ContraFect (CFRXQ) 10-K 15 Mar 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Mar. 09, 2016	Jun. 30, 2015
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Trading Symbol	CFRX
Entity Registrant Name	CONTRAFECT Corp
Entity Central Index Key	1,478,069
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		27,484,005
Entity Public Float			$ 120

Balance Sheets

Balance Sheets - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 9,972,781	$ 25,722,453
Marketable securities	22,948,872	1,670,606
Prepaid expenses and other current assets	1,176,895	368,787
Total current assets	34,098,548	27,761,846
Property and equipment, net	1,618,968	2,148,155
Other assets	143,621	143,621
Total assets	35,861,137	30,053,622
Current liabilities:
Accounts payable	1,517,417	481,626
Accrued liabilities	2,251,767	2,741,443
Total current liabilities	3,769,184	3,223,069
Deferred rent	972,119	936,042
Warrant liabilities	444,324	313,004
Total liabilities	$ 5,185,627	$ 4,472,115
Commitments and contingencies (Note 8)
Stockholders' equity:
Preferred stock, $0.0001 par value, 25,000,000 shares authorized and none outstanding at December 31, 2015 and 2014
Common stock, $0.0001 par value, 100,000,000 shares authorized, 27,482,692 shares outstanding at December 31, 2015; 100,000,000 shares authorized, 20,217,263 shares outstanding at December 31, 2014	$ 2,748	$ 2,021
Additional paid-in capital	148,282,546	118,038,560
Accumulated other comprehensive loss	(30,373)	(627)
Accumulated deficit	(117,579,411)	(92,458,447)
Total stockholders' equity	30,675,510	25,581,507
Total liabilities and stockholders' equity	$ 35,861,137	$ 30,053,622

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	25,000,000	25,000,000
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares outstanding	27,482,692	20,217,263

Statements of Operations

Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Operating expenses:
Research and development, including stock-based compensation of $389,967, $715,475 and $230,629, respectively	$ 15,004,512	$ 8,868,053	$ 9,133,175
General and administrative, including stock-based compensation of $1,599,895, $1,224,704 and $2,101,089, respectively	10,060,825	8,067,858	10,163,259
Total operating expenses	25,065,337	16,935,911	19,296,434
Loss from operations	(25,065,337)	(16,935,911)	(19,296,434)
Other income (expense):
Interest income (expense), net	75,693	(12,412,620)	(1,712,178)
Refundable state tax credits		424,649
Change in fair value of warrant and embedded derivative liabilities	(131,320)	(1,225,202)	(2,612,090)
Total other income (expense)	(55,627)	(13,213,173)	(4,324,268)
Net loss	(25,120,964)	(30,149,084)	(23,620,702)
Preferred stock dividend in-kind		(4,468,452)
Net loss attributable to common stockholders	$ (25,120,964)	$ (34,617,536)	$ (23,620,702)
Per share information:
Net loss per share of common stock, basic and diluted	$ (1.08)	$ (3.86)	$ (23.35)
Basic and diluted weighted average shares outstanding	23,328,922	8,973,599	1,011,789

Statements of Operations (Paren

Statements of Operations (Parenthetical) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Stock-based compensation expense	$ 1,989,862	$ 1,511,509	$ 2,309,569
Research and Development Expense [Member]
Stock-based compensation expense	389,967	715,475	230,629
General and Administrative Expense [Member]
Stock-based compensation expense	$ 1,599,895	$ 1,224,704	$ 2,101,089

Statements of Comprehensive Los

Statements of Comprehensive Loss - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Statement of Comprehensive Income [Abstract]
Net loss	$ (25,120,964)	$ (30,149,084)	$ (23,620,702)
Other comprehensive loss:
Unrealized loss on available-for-sale securities	(29,746)	(627)
Comprehensive loss	$ (25,150,710)	$ (30,149,711)	$ (23,620,702)

Statement of Convertible Prefer

Statement of Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($)	Total	Convertible Notes [Member]	Preferred Stock [Member]	Initial Public Offering [Member]	Private Placement [Member]	Common Stock [Member]	Common Stock [Member]Convertible Notes [Member]	Common Stock [Member]Preferred Stock [Member]	Common Stock [Member]Initial Public Offering [Member]	Common Stock [Member]Private Placement [Member]	Additional Paid-In Capital [Member]	Additional Paid-In Capital [Member]Convertible Notes [Member]	Additional Paid-In Capital [Member]Preferred Stock [Member]	Additional Paid-In Capital [Member]Initial Public Offering [Member]	Additional Paid-In Capital [Member]Private Placement [Member]	Loan Receivable - Officer [Member]	Accumulated Other Comprehensive Loss [Member]	Accumulated Deficit [Member]	Accumulated Deficit [Member]Preferred Stock [Member]	Series A Convertible Preferred Stock [Member]	Series A Convertible Preferred Stock [Member]Preferred Stock [Member]	Series B Convertible Preferred Stock [Member]	Series B Convertible Preferred Stock [Member]Preferred Stock [Member]	Series C Convertible Preferred Stock [Member]	Series C Convertible Preferred Stock [Member]Preferred Stock [Member]	Series C-1 Convertible Preferred Stock [Member]	Series C-1 Convertible Preferred Stock [Member]Preferred Stock [Member]
Beginning Balance at Dec. 31, 2012	$ (32,231,516)					$ 101					$ 2,588,592					$ (600,000)		$ (34,220,209)		$ 1,964,283		$ 10,175,750		$ 27,752,294
Beginning Balance, Shares at Dec. 31, 2012						1,006,417														2,200,000		4,651,163		9,090,909
Issuance of stock for license	$ 10,000										10,000
Issuance of stock for license, Shares						5,580
Issuance of common stock for services, Shares	14,285
Issuance of warrants for services	$ 22,149										22,149
Loan forgiven-officer	600,000															$ 600,000
Share-based compensation	2,309,569										2,309,569
Net loss	(23,620,702)																	(23,620,702)
Ending balance at Dec. 31, 2013	(52,910,500)					$ 101					4,930,310							(57,840,911)		$ 1,964,283		$ 10,175,750		$ 27,752,294
Ending balance, Shares at Dec. 31, 2013						1,011,997														2,200,000		4,651,163		9,090,909
Issuance of stock for license	$ 500,000					$ 13					499,987															$ 500,000
Issuance of stock for license, Shares						132,380																				151,515
Issuance of common stock for services, Shares	10,714
Issuance of warrants for services	$ 26,354										26,354
Issuance of securities				$ 41,281,998					$ 688					$ 41,281,310
Issuance of common stock		$ 30,632,689	$ 40,392,327				$ 520	$ 686				$ 30,632,169	$ 44,860,093						$ (4,468,452)		$ (1,964,283)		$ (10,175,750)		$ (27,752,294)		$ (500,000)
Issuance of securities, Shares									6,880,333
Issuance of common stock, Shares							5,197,476	6,861,968													(2,200,000)		(4,651,163)		(9,090,909)		(151,515)
Financing cost of sale of securities in IPO	(6,644,713)										(6,644,713)
Cancellation of placement agent warrants	941,541										941,541
Net shares of common stock issued in relation to vesting of retention grants	532,451					$ 13					532,438
Net shares of common stock issued in relation to vesting of retention grants, Shares						133,109
Share-based compensation	979,071										979,071
Unrealized loss on marketable securities	(627)																$ (627)
Net loss	(30,149,084)																	(30,149,084)
Ending balance at Dec. 31, 2014	25,581,507					$ 2,021					118,038,560						(627)	(92,458,447)
Ending balance, Shares at Dec. 31, 2014						20,217,263
Net shares issued in relation to vesting of performance grant	54,301					$ 1					54,300
Net shares issued in relation to vesting of performance grant, Shares						11,778
Issuance of common stock for services	$ 167,538					$ 3					167,535
Issuance of common stock for services, Shares	0					28,445
Issuance of securities					$ 20,000,000					$ 474					$ 19,999,526
Issuance of securities, Shares										4,728,128
Financing cost of sale of securities	$ (1,665,554)										(1,665,554)
Issuance of common stock for exercise of options	$ 2					$ 2
Issuance of common stock for exercise of options, Shares	75,197					23,235
Issuance of common stock for exercise of warrants	$ 9,698,564					$ 247					9,698,317
Issuance of common stock for exercise of warrants, Shares						2,473,793
Share-based compensation	1,989,862										1,989,862
Unrealized loss on marketable securities	(29,746)																(29,746)
Net loss	(25,120,964)																	(25,120,964)
Ending balance at Dec. 31, 2015	$ 30,675,510					$ 2,748					$ 148,282,546						$ (30,373)	$ (117,579,411)
Ending balance, Shares at Dec. 31, 2015						27,482,642

Statements of Cash Flows

Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash flows from operating activities
Net loss	$ (25,120,964)	$ (30,149,084)	$ (23,620,702)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	537,344	551,323	559,237
Stock-based compensation expense	1,989,862	1,511,509	2,309,569
Issuance of preferred stock and other costs in exchange for licensed technology		1,000,000	10,000
Issuance of common stock in exchange for services	167,538
Issuance of common stock warrants in exchange for services		26,354	22,149
Recognition of beneficial conversion feature		7,428,547
Amortization of debt issuance costs		1,240,391	416,075
Amortization of debt discount		3,550,527	738,935
Change in fair value of warrant and embedded derivative liabilities	131,320	1,225,202	2,612,090
Increase in deferred rent	36,077	69,675	224,367
Other non-cash charges and expenses			600,000
Net amortization of premium paid on marketable securities	283,915
Changes in operating assets and liabilities:
Decrease (increase) in prepaid expenses and other current assets	(808,108)	(170,377)	69,387
(Decrease) increase in accounts payable and accrued liabilities	600,415	(1,148,829)	2,002,469
Net cash used in operating activities	(22,182,601)	(14,864,762)	(14,056,424)
Cash flows from investing activities
Decrease in restricted cash		25,000	1,575,000
Purchases of marketable securities	(33,524,927)	(1,671,233)
Proceeds from maturities of marketable securities	11,933,000
Purchases of property and equipment	(8,157)
Proceeds from disposal of property and equipment		35,697	13,570
Net cash (used in) provided by investing activities	(21,600,084)	(1,610,536)	1,588,570
Cash flows from financing activities
Proceeds from issuance of convertible notes		3,036,350	11,963,650
Payment of financing costs of convertible notes		(24,850)	(1,336,280)
Proceeds from issuance of equity securities	20,000,000	41,281,998
Payment of financing costs of securities sold	(1,665,554)	(6,241,017)
Repayment of lease and notes payable			(1,900,510)
Proceeds from exercise of warrants	9,698,567
Net cash provided by financing activities	28,033,013	38,052,481	8,726,860
Net increase (decrease) in cash and cash equivalents	(15,749,672)	21,577,183	(3,740,994)
Cash and cash equivalents at beginning of period	25,722,453	4,145,270	7,886,264
Cash and cash equivalents at end of period	9,972,781	25,722,453	4,145,270
Supplemental disclosures of cash flow information and non-cash investing and financing activities
Cash paid for interest			107,632
Issuance of common and preferred stock for license received		1,000,000	$ 10,000
Issuance of common stock for services	$ 167,538
Cancellation of placement agent warrants		$ 941,541

