PDS Biotechnology (PDSB) 10-K 1 Mar 18 2017 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Feb. 22, 2018	Jun. 30, 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 Public Float			$ 316.3
Entity Common Stock, Shares Outstanding		30,869,205
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	FY
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2017

Balance Sheets

Balance Sheets - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 88,067,647	$ 106,398,919
Prepaid expenses and other current assets	986,680	954,581
Total current assets	89,054,327	107,353,500
Property and equipment, net	3,423,880	3,418,077
Other assets	142,870	142,870
Total assets	92,621,077	110,914,447
Current liabilities:
Accounts payable	4,369,133	3,471,032
Accrued expenses	5,422,205	3,213,715
Short term debt	3,075,421	0
Total current liabilities	12,866,759	6,684,747
Noncurrent liability:
Long term debt	17,382,907	14,953,143
STOCKHOLDERS' EQUITY
Preferred stock, 5,000,000 shares authorized at December 31, 2017 and 2016, zero outstanding	0	0
Common stock, $0.00033 par value, 75,000,000 shares authorized at December 31, 2017 and December 31, 2016, 30,869,205 shares and 28,918,516 shares issued and outstanding at December 31, 2017 and December 31, 2016, respectively	10,400	9,756
Additional paid-in capital	214,309,370	190,341,769
Accumulated deficit	(151,948,359)	(101,074,968)
Total stockholders' equity	62,371,411	89,276,557
Total liabilities and stockholders' equity	$ 92,621,077	$ 110,914,447

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Dec. 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)	30,869,205	28,918,516
Common stock, shares outstanding (in shares)	30,869,205	28,918,516

Statements of Operations and Co

Statements of Operations and Comprehensive Loss - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Operating expenses:
Research and development expenses	$ 34,311,650	$ 24,825,379	$ 17,839,951
General and administrative expenses	17,654,970	14,686,767	8,658,867
Total operating expenses	51,966,620	39,512,146	26,498,818
Loss from operations	(51,966,620)	(39,512,146)	(26,498,818)
Other income (expense):
Warrant remeasurement	0	0	(1,879,823)
Other expense	0	(163,463)	0
Interest income	700,903	212,299	9,084
Interest expense	(2,180,143)	(1,203,674)	(816,494)
Loss before income taxes	(53,445,860)	(40,666,984)	(29,186,051)
Benefit for income taxes	2,586,057	1,845,986	1,107,405
Net loss	(50,859,803)	(38,820,998)	(28,078,646)
Comprehensive loss	(50,859,803)	(38,820,998)	(28,078,646)
Cumulative dividend on Series C , C-1 and C-2 convertible preferred stock	0	0	(4,356,408)
Net loss attributable to common stockholders	$ (50,859,803)	$ (38,820,998)	$ (32,435,054)
Loss per share attributable to common stockholders basic and diluted (in dollars per share)	$ (1.67)	$ (1.34)	$ (4.01)
Weighted average common shares outstanding basic and diluted (in shares)	30,393,952	28,864,216	8,087,924

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, 2014								$ 36,788,409
Balance (in shares) at Dec. 31, 2014								11,895,755
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
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 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
Issuance of common stock, net of issuance costs	$ 2,776	82,752,836	0				82,755,612
Issuance 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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative-effect of new share-based compensation guidance | ASU 2016 - 09 [Member]	$ 0	13,588	(13,588)				0
Balance at Dec. 31, 2017								$ 0
Balance (in shares) at Dec. 31, 2017								0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock based compensation expense	0	6,182,841	0				6,182,841
Issuance of common stock, net of issuance costs	$ 594	17,382,349	0				17,382,943
Issuance of common stock, net of issuance costs (in shares)	1,800,000
Issuance of common stock from exercise of stock options	$ 12	118,176	0				118,188
Issuance of common stock from exercise of stock options (in shares)	35,366
Issuance of common stock from exercise of warrants	$ 31	53,118	0				$ 53,149
Issuance of common stock from exercise of warrants (in shares)	94,200						94,200
Issuance of common stock from 401K match	$ 7	217,529	0				$ 217,536
Issuance of common stock from 401K match (in shares)	21,123
Net loss	$ 0	0	(50,859,803)				(50,859,803)
Balance at Dec. 31, 2017	$ 10,400	$ 214,309,370	$ (151,948,359)				$ 62,371,411
Balance (in shares) at Dec. 31, 2017	30,869,205

