Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2019 | Nov. 07, 2019 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Entity Interactive Data Current | Yes | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | CFRX | |
Entity Registrant Name | CONTRAFECT Corp | |
Entity Central Index Key | 0001478069 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Title of 12(b) Security | Common Stock | |
Security Exchange Name | NASDAQ | |
Entity Address, State or Province | NY | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 79,409,556 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 10,501,589 | $ 8,320,317 |
Marketable securities | 22,131,936 | |
Prepaid expenses and other current assets | 2,340,520 | 988,799 |
Total current assets | 12,842,109 | 31,441,052 |
Property and equipment, net | 1,147,727 | 1,076,099 |
Operating lease right-of-use assets | 3,098,179 | |
Other assets | 355,420 | 355,420 |
Total assets | 17,443,435 | 32,872,571 |
Current liabilities: | ||
Accounts payable | 4,373,643 | 1,427,287 |
Accrued liabilities | 2,657,354 | 4,369,732 |
Current portion of lease liabilities | 628,676 | |
Total current liabilities | 7,659,673 | 5,797,019 |
Deferred rent | 679,182 | |
Warrant liabilities | 2,159,192 | 20,781,663 |
Long-term portion of lease liabilities | 3,332,866 | |
Other liabilities | 72,747 | 72,747 |
Total liabilities | 13,224,478 | 27,330,611 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred stock, $0.0001 par value, 25,000,000 shares authorized and none outstanding at September 30, 2019 and December 31, 2018 | ||
Common stock, $0.0001 par value, 200,000,000 shares authorized; 79,409,556 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively | 7,941 | 7,941 |
Additional paid-in capital | 205,969,917 | 204,884,211 |
Accumulated other comprehensive loss | (30,300) | |
Accumulated deficit | (201,758,901) | (199,319,892) |
Total stockholders' equity | 4,218,957 | 5,541,960 |
Total liabilities and stockholders' equity | $ 17,443,435 | $ 32,872,571 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2019 | Dec. 31, 2018 |
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 | 200,000,000 |
Common stock, shares issued | 79,409,556 | 79,409,556 |
Common stock, shares outstanding | 79,409,556 | 79,409,556 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Operating expenses | ||||
Research and development | $ 5,250,327 | $ 5,710,455 | $ 14,161,543 | $ 15,698,129 |
General and administrative | 2,376,248 | 2,088,835 | 7,234,244 | 6,581,784 |
Total operating expenses | 7,626,575 | 7,799,290 | 21,395,787 | 22,279,913 |
Loss from operations | (7,626,575) | (7,799,290) | (21,395,787) | (22,279,913) |
Other income (expense): | ||||
Interest income, net | 80,747 | 174,778 | 334,307 | 490,170 |
Change in fair value of warrant liabilities | 2,186,710 | 3,246,765 | 18,622,471 | (21,830,377) |
Total other income (expense) | 2,267,457 | 3,421,543 | 18,956,778 | (21,340,207) |
Net loss | $ (5,359,118) | $ (4,377,747) | $ (2,439,009) | $ (43,620,120) |
Basic and diluted net loss per share | $ (0.07) | $ (0.06) | $ (0.03) | $ (0.58) |
Shares used in computing basic and diluted net loss per share | 79,409,556 | 77,447,599 | 79,409,556 | 74,934,774 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (5,359,118) | $ (4,377,747) | $ (2,439,009) | $ (43,620,120) |
Other comprehensive gain: | ||||
Unrealized gain on available-for-sale securities | 24,677 | 30,300 | 55,445 | |
Comprehensive loss | $ (5,359,118) | $ (4,353,070) | $ (2,408,709) | $ (43,564,675) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Deficit) - USD ($) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Deficit [Member] |
Beginning Balance at Dec. 31, 2017 | $ 31,193,445 | $ 7,366 | $ 192,896,367 | $ (74,820) | $ (161,635,468) |
Beginning Balance, Shares at Dec. 31, 2017 | 73,656,006 | ||||
Share-based compensation | 437,681 | 437,681 | |||
Unrealized gain (loss) on marketable securities | (16,800) | (16,800) | |||
Issuance of common stock for exercise of warrants | 3,875 | 3,875 | |||
Issuance of common stock for exercise of warrants, Shares | 2,500 | ||||
Net income (loss) | (19,106,481) | (19,106,481) | |||
Ending balance at Mar. 31, 2018 | 12,511,720 | $ 7,366 | 193,337,923 | (91,620) | (180,741,949) |
Ending balance, Shares at Mar. 31, 2018 | 73,658,506 | ||||
Beginning Balance at Dec. 31, 2017 | 31,193,445 | $ 7,366 | 192,896,367 | (74,820) | (161,635,468) |
Beginning Balance, Shares at Dec. 31, 2017 | 73,656,006 | ||||
Net income (loss) | (43,620,120) | ||||
Ending balance at Sep. 30, 2018 | (701,362) | $ 7,941 | 204,565,660 | (19,375) | (205,255,588) |
Ending balance, Shares at Sep. 30, 2018 | 79,409,556 | ||||
Beginning Balance at Mar. 31, 2018 | 12,511,720 | $ 7,366 | 193,337,923 | (91,620) | (180,741,949) |
Beginning Balance, Shares at Mar. 31, 2018 | 73,658,506 | ||||
Share-based compensation | 416,133 | 416,133 | |||
Unrealized gain (loss) on marketable securities | 47,568 | 47,568 | |||
Issuance of common stock for exercise of warrants | 1,628 | 1,628 | |||
Issuance of common stock for exercise of warrants, Shares | 1,050 | ||||
Net income (loss) | (20,135,892) | (20,135,892) | |||
Ending balance at Jun. 30, 2018 | (7,158,843) | $ 7,366 | 193,755,684 | (44,052) | (200,877,841) |
Ending balance, Shares at Jun. 30, 2018 | 73,659,556 | ||||
Share-based compensation | 383,158 | 383,158 | |||
Unrealized gain (loss) on marketable securities | 24,677 | 24,677 | |||
Issuance of common stock in registered offering | 11,500,000 | $ 575 | 11,499,425 | ||
Issuance of common stock in registered offering, Shares | 5,750,000 | ||||
Financing cost of sale of securities | (1,072,607) | (1,072,607) | |||
Net income (loss) | (4,377,747) | (4,377,747) | |||
Ending balance at Sep. 30, 2018 | (701,362) | $ 7,941 | 204,565,660 | (19,375) | (205,255,588) |
Ending balance, Shares at Sep. 30, 2018 | 79,409,556 | ||||
Beginning Balance at Dec. 31, 2018 | 5,541,960 | $ 7,941 | 204,884,211 | (30,300) | (199,319,892) |
Beginning Balance, Shares at Dec. 31, 2018 | 79,409,556 | ||||
Share-based compensation | 323,774 | 323,774 | |||
Unrealized gain (loss) on marketable securities | 31,336 | 31,336 | |||
Net income (loss) | 11,587,015 | 11,587,015 | |||
Ending balance at Mar. 31, 2019 | 17,484,085 | $ 7,941 | 205,207,985 | 1,036 | (187,732,877) |
Ending balance, Shares at Mar. 31, 2019 | 79,409,556 | ||||
Beginning Balance at Dec. 31, 2018 | 5,541,960 | $ 7,941 | 204,884,211 | (30,300) | (199,319,892) |
Beginning Balance, Shares at Dec. 31, 2018 | 79,409,556 | ||||
Net income (loss) | (2,439,009) | ||||