Organization and Description of

Organization and Description of Business	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Organization and Description of Business	1. Organization and Description of Business Organization and Business ContraFect Corporation (the “Company”) is a clinical-stage biotechnology company focused on protein and antibody therapeutic products for life-threatening infectious diseases, particularly those treated in hospital-based settings. The Company intends to address multi-drug resistant infections using its therapeutic product candidates from its lysin and monoclonal antibody platforms to target conserved regions of either bacteria or viruses. The Company’s most advanced product candidates are CF-301, a lysin for the treatment of Staph aureus The Company has incurred losses from operations since inception as a research and development organization and has relied on its ability to fund its operations through public and private debt and equity financings. Management believes its cash, cash equivalents and marketable securities balances will be sufficient to fund operations into the second quarter of 2017 and expects operating losses and negative cash flows to continue at more significant levels in the future as it initiates additional clinical trials. Transition to profitability is dependent upon the successful development, approval, and commercialization of its product candidates and achieving a level of revenues adequate to support the Company’s cost structure. The Company may never achieve profitability, and unless and until it does, the Company will continue to need to raise additional capital. Management intends to fund future operations through additional public or private equity financings, and may seek additional capital through arrangements with strategic partners or from other sources. There can be no assurances that such financing will be available to the Company on satisfactory terms, or at all. In August 2014, the Company completed its initial public offering of 6,000,000 units, consisting of one share of common stock, one Class A Warrant to purchase one share of common stock at an exercise price of $4.80 per share and one Class B Warrant to purchase one-half share of common stock at an exercise price of $4.00 per full share (the “Units”) and closed on the underwriter’s over-allotment option for an additional 880,333 Units (the “IPO”), raising total net proceeds of $35.0 million, net of underwriting discount, commissions and offering expenses. In June 2015, the Company completed a private placement of securities to institutional investors whereby the investors received an aggregate of 4,728,128 shares of the Company’s common stock and warrants to purchase an additional 2,364,066 shares of common stock at an exercise price of $8.00 per share. The Company received net proceeds of $18.3 million, net of expenses. On November 2, 2015, the Company’s Class B Warrants to purchase common stock expired in accordance with their terms. As of November 2, 2015, holders of the Class B Warrants had exercised 4,812,328 Class B Warrants, resulting in the issuance of 2,406,164 shares of the Company’s common stock and the receipt by the Company of approximately $9.6 million in gross proceeds. The 2,068,005 Class B Warrants that were not exercised prior to expiration were terminated and are no longer exercisable. The significant increase in common stock outstanding in August 2014 and June 2015 is expected to impact the year-over-year comparability of the Company’s net loss per share calculations.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The accompanying financial information has been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). Significant Risks and Uncertainties The Company’s operations are subject to a number of factors that can 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 products, the Company’s ability to obtain regulatory approval to market its products, competition from products manufactured and sold or being developed by other companies, the price of, and demand for, the Company’s products, 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. See “Risk Factors” contained elsewhere in this Annual Report on Form 10-K for additional risks and uncertainties. Reclassifications The Company concluded it was appropriate to classify its deferred rent as a non-current liability. Prior period financial statement amounts have been reclassified to conform to current period presentation. These reclassifications had no effect on reported results of operations or cash flow from operations. 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 expenses during the reporting period. The Company bases estimates and assumptions on historical experience when available and on various factors that it believes to be reasonable under the circumstances. On an ongoing basis, the Company evaluates its estimates and assumptions, including those related to accruals, fair value measurements, stock-based compensation, warrant valuation and income taxes. The Company’s actual results may differ from these estimates under different assumptions or conditions. There have been no significant changes from the Company’s original estimates in any periods presented. Cash and Cash Equivalents The Company considers all highly liquid investments with maturities at the date of purchase of three months or less to be cash equivalents. Cash and cash equivalents include bank demand deposits, marketable securities with maturities of three months or less at purchase, and money market funds that invest primarily in certificates of deposit, commercial paper and U.S. government and U.S. government agency obligations. Cash equivalents are reported at fair value. Marketable Securities Marketable securities at December 31, 2015 and December 31, 2014 consisted of investments in short-term corporate debt securities. Management determines the appropriate classification of the securities at the time they are acquired and evaluates the appropriateness of such classifications at each balance sheet date. The Company classifies its marketable securities as available-for-sale pursuant to ASC 320, Investments—Debt and Equity Securities The Company reviews marketable securities for other-than-temporary impairment whenever the fair value of a marketable security is less than the amortized cost and evidence indicates that a marketable security’s carrying amount is not recoverable within a reasonable period of time. Other-than-temporary impairments of investments are recognized in the statements of operations if the Company has experienced a credit loss, has the intent to sell the marketable security, or if it is more likely than not that the Company will be required to sell the marketable security before recovery of the amortized cost basis. Evidence considered in this assessment includes reasons for the impairment, compliance with the Company’s investment policy, the severity and the duration of the impairment and changes in value subsequent to the end of the period. Marketable securities at December 31, 2015 consist of the following: Marketable Securities Amortized Cost Unrealized Gains Unrealized Losses Fair Value Current: Corporate debt $ 22,979,245 $ 199 $ (30,572 ) $ 22,948,872 Marketable securities at December 31, 2014 consisted of the following: Marketable Securities Amortized Cost Unrealized Gains Unrealized Losses Fair Value Current: Corporate debt $ 1,671,233 $ 159 $ (786 ) $ 1,670,606 At December 31, 2015 and December 31, 2014, the Company held only current investments. Investments classified as current have maturities of less than one year. Investments that would be classified as non-current are those that have maturities of greater than one year and management does not intend to liquidate within the next twelve months. At December 31, 2015 and December 31, 2014, the Company held 28 and three debt securities, respectively, that individually and in total were in an immaterial unrealized loss position for less than one year. The aggregate fair value of debt securities in an unrealized loss position at December 31, 2015 and December 31, 2014 was $21,137,424 and $1,222,291, respectively. The Company evaluated its securities for other-than-temporary impairment and considered the decline in market value for the securities to be primarily attributable to current economic and market conditions. It is not more likely than not that the Company will be required to sell the securities, and the Company does not intend to do so prior to the recovery of the amortized cost basis. Based on this analysis, these marketable securities were not considered to be other-than-temporarily impaired as of December 31, 2015 and 2014. Concentrations of Credit Risk Financial instruments which potentially subject the Company to credit risk consist primarily of cash, cash equivalents and marketable securities. The Company holds these investments in highly rated financial institutions, and, by policy, limits the amounts of credit exposure to any one financial institution. These amounts at times may exceed federally insured limits. The Company has not experienced any credit losses in such accounts and does not believe it is exposed to any significant credit risk on these funds. The Company has no off-balance sheet concentrations of credit risk, such as foreign currency exchange contracts, option contracts or other hedging arrangements. Fair Value of Financial Instruments The Company’s financial instruments consist of cash and cash equivalents, marketable securities, accounts payable, accrued liabilities, notes payable, convertible notes, warrant liabilities and embedded derivatives liabilities. Fair value estimates of these instruments are made at a specific point in time, based on relevant market information. These estimates may be subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. The fair value of the Company’s convertible notes, warrant liabilities and embedded derivatives liabilities are based upon unobservable inputs, as described further below. The Company is required to disclose information on all assets and liabilities reported at fair value that enables an assessment of the inputs used in determining the reported fair values. FASB ASC Topic 820, Fair Value Measurements and Disclosures Level 1—Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2—Valuations based on quoted prices for similar assets or liabilities in markets that are not active or for which all significant inputs are observable, either directly or indirectly. Level 3—Valuations that require inputs that reflect the Company’s own assumptions that are both significant to the fair value measurement and unobservable. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The Company had no liabilities classified as Level 1 or Level 2. The carrying amounts reported in the accompanying financial statements for accounts payable and accrued expenses approximate their respective fair values due to their short-term maturities. The fair value of the warrant and embedded derivative liabilities are discussed in Note 3, “Fair Value Measurements.” Property, Office Equipment, and Leasehold Improvements Property and equipment are recorded at cost less accumulated depreciation. Depreciation of property and equipment is provided by the straight-line method over their estimated useful lives, ranging from three to five years. Leasehold improvements are amortized on a straight line basis over the useful life of the improvement or the initial lease term, whichever is shorter. Costs for normal repair and maintenance are charged to expense as incurred. Deferred Rent The Company has an operating lease for office and laboratory space. Rent expense is recorded on a straight-line basis over the initial lease term. The difference between the actual cash paid and the straight-line rent expense is recorded as deferred rent. Research and Development Costs Research and development costs are charged to expense as incurred and are typically made up of salaries and benefits, clinical trial activities, drug development and manufacturing costs, and third-party service fees, including for clinical research organizations and investigative sites. 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, and are reflected in the financial statements as prepaid or accrued expenses. Share-based Compensation The Company accounts for stock-based compensation in accordance with ASC 718, Compensation—Stock Compensation, The fair value of options is calculated using the Black-Scholes option pricing model to determine the fair value of stock options on the date of grant based on key assumptions such as stock price, expected volatility and expected term. The Company’s estimates of these assumptions are primarily based on third-party valuations, historical data, peer company data and judgment regarding future trends and factors. Income Taxes The Company uses the asset and liability method to calculate deferred tax assets and liabilities. Deferred taxes are recognized based on the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases using enacted tax rates expected to apply to taxable income in the years in which those differences are expected to be recovered or settled. The Company records a valuation allowance against a deferred tax asset when it is more-likely-than-not that the deferred tax asset will not be realized. The Company is subject to federal, state and local taxes and follows a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The Company recognizes tax benefits or expenses of uncertain tax positions in the year such determination is made when the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has reviewed the Company’s tax positions for all open tax years (tax years ended December 31, 2008 through December 31, 2015) and concluded that no provision for unrecognized tax benefits or expense is required in these financial statements. There are no income tax audits in progress as of December 31, 2015. Impairment of Long-lived Assets In accordance with ASC 360, Property, Plant, and Equipment Segment and Geographic Information Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker, or decision making group, in making decisions on how to allocate resources and assess performance. The Company’s chief operating decision maker is the chief executive officer. The Company and the chief decision maker view the Company’s operations and manage its business as one operating segment. The Company operates in only one geographic segment. Net Loss per Share Applicable to Common Stockholders Basic net loss per share applicable to common stockholders is calculated by dividing net loss applicable to common stockholders by the weighted average shares outstanding during the period, without consideration for common stock equivalents. Net loss applicable to common stockholders is calculated by adjusting the net loss of the Company for cumulative preferred stock dividends. Diluted net loss per share applicable to common stockholders is calculated by adjusting weighted average shares outstanding for the dilutive effect of common stock equivalents outstanding for the period, determined using the treasury-stock method. For purposes of the dilutive net loss per share applicable to common stockholders calculation, stock options and warrant are considered to be common stock equivalents but are excluded from the calculation of diluted net loss per share applicable to common stockholders, as their effect would be anti-dilutive; therefore, basic and diluted net loss per share applicable to common stockholders were the same for all periods presented. Comprehensive Income (Loss) Comprehensive income (loss) is defined as the change in equity of a business enterprise during a period from transactions, and other events and circumstances from non-owner sources, and currently consists of net loss and changes in unrealized gains and losses on available-for-sale securities. Recent Accounting Pronouncements In August 2014, the FASB issued a new Accounting Standards Update, Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (ASU 2014-15) In November 2015, the FASB issued a new Accounting Standards Update, Balance Sheet Classification of Deferred Taxes (ASU 2015-17). In January 2016, the FASB issued a new Accounting Standards Update, Recognition and Measurement of Financial Assets and Financial Liabilities (ASU 2016-01). In February 2016, the FASB issued a new Accounting Standards Update , Leases (ASU 2016-02),

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	3. Fair Value Measurements The following fair value hierarchy table presents information about the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2015 and December 31, 2014: Fair Value Measurement As of December 31, 2015 Quoted Prices Significant Significant Cash equivalents $ 9,607,134 $ — $ — Marketable securities 22,948,872 — — Warrant liability — — 444,324 Total $ 32,556,006 $ — $ 444,324 Fair Value Measurement As of December 31, 2014 Quoted Prices Significant Significant Cash equivalents $ 25,628,918 $ — $ — Marketable securities 1,670,606 — — Warrant liability — — 313,004 Total $ 27,299,524 $ — $ 313,004 The Company issued a warrant to the representative of the underwriters of its IPO (the “Representative’s Warrant”) to purchase 206,410 shares of common stock at an exercise price of $7.50 per share (see Note 9, “Capital Structure”). The Company evaluated the Representative’s Warrants against current accounting guidance and determined that these warrants should be classified as a liability and considers it as a Level 3 financial instrument. The warrant will be re-measured at each subsequent reporting period and changes in fair value will be recognized in the statement of operations. The following assumptions were used in a Black-Scholes option-pricing model to determine the fair value of the warrant liability as of December 31, 2015 and 2014: As of As of Expected volatility 78.1 % 74.8 % Remaining contractual term (in years) 3.67 4.67 Risk-free interest rate 1.54 % 1.65 % Expected dividend yield — % — % The following tables present a reconciliation of the Company’s financial liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31, 2015, 2014 and 2013: Warrant liabilities (1) Year Ended December 31, 2015 2014 2013 Balance at beginning of period $ 313,004 $ 3,088,017 $ — Issuances of convertible notes — 865,635 2,080,722 Cancellation of placement agent warrants (2) — (941,541 ) — Issuance of Representative’s Warrant — 403,696 — Increase in fair value (3) 131,320 2,563,080 1,007,295 Conversion of convertible notes to common stock — (5,665,883 ) — Balance at end of period $ 444,324 $ 313,004 $ 3,088,017 Embedded derivatives liabilities (1) Year Ended December 31, 2015 2014 2013 Balance at beginning of period $ — $ 2,680,780 $ — Issuances of convertible notes — 537,607 1,075,985 (Decrease) increase in fair value (3) — (1,337,878 ) 1,604,795 Conversion of convertible notes to common stock — (1,880,509 ) — Balance at end of period $ — $ — $ 2,680,780 (1) Prior to the closing of the Company’s IPO on August 1, 2014, the Company considered its convertible note related warrant liabilities and embedded derivatives liabilities as Level 3 financial instruments. The Company determined the fair value of these liabilities immediately prior to the Company’s IPO and then reclassified the balances to additional paid-in capital on the closing of the IPO. (2) The Company reclassified the balance of the placement agent warrants to additional paid-in capital as a reduction of the offering costs upon their cancellation. (3) The change in the fair values of the warrant and embedded derivatives liabilities are recorded in other expenses in the statement of operations. The key inputs into the Black-Scholes option pricing model are the per share value and the expected volatility of the Company’s common stock. Significant changes in these inputs will directly increase or decrease the estimated fair value of the Company’s warrant liability.

