Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Nov. 09, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | CFRX | |
Entity Registrant Name | CONTRAFECT Corp | |
Entity Central Index Key | 1,478,069 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 73,656,006 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 4,297,503 | $ 3,806,984 |
Marketable securities available-for-sale | 48,254,552 | 31,354,170 |
Prepaid expenses and other current assets | 1,259,521 | 1,017,645 |
Total current assets | 53,811,576 | 36,178,799 |
Property and equipment, net | 1,148,138 | 1,281,152 |
Other assets | 164,519 | 164,519 |
Total assets | 55,124,233 | 37,624,470 |
Current liabilities: | ||
Accounts payable | 1,235,480 | 1,549,845 |
Accrued liabilities | 1,694,232 | 2,868,352 |
Total current liabilities | 2,929,712 | 4,418,197 |
Deferred rent | 704,240 | 994,439 |
Warrant liabilities | 16,024,207 | 12,698,980 |
Total liabilities | 19,658,159 | 18,111,616 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred stock, $0.0001 par value, 25,000,000 shares authorized and none outstanding at September 30, 2017 and December 31, 2016 | ||
Common stock, $0.0001 par value, 200,000,000 shares and 100,000,000 shares authorized at September 30, 2017 and December 31, 2016, respectively; 73,656,006 shares and 41,656,006 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively | 7,366 | 4,166 |
Additional paid-in capital | 192,360,418 | 165,678,164 |
Accumulated other comprehensive loss | (23,750) | (51,666) |
Accumulated deficit | (156,877,960) | (146,117,810) |
Total stockholders' equity | 35,466,074 | 19,512,854 |
Total liabilities and stockholders' equity | $ 55,124,233 | $ 37,624,470 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2017 | Dec. 31, 2016 |
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 | 200,000,000 | 100,000,000 |
Common stock, shares issued | 73,656,006 | 41,656,006 |
Common stock, shares outstanding | 73,656,006 | 41,656,006 |
Unaudited Consolidated Statemen
Unaudited Consolidated Statements of Operations - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Operating expenses | ||||
Research and development | $ 4,934,788 | $ 5,948,026 | $ 12,893,655 | $ 17,650,395 |
General and administrative | 1,800,400 | 1,943,484 | 6,265,668 | 9,173,714 |
Total operating expenses | 6,735,188 | 7,891,510 | 19,159,323 | 26,824,109 |
Loss from operations | (6,735,188) | (7,891,510) | (19,159,323) | (26,824,109) |
Other income (expense): | ||||
Interest income | 123,960 | 54,620 | 245,979 | 126,370 |
Other expense | (905,014) | (1,569,341) | (905,014) | (1,569,341) |
Change in fair value of warrant liabilities | 5,941,144 | (1,124,353) | 9,058,208 | (865,688) |
Total other income (expense) | 5,160,090 | (2,639,074) | 8,399,173 | (2,308,659) |
Net loss | $ (1,575,098) | $ (10,530,584) | $ (10,760,150) | $ (29,132,768) |
Per share information: | ||||
Net loss per share of common stock, basic and diluted | $ (0.02) | $ (0.28) | $ (0.22) | $ (0.94) |
Basic and diluted weighted average shares outstanding | 64,960,354 | 37,446,087 | 49,509,486 | 30,833,362 |
Unaudited Consolidated Stateme5
Unaudited Consolidated Statements of Comprehensive Loss - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (1,575,098) | $ (10,530,584) | $ (10,760,150) | $ (29,132,768) |
Other comprehensive gain: | ||||
Unrealized (loss) gain on available-for-sale securities | (4,451) | (41,972) | 27,916 | (8,667) |
Comprehensive loss | $ (1,579,549) | $ (10,572,556) | $ (10,732,234) | $ (29,141,435) |
Unaudited Consolidated Stateme6
Unaudited Consolidated Statements of Cash Flows - USD ($) | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Cash flows from operating activities | ||
Net loss | $ (10,760,150) | $ (29,132,768) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 133,014 | 385,015 |
Stock-based compensation expense | 1,087,179 | 1,886,033 |
Issuance costs allocated to warrants | 905,014 | 1,569,341 |
Issuance of common stock in exchange for services | 93,930 | |
Change in fair value of warrant liabilities | (9,058,208) | 865,688 |
(Decrease) increase in deferred rent | (290,199) | 22,320 |
Net amortization of premium paid on marketable securities | 547,266 | 374,168 |
Changes in operating assets and liabilities: | ||
(Increase) decrease in prepaid expenses and other current and non-current assets | (241,876) | 8,099 |
(Decrease) increase in accounts payable and accrued liabilities | (1,488,485) | 2,653,063 |
Net cash used in operating activities | (19,166,445) | (21,275,111) |
Cash flows from investing activities | ||
Purchases of marketable securities | (45,656,691) | (32,786,486) |
Proceeds from maturities of marketable securities | 28,236,959 | 22,804,030 |
Purchases of property and equipment | (113,192) | |
Net cash provided by investing activities | (17,419,732) | (10,095,648) |
Cash flows from financing activities | ||
Proceeds from issuance of securities | 40,000,000 | 35,000,000 |
Payment of financing costs of securities sold | (2,923,304) | (2,952,889) |
Proceeds from exercise of warrants | 16,000 | |
Net cash provided by financing activities | 37,076,696 | 32,063,111 |
Net increase in cash and cash equivalents | 490,519 | 692,352 |
Cash and cash equivalents at beginning of period | 3,806,984 | 9,972,781 |
Cash and cash equivalents at end of period | 4,297,503 | 10,665,133 |
Supplemental disclosures of cash flow information: | ||
Issuance of warrants to purchase common stock | $ 12,383,435 | $ 18,601,228 |
Organization and Description of
Organization and Description of Business | 9 Months Ended |
Sep. 30, 2017 | |
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, Staph aureus CF-404, 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 as of September 30, 2017 will be sufficient to fund operations into the second quarter of 2019 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 debt and 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. On July 27, 2016, the Company completed an underwritten public offering of 14,000,000 shares of its common stock and warrants to purchase an additional 14,000,000 shares of its common stock at an exercise price of $3.00 per share (the “2016 Offering”). The public offering price was $2.50 per share of common stock and accompanying warrant, resulting in net proceeds to the Company of approximately $32.0 million after underwriting discounts and commissions and offering expenses payable by the Company. On July 25, 2017, the Company completed an underwritten public offering of 32,000,000 shares of its common stock and warrants to purchase an additional 16,000,000 shares of its common stock at an exercise price of $1.55 per share (the “2017 Offering”). The public offering price was $1.25 per share of common stock and accompanying warrant, resulting in net proceeds to the Company of approximately $37.1 million after underwriting discounts and commissions and offering expenses payable by the Company. