Synlogic (SYBX) 10-Q 13 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 12, 2015
Document and Entity Information
Entity Registrant Name	Mirna Therapeutics, Inc.
Entity Central Index Key	1,527,599
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Common stock outstanding		20,830,555
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Current Assets
Cash and cash equivalents	$ 35,703	$ 9,319
Grant Reimbursement and Other Receivables	94	155
Prepaid expenses and other current assets	303	143
Total current assets	36,100	9,617
Property and equipment, net	266	116
Deferred offering costs	1,663	92
Other noncurrent assets	57
Total assets	38,086	9,825
Current liabilities
Accounts payable	2,236	871
Accrued liabilities	2,749	1,628
Total current liabilities	$ 4,985	$ 2,499
Commitments and contingencies (Note 13)
Stockholders' Deficit:
Accumulated deficit	$ (67,734)	$ (47,951)
Total stockholders’ deficit	(67,734)	(47,951)
Total liabilities, convertible preferred stock and stockholders' deficit	38,086	9,825
Series A convertible preferred stock
Convertible preferred stock:
Convertible preferred stock	6,384	6,384
Series B convertible preferred stock
Convertible preferred stock:
Convertible preferred stock	1,500	1,500
Series B-1 convertible preferred stock
Convertible preferred stock:
Convertible preferred stock	7,498	7,498
Series C convertible preferred stock
Convertible preferred stock:
Convertible preferred stock	42,007	$ 39,895
Series D convertible preferred stock
Convertible preferred stock:
Convertible preferred stock	$ 43,446

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Convertible preferred stock, par value	$ 0.001	$ 0.001
Convertible preferred stock, shares authorized	157,650,538	84,000,783
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	175,100,000	95,000,000
Common stock, shares issued	111,825	83,325
Common stock, shares outstanding	111,825	83,325
Series A convertible preferred stock
Convertible preferred stock, shares authorized	3,192,083	3,192,083
Convertible preferred stock, shares issued	212,754	212,754
Convertible preferred stock, shares outstanding	212,754	212,754
Convertible preferred stock, liquidation preference	$ 6.4	$ 6.4
Series B convertible preferred stock
Convertible preferred stock, shares authorized	540,341	540,341
Convertible preferred stock, shares issued	36,019	36,019
Convertible preferred stock, shares outstanding	36,019	36,019
Convertible preferred stock, liquidation preference	$ 1.5	$ 1.5
Series B-1 convertible preferred stock
Convertible preferred stock, shares authorized	10,914,947	10,914,947
Convertible preferred stock, shares issued	727,643	727,643
Convertible preferred stock, shares outstanding	727,643	727,643
Convertible preferred stock, liquidation preference	$ 7.5	$ 7.5
Series C convertible preferred stock
Convertible preferred stock, shares authorized	69,353,712	69,353,712
Convertible preferred stock, shares issued	4,623,523	4,623,523
Convertible preferred stock, shares outstanding	4,623,523	4,623,523
Convertible preferred stock, liquidation preference	$ 42	$ 39.9
Series D convertible preferred stock
Convertible preferred stock, shares authorized	73,649,755	73,649,755
Convertible preferred stock, shares issued	4,559,675	0
Convertible preferred stock, shares outstanding	4,559,675	0
Convertible preferred stock, liquidation preference	$ 43.4

Condensed Statements of Operati

Condensed Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Operating expenses:
Research and Development Expense	$ 4,683	$ 2,788	$ 12,584	$ 7,035
General and administrative	1,556	715	3,618	2,501
Write-off of offering costs		1,920		1,920
Total operating expenses	6,239	5,423	16,202	11,456
Other (income):
Interest (income)	(8)		(8)
Total other (income)	(8)		(8)
Net loss	(6,231)	(5,423)	(16,194)	(11,456)
Less: Accretion and dividends on convertible preferred stock	(1,554)	(712)	(4,217)	(2,112)
Net loss attributable to common stockholders	$ (7,785)	$ (6,135)	$ (20,411)	$ (13,568)
Net loss per share attributable to common stockholders - basic and diluted	$ (82.16)	$ (73.73)	$ (222.70)	$ (303.72)
Common shares used to compute basic and diluted net loss per share attributable to common stockholders	94,753	83,204	91,650	44,672

Condensed Consolidated Statemen

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Operating activities
Net loss	$ (16,194)	$ (11,456)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	37	26
Share-based Compensation	561	287
Issuance of stock for services		4
Changes in operating assets and liabilities:
Grant reimbursement and other receivables	61	39
Prepaid expenses and other current assets	(160)	(116)
Deferred offering costs		170
Other noncurrent assets	(57)	17
Accounts payable	1,290	75
Accrued expenses	(57)	363
Net cash used in operating activities	(14,519)	(10,591)
Investing activities
Purchases of property and equipment	(187)	(30)
Net cash used in investing activities	(187)	(30)
Financing activities
Proceeds from issuance of convertible preferred stock	41,249
Proceeds from exercise of stock options	67	209
Payment of offering costs	(226)
Cash provided by financing activities	41,090	209
Net increase (decrease) in cash and cash equivalents	26,384	(10,412)
Cash and cash equivalents at beginning of year	9,319	23,182
Cash and cash equivalents at end of year	$ 35,703	$ 12,770