Property, Equipment, and Leaseh

Property, Equipment, and Leasehold Improvements	12 Months Ended
	Dec. 31, 2015
Property, Plant and Equipment [Abstract]
Property, Equipment, and Leasehold Improvements	4. Property, Equipment, and Leasehold Improvements Property, equipment, and leasehold improvements, at cost, consist of: December 31, 2015 2014 Computer equipment $ 19,691 $ 19,691 Furniture 434,697 434,697 Lab equipment 1,631,016 1,631,016 Leasehold improvements 1,821,677 1,813,520 3,907,081 3,898,924 Less: accumulated depreciation and amortization (2,288,113 ) (1,750,769 ) $ 1,618,968 $ 2,148,155 Depreciation expense was $537,344, $551,323 and $559,237 for the years ended December 31, 2015, 2014 and 2013, respectively.

Accrued Expenses

Accrued Expenses	12 Months Ended
	Dec. 31, 2015
Payables and Accruals [Abstract]
Accrued Expenses	5. Accrued Expenses Accrued expenses consist of the following: December 31, 2015 2014 Accrued compensation costs $ 1,133,742 $ 1,865,778 Accrued research and development service fees 590,307 202,183 Accrued professional fees 317,796 286,443 Accrued licensing fees — 200,000 Other 209,922 187,039 $ 2,251,767 $ 2,741,443

Senior Convertible Notes

Senior Convertible Notes	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Senior Convertible Notes	6. Senior Convertible Notes The Company issued approximately $15.0 million aggregate principal amount of its 8.00% Convertible Notes due May 31, 2015 (the “Convertible Notes”) from June 2013 through June 2014. On August 1, 2014, in conjunction with the closing of the Company’s IPO, the principal amount of the Convertible Notes, and all accrued and unpaid interest thereon, automatically converted into 5,109,988 shares of common stock. Upon the closing of the offering, the Company accelerated the amortization of the remaining debt discount balance to interest expense. The Company recorded the costs directly related to the issuance of its Convertible Notes as debt issuance costs and amortized these costs to interest expense using the effective interest method of amortization until the completion of the Company’s IPO. Upon the closing of the offering, the Company accelerated the amortization of the remaining balance to interest expense. Each purchaser of the Convertible Notes also received a warrant which included an exercise price “cap” that was analogous to “down round protection” which precluded the Company from classifying the warrants in equity (the “Note Warrants”). The Convertible Notes also included embedded derivatives (i.e. penalty provisions) that required bifurcation. As such, the Company reflected both the values of the Note Warrants and the embedded derivatives as liabilities which were re-measured at each reporting period and immediately prior to the closing of the Company’s IPO, and changes in fair value were recognized in the statement of operations. Upon the closing of the IPO, the Company reclassified the balances of the Note Warrant and embedded derivative liabilities to additional paid-in capital as the terms of the Note Warrants, including any penalty warrants, became fixed and the interest penalties were paid in the Company’s common stock, and therefore both the Note Warrants and penalties were no longer considered a liability (see Note 3, “Fair Value Measurements”). Upon the closing of the IPO and based on the terms of the Note Warrants, the Company determined the total number of shares of the Company’s common stock underlying the Note Warrants to be 3,321,416 at an exercise price of $3.00 per share. The number of shares of common stock underlying the outstanding Note Warrants as of December 31, 2015 and 2014 was 3,315,878 and 3,321,416, respectively. The Note Warrants expire five years from the date of issuance.

Net Loss Per Share of Common St

Net Loss Per Share of Common Stock	12 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
Net Loss Per Share of Common Stock	7. Net Loss Per Share of Common Stock Diluted loss per share is the same as basic loss per share for all periods presented because the effects of potentially dilutive items were anti-dilutive given the Company’s net loss. Basic loss per share is computed by dividing net loss available to common stockholders by the weighted-average number of common shares outstanding. The following table sets forth the computation of basic and diluted loss per share for common stockholders: Year Ended December 31, 2015 2014 2013 Net loss applicable to common stockholders $ (25,120,964 ) $ (34,617,536 ) $ (23,620,702 ) Weighted average shares of common stock outstanding 23,328,922 8,973,599 1,011,789 Net loss per share of common stock—basic and diluted $ (1.08 ) $ (3.86 ) $ (23.35 ) The following potentially dilutive securities outstanding at December 31, 2015 and 2014 have been excluded from the computation of diluted weighted average shares outstanding, as they would have been antidilutive given the Company’s net loss: December 31, 2015 2014 2013 Preferred stock — — 4,554,874 Options to purchase common stock 4,313,755 3,089,327 2,221,652 Warrants to purchase common stock (1) 13,503,107 14,577,361 718,322 17,816,862 17,666,688 7,494,848 (1) The potential dilutive impact of the Company’s Note Warrants (see Note 6 “Senior Convertible Notes”) were not included as of December 31, 2013 as the underlying number of shares was not determinable at that time and would also have been antidilutive.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	8. Commitments and Contingencies Operating Leases In December 2010, the Company entered into a non-cancellable operating lease for office space and laboratory facilities in Yonkers, New York expiring in December 2025. In December 2011, the Company entered into an amendment which extended the terms of the lease through December 2027. The lease provides for the option to renew for two additional five-year terms. The premises were occupied in June 2011. Monthly rent payments began the date the office and laboratory facilities were ready for occupancy. A security deposit in the amount of $54,865 was paid by the Company. In January 2012, the Company entered into a non-cancellable operating lease for additional office space and laboratory facilities in the same building in Yonkers, New York expiring in December 2027. The lease provides for an option to renew for two additional five-year terms. A security deposit in the amount of $78,238 was paid by the Company. Future minimum lease payments are as follows: Amount Year ending December 31: 2016 $ 851,895 2017 868,933 2018 886,311 2019 904,038 2020 922,118 Thereafter 6,992,396 $ 11,425,691 Rent expense is recognized on the straight-line method over the terms of each lease. Rent expense for the years ended December 31, 2015, 2014 and 2013, was approximately $873,000, $871,000 and $870,000, respectively.

Capital Structure

Capital Structure	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Capital Structure	9. Capital Structure Common Stock As of December 31, 2015, the Company was authorized to issue 100,000,000 shares of common stock at $0.0001 par value per share. Private Placement On June 12, 2015, the Company closed a private placement of its securities with a group of institutional investors (the “PIPE”). Each investor received one share of common stock and a warrant to purchase one-half share of common stock at a price of $4.23 per common share purchased. The closing of the PIPE resulted in the issuance of an aggregate of 4,728,128 common shares and warrants to purchase an additional 2,364,066 shares of common stock at an exercise price of $8.00 per full share, which expire three years form the date of issuance (the “PIPE Warrants”). The Company received net proceeds from the PIPE of $18.3 million, after deducting expenses payable by the Company. The placement agents in the PIPE received warrants to purchase 4% of the total number of shares of common stock sold in the PIPE (the “Placement Agent Warrants”), for a total of 189,126 shares of common stock underlying the Placement Agent Warrants. The Placement Warrants became exercisable upon issuance at an exercise price of $4.65 per share and expire on June 11, 2020. The common stock and accompanying PIPE Warrants and Placement Agent Warrants have been classified to stockholders’ equity in the Company’s balance sheet. Initial Public Offering In July 2014, the shareholders approved an amended certificate of incorporation that became effectively immediately upon the closing of the Company’s IPO. The approved certificate increased the number of authorized shares of common stock to 100,000,000 shares. On August 1, 2014, the Company closed its IPO. Each Unit consisted of one share of common stock, one Class A Warrant to purchase one share of common stock at an exercise price of $4.80 per share and one Class B Warrant to purchase one-half share of common stock at an exercise price of $4.00 per full share. The closing of the IPO resulted in the sale of an aggregate of 6,880,333 Units at a public offering price of $6.00 per Unit, less underwriting discounts and commissions and the underwriter’s expenses, including 880,333 Units issued upon the exercise by the underwriters of their option to purchase additional Units at the public offering price to cover over-allotments of the Company. The Company received net proceeds from the IPO of $35.0 million, after deducting underwriting discounts, commissions, and expenses payable by the Company. Following the IPO, the units separated and the shares of common stock, Class A Warrants and Class B Warrants began to trade separately. The common stock and accompanying Class A and Class B warrants were classified to stockholders’ equity in the Company’s balance sheet. On November 2, 2015, the Company’s Class B Warrants to purchase common stock expired in accordance with their terms. As of November 2, 2015, holders of the Class B Warrants had exercised 4,812,328 Class B Warrants, resulting in the issuance of 2,406,164 shares of the Company’s common stock and the receipt by the Company of approximately $9.6 million in gross proceeds. The 2,068,005 Class B Warrants that were not exercised prior to expiration have terminated and are no longer exercisable. Representative’s Warrant The Maxim Group, LLC, the representative of the underwriters in the IPO, received the Representative’s Warrant to purchase 3% of the total number of shares of common stock sold in the IPO, including those shares sold upon the exercise of the over-allotment, for a total of 206,410 shares of common stock underlying the Representative’s Warrant. The Representative’s Warrant became exercisable at an exercise price of $7.50 per share beginning 180 days after the effective date of the Company’s registration statement (January 24, 2015) and expires on August 27, 2019. The Company classified the Representative’s Warrant as a liability since it did not meet the requirements to be included in equity. The fair value of the Representative’s Warrant will be re-measured at each reporting period and changes in fair value will be recognized in the statement of operations (see Note 3, “Fair Value Measurements”). Voting The holders of shares of common stock are entitled to one vote for each share of common stock held at all meetings of stockholders and written actions in lieu of meetings. Dividends The holders of shares of common stock are entitled to receive dividends, if and when declared by the board of directors. As of December 31, 2015, no dividends have been declared or paid on the Company’s common stock since inception. Reserved for Future Issuance The Company has reserved for future issuance the following number of shares of common stock as of December 31, 2015 and 2014: December 31, 2015 2014 Options to purchase common stock 4,313,755 3,089,327 Warrants to purchase common stock 13,503,107 14,577,361 17,816,862 17,666,688 Convertible Preferred Stock Dividends On May 28, 2014, the board of directors declared a dividend to be paid in-kind to the holders of the Company’s preferred stock in accordance with the Company’s Fourth Amended and Restated Certificate of Incorporation, whereby each holder of shares of preferred stock will be entitled to a number of additional shares of the applicable series of preferred stock equal to the amount of the accrued and unpaid dividend on such holder’s shares (the “Dividend”). The Company determined that 605,645 shares of Series A preferred stock, 1,172,645 shares of Series B preferred stock, 1,379,388 shares of Series C preferred stock and 2,395 shares of Series C-1 preferred stock would be required to satisfy the Dividend. The Company recorded the in-kind dividend payable and associated expense at fair value of the securities to be issued. The Company was able to assess the value of the preferred stock dividends in terms of its common stock to be issued upon conversion of the preferred stock on the closing of its IPO. Conversion On August 1, 2014, in conjunction with the closing of the Company’s IPO, all outstanding shares of the Company’s preferred stock, including the in-kind dividend payable, were automatically converted into 6,861,968 shares of its common stock.