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation and Consolidation The accompanying financial information as of September 30, 2017 and for the three and nine months ended September 30, 2017 and 2016 has been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) have been condensed or omitted pursuant to such rules and regulations. The balance sheet as of December 31, 2016 was derived from the Company’s audited financial statements. The Company’s audited financial statements as of and for the year ended December 31, 2016, including all related disclosures and the complete listing of significant accounting policies as described in Note 2 thereof, are included in the Company’s Annual Report on Form 10-K In the opinion of management, the unaudited financial information as of September 30, 2017 and for the three and nine months ended September 30, 2017 and 2016 reflects all adjustments, which are normal recurring adjustments, necessary to present a fair statement of financial position, results of operations and cash flows. The results of operations for the three and nine months ended September 30, 2017 are not necessarily indicative of the operating results for the full fiscal year or any future periods. The Company has a wholly-owned subsidiary, ContraFect International Limited, in Scotland that establishes legal status for interactions with the European Economic Area. This subsidiary is dormant or is otherwise non-operative. 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. Use of Estimates The preparation of the consolidated 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 consolidated 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. Concentrations of Credit Risk Financial instruments that potentially subject the Company to concentration of 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 Fair Value of Financial Instruments The Company’s financial instruments consist of cash and cash equivalents, marketable securities, accounts payable, accrued liabilities and warrant 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 warrant liabilities is 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. Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 820, Fair Value Measurements and Disclosures The three levels of the fair value hierarchy are described below: 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 liabilities is discussed in Note 4, “Fair Value Measurements.” Share-based Compensation The Company accounts for stock-based compensation in accordance with ASC 718, Compensation—Stock Compensation, non-employee 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 historical data, peer company data and judgment regarding future trends and factors. Grants The Company recognizes a receivable and the related reduction in its research and development expenses when the actual reimbursable costs have been incurred and there is reasonable assurance that the Company has complied with the conditions of the grants and the amounts will be received. For the three and nine months ended September 30, 2017, the Company recognized a reduction to its research and development expense in the amount of $249,886 and $805,980, respectively. There were no similar grants recognized for the three and nine month periods ended September 30, 2016. The receivable for grants as of September 30, 2017 for costs incurred through September 30, 2017 was $351,763. The Company has $2,424,050 of approved grant award funding remaining as of September 30, 2017. Net Loss Per Share Basic net loss per share is calculated by dividing net loss by the weighted average shares outstanding during the period, without consideration for common stock equivalents. Diluted net loss per share 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 calculation, stock options and warrants are considered to be common stock equivalents but are excluded from the calculation of diluted net loss per share, as their effect would be anti-dilutive given the Company’s net loss; therefore, basic and diluted net loss per share were the same for all periods presented. Comprehensive Loss Comprehensive 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 available-for-sale Recent Accounting Pronouncements In January 2016, the FASB issued a new Accounting Standards Update, Recognition and Measurement of Financial Assets and Financial Liabilities 2016-01”). 2016-01 2016-01. In February 2016, the FASB issued a new Accounting Standards Update, Leases 2016-02”). 2016-02 right-of-use 2016-02 In March 2016, the FASB issued a new Accounting Standards Update, Improvements to Employee Share-Based Payment Accounting 2016-09”). 2016-09 paid-in-capital 2016-09 In June 2016, the FASB issued a new Accounting Standards Update, Financial Instruments-Credit Losses 2016-13”). 2016-13 available-for-sale In August 2016, the FASB issued ASU No. 2016-15 , Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments 2016-15”), 2016-15 2016-15. |
Marketable Securities
Marketable Securities | 9 Months Ended |
Sep. 30, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | 3. Marketable Securities Marketable securities at September 30, 2017 and December 31, 2016 consisted of investments in 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 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 consolidated 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 September 30, 2017 consist of the following: Marketable Securities Amortized Cost Unrealized Gains Unrealized Losses Fair Value Current: Corporate debt $ 48,278,302 $ 3,337 $ (27,087 ) $ 48,254,552 Marketable securities at December 31, 2016 consisted of the following: Marketable Securities Amortized Cost Unrealized Gains Unrealized Losses Fair Value Current: Corporate debt $ 31,405,836 $ 24 $ (51,690 ) $ 31,354,170 Corporate debt includes obligations issued by investment-grade corporations, and may include issues that have been guaranteed by governments and government agencies. The duration periods of available-for-sale Amortized Cost Fair Value Duration of one year or less $ 42,461,619 $ 42,444,975 Duration of more than one year 5,816,683 5,809,577 Total $ 48,278,302 $ 48,254,552 At September 30, 2017 and December 31, 2016, the Company held 35 and 29 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 September 30, 2017 and December 31, 2016 was $42,508,852 and $29,343,892, 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 September 30, 2017 and December 31, 2016. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 4. 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 September 30, 2017 and December 31, 2016: Fair Value Measurements at September 30, 2017 Quoted Prices in using Identical (Level 1) Significant (Level 2) Significant (Level 3) Cash equivalents $ 4,147,033 $ — $ — Marketable securities 48,254,552 — — Warrant liabilities — — 16,024,207 Total $ 52,401,585 $ — $ 16,024,207 Fair Value Measurements at December 31, 2016 Quoted Prices in using Identical (Level 1) Significant (Level 2) Significant (Level 3) Cash equivalents $ 3,411,058 $ — $ — Marketable securities 31,354,170 — — Warrant liabilities — — 12,698,980 Total $ 34,765,228 $ — $ 12,698,980 The Company issued a warrant to the representative of the underwriter of its initial public offering (the “Representative’s Warrant”). The Company determined that this warrant should be classified as a liability and considers it as a Level 3 financial instrument (see also Note 9, “Capital Structure”). The Representative’s Warrant will be re-measured As of As of September 30, 2017 December 31, 2016 Expected volatility 87.3 % 73.9 % Remaining contractual term (in years) 1.92 2.67 Risk-free interest rate 1.47 % 1.47 % Expected dividend yield — % — % The Company issued warrants to the purchasers in its 2016 Offering (the “2016 Warrants”), The Company determined that these warrants should be classified as a liability and considered as a Level 3 financial instrument (see also Note 9, “Capital Structure”). The 2016 Warrants will