Debt	3 Months Ended
	Mar. 31, 2017
Debt [Abstract]
Debt	Note 8 – 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 first term loan was funded on August 28, 2014 in the amount of $3,000,000. The second term loan of $3,000,000 was funded on January 29, 2015. Both the first and second term loans were due to mature on March 1, 2018. The Company elected not to draw the third term loan of $4.0 million, the availability of which expired on June 30, 2015. Initially, the loan bore interest at a rate per annum equal to the greater of (i) 10.45% or (ii) the sum of (a) 10.45% plus (b) the prime rate (as reported in 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 draw 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 March 31, 2017 was 9.15%. Pursuant to the terms of the Amended Loan Agreement, the Company will make interest-only payments until March 1, 2018, and on that date begin to 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 (i) during the first year following the initial closing, the Company must pay a prepayment charge equal to 2% of the amount being prepaid, (ii) during the second year following the closing, the Company must pay a prepayment charge equal to 1% of the amount being prepaid, and (iii) 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 March 31, 2017 were as follows: Year Ending in December 31: (000's) 2017 (remaining) $ - 2018 5,912 2019 7,716 2020 1,372 Total $ 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 March 31, 2017 approximates the carrying amount.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2017
Subsequent Events [Abstract]
Subsequent Events	Note 9 – Subsequent Events On April 19, 2017, the Company entered into a Subscription Agreement with certain investors providing for the issuance and sale by the Company of 1,800,000 shares of the Company’s Common Stock (the "Shares"), in a registered direct offering (the "Offering"). The Shares were offered at a price of $10.00 per Share. The closing of the Offering occurred on April 21, 2017. The Company received gross proceeds from the Offering of $18 million and net proceeds from the Offering of $17.4 million, after deducting the finder’s fee payable to Maxim Group LLC and other offering expenses. The Company intends to use the net proceeds from the Offering to advance pre-commercial activities for EG-1962 (currently in a registration study for the treatment of aneurysmal subarachnoid hemorrhage), to expand its product portfolio and for general corporate purposes.

Summary of Significant Accoun15

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2017
Summary of Significant Accounting Policies [Abstract]
Unaudited Interim Financial Statements	(A) Unaudited interim financial statements: The interim balance sheet at March 31, 2017, the statements of operations and comprehensive loss for the three months ended March 31, 2017 and 2016, and cash flows for the three months ended March 31, 2017 and 2016 are unaudited. The accompanying unaudited condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”), and following the requirements of the Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP can be condensed or omitted. These financial statements have been prepared on the same basis as the Company’s annual financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments that are necessary for a fair statement of its financial information. The results of operations for the three months ended March 31, 2017 are not necessarily indicative of the results to be expected for the year ending December 31, 2017 or for any other future annual or interim period. The balance sheet as of December 31, 2016 included herein was derived from the audited financial statements as of that date. These financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto included in the Company’s Form 10-K for the year ended December 31, 2016.
Use of Estimates	(B) 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	(C) 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 manufacture its products or have its products manufactured, 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	(D) 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.
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.
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, Common Stock underlying the 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 March 31, 2017 2016 Stock options to purchase Common Stock 6,193,461 5,117,292 Warrants to purchase Common Stock 403,782 600,184 Total 6,597,243 5,717,476
Accounting Standards Not Yet Adopted	(I) Accounting standards not yet adopted: 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 7). 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.
Accounting Standards Adopted	(J) Accounting standards adopted: 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 adopted this ASU on January 1, 2017. The impact of adopting ASU 2016-09 resulted in the following: · The Company recognized $84,786 of tax benefit along with a full valuation allowance as of the adoption date related to the historical excess tax benefits from historical option exercises related to employee equity award activity. · The Company elected to recognize forfeitures as they occur. The cumulative effect adjustment as a result of the adoption of this amendment on a modified retrospective basis was not material. There were no other material impacts to our consolidated financial statements as a result of adopting this updated standard.