Stock Warrants

Stock Warrants	12 Months Ended
	Dec. 31, 2015
Text Block [Abstract]
Stock Warrants	10. Stock Warrants As of December 31, 2015 and 2014, the Company had warrants outstanding as shown in the table below. December 31, 2015 2014 Note Warrants 3,315,878 3,321,416 Class A Warrants 6,880,333 6,880,333 Class B Warrants (1) — 3,440,166 PIPE Warrants 2,364,066 — Representative’s Warrant 206,410 206,410 Placement Agent Warrants 189,126 — Other warrants (2) 547,294 729,036 Warrants to purchase common stock 13,503,107 14,577,361 Weighted-average exercise price per share $ 5.02 $ 4.32 (1) The Class B Warrants expired pursuant to their terms on November 2, 2015. (2) Other warrants are comprised of warrants issued prior to the Company’s IPO, generally in exchange for services rendered to the Company. The fair value of each warrant to purchase shares of common stock issued for services rendered to the Company was estimated using the Black-Scholes option pricing model with the following weighted average assumptions: Year Ended 2014 2013 Fair value of underlying common stock $ 4.27 $ 3.50 Expected volatility 75.4 % 72.8 % Remaining contractual term (in years) 5.00 5.00 Risk-free interest rate 1.68 % 0.65 % Expected dividend yield — % — % During 2015, the Company did not issue any warrants to purchase shares of common stock for services rendered to the Company. During 2014, the Company issued warrants to purchase 10,714 shares of common stock at a strike price of $5.25 per share for services rendered to the Company. The Company calculated the fair value of these warrants to be $26,354 which has been recognized as a component of general and administrative expenses in 2014. During 2013, the Company issued warrants to purchase 14,285 shares of common stock at a strike price of $7.00 per share for services rendered to the Company. The Company calculated the fair value of these warrants to be $22,149 which has been recognized as a component of general and administrative expenses in 2013. The following table summarizes information regarding the Company’s warrants outstanding and the corresponding exercise price at December 31, 2015: Exercise Prices Shares Expiration Date £ 3,588,406 August 31, 2016 – September 1, 2021 $4.01 - $4.99 7,069,459 February 1, 2017 – June 11, 2020 $5.00 - $9.99 2,656,900 December 10, 2016 – June 27, 2021 ³ 188,342 August 31, 2016 – January 5, 2022 13,503,107

Stock Option and Incentive Plan

Stock Option and Incentive Plans	12 Months Ended
	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock Option and Incentive Plans	11. Stock Option and Incentive Plans Amended and Restated 2008 Equity Incentive Plan In July 2008, the Company adopted the 2008 Equity Incentive Plan (the “Plan”). On February 26, 2013, the board of directors approved an amended and restated plan (the “Amended Plan”) to increase the number of shares of common stock available under the Amended Plan to 1,571,428 and, for new awards, to reduce the period that vested awards would remain exercisable upon termination of service from ten years to two years. The board of directors also approved an option exchange offer (the “Exchange Offer”) for eligible option holders with outstanding options with an exercise price in excess of $3.50 per share. The offering period for the Exchange Offer commenced on March 11, 2013 and expired on April 9, 2013. Participation in the Exchange Offer was voluntary. Options to purchase 647,521 shares of the Company’s common stock, held by a total of 26 participants, including 20 employees, were exchanged under the tender offer. The exchanged option grants were granted at an exercise price of $3.50 per share. The Company recorded expense associated with the modification with an immediate charge for the vested portion of option grants exchanged and additional charges as the remaining unvested portions become vested. Upon the original adoption of the Plan, the number of shares of common stock reserved pursuant to the Plan was 214,285. On December 12, 2011, the Plan was amended to increase the number of shares of common stock available under the Plan to 900,000. The board of directors also increased the number of shares of common stock available under the Company’s Amended Plan on February 24, 2014 and April 29, 2014 to 1,857,142 and 2,357,142, respectively. As of the closing of the Company’s IPO, there will be no further grants made under the Amended Plan. 2014 Omnibus Incentive Plan In April 2014, the Company’s board of directors adopted the 2014 Omnibus Incentive Plan (the “2014 Plan”). The 2014 Plan was approved by the Company’s shareholders on July 3, 2014. The 2014 Plan allows for the granting of incentive and non-qualified stock options, restricted stock and stock unit awards, stock appreciation rights and other performance-based awards to the Company’s employees, members of the board of directors and consultants of the Company. On July 28, 2014, the effective date of the 2014 Plan, the number of shares of common stock reserved pursuant to the 2014 Plan was 571,429. The 2014 Plan provides for an annual increase, to be added on the first day of each fiscal year, beginning with the fiscal year ending December 31, 2015 and continuing until the expiration of the 2014 Plan, equal to the lesser of (i) 4% of the outstanding shares of common stock on December 31 immediately preceding such date or (ii) a lesser amount determined by the Company’s board of directors. Consistent with the provision for an annual increase, an additional 808,690 shares of common stock have been reserved under the 2014 Plan. The Company recognizes compensation expense for share-based compensation based on the fair value of the underlying instrument. The fair value of each stock option grant is estimated on the date of grant using the Black-Scholes option-pricing model. A summary of stock option activity for the year ended December 31, 2015, is summarized as follows: Number of Weighted Weighted Aggregate Options outstanding at December 31, 2014 3,089,327 $ 4.95 Granted 1,353,750 4.64 Exercised (75,197 ) 3.50 Expired (25,605 ) 6.59 Forfeited (28,520 ) 3.61 Options outstanding at December 31, 2015 4,313,755 $ 4.87 7.34 $ 2,544,493 Vested and exercisable at December 31, 2015 2,864,799 $ 5.05 6.55 $ 2,014,233 Of the option grants outstanding to purchase 4,313,755 shares of common stock, grants to purchase 667,870 shares of common stock were issued and are outstanding outside the Company’s incentive plans. The fair value of each option grant is estimated on the date of the grant using the Black-Scholes option-pricing model. The weighted average grant date fair value of options granted during the years ended December 31, 2015, 2014 and 2013 was $4.64, $3.95 and $3.50, respectively. Total compensation expense recognized amounted to $1,929,112, $1,940,179 and $2,309,569 for the years ended December 31, 2015, 2014 and 2013, respectively. As of December 31, 2015, the total remaining unrecognized compensation cost related to unvested stock options was $3,596,629 which will be recognized over a weighted average period of approximately 2.52 years. The following weighted average assumptions were used to compute the fair value of stock option grants: Year Ended December 31, 2015 2014 2013 Risk free interest rate 1.62 % 1.95 % 1.21 % Expected dividend yield — — — Expected term (in years) 5.75 5.96 6.22 Expected volatility 74.36 % 76.3 % 73.2 % Expected volatility— Expected term— Risk-free interest rate— Expected dividend yield—

Retention Bonus Plan

Retention Bonus Plan	12 Months Ended
	Dec. 31, 2015
Postemployment Benefits [Abstract]
Retention Bonus Plan	12. Retention Bonus Plan On February 24, 2014, the Company adopted the ContraFect Corporation Retention Bonus Plan (the “Retention Plan”). Under the Retention Plan, participants vested in and became eligible to receive awards equal to a fixed dollar amount (the “Award Amount”), upon the earliest to occur of any of the following events: (i) the IPO; (ii) a Change of Control (as defined in the Retention Plan); (iii) May 31, 2015; and (iv) a participant’s termination of employment due to death or Disability (as defined in the Retention Plan) (each such event, a “Payment Event”). In the event of an IPO or Change of Control, participants who were then employed by the Company were eligible to receive shares of common stock in an amount equal to 1.82 times each participant’s Award Amount. As of June 30, 2014, Award Amounts totaling $532,700 had been granted under the Retention Plan. Upon the closing of the Company’s IPO, the Company recognized a total of $954,754 of expense associated with the vesting of the grants. On September 11, 2014, the Company issued 133,109 shares of its common stock, net of shares withheld for tax obligations, in payment of the retention grants. There are no outstanding Award Amounts as of December 31, 2015 or December 31, 2014 and the Company does not anticipate any further grants under the Retention Plan.

401k Savings Plan

401k Savings Plan	12 Months Ended
	Dec. 31, 2015
Compensation and Retirement Disclosure [Abstract]
401k Savings Plan	13. 401k Savings Plan In 2010, the Company established a defined-contribution savings plan under Section 401(k) of the Internal Revenue Code (the 401(k) Plan). The 401(k) Plan covers all employees who meet defined minimum age and service requirements, and allows participants to defer a portion of their annual compensation on a pre-tax basis The Company did not make any contributions to the 401(k) Plan through December 31, 2014. During 2015, the Company established an employer matching program for participants in the 401(k) Plan. The Company incurred approximately $88,000 of expense for matching contributions to the 401(k) Plan during the year ended December 31, 2015.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Income Taxes	14. Income Taxes The Company has available approximately $91,586,000 and $96,074,000 of unused operating loss carryforwards for federal and state tax purposes, respectively, that may be applied against future taxable income. The net operating loss carryforwards will expire through the year 2035 if not utilized prior to that date. No provision for a deferred tax asset has been made for the tax benefits of the net operating loss carryforwards as the entire amount is offset by a valuation allowance. The valuation allowance increased by approximately $9,937,000 and $7,494,000 during the years 2015 and 2014, respectively, and was approximately $40,089,000 and $30,152,000 at December 31, 2015 and 2014, respectively. The Internal Revenue Code of 1986, as amended (the Code) provides for a limitation of the annual use of net operating losses and other tax attributes (such as research and development tax credit carryforwards) following certain ownership changes (as defined by the Code) that could limit the Company’s ability to utilize these carryforwards. At this time, the Company has not completed a study to assess whether an ownership change under Section 382 of the Code has occurred, or whether there have been multiple ownership changes since the Company’s formation, due to the costs and complexities associated with such a study. The Company may have experienced various ownership changes, as defined by the Code, as a result of past financing transactions. Accordingly, the Company’s ability to utilize the aforementioned carryforwards may be limited. Additionally, U.S. tax laws limit the time during which these carryforwards may be applied against future taxes. Therefore, the Company may not be able to take full advantage of these carryforwards for federal or state income tax purposes. The Company’s reserves related to taxes are based on a determination of whether and how much of a tax benefit taken by the Company in its tax filings or positions is more likely than not to be realized following resolution of any potential contingencies present related to the tax benefit. For the three years ended December 31, 2015, the Company had no unrecognized tax benefits or related interest and penalties accrued. The Company has not, as yet, conducted a study of research and development (R&D) credit carryforwards. This study may result in an adjustment to the Company’s R&D credit carryforwards; however, until a study is completed and any adjustment is known, no amounts are being presented as an uncertain tax position. A full valuation allowance has been provided against the Company’s R&D credits and, if an adjustment is required, this adjustment would be offset by an adjustment to the valuation allowance. Thus, there would be no impact to the balance sheet or statement of operations if an adjustment were required. The Company would recognize both accrued interest and penalties related to unrecognized benefits in income tax expense. The Company’s uncertain tax positions are related to years that remain subject to examination by relevant tax authorities. Since the Company is in a loss carryforward position, the Company is generally subject to examination by the U.S. federal, state and local income tax authorities for all tax years in which a loss carryforward is available. The principal components of the Company’s deferred tax assets/liabilities for 2015 and 2014 are as follows: December 31, 2015 2014 Deferred tax assets/liabilities: Net operating loss carryovers $ 36,414,890 $ 26,959,701 R&D tax credits 1,469,756 1,224,288 Share-based compensation 1,922,680 1,649,073 Accrued compensation and severance 147,175 409,234 Depreciation (496,327 ) (690,981 ) Deferred rent 404,885 370,376 Intangible assets 225,702 229,836 40,088,761 30,151,527 Valuation allowance (40,088,761 ) (30,151,527 ) Net deferred tax assets (liabilities) $ — $ — A reconciliation of the statutory U.S. Federal rate to the company’s effective tax rate is as follows: Year Ended December 31, 2015 2014 2013 Federal income tax benefit at statutory rate (34.00 )% (34.00 )% (34.00 )% State income tax, net of federal benefit (5.49 ) (5.70 ) (5.00 ) Permanent item—non-deductible interest — 14.59 — Other permanent items 1.99 1.83 0.01 Change in valuation allowance 39.70 24.89 40.17 R&D tax credits (.99 ) (1.13 ) (1.08 ) Other (1.21 ) (0.48 ) (0.10 ) Effective income tax (benefit) expense rate 0 % 0 % 0 %