be re-measured As of As of September 30, 2017 December 31, 2016 Expected volatility 79.8 % 79.9 % Remaining contractual term (in years) 3.83 4.58 Risk-free interest rate 1.77 % 1.93 % Expected dividend yield — % — % The Company issued warrants to the purchasers in its 2017 Offering (the “2017 Warrants”), The Company determined that these warrants should be classified as a liability and considered as a Level 3 financial instrument (see also Note 9, “Capital Structure”). The 2017 Warrants will be re-measured As of At Issuance on September 30, 2017 July 25, 2017 Expected volatility 81.7 % 82.0 % Remaining contractual term (in years) 4.83 5.00 Risk-free interest rate 1.92 % 1.90 % 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 three and nine months ended September 30, 2017 and 2016: Warrant liabilities Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Balance at beginning of period $ 9,581,916 $ 185,659 $ 12,698,980 $ 444,324 Issuance of warrants 12,383,435 18,601,228 12,383,435 18,601,228 Increase (decrease) in fair value (5,941,144 ) 1,124,353 (9,058,208 ) 865,688 Balance at end of period $ 16,024,207 $ 19,911,240 $ 16,024,207 $ 19,911,240 The key inputs into the Black-Scholes option pricing model are the current per-share |
Accrued Liabilities
Accrued Liabilities | 9 Months Ended |
Sep. 30, 2017 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | 5. Accrued Liabilities Accrued liabilities consist of the following: September 30, 2017 December 31, 2016 Accrued compensation costs $ 903,506 $ 1,597,414 Accrued research and development service fees 405,292 504,193 Accrued professional fees 93,574 299,912 Accrued facilities operation expenses 273,800 236,296 Accrued licensing fees — 180,000 Other accrued liabilities 18,060 50,537 Total accrued liabilities $ 1,694,232 $ 2,868,352 |
Note Warrants
Note Warrants | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Note Warrants | 6. Note Warrants The Company issued convertible notes from June 2013 through June 2014. In connection with the issuance of the convertible notes, purchasers of the convertible notes also received warrants (“Note Warrants”) which included an exercise price “cap” that was analogous to “down round protection”. This precluded the Company from classifying the warrants in equity. Upon the closing of the initial public offering 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. There were 3,315,878 shares of common stock underlying the outstanding Note Warrants as of September 30, 2017 and December 31, 2016. The Note Warrants expire between June 2018 and June 2019. |
Net Loss Per Share of Common St
Net Loss Per Share of Common Stock | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share of Common Stock | 7. Net Loss Per Share of Common Stock Diluted net loss per share is the same as basic net loss per share for all periods presented because the effects of potentially dilutive items were anti-dilutive given the Company’s net loss. Basic net loss per share is computed by dividing net loss by the weighted-average number of shares of common stock outstanding. The following table sets forth the computation of basic and diluted net loss per share for common stockholders: Three Months Ended Nine Months Ended September 30, 2017 2016 2017 2016 Net loss $ (1,575,098 ) $ (10,530,584 ) $ (10,760,150 ) $ (29,132,768 ) Weighted average shares of common stock outstanding 64,960,354 37,446,087 49,509,486 30,833,362 Net loss per share of common stock—basic and diluted $ (0.02 ) $ (0.28 ) $ (0.22 ) $ (0.94 ) The following potentially dilutive securities outstanding at September 30, 2017 and 2016 have been excluded from the computation of diluted weighted average shares outstanding, as they would have been anti-dilutive given the Company’s net loss: September 30, 2017 2016 Options to purchase common stock 6,016,984 4,677,371 Warrants to purchase common stock 36,270,103 27,336,507 Total 42,287,087 32,013,878 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 8. Commitments and Contingencies Operating Leases In December 2010, the Company entered into a non-cancellable In January 2012, the Company entered into a non-cancellable Amount October 1, 2017 – December 31, 2017 $ 156,989 Year ending December 31, 2018 640,514 Year ending December 31, 2019 653,324 Year ending December 31, 2020 666,391 Year ending December 31, 2021 679,719 Year ending December 31, 2022 693,313 Thereafter 3,680,190 $ 7,170,440 Rent expense is recognized on the straight-line method over the terms of each lease. |
Capital Structure
Capital Structure | 9 Months Ended |
Sep. 30, 2017 | |
Equity [Abstract] | |
Capital Structure | 9. Capital Structure Common Stock As of September 30, 2017, the Company was authorized to issue 200,000,000 shares of common stock at $0.0001 par value per share. Follow-on On July 27, 2016, the Company sold 14,000,000 shares of its common stock and warrants to purchase an additional 14,000,000 shares of its common stock in an underwritten follow-on On July 25, 2017, the Company sold 32,000,000 shares of its common stock and warrants to purchase an additional 16,000,000 shares of its common stock in an underwritten follow-on The Company issued warrants in both follow-on re-measured Private Placement On June 12, 2015, the Company sold an aggregate of 4,728,128 common shares and warrants to purchase an additional 2,364,066 shares of common stock for gross proceeds of $20.0 million in a private placement (the “PIPE”). The warrants have an exercise price of $8.00 per share and expire three years from 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 a total of 189,126 shares of common stock at an exercise price of $4.65 per share which expire on June 11, 2020 (the “Placement Agent Warrants”). The PIPE Warrants and Placement Agent Warrants have been classified as stockholders’ equity in the Company’s consolidated balance sheet. Initial Public Offering In August 2014, the Company completed an initial public offering (“IPO”), raising net proceeds of $35.0 million after underwriting discounts, commissions and offering expenses payable by us, through the issuance and sale of our units, which 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 Representative’s Warrant The Maxim Group, LLC, the representative of the underwriter 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 option, for a total of 206,410 shares of common stock underlying the Representative’s Warrant. The Representative’s Warrant is exercisable at an exercise price of $7.50 per share and expires on July 28, 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 is re-measured Sales Agreement 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 was to act as sales agent. On July 21, 2016, the Company terminated the Sales Agreement. The Company did not sell any shares under the program. 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 September 30, 2017, 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 September 30, 2017 and December 31, 2016: September 30, December 31, Options to purchase common stock 6,016,984 4,691,746 Warrants to purchase common stock 36,270,103 27,214,775 42,287,087 31,906,521 |
Stock Warrants
Stock Warrants | 9 Months Ended |
Sep. 30, 2017 | |
Text Block [Abstract] | |