Ending balance at Sep. 30, 2019 | 4,218,957 | $ 7,941 | 205,969,917 | (201,758,901) | |
Ending balance, Shares at Sep. 30, 2019 | 79,409,556 | ||||
Beginning Balance at Mar. 31, 2019 | 17,484,085 | $ 7,941 | 205,207,985 | 1,036 | (187,732,877) |
Beginning Balance, Shares at Mar. 31, 2019 | 79,409,556 | ||||
Share-based compensation | 369,927 | 369,927 | |||
Unrealized gain (loss) on marketable securities | 960 | 960 | |||
Net income (loss) | (8,666,906) | (8,666,906) | |||
Ending balance at Jun. 30, 2019 | 9,188,066 | $ 7,941 | 205,577,912 | 1,996 | (196,399,783) |
Ending balance, Shares at Jun. 30, 2019 | 79,409,556 | ||||
Share-based compensation | 392,005 | 392,005 | |||
Unrealized gain (loss) on marketable securities | (1,996) | $ (1,996) | |||
Net income (loss) | (5,359,118) | (5,359,118) | |||
Ending balance at Sep. 30, 2019 | $ 4,218,957 | $ 7,941 | $ 205,969,917 | $ (201,758,901) | |
Ending balance, Shares at Sep. 30, 2019 | 79,409,556 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Cash flows from operating activities | ||
Net loss | $ (2,439,009) | $ (43,620,120) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 126,786 | 110,263 |
Stock-based compensation expense | 1,085,706 | 1,236,972 |
Change in fair value of warrant liabilities | (18,622,471) | 21,830,377 |
Decrease in deferred rent | (19,292) | |
Net amortization of premium on marketable securities | 171,111 | 406,211 |
Changes in operating assets and liabilities: | ||
(Increase) decrease in prepaid expenses and other current and non-current assets | (1,369,019) | 82,865 |
Increase in accounts payable, accrued liabilities and other liabilities | 1,257,043 | 770,661 |
Net cash used in operating activities | (19,789,854) | (19,202,063) |
Cash flows from investing activities | ||
Purchases of marketable securities | (20,267,927) | |
Proceeds from sales of marketable securities | 21,991,125 | 33,130,888 |
Purchases of property and equipment | (19,999) | (133,488) |
Net cash provided by investing activities | 21,971,126 | 12,729,473 |
Cash flows from financing activities | ||
Proceeds from issuance of securities | 11,500,000 | |
Payment of financing costs of securities sold | (1,072,607) | |
Proceeds from exercise of warrants | 5,503 | |
Net cash provided by financing activities | 10,432,896 | |
Net increase in cash and cash equivalents | 2,181,272 | 3,960,306 |
Cash and cash equivalents at beginning of period | 8,320,317 | 6,995,046 |
Cash and cash equivalents at end of period | 10,501,589 | $ 10,955,352 |
Supplemental disclosures of cash flow information: | ||
Right-of-use assets obtained in exchange for lease obligations | 4,148,672 | |
Leasehold improvement obtained in exchange for lease incentive obligations | $ 189,227 |
Organization and Description of
Organization and Description of Business | 9 Months Ended |
Sep. 30, 2019 | |
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 biologic 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 portfolio of direct lytic agents (DLAs), including lysins and amurin peptides. The Company’s most advanced product candidate is exebacase, a lysin which targets Staphylococcus aureus Staph aureus Staph aureus (MRSA), Staph aureus Staph aureus standard-of-care The Company has incurred losses from operations since inception as a research and development organization and has an accumulated deficit of $201.8 million as of September 30, 2019. For the nine months ended September 30, 2019, the Company used $19.8 million of cash in operations. The Company expects operating losses and negative cash flows to continue at significant levels in the future as it continues its clinical trials. Without additional funding, the Company believes it will not have sufficient funds to meet its obligations within the next twelve months from the date of issuance of these consolidated financial statements. These factors raise substantial doubt about the Company’s ability to continue as a going concern. The Company plans to continue to fund its operations through public or private debt and equity financings, but there can be no assurances that such financing will continue to be available to the Company on satisfactory terms, or at all. As such, under the requirements of ASC 205-40, The consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates continuity of operations, the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying financial information as of September 30, 2019 and for the three and nine months ended September 30, 2019 and 2018 has been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (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 consolidated balance sheet as of December 31, 2018 was derived from the Company’s audited consolidated financial statements. The Company’s audited consolidated financial statements as of and for the year ended December 31, 2018, 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, 2019 and for the three and nine months ended September 30, 2019 and 2018 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, 2019 are not necessarily indicative of the operating results for the full fiscal year or any future periods. Principles of Consolidation 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. 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 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 consist of investments in corporate debt and U.S. Treasury 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. 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 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. 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 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 share-based compensation in accordance with ASC 718, Compensation—Stock Compensation, non-employees non-employee non-employee non-employees, 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 for employee and non-employee non-employee 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. The Company recognized a reduction to its research and development expense in the amount of approximately $1.3 million and $0.3 million for the three months ended September 30, 2019 and 2018 respectively, and $2.4 million and $1.1 million for the nine months ended September 30, 2019 and 2018, respectively. The receivable for grants as of September 30, 2019 and December 31, 2018 was approximately $1.2 million and $0.2 million respectively, and is included in prepaid expenses and other current assets on the balance sheet. The Company has approximately $9.4 million of approved grant award funding remaining as of September 30, 2019. 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 a 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. Recently Adopted Accounting Pronouncements Leases The Company adopted Accounting Standards Update No. 2016-02- Leases (Topic 842) non-lease The Company recognizes right-of-use Topic Adoption of Topic 84 2 new loss Non-employee S C The Company adopted Accounting Standards Update, Compensation-Stock Compensation (ASU 2018-07), non-employees 2018-07 Statements of E In August 2018, the SEC adopted the final rule under SEC Release No. 33-10532, Recent Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued a new Accounting Standards Update, Financial Instruments-Credit Losses (ASU 2016-13). 2016-13 available-for-sale In August 2018, the FASB issued Accounting Standards Update, Fair Value Measurement: Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement, (ASU 2018-13). 2018-13 |