Summary of Significant Accoun16

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 2016 Stock options to purchase Common Stock 6,193,461 5,117,292 Warrants to purchase Common Stock 403,782 600,184 Total 6,597,243 5,717,476

Fair Value of Financial Instr17

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2017
Fair Value of Financial Instruments [Abstract]
Fair Value of Financial Instruments	Fair Value Measurements at Reporting Date Using Total Quoted Prices in Active Markets (Level 1) Quoted Prices in Inactive Markets (Level 2) Significant Unobservable Inputs (Level 3) As of March 31, 2017: (unaudited) Cash and cash equivalents $ 95,590,661 $ 95,590,661 $ - $ - As of December 31, 2016: Cash and cash equivalents $ 106,398,919 $ 106,398,919 $ - $ -

Accrued Expenses (Tables)

Accrued Expenses (Tables)	3 Months Ended
	Mar. 31, 2017
Accrued Expenses [Abstract]
Accrued Expenses and Other Liabilities	Accrued expenses and other liabilities consist of the following: As of March 31, As of December 31, 2017 2016 Accrued research and development costs $ 1,674,808 $ 654,795 Accrued professional fees 597,914 366,394 Accrued compensation 1,030,102 1,866,255 Accrued other 324,068 319,434 Deferred rent 11,697 6,837 Total $ 3,638,589 $ 3,213,715

Stock Options (Tables)

Stock Options (Tables)	3 Months Ended
	Mar. 31, 2017
Stock Options [Abstract]
Stock-Based Compensation Expense	The Company’s stock-based compensation expense was recognized in operating expense as follows: Three Months Ended March 31, 2017 2016 (unaudited) Stock-Based Compensation Research and development $ 608,443 $ 497,529 General and administrative 877,262 917,772 Total $ 1,485,705 $ 1,415,301
Assumptions Used to Value Stock Options and Warrants Granted	The fair value of options and warrants granted during the three months ended March 31, 2017 and 2016 was estimated using the Black-Scholes option valuation model utilizing the following assumptions: Three Months Ended March 31, 2017 2016 Weighted Average Weighted Average (unaudited) Volatility 89.37 % 79.80 % Risk-Free Interest Rate 1.90 % 1.41 % Expected Term in Years 6.05 6.08 Dividend Rate 0.00 % 0.00 % Fair Value of Option on Grant Date $ 6.67 $ 4.97
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 December 31, 2016 5,316,511 $ 5.84 Granted 965,700 8.97 Exercised (25,000 ) 2.04 Forfeited (63,750 ) 8.20 Options outstanding at March 31, 2017 6,193,461 $ 6.32 7.75 $ 19,191,512 Vested and expected to vest at March 31, 2017 6,193,461 $ 6.32 7.75 $ 19,191,512 Exercisable at March 31, 2017 3,358,600 $ 4.62 6.68 $ 15,807,994

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017: Year ended December 31, 2017 (remaining) $ 444,511 2018 602,461 2019 604,541 2020 603,371 2021 530,384 2022 and after - Total minimum payments required $ 2,785,268

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2017
Debt [Abstract]
Future Principal Payments	Future principal payments on the note as of March 31, 2017 were as follows: Year Ending in December 31: (000's) 2017 (remaining) $ - 2018 5,912 2019 7,716 2020 1,372 Total $ 15,000

Nature of Operations (Details)

Nature of Operations (Details) - USD ($) $ / shares in Units, $ in Millions	Oct. 06, 2015	Mar. 31, 2017	Dec. 31, 2016
Completion of IPO [Abstract]
Common stock, par value (in dollars per share)	$ 0.00033	$ 0.00033	$ 0.00033
Gross proceeds from issuance of common stock	$ 92.5
Net proceeds from issuance of common stock	$ 82.8
Common Stock issued upon conversion of preferred stock (in shares)	18,566,856
IPO [Member]
Completion of IPO [Abstract]
Shares of common stock sold (in shares)	8,412,423
Sales price per share (in dollars per share)	$ 11

Summary of Significant Accoun23

Summary of Significant Accounting Policies (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Net Loss per Common Share [Abstract]
Antidilutive securities excluded from computation of earnings per share (in shares)	6,597,243	5,717,476
Stock Options to Purchase Common Stock [Member]
Net Loss per Common Share [Abstract]
Antidilutive securities excluded from computation of earnings per share (in shares)	6,193,461	5,117,292
Warrants to Purchase Common Stock [Member]
Net Loss per Common Share [Abstract]
Antidilutive securities excluded from computation of earnings per share (in shares)	403,782	600,184
ASU 2016 - 09 [Member]
Accounting Standards Adopted [Abstract]
Tax benefit	$ (84,786)