Statements of Convertible Pref6

Statements of Convertible Preferred Stock and Changes in Stockholders' Equity (Deficit) (Parenthetical)	12 Months Ended
	Dec. 31, 2015USD ($)
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, 2017	Dec. 31, 2016	Dec. 31, 2015
Cash flows from operating activities:
Net loss	$ (50,859,803)	$ (38,820,998)	$ (28,078,646)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	6,182,841	5,305,070	2,899,304
Stock-based 401K company common match	217,536	0	0
Warrant remeasurement	0	0	1,879,823
Depreciation expense	182,918	100,117	53,116
Loss on disposal of fixed assets	0	102,788	0
Amortization of debt discount	32,869	75,214	104,311
Amortization of debt issuance costs	108,407	90,800	94,648
Non-cash interest expense	363,909	175,909	38,521
Changes in assets and liabilities:
Prepaid expenses and other assets	(32,099)	38,794	(814,156)
Accounts payable	898,101	1,420,556	(71,751)
Accrued expenses	2,208,490	(676,918)	2,142,187
Net cash used in operating activities	(40,696,831)	(32,188,668)	(21,752,643)
Cash flows from investing activities:
Purchases of property and equipment	(188,721)	(686,705)	(1,305,086)
Net cash used in investing activities	(188,721)	(686,705)	(1,305,086)
Cash flows from financing activities:
Proceeds from issuance of debt	5,000,000	11,022,286	3,000,000
Proceeds from exercise of stock options	118,188	293,988	1,094
Proceeds from exercise of warrants	53,149	20,970	0
Payments for issuance costs	0	(544,773)	(1,402,845)
Payments for debt issuance costs	0	(219,042)	0
Repayment of debt	0	(1,488,558)	(533,729)
Proceeds from issuance of common stock, net of underwriting costs	17,382,943	0	86,059,087
Proceeds from issuance of preferred stock, net of issuance costs	0	0	52,394,571
Net cash provided by financing activities	22,554,280	9,084,871	139,518,178
Net (decrease) increase in cash	(18,331,272)	(23,790,502)	116,460,449
Cash and cash equivalents at beginning of period	106,398,919	130,189,421	13,728,972
Cash and cash equivalents at end of period	88,067,647	106,398,919	130,189,421
Cash paid for:
Interest	1,635,562	790,402	559,175
Supplemental cash flow information:
Conversion of Preferred Stock to Common Stock	0	0	93,364,275
Conversion of Preferred Stock Warrants to Common Stock Warrants	0	0	3,726,043
Deferred issuance costs included in accrued expenses and accounts payable	0	0	549,178
Non-cash financing costs	0	0	175,114
Accrued capital expenditures included in accrued expenses and accounts payable	$ 0	$ 167,285	$ 71,040

Nature of Operations

Nature of Operations	12 Months Ended
	Dec. 31, 2017
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 neurological and other 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), a novel delivery mechanism that seeks to enable targeted and sustained drug exposure and avoid the dose-limiting side effects associated with the current standards of care. 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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2017
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 a maturity weighted average 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. (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, 2017 2016 2015 Stock options to purchase Common Stock 6,462,795 5,316,511 4,302,267 Warrants to purchase Common Stock 374,653 541,415 600,184 Total 6,837,448 5,857,926 4,902,451 (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 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 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	12 Months Ended
	Dec. 31, 2017
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 Active Markets (Level 1) Quoted Prices in Inactive Markets (Level 2) Significant Unobservable Inputs (Level 3) As of December 31, 2017: Cash and cash equivalents $ 88,067,647 $ 88,067,647 $ - $ - As of December 31, 2016: Cash and cash equivalents $ 106,398,919 $ 106,398,919 $ - $ - There were no transfers between Levels 1, 2, or 3 during 2017 or 2016.

Property and Equipment

Property and Equipment	12 Months Ended
	Dec. 31, 2017
Property and Equipment [Abstract]
Property and Equipment	Note 4 – Property and Equipment Property and equipment is summarized as follows: December 31, 2017 2016 Furniture and equipment $ 564,596 $ 456,515 Leasehold Improvements 438,996 358,356 Construction in Process 2,725,569 2,725,569 3,729,161 3,540,440 Less accumulated depreciation (305,281 ) (122,363 ) Property and equipment, net $ 3,423,880 $ 3,418,077

Accrued Expenses

Accrued Expenses	12 Months Ended
	Dec. 31, 2017
Accrued Expenses [Abstract]
Accrued Expenses	Note 5 – Accrued Expenses Accrued expenses and other liabilities consist of the following: December 31, 2017 2016 Accrued research and development costs $ 2,857,025 $ 654,795 Accrued professional fees 267,646 366,394 Accrued compensation 1,886,638 1,866,255 Accrued other 385,896 319,434 Deferred rent 25,000 6,837 Total $ 5,422,205 $ 3,213,715

Convertible Preferred Stock

Convertible Preferred Stock	12 Months Ended
	Dec. 31, 2017
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, 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, 2017 and 2016. 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. 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 2017 and 2016, 166,762 and 58,769 warrants were exercised resulting in the issuance of 94,200 and 44,032 shares of common stock, respectively. As of December 31, 2017, 374,653 warrants were exercisable.