Marketable Securities
Marketable Securities | 9 Months Ended |
Sep. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | 3. Marketable Securities The Company held no marketable securities at September 30, 2019. Marketable securities at December 31, 2018 consisted of the following: Marketable Securities Amortized Cost Unrealized Unrealized Fair Value Current: Corporate debt $ 19,179,530 $ 314 $ (31,160 ) $ 19,148,684 U.S. Treasury securities 2,982,706 546 — 2,983,252 $ 22,162,236 $ 860 $ (31,160 ) $ 22,131,936 U.S. Treasury securities include government debt instruments issued by the U.S. Department of the Treasury. Corporate debt includes obligations issued by investment-grade corporations, and may include issues that have been guaranteed by governments and government agencies. At December 31, 2018, the Company held only investments that have maturities of less than one year. At December 31, 2018, the Company held 21 debt securities 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, 2018 was $18,551,296. 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 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, 2018. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2019 | |
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, 2019 and December 31, 2018: Fair Value Measurement as of September 30, 2019 Quoted Prices Significant Significant Cash equivalents $ 8,688,134 $ — $ — Warrant liabilities — — 2,159,192 Total $ 8,688,134 $ — $ 2,159,192 Fair Value Measurement as of December 31, 2018 Quoted Prices Significant Significant Cash equivalents $ 6,850,772 $ — $ — Marketable securities 22,131,936 — — Warrant liabilities — — 20,781,663 Total $ 28,982,708 $ — $ 20,781,663 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 considered it as a Level 3 financial instrument (see also Note 8, “Capital Structure”). The Representative’s Warrant was re-measured As of Expected volatility 70.9 % Remaining contractual term (in years) 0.67 Risk-free interest rate 2.63 % Expected dividend yield — % The Company issued warrants to the purchasers of its 2016 Offering (the “2016 Warrants”) . re-measured As of As of Expected volatility 102.8 % 72.6 % Remaining contractual term (in years) 1.83 2.58 Risk-free interest rate 1.63 % 2.46 % Expected dividend yield — % — % The Company issued warrants to the purchasers of 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 8, “Capital Structure”). The 2017 Warrants are re-measured As of As of Expected volatility 97.6 % 87.3 % Remaining contractual term (in years) 2.83 3.58 Risk-free interest rate 1.56 % 2.49 % 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, 2019 and 2018: Warrant liabilities Three Months Ended Nine Months Ended 2019 2018 2019 2018 Balance at beginning of period $ 4,345,902 $ 38,626,579 $ 20,781,663 $ 13,549,437 ( D increase (2,186,710 ) (3,246,765 ) (18,622,471 ) 21,830,377 Balance at end of period $ 2,159,192 $ 35,379,814 $ 2,159,192 $ 35,379,814 (1) The change in fair values of the warrant liabilities is recorded in other income (expense) in the consolidated statement of operations. The key inputs into the Black-Scholes option pricing model are the current per-share |
Accrued Liabilities
Accrued Liabilities | 9 Months Ended |
Sep. 30, 2019 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | 5. Accrued Liabilities Accrued liabilities consist of the following: September 30, December 31, Accrued compensation costs $ 968,169 $ 1,585,689 Accrued research and development service fees 583,176 2,076,764 Accrued insurance costs 459,381 — Accrued professional fees 416,229 433,498 Accrued facilities operation expenses 193,391 232,673 Other accrued liabilities 37,008 41,108 Total accrued liabilities $ 2,657,354 $ 4,369,732 |
Net Loss Per Share of Common St
Net Loss Per Share of Common Stock | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share of Common Stock | 6. 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 2019 2018 2019 2018 Net loss $ (5,359,118 ) $ (4,377,747 ) $ (2,439,009 ) $ (43,620,120 ) Weighted average shares of common stock outstanding 79,409,556 77,447,599 79,409,556 74,934,774 Net loss per share of common stock - basic and diluted $ (0.07 ) $ (0.06 ) $ (0.03 ) $ (0.58 ) The following table sets forth the potentially dilutive securities outstanding at September 30, 2019 and 2018 that were excluded from the computation of diluted weighted average shares outstanding: September 30, 2019 2018 Options to purchase common stock 12,465,806 7,248,198 Warrants to purchase common stock 30,339,059 31,265,182 Total 42,804,865 38,513,380 |
Commitments
Commitments | 9 Months Ended |
Sep. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | 7. Commitments Leases As described further in Note 2, “ Summary of Significant Accounting Policies”, the Company adopted Topic 842 as of January 1, 2019. Prior period amounts have not been adjusted and continue to be reported in accordance with the Company’s historic accounting under Topic 840. In December 2010, the Company entered into a non-cancellable In January 2012, the Company entered into a non-cancellable The Company performed an evaluation of its other contracts in accordance with Topic 842 and has The balance sheet classification of the Company’s lease liabilities was as follows: Description September 30, December 31, Operating lease liabilities: Current portion of lease liabilities $ 628,676 $ — Long-term portion of lease liabilities $ 3,332,866 $ — Operating lease liabilities are based on the net present value of the remaining lease payments over the remaining lease term. The leases are renewable at the end of the lease term at the Company’s option. For the purposes of determining the remaining lease term in contemplation of available extensions, the Company