Nature of Business and Basis of

Nature of Business and Basis of Presentation	9 Months Ended
	Sep. 30, 2015
Nature of Business and Basis of Presentation
Nature of Business and Basis of Presentation	Mirna Therapeutics, Inc. Notes to Condensed Consolidated Financial Statement s (Unaudited) 1. Nature of Business and Basis of Presentation Nature of business Mirna Therapeutics, Inc. (“Mirna” or “the Company”) is a clinical stage biopharmaceutical company developing a broad pipeline of microRNA ‑based oncology therapeutics. The Company was incorporated in Delaware in December 2007 as a wholly ‑owned subsidiary of Asuragen, Inc. (“Asuragen”) and was spun out to existing Asuragen stockholders in December 2009. The Company is located in Austin, Texas. In October 2015, the Company sold 6,250,000 shares of common stock, $0.001 par value per share, in an underwritten public offering (the “IPO”) and 2,395,010 shares of comm on stock in a concurrent private placement, with both offerings at a price of $7.00 per share. The underwriters of the IPO purchased an additional 704,962 shares of common stock pursuant to their option to purchase additional shares. The Company’s aggregate net proceeds from the IPO were $43.7 million, after deducting the transaction offering costs a nd the underwriting discounts incurred. The Company also received net proceeds of $16.7 million after deducting the offering transaction costs from the concurrent private placement. The Company continues to be subject to a number of risks common to companies in similar stages of development. Principal among these risks are the uncertainties of technological innovations, dependence on key individuals, development of the same or similar technological innovations by the Company’s competitors and protection of proprietary technology. The Company’s ability to fund its planned clinical operations, including completion of its planned trials, is expected to depend on the amount and timing of cash receipts from future collaboration or product sales and/or financing transactions. The Company believes that its cash and cash equivalents of $35.7 million at September 30, 2015, plus the proceeds from the IPO and concurrent private placement of common stock completed in October 2015 (see Note 14), will enable the Company to maintain its current and planned operations for the foreseeable future. Basis of presentation The accompanying interim condensed consolidated financial statements as of September 30, 2015 and for the nine months ended September 30, 2015 and 2014, and the related interim information contained within the notes to the financial statements, are unaudited. The unaudited interim condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and on the same basis as the audited financial statements. In the opinion of management, the accompanying unaudited interim condensed consolidated financial statements contain all adjustments which include only normal recurring adjustments necessary to state fairly the Company’s financial position as of September 30, 2015, and the results of its operations and cash flows for the nine months ended September 30, 2015 and 2014. Such adjustments are of a normal and recurring nature. The interim financial data as of September 30, 2015 is not necessarily indicative of the results to be expected for the year ending December 31, 2015, or for any future period. The IPO and the concurrent private placement, which were completed in October 2015 , are not reflected in these financial statements. The accompanying condensed consolidated financial statements and related financial information should be read in conjunction with the audited financial statements and related notes thereto for the year ended December 31, 2014 included in the Company’s Form S-1 , as amended, most recently filed with the Securities and Exchange Commission on September 30, 2015 , and the related prospectus filed with the Securities and Exchange Commission on October 1, 2015 . Recent accounting pronouncements In June 2014, the Financial Accounting Standards Board, or FASB, issued ASU 2014 ‑10, Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810 Consolidation . These updates remove the definition of a development stage entity from the Master Glossary of the Accounting Standards Codification, thereby removing the financial reporting distinction between development stage entities and other reporting entities from U.S. GAAP. In addition, the amendments eliminate the requirements for development stage entities to (1) present inception ‑to ‑date information in the statements of income, cash flows, and shareholder equity, (2) label the financial statements as those of a development stage entity, (3) disclose a description of the development stage activities in which the entity is engaged, and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. This standard is effective for annual reporting periods beginning after December 15, 2014. We have early adopted this standard in the presentation of our 2014 financial statements. In August 2014 the FASB issued ASU 2014-15 , Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern . The ASU is intended to define management’s responsibility to evaluate whether there is substantial doubt about an organization’s ability to continue as a going concern and to provide related footnote disclosures. For all entities, the ASU is effective for annual periods ending after December 15, 2016 and interim periods within annual periods beginning after December 15, 2016. Early adoption is permitted.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2015
Summarty of Significant Accounting Policies
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Use of estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires the Company’s management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. The Company utilizes significant estimates and assumptions in determining the fair value of its common stock. The board of directors determined the estimated fair value of the Company’s common stock based on a number of objective and subjective factors, including external market conditions affecting the biotechnology industry sector and the prices at which the Company sold shares of convertible preferred stock, the superior rights and preferences of securities senior to its common stock at the time and the likelihood of achieving a liquidity event, such as an initial public offering or sale of the Company. The Company utilized various valuation methodologies in accordance with the framework of the American Institute of Certified Public Accountants, or AICPA, Audit and Accounting Practice Aid Series: Valuation of Privately Held Company Equity Securities Issued as Compensation , or the AICPA Practice Aid, to estimate the fair value of its common stock. The methodologies included the Option Pricing Method utilizing the Backsolve Method (a form of the market approach defined in the AICPA Practice Aid) and the Probability ‑Weighted Expected Return Method based upon the probability of occurrence of certain future liquidity events such as an initial public offering or sale of the Company. Each valuation methodology includes estimates and assumptions that require the Company’s judgment. Significant changes to the key assumptions used in the valuations could result in different fair values of common stock at each valuation date. Research and development costs Research and development costs are expensed as incurred. Research and development costs include salaries and personnel ‑related costs, consulting fees, fees paid for contract research services, the costs of laboratory equipment and facilities, license fees and other external costs. The Company accounts for government grants as a reduction of research and development expenses. Government grants are recorded at the time the related research and development costs have been incurred by the Company and, accordingly, become eligible for reimbursement. The Company accrues for government grants that have been earned but not yet received. Nonrefundable advance payments for goods or services to be received in the future for use in research and development activities are deferred and capitalized. The capitalized amounts are expensed as the related goods are delivered or the services are performed. Stock ‑based compensation The Company accounts for its stock ‑based compensation awards in accordance with ASC Topic 718, Compensation—Stock Compensation (“ASC 718”). ASC 718 requires all stock ‑based payments to employees, including grants of employee stock options, to be recognized in the statements of operations based on their grant date fair values. For stock options granted to employees and to members of the board of directors for their services on the board of directors, the Company estimates the grant date fair value of each option award using the Black ‑Scholes option ‑pricing model. The use of the Black ‑Scholes option ‑pricing model requires management to make assumptions with respect to the expected term of the option, the expected volatility of the common stock consistent with the expected life of the option, risk ‑free interest rates and expected dividend yields of the common stock. For awards subject to service ‑based vesting conditions, the Company recognizes stock ‑based compensation expense, net of estimated forfeitures, equal to the grant date fair value of stock options on a straight ‑line basis over the requisite service period. During the three and nine months ended September 30, 2015 and 2014, the Company recorded stock ‑based compensation expense for employee stock options, which was allocated as follows in the statements of operations (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Research and development expense $ $ $ $ General and administrative expense $ $ $ $ The fair value of each stock option award is estimated on the date of grant using the Black ‑Scholes option ‑pricing model. Expected volatility for the Company’s common stock was determined based on an average of the historical volatility of a peer group of similar companies. The Company has limited stock option exercise information. Accordingly, the expected term of stock options granted was calculated using the simplified method, which represents the average of the contractual term of the stock option and the weighted ‑average vesting period of the stock option. The assumed dividend yield is based upon the Company’s expectation of not paying dividends in the foreseeable future. The risk ‑free rate for periods within the expected life of the stock option is based upon the U.S. Treasury yield curve in effect at the time of grant. 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 sources. The Company had no items of other comprehensive loss for the nine months ended September 30, 2015 and 2014. Deferred offering costs Deferred offering costs, which consist of direct incremental legal and professional accounting fees relating to preferred stock private placements and initial public offerings, are capitalized. The deferred offering costs are offset against the proceeds from the offering upon the consummation of the offering. In 2014, the Company’s initial public offering was delayed and the deferred offering costs for that offering in the amount of $1,920,000 were expensed. Subsequent events The Company considered events or transactions occurring after the balance sheet date but prior to the date the consolidated financial statements are available to be issued for potential recognition or disclosure in its consolidated financial statements. Subsequent events have been evaluated through the date the financial statements were issued. Convertible preferred stock The Company initially records convertible preferred stock that may be redeemed at the option of the holder or based upon the occurrence of events not under the Company’s control outside of stockholders’ deficit at the value of the proceeds received, net of issuance costs. Subsequently, the Company adjusts the carrying value to the redemption value at each reporting period. In the absence of retained earnings, these accretion charges are recorded against additional paid ‑in capital, if any, and then to accumulated deficit. Net loss per share attributable to common stockholders The Company uses the two ‑class method to compute net loss per common share attributable to common stockholders because the Company has issued securities, other than common stock, that contractually entitle the holders to participate in dividends and earnings of the Company. The two ‑class method requires earnings for the period to be allocated between common stock and participating securities based upon their respective rights to receive distributed and undistributed earnings. Holders of the Company’s Series A, Series B, Series B ‑1, Series C and Series D convertible preferred stock are entitled, on a pari passu basis, to receive dividends when, as and if declared by the board of directors, prior and in preference to any declaration or payment of any dividend on the common stock until such time as the total dividends paid on each share of Series C and Series D convertible preferred stock is equal to its cumulative dividends. The Series A, Series B and Series B ‑1 convertible preferred stock would also be entitled to the dividend amount paid to common stockholders on an as ‑if ‑converted ‑to ‑common stock basis. As a result, all series of the Company’s convertible preferred stock are considered participating securities. All of the Company’s outstanding preferred stock was converted to commons stock in connection with the IPO in October 2015. Under the two ‑class method, for periods with net income, basic net income per common share is computed by dividing the net income attributable to common stockholders by the weighted ‑average number of shares of common stock outstanding during the period. Net income attributable to common stockholders is computed by subtracting from net income the portion of current year earnings that the participating securities would have been entitled to receive pursuant to their dividend rights had all of the year’s earnings been distributed. No such adjustment to earnings is made during periods with a net loss, as the holders of the participating securities have no obligation to fund losses. Diluted net loss per common share is computed by using the weighted ‑average number of shares of common stock outstanding. Due to net losses for the three and nine months ended September 30, 2015 and 2014, basic and diluted net loss per share attributable to common stockholders were the same, as the effect of all potentially dilutive securities would have been anti ‑dilutive. Reverse stock split In September 2015, the stockholders approved a reverse stock split of the outstanding shares of the Company’s common stock , Series A convertible preferred stock, Series B convertible preferred stock, Series B-1 convertible preferred stock, Series C convertible preferred stock and Series D convertible preferred stock in which every 15 shares were converted into one share of the related stock. No fractional shares were issued as a result of the reverse stock split. The par value for each class of stock remained at $0.001 per share. The effect of the reverse stock split has been recognized retroactively, in all share and price per share data presented in the financial statements and the notes to the financial statements.