Stock Options

Stock Options	12 Months Ended
	Dec. 31, 2017
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. The Company issued the following non-qualified options to purchase shares of common stock to its newly appointed executives. The awards were granted outside of the Company's 2014 Equity Incentive Plan and vests over four years with 25% vesting 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 grant awards were made pursuant to the NASDAQ inducement grant exception as a material component of employment compensation. Issue Date 25% Vesting Date Executive Number of Options November 16, 2015 October 30, 2016 SVP, General Counsel and Secretary 80,000 November 1, 2016 October 17, 2017 Chief Operating Officer 150,000 March 1, 2017 February 28, 2018 SVP, Regulatory Affairs 80,000 November 1, 2017 October 31, 2018 Chief Financial Officer 200,000 The Company's stock-based compensation expense was recognized in operating expense as follows: Year Ended December 31, 2017 2016 2015 Stock-Based Compensation Research and development $ 2,687,975 $ 2,177,643 $ 1,129,556 General and administrative 3,494,866 3,127,427 1,769,748 Total $ 6,182,841 $ 5,305,070 $ 2,899,304 The fair value of options and warrants granted during the years ended December 31, 2017, 2016 and 2015 was estimated using the Black-Scholes option valuation model utilizing the following assumptions: Year Ended December 31, 2017 2016 2015 Weighted Average Weighted Average Weighted Average Volatility 88.87 % 77.20 % 79.80 % Risk-Free Interest Rate 1.88 % 1.39 % 1.74 % Expected Term in Years 6.00 6.02 6.05 Dividend Rate 0.00 % 0.00 % 0.00 % Fair Value of Option on Grant Date $ 6.93 $ 5.39 $ 5.42 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, 2015 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 Options outstanding at December 31, 2016 5,316,511 $ 5.84 Granted 1,365,400 9.39 Exercised (35,366 ) 3.34 Forfeited (183,750 ) 9.46 Options outstanding at December 31, 2017 6,462,795 $ 6.50 7.13 $ 20,467,335 Vested and expected to vest at December 31, 2017 6,462,795 $ 6.50 7.13 $ 20,467,335 Exercisable at December 31, 2017 4,066,066 $ 5.14 6.21 $ 18,100,589 At December 31, 2017 there was approximately $12,968,689 of unamortized stock compensation expense, which is expected to be recognized over a remaining average vesting period of 2.48 years.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2017
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, 2017 2016 2015 Federal statutory rate 34.0 % 34.0 % 34.0 % State taxes 1.1 % 1.2 % 2.9 % Change in Statutory Rate (25.6 )% - - Permanent differences (11.0 )% (10.6 )% (5.8 )% Research and development 21.2 % 16.0 % 14.3 % State taxes/ sale of NOL 4.8 % 4.5 % 3.8 % Valuation allowance (19.7 )% (40.6 )% (45.8 )% Other - - 0.4 % Effective tax rate 4.8 % 4.5 % 3.8 % The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets were as follows: December 31, 2017 2016 Federal net operating losses $ 21,312,121 $ 23,644,647 State net operating losses 2,268,249 1,554,730 Stock options 1,608,750 1,419,494 Federal tax credit 24,060,243 12,709,438 State tax credits 384,740 353,684 Amortization 612,878 69,529 Accrued expense 7,027 2,731 Other 30,999 18,042 Total gross deferred tax assets 50,285,007 39,772,295 Less valuation allowance (50,285,007 ) (39,772,295 ) 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, 2017 and December 31, 2016. At December 31, 2017, the Company had federal net operating loss ("NOL") carryforwards of approximately $101.5 million which expire between 2029 and 2037. At December 31, 2017, the Company had federal research and development credits carryforwards of approximately $1.9 million and an orphan drug credit carryover of approximately $22.1 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, 2017, the Company had approximately $31.9 million of State of New Jersey NOL's which expire between 2030 and 2037. At December 31, 2017, the Company had approximately $0.4 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 2017, the Company sold $26,097,607 of State of New Jersey NOL's and $424,466 of State of New Jersey R&D Credits for $2,586,057. 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, 2017, 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. In September 2017, the IRS concluded auditing the Company's 2015 tax year resulting in a no change letter. 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 2017. On December 22, 2017, H.R. 1 (also, known as the Tax Cuts and Jobs Act (the “Act”)) was signed into law. Among its numerous changes to the Internal Revenue Code, the Act reduces U.S. federal corporate tax rate to 21%. As a result, the Company believes that the most significant impact on its consolidated financial statements will be reduction of approximately $13.6 million for the deferred tax assets related to net operating losses and other assets. Such reduction is offset by changes to the Company’s valuation allowance. The Company is also in the process of considering the impact under the Act of the disallowance of certain incentive based compensation tax deductibility under Internal Revenue Code Section 162(m). If an adjustment to the deferred tax asset is required, the impact will be offset by a corresponding adjustment to the valuation allowance.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2017
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. 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. Oakwood Amended and Restated Master Formulation Development Agreement In June 2017, the Company entered into an Amended and Restated Master Formulation Development Agreement (the “Restated Development Agreement”) with Oakwood Laboratories, L.L.C. (“Oakwood”), pursuant to which Oakwood will continue to provide the Company with certain drug formulation development and non-commercial manufacturing services for EG-1962, in accordance with project plans to be entered into from time to time. Oakwood is currently performing process engineering, optimization and other scale up activities for the Company and is currently the sole manufacturer of EG-1962 used in Edge’s ongoing NEWTON 2 Phase 3 pivotal trial for EG-1962. Under the Restated Development Agreement, we agreed to pay Oakwood to perform services under agreed upon project plans and to pay Oakwood up to an aggregate of $4.5 million. In July 2017, we paid $1.5 million of such aggregate amount in connection with entering into the Restated Development Agreement. Of the remaining $3.0 million of such aggregate amount, $0.5 million is payable no later than April 1, 2018 and $2.5 million is payable no later than April 1, 2019. These remaining payments may be accelerated if: (i) we achieve various regulatory milestones, (ii) we close an equity or similar financing in excess of a predetermined amount, or (iii) there is an early termination, under certain circumstances, of the Restated Development Agreement or the Supply Agreement with Oakwood. As additional consideration for performance under the Restated Development Agreement and the Supply Agreement (as defined below), the Company agreed to pay Oakwood a royalty, during the Royalty Term, in an amount equal to a low single digit percentage of net sales of EG-1962, regardless of the manufacturer or supplier thereof. The “Royalty Term” is the period commencing upon the commercial launch of EG-1962 by the Company and continuing until twelve (12) years following such launch. The term of the Restated Development Agreement continues until the expiration or termination of the Supply Agreement, unless earlier terminated (the “Term”). The Company has the right to terminate project plans upon the occurrence of various circumstances described in the Restated Development Agreement. In the event that the Company terminates the most recent project plan prior to completion (including due to the Company’s decision to discontinue the development or commercialization of EG-1962), the Company must pay to Oakwood a termination fee. Either party has the right to terminate the Restated Development Agreement upon sixty (60) days written notice for failure by the other party to cure a material breach during the applicable cure period. The Company can terminate the Restated Development Agreement immediately upon notice to Oakwood if Oakwood’s annual financial audit report required to be provided to the Company contains any going concern or similar qualification or if Oakwood fails to maintain a pre-determined working capital ratio. Either party may also terminate the Restated Development Agreement immediately in the event of certain failures with regard to validation of the manufacturing process and other specified regulatory failures. Oakwood Manufacturing and Supply Agreement Concurrent with its entry into the Restated Development Agreement, on June 30, 2017, the Company entered into a Manufacturing and Supply Agreement with Oakwood (the “Supply Agreement”), pursuant to which Oakwood will manufacture and supply, and the Company will purchase from Oakwood, EG-1962 in commercial quantities following the commercial launch of the product. Pursuant to the Supply Agreement, the price per unit of EG-1962 to be purchased by the Company is based on the expected commercially usable units per batch. In addition, the Company has agreed to pay Oakwood milestone payments that could total up to an aggregate of $2.25 million upon the achievement of certain development and regulatory milestones. The Company will have no minimum order requirement under the Supply Agreement until the third (3 rd The term of the Supply Agreement will continue (unless earlier terminated) until three (3) years following commercial launch of EG-1962. Thereafter, the Supply Agreement will automatically renew for additional two (2)-year periods unless Edge provides notice of non-renewal at least twelve (12) months prior to the end of the then-current term. The Supply Agreement will also terminate automatically upon the termination of the Restated Development Agreement for any reason. Following the first anniversary of the commercial launch of EG-1962, either party may terminate upon two (2) years written notice. Further, either party may terminate the Supply Agreement upon a material breach by the other party that fails to be cured in the applicable cure period. The Company may terminate the Supply Agreement immediately upon notice to Oakwood in the event that (a) any regulatory authority requires or causes the withdrawal of EG-1962 from the market or (b) the Company ceases to develop or commercialize EG-1962; provided, that in the latter case of termination prior to completion of the most recent project plan attached to the Restated Development Agreement, the Company must pay to Oakwood a termination fee. 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 $602,925, $344,341 and $207,541 for the years ended December 31, 2017, 2016 and 2015 , 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, 2017: Year Ended December 31, 2018 $ 602,461 2019 604,541 2020 603,371 2021 530,385 2022 and after - Total minimum payments required $ 2,340,758