Fair Value of Financial Instr24

Fair Value of Financial Instruments (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Fair Value Transfers Between Levels [Abstract]
Transfers from Level 1 to Level 2	$ 0	$ 0
Transfers from Level 2 to Level 1	0	0
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Fair Value of Financial Instruments [Abstract]
Cash and cash equivalents	95,590,661	106,398,919
Quoted Prices in Active Markets (Level 1) [Member]
Fair Value of Financial Instruments [Abstract]
Cash and cash equivalents	95,590,661	106,398,919
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

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Accrued Expenses [Abstract]
Accrued research and development costs	$ 1,674,808	$ 654,795
Accrued professional fees	597,914	366,394
Accrued compensation	1,030,102	1,866,255
Accrued other	324,068	319,434
Deferred rent	11,697	6,837
Total	$ 3,638,589	$ 3,213,715

Stock Options, Equity Compensat

Stock Options, Equity Compensation Plans (Details)	Mar. 01, 2017shares	Mar. 31, 2017PlanInstallmentshares	Dec. 31, 2014shares	Jan. 02, 2017shares	Dec. 31, 2016shares	Jan. 02, 2016shares	Dec. 31, 2012shares	Dec. 31, 2010shares
Stock Options [Abstract]
Number of equity compensation plans | Plan		3
Stock Options [Member]
Stock Options [Abstract]
Options outstanding (in shares)		395,000
Nonqualified Options [Member] | Senior Vice President, Regulatory Affairs [Member]
Stock Options [Abstract]
Vesting period		4 years
Options granted (in shares)	80,000
Nonqualified Options [Member] | Senior Vice President, Regulatory Affairs [Member] | Vesting on February 28, 2018 [Member]
Stock Options [Abstract]
Vesting percentage		25.00%
Nonqualified Options [Member] | Senior Vice President, Regulatory Affairs [Member] | Vesting in 36 Monthly Installments After February 28, 2018 [Member]
Stock Options [Abstract]
Vesting percentage		75.00%
Number of monthly installments for vesting | Installment		36
The Plans [Member]
Stock Options [Abstract]
Term of plan		10 years
The Plans [Member] | Stock Options [Member]
Stock Options [Abstract]
Options granted (in shares)		965,700
Options outstanding (in shares)		6,193,461			5,316,511
The Plans [Member] | Incentive Stock Options [Member]
Stock Options [Abstract]
Term of option		10 years
Vesting period		4 years
The Plans [Member] | Nonqualified Options [Member] | Minimum [Member]
Stock Options [Abstract]
Vesting period		3 years
The Plans [Member] | Nonqualified Options [Member] | Maximum [Member]
Stock Options [Abstract]
Vesting period		4 years
2010 Equity Incentive Plan [Member]
Stock Options [Abstract]
Number of shares authorized for issuance (in shares)								1,350,412
2012 Equity Incentive Plan [Member]
Stock Options [Abstract]
Number of shares authorized for issuance (in shares)							1,096,411
2014 Equity Incentive Plan [Member]
Stock Options [Abstract]
Number of shares authorized for issuance (in shares)			1,827,351	4,204,063		3,047,323
Percentage of Common Stock outstanding used to determine annual increase in the plan limit			4.00%

Stock Options, Stock-Based Comp

Stock Options, Stock-Based Compensation Expense (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Stock-Based Compensation [Abstract]
Stock-based compensation expense	$ 1,485,705	$ 1,415,301
Research and Development [Member]
Stock-Based Compensation [Abstract]
Stock-based compensation expense	608,443	497,529
General and Administrative [Member]
Stock-Based Compensation [Abstract]
Stock-based compensation expense	$ 877,262	$ 917,772

Stock Options, Assumptions Used

Stock Options, Assumptions Used to Value Stock Options and Warrants Granted (Details) - $ / shares	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Assumptions Used in Determining Fair Value of Stock Options and Warrants Granted [Abstract]
Volatility	89.37%	79.80%
Risk-free interest rate	1.90%	1.41%
Expected term	6 years 18 days	6 years 29 days
Dividend rate	0.00%	0.00%
Fair value of option on grant date (in dollars per share)	$ 6.67	$ 4.97