did not consider either renewal to be probable at this time. In determining the present value of lease payments, the Company estimated its incremental borrowing rate based on the information available at the adoption date of Topic 842. As of January 1, 2019, the remaining lease term was 9.0 years and the discount rate used to determine the operating lease liability was 9.93%. As of September 30, 2019, the maturities of the Company’s operating lease liabilities were as follows: Amount October $ 163,331 Year ending December 31: 2020 666,391 2021 679,719 2022 693,313 2023 707,179 Thereafter 2,973,011 Total lease payments 5,882,944 Less: Present value adjustment (1,921,402 ) Operating lease liabilities $ 3,961,542 Cash paid for amounts included in the measurement of lease liabilities for the three and nine months ended September 30, 2019 was $159,576 and $478,287, respectively, and was included in net cash used in operating activities in the Consolidated Statements of Cash Flows. Rent expense is recognized using the straight-line method over the term of each lease. Rent expense for each of the three months ended September 30, 2019 and 2018, was approximately $154,000, and for each of the nine months ended September 30, 2019 and 2018 was $461,000 and $462,000, respectively. |
Capital Structure
Capital Structure | 9 Months Ended |
Sep. 30, 2019 | |
Federal Home Loan Banks [Abstract] | |
Capital Structure | 8. Capital Structure Common Stock As of September 30, 2019, the Company was authorized to issue 200,000,000 shares of common stock at $0.0001 par value per share. Follow-on On August 3, 2018, the Company completed an underwritten public offering of 5,750,000 shares of its common stock, including shares sold pursuant to the fully exercised overallotment option granted to the underwriters in connection with the offering, at a public offering price of $2.00 per share, resulting in net proceeds to the Company of approximately $10.4 million after underwriting discounts and commissions and offering expenses payable by the Company. 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 or or 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 The 2017 Warrants and 2016 Warrants contain a fundamental transaction provision that obligates the Company to cash settle the warrants under a limited set of conditions not entirely within the Company’s control. Due to this conditional obligation, the Company determined that both the 2017 Warrants and the 2016 Warrants should be classified as liabilities in the Company’s consolidated balance sheet. At issuance, the Company determined the fair value of the 2017 Warrants and 2016 Warrants to be $12.4 million and $18.6 million, respectively, and reclassified these balances from stockholders’ equity to warrant liability. The fair value of these warrants is re-measured 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 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 were classified to stockholders’ equity in the Company’s balance sheet. Representative’s Warrant The Maxim Group, LLC, the representative of the underwriter in the Company’s initial public offering (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 expired on July 28, 2019 in accordance with its terms and is no longer exercisable. 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 was re-measured Convertible Notes The Company issued approximately $15.0 million aggregate principal amount of its 8.00% Convertible Notes due May 31, 2015 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, 2019, 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, 2019 and December 31, 2018: September 30, December 31, Options to purchase common stock 12,465,806 7,187,885 Warrants to purchase common stock 30,339,059 31,243,026 42,804,865 38,430,911 |
Stock Warrants
Stock Warrants | 9 Months Ended |
Sep. 30, 2019 | |
Text Block [Abstract] | |
Stock Warrants | 9. Stock Warrants As of September 30, 2019 and December 31, 2018, the Company had warrants outstanding as shown in the table below. September 30, December 31, Note Warrants — 670,702 2017 Warrants 15,996,450 15,996,450 2016 Warrants 14,000,000 14,000,000 Representative’s Warrant — 206,410 Placement Agent Warrants 189,126 189,126 Other warrants (1) 153,482 180,338 Warrants to purchase common stock 30,339,059 31,243,026 Weighted-average exercise price per share $ 2.26 $ 2.31 (1) 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, 2019: Exercise Prices Shares Expiration Date £ 16,002,164 September 1, 2021 – July 25, 2022 $2.01 - $4.99 14,274,086 February 12, 2020 – July 27, 2021 ³ 62,809 October 26, 2020 – January 5, 2022 30,339,059 |
Stock Option and Incentive Plan
Stock Option and Incentive Plans | 9 Months Ended |
Sep. 30, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Option and Incentive Plans | 10. 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”) under which the number of shares of common stock available for issuance was 1,571,428. For new awards, the period that vested awards would remain exercisable upon termination of service was reduced from ten years to two years. 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. 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, 2019, is summarized as follows: Weighted Options outstanding at December 31, 2018 7,187,885 $ 3.17 Granted 5,655,500 0.43 Exercised — — Expired (230,079 ) 2.72 Forfeited (147,500 ) 1.19 Options outstanding at September 12,465,806 1.95 7.27 $ — Vested and exercisable at Septem ber 5,901,063 3.35 5.27 $ — 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 nine months ended September 30, 2019 and 2018 was $0.43 and $1.45, respectively. Total compensation expense recognized amounted to $392,005 and $383,158 for the three months ended September 30, 2019 and 2018, respectively, and $1,805,706 and $1,236,972 for the nine months ended September 30, 2019 and 2018, respectively. As of September 30, 2019, the total remaining unrecognized compensation cost related to unvested stock options was approximately $2.9 million which will be recognized over a weighted average period of approximately 2.65 years. The following assumptions were used to compute the fair value of stock options granted during the period: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Risk free interest rate 1.58 % — 2.35 % 2.57 % Expected dividend yield — — — — Expected term (in years) 5.58 — 6.06 6.02 Expected volatility 90.6 % — 89.7 % 82.3 % Expected volatility— Expected term— Risk-free interest rate Expected dividend yield— |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying financial information as of September 30, 2019 and for the three and nine months ended September 30, 2019 and 2018 has been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (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 consolidated balance sheet as of December 31, 2018 was derived from the Company’s audited consolidated financial statements. The Company’s audited consolidated financial statements as of and for the year ended December 31, 2018, 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, 2019 and for the three and nine months ended September 30, 2019 and 2018 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, 2019 are not necessarily indicative of the operating results for the full fiscal year or any future periods. |