Debt

Debt	12 Months Ended
	Dec. 31, 2017
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 of the amount 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). On May 23, 2017, the Company elected to draw down the second tranche of $5 million. 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, 2017 was 9.15%. The Amended Loan Agreement requires interest-only payments until March 1, 2018, and on that date the Company will 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. In January 2018, the Company satisfied a certain condition as described in the Amended Loan Agreement to extend the period of interest-only payments to September 1, 2018 and the maturity date was extended to August 3, 2020. The interest-only payment period may be extended for an additional six months at the lender’s discretion. 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 December 31, 2017 were as follows: Year Ended December 31,: (000's) 2018 $ 3,075 2019 9,822 2020 7,103 $ 20,000 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, 2017 approximates the carrying amount.

Retirement Plan

Retirement Plan	12 Months Ended
	Dec. 31, 2017
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 2017, 2016 and 2015 plan years were $258,383, $16,979 and $15,253 respectively.

Selected Quarterly Financial Da

Selected Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2017
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, 2017 and 2016 (in thousands, except per share data). 2017 First Quarter Second Quarter Third Quarter Fourth Quarter Total Total operating expenses $ 11,791 $ 13,149 $ 10,903 $ 16,124 $ 51,967 Loss from operations $ (11,791 ) $ (13,149 ) $ (10,903 ) $ (16,124 ) $ (51,967 ) Net loss and comprehensive loss $ (12,170 ) $ (13,504 ) $ (11,281 ) $ (13,905 ) $ (50,860 ) Net loss attributable to common stockholders $ (12,170 ) $ (13,504 ) $ (11,281 ) $ (13,905 ) $ (50,860 ) Loss per share attributable to common stockholders basic and diluted $ (0.42 ) $ (0.44 ) $ (0.37 ) $ (0.45 ) $ (1.67 ) 2016 First Quarter Second Quarter Third Quarter Fourth Quarter 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 ) 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, 2017
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 a maturity weighted average 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.
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, 2017 2016 2015 Stock options to purchase Common Stock 6,462,795 5,316,511 4,302,267 Warrants to purchase Common Stock 374,653 541,415 600,184 Total 6,837,448 5,857,926 4,902,451
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 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 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 Accoun21

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 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 December 31, 2017 2016 2015 Stock options to purchase Common Stock 6,462,795 5,316,511 4,302,267 Warrants to purchase Common Stock 374,653 541,415 600,184 Total 6,837,448 5,857,926 4,902,451

Fair Value of Financial Instr22

Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 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 December 31, 2017: Cash and cash equivalents $ 88,067,647 $ 88,067,647 $ - $ - As of December 31, 2016: Cash and cash equivalents $ 106,398,919 $ 106,398,919 $ - $ -

Property and Equipment (Tables)