Grants

Grants	9 Months Ended
	Sep. 30, 2015
Grants
Grants	3. Grants Total government grants recognized as a reduction of research and development expenses during the three months ended September 30, 201 5 and 201 4 were $244,000 , and $12,000 , respectively. Total government grants recognized as a reduction of research and development expenses during the nine months ended September 30, 201 5 and 201 4 were $432,000 and $89,000 , respectively.

Property and Equipment

Property and Equipment	9 Months Ended
	Sep. 30, 2015
Property and Equipment
Property and Equipment	4 . Property and Equipment Property and equipment consisted of the following (in thousands): September 30, December 31, 2015 2014 Machinery, computers and equipment $ $ Leasehold improvements Accumulated depreciation $ $ Depreciation expense was approximately $12,000 and $9,000 for the three months ended September 30, 201 5 and 201 4 , respectively. Depreciation expense was approximately $37,000 and $26,000 for the nine months ended September 30, 201 5 and 201 4 , respectively.

Convertible Preferred Stock

Convertible Preferred Stock	9 Months Ended
	Sep. 30, 2015
Convertible Preferred Stock
Convertible Preferred Stock	5. Convertible Preferred Stock I n March 2015 and April 2015, the Company issued 4,559,675 shares of the Company’s Series D convertible preferred stock (“Series D”) with gross proceeds of $41.8 million. All of the Company’s outstanding preferred stock was converted to common stock in connection with the IPO in October 2015.

Common Stock

Common Stock	9 Months Ended
	Sep. 30, 2015
Common Stock
Common Stock	6 . Common Stock The voting, dividend and liquidation rights of holders of shares of common stock are subject to and qualified by the rights, powers and preferences of the holders of shares of convertible preferred stock. The Company’s common stock has the following characteristics: 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 Company’s board of directors. Cash dividends may not be declared or paid to holders of common stock until paid on each series of outstanding convertible preferred stock in accordance with their respective terms. As of December 31, 2014 and September 30, 2015, no cash dividends have been declared or paid since the Company’s inception. Reserved for future issuance The Company has reserved for future issuance the following number of shares of common stock as of December 31, 2014 and September 30, 2015: September 30, December 31, 2015 2014 Conversion of Series A convertible preferred stock Conversion of Series B convertible preferred stock Conversion of Series B-1 convertible preferred stock Conversion of Series C convertible preferred stock Conversion of Series D convertible preferred stock — Options to purchase common stock