Stock Warrants | 10. Stock Warrants As of September 30, 2017, and December 31, 2016, the Company had warrants outstanding as shown in the table below. September 30, December 31, Note Warrants 3,315,878 3,315,878 Class A Warrants (1) — 6,880,333 PIPE Warrants 2,364,066 2,364,066 2016 Warrants 14,000,000 14,000,000 2017 Warrants 16,000,000 — Representative’s Warrant 206,410 206,410 Placement Agent Warrants 189,126 189,126 Other warrants (2) 194,623 258,962 Warrants to purchase common stock 36,270,103 27,214,775 Weighted-average exercise price per share $ 2.74 $ 3.97 (1) On February 1, 2017, the Class A Warrants to purchase common stock expired in accordance with their terms. As none of the Class A Warrants were exercised prior to expiration, the Class A Warrants have been terminated and are no longer exercisable. (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 at September 30, 2017: Exercise Prices Shares Warrants Expiration Date £ 16,005,714 September 1, 2021 – July 25, 2022 $2.01-$4.99 17,606,105 June 18, 2018 – July 17, 2021 $5.00-$7.99 231,409 April 30, 2018 – July 22, 2019 ³ 2,426,875 June 11, 2018 – January 5, 2022 36,270,103 |
Stock Option and Incentive Plan
Stock Option and Incentive Plans | 9 Months Ended |
Sep. 30, 2017 | |
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”). The Plan allows for the granting of non- 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 stockholders on July 3, 2014. The 2014 Plan allows for the granting of incentive and non-qualified The Company recognized 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 nine months ended September 30, 2017, is summarized as follows: Number of Options Weighted Weighted Average Remaining Contractual Life (in years) Aggregate Value Options outstanding at December 31, 2016 4,691,746 $ 4.62 Granted 1,502,500 1.73 Expired (93,300 ) 4.78 Forfeited (83,963 ) 2.52 Options outstanding at September 30, 2017 6,016,984 3.92 5.98 $ — Vested and exercisable at September 30, 2017 4,215,454 4.51 4.86 $ — The fair value of each option grant is estimated on the date of the grant using the Black-Scholes option-pricing model. There were no options granted during the three months ended September 30, 2017. The weighted average grant date fair value of options granted during the three months ended September 30, 2016 was $3.23. The weighted average grant date fair value of options granted during the nine months ended September 30, 2017 and 2016 was $1.73 and $3.37, respectively. Total compensation expense recognized amounted to $359,376, $1,087,179, $330,284 and $1,886,033, for the three and nine months ended September 30, 2017 and 2016, respectively. As of September 30, 2017, the total remaining unrecognized compensation cost related to unvested stock options was $2,327,263 which will be recognized over a weighted average period of approximately 2.50 years. The following assumptions were used to compute the fair value of stock option grants: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Risk free interest rate — 1.37 % 2.08 % 1.21 % Expected dividend yield — — — — Expected term (in years) — 6.01 6.00 4.99 Expected volatility — 76.5 % 79.1 % 79.5 % Expected volatility— Expected term— Risk-free interest rate Expected dividend yield— |
Significant Agreements
Significant Agreements | 9 Months Ended |
Sep. 30, 2017 | |
Equity [Abstract] | |
Significant Agreements | 12. Significant Agreements On March 25, 2016, the Company entered into a separation agreement and release of claims with its former Chief Executive Officer, Julia P. Gregory. Subject to Ms. Gregory’s continued compliance with restrictive covenants contained in her employment agreement with the Company, the separation agreement provides for Ms. Gregory to receive severance payments totaling $1.2 million for a period of 18 months following the effective date of Ms. Gregory’s retirement, the accelerated vesting of all unvested portions of stock option grants dated April 29, 2014 and February 8, 2016, and continued medical, dental and vision coverage paid for by the Company under the Company’s group healthcare plans for up to eighteen months following the effective date of Ms. Gregory’s retirement. The total amount of these charges was recognized as part of general and administrative expenses. Ms. Gregory will have a period of two years following the effective date of her retirement to exercise her vested Company stock options. |
Summary of Significant Accoun19
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Consolidation | Basis of Presentation and Consolidation The accompanying financial information as of September 30, 2017 and for the three and nine months ended September 30, 2017 and 2016 has been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) have been condensed or omitted pursuant to such rules and regulations. The balance sheet as of December 31, 2016 was derived from the Company’s audited financial statements. The Company’s audited financial statements as of and for the year ended December 31, 2016, including all related disclosures and the complete listing of significant accounting policies as described in Note 2 thereof, are included in the Company’s Annual Report on Form 10-K In the opinion of management, the unaudited financial information as of September 30, 2017 and for the three and nine months ended September 30, 2017 and 2016 reflects all adjustments, which are normal recurring adjustments, necessary to present a fair statement of financial position, results of operations and cash flows. The results of operations for the three and nine months ended September 30, 2017 are not necessarily indicative of the operating results for the full fiscal year or any future periods. The Company has a wholly-owned subsidiary, ContraFect International Limited, in Scotland that establishes legal status for interactions with the European Economic Area. This subsidiary is dormant or is otherwise non-operative. |
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. |
Use of Estimates | Use of Estimates The preparation of the consolidated 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 consolidated 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. |
Concentrations of Credit Risk | Concentrations of Credit Risk Financial instruments that potentially subject the Company to concentration of 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 |
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 and warrant 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 warrant liabilities is 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. Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 820, Fair Value Measurements and Disclosures The three levels of the fair value hierarchy are described below: 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 liabilities is discussed in Note 4, “Fair Value Measurements.” |
Share-based Compensation | Share-based Compensation The Company accounts for stock-based compensation in accordance with ASC 718, Compensation—Stock Compensation, non-employee 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 historical data, peer company data and judgment regarding future trends and factors. |
Grants | Grants The Company recognizes a receivable and the related reduction in its research and development expenses when the actual reimbursable costs have been incurred and there is reasonable assurance that the Company has complied with the conditions of the grants and the amounts will be received. For the three and nine months ended September 30, 2017, the Company recognized a reduction to its research and development expense in the amount of $249,886 and $805,980, respectively. There were no similar grants recognized for the three and nine month periods ended September 30, 2016. The receivable for grants as of September 30, 2017 for costs incurred through September 30, 2017 was $351,763. The Company has $2,424,050 of approved grant award funding remaining as of September 30, 2017. |