Property and Equipment (Tables)	12 Months Ended
	Dec. 31, 2017
Property and Equipment [Abstract]
Property and Equipment	Property and equipment is summarized as follows: December 31, 2017 2016 Furniture and equipment $ 564,596 $ 456,515 Leasehold Improvements 438,996 358,356 Construction in Process 2,725,569 2,725,569 3,729,161 3,540,440 Less accumulated depreciation (305,281 ) (122,363 ) Property and equipment, net $ 3,423,880 $ 3,418,077

Accrued Expenses (Tables)

Accrued Expenses (Tables)	12 Months Ended
	Dec. 31, 2017
Accrued Expenses [Abstract]
Accrued Expenses and Other Liabilities	Accrued expenses and other liabilities consist of the following: December 31, 2017 2016 Accrued research and development costs $ 2,857,025 $ 654,795 Accrued professional fees 267,646 366,394 Accrued compensation 1,886,638 1,866,255 Accrued other 385,896 319,434 Deferred rent 25,000 6,837 Total $ 5,422,205 $ 3,213,715

Stock Options (Tables)

Stock Options (Tables)	12 Months Ended
	Dec. 31, 2017
Stock Options [Abstract]
Non-Qualified Stock Options	The grant awards were made pursuant to the NASDAQ inducement grant exception as a material component of employment compensation. Issue Date 25% Vesting Date Executive Number of Options November 16, 2015 October 30, 2016 SVP, General Counsel and Secretary 80,000 November 1, 2016 October 17, 2017 Chief Operating Officer 150,000 March 1, 2017 February 28, 2018 SVP, Regulatory Affairs 80,000 November 1, 2017 October 31, 2018 Chief Financial Officer 200,000
Stock-Based Compensation Expense	The Company's stock-based compensation expense was recognized in operating expense as follows: Year Ended December 31, 2017 2016 2015 Stock-Based Compensation Research and development $ 2,687,975 $ 2,177,643 $ 1,129,556 General and administrative 3,494,866 3,127,427 1,769,748 Total $ 6,182,841 $ 5,305,070 $ 2,899,304
Assumptions Used to Value Stock Options and Warrants Granted	The fair value of options and warrants granted during the years ended December 31, 2017, 2016 and 2015 was estimated using the Black-Scholes option valuation model utilizing the following assumptions: Year Ended December 31, 2017 2016 2015 Weighted Average Weighted Average Weighted Average Volatility 88.87 % 77.20 % 79.80 % Risk-Free Interest Rate 1.88 % 1.39 % 1.74 % Expected Term in Years 6.00 6.02 6.05 Dividend Rate 0.00 % 0.00 % 0.00 % Fair Value of Option on Grant Date $ 6.93 $ 5.39 $ 5.42
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, 2015 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 Options outstanding at December 31, 2016 5,316,511 $ 5.84 Granted 1,365,400 9.39 Exercised (35,366 ) 3.34 Forfeited (183,750 ) 9.46 Options outstanding at December 31, 2017 6,462,795 $ 6.50 7.13 $ 20,467,335 Vested and expected to vest at December 31, 2017 6,462,795 $ 6.50 7.13 $ 20,467,335 Exercisable at December 31, 2017 4,066,066 $ 5.14 6.21 $ 18,100,589

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2017
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, 2017 2016 2015 Federal statutory rate 34.0 % 34.0 % 34.0 % State taxes 1.1 % 1.2 % 2.9 % Change in Statutory Rate (25.6 )% - - Permanent differences (11.0 )% (10.6 )% (5.8 )% Research and development 21.2 % 16.0 % 14.3 % State taxes/ sale of NOL 4.8 % 4.5 % 3.8 % Valuation allowance (19.7 )% (40.6 )% (45.8 )% Other - - 0.4 % Effective tax rate 4.8 % 4.5 % 3.8 %
Deferred Tax Assets	The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets were as follows: December 31, 2017 2016 Federal net operating losses $ 21,312,121 $ 23,644,647 State net operating losses 2,268,249 1,554,730 Stock options 1,608,750 1,419,494 Federal tax credit 24,060,243 12,709,438 State tax credits 384,740 353,684 Amortization 612,878 69,529 Accrued expense 7,027 2,731 Other 30,999 18,042 Total gross deferred tax assets 50,285,007 39,772,295 Less valuation allowance (50,285,007 ) (39,772,295 ) Net deferred tax assets $ - $ -

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 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 December 31, 2017: Year Ended December 31, 2018 $ 602,461 2019 604,541 2020 603,371 2021 530,385 2022 and after - Total minimum payments required $ 2,340,758

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2017
Debt [Abstract]
Future Principal Payments	Future principal payments on the note as of December 31, 2017 were as follows: Year Ended December 31,: (000's) 2018 $ 3,075 2019 9,822 2020 7,103 $ 20,000

Selected Quarterly Financial 29

Selected Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2017
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, 2017 and 2016 (in thousands, except per share data). 2017 First Quarter Second Quarter Third Quarter Fourth Quarter Total Total operating expenses $ 11,791 $ 13,149 $ 10,903 $ 16,124 $ 51,967 Loss from operations $ (11,791 ) $ (13,149 ) $ (10,903 ) $ (16,124 ) $ (51,967 ) Net loss and comprehensive loss $ (12,170 ) $ (13,504 ) $ (11,281 ) $ (13,905 ) $ (50,860 ) Net loss attributable to common stockholders $ (12,170 ) $ (13,504 ) $ (11,281 ) $ (13,905 ) $ (50,860 ) Loss per share attributable to common stockholders basic and diluted $ (0.42 ) $ (0.44 ) $ (0.37 ) $ (0.45 ) $ (1.67 ) 2016 First Quarter Second Quarter Third Quarter Fourth Quarter 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 )