Stock Option Plans

Stock Option Plans	9 Months Ended
	Sep. 30, 2015
Stock Option Plans
Stock Option Plans	7 . Stock Option Plans T he Company adopted the 2008 Long Term Incentive Plan, which allows for incentive stock options for its employees and nonqualified stock options (inclusive of restricted stock units and stock appreciation rights) (the “2008 Plan”) for employees and nonemployees under which an aggregate of 1,061,585 stock options and stock purchase rights may be granted. Options under the 2008 Plan have a maximum life of 10 years. Options vest at various intervals, as determined by the Company’s board of directors at the date of grant. In August 2015, the Company’s board of directors approved the 2015 Equity Incentive Aware Plan, (the “2015 Plan”), which was effective in connection with the pricing of the IPO on September 30, 2015. The 2015 Plan provides for the granting of a variety of stock ‑based compensation awards, including stock options, stock appreciation rights, or SARs, restricted stock awards, restricted stock unit awards, deferred stock awards, dividend equivalent awards, stock payment awards, performance awards and other stock ‑based awards. The 2015 Plan is the successor to the 2008 Plan and the 800,494 options outstanding in the 2008 Plan at September 29, 2015 may be transferred to the 2015 Plan if awards terminate, expire or lapse for any reason without the delivery of shares to the holder . Under the 2015 Plan, 1,671,800 shares of the Company’s common stock will be initially reserved for issuance, and will be added to the outstanding shares transferred from the 2008 Plan for a total of 2,472,294 authorized for grant under the 2015 Plan at September 30, 2015. In August 2015, the Company’s board of directors approved the 2015 Employee Stock Purchase Plan ( the “ ESPP ” ) , which was effective in connection with the pricing of the IPO on September 30, 2015 . The ESPP allows eligible employees to purchase shares of the Company’s common stock at a discount through payroll deductions of up to 15% of their eligible compensation, subject to any plan limitations. The ESPP generally provides for set offering periods, and at the end of each offering period, employees are able to purchase shares at 85% of the lower of the fair market value of the Company’s common stock on the first trading day of the offering period or on the last trading day of the offering period. There were no sales under the ESPP as of September 30, 2015. Shares available for future purchase under the ESPP were 167,180 at September 30, 2015. The Company’s stock option activity for the nine months ended September 30, 2015 was as follows: Weighted ‑ Average Weighted ‑ Average Number Exercise Contractual of Shares Price Life (years) Outstanding at December 31, 2014 Granted Exercised Forfeited/canceled Outstanding at September 30, 2015 $ Options exercisable at December 31, 2014 $ Options exercisable at September 30, 2015 $ As of September 30, 2015 there was approximately $5,477,000 of unrecognized compensation cost related to the stock options granted under the 2015 Plan, which is expected to be amortized over the next 3.4 years. There were no restricted stock units or stock appreciation rights granted under the 2015 Plan as of September 30, 2015.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2015
Income Taxes
Income Taxes	8 . Income Taxes The Company recorded no provision for income taxes as of September 30, 2015 due to reported net losses since inception. During the nine months ended September 3 0, 2015 and 2014 , the Company had no interest and penalties related to income taxes. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The Company has established a valuation allowance due to uncertainties regarding the realization of deferred tax assets based upon the Company’s lack of earnings history. The Company files income tax returns in the U.S. federal and Texas jurisdictions. The statute of limitations for assessment by the Internal Revenue Service (“IRS”) is open for tax years ending December 31, 2014, 2013, 2012 and 2010, although carryforward attributes that were generated for tax years prior to 2011 may still be adjusted upon examination by the IRS if they either have been, or will be, used in a future period. The 2010 and subsequent tax years remain open and subject to examination by the State of Texas. There are currently no federal or state income tax audits in progress.

Shared Services Agreement with

Shared Services Agreement with Asuragen	9 Months Ended
	Sep. 30, 2015
Shared Services Agreement with Asuragen
Shared Services Agreement with Asuragen	9 . Shared Services Agreement with Asuragen On November 3, 2009, the Company entered into an agreement with Asuragen under which Asuragen shares space with and provides services to the Company in support of the Company’s business. Such services have included human resources, finance and accounting, information technology, purchasing, shipping and receiving, equipment use, and various facility expenses. The Company pays Asuragen a monthly service fee for the services provided by Asuragen to the Company, which does not include direct charges incurred by Asuragen on behalf of the Company. The Company paid Asuragen approximately $100,000 , and $134,000 for the three months ended September 30, 2015 and 2014, respectively, and approximately $295,000 and $394,000 for the nine months ended September 30, 2015 and 2014, respectively, for shared services. On October 31, 2014, the Company entered into a sublease agreement with Asuragen for use of office, laboratory and shared space. T otal rent expense was $67,000 for the first nine months of 2015. Both the lease and the shared service agreements expire on August 31, 2016, with the ability by either party to terminate with six months’ notice.

Retirement Plan

Retirement Plan	9 Months Ended
	Sep. 30, 2015
Retirement Plan
Retirement Plan	1 0 . Retirement Plan The Company sponsors a defined contribution plan that provides all eligible employees an opportunity to accumulate funds for retirement. Employees who have completed 90 days of service and are at least 21 years of age may contribute to this plan, and these contributions are matched by the employer on a basis that is determined annually by the Company’s board of directors. The Company may also make profit sharing contributions to the plan. Employer contributions for the three months ended September 30, 2015 and 2014 were approximately $24,000 and $24,000 , respectively, and approximately $86,000 and $67,000 for the nine months ended September 30, 2015 and 2014 , respectively .