Significant Agreements

Significant Agreements	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Significant Agreements	15. Significant Agreements Rockefeller University License Agreements The Company has entered into the following license agreements with The Rockefeller University: • On July 12, 2011, the Company entered into a license agreement for the worldwide, exclusive right to a patent covering the composition of matter for the lysin PlySS2 for the treatment and prevention of diseases caused by gram-positive bacteria (the “CF-301 License”). The Company rebranded PlySS2 as CF-301. The license gives the Company the right to exclusively develop, make, have made, use, import, lease, sell and offer for sale products that would otherwise infringe a claim of this patent application or patent. • On June 1, 2011, the Company entered into a license agreement for the exclusive rights to The Rockefeller University’s interest in a joint patent application covering the method of delivering antibodies through the cell wall of gram-positive bacteria to the periplasmic space. This intellectual property was developed as a result of the sponsored research agreement between the Company and The Rockefeller University, and was jointly discovered and filed by the two parties. • On September 23, 2010, the Company entered into a license agreement for the worldwide, exclusive right to develop, make, have made, use, import, lease, sell, and offer for sale products that would otherwise infringe a claim of the suite of patents and patent applications covering the composition of matter for eight individual lysin molecules for the treatment and prevention of diseases caused by gram-positive bacteria. The lysins in this suite have activity against Group B Streptococci, Staphylococcus aureus, Streptococcus pneumonia, Bacillus anthracis, Enterococcus faecalis and Enterococcus faecium. In consideration for the licenses, we paid Rockefeller license initiation fees in cash and stock and may be required to pay an annual maintenance fee, milestone payments and royalties on net sales from products to Rockefeller. We are allowed to grant sublicenses to third parties without prior approval, subject to certain conditions and the payment of a certain percentage of all payments we receive from sublicensees. Each license agreement terminates upon the later of (i) the expiration or abandonment of the last licensed patent under the license agreement to expire or become abandoned, or (ii) 10 years after the first commercial sale of the first licensed product. The Rockefeller University may terminate any license agreement in the event of a breach of such agreement by the Company or if the Company challenges the validity or enforceability of the underlying patent rights. The Company may terminate any license agreement at any time on 60 days’ notice. Collaborative Research Agreements Beginning in October 2009, we entered into a research agreement with Rockefeller where we provided funding for the research. The initial agreement focused on producing and testing monoclonal antibodies against proteins of Staph aureus Our current agreement runs through October 31, 2016. Either party may terminate the agreement upon breach of the agreement, following 30 days written notice and failure to cure such breach. Following the expiration or termination of the agreement, each party will have a non-exclusive license to use for internal research purposes all research results, including joint intellectual property. If Rockefeller or joint intellectual property develops from these programs, we will have the right-of-first refusal to negotiate to acquire a royalty-bearing license to utilize such intellectual property for commercial purposes. Trellis Biosciences, LLC On January 29, 2014, the Company entered into a license agreement with Trellis Biosciences, LLC (“Trellis”) that gives it exclusive rights to all Trellis mAbs in the field of influenza discovered from the Trellis CellSpot platform. Particularly, the license provides the Company with three fully human mAbs that bind, neutralize and protect animals from all strains of H1, H3 and B influenza, and that will also cross bind, neutralize and protect animals from all other seasonal or pandemic influenza strains that may arise (including H5N1 and H7N9). In consideration for the license, the Company paid Trellis $200,000 and issued 151,515 shares of Series C-1 preferred stock, contractually valued at $500,000. On October 7, 2014, the Company issued 132,380 shares of its common stock in satisfaction of the $500,000 remaining due in stock as consideration for the license. The Company will also be required to make payments to Trellis upon the achievement of specified development and regulatory milestones and upon the achievement of future sales and for royalty on future net sales from products. The Company is allowed to grant sublicenses to third parties. The license agreement terminates upon the earlier of (i) the Company’s decision to terminate the agreement at will or for safety reasons, (ii) material breach by either party that is not cured within ninety (90) days, or (iii) either party’s insolvency. MorphoSys AG In June 2014, the Company and MorphoSys AG agreed to terminate their license agreement effective as of August 15, 2014 and resolve all outstanding claims thereunder. On August 11, 2014, the Company made the €1,000,000 payment to MorphoSys AG pursuant to the agreed upon settlement. Legal Contingencies From time to time, the Company may be involved in disputes and legal proceedings in the ordinary course of its business. These proceedings may include allegations of infringement of intellectual property, employment or other matters. The Company records a liability in its financial statements for these matters when a loss is known or considered probable and the amount can be reasonably estimated. The Company reviews these estimates each accounting period as additional information is known and adjusts the loss provision when appropriate. If a matter is both probable to result in a liability and the amounts of loss can be reasonably estimated, the Company estimates and discloses the possible loss or range of loss to the extent necessary to make the financial statements not misleading. If the loss is not probable or cannot be reasonably estimated, a liability is not recorded in the Company’s financial statements. The Company currently has no legal proceedings ongoing that management estimates could have a material effect on the Company’s financial statements.

Related-Party Transactions

Related-Party Transactions	12 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
Related-Party Transactions	16. Related-Party Transactions The Company paid its non-employee directors fees for services as directors and consulting of approximately $630,000, $568,000 and $271,000 for the years ended December 31, 2015, 2014 and 2013, respectively, which were included in general and administrative expenses.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2015
Subsequent Events [Abstract]
Subsequent Events	17. Subsequent Events In January 2016, the Company entered into a Sales Agreement with Cowen and Company, LLC (“Cowen”) to sell shares of the Company’s common stock, with aggregate gross sales proceeds of up to $30 million, through an “at the market” equity offering program under which Cowen will act as sales agent. As of the date of this report, the Company has not sold any shares under the program.

Summary of Significant Accoun26

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying financial information has been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”).
Significant Risks and Uncertainties	Significant Risks and Uncertainties The Company’s operations are subject to a number of factors that can 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 products, the Company’s ability to obtain regulatory approval to market its products, competition from products manufactured and sold or being developed by other companies, the price of, and demand for, the Company’s products, 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. See “Risk Factors” contained elsewhere in this Annual Report on Form 10-K for additional risks and uncertainties.
Reclassifications	Reclassifications The Company concluded it was appropriate to classify its deferred rent as a non-current liability. Prior period financial statement amounts have been reclassified to conform to current period presentation. These reclassifications had no effect on reported results of operations or cash flow from operations.
Use of Estimates	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 expenses during the reporting period. The Company bases estimates and assumptions on historical experience when available and on various factors that it believes to be reasonable under the circumstances. On an ongoing basis, the Company evaluates its estimates and assumptions, including those related to accruals, fair value measurements, stock-based compensation, warrant valuation and income taxes. The Company’s actual results may differ from these estimates under different assumptions or conditions. There have been no significant changes from the Company’s original estimates in any periods presented.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments with maturities at the date of purchase of three months or less to be cash equivalents. Cash and cash equivalents include bank demand deposits, marketable securities with maturities of three months or less at purchase, and money market funds that invest primarily in certificates of deposit, commercial paper and U.S. government and U.S. government agency obligations. Cash equivalents are reported at fair value.
Marketable Securities	Marketable Securities Marketable securities at December 31, 2015 and December 31, 2014 consisted of investments in short-term corporate debt securities. Management determines the appropriate classification of the securities at the time they are acquired and evaluates the appropriateness of such classifications at each balance sheet date. The Company classifies its marketable securities as available-for-sale pursuant to ASC 320, Investments—Debt and Equity Securities The Company reviews marketable securities for other-than-temporary impairment whenever the fair value of a marketable security is less than the amortized cost and evidence indicates that a marketable security’s carrying amount is not recoverable within a reasonable period of time. Other-than-temporary impairments of investments are recognized in the statements of operations if the Company has experienced a credit loss, has the intent to sell the marketable security, or if it is more likely than not that the Company will be required to sell the marketable security before recovery of the amortized cost basis. Evidence considered in this assessment includes reasons for the impairment, compliance with the Company’s investment policy, the severity and the duration of the impairment and changes in value subsequent to the end of the period. Marketable securities at December 31, 2015 consist of the following: Marketable Securities Amortized Cost Unrealized Gains Unrealized Losses Fair Value Current: Corporate debt $ 22,979,245 $ 199 $ (30,572 ) $ 22,948,872 Marketable securities at December 31, 2014 consisted of the following: Marketable Securities Amortized Cost Unrealized Gains Unrealized Losses Fair Value Current: Corporate debt $ 1,671,233 $ 159 $ (786 ) $ 1,670,606 At December 31, 2015 and December 31, 2014, the Company held only current investments. Investments classified as current have maturities of less than one year. Investments that would be classified as non-current are those that have maturities of greater than one year and management does not intend to liquidate within the next twelve months. At December 31, 2015 and December 31, 2014, the Company held 28 and three debt securities, respectively, that individually and in total were in an immaterial unrealized loss position for less than one year. The aggregate fair value of debt securities in an unrealized loss position at December 31, 2015 and December 31, 2014 was $21,137,424 and $1,222,291, respectively. The Company evaluated its securities for other-than-temporary impairment and considered the decline in market value for the securities to be primarily attributable to current economic and market conditions. It is not more likely than not that the Company will be required to sell the securities, and the Company does not intend to do so prior to the recovery of the amortized cost basis. Based on this analysis, these marketable securities were not considered to be other-than-temporarily impaired as of December 31, 2015 and 2014.
Concentrations of Credit Risk	Concentrations of Credit Risk Financial instruments which potentially subject the Company to credit risk consist primarily of cash, cash equivalents and marketable securities. The Company holds these investments in highly rated financial institutions, and, by policy, limits the amounts of credit exposure to any one financial institution. These amounts at times may exceed federally insured limits. The Company has not experienced any credit losses in such accounts and does not believe it is exposed to any significant credit risk on these funds. The Company has no off-balance sheet concentrations of credit risk, such as foreign currency exchange contracts, option contracts or other hedging arrangements.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company’s financial instruments consist of cash and cash equivalents, marketable securities, accounts payable, accrued liabilities, notes payable, convertible notes, warrant liabilities and embedded derivatives liabilities. Fair value estimates of these instruments are made at a specific point in time, based on relevant market information. These estimates may be subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. The fair value of the Company’s convertible notes, warrant liabilities and embedded derivatives liabilities are based upon unobservable inputs, as described further below. The Company is required to disclose information on all assets and liabilities reported at fair value that enables an assessment of the inputs used in determining the reported fair values. FASB ASC Topic 820, Fair Value Measurements and Disclosures Level 1—Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2—Valuations based on quoted prices for similar assets or liabilities in markets that are not active or for which all significant inputs are observable, either directly or indirectly. Level 3—Valuations that require inputs that reflect the Company’s own assumptions that are both significant to the fair value measurement and unobservable. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The Company had no liabilities classified as Level 1 or Level 2. The carrying amounts reported in the accompanying financial statements for accounts payable and accrued expenses approximate their respective fair values due to their short-term maturities. The fair value of the warrant and embedded derivative liabilities are discussed in Note 3, “Fair Value Measurements.”
Property, Office Equipment, and Leasehold Improvements	Property, Office Equipment, and Leasehold Improvements Property and equipment are recorded at cost less accumulated depreciation. Depreciation of property and equipment is provided by the straight-line method over their estimated useful lives, ranging from three to five years. Leasehold improvements are amortized on a straight line basis over the useful life of the improvement or the initial lease term, whichever is shorter. Costs for normal repair and maintenance are charged to expense as incurred.
Deferred Rent	Deferred Rent The Company has an operating lease for office and laboratory space. Rent expense is recorded on a straight-line basis over the initial lease term. The difference between the actual cash paid and the straight-line rent expense is recorded as deferred rent.
Research and Development Costs	Research and Development Costs Research and development costs are charged to expense as incurred and are typically made up of salaries and benefits, clinical trial activities, drug development and manufacturing costs, and third-party service fees, including for clinical research organizations and investigative sites. 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, and are reflected in the financial statements as prepaid or accrued expenses.
Share-based Compensation	Share-based Compensation The Company accounts for stock-based compensation in accordance with ASC 718, Compensation—Stock Compensation, The fair value of options is calculated using the Black-Scholes option pricing model to determine the fair value of stock options on the date of grant based on key assumptions such as stock price, expected volatility and expected term. The Company’s estimates of these assumptions are primarily based on third-party valuations, historical data, peer company data and judgment regarding future trends and factors.
Income Taxes	Income Taxes The Company uses the asset and liability method to calculate deferred tax assets and liabilities. Deferred taxes are recognized based on the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases using enacted tax rates expected to apply to taxable income in the years in which those differences are expected to be recovered or settled. The Company records a valuation allowance against a deferred tax asset when it is more-likely-than-not that the deferred tax asset will not be realized. The Company is subject to federal, state and local taxes and follows a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The Company recognizes tax benefits or expenses of uncertain tax positions in the year such determination is made when the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has reviewed the Company’s tax positions for all open tax years (tax years ended December 31, 2008 through December 31, 2015) and concluded that no provision for unrecognized tax benefits or expense is required in these financial statements. There are no income tax audits in progress as of December 31, 2015.
Impairment of Long-lived Assets	Impairment of Long-lived Assets In accordance with ASC 360, Property, Plant, and Equipment
Segment and Geographic Information	Segment and Geographic Information Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker, or decision making group, in making decisions on how to allocate resources and assess performance. The Company’s chief operating decision maker is the chief executive officer. The Company and the chief decision maker view the Company’s operations and manage its business as one operating segment. The Company operates in only one geographic segment.
Net Loss per Share Applicable to Common Stockholders	Net Loss per Share Applicable to Common Stockholders Basic net loss per share applicable to common stockholders is calculated by dividing net loss applicable to common stockholders by the weighted average shares outstanding during the period, without consideration for common stock equivalents. Net loss applicable to common stockholders is calculated by adjusting the net loss of the Company for cumulative preferred stock dividends. Diluted net loss per share applicable to common stockholders is calculated by adjusting weighted average shares outstanding for the dilutive effect of common stock equivalents outstanding for the period, determined using the treasury-stock method. For purposes of the dilutive net loss per share applicable to common stockholders calculation, stock options and warrant are considered to be common stock equivalents but are excluded from the calculation of diluted net loss per share applicable to common stockholders, as their effect would be anti-dilutive; therefore, basic and diluted net loss per share applicable to common stockholders were the same for all periods presented.
Comprehensive Income (Loss)	Comprehensive Income (Loss) Comprehensive income (loss) is defined as the change in equity of a business enterprise during a period from transactions, and other events and circumstances from non-owner sources, and currently consists of net loss and changes in unrealized gains and losses on available-for-sale securities.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In August 2014, the FASB issued a new Accounting Standards Update, Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (ASU 2014-15) In November 2015, the FASB issued a new Accounting Standards Update, Balance Sheet Classification of Deferred Taxes (ASU 2015-17). In January 2016, the FASB issued a new Accounting Standards Update, Recognition and Measurement of Financial Assets and Financial Liabilities (ASU 2016-01). In February 2016, the FASB issued a new Accounting Standards Update , Leases (ASU 2016-02),