Net Loss Per Share | Net Loss Per Share Basic net loss per share is calculated by dividing net loss by the weighted average shares outstanding during the period, without consideration for common stock equivalents. Diluted net loss per share 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 calculation, stock options and warrants are considered to be common stock equivalents but are excluded from the calculation of diluted net loss per share, as their effect would be anti-dilutive given the Company’s net loss; therefore, basic and diluted net loss per share were the same for all periods presented. |
Comprehensive Loss | Comprehensive Loss Comprehensive 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 available-for-sale |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In January 2016, the FASB issued a new Accounting Standards Update, Recognition and Measurement of Financial Assets and Financial Liabilities 2016-01”). 2016-01 2016-01. In February 2016, the FASB issued a new Accounting Standards Update, Leases 2016-02”). 2016-02 right-of-use 2016-02 In March 2016, the FASB issued a new Accounting Standards Update, Improvements to Employee Share-Based Payment Accounting 2016-09”). 2016-09 paid-in-capital 2016-09 In June 2016, the FASB issued a new Accounting Standards Update, Financial Instruments-Credit Losses 2016-13”). 2016-13 available-for-sale In August 2016, the FASB issued ASU No. 2016-15 , Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments 2016-15”), 2016-15 2016-15. |
Marketable Securities (Tables)
Marketable Securities (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Marketable Securities | Marketable securities at September 30, 2017 consist of the following: Marketable Securities Amortized Cost Unrealized Gains Unrealized Losses Fair Value Current: Corporate debt $ 48,278,302 $ 3,337 $ (27,087 ) $ 48,254,552 Marketable securities at December 31, 2016 consisted of the following: Marketable Securities Amortized Cost Unrealized Gains Unrealized Losses Fair Value Current: Corporate debt $ 31,405,836 $ 24 $ (51,690 ) $ 31,354,170 |
Schedule of Duration Periods of Available-for-sale Debt Securities | The duration periods of available-for-sale Amortized Cost Fair Value Duration of one year or less $ 42,461,619 $ 42,444,975 Duration of more than one year 5,816,683 5,809,577 Total $ 48,278,302 $ 48,254,552 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
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 September 30, 2017 and December 31, 2016: Fair Value Measurements at September 30, 2017 Quoted Prices in using Identical (Level 1) Significant (Level 2) Significant (Level 3) Cash equivalents $ 4,147,033 $ — $ — Marketable securities 48,254,552 — — Warrant liabilities — — 16,024,207 Total $ 52,401,585 $ — $ 16,024,207 Fair Value Measurements at December 31, 2016 Quoted Prices in using Identical (Level 1) Significant (Level 2) Significant (Level 3) Cash equivalents $ 3,411,058 $ — $ — Marketable securities 31,354,170 — — Warrant liabilities — — 12,698,980 Total $ 34,765,228 $ — $ 12,698,980 |
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 three and nine months ended September 30, 2017 and 2016: Warrant liabilities Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Balance at beginning of period $ 9,581,916 $ 185,659 $ 12,698,980 $ 444,324 Issuance of warrants 12,383,435 18,601,228 12,383,435 18,601,228 Increase (decrease) in fair value (5,941,144 ) 1,124,353 (9,058,208 ) 865,688 Balance at end of period $ 16,024,207 $ 19,911,240 $ 16,024,207 $ 19,911,240 |
Representative's Warrant [Member] | |
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 As of September 30, 2017 December 31, 2016 Expected volatility 87.3 % 73.9 % Remaining contractual term (in years) 1.92 2.67 Risk-free interest rate 1.47 % 1.47 % Expected dividend yield — % — % |
2016 Warrants [Member] | |
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 As of September 30, 2017 December 31, 2016 Expected volatility 79.8 % 79.9 % Remaining contractual term (in years) 3.83 4.58 Risk-free interest rate 1.77 % 1.93 % Expected dividend yield — % — % |
2017 Warrants [Member] | |
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 At Issuance on September 30, 2017 July 25, 2017 Expected volatility 81.7 % 82.0 % Remaining contractual term (in years) 4.83 5.00 Risk-free interest rate 1.92 % 1.90 % Expected dividend yield — % — % |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Payables and Accruals [Abstract] | |
Summary of Accrued Liabilities | Accrued liabilities consist of the following: September 30, 2017 December 31, 2016 Accrued compensation costs $ 903,506 $ 1,597,414 Accrued research and development service fees 405,292 504,193 Accrued professional fees 93,574 299,912 Accrued facilities operation expenses 273,800 236,296 Accrued licensing fees — 180,000 Other accrued liabilities 18,060 50,537 Total accrued liabilities $ 1,694,232 $ 2,868,352 |
Net Loss Per Share of Common 23
Net Loss Per Share of Common Stock (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Basic and Diluted Net Loss Per Share for Common Stockholders | The following table sets forth the computation of basic and diluted net loss per share for common stockholders: Three Months Ended Nine Months Ended September 30, 2017 2016 2017 2016 Net loss $ (1,575,098 ) $ (10,530,584 ) $ (10,760,150 ) $ (29,132,768 ) Weighted average shares of common stock outstanding 64,960,354 37,446,087 49,509,486 30,833,362 Net loss per share of common stock—basic and diluted $ (0.02 ) $ (0.28 ) $ (0.22 ) $ (0.94 ) |
Schedule of Antidilutive Securities Excluded from Computation of Diluted Weighted Average Shares Outstanding | The following potentially dilutive securities outstanding at September 30, 2017 and 2016 have been excluded from the computation of diluted weighted average shares outstanding, as they would have been anti-dilutive given the Company’s net loss: September 30, 2017 2016 Options to purchase common stock 6,016,984 4,677,371 Warrants to purchase common stock 36,270,103 27,336,507 Total 42,287,087 32,013,878 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Future Minimum Lease Payments | Future minimum lease payments are as follows: Amount October 1, 2017 – December 31, 2017 $ 156,989 Year ending December 31, 2018 640,514 Year ending December 31, 2019 653,324 Year ending December 31, 2020 666,391 Year ending December 31, 2021 679,719 Year ending December 31, 2022 693,313 Thereafter 3,680,190 $ 7,170,440 |
Capital Structure (Tables)
Capital Structure (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
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 September 30, 2017 and December 31, 2016: September 30, December 31, Options to purchase common stock 6,016,984 4,691,746 Warrants to purchase common stock 36,270,103 27,214,775 42,287,087 31,906,521 |
Stock Warrants (Tables)
Stock Warrants (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Text Block [Abstract] | |