Principles of Consolidation | Principles of Consolidation 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. |
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 |
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 consist of investments in corporate debt and U.S. Treasury 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. |
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 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. 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 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 share-based compensation in accordance with ASC 718, Compensation—Stock Compensation, non-employees non-employee non-employee non-employees, 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 for employee and non-employee non-employee |
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. The Company recognized a reduction to its research and development expense in the amount of approximately $1.3 million and $0.3 million for the three months ended September 30, 2019 and 2018 respectively, and $2.4 million and $1.1 million for the nine months ended September 30, 2019 and 2018, respectively. The receivable for grants as of September 30, 2019 and December 31, 2018 was approximately $1.2 million and $0.2 million respectively, and is included in prepaid expenses and other current assets on the balance sheet. The Company has approximately $9.4 million of approved grant award funding remaining as of September 30, 2019. |
Net Income (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 a 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. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements Leases The Company adopted Accounting Standards Update No. 2016-02- Leases (Topic 842) non-lease The Company recognizes right-of-use Topic Adoption of Topic 84 2 new loss Non-employee S C The Company adopted Accounting Standards Update, Compensation-Stock Compensation (ASU 2018-07), non-employees 2018-07 Statements of E In August 2018, the SEC adopted the final rule under SEC Release No. 33-10532, Recent Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued a new Accounting Standards Update, Financial Instruments-Credit Losses (ASU 2016-13). 2016-13 available-for-sale In August 2018, the FASB issued Accounting Standards Update, Fair Value Measurement: Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement, (ASU 2018-13). 2018-13 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Marketable Securities | Marketable securities at December 31, 2018 consisted of the following: Marketable Securities Amortized Cost Unrealized Unrealized Fair Value Current: Corporate debt $ 19,179,530 $ 314 $ (31,160 ) $ 19,148,684 U.S. Treasury securities 2,982,706 546 — 2,983,252 $ 22,162,236 $ 860 $ (31,160 ) $ 22,131,936 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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, 2019 and December 31, 2018: Fair Value Measurement as of September 30, 2019 Quoted Prices Significant Significant Cash equivalents $ 8,688,134 $ — $ — Warrant liabilities — — 2,159,192 Total $ 8,688,134 $ — $ 2,159,192 Fair Value Measurement as of December 31, 2018 Quoted Prices Significant Significant Cash equivalents $ 6,850,772 $ — $ — Marketable securities 22,131,936 — — Warrant liabilities — — 20,781,663 Total $ 28,982,708 $ — $ 20,781,663 |
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, 2019 and 2018: Warrant liabilities Three Months Ended Nine Months Ended 2019 2018 2019 2018 Balance at beginning of period $ 4,345,902 $ 38,626,579 $ 20,781,663 $ 13,549,437 ( D increase (2,186,710 ) (3,246,765 ) (18,622,471 ) 21,830,377 Balance at end of period $ 2,159,192 $ 35,379,814 $ 2,159,192 $ 35,379,814 (1) The change in fair values of the warrant liabilities is recorded in other income (expense) in the consolidated statement of operations. |
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 Expected volatility 70.9 % Remaining contractual term (in years) 0.67 Risk-free interest rate 2.63 % 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 Expected volatility 102.8 % 72.6 % Remaining contractual term (in years) 1.83 2.58 Risk-free interest rate 1.63 % 2.46 % 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 As of Expected volatility 97.6 % 87.3 % Remaining contractual term (in years) 2.83 3.58 Risk-free interest rate 1.56 % 2.49 % Expected dividend yield — % — % |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Payables and Accruals [Abstract] | |
Summary of Accrued Expenses | Accrued liabilities consist of the following: September 30, December 31, Accrued compensation costs $ 968,169 $ 1,585,689 Accrued research and development service fees 583,176 2,076,764 Accrued insurance costs 459,381 — Accrued professional fees 416,229 433,498 Accrued facilities operation expenses 193,391 232,673 Other accrued liabilities 37,008 41,108 Total accrued liabilities $ 2,657,354 $ 4,369,732 |
Net Loss Per Share of Common _2
Net Loss Per Share of Common Stock (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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 net loss per share for common stockholders: Three Months Ended Nine Months Ended 2019 2018 2019 2018 Net loss $ (5,359,118 ) $ (4,377,747 ) $ (2,439,009 ) $ (43,620,120 ) Weighted average shares of common stock outstanding 79,409,556 77,447,599 79,409,556 74,934,774 Net loss per share of common stock - basic and diluted $ (0.07 ) $ (0.06 ) $ (0.03 ) $ (0.58 ) |
Schedule of Antidilutive Securities Excluded from Computation of Diluted Weighted Average Shares Outstanding | The following table sets forth the potentially dilutive securities outstanding at September 30, 2019 and 2018 that were excluded from the computation of diluted weighted average shares outstanding: September 30, 2019 2018 Options to purchase common stock 12,465,806 7,248,198 Warrants to purchase common stock 30,339,059 31,265,182 Total 42,804,865 38,513,380 |