Summary of Significant Accoun27

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Schedule of Marketable Securities	Marketable securities at December 31, 2015 consist of the following: Marketable Securities Amortized Cost Unrealized Gains Unrealized Losses Fair Value Current: Corporate debt $ 22,979,245 $ 199 $ (30,572 ) $ 22,948,872 Marketable securities at December 31, 2014 consisted of the following: Marketable Securities Amortized Cost Unrealized Gains Unrealized Losses Fair Value Current: Corporate debt $ 1,671,233 $ 159 $ (786 ) $ 1,670,606

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2015
Information about Company's Financial Assets and Liabilities Measured at Fair Value on Recurring Basis	The following fair value hierarchy table presents information about the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2015 and December 31, 2014: Fair Value Measurement As of December 31, 2015 Quoted Prices Significant Significant Cash equivalents $ 9,607,134 $ — $ — Marketable securities 22,948,872 — — Warrant liability — — 444,324 Total $ 32,556,006 $ — $ 444,324 Fair Value Measurement As of December 31, 2014 Quoted Prices Significant Significant Cash equivalents $ 25,628,918 $ — $ — Marketable securities 1,670,606 — — Warrant liability — — 313,004 Total $ 27,299,524 $ — $ 313,004
Assumption Used to Determine Fair Value of Warrant Liability	The following assumptions were used in a Black-Scholes option-pricing model to determine the fair value of the warrant liability as of December 31, 2015 and 2014: As of As of Expected volatility 78.1 % 74.8 % Remaining contractual term (in years) 3.67 4.67 Risk-free interest rate 1.54 % 1.65 % Expected dividend yield — % — %
Reconciliation of Company's Financial Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Level 3)	The following tables present a reconciliation of the Company’s financial liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31, 2015, 2014 and 2013: Warrant liabilities (1) Year Ended December 31, 2015 2014 2013 Balance at beginning of period $ 313,004 $ 3,088,017 $ — Issuances of convertible notes — 865,635 2,080,722 Cancellation of placement agent warrants (2) — (941,541 ) — Issuance of Representative’s Warrant — 403,696 — Increase in fair value (3) 131,320 2,563,080 1,007,295 Conversion of convertible notes to common stock — (5,665,883 ) — Balance at end of period $ 444,324 $ 313,004 $ 3,088,017 Embedded derivatives liabilities (1) Year Ended December 31, 2015 2014 2013 Balance at beginning of period $ — $ 2,680,780 $ — Issuances of convertible notes — 537,607 1,075,985 (Decrease) increase in fair value (3) — (1,337,878 ) 1,604,795 Conversion of convertible notes to common stock — (1,880,509 ) — Balance at end of period $ — $ — $ 2,680,780 (1) Prior to the closing of the Company’s IPO on August 1, 2014, the Company considered its convertible note related warrant liabilities and embedded derivatives liabilities as Level 3 financial instruments. The Company determined the fair value of these liabilities immediately prior to the Company’s IPO and then reclassified the balances to additional paid-in capital on the closing of the IPO. (2) The Company reclassified the balance of the placement agent warrants to additional paid-in capital as a reduction of the offering costs upon their cancellation. (3) The change in the fair values of the warrant and embedded derivatives liabilities are recorded in other expenses in the statement of operations.
Black-Scholes Option Pricing Model [Member]
Assumption Used to Determine Fair Value of Warrant Liability	The fair value of each warrant to purchase shares of common stock issued for services rendered to the Company was estimated using the Black-Scholes option pricing model with the following weighted average assumptions: Year Ended 2014 2013 Fair value of underlying common stock $ 4.27 $ 3.50 Expected volatility 75.4 % 72.8 % Remaining contractual term (in years) 5.00 5.00 Risk-free interest rate 1.68 % 0.65 % Expected dividend yield — % — %

Property, Equipment, and Leas29

Property, Equipment, and Leasehold Improvements (Tables)	12 Months Ended
	Dec. 31, 2015
Property, Plant and Equipment [Abstract]
Schedule of Property, Equipment and Leasehold Improvements, at Cost	Property, equipment, and leasehold improvements, at cost, consist of: December 31, 2015 2014 Computer equipment $ 19,691 $ 19,691 Furniture 434,697 434,697 Lab equipment 1,631,016 1,631,016 Leasehold improvements 1,821,677 1,813,520 3,907,081 3,898,924 Less: accumulated depreciation and amortization (2,288,113 ) (1,750,769 ) $ 1,618,968 $ 2,148,155

Accrued Expenses (Tables)

Accrued Expenses (Tables)	12 Months Ended
	Dec. 31, 2015
Payables and Accruals [Abstract]
Summary of Accrued Expenses	Accrued expenses consist of the following: December 31, 2015 2014 Accrued compensation costs $ 1,133,742 $ 1,865,778 Accrued research and development service fees 590,307 202,183 Accrued professional fees 317,796 286,443 Accrued licensing fees — 200,000 Other 209,922 187,039 $ 2,251,767 $ 2,741,443

Net Loss Per Share of Common 31

Net Loss Per Share of Common Stock (Tables)	12 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Loss Per Share for Common Stockholders	The following table sets forth the computation of basic and diluted loss per share for common stockholders: Year Ended December 31, 2015 2014 2013 Net loss applicable to common stockholders $ (25,120,964 ) $ (34,617,536 ) $ (23,620,702 ) Weighted average shares of common stock outstanding 23,328,922 8,973,599 1,011,789 Net loss per share of common stock—basic and diluted $ (1.08 ) $ (3.86 ) $ (23.35 )
Schedule of Antidilutive Securities Excluded from Computation of Diluted Weighted Average Shares Outstanding	The following potentially dilutive securities outstanding at December 31, 2015 and 2014 have been excluded from the computation of diluted weighted average shares outstanding, as they would have been antidilutive given the Company’s net loss: December 31, 2015 2014 2013 Preferred stock — — 4,554,874 Options to purchase common stock 4,313,755 3,089,327 2,221,652 Warrants to purchase common stock (1) 13,503,107 14,577,361 718,322 17,816,862 17,666,688 7,494,848 (1) The potential dilutive impact of the Company’s Note Warrants (see Note 6 “Senior Convertible Notes”) were not included as of December 31, 2013 as the underlying number of shares was not determinable at that time and would also have been antidilutive.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Summary of Future Minimum Lease Payments	Future minimum lease payments are as follows: Amount Year ending December 31: 2016 $ 851,895 2017 868,933 2018 886,311 2019 904,038 2020 922,118 Thereafter 6,992,396 $ 11,425,691

Capital Structure (Tables)

Capital Structure (Tables)	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Summary of Common Stock Reserved for Future Issuance	The Company has reserved for future issuance the following number of shares of common stock as of December 31, 2015 and 2014: December 31, 2015 2014 Options to purchase common stock 4,313,755 3,089,327 Warrants to purchase common stock 13,503,107 14,577,361 17,816,862 17,666,688

Stock Warrants (Tables)

Stock Warrants (Tables)	12 Months Ended
	Dec. 31, 2015
Text Block [Abstract]
Schedule of Warrants Outstanding and Corresponding Exercise Price	As of December 31, 2015 and 2014, the Company had warrants outstanding as shown in the table below. December 31, 2015 2014 Note Warrants 3,315,878 3,321,416 Class A Warrants 6,880,333 6,880,333 Class B Warrants (1) — 3,440,166 PIPE Warrants 2,364,066 — Representative’s Warrant 206,410 206,410 Placement Agent Warrants 189,126 — Other warrants (2) 547,294 729,036 Warrants to purchase common stock 13,503,107 14,577,361 Weighted-average exercise price per share $ 5.02 $ 4.32 (1) The Class B Warrants expired pursuant to their terms on November 2, 2015. (2) Other warrants are comprised of warrants issued prior to the Company’s IPO, generally in exchange for services rendered to the Company. The following table summarizes information regarding the Company’s warrants outstanding and the corresponding exercise price at December 31, 2015: Exercise Prices Shares Expiration Date £ 3,588,406 August 31, 2016 – September 1, 2021 $4.01 - $4.99 7,069,459 February 1, 2017 – June 11, 2020 $5.00 - $9.99 2,656,900 December 10, 2016 – June 27, 2021 ³ 188,342 August 31, 2016 – January 5, 2022 13,503,107

Stock Option and Incentive Pl35

Stock Option and Incentive Plans (Tables)	12 Months Ended
	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of Stock Option Activity	A summary of stock option activity for the year ended December 31, 2015, is summarized as follows: Number of Weighted Weighted Aggregate Options outstanding at December 31, 2014 3,089,327 $ 4.95 Granted 1,353,750 4.64 Exercised (75,197 ) 3.50 Expired (25,605 ) 6.59 Forfeited (28,520 ) 3.61 Options outstanding at December 31, 2015 4,313,755 $ 4.87 7.34 $ 2,544,493 Vested and exercisable at December 31, 2015 2,864,799 $ 5.05 6.55 $ 2,014,233
Weighted Average Assumptions to Compute Fair Value of Stock Option Grants	The following weighted average assumptions were used to compute the fair value of stock option grants: Year Ended December 31, 2015 2014 2013 Risk free interest rate 1.62 % 1.95 % 1.21 % Expected dividend yield — — — Expected term (in years) 5.75 5.96 6.22 Expected volatility 74.36 % 76.3 % 73.2 %

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Components of Deferred Tax Assets/Liabilities	The principal components of the Company’s deferred tax assets/liabilities for 2015 and 2014 are as follows: December 31, 2015 2014 Deferred tax assets/liabilities: Net operating loss carryovers $ 36,414,890 $ 26,959,701 R&D tax credits 1,469,756 1,224,288 Share-based compensation 1,922,680 1,649,073 Accrued compensation and severance 147,175 409,234 Depreciation (496,327 ) (690,981 ) Deferred rent 404,885 370,376 Intangible assets 225,702 229,836 40,088,761 30,151,527 Valuation allowance (40,088,761 ) (30,151,527 ) Net deferred tax assets (liabilities) $ — $ —
Summary of Reconciliation of Statutory U.S. Federal Rate to Company's Effective Tax Rate	A reconciliation of the statutory U.S. Federal rate to the company’s effective tax rate is as follows: Year Ended December 31, 2015 2014 2013 Federal income tax benefit at statutory rate (34.00 )% (34.00 )% (34.00 )% State income tax, net of federal benefit (5.49 ) (5.70 ) (5.00 ) Permanent item—non-deductible interest — 14.59 — Other permanent items 1.99 1.83 0.01 Change in valuation allowance 39.70 24.89 40.17 R&D tax credits (.99 ) (1.13 ) (1.08 ) Other (1.21 ) (0.48 ) (0.10 ) Effective income tax (benefit) expense rate 0 % 0 % 0 %

Organization and Description 37

Organization and Description of Business - Additional Information (Detail) - USD ($)	Nov. 02, 2015	Jun. 12, 2015	Aug. 01, 2014	Dec. 31, 2015	Dec. 31, 2014	Aug. 31, 2014
Organization And Description Of Business [Line Items]
Net proceeds from initial public offering			$ 35,000,000
Initial public offering, units description				Each Unit consisted of one share of common stock, one Class A Warrant to purchase one share of common stock at an exercise price of $4.80 per share and one Class B Warrant to purchase one-half share of common stock at an exercise price of $4.00 per full share.
Additional stock reserved for future issuance				17,816,862	17,666,688
Proceeds from exercise of warrants				$ 9,698,567
Initial Public Offering [Member]
Organization And Description Of Business [Line Items]
Shares issued						6,000,000
IPO Over-Allotment [Member]
Organization And Description Of Business [Line Items]
Shares issued						880,333
Private Placement [Member]
Organization And Description Of Business [Line Items]
Warrant exercise price per share		$ 8		$ 4.65
Number of securities received by investors		4,728,128
Additional stock reserved for future issuance		2,364,066
Net proceeds received		$ 18,300,000
Warrants expiration date				Jun. 11, 2020
Class A Warrants [Member] | Initial Public Offering [Member]
Organization And Description Of Business [Line Items]
Warrant exercise price per share			$ 4.80
Class B Warrants [Member]
Organization And Description Of Business [Line Items]
Warrants exercised	4,812,328
Common stock shares issued upon exercise of warrants	2,406,164
Proceeds from exercise of warrants	$ 9,600,000
Unexercised warrants terminated	2,068,005
Warrants expiration date				Nov. 2, 2015
Class B Warrants [Member] | Initial Public Offering [Member]
Organization And Description Of Business [Line Items]
Warrant exercise price per share			$ 4