Schedule of Warrants Outstanding | As of September 30, 2017, and December 31, 2016, the Company had warrants outstanding as shown in the table below. September 30, December 31, Note Warrants 3,315,878 3,315,878 Class A Warrants (1) — 6,880,333 PIPE Warrants 2,364,066 2,364,066 2016 Warrants 14,000,000 14,000,000 2017 Warrants 16,000,000 — Representative’s Warrant 206,410 206,410 Placement Agent Warrants 189,126 189,126 Other warrants (2) 194,623 258,962 Warrants to purchase common stock 36,270,103 27,214,775 Weighted-average exercise price per share $ 2.74 $ 3.97 (1) On February 1, 2017, the Class A Warrants to purchase common stock expired in accordance with their terms. As none of the Class A Warrants were exercised prior to expiration, the Class A Warrants have been terminated and are no longer exercisable. (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 at September 30, 2017: Exercise Prices Shares Warrants Expiration Date £ 16,005,714 September 1, 2021 – July 25, 2022 $2.01-$4.99 17,606,105 June 18, 2018 – July 17, 2021 $5.00-$7.99 231,409 April 30, 2018 – July 22, 2019 ³ 2,426,875 June 11, 2018 – January 5, 2022 36,270,103 |
Stock Option and Incentive Pl27
Stock Option and Incentive Plans (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Stock Option Activity | A summary of stock option activity for the nine months ended September 30, 2017, is summarized as follows: Number of Options Weighted Weighted Average Remaining Contractual Life (in years) Aggregate Value Options outstanding at December 31, 2016 4,691,746 $ 4.62 Granted 1,502,500 1.73 Expired (93,300 ) 4.78 Forfeited (83,963 ) 2.52 Options outstanding at September 30, 2017 6,016,984 3.92 5.98 $ — Vested and exercisable at September 30, 2017 4,215,454 4.51 4.86 $ — |
Assumptions to Compute Fair Value of Stock Option Grants | The following assumptions were used to compute the fair value of stock option grants: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Risk free interest rate — 1.37 % 2.08 % 1.21 % Expected dividend yield — — — — Expected term (in years) — 6.01 6.00 4.99 Expected volatility — 76.5 % 79.1 % 79.5 % |
Organization and Description 28
Organization and Description of Business - Additional Information (Detail) - Follow-on Offering [Member] - USD ($) $ / shares in Units, $ in Millions | Jul. 25, 2017 | Jul. 27, 2016 | Jul. 25, 2016 |
Organization And Description Of Business [Line Items] | |||
Number of shares issued | 32,000,000 | 14,000,000 | 32,000,000 |
Warrants to purchase shares of common stock | 16,000,000 | 14,000,000 | |
Warrant exercise price per share | $ 1.55 | $ 3 | |
Public offering price, per unit | $ 1.25 | $ 2.50 | |
Net proceeds received | $ 37.1 | $ 32 | $ 37.1 |
Summary of Significant Accoun29
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Summary Of Significant Accounting Policies [Line Items] | ||||
Maturity period of highly liquid investments | Three months or less | |||
Decrease in research and development expense | $ 249,886 | $ 0 | $ 805,980 | $ 0 |
Grants receivable for costs incurred | 351,763 | 351,763 | ||
Grants remaining to be awarded | 2,424,050 | 2,424,050 | ||
Level 1 [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Liabilities | 0 | 0 | ||
Level 2 [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Liabilities | $ 0 | $ 0 |
Marketable Securities - Additio
Marketable Securities - Additional Information (Detail) | 9 Months Ended | ||
Sep. 30, 2017USD ($)Security | Sep. 30, 2016USD ($) | Dec. 31, 2016USD ($)Security | |
Marketable Securities [Abstract] | |||
Realized gains or losses on marketable securities | $ 0 | $ 0 | |
Number of securities in unrealized loss position for less than one year | Security | 35 | 29 | |
Aggregate fair value of debt securities | $ 42,508,852 | $ 29,343,892 |
Marketable Securities - Schedul
Marketable Securities - Schedule of Marketable Securities (Detail) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Marketable Securities, Amortized Cost | $ 48,278,302 | |
Marketable Securities, Fair Value | 48,254,552 | $ 31,354,170 |
Corporate Debt [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Marketable Securities, Amortized Cost | 48,278,302 | 31,405,836 |
Marketable Securities, Unrealized Gains | 3,337 | 24 |
Marketable Securities, Unrealized Losses | (27,087) | (51,690) |
Marketable Securities, Fair Value | $ 48,254,552 | $ 31,354,170 |
Marketable Securities - Sched32
Marketable Securities - Schedule of Duration Periods of Available-for-sale Debt Securities (Detail) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Available-for-sale Securities, Debt Maturities [Abstract] | ||
Duration of one year or less, Amortized Cost | $ 42,461,619 | |
Duration of more than one year, Amortized Cost | 5,816,683 | |
Marketable Securities, Amortized Cost | 48,278,302 | |
Duration of one year or less, Fair Value | 42,444,975 | |
Duration of more than one year, Fair Value | 5,809,577 | |
Total, Fair Value | $ 48,254,552 | $ 31,354,170 |
Fair Value Measurements - Infor
Fair Value Measurements - Information about Company's Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Warrant liabilities | $ (16,024,207) | $ (12,698,980) |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 4,147,033 | 3,411,058 |
Marketable securities | 48,254,552 | 31,354,170 |
Total assets (liabilities) | 52,401,585 | 34,765,228 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Warrant liabilities | (16,024,207) | (12,698,980) |
Total assets (liabilities) | $ (16,024,207) | $ (12,698,980) |
Fair Value Measurements - Assum
Fair Value Measurements - Assumption Used to Determine Fair Value of Warrant Liability (Detail) | Sep. 30, 2017 | Jul. 25, 2017 | Dec. 31, 2016 |
Representative's Warrant [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Expected volatility | 87.30% | 73.90% | |
Remaining contractual term (in years) | 1 year 11 months 1 day | 2 years 8 months 2 days | |
Risk-free interest rate | 1.47% | 1.47% | |
Expected dividend yield | 0.00% | 0.00% | |
2016 Warrants [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Expected volatility | 79.80% | 79.90% | |
Remaining contractual term (in years) | 3 years 9 months 29 days | 4 years 6 months 29 days | |
Risk-free interest rate | 1.77% | 1.93% | |
Expected dividend yield | 0.00% | 0.00% | |
2017 Warrants [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Expected volatility | 81.70% | 82.00% | |
Remaining contractual term (in years) | 4 years 9 months 29 days | 5 years | |
Risk-free interest rate | 1.92% | 1.90% | |
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) - Warrant Liabilities [Member] - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Balance at beginning of period | $ 9,581,916 | $ 185,659 | $ 12,698,980 | $ 444,324 |
Issuance of warrants | 12,383,435 | 18,601,228 | 12,383,435 | 18,601,228 |
Increase (decrease) in fair value | (5,941,144) | 1,124,353 | (9,058,208) | 865,688 |
Balance at end of period | $ 16,024,207 | $ 19,911,240 | $ 16,024,207 | $ 19,911,240 |
Accrued Liabilities - Summary o
Accrued Liabilities - Summary of Accrued Liabilities (Detail) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Payables and Accruals [Abstract] | ||
Accrued compensation costs | $ 903,506 | $ 1,597,414 |
Accrued research and development service fees | 405,292 | 504,193 |
Accrued professional fees | 93,574 | 299,912 |
Accrued facilities operation expenses | 273,800 | 236,296 |
Accrued licensing fees | 180,000 | |
Other accrued liabilities | 18,060 | 50,537 |
Total accrued liabilities | $ 1,694,232 | $ 2,868,352 |
Note Warrants - Additional Info
Note Warrants - Additional Information (Detail) - $ / shares | 9 Months Ended | ||
Sep. 30, 2017 | Dec. 31, 2016 | Aug. 01, 2014 | |