License Agreements

License Agreements	9 Months Ended
	Sep. 30, 2015
License Agreements
License agreements	1 1 . License agreements Marina Biotech, Inc. In December 2011, the Company entered into a licensing agreement with Marina, pursuant to which Marina granted to the Company a license to liposomal delivery technology, NOV340, known under the brand name “SMARTICLES,” to develop and commercialize drug products incorporating Marina’s delivery system exclusively in combination with the Company’s lead therapeutic product, MRX34. In December 2013, the license agreement was amended to include three additional specific mimics selected by the Company to use with SMARTICLES on an exclusive basis, and in May 2015, the license agreement was further amended to reduce the amount of a specific milestone payment and to provide for the prepayment of such milestone payment. In August 2015, the Company also entered into a side letter to the license agreement, under which it exercised its right to select an additional specific microRNA, in exchange for the payment of a specified selection fee payment. The Company has paid Marina approximately $2.1 million through September 30, 2015 in up ‑front and milestone payments and as consideration for the inclusion within the license of four additional microRNA compounds. As the Company progresses with respect to development and commercialization of its products, the Company will be required to make payments to Marina based upon the achievement of certain development and regulatory milestones, totaling up to $6 million in the aggregate for each licensed product. The Company has agreed to pay up to an additional $4 million per licensed product upon the achievement of certain regulatory milestones for a specified number of additional indications, leading to a maximum cap on all milestone payments of $10 million per product. The exception to this is for the Company’s lead therapeutic product, MRX34, where the aggregate of all remaining development and regulatory milestone payments due to Marina, including for all additional indications, is $4.1 million. In addition to milestone payments, the Company will be required to pay low single digit royalties on net sales of licensed products other than MRX34, subject to customary reductions and offsets. As a result of the Company’s 2013 amendment to the agreement with Marina, the Company is no longer required to pay a royalty to Marina with respect to sales of the Company’s lead therapeutic product, MRX34. If the Company sublicenses its rights under the license from Marina, for each optioned microRNA compound covered by such sublicense the Company is required to pay a specified lump ‑sum payment representing the remainder of the selection fee for the inclusion of such microRNA compound within the scope of the license agreement, as well as a portion of any revenue the Company receives from such sublicensees at a tiered percentage between the very low single digits and the mid ‑teens, depending on the circumstances in which the sublicense is entered into. Yale University In 2006, Asuragen entered into an exclusive license agreement with Yale University (“Yale”) under certain patent rights relating to microRNAs arising from the laboratory of Dr. Frank Slack. This agreement was assigned to the Company by Asuragen in connection with the Company’s acquisition of certain assets, including patent rights, in 2009. In February 2014, the Company as successor ‑in ‑interest to Asuragen, amended and restated the exclusive license agreement. Some of the patent filings in the Company’s intellectual property portfolio that are licensed to the Company by Asuragen are also included in the patents licensed under the agreement with Yale. The Company will be required to pay royalties to Yale on net sales of licensed products that contain specified microRNAs, at a percentage ranging from the very low to the low single digits, subject to customary reductions and offsets. The Company will also be required to pay to Yale a portion of specified gross revenue that the Company receives from the Company’s sublicensees at a percentage in the mid ‑single digits. The Company will be required to make payments for achievement of certain development and regulatory milestones by products containing one specified microRNA and covered by the licensed patents, of up to $600,000 in the aggregate for each such product, subject to reduction in certain circumstances. In addition, the Company is required to pay an annual license maintenance fee and minimum annual royalties under certain circumstances.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies.
Commitments and Contingencies	12 . Commitments and Contingencies Shared Services Agreement Pursuant to a shared services agreement and sublease with Asuragen (see Note 11), the Company has remaining commitments for payments for the last three months of 2015 and the first eight months of 2016 as follows (in thousands): 2015 2016 Total Shared Services Agreement $ $ $ Sublease Agreement Shared Services Agreement $ $ $ Legal Contingencies The Company does not currently have any contingencies related to ongoing legal matters.

Net Loss Per Share Attributable

Net Loss Per Share Attributable to Common Stockholders	9 Months Ended
	Sep. 30, 2015
Net Loss Per Share Attributable to Common Stockholders
Net Loss Per Share Attributable to Common Stockholders	1 3 . Net Loss Per Share Attributable to Common Stockholders The following table summarizes the computation of basic and diluted net loss per share attributable to common stockholders of the Company (in thousands, except share and per share data): Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Net loss $ $ $ $ Accretion of convertible preferred stock to redemption value — — — Accrued dividends on convertible preferred stock Net loss attributable to common stockholders—basic and diluted Weighted-average number of common shares—basic and diluted Net loss per share attributable to common stockholders—basic and diluted $ $ $ $ The following potentially dilutive securities outstanding, prior to the use of the treasury stock method or if ‑converted method, have been excluded from the computation of diluted weighted ‑average common shares outstanding, because including them would have had an anti ‑dilutive effect due to the losses reported. Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Convertible preferred stock Stock options As the Company incurred a net loss for the three months and the nine months ended September 30, 2015, there is no income allocation required under the two ‑class method or dilution attributed to pro forma weighted ‑average shares outstanding in the computation of pro forma diluted loss per share attributable to common stockholders.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2015
Subsequent Events
Subsequent Events	14 . Subsequent Events Private Placement Agreement with CPRIT In September 2015, the Company entered into a new grant contract with Cancer Prevention and Research Institute of Texas (“CPRIT”) in connection with an award of approximately $16.8 million. This 2015 award has a three ‑year term, subject to extension by mutual agreement by the Company and CPRIT. The 2015 award is in the form of an agreement by CPRIT to purchase $16.8 million of shares of common stock of the Company in a private placement concurrent with an initial public offering of the Company’s common stock. On October 5, 2015, CPRIT purchased 2,395,010 shares of the Company’s common stock at $7.00 per share. Net proceeds from the private placement, after related transaction offering costs, were approximately $16.7 million . Pursuant to the grant contract, the Company will conduct preclinical and clinical development of certain combination therapy approaches for lung or liver cancer involving the Company’s lead product candidate, MRX34. If, at any time during the term of the grant contract and following the consummation of our initial public offering, the Company determines that the project provided for by the grant contract is no longer commercially feasible for it, then the Company and CPRIT are required to consult in order to reallocate the remaining unspent budget for the project to another oncology project in our product candidate pipeline. Initial Public Offering In October 2015, the Company issued 6.25 million shares of common stock in an underwritten public offering, with a price of $7.00 per share. The underwriters purchased an additional 704,962 shares of common stock pursuant to their option to purchase additional shares. The Company received aggregate net proceeds of approximately $43.7 million in the public offering, after deducting the underwriting discounts and commissions and estimated offering expenses payable by the Company . In conjunction with the IPO , the Company’s Series A, Series B, Series B ‑1, Series C and Series D preferred stock was converted into an aggregate of 10,159,614 shares of the Company’s common stock. In connection with the consummation of the IPO in October 2015, the cumulative dividends on the Company’s Series C and Series D preferred stock , which totaled approximately $8.5 million , were paid in ‑kind with a total of 1,209,128 shares of common stock issued to shareholders.

