Synlogic (SYBX) 10-Q 15 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Aug. 12, 2016
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	Jun. 30, 2016
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Common stock outstanding		20,835,868
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2

Condensed Balance Sheets

Condensed Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Current Assets
Cash and cash equivalents	$ 30,796	$ 89,713
Marketable securities	41,756
Prepaid expenses and other current assets	947	829
Total current assets	73,499	90,542
Property and equipment, net	1,237	375
Restricted cash	2,430
Total assets	77,166	90,917
Current liabilities:
Accounts payable	1,462	3,687
Accrued expenses	2,193	2,214
Total liabilities	3,655	5,901
Commitments and contingencies
Stockholders' Equity (Deficit):
Preferred stock, $0.001 par value, 5,000,000 shares authorized at June 30, 2016 and December 31, 2015; 0 shares outstanding at June 30, 2016 and December 31, 2015
Common stock, $0.001 par value; 250,000,000 shares authorized at June 30, 2016 and December 31, 2015; 20,835,868 and 20,830,555 shares issued and outstanding at June 30, 2016 and December 31, 2015, respectively	21	21
Additional paid in capital	162,216	161,518
Accumulated other comprehensive income	6
Accumulated deficit	(88,732)	(76,523)
Total stockholders’ equity	73,511	85,016
Total liabilities and stockholders’ equity	$ 77,166	$ 90,917

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2016	Dec. 31, 2015
Condensed Balance Sheets
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	250,000,000	250,000,000
Common stock, shares issued	20,835,868	20,830,555
Common stock, shares outstanding	20,835,868	20,830,555

Condensed Statements of Operati

Condensed Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Operating expenses:
Research and development	$ 3,682	$ 4,499	$ 8,205	$ 7,901
General and administrative	2,049	1,185	4,179	2,062
Total operating expenses	5,731	5,684	12,384	9,963
Other income:
Interest income	93		175
Total other income	93		175
Net loss	(5,638)	(5,684)	(12,209)	(9,963)
Less: Accretion and dividends on convertible preferred stock		(1,544)		(2,662)
Net loss attributable to common stockholders	(5,638)	(7,228)	(12,209)	$ (12,625)
Other comprehensive income:
Unrealized gain on available for sale securities, net of tax	(3)		6
Total Other Comprehensive (Loss)	$ (5,641)	$ (7,228)	$ (12,203)
Net loss per share attributable to common stockholders - basic and diluted	$ (0.27)	$ (78.87)	$ (0.59)	$ (140.10)
Common shares used to compute basic and diluted net loss per share attributable to common stockholders	20,831,723	91,643	20,831,139	90,102

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Operating activities
Net loss	$ (12,209,000)	$ (9,963,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	45,000	25,000
Stock-based compensation	689,000	351,000
Net amortization of premium/ discounts on marketable securities	98,000
Changes in operating assets and liabilities:
Grant reimbursement and other receivables	28,000	129,000
Prepaid expenses and other current assets	(146,000)	(69,000)
Accounts payable	(2,584,000)	326,000
Accrued expenses	(21,000)	2,000
Net cash used in operating activities	(14,100,000)	(9,199,000)
Investing activities
Purchases of marketable securities	(50,848,000)
Maturities of marketable securities	9,000,000
Restricted cash	(2,430,000)
Purchases of property and equipment	(548,000)	(58,000)
Net cash used in investing activities	(44,826,000)	(58,000)
Financing activities
Proceeds from issuance of convertible preferred stock, net of issuance costs		41,482,000
Proceeds from exercise of stock options	9,000	35,000
Cash provided by financing activities	9,000	41,517,000
Net increase (decrease) in cash and cash equivalents	(58,917,000)	32,260,000
Cash and cash equivalents at beginning of period	89,713,000	9,319,000
Cash and cash equivalents at end of period	30,796,000	$ 41,579,000
Supplemental disclosures for non-cash investing activities:
Property & equipment purchased in accounts payable	$ 359,000

Nature of Business and Basis of

Nature of Business and Basis of Presentation	6 Months Ended
	Jun. 30, 2016
Nature of Business and Basis of Presentation
Nature of Business and Basis of Presentation	Mirna Therapeutics, Inc. Notes to Condensed Financial Statements (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 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 common 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 and 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 the clinical drug development process (including the outcomes of clinical trials), the regulatory approval process, technological innovations, dependence on key individuals, development of the same or similar technological innovations by the Company’s competitors and protection of proprietary technology and the risk that our product candidates may cause undesirable side effects or have other properties that could delay or prevent their regulatory approval . 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 and/or financing transactions. The Company believes that its cash, cash equivalents and marketable securities of $72.6 million at June 30, 2016 will enable the Company to maintain its current and planned operations for at least the next twelve months. Basis of presentation The accompanying interim condensed financial statements as of June 30, 2016 and for the three and six months ended June 30, 2016 and 2015, and the related interim information contained within the notes to the financial statements, are unaudited. The unaudited interim condensed 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 financial statements contain all adjustments which include only normal recurring adjustments necessary to state fairly the Company’s financial position as of June 30, 2016, and the results of its operations and cash flows for the interim periods ended June 30, 2016 and 2015. Such adjustments are of a normal and recurring nature. The interim financial data as of June 30, 2016 is not necessarily indicative of the results to be expected for the year ending December 31, 2016, or for any future period. The accompanying condensed 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, 2015 included in the Company’s Form 10-K, most recently filed with the Securities and Exchange Commission on March 30, 2016.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2016
Summary 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. 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, development of intellectual property, 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. Clinical Trial and Pre-Clinical Study Accruals The Company estimates pre-clinical study and clinical trial expenses pursuant to contracts with research institutions and contract research organizations that conduct and manage preclinical studies and clinical trials on the Company’s behalf. These estimates are based on the level of service performed and the underlying agreement. Further, the Company accrues expenses related to clinical trials based on the level of patient enrollment and other activities according to the related agreements. The Company monitors patient enrollment levels and other activities to the extent reasonably possible and adjusts estimates accordingly. If actual costs incurred or the timing of services vary from our estimate, we adjust the accrual accordingly. 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. Fair value measurements The Company records money market funds at fair value. ASC Topic 820, Fair Value Measurements and Disclosures , establishes a fair value hierarchy for those instruments measured at fair value that distinguishes between assumptions based on market data (observable inputs) and the Company’s own assumptions (unobservable inputs). The hierarchy consists of three levels: · Level 1 – Unadjusted prices in active markets for identical assets or liabilities. · Level 2 – Quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability. · Level 3 – Unobservable inputs that reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability in which there is little, if any, market activity for the asset or liability at the measurement date. The carrying amounts reflected in the balance sheets for cash, prepaid expenses and other current assets, accounts payable, and accrued expenses approximate their fair values at June 30, 2016 and December 31, 2015, due to their short ‑term nature. The Company evaluates transfers between levels at the end of each reporting period. There were no transfers of assets or liabilities between Level 1, Level 2 or Level 3 during the three or six months ended June 30, 2016 or 2015. Restricted Cash Restricted cash consists of cash amounts held for specific or limited purposes and, therefore, not available for general operating activities. In June 2016, the Company secured a standby letter of credit of $2.4 million for the benefit of the landlord in the event of default. The restricted cash consists of cash providing security under the terms of the lease described in Note 11. Marketable Securities The Company classifies marketable securities with a remaining maturity when purchased of