Summary of Significant Accoun38

Summary of Significant Accounting Policies - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2015USD ($)GeographicalAreasDebt_SecuritySegment	Dec. 31, 2014USD ($)Debt_Security
Summary Of Significant Accounting Policies [Line Items]
Reverse split of the company's outstanding common stock	1-for-7
Reverse split, effective date	Jul. 25, 2014
Maturity period of highly liquid investments	Three months or less
Realized gains or losses on marketable securities	$ 0
Maturity period classified current investments	Less than one year
Maturity period classified non-current investments	Greater than one year and management does not intend to liquidate within the next twelve months.
Number of debt securities held | Debt_Security	28	3
Aggregate fair value of debt securities	$ 21,137,424	$ 1,222,291
Provision for unrecognized tax benefits or expense	0
Impairment of long-lived assets	$ 0
Number of operating segment | Segment	1
Number of geographic segment | GeographicalAreas	1
Earliest Tax Year [Member]
Summary Of Significant Accounting Policies [Line Items]
Tax position for all open tax years	2,008
Latest Tax Year [Member]
Summary Of Significant Accounting Policies [Line Items]
Tax position for all open tax years	2,015
Minimum [Member]
Summary Of Significant Accounting Policies [Line Items]
Property and equipment, estimated useful lives	3 years
Maximum [Member]
Summary Of Significant Accounting Policies [Line Items]
Property and equipment, estimated useful lives	5 years
Level 1 [Member]
Summary Of Significant Accounting Policies [Line Items]
Liabilities	$ 0
Level 2 [Member]
Summary Of Significant Accounting Policies [Line Items]
Liabilities	$ 0

Summary of Significant Accoun39

Summary of Significant Accounting Policies - Schedule of Marketable Securities (Detail) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Marketable Securities [Line Items]
Marketable Securities, Fair Value	$ 22,948,872	$ 1,670,606
Corporate Debt [Member]
Marketable Securities [Line Items]
Marketable Securities, Amortized Cost	22,979,245	1,671,233
Marketable Securities, Unrealized Gains	199	159
Marketable Securities, Unrealized Losses	(30,572)	(786)
Marketable Securities, Fair Value	$ 22,948,872	$ 1,670,606

Fair Value Measurements - Infor

Fair Value Measurements - Information about Company's Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	$ 22,948,872	$ 1,670,606
Warrant liability	444,324	313,004
Fair Value, Measurements, Recurring [Member] | Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	9,607,134	25,628,918
Marketable securities	22,948,872	1,670,606
Total	32,556,006	27,299,524
Fair Value, Measurements, Recurring [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liability	444,324	313,004
Total	$ 444,324	$ 313,004

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - Representative's Warrant [Member]	Dec. 31, 2015$ / sharesshares
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Common stock issuable upon exercise of warrant | shares	206,410
Warrant exercise price per share | $ / shares	$ 7.50

Fair Value Measurements - Assum

Fair Value Measurements - Assumption Used to Determine Fair Value of Warrant Liability (Detail)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Expected volatility		75.40%	72.80%
Remaining contractual term (in years)		5 years	5 years
Risk-free interest rate		1.68%	0.65%
Expected dividend yield		0.00%	0.00%
Representative's Warrant [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Expected volatility	78.10%	74.80%
Remaining contractual term (in years)	3 years 8 months 1 day	4 years 8 months 1 day
Risk-free interest rate	1.54%	1.65%
Expected dividend yield	0.00%	0.00%

Fair Value Measurements - Recon

Fair Value Measurements - Reconciliation of Company's Financial Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Level 3) (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Warrant Liabilities [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at beginning of period	$ 313,004	$ 3,088,017
Issuances of convertible notes		865,635	$ 2,080,722
Cancellation of placement agent warrants		(941,541)
Issuance of Representative's Warrant		403,696
(Decrease) increase in fair value	131,320	2,563,080	1,007,295
Conversion of convertible notes to common stock		(5,665,883)
Balance at end of period	$ 444,324	313,004	3,088,017
Embedded Derivatives Liabilities [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at beginning of period		2,680,780
Issuances of convertible notes		537,607	1,075,985
(Decrease) increase in fair value		(1,337,878)	1,604,795
Conversion of convertible notes to common stock		$ (1,880,509)
Balance at end of period			$ 2,680,780

Property, Equipment, and Leas44

Property, Equipment, and Leasehold Improvements - Schedule of Property, Equipment and Leasehold Improvements, at Cost (Detail) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Property, Plant and Equipment [Line Items]
Property, equipment, and leasehold improvements, at cost, gross	$ 3,907,081	$ 3,898,924
Less: accumulated depreciation and amortization	(2,288,113)	(1,750,769)
Property, equipment, and leasehold improvements, at cost, net	1,618,968	2,148,155
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, equipment, and leasehold improvements, at cost, gross	19,691	19,691
Furniture [Member]
Property, Plant and Equipment [Line Items]
Property, equipment, and leasehold improvements, at cost, gross	434,697	434,697
Lab Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, equipment, and leasehold improvements, at cost, gross	1,631,016	1,631,016
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, equipment, and leasehold improvements, at cost, gross	$ 1,821,677	$ 1,813,520

Property, Equipment, and Leas45

Property, Equipment, and Leasehold Improvements - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Property Plant And Equipment Capitalized Interest Costs [Abstract]
Depreciation expense	$ 537,344	$ 551,323	$ 559,237

Accrued Expenses - Summary of A

Accrued Expenses - Summary of Accrued Expenses (Detail) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Payables and Accruals [Abstract]
Accrued compensation costs	$ 1,133,742	$ 1,865,778
Accrued research and development service fees	590,307	202,183
Accrued professional fees	317,796	286,443
Accrued licensing fees		200,000
Other	209,922	187,039
Accrued expenses and other current liabilities	$ 2,251,767	$ 2,741,443

Senior Convertible Notes - Addi

Senior Convertible Notes - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	Aug. 01, 2014	Dec. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
IPO, closing date		Aug. 1, 2014
8.00% Convertible Notes due May 31, 2015 [Member]
Debt Instrument [Line Items]
Convertible Notes, principal amount		$ 15
Convertible Notes, interest rate		8.00%
Convertible Notes, due date		May 31, 2015
Initial Public Offering [Member]
Debt Instrument [Line Items]
Conversion of Convertible Notes together with accrued and unpaid interest into common stock, shares	5,109,988
Note Warrants [Member]
Debt Instrument [Line Items]
Common stock issuable upon exercise of warrant	3,321,416	3,315,878	3,321,416
Warrant exercise price per share	$ 3
Warrants expiration period		5 years

Net Loss Per Share of Common 48

Net Loss Per Share of Common Stock - Schedule of Computation of Basic and Diluted Loss Per Share for Common Stockholders (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Earnings Per Share [Abstract]
Net loss applicable to common stockholders	$ (25,120,964)	$ (34,617,536)	$ (23,620,702)
Weighted average shares of common stock outstanding	23,328,922	8,973,599	1,011,789
Net loss per share of common stock-basic and diluted	$ (1.08)	$ (3.86)	$ (23.35)

Net Loss Per Share of Common 49

Net Loss Per Share of Common Stock - Schedule of Antidilutive Securities Excluded from Computation of Diluted Weighted Average Shares Outstanding (Detail) - shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially antidilutive securities outstanding excluded from the computation of diluted weighted average shares	17,816,862	17,666,688	7,494,848
Employee Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially antidilutive securities outstanding excluded from the computation of diluted weighted average shares	4,313,755	3,089,327	2,221,652
Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially antidilutive securities outstanding excluded from the computation of diluted weighted average shares	13,503,107	14,577,361	718,322
Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially antidilutive securities outstanding excluded from the computation of diluted weighted average shares			4,554,874

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)	1 Months Ended			12 Months Ended
	Jan. 31, 2012USD ($)ExtensionOptions	Dec. 31, 2011ExtensionOptions	Dec. 31, 2010USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Commitments and Contingencies Disclosure [Abstract]
Non-cancellable operating lease, expiration date	2027-12		2025-12
Extended lease agreement, date		2027-12
Security deposit paid for lease facilities	$ 78,238		$ 54,865
Number of lease extension option | ExtensionOptions	2	2
Lease renewal termination period	5 years	5 years
Rent expense				$ 873,000	$ 871,000	$ 870,000

Commitments and Contingencies51

Commitments and Contingencies - Summary of Future Minimum Lease Payments (Detail)	Dec. 31, 2015USD ($)
Commitments and Contingencies Disclosure [Abstract]
2,016	$ 851,895
2,017	868,933
2,018	886,311
2,019	904,038
2,020	922,118
Thereafter	6,992,396
Total future minimum lease payments	$ 11,425,691

Capital Structure - Additional

Capital Structure - Additional Information (Detail) - USD ($)	Dec. 31, 2015	Nov. 02, 2015	Jun. 12, 2015	Aug. 01, 2014	Dec. 31, 2015	Dec. 31, 2014	Jul. 31, 2014	May. 28, 2014
Class of Stock [Line Items]
Common stock, shares authorized	100,000,000				100,000,000	100,000,000	100,000,000
Common stock, par value	$ 0.0001				$ 0.0001	$ 0.0001
Additional stock reserved for future issuance	17,816,862				17,816,862	17,666,688
IPO, closing date					Aug. 1, 2014
Initial public offering, units description					Each Unit consisted of one share of common stock, one Class A Warrant to purchase one share of common stock at an exercise price of $4.80 per share and one Class B Warrant to purchase one-half share of common stock at an exercise price of $4.00 per full share.
Net proceeds from initial public offering				$ 35,000,000
Proceeds from exercise of warrants					$ 9,698,567
Common stock, voting rights					The holders of shares of common stock are entitled to one vote for each share of common stock held at all meetings of stockholders and written actions in lieu of meetings.
Dividends declared or paid	$ 0
Dividend declaration date					May 28, 2014
Number of shares issued on conversion of preferred stock including in-kind dividend payable into common stock				6,861,968
Series A Convertible Preferred Stock [Member]
Class of Stock [Line Items]
Issuance of Preferred Stock in payment of dividend								605,645
Series B Convertible Preferred Stock [Member]
Class of Stock [Line Items]
Issuance of Preferred Stock in payment of dividend								1,172,645
Series C Convertible Preferred Stock [Member]
Class of Stock [Line Items]
Issuance of Preferred Stock in payment of dividend								1,379,388
Series C-1 Convertible Preferred Stock [Member]
Class of Stock [Line Items]
Issuance of Preferred Stock in payment of dividend								2,395
Initial Public Offering [Member]
Class of Stock [Line Items]
Common stock units sold by initial public offering				6,880,333
Public offering price, per unit				$ 6
Common stock units issued upon exercise of option by underwriters				880,333
Private Placement [Member]
Class of Stock [Line Items]
Private placement, securities description					Each investor received one share of common stock and a warrant to purchase one-half share of common stock at a price of $4.23 per common share purchased.
Warrant exercise price per share	$ 4.65		$ 8		$ 4.65
Exercise price per common share			$ 4.23
Number of securities received by investors			4,728,128
Additional stock reserved for future issuance			2,364,066
Net proceeds received			$ 18,300,000
Warrants expiration period			3 years
Class of warrant purchase percentage	4.00%				4.00%
Common stock issuable upon exercise of warrant	189,126				189,126
Warrant expiration date					Jun. 11, 2020
Representative's Warrant [Member]
Class of Stock [Line Items]
Warrant exercise price per share	$ 7.50				$ 7.50
Class of warrant purchase percentage	3.00%				3.00%
Common stock issuable upon exercise of warrant	206,410				206,410
Warrant expiration date					Aug. 27, 2019
Warrant exercisable period					180 days
Class A Warrants [Member] | Initial Public Offering [Member]
Class of Stock [Line Items]
Warrant exercise price per share				$ 4.80
Class B Warrants [Member]
Class of Stock [Line Items]
Warrant expiration date					Nov. 2, 2015
Warrants exercised		4,812,328
Common stock shares issued upon exercise of warrants		2,406,164
Proceeds from exercise of warrants		$ 9,600,000
Unexercised warrants terminated		2,068,005
Class B Warrants [Member] | Initial Public Offering [Member]
Class of Stock [Line Items]
Warrant exercise price per share				$ 4

Capital Structure - Summary of

Capital Structure - Summary of Common Stock Reserved for Future Issuance (Detail) - shares	Dec. 31, 2015	Dec. 31, 2014
Class of Stock [Line Items]
Common Stock reserved for future issuance	17,816,862	17,666,688
Stock Options [Member]
Class of Stock [Line Items]
Common Stock reserved for future issuance	4,313,755	3,089,327
Warrants [Member]
Class of Stock [Line Items]
Common Stock reserved for future issuance	13,503,107	14,577,361