Commitments (Tables)
Commitments (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Classification of Lease Liabilities | The balance sheet classification of the Company’s lease liabilities was as follows: Description September 30, December 31, Operating lease liabilities: Current portion of lease liabilities $ 628,676 $ — Long-term portion of lease liabilities $ 3,332,866 $ — |
Maturities Of Operating Lease Liabilities | Amount October $ 163,331 Year ending December 31: 2020 666,391 2021 679,719 2022 693,313 2023 707,179 Thereafter 2,973,011 Total lease payments 5,882,944 Less: Present value adjustment (1,921,402 ) Operating lease liabilities $ 3,961,542 |
Capital Structure (Tables)
Capital Structure (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Federal Home Loan Banks [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, 2019 and December 31, 2018: September 30, December 31, Options to purchase common stock 12,465,806 7,187,885 Warrants to purchase common stock 30,339,059 31,243,026 42,804,865 38,430,911 |
Stock Warrants (Tables)
Stock Warrants (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Text Block [Abstract] | |
Schedule of Warrants Outstanding | As of September 30, 2019 and December 31, 2018, the Company had warrants outstanding as shown in the table below. September 30, December 31, Note Warrants — 670,702 2017 Warrants 15,996,450 15,996,450 2016 Warrants 14,000,000 14,000,000 Representative’s Warrant — 206,410 Placement Agent Warrants 189,126 189,126 Other warrants (1) 153,482 180,338 Warrants to purchase common stock 30,339,059 31,243,026 Weighted-average exercise price per share $ 2.26 $ 2.31 (1) 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, 2019: Exercise Prices Shares Expiration Date £ 16,002,164 September 1, 2021 – July 25, 2022 $2.01 - $4.99 14,274,086 February 12, 2020 – July 27, 2021 ³ 62,809 October 26, 2020 – January 5, 2022 30,339,059 |
Stock Option and Incentive Pl_2
Stock Option and Incentive Plans (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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, 2019, is summarized as follows: Weighted Options outstanding at December 31, 2018 7,187,885 $ 3.17 Granted 5,655,500 0.43 Exercised — — Expired (230,079 ) 2.72 Forfeited (147,500 ) 1.19 Options outstanding at September 12,465,806 1.95 7.27 $ — Vested and exercisable at Septem ber 5,901,063 3.35 5.27 $ — |
Assumptions to Compute Fair Value of Stock Option Grants | The following assumptions were used to compute the fair value of stock options granted during the period: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Risk free interest rate 1.58 % — 2.35 % 2.57 % Expected dividend yield — — — — Expected term (in years) 5.58 — 6.06 6.02 Expected volatility 90.6 % — 89.7 % 82.3 % |
Organization and Description _2
Organization and Description of Business - Additional Information (Detail) - USD ($) | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Organization And Description Of Business [Line Items] | |||
Accumulated deficit | $ (201,758,901) | $ (199,319,892) | |
Net cash used in operating activities | $ (19,789,854) | $ (19,202,063) |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Jan. 01, 2019USD ($) | Dec. 31, 2018USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | ||||||
Maturity period of highly liquid investments | three months or less | |||||
Realized gains or losses on marketable securities | $ 0 | $ 0 | $ 0 | $ 0 | ||
Number of securities in unrealized loss position for more than 12 months | 0 | 0 | 0 | |||
Grants receivable recognized | $ 1,300,000 | $ 2,400,000 | $ 300,000 | $ 1,100,000 | ||
Grants receivable | 1,200,000 | 1,200,000 | $ 200,000 | |||
Grants remaining to be awarded | 9,400,000 | 9,400,000 | ||||
Current portion of lease liabilities | 628,676 | 628,676 | ||||
Long-term portion of lease liabilities | 3,332,866 | 3,332,866 | ||||
Operating lease right-of use assets | 3,098,179 | 3,098,179 | ||||
Operating lease liabilities | $ 3,961,542 | $ 3,961,542 | ||||
Adjustments due to the adoption of Topic 842 | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Current portion of lease liabilities | $ 600,000 | |||||
Long-term portion of lease liabilities | 3,500,000 | |||||
Operating lease right-of use assets | 3,300,000 | |||||
Operating lease liabilities | $ 4,100,000 |
Marketable Securities - Schedul
Marketable Securities - Schedule of Marketable Securities (Detail) | Dec. 31, 2018USD ($) |
Schedule of Available-for-sale Securities [Line Items] | |
Marketable Securities, Amortized Cost | $ 22,162,236 |
Marketable Securities, Unrealized Gains | 860 |
Marketable Securities, Unrealized Losses | (31,160) |
Marketable Securities, Fair Value | 22,131,936 |
Corporate Debt [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Marketable Securities, Amortized Cost | 19,179,530 |
Marketable Securities, Unrealized Gains | 314 |
Marketable Securities, Unrealized Losses | (31,160) |
Marketable Securities, Fair Value | 19,148,684 |
US Treasury Securities [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Marketable Securities, Amortized Cost | 2,982,706 |
Marketable Securities, Unrealized Gains | 546 |
Marketable Securities, Fair Value | $ 2,983,252 |
Marketable Securities - Additio
Marketable Securities - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2018USD ($)Security | Sep. 30, 2019USD ($) | |
Marketable Securities [Abstract] | ||
Maturity period classified current investments | less than one year | |
Number of securities in unrealized loss position for less than one year | Security | 21 | |
Aggregate fair value of debt securities | $ 18,551,296 | |
Marketable securities | $ 0 |
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, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | $ 22,131,936 | |
Warrant liabilities | $ (2,159,192) | (20,781,663) |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 8,688,134 | 6,850,772 |
Marketable securities | 22,131,936 | |
Total assets (liabilities) | 8,688,134 | 28,982,708 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Warrant liabilities | 2,159,192 | 20,781,663 |
Total assets (liabilities) | $ 2,159,192 | $ 20,781,663 |
Fair Value Measurements - Assum
Fair Value Measurements - Assumption Used to Determine Fair Value of Warrant Liability (Detail) | Sep. 30, 2019yr | Dec. 31, 2018yr |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value of warrant liability | 0.67 | |
Representative's Warrant [Member] | Expected Volatility [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value of warrant liability | 70.9 | |