Stock Options, Stock Option Act

Stock Options, Stock Option Activity (Details)	3 Months Ended
	Mar. 31, 2017USD ($)$ / sharesshares
Unamortized Stock Compensation Expense [Abstract]
Unamortized stock compensation expense | $	$ 15,290,084
Period for recognition	2 years 11 months 19 days
Stock Options [Member]
Number of Shares [Roll Forward]
Options outstanding, ending balance (in shares)	395,000
The Plans [Member] | Stock Options [Member]
Number of Shares [Roll Forward]
Options outstanding, beginning balance (in shares)	5,316,511
Granted (in shares)	965,700
Exercised (in shares)	(25,000)
Forfeited (in shares)	(63,750)
Options outstanding, ending balance (in shares)	6,193,461
Vested and expected to vest (in shares)	6,193,461
Exercisable (in shares)	3,358,600
Weighted Average Exercise Price [Roll Forward]
Options outstanding, beginning balance (in dollars per share) | $ / shares	$ 5.84
Granted (in dollars per share) | $ / shares	8.97
Exercised (in dollars per share) | $ / shares	2.04
Forfeited (in dollars per share) | $ / shares	8.20
Options outstanding, ending balance (in dollars per share) | $ / shares	6.32
Vested and expected to vest (in dollars per share) | $ / shares	6.32
Exercisable (in dollars per share) | $ / shares	$ 4.62
Weighted Average Remaining Contractual Life and Aggregate Intrinsic Value [Abstract]
Options outstanding, weighted average remaining contractual life	7 years 9 months
Vested and expected to vest, weighted average remaining contractual life	7 years 9 months
Exercisable, weighted average remaining contractual life	6 years 8 months 5 days
Options outstanding, aggregate intrinsic value | $	$ 19,191,512
Vested and expected to vest, aggregate intrinsic value | $	19,191,512
Exercisable, aggregate intrinsic value | $	$ 15,807,994

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
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	$ 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			$ 1,845,986
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

Commitments and Contingencies31

Commitments and Contingencies (Details)	1 Months Ended		3 Months Ended
	Aug. 31, 2016USD ($)	Oct. 31, 2010USD ($)	Mar. 31, 2017USD ($)ft²	Mar. 31, 2016USD ($)
Leases [Abstract]
Rent expense			$ 148,060	$ 58,109
Future Minimum Rental Payments Required under Operating Leases [Abstract]
2017 (remaining)			444,511
2,018			602,461
2,019			604,541
2,020			603,371
2,021			530,384
2022 and after			0
Total minimum payments required			2,785,268
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
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) $ in Thousands	Aug. 01, 2016USD ($)	Apr. 06, 2015	Aug. 28, 2014USD ($)Loan	Mar. 31, 2017USD ($)	Jun. 30, 2015USD ($)	Jan. 29, 2015USD ($)
Future Principal Payments [Abstract]
2017 (remaining)				$ 0
2,018				5,912
2,019				7,716
2,020				1,372
Total				$ 15,000
Original Loan Agreement [Member]
Loan and Security Agreement [Abstract]
Aggregate principal amount of borrowing capacity			$ 10,000
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
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
Maturity date				Mar. 1, 2018
Second Term Loan under Original Loan Agreement [Member]
Loan and Security Agreement [Abstract]
Funded amount						$ 3,000
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
Amended Loan Agreement [Member]
Loan and Security Agreement [Abstract]
Aggregate principal amount of borrowing capacity	$ 20,000
Maturity date				Feb. 3, 2020
Interest rate	9.15%
Adjustment to interest rate	(4.50%)
Term for making principal and interest payments				24 months
Effective interest rate				9.15%
Additional interest charged on due date	$ 900
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
Second Term Loan under Amended Loan Agreement [Member]
Loan and Security Agreement [Abstract]
Unused borrowing capacity	$ 5,000

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions	Apr. 21, 2017	Mar. 31, 2017	Dec. 31, 2016
Subscription Agreement [Abstract]
Common stock, shares issued (in shares)		29,011,436	28,918,516
Subsequent Event [Member]
Subscription Agreement [Abstract]
Common stock, shares issued (in shares)	1,800,000
Sales price per share (in dollars per share)	$ 10
Gross proceeds from Offering of common stock	$ 18
Net proceeds from Offering of common stock	$ 17.4