Summary of Significant Accoun20

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2015
Summarty of Significant Accounting Policies
Use of estimates	Use of estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires the Company’s management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. The Company utilizes significant estimates and assumptions in determining the fair value of its common stock. The board of directors determined the estimated fair value of the Company’s common stock based on a number of objective and subjective factors, including external market conditions affecting the biotechnology industry sector and the prices at which the Company sold shares of convertible preferred stock, the superior rights and preferences of securities senior to its common stock at the time and the likelihood of achieving a liquidity event, such as an initial public offering or sale of the Company. The Company utilized various valuation methodologies in accordance with the framework of the American Institute of Certified Public Accountants, or AICPA, Audit and Accounting Practice Aid Series: Valuation of Privately Held Company Equity Securities Issued as Compensation , or the AICPA Practice Aid, to estimate the fair value of its common stock. The methodologies included the Option Pricing Method utilizing the Backsolve Method (a form of the market approach defined in the AICPA Practice Aid) and the Probability ‑Weighted Expected Return Method based upon the probability of occurrence of certain future liquidity events such as an initial public offering or sale of the Company. Each valuation methodology includes estimates and assumptions that require the Company’s judgment. Significant changes to the key assumptions used in the valuations could result in different fair values of common stock at each valuation date.
Research and development costs	Research and development costs Research and development costs are expensed as incurred. Research and development costs include salaries and personnel ‑related costs, consulting fees, fees paid for contract research services, the costs of laboratory equipment and facilities, license fees and other external costs. The Company accounts for government grants as a reduction of research and development expenses. Government grants are recorded at the time the related research and development costs have been incurred by the Company and, accordingly, become eligible for reimbursement. The Company accrues for government grants that have been earned but not yet received. Nonrefundable advance payments for goods or services to be received in the future for use in research and development activities are deferred and capitalized. The capitalized amounts are expensed as the related goods are delivered or the services are performed.
Stock-based compensation	Stock ‑based compensation The Company accounts for its stock ‑based compensation awards in accordance with ASC Topic 718, Compensation—Stock Compensation (“ASC 718”). ASC 718 requires all stock ‑based payments to employees, including grants of employee stock options, to be recognized in the statements of operations based on their grant date fair values. For stock options granted to employees and to members of the board of directors for their services on the board of directors, the Company estimates the grant date fair value of each option award using the Black ‑Scholes option ‑pricing model. The use of the Black ‑Scholes option ‑pricing model requires management to make assumptions with respect to the expected term of the option, the expected volatility of the common stock consistent with the expected life of the option, risk ‑free interest rates and expected dividend yields of the common stock. For awards subject to service ‑based vesting conditions, the Company recognizes stock ‑based compensation expense, net of estimated forfeitures, equal to the grant date fair value of stock options on a straight ‑line basis over the requisite service period. During the three and nine months ended September 30, 2015 and 2014, the Company recorded stock ‑based compensation expense for employee stock options, which was allocated as follows in the statements of operations (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Research and development expense $ $ $ $ General and administrative expense $ $ $ $ The fair value of each stock option award is estimated on the date of grant using the Black ‑Scholes option ‑pricing model. Expected volatility for the Company’s common stock was determined based on an average of the historical volatility of a peer group of similar companies. The Company has limited stock option exercise information. Accordingly, the expected term of stock options granted was calculated using the simplified method, which represents the average of the contractual term of the stock option and the weighted ‑average vesting period of the stock option. The assumed dividend yield is based upon the Company’s expectation of not paying dividends in the foreseeable future. The risk ‑free rate for periods within the expected life of the stock option is based upon the U.S. Treasury yield curve in effect at the time of grant.
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 sources. The Company had no items of other comprehensive loss for the nine months ended September 30, 2015 and 2014.
Deferred offering costs	Deferred offering costs Deferred offering costs, which consist of direct incremental legal and professional accounting fees relating to preferred stock private placements and initial public offerings, are capitalized. The deferred offering costs are offset against the proceeds from the offering upon the consummation of the offering. In 2014, the Company’s initial public offering was delayed and the deferred offering costs for that offering in the amount of $1,920,000 were expensed.
Subsequent events	Subsequent events The Company considered events or transactions occurring after the balance sheet date but prior to the date the consolidated financial statements are available to be issued for potential recognition or disclosure in its consolidated financial statements. Subsequent events have been evaluated through the date the financial statements were issued.
Convertible preferred stock	Convertible preferred stock The Company initially records convertible preferred stock that may be redeemed at the option of the holder or based upon the occurrence of events not under the Company’s control outside of stockholders’ deficit at the value of the proceeds received, net of issuance costs. Subsequently, the Company adjusts the carrying value to the redemption value at each reporting period. In the absence of retained earnings, these accretion charges are recorded against additional paid ‑in capital, if any, and then to accumulated deficit.
Net loss per share attributable to common stockholders	Net loss per share attributable to common stockholders The Company uses the two ‑class method to compute net loss per common share attributable to common stockholders because the Company has issued securities, other than common stock, that contractually entitle the holders to participate in dividends and earnings of the Company. The two ‑class method requires earnings for the period to be allocated between common stock and participating securities based upon their respective rights to receive distributed and undistributed earnings. Holders of the Company’s Series A, Series B, Series B ‑1, Series C and Series D convertible preferred stock are entitled, on a pari passu basis, to receive dividends when, as and if declared by the board of directors, prior and in preference to any declaration or payment of any dividend on the common stock until such time as the total dividends paid on each share of Series C and Series D convertible preferred stock is equal to its cumulative dividends. The Series A, Series B and Series B ‑1 convertible preferred stock would also be entitled to the dividend amount paid to common stockholders on an as ‑if ‑converted ‑to ‑common stock basis. As a result, all series of the Company’s convertible preferred stock are considered participating securities. All of the Company’s outstanding preferred stock was converted to commons stock in connection with the IPO in October 2015. Under the two ‑class method, for periods with net income, basic net income per common share is computed by dividing the net income attributable to common stockholders by the weighted ‑average number of shares of common stock outstanding during the period. Net income attributable to common stockholders is computed by subtracting from net income the portion of current year earnings that the participating securities would have been entitled to receive pursuant to their dividend rights had all of the year’s earnings been distributed. No such adjustment to earnings is made during periods with a net loss, as the holders of the participating securities have no obligation to fund losses. Diluted net loss per common share is computed by using the weighted ‑average number of shares of common stock outstanding. Due to net losses for the three and nine months ended September 30, 2015 and 2014, basic and diluted net loss per share attributable to common stockholders were the same, as the effect of all potentially dilutive securities would have been anti ‑dilutive.
Reverse stock split	Reverse stock split In September 2015, the stockholders approved a reverse stock split of the outstanding shares of the Company’s common stock , Series A convertible preferred stock, Series B convertible preferred stock, Series B-1 convertible preferred stock, Series C convertible preferred stock and Series D convertible preferred stock in which every 15 shares were converted into one share of the related stock. No fractional shares were issued as a result of the reverse stock split. The par value for each class of stock remained at $0.001 per share. The effect of the reverse stock split has been recognized retroactively, in all share and price per share data presented in the financial statements and the notes to the financial statements.