Summary of Significant Accoun30

Summary of Significant Accounting Policies (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Net Loss per Common Share [Abstract]
Antidilutive securities excluded from computation of earnings per share (in shares)	6,837,448	5,857,926	4,902,451
Accounting Standards Adopted [Abstract]
Tax benefit	$ (2,586,057)	$ (1,845,986)	$ (1,107,405)
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)	6,462,795	5,316,511	4,302,267
Warrants to Purchase Common Stock [Member]
Net Loss per Common Share [Abstract]
Antidilutive securities excluded from computation of earnings per share (in shares)	374,653	541,415	600,184
ASU 2016 - 09 [Member]
Accounting Standards Adopted [Abstract]
Tax benefit	$ (84,786)

Fair Value of Financial Instr31

Fair Value of Financial Instruments (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
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
Fair Value of Financial Instruments [Abstract]
Cash and cash equivalents	88,067,647	106,398,919
Quoted Prices in Active Markets (Level 1) [Member]
Fair Value of Financial Instruments [Abstract]
Cash and cash equivalents	88,067,647	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

Property and Equipment (Details

Property and Equipment (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Property and Equipment [Abstract]
Property and equipment	$ 3,729,161	$ 3,540,440
Less accumulated depreciation	(305,281)	(122,363)
Property and equipment, net	3,423,880	3,418,077
Furniture and Equipment [Member]
Property and Equipment [Abstract]
Property and equipment	564,596	456,515
Leasehold Improvements [Member]
Property and Equipment [Abstract]
Property and equipment	438,996	358,356
Construction in Process [Member]
Property and Equipment [Abstract]
Property and equipment	$ 2,725,569	$ 2,725,569

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Accrued Expenses [Abstract]
Accrued research and development costs	$ 2,857,025	$ 654,795
Accrued professional fees	267,646	366,394
Accrued compensation	1,886,638	1,866,255
Accrued other	385,896	319,434
Deferred rent	25,000	6,837
Total	$ 5,422,205	$ 3,213,715

Convertible Preferred Stock (De

Convertible Preferred Stock (Details) - $ / shares	Oct. 06, 2015	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Convertible Preferred Stock [Abstract]
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)		166,762	58,769
Issuance of common stock from exercise of warrants (in shares)		94,200	44,032
Warrants exercisable (in shares)		374,653
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 Preferred Stock - Series C [Member]
Dividends [Abstract]
Cumulative dividend rate				8.00%
Convertible Preferred Stock - Series C-1 [Member]
Dividends [Abstract]
Cumulative dividend rate				8.00%
Convertible Preferred Stock - Series C-2 [Member]
Dividends [Abstract]
Cumulative dividend rate				8.00%

Stock Options, Equity Compensat

Stock Options, Equity Compensation Plans (Details)	12 Months Ended
	Dec. 31, 2017Plan	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
The Plans [Member]
Stock Options [Abstract]
Term of plan	10 years
The Plans [Member] | Incentive Stock Options [Member]
Stock Options [Abstract]
Vesting period	4 years
The Plans [Member] | Incentive Stock Options [Member] | Maximum [Member]
Stock Options [Abstract]
Term of option	10 years
The Plans [Member] | Nonqualified Stock Options [Member] | Minimum [Member]
Stock Options [Abstract]
Vesting period	3 years
The Plans [Member] | Nonqualified Stock 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			1,279,146		548,206
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, Non-qualified Op

Stock Options, Non-qualified Options (Details)	Nov. 01, 2017shares	Mar. 01, 2017shares	Nov. 01, 2016shares	Nov. 16, 2015shares	Dec. 31, 2017Installmentshares	Dec. 31, 2016shares	Dec. 31, 2015shares
Qualified and Nonqualified Stock Options [Member]
Stock Options [Abstract]
Number of options (in shares)					1,365,400	1,211,400	1,902,609
Nonqualified Stock Options [Member] | Executives [Member]
Stock Options [Abstract]
Vesting period					4 years
Nonqualified Stock Options [Member] | Executives [Member] | Vesting One Year Following Date of Hire [Member]
Stock Options [Abstract]
Vesting percentage					25.00%
Nonqualified Stock Options [Member] | Executives [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] | SVP, General Counsel and Secretary [Member]
Stock Options [Abstract]
Issue date					Nov. 16, 2015
25% vesting date					Oct. 30, 2016
Number of options (in shares)				80,000
Nonqualified Stock Options [Member] | Chief Operating Officer [Member]
Stock Options [Abstract]
Issue date					Nov. 1, 2016
25% vesting date					Oct. 17, 2017
Number of options (in shares)			150,000
Nonqualified Stock Options [Member] | SVP, Regulatory Affairs [Member]
Stock Options [Abstract]
Issue date					Mar. 1, 2017
25% vesting date					Feb. 28, 2018
Number of options (in shares)		80,000
Nonqualified Stock Options [Member] | Chief Financial Officer [Member]
Stock Options [Abstract]
Issue date					Nov. 1, 2017
25% vesting date					Oct. 31, 2018
Number of options (in shares)	200,000

Stock Options, Stock-Based Comp

Stock Options, Stock-Based Compensation Expense (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Stock-Based Compensation [Abstract]
Stock-based compensation expense	$ 6,182,841	$ 5,305,070	$ 2,899,304
Research and Development [Member]
Stock-Based Compensation [Abstract]
Stock-based compensation expense	2,687,975	2,177,643	1,129,556
General and Administrative [Member]
Stock-Based Compensation [Abstract]
Stock-based compensation expense	$ 3,494,866	$ 3,127,427	$ 1,769,748