Representative's Warrant [Member] | Risk-free Interest Rate [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value of warrant liability | 2.63 | |
2016 Warrants [Member] | Expected Volatility [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value of warrant liability | 102.8 | 72.6 |
2016 Warrants [Member] | Remaining Contractual term (in years) [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value of warrant liability | 1.83 | 2.58 |
2016 Warrants [Member] | Risk-free Interest Rate [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value of warrant liability | 1.63 | 2.46 |
2017 Warrants [Member] | Expected Volatility [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value of warrant liability | 97.6 | 87.3 |
2017 Warrants [Member] | Remaining Contractual term (in years) [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value of warrant liability | 2.83 | 3.58 |
2017 Warrants [Member] | Risk-free Interest Rate [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value of warrant liability | 1.56 | 2.49 |
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, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Balance at beginning of period | $ 4,345,902 | $ 38,626,579 | $ 20,781,663 | $ 13,549,437 | |
(Decrease) increase in fair value | [1] | (2,186,710) | (3,246,765) | (18,622,471) | 21,830,377 |
Balance at end of period | $ 2,159,192 | $ 35,379,814 | $ 2,159,192 | $ 35,379,814 | |
[1] | The change in fair values of the warrant liabilities is recorded in other income (expense) in the consolidated statement of operations. |
Accrued Liabilities - Summary o
Accrued Liabilities - Summary of Accrued Liabilities (Detail) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Payables and Accruals [Abstract] | ||
Accrued compensation costs | $ 968,169 | $ 1,585,689 |
Accrued research and development service fees | 583,176 | 2,076,764 |
Accrued insurance costs | 459,381 | |
Accrued professional fees | 416,229 | 433,498 |
Accrued facilities operation expenses | 193,391 | 232,673 |
Other accrued liabilities | 37,008 | 41,108 |
Total accrued liabilities | $ 2,657,354 | $ 4,369,732 |
Net Loss Per Share of Common _3
Net Loss Per Share of Common Stock - Schedule of Computation of Basic and Diluted Net Income (Loss) Per Share for Common Stockholders (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Earnings Per Share [Abstract] | ||||||||
Net loss | $ (5,359,118) | $ (8,666,906) | $ 11,587,015 | $ (4,377,747) | $ (20,135,892) | $ (19,106,481) | $ (2,439,009) | $ (43,620,120) |
Weighted average shares of common stock outstanding | 79,409,556 | 77,447,599 | 79,409,556 | 74,934,774 | ||||
Net loss per share of common stock-basic and diluted | $ (0.07) | $ (0.06) | $ (0.03) | $ (0.58) |
Net Loss Per Share of Common _4
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, 2019 | Sep. 30, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially antidilutive securities outstanding excluded from the computation of diluted weighted average shares | 42,804,865 | 38,513,380 |
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 | 12,465,806 | 7,248,198 |
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 | 30,339,059 | 31,265,182 |
Commitments - Additional Inform
Commitments - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||
Jan. 31, 2012ft²ExtensionOptions | Dec. 31, 2011ExtensionOptions | Dec. 31, 2010 | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Jan. 01, 2019 | |
Loss Contingencies [Line Items] | ||||||||
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 | |||||||
Rent expense | $ 154,000 | $ 154,000 | $ 461,000 | $ 462,000 | ||||
Operating lease, remaining lease term | 9 years | |||||||
Operating lease, discount rate, percent | 9.93% | |||||||
Cash paid for amounts included in the measurement of lease liabilities | $ 159,576 | $ 478,287 |
Commitments - Schedule of Class
Commitments - Schedule of Classification of Lease Liabilities (Detail) | Sep. 30, 2019USD ($) |
Operating lease liabilities: | |
Current portion of lease liabilities | $ 628,676 |
Long-term portion of lease liabilities | $ 3,332,866 |
Commitments - Maturities Of Ope
Commitments - Maturities Of Operating Lease Liabilities (Detail) | Sep. 30, 2019USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
October 1, 2019-December 31, 2019 | $ 163,331 |
2020 | 666,391 |
2021 | 679,719 |
2022 | 693,313 |
2023 | 707,179 |
Thereafter | 2,973,011 |
Total lease payments | 5,882,944 |
Less: Present value adjustment | (1,921,402) |
Operating lease liabilities | $ 3,961,542 |
Capital Structure - Additional
Capital Structure - Additional Information (Detail) - USD ($) | Aug. 03, 2018 | Jul. 25, 2017 | Jul. 27, 2016 | Jun. 12, 2015 | Aug. 01, 2014 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | Jun. 30, 2014 |
Class of Stock [Line Items] | |||||||||
Common stock, shares authorized | 200,000,000 | 200,000,000 | |||||||
Common stock, par value | $ 0.0001 | $ 0.0001 | |||||||
Aggregate gross sales proceeds from common stock | $ 11,500,000 | ||||||||
Initial public offering, closing date | Aug. 1, 2014 | ||||||||
Number of warrants or rights outstanding | 30,339,059 | 31,243,026 | |||||||
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 | ||||||||
8.00% Convertible Notes due May 31, 2015 [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Convertible Notes, principal amount | $ 15,000,000 | ||||||||
Convertible Notes, interest rate | 8.00% | ||||||||
Convertible Notes, due date | May 31, 2015 | ||||||||
2016 Warrants [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Number of warrants or rights outstanding | 14,000,000 | 14,000,000 | |||||||
2017 Warrants [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Number of warrants or rights outstanding | 15,996,450 | 15,996,450 | |||||||
Private Placement [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Number of shares issued | 4,728,128 | ||||||||
Net proceeds received | $ 18,300,000 | ||||||||
Warrants to purchase shares of common stock | 2,364,066 | 189,126 | |||||||
Warrant exercise price per share | $ 8 | $ 4.65 | |||||||
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.​​​​​​​ | ||||||||
Exercise price per common share | $ 4.23 | ||||||||
Class of warrant purchase percentage | 4.00% | ||||||||
Warrant expiration date | Jun. 11, 2020 | ||||||||
Initial Public Offering [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Conversion of Convertible Notes together with accrued and unpaid interest into common stock, shares | 5,109,988 | ||||||||
Follow-on Offering [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Number of shares issued | 5,750,000 | 32,000,000 | 14,000,000 | ||||||