Class of Warrant or Right [Line Items] | |||
Number of warrants or rights outstanding | 36,270,103 | 27,214,775 | |
Note Warrants [Member] | |||
Class of Warrant or Right [Line Items] | |||
Number of warrants or rights outstanding | 3,315,878 | 3,315,878 | 3,321,416 |
Warrant exercise price per share | $ 3 | ||
Note Warrants [Member] | Minimum [Member] | |||
Class of Warrant or Right [Line Items] | |||
Warrants expiration date | 2018-06 | ||
Note Warrants [Member] | Maximum [Member] | |||
Class of Warrant or Right [Line Items] | |||
Warrants expiration date | 2019-06 |
Net Loss Per Share of Common 38
Net Loss Per Share of Common Stock - Schedule of Computation of Basic and Diluted Net Loss Per Share for Common Stockholders (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Earnings Per Share [Abstract] | ||||
Net loss | $ (1,575,098) | $ (10,530,584) | $ (10,760,150) | $ (29,132,768) |
Weighted average shares of common stock outstanding | 64,960,354 | 37,446,087 | 49,509,486 | 30,833,362 |
Net loss per share of common stock-basic and diluted | $ (0.02) | $ (0.28) | $ (0.22) | $ (0.94) |
Net Loss Per Share of Common 39
Net Loss Per Share of Common Stock - Schedule of Antidilutive Securities Excluded from Computation of Diluted Weighted Average Shares Outstanding (Detail) - shares | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially antidilutive securities outstanding excluded from the computation of diluted weighted average shares | 42,287,087 | 32,013,878 |
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 | 6,016,984 | 4,677,371 |
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 | 36,270,103 | 27,336,507 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | 1 Months Ended | ||
Jan. 31, 2012ft²ExtensionOptions | Dec. 31, 2011ExtensionOptions | Dec. 31, 2010 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Non-cancellable operating lease, expiration date | 2027-12 | 2025-12 | |
Extended lease agreement, date | 2027-12 | ||
Number of lease extension options | ExtensionOptions | 2 | 2 | |
Lease renewal termination period | 5 years | 5 years | |
Area of space relinquished from lease agreement | ft² | 10,912 |
Commitments and Contingencies41
Commitments and Contingencies - Summary of Future Minimum Lease Payments (Detail) | Sep. 30, 2017USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
October 1, 2017 - December 31, 2017 | $ 156,989 |
Year ending December 31, 2018 | 640,514 |
Year ending December 31, 2019 | 653,324 |
Year ending December 31, 2020 | 666,391 |
Year ending December 31, 2021 | 679,719 |
Year ending December 31, 2022 | 693,313 |
Thereafter | 3,680,190 |
Total future minimum lease payments | $ 7,170,440 |
Capital Structure - Additional
Capital Structure - Additional Information (Detail) - USD ($) | Sep. 30, 2017 | Jul. 25, 2017 | Jan. 31, 2017 | Jul. 27, 2016 | Jul. 25, 2016 | Nov. 02, 2015 | Jun. 12, 2015 | Jan. 31, 2016 | Aug. 31, 2014 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 |
Class of Stock [Line Items] | ||||||||||||
Common stock, shares authorized | 200,000,000 | 200,000,000 | 100,000,000 | |||||||||
Common stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||||||
Aggregate gross sales proceeds from common stock | $ 40,000,000 | $ 35,000,000 | ||||||||||
Issuance costs allocated to warrants | $ 905,014 | 1,569,341 | ||||||||||
IPO, closing period | 2014-08 | |||||||||||
Proceeds from exercise of warrants | $ 16,000 | |||||||||||
Net proceeds from initial public offering | $ 35,000,000 | |||||||||||
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 | |||||||||||
Private Placement [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Number of shares issued | 4,728,128 | |||||||||||
Warrants to purchase shares of common stock | 189,126 | 2,364,066 | 189,126 | |||||||||
Aggregate gross sales proceeds from common stock | $ 20,000,000 | |||||||||||
Net proceeds received | $ 18,300,000 | |||||||||||
Warrant exercise price per share | $ 4.65 | $ 8 | $ 4.65 | |||||||||
Warrants expiration period | 3 years | |||||||||||
Warrant expiration date | Jun. 11, 2020 | |||||||||||
At the Market Equity Offering Program [Member] | Maximum [Member] | Cowen and Company, LLC [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Aggregate gross sales proceeds from common stock | $ 30,000,000 | |||||||||||
Follow-on Offering [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Number of shares issued | 32,000,000 | 14,000,000 | 32,000,000 | |||||||||
Warrants to purchase shares of common stock | 16,000,000 | 14,000,000 | ||||||||||
Aggregate gross sales proceeds from common stock | $ 35,000,000 | $ 40,000,000 | ||||||||||
Net proceeds received | $ 37,100,000 | $ 32,000,000 | $ 37,100,000 | |||||||||
Warrant exercise price per share | $ 1.55 | $ 3 | ||||||||||
Follow-on Offering [Member] | CMPO Warrants [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Warrants to purchase shares of common stock | 14,000,000 | 16,000,000 | ||||||||||
Follow-on Offering [Member] | 2016 Warrants [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Warrant exercise price per share | $ 3 | |||||||||||
Warrant expiration term | 5 years | |||||||||||
Fair value of warrants | $ 18,600,000 | |||||||||||
Issuance costs allocated to warrants | $ 1,600,000 | |||||||||||
Follow-on Offering [Member] | 2017 Warrants [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Warrant exercise price per share | $ 1.55 | |||||||||||
Warrant expiration term | 5 years | |||||||||||
Fair value of warrants | $ 12,400,000 | |||||||||||
Issuance costs allocated to warrants | $ 900,000 | |||||||||||
Class A Warrants [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Warrant expiration date | Feb. 1, 2017 | |||||||||||
Warrants exercised | 0 | |||||||||||
Class A Warrants [Member] | Initial Public Offering [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Warrant exercise price per share | $ 4.80 | |||||||||||
Representative's Warrant [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Warrants to purchase shares of common stock | 206,410 | 206,410 | ||||||||||
Warrant exercise price per share | $ 7.50 | $ 7.50 | ||||||||||
Warrant expiration date | Jul. 28, 2019 | |||||||||||
Class of warrant purchase percentage | 3.00% | 3.00% | ||||||||||
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 | |||||||||||
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 | Sep. 30, 2017 | Dec. 31, 2016 |
Class of Stock [Line Items] | ||
Common Stock reserved for future issuance | 42,287,087 | 31,906,521 |
Stock Options [Member] | ||
Class of Stock [Line Items] | ||
Common Stock reserved for future issuance | 6,016,984 | 4,691,746 |
Warrants [Member] | ||
Class of Stock [Line Items] | ||
Common Stock reserved for future issuance | 36,270,103 | 27,214,775 |
Stock Warrants - Schedule of Wa
Stock Warrants - Schedule of Warrants Outstanding (Detail) - $ / shares | 9 Months Ended | |||
Sep. 30, 2017 | Dec. 31, 2016 | Jun. 12, 2015 | Aug. 01, 2014 | |
Class of Warrant or Right [Line Items] | ||||
Shares Underlying Outstanding Warrants | 36,270,103 | 27,214,775 | ||
Weighted-average exercise price per share | $ 2.74 | $ 3.97 | ||
Placement Agent Warrants [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Shares Underlying Outstanding Warrants | 189,126 | 189,126 | ||
Class A Warrants [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Shares Underlying Outstanding Warrants | 6,880,333 | |||
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 | 194,623 | 258,962 | ||