Stock Options, Assumptions Used

Stock Options, Assumptions Used to Value Stock Options and Warrants Granted (Details) - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Assumptions Used in Determining Fair Value of Stock Options and Warrants Granted [Abstract]
Volatility	88.87%	77.20%	79.80%
Risk-free interest rate	1.88%	1.39%	1.74%
Expected term	6 years	6 years 7 days	6 years 18 days
Dividend rate	0.00%	0.00%	0.00%
Fair value of option on grant date (in dollars per share)	$ 6.93	$ 5.39	$ 5.42

Stock Options, Stock Option Act

Stock Options, Stock Option Activity (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Unamortized Stock Compensation Expense [Abstract]
Unamortized stock compensation expense	$ 12,968,689
Period for recognition	2 years 5 months 23 days
Stock Options [Member]
Number of Shares [Roll Forward]
Options outstanding, beginning balance (in shares)	5,316,511	4,302,267	2,445,711
Granted (in shares)	1,365,400	1,211,400	1,902,609
Exercised (in shares)	(35,366)	(63,639)	(4,753)
Forfeited (in shares)	(183,750)	(133,517)	(30,640)
Expirations (in shares)			(10,660)
Options outstanding, ending balance (in shares)	6,462,795	5,316,511	4,302,267
Vested and expected to vest (in shares)	6,462,795	5,235,931	4,213,091
Exercisable (in shares)	4,066,066	3,027,112	1,857,077
Weighted Average Exercise Price [Roll Forward]
Options outstanding, beginning balance (in dollars per share)	$ 5.84	$ 5.19	$ 3.13
Granted (in dollars per share)	9.39	8.09	7.87
Exercised (in dollars per share)	3.34	4.62	0.23
Forfeited (in dollars per share)	9.46	5.79	7.98
Expirations (in dollars per share)			8.28
Options outstanding, ending balance (in dollars per share)	6.50	5.84	5.19
Vested and expected to vest (in dollars per share)	6.50	5.80	5.14
Exercisable (in dollars per share)	$ 5.14	$ 4.41	$ 2.83
Remaining Contractual Life and Aggregate Intrinsic Value [Abstract]
Options outstanding, weighted average remaining contractual life	7 years 1 month 17 days	7 years 7 months 6 days	8 years 1 month 20 days
Options outstanding, aggregate intrinsic value	$ 20,467,335	$ 35,599,646	$ 31,659,550
Vested and expected to vest, weighted average contractual life	7 years 1 month 17 days	7 years 6 months 29 days	8 years 1 month 13 days
Vested and expected to vest, aggregate intrinsic value	$ 20,467,335	$ 35,246,927	$ 31,202,132
Exercisable, weighted average contractual life	6 years 2 months 16 days	6 years 9 months 4 days	7 years 18 days
Exercisable, aggregate intrinsic value	$ 18,100,589	$ 24,559,384	$ 17,952,965

Income Taxes (Details)

Income Taxes (Details) - USD ($)	2 Months Ended	12 Months Ended
	Mar. 01, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Effective Federal Income Tax Rate Reconciliation [Abstract]
Federal statutory rate			34.00%	34.00%	34.00%
State taxes			1.10%	1.20%	2.90%
Change in Statutory Rate			(25.60%)	(0.00%)	(0.00%)
Permanent differences			(11.00%)	(10.60%)	(5.80%)
Research and development			21.20%	16.00%	14.30%
State taxes/ sale of NOL			4.80%	4.50%	3.80%
Valuation allowance			(19.70%)	(40.60%)	(45.80%)
Other			0.00%	0.00%	0.40%
Effective tax rate			4.80%	4.50%	3.80%
Deferred Tax Assets [Abstract]
Federal net operating losses			$ 21,312,121	$ 23,644,647
State net operating losses			2,268,249	1,554,730
Stock options			1,608,750	1,419,494
Amortization			612,878	69,529
Accrued expense			7,027	2,731
Other			30,999	18,042
Total gross deferred tax assets			50,285,007	39,772,295
Less valuation allowance			(50,285,007)	(39,772,295)
Net deferred tax assets			0	0
Income Tax Uncertainties [Abstract]
Uncertain tax positions			0
Federal [Member]
Tax Carryforwards [Abstract]
Net operating loss carryforwards			$ 101,500,000
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, 2037
New Jersey [Member]
Tax Carryforwards [Abstract]
Net operating loss carryforwards			$ 31,900,000
NOL's sold			26,097,607	19,196,765
Proceeds from sale of NOL's and R&D tax credits			$ 2,586,057	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, 2037
Federal [Member]
Deferred Tax Assets [Abstract]
Tax credits			$ 24,060,243	12,709,438
State [Member]
Deferred Tax Assets [Abstract]
Tax credits			384,740	353,684
Research and Development Credit [Member] | Federal [Member]
Tax Carryforwards [Abstract]
Tax credit carryforwards			1,900,000
Research and Development Credit [Member] | New Jersey [Member]
Tax Carryforwards [Abstract]
Tax credit carryforwards			400,000
Tax credit carryforwards sold			424,466	$ 257,222
Orphan Drug Credit [Member] | Federal [Member]
Tax Carryforwards [Abstract]
Tax credit carryforwards			$ 22,100,000
Plan [Member]
Effective Federal Income Tax Rate Reconciliation [Abstract]
Federal statutory rate		21.00%
Forecast [Member]
Tax Cuts and Jobs Act [Abstract]
Reduction in deferred tax assets	$ 13,600,000