Summary of Significant Accoun21

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2015
Summarty of Significant Accounting Policies
Schedule of stock-based compensation expense for employee stock options, allocation of expense in statement of operations	Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Research and development expense $ $ $ $ General and administrative expense $ $ $ $

Property and Equipment (Tables)

Property and Equipment (Tables)	9 Months Ended
	Sep. 30, 2015
Property and Equipment
Schedule of property and equipment	September 30, December 31, 2015 2014 Machinery, computers and equipment $ $ Leasehold improvements Accumulated depreciation $ $

Common Stock (Tables)

Common Stock (Tables)	9 Months Ended
	Sep. 30, 2015
Common Stock
Schedule of common stock reserved for future issuance	September 30, December 31, 2015 2014 Conversion of Series A convertible preferred stock Conversion of Series B convertible preferred stock Conversion of Series B-1 convertible preferred stock Conversion of Series C convertible preferred stock Conversion of Series D convertible preferred stock — Options to purchase common stock

Stock Option Plans (Tables)

Stock Option Plans (Tables)	9 Months Ended
	Sep. 30, 2015
Stock Option Plans
Schedule of stock option activity	Weighted ‑ Average Weighted ‑ Average Number Exercise Contractual of Shares Price Life (years) Outstanding at December 31, 2014 Granted Exercised Forfeited/canceled Outstanding at September 30, 2015 $ Options exercisable at December 31, 2014 $ Options exercisable at September 30, 2015 $

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies.
Schedule of remaining commitments	2015 2016 Total Shared Services Agreement $ $ $ Sublease Agreement Shared Services Agreement $ $ $

Net Loss Per Share Attributab26

Net Loss Per Share Attributable to Common Stockholders (Tables)	9 Months Ended
	Sep. 30, 2015
Net Loss Per Share Attributable to Common Stockholders
Schedule of computation of basic and diluted net loss per share	Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Net loss $ $ $ $ Accretion of convertible preferred stock to redemption value — — — Accrued dividends on convertible preferred stock Net loss attributable to common stockholders—basic and diluted Weighted-average number of common shares—basic and diluted Net loss per share attributable to common stockholders—basic and diluted $ $ $ $
Schedule of potentially dilutive securities excluded from the computation of weighted average common shares outstanding	Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Convertible preferred stock Stock options

Nature of Business and Basis 27

Nature of Business and Basis of Presentation (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended
	Oct. 31, 2015	Sep. 30, 2015	Dec. 31, 2014	Sep. 30, 2014	Dec. 31, 2013
Equity transactions
Par value (in dollars per share)		$ 0.001	$ 0.001
Cash and cash equivalents		$ 35,703	$ 9,319	$ 12,770	$ 23,182
Subsequent Event | Private Placement | Common Stock.
Equity transactions
Common shares issued (in shares)	2,395,010
Proceeds from issuance of common stock in private placement	$ 16,700
Subsequent Event | Initial Public Offering | Common Stock.
Equity transactions
Common shares issued (in shares)	6,250,000
Par value (in dollars per share)	$ 0.001
Share price (in dollars per share)	$ 7
Proceeds from issuance of common stock in initial public offering	$ 43,700
Subsequent Event | Over-Allotment Option | Common Stock.
Equity transactions
Common shares issued (in shares)	704,962

Summary of Significant Accoun28

Summary of Significant Accounting Policies - Stock-based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Stock-based compensation expense allocation
Stock-based compensation expense	$ 210	$ 101	$ 561	$ 287
Research and development expense.
Stock-based compensation expense allocation
Stock-based compensation expense	57	30	137	82
General and administrative expense.
Stock-based compensation expense allocation
Stock-based compensation expense	$ 153	$ 71	$ 424	$ 205

Summary of Significant Accoun29

Summary of Significant Accounting Policies - Other (Details)	9 Months Ended
	Sep. 30, 2015USD ($)
Summarty of Significant Accounting Policies
Stock issuance expense	$ 1,920,000

Summary of Significant Accoun30

Summary of Significant Accounting Policies - Reverse stock split (Details)	1 Months Ended
	Sep. 30, 2015$ / shares	Dec. 31, 2014$ / shares
Equity transactions
Par value (in dollars per share)	$ 0.001	$ 0.001
Common Stock.
Equity transactions
Exchange ratio	0.0667
Series A convertible preferred stock
Equity transactions
Exchange ratio	0.0667
Par value (in dollars per share)	$ 0.001
Series B convertible preferred stock
Equity transactions
Exchange ratio	0.0667
Par value (in dollars per share)	$ 0.001
Series B-1 convertible preferred stock
Equity transactions
Exchange ratio	0.0667
Par value (in dollars per share)	$ 0.001
Series C convertible preferred stock
Equity transactions
Exchange ratio	0.0667
Par value (in dollars per share)	$ 0.001
Series D convertible preferred stock
Equity transactions
Exchange ratio	0.0667
Par value (in dollars per share)	$ 0.001

Grants (Details)

Grants (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Grants
Grant proceeds recognized as a reduction of research and development expense	$ 12,000	$ 244,000	$ 89,000	$ 432,000

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Property and equipment
Less accumulated depreciation and amortization	$ (312)		$ (312)		$ (275)
Property and equipment, net	266		266		116
Depreciation and amortization	12	$ 9	37	$ 26
Machinery, computers and equipment
Property and equipment
Property and equipment, gross	560		560		373
Leasehold improvements
Property and equipment
Property and equipment, gross	$ 18		$ 18		$ 18

Convertible Preferred Stock (De

Convertible Preferred Stock (Details) - USD ($) $ in Thousands	2 Months Ended	9 Months Ended
	Apr. 30, 2015	Sep. 30, 2015
Proceeds from issuance of convertible preferred stock		$ 41,249
Series D convertible preferred stock
Stock issued during period (in shares)	4,559,675
Proceeds from issuance of convertible preferred stock	$ 41,800

Common Stock (Details)

Common Stock (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2015USD ($)Voteshares	Dec. 31, 2014USD ($)shares
Common Stock
Number of votes per common stock | Vote	1
Cash dividends | $	$ 0	$ 0
Common stock reserved for future issuance	11,688,089	6,188,328
Series A convertible preferred stock
Common Stock
Common stock reserved for future issuance	212,754	212,754
Series B convertible preferred stock
Common Stock
Common stock reserved for future issuance	36,019	36,019
Series B-1 convertible preferred stock
Common Stock
Common stock reserved for future issuance	727,643	727,643
Series C convertible preferred stock
Common Stock
Common stock reserved for future issuance	4,623,523	4,623,523
Series D convertible preferred stock
Common Stock
Common stock reserved for future issuance	4,559,675
Options to purchase common stock
Common Stock
Common stock reserved for future issuance	1,528,475	588,389