Public offering price, per unit | $ 2 | ||||||||
Net proceeds received | $ 10,400,000 | $ 37,100,000 | $ 32,000,000 | ||||||
Warrants to purchase shares of common stock | 16,000,000 | 14,000,000 | |||||||
Aggregate gross sales proceeds from common stock | $ 40,000,000 | $ 35,000,000 | |||||||
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 | 16,000,000 | 14,000,000 | |||||||
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] | |||||||||
Warrants to purchase shares of common stock | 3,550 | ||||||||
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 | ||||||||
Note Warrants [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Warrant exercise price per share | $ 3 | ||||||||
Number of warrants or rights outstanding | 3,321,416 | 670,702 | |||||||
Class of warrant or rights, expired | 670,702 | 2,645,176 | |||||||
Representative's Warrant [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Warrants to purchase shares of common stock | 206,410 | ||||||||
Class of warrant purchase percentage | 3.00% | ||||||||
Warrant expiration date | Jul. 28, 2019 | ||||||||
Number of warrants or rights outstanding | 206,410 |
Capital Structure - Summary of
Capital Structure - Summary of Common Stock Reserved for Future Issuance (Detail) - shares | Sep. 30, 2019 | Dec. 31, 2018 |
Class of Stock [Line Items] | ||
Common Stock reserved for future issuance | 42,804,865 | 38,430,911 |
Stock Options [Member] | ||
Class of Stock [Line Items] | ||
Common Stock reserved for future issuance | 12,465,806 | 7,187,885 |
Warrants [Member] | ||
Class of Stock [Line Items] | ||
Common Stock reserved for future issuance | 30,339,059 | 31,243,026 |
Stock Warrants - Schedule of Wa
Stock Warrants - Schedule of Warrants Outstanding (Detail) - $ / shares | 9 Months Ended | |||
Sep. 30, 2019 | Dec. 31, 2018 | Aug. 01, 2014 | ||
Class of Warrant or Right [Line Items] | ||||
Shares Underlying Outstanding Warrants | 30,339,059 | 31,243,026 | ||
Weighted-average exercise price per share | $ 2.26 | $ 2.31 | ||
Placement Agent Warrants [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Shares Underlying Outstanding Warrants | 189,126 | 189,126 | ||
Representative's Warrant [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Shares Underlying Outstanding Warrants | 206,410 | |||
Other Warrants [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Shares Underlying Outstanding Warrants | [1] | 153,482 | 180,338 | |
Exercise Price Less Than or Equal to $2.00 [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Shares Underlying Outstanding Warrants | 16,002,164 | |||
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 | 14,274,086 | |||
Expiration Start Date | Feb. 12, 2020 | |||
Expiration End Date | Jul. 27, 2021 | |||
Exercise Price Greater Than or Equal to $ 5.00 [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Shares Underlying Outstanding Warrants | 62,809 | |||
Expiration Start Date | Oct. 26, 2020 | |||
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 Greater Than or Equal to $ 5.00 [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Exercise Prices | 5 | |||
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 | |||
Note Warrants [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Shares Underlying Outstanding Warrants | 670,702 | 3,321,416 | ||
Exercise Prices | $ 3 | |||
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 | 15,996,450 | 15,996,450 | ||
[1] | Other warrants are comprised of warrants issued prior to the Company’s IPO, generally in exchange for services rendered to the Company. |
Stock Option and Incentive Pl_3
Stock Option and Incentive Plans - Additional Information (Detail) - USD ($) | Dec. 31, 2015 | Feb. 26, 2013 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | Jul. 28, 2014 | Apr. 29, 2014 | Feb. 24, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of shares of common stock reserved pursuant to the plan | 42,804,865 | 42,804,865 | 38,430,911 | |||||||
Weighted average grant date fair value of options | $ 0.43 | |||||||||
Unrecognized compensation cost related to unvested stock options | $ 2,900,000 | $ 2,900,000 | ||||||||
Weighted average period of unvested stock options | 2 years 7 months 24 days | |||||||||
Employee Stock Options [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Compensation expense recognized | $ 392,005 | $ 383,158 | $ 1,805,706 | $ 1,236,972 | ||||||
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] | ||||||||||
Number of shares of common stock reserved pursuant to the plan | 2,357,142 | 1,857,142 | ||||||||
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 | 9,696,859 | |||||||||
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 Pl_4
Stock Option and Incentive Plans - Summary of Stock Option Activity (Detail) | 9 Months Ended |
Sep. 30, 2019USD ($)$ / sharesshares | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Number of Options, Options outstanding, Beginning balance | shares | 7,187,885 |
Number of Options, Granted | shares | 5,655,500 |
Number of Options, Exercised | shares | 0 |
Number of Options, Expired | shares | (230,079) |
Number of Options, Forfeited | shares | (147,500) |
Number of Options, Options outstanding, Ending balance | shares | 12,465,806 |
Number of Options, Vested and exercisable, Ending Balance | shares | 5,901,063 |
Weighted Average Exercise Price, Options outstanding, Beginning balance | $ / shares | $ 3.17 |
Weighted Average Exercise Price, Granted | $ / shares | 0.43 |
Weighted Average Exercise Price, Exercised | $ / shares | 0 |
Weighted Average Exercise Price, Expired | $ / shares | 2.72 |
Weighted Average Exercise Price, Forfeited | $ / shares | 1.19 |
Weighted Average Exercise Price, Options outstanding, Ending balance | $ / shares | 1.95 |
Weighted Average Exercise Price, Vested and exercisable, Ending balance | $ / shares | $ 3.35 |
Weighted Average Remaining Contractual Life (in years), Options outstanding | 7 years 3 months 7 days |
Weighted Average Remaining Contractual Life (in years), Vested and exercisable | 5 years 3 months 7 days |
Aggregate Intrinsic value, Options outstanding | $ | $ 0 |
Aggregate Intrinsic value, Vested and exercisable | $ | $ 0 |
Stock Option and Incentive Pl_5
Stock Option and Incentive Plans - Assumptions to Compute Fair Value of Stock Option Grants (Detail) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Risk free interest rate | 1.58% | 0.00% | 2.35% | 2.57% |
Expected term (in years) | 5 years 6 months 29 days | 0 years | 6 years 21 days | 6 years 7 days |
Expected volatility | 90.60% | 0.00% | 89.70% | 82.30% |