Commitments and Contingencies41

Commitments and Contingencies (Details)	1 Months Ended			12 Months Ended
	Jul. 31, 2017USD ($)	Aug. 31, 2016USD ($)	Oct. 31, 2010USD ($)	Dec. 31, 2017USD ($)ft²Batch	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Leases [Abstract]
Rent expense				$ 602,925	$ 344,341	$ 207,541
Future Minimum Rental Payments Required under Operating Leases [Abstract]
2,018				602,461
2,019				604,541
2,020				603,371
2,021				530,385
2022 and after				0
Total minimum payments required				2,340,758
Evonik [Member]
Commitments and Contingencies [Abstract]
Milestone payments paid		$ 1,000,000	$ 250,000
Evonik [Member] | Maximum [Member]
Commitments and Contingencies [Abstract]
Milestone payments to be paid				14,750,000
Oakwood Amended and Restated Master Formulation Development Agreement [Member]
Commitments and Contingencies [Abstract]
Milestone payments paid	$ 1,500,000
Remaining milestone payments to be paid				3,000,000
Remaining milestone payments to be paid no later than April 1, 2018				500,000
Remaining milestone payments to be paid no later than April 1, 2019				$ 2,500,000
Royalty Term				12 years
Period to provide written notice to terminate agreement				60 days
Oakwood Amended and Restated Master Formulation Development Agreement [Member] | Maximum [Member]
Commitments and Contingencies [Abstract]
Milestone payments to be paid				$ 4,500,000
Oakwood Manufacturing and Supply Agreement [Member]
Commitments and Contingencies [Abstract]
Period to provide written notice to terminate agreement				2 years
Number of batches required to be ordered under agreement | Batch				5
Percentage of aggregate vials of EG-1962 from all sources to be purchased under agreement				50.00%
Term of agreement				3 years
Term of automatic renewal				2 years
Period to provide written notice of non-renewal				12 months
Oakwood Manufacturing and Supply Agreement [Member] | Maximum [Member]
Commitments and Contingencies [Abstract]
Milestone payments to be paid				$ 2,250,000
Employment Agreements [Member] | Minimum [Member]
Commitments and Contingencies [Abstract]
Term for payment of severance benefits				12 months
Employment Agreements [Member] | Maximum [Member]
Commitments and Contingencies [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)	May 23, 2017USD ($)	Aug. 01, 2016USD ($)	Apr. 06, 2015	Aug. 28, 2014USD ($)Loan	Jan. 31, 2018	Dec. 31, 2017USD ($)	Jun. 30, 2015USD ($)	Jan. 29, 2015USD ($)
Future Principal Payments [Abstract]
2,018						$ 3,075,000
2,019						9,822,000
2,020						7,103,000
Total						$ 20,000,000
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]
Face amount				$ 3,000,000
Maturity date						Mar. 1, 2018
Second Term Loan under Original Loan Agreement[Member]
Loan and Security Agreement [Abstract]
Face 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
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%
Amended Loan Agreement [Member] | Subsequent Event [Member]
Loan and Security Agreement [Abstract]
Maturity date					Aug. 3, 2020
Period to extend interest-only payments at lender's discretion					6 months
First Term Loan under Amended Loan Agreement [Member]
Loan and Security Agreement [Abstract]
Face amount		$ 15,000,000
Second Term Loan under Amended Loan Agreement [Member]
Loan and Security Agreement [Abstract]
Face amount	$ 5,000,000
Interest rate	9.15%
Adjustment to interest rate	(4.50%)

Retirement Plan (Details)

Retirement Plan (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Retirement Plan [Abstract]
401(K) employer contribution	$ 258,383	$ 16,979	$ 15,253

Selected Quarterly Financial 44

Selected Quarterly Financial Data (Unaudited) (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Selected Quarterly Financial Data (Unaudited) [Abstract]
Total operating expenses	$ 16,124,000	$ 10,903,000	$ 13,149,000	$ 11,791,000	$ 10,939,000	$ 10,277,000	$ 9,264,000	$ 9,032,000	$ 51,966,620	$ 39,512,146	$ 26,498,818
Loss from operations	(16,124,000)	(10,903,000)	(13,149,000)	(11,791,000)	(10,939,000)	(10,277,000)	(9,264,000)	(9,032,000)	(51,966,620)	(39,512,146)	(26,498,818)
Net loss	(13,905,000)	(11,281,000)	(13,504,000)	(12,170,000)	(9,516,000)	(10,759,000)	(9,376,000)	(9,170,000)	(50,859,803)	(38,820,998)	(28,078,646)
Comprehensive loss	(13,905,000)	(11,281,000)	(13,504,000)	(12,170,000)	(9,516,000)	(10,759,000)	(9,376,000)	(9,170,000)	(50,859,803)	(38,820,998)	(28,078,646)
Net loss attributable to common stockholders	$ (13,905,000)	$ (11,281,000)	$ (13,504,000)	$ (12,170,000)	$ (9,516,000)	$ (10,759,000)	$ (9,376,000)	$ (9,170,000)	$ (50,859,803)	$ (38,820,998)	$ (32,435,054)
Loss per share attributable to common stockholders basic and diluted (in dollars per share)	$ (0.45)	$ (0.37)	$ (0.44)	$ (0.42)	$ (0.33)	$ (0.37)	$ (0.33)	$ (0.32)	$ (1.67)	$ (1.34)	$ (4.01)