Exercise Price Less Than or Equal to $2.00 [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Shares Underlying Outstanding Warrants | 16,005,714 | |||
Expiration Start Date | Sep. 1, 2021 | |||
Expiration End Date | Jul. 25, 2022 | |||
Exercise Price $2.01 - $4.99 [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Shares Underlying Outstanding Warrants | 17,606,105 | |||
Expiration Start Date | Jun. 18, 2018 | |||
Expiration End Date | Jul. 17, 2021 | |||
Exercise Price $5.00 - $7.99 [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Shares Underlying Outstanding Warrants | 231,409 | |||
Expiration Start Date | Apr. 30, 2018 | |||
Expiration End Date | Jul. 22, 2019 | |||
Exercise Price Greater Than or Equal to $8.00 [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Shares Underlying Outstanding Warrants | 2,426,875 | |||
Expiration Start Date | Jun. 11, 2018 | |||
Expiration End Date | Jan. 5, 2022 | |||
Minimum [Member] | Exercise Price $2.01 - $4.99 [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Exercise Prices | $ 2.01 | |||
Minimum [Member] | Exercise Price $5.00 - $7.99 [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Exercise Prices | 5 | |||
Minimum [Member] | Exercise Price Greater Than or Equal to $8.00 [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Exercise Prices | 8 | |||
Maximum [Member] | Exercise Price Less Than or Equal to $2.00 [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Exercise Prices | 2 | |||
Maximum [Member] | Exercise Price $2.01 - $4.99 [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Exercise Prices | 4.99 | |||
Maximum [Member] | Exercise Price $5.00 - $7.99 [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Exercise Prices | $ 7.99 | |||
Note Warrants [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Exercise Prices | $ 3 | |||
Shares Underlying Outstanding Warrants | 3,315,878 | 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 | 2,364,066 | ||
2016 Warrants [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Shares Underlying Outstanding Warrants | 14,000,000 | 14,000,000 | ||
2017 Warrants [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Shares Underlying Outstanding Warrants | 16,000,000 |
Stock Warrants - Schedule of 45
Stock Warrants - Schedule of Warrants Outstanding (Parenthetical) (Detail) - Class A Warrants [Member] - shares | Jan. 31, 2017 | Sep. 30, 2017 |
Class of Warrant or Right [Line Items] | ||
Warrants expiration date | Feb. 1, 2017 | |
Warrants exercised | 0 |
Stock Option and Incentive Pl46
Stock Option and Incentive Plans - Additional Information (Detail) - USD ($) | Dec. 31, 2015 | Feb. 26, 2013 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | Jul. 28, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of shares of common stock reserved pursuant to the plan | 42,287,087 | 42,287,087 | 31,906,521 | |||||
Weighted average grant date fair value of options | $ 3.23 | $ 1.73 | $ 3.37 | |||||
Weighted average period of unvested stock options | 2 years 6 months | |||||||
Number of options granted | 0 | 1,502,500 | ||||||
Unrecognized compensation cost related to unvested stock options | $ 2,327,263 | $ 2,327,263 | ||||||
Employee Stock Options [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Compensation expense recognized | $ 359,376 | $ 330,284 | $ 1,087,179 | $ 1,886,033 | ||||
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 | |||||||
Termination of service, Period | 2 years | |||||||
2008 Equity Incentive Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
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 | 3,574,237 | |||||||
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 Pl47
Stock Option and Incentive Plans - Summary of Stock Option Activity (Detail) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2017USD ($)$ / sharesshares | Sep. 30, 2017USD ($)$ / sharesshares | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Number of Options, Options outstanding, Beginning balance | shares | 4,691,746 | |
Number of Options, Granted | shares | 0 | 1,502,500 |
Number of Options, Expired | shares | (93,300) | |
Number of Options, Forfeited | shares | (83,963) | |
Number of Options, Options outstanding, Ending balance | shares | 6,016,984 | 6,016,984 |
Number of Options, Vested and exercisable, Ending Balance | shares | 4,215,454 | 4,215,454 |
Weighted Average Exercise Price, Options outstanding, Beginning balance | $ / shares | $ 4.62 | |
Weighted Average Exercise Price, Granted | $ / shares | 1.73 | |
Weighted Average Exercise Price, Expired | $ / shares | 4.78 | |
Weighted Average Exercise Price, Forfeited | $ / shares | 2.52 | |
Weighted Average Exercise Price, Options outstanding, Ending balance | $ / shares | $ 3.92 | 3.92 |
Weighted Average Exercise Price, Vested and exercisable, Ending balance | $ / shares | $ 4.51 | |
Weighted Average Remaining Contractual Life (in years), Options outstanding | 5 years 11 months 23 days | |
Weighted Average Remaining Contractual Life (in years), Vested and exercisable | 4 years 10 months 10 days | |
Aggregate Intrinsic value, Options outstanding | $ | $ 0 | $ 0 |
Aggregate Intrinsic value, Vested and exercisable | $ | $ 0 | $ 0 |
Stock Option and Incentive Pl48
Stock Option and Incentive Plans - Assumptions to Compute Fair Value of Stock Option Grants (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Risk free interest rate | 1.37% | 2.08% | 1.21% | |
Expected dividend yield | $ 0 | $ 0 | $ 0 | $ 0 |
Expected term (in years) | 6 years 4 days | 6 years | 4 years 11 months 26 days | |
Expected volatility | 76.50% | 79.10% | 79.50% |
Significant Agreements - Additi
Significant Agreements - Additional Information (Detail) - Supplemental Employee Retirement Plan [Member] $ in Millions | 9 Months Ended |
Sep. 30, 2017USD ($) | |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |
Severance payment on effective date of retirement, as per the agreement | $ 1.2 |
General and Administrative Expense [Member] | |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |
Agreement Description | On March 25, 2016, the Company entered into a separation agreement and release of claims with its former Chief Executive Officer, Julia P. Gregory. Subject to Ms. Gregory’s continued compliance with restrictive covenants contained in her employment agreement with the Company, the separation agreement provides for Ms. Gregory to receive severance payments totaling $1.2 million for a period of 18 months following the effective date of Ms. Gregory’s retirement, the accelerated vesting of all unvested portions of stock option grants dated April 29, 2014 and February 8, 2016, and continued medical, dental and vision coverage paid for by the Company under the Company’s group healthcare plans for up to eighteen months following the effective date of Ms. Gregory’s retirement. The total amount of these charges was recognized as part of general and administrative expenses. Ms. Gregory will have a period of two years following the effective date of her retirement to exercise her vested Company stock options. |
Separation Agreement Date | Mar. 25, 2016 |
Stock option grant dates subject to accelerated vesting under agreement | April 29, 2014 and February 8, 2016 |
Severance payments period following the effective date of retirement | 18 months |
Health care period after retirement, as per the agreement | 18 months |
Exercise period of vested stock options from retirement date, as per the agreement | 2 years |