Stock Warrants - Schedule of Wa

Stock Warrants - Schedule of Warrants Outstanding and Corresponding Exercise Price (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Jun. 12, 2015	Aug. 01, 2014
Class of Warrant or Right [Line Items]
Shares Underlying Outstanding Warrants	13,503,107	14,577,361
Weighted-average exercise price per share	$ 5.02	$ 4.32
Placement Agent Warrants [Member]
Class of Warrant or Right [Line Items]
Shares Underlying Outstanding Warrants	189,126
Class A Warrants [Member]
Class of Warrant or Right [Line Items]
Shares Underlying Outstanding Warrants	6,880,333	6,880,333
Class B Warrants [Member]
Class of Warrant or Right [Line Items]
Shares Underlying Outstanding Warrants		3,440,166
Representative's Warrant [Member]
Class of Warrant or Right [Line Items]
Exercise Prices	$ 7.50
Shares Underlying Outstanding Warrants	206,410	206,410
Other Warrants [Member]
Class of Warrant or Right [Line Items]
Shares Underlying Outstanding Warrants	547,294	729,036
Exercise Price Less Than or Equal to $4.00 [Member]
Class of Warrant or Right [Line Items]
Shares Underlying Outstanding Warrants	3,588,406
Expiration Start Date	Aug. 31, 2016
Expiration End Date	Sep. 1, 2021
Exercise Price $4.01 - $4.99 [Member]
Class of Warrant or Right [Line Items]
Shares Underlying Outstanding Warrants	7,069,459
Expiration Start Date	Feb. 1, 2017
Expiration End Date	Jun. 11, 2020
Exercise Price $5.00 - $9.99 [Member]
Class of Warrant or Right [Line Items]
Shares Underlying Outstanding Warrants	2,656,900
Expiration Start Date	Dec. 10, 2016
Expiration End Date	Jun. 27, 2021
Exercise Price Greater Than or Equal to $10.00 [Member]
Class of Warrant or Right [Line Items]
Shares Underlying Outstanding Warrants	188,342
Expiration Start Date	Aug. 31, 2016
Expiration End Date	Jan. 5, 2022
Minimum [Member] | Exercise Price $4.01 - $4.99 [Member]
Class of Warrant or Right [Line Items]
Exercise Prices	$ 4.01
Minimum [Member] | Exercise Price $5.00 - $9.99 [Member]
Class of Warrant or Right [Line Items]
Exercise Prices	5
Minimum [Member] | Exercise Price Greater Than or Equal to $10.00 [Member]
Class of Warrant or Right [Line Items]
Exercise Prices	10
Maximum [Member] | Exercise Price Less Than or Equal to $4.00 [Member]
Class of Warrant or Right [Line Items]
Exercise Prices	4
Maximum [Member] | Exercise Price $4.01 - $4.99 [Member]
Class of Warrant or Right [Line Items]
Exercise Prices	4.99
Maximum [Member] | Exercise Price $5.00 - $9.99 [Member]
Class of Warrant or Right [Line Items]
Exercise Prices	$ 9.99
Note Warrants [Member]
Class of Warrant or Right [Line Items]
Exercise Prices				$ 3
Shares Underlying Outstanding Warrants	3,315,878	3,321,416
Private Placement [Member]
Class of Warrant or Right [Line Items]
Exercise Prices	$ 4.65		$ 8
Warrants [Member] | Private Placement [Member]
Class of Warrant or Right [Line Items]
Shares Underlying Outstanding Warrants	2,364,066

Stock Warrants - Assumption Use

Stock Warrants - Assumption Used to Determine Fair Value of Warrant Liability (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Equity [Abstract]
Fair value of underlying common stock	$ 4.27	$ 3.50
Expected volatility	75.40%	72.80%
Remaining contractual term (in years)	5 years	5 years
Risk-free interest rate	1.68%	0.65%
Expected dividend yield	0.00%	0.00%

Stock Warrants - Additional Inf

Stock Warrants - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Class of Warrant or Right [Line Items]
Warrants issued to purchase common stock, shares for services rendered	0	10,714	14,285
Common stock issued value per share		$ 5.25	$ 7
Selling and Administrative Expenses [Member]
Class of Warrant or Right [Line Items]
General and administrative expenses, related to warrants		$ 26,354	$ 22,149

Stock Option and Incentive Pl57

Stock Option and Incentive Plans - Additional Information (Detail)	Dec. 31, 2014shares	Feb. 26, 2013ParticipantEmployees$ / sharesshares	Dec. 31, 2015USD ($)$ / sharesshares	Dec. 31, 2014USD ($)$ / sharesshares	Dec. 31, 2013USD ($)$ / shares	Jul. 28, 2014shares	Apr. 29, 2014shares	Feb. 24, 2014shares	Dec. 12, 2011shares	Jul. 31, 2008shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares of common stock reserved pursuant to the plan	17,666,688		17,816,862	17,666,688
Exercise price per share, Granted | $ / shares			$ 4.64
Number of common stock shares outstanding	3,089,327		4,313,755	3,089,327
Number of common stock available for grant			667,870
Weighted average period of unvested stock options			2 years 6 months 7 days
Weighted average grant date fair value of options | $ / shares			$ 4.64	$ 3.95	$ 3.50
Unrecognized compensation cost related to unvested stock options | $			$ 3,596,629
Employee Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense recognized | $			$ 1,929,112	$ 1,940,179	$ 2,309,569
Amended and Restated 2008 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares of common stock reserved pursuant to the plan		1,571,428					2,357,142	1,857,142	900,000
Termination of service, Period		2 years
Exercise price per share, Granted | $ / shares		$ 3.50
Number of participants | Participant		26
Number of employees | Employees		20
Options to purchase Company's Common Stock		647,521
2008 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares of common stock reserved pursuant to the plan										214,285
Termination of service, Period		10 years
2014 Omnibus Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares of common stock reserved pursuant to the plan						571,429
Number of additional shares increases of common stock reserved pursuant to the plan			808,690
2014 Omnibus Incentive Plan [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual increase of plan, percentage of common stock shares outstanding	4.00%

Stock Option and Incentive Pl58

Stock Option and Incentive Plans - Summary of Stock Option Activity (Detail)	12 Months Ended
	Dec. 31, 2015USD ($)$ / sharesshares
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Number of Options, Options outstanding, Beginning balance | shares	3,089,327
Number of Options, Granted | shares	1,353,750
Number of Options, Exercised | shares	(75,197)
Number of Options, Expired | shares	(25,605)
Number of Options, Forfeited | shares	(28,520)
Number of Options, Options outstanding, Ending balance | shares	4,313,755
Number of Options, Vested and exercisable, Ending Balance | shares	2,864,799
Weighted Average Exercise Price, Options outstanding, Beginning balance | $ / shares	$ 4.95
Weighted Average Exercise Price, Granted | $ / shares	4.64
Weighted Average Exercise Price, Exercised | $ / shares	3.50
Weighted Average Exercise Price, Expired | $ / shares	6.59
Weighted Average Exercise Price, Forfeited | $ / shares	3.61
Weighted Average Exercise Price, Options outstanding, Ending balance | $ / shares	4.87
Weighted Average Exercise Price, Vested and exercisable, Ending balance | $ / shares	$ 5.05
Weighted Average Remaining Contractual Life (in years), Options outstanding	7 years 4 months 2 days
Weighted Average Remaining Contractual Life (in years), Vested and exercisable	6 years 6 months 18 days
Aggregate Intrinsic value, Options outstanding | $	$ 2,544,493
Aggregate Intrinsic value, Vested and exercisable | $	$ 2,014,233

Stock Option and Incentive Pl59

Stock Option and Incentive Plans - Weighted Average Assumptions to Compute Fair Value of Stock Option Grants (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Risk free interest rate	1.62%	1.95%	1.21%
Expected dividend yield	$ 0	$ 0	$ 0
Expected term (in years)	5 years 9 months	5 years 11 months 16 days	6 years 2 months 19 days
Expected volatility	74.36%	76.30%	73.20%

Retention Bonus Plan - Addition

Retention Bonus Plan - Additional Information (Detail) - Retention Plan [Member] - USD ($)	Sep. 11, 2014	Dec. 31, 2015	Dec. 31, 2014	Jun. 30, 2014	Feb. 24, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Retention Bonus Plan, description		Under the Retention Plan, participants will vest in and become eligible to receive awards equal to a fixed dollar amount (the “Award Amount”), upon the earliest to occur of any of the following events: (i) the IPO; (ii) a Change of Control (as defined in the Retention Plan); (iii) May 31, 2015; and (iv) a participant’s termination of employment due to death or Disability (as defined in the Retention Plan) (each such event, a “Payment Event”). In the event of an IPO or Change of Control, participants who are then employed by the Company shall be eligible to receive shares of common stock in an amount equal to 1.82 times each participant’s Award Amount.
Percentage of award amount eligible to receive each participant					182.00%
Award Amounts granted under retention plan		$ 0	$ 0	$ 532,700
Expense associated with the vesting of the grants		$ 954,754
Common stock issued in payment of the retention grants	133,109

401k Savings Plan - Additional

401k Savings Plan - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2015USD ($)
401k Savings Plan [Member]
Defined Contribution Plan Disclosure [Line Items]
Expense for matching contributions	$ 88,000

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Unused operating loss carryforwards for federal tax purposes	$ 91,586,000
Unused operating loss carryforwards for state tax purposes	$ 96,074,000
Net operating loss carryforwards, expiration year	2,035
Deferred tax valuation allowance	$ 40,088,761	$ 30,151,527
Increase in valuation allowance	9,937,000	$ 7,494,000
Unrecognized tax benefits	0
Unrecognized interest	0
Unrecognized penalties accrued	$ 0

Income Taxes - Components of De

Income Taxes - Components of Deferred Tax Assets/Liabilities (Detail) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Deferred tax assets/liabilities:
Net operating loss carryovers	$ 36,414,890	$ 26,959,701
R&D tax credits	1,469,756	1,224,288
Share-based compensation	1,922,680	1,649,073
Accrued compensation and severance	147,175	409,234
Depreciation	(496,327)	(690,981)
Deferred rent	404,885	370,376
Intangible assets	225,702	229,836
Deferred tax assets/liabilities gross	40,088,761	30,151,527
Valuation allowance	(40,088,761)	(30,151,527)
Net deferred tax assets (liabilities)	$ 0	$ 0

Income Taxes - Summary of Recon

Income Taxes - Summary of Reconciliation of Statutory U.S. Federal Rate to Company's Effective Tax Rate (Detail)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Federal income tax benefit at statutory rate	(34.00%)	(34.00%)	(34.00%)
State income tax, net of federal benefit	(5.49%)	(5.70%)	(5.00%)
Permanent item-non-deductible interest		14.59%
Other permanent items	1.99%	1.83%	0.01%
Change in valuation allowance	39.70%	24.89%	40.17%
R&D tax credits	(0.99%)	(1.13%)	(1.08%)
Other	(1.21%)	(0.48%)	(0.10%)
Effective income tax (benefit) expense rate	0.00%	0.00%	0.00%

Significant Agreements - Additi

Significant Agreements - Additional Information (Detail)	Aug. 11, 2014EUR (€)	Jan. 29, 2014USD ($)shares	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Oct. 07, 2014USD ($)shares	May. 28, 2014shares
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Common stock value in consideration of license			$ 2,748	$ 2,021
Preferred stock issued, value
License agreement expiration period			90 days
Series C-1 Convertible Preferred Stock [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Preferred stock issued, shares | shares						2,395
Rockefeller University [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
License agreement termination notice period			60 days
Period of termination after first commercial sale of first licensed product			10 years
License agreement termination description			Each license agreement terminates upon the later of (i) the expiration or abandonment of the last licensed patent under the license agreement to expire or become abandoned, or (ii) 10 years after the first commercial sale of the first licensed product. The Rockefeller University may terminate any license agreement in the event of a breach of such agreement by the Company or if the Company challenges the validity or enforceability of the underlying patent rights. The Company may terminate any license agreement at any time on 60 days’ notice.
Trellis Biosciences, LLC [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
License agreement, date			Jan. 29, 2014
License agreement, description			The license provides the Company with three fully human mAbs
Common stock, shares issued | shares					132,380
Common stock value in consideration of license					$ 500,000
Consideration paid under license agreement		$ 200,000
Trellis Biosciences, LLC [Member] | Series C-1 Convertible Preferred Stock [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Preferred stock issued, shares | shares		151,515
Preferred stock issued, value		$ 500,000
MorphoSys AG [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
License agreement termination date			Aug. 15, 2014
Payment made to MorphoSys AG upon settlement | €	€ 1,000,000
Collaborative Research Agreement [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
License agreement termination notice period			30 days
License agreement expiration date			Oct. 31, 2016

Related-Party Transactions - Ad

Related-Party Transactions - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
General and Administrative Expense [Member]
Related Party Transaction [Line Items]
Non-employee directors fees for services as directors and consulting	$ 630,000	$ 568,000	$ 271,000

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail)	1 Months Ended
	Jan. 31, 2016USD ($)
At the Market Equity Offering Program [Member] | Subsequent Event [Member] | Cowen and Company, LLC [Member] | Maximum [Member]
Subsequent Event [Line Items]
Aggregate gross sales proceeds from common stock	$ 30,000,000