Stock Option Plans (Details)

Stock Option Plans (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014	Sep. 29, 2015	Dec. 31, 2008
Stock options
Number of Shares
Outstanding at beginning of period (in shares)	500,911
Granted (in shares)	1,056,082
Exercised (in shares)	(28,500)
Forfeited/canceled (in shares)	(18)
Outstanding at end of period (in shares)	1,528,475	500,911
Exercisable at end of period (in shares)	307,606	162,343
Weighted Average Exercise Price
Outstanding at beginning of period (in dollars per share)	$ 4.95
Granted (in dollars per share)	6.81
Exercised (in dollars per share)	2.35
Forfeited/canceled (in dollars per share)	7.50
Outstanding at end of period (in dollars per share)	6.29	$ 4.95
Exercisable at end of period (in dollars per share)	$ 4.46	$ 2.85
Additional disclosures
Weighted Average Remaining Contractual Life	9 years 2 months 27 days	8 years 6 months 7 days
Weighted Average Remaining Contractual Life, Exercisable at end of period	7 years 9 months	7 years 9 months
ESPP
Stock Option Plans
Number of stock option and stock purchase rights available for grant	167,180
Percentage of discount for employees under ESPP	15.00%
Purchase price as a percentage over fair value under ESPP	85.00%
Shares issued during the period under ESPP	0
2008 Plan
Stock Option Plans
Number of stock option and stock purchase rights available for grant				1,061,585
Expiration period	10 years
Number of Shares
Outstanding at end of period (in shares)	800,494
2015 Plan
Stock Option Plans
Number of stock option and stock purchase rights available for grant	2,472,294		1,671,800
Additional disclosures
Unrecognized compensation cost	$ 5,477,000
Unrecognized compensation cost, period of recognition	3 years 4 months 24 days
2015 Plan | Restricted Stock Units
Additional disclosures
Awards granted (in shares)	0
2015 Plan | Stock Appreciation Rights
Additional disclosures
Awards granted (in shares)	0

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Income Taxes
Income Tax Expense (Benefit)	$ 0
Interest and penalties	$ 0	$ 0

Shared Services Agreement wit37

Shared Services Agreement with Asuragen (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Shared Services
Sublease, option to terminate, period				6 months
Shared Services Agreement with Asuragen
Shared Services
Expenses	$ 100,000		$ 134,000	$ 295,000	$ 394,000
Sublease Agreement with Asuragen
Shared Services
Expenses		$ 67,000

Retirement Plan (Details)

Retirement Plan (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Retirement Plan
Employee eligibility, period of service			90 days
Employer contributions	$ 24,000	$ 24,000	$ 86,000	$ 67,000

License Agreements (Details)

License Agreements (Details)	9 Months Ended
	Sep. 30, 2015USD ($)
Marina Biotech
License Agreements
Up-front and milestone payments	$ 2,100,000
Aggregate payments to be made for each licensed product upon achievement of certain development and regulatory milestones	6,000,000
Additional payments to be made for each licensed product upon achievement of certain development and regulatory milestones for a specified number of additional indications	4,000,000
Maximum cap on all milestone payments per product	10,000,000
Aggregate of all remaining development and regulatory milestone payments upon additional indications	4,100,000
Yale University
License Agreements
Maximum cap on all milestone payments per product	$ 600,000

Commitments and Contingencies40

Commitments and Contingencies (Detail) - Asuragen Inc $ in Thousands	Sep. 30, 2015USD ($)
Remaining commitments
2,015	$ 119
2,016	346
Total	465
Shared Services Agreement with Asuragen
Remaining commitments
2,015	97
2,016	287
Total	384
Sublease Agreement with Asuragen
Remaining commitments
2,015	22
2,016	59
Total	$ 81

Net Loss Per Share Attributab41

Net Loss Per Share Attributable to Common Stockholders - Computation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Net Loss Per Share Attributable to Common Stockholders
Net loss	$ (6,231)	$ (5,423)	$ (16,194)	$ (11,456)
Accretion of convertible preferred stock to redemption value			(448)
Accrued dividends on convertible preferred stock	(1,554)	(712)	(3,769)	(2,112)
Net loss attributable to common stockholders	$ (7,785)	$ (6,135)	$ (20,411)	$ (13,568)
Weighted‑average number of common shares—basic and diluted	94,753	83,204	91,650	44,672
Net loss per share attributable to common stockholders - basic and diluted	$ (82.16)	$ (73.73)	$ (222.70)	$ (303.72)

Net Loss Per Share Attributab42

Net Loss Per Share Attributable to Common Stockholders - Dilutive Securities (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Potentially dilutive securities
Potentially dilutive securities excluded from the computation of weighted average common shares outstanding	11,688,089	6,090,767	11,688,089	6,090,767
Convertible Preferred Stock
Potentially dilutive securities
Potentially dilutive securities excluded from the computation of weighted average common shares outstanding	10,159,614	5,599,939	10,159,614	5,599,939
Options to purchase common stock
Potentially dilutive securities
Potentially dilutive securities excluded from the computation of weighted average common shares outstanding	1,528,475	490,828	1,528,475	490,828

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands	Oct. 06, 2015	Oct. 05, 2015	Oct. 31, 2015	Sep. 30, 2015
Series C and Series D Preferred Stock | Subsequent Event
Subsequent Events
Cumulative dividends	$ 8,500
Common Stock. | Subsequent Event
Subsequent Events
Conversion of preferred stock (in shares)			10,159,614
Shares in lieu of cumulative dividends	1,209,128
Common Stock. | Subsequent Event | Private Placement
Subsequent Events
Common shares issued (in shares)			2,395,010
Proceeds from issuance of common stock in private placement			$ 16,700
Common Stock. | Subsequent Event | Initial Public Offering
Subsequent Events
Common shares issued (in shares)			6,250,000
Share price (in dollars per share)			$ 7
Proceeds from issuance of common stock in initial public offering			$ 43,700
Common Stock. | Subsequent Event | Over-Allotment Option
Subsequent Events
Common shares issued (in shares)			704,962
CPRIT
Subsequent Events
Grant award				$ 16,800
Award period				3 years
Shares of common stock to be purchased in private placement per the agreement				$ 16,800
CPRIT | Common Stock. | Subsequent Event | Private Placement
Subsequent Events
Common shares issued (in shares)		2,395,010
Share price (in dollars per share)		$ 7
Proceeds from issuance of common stock in private placement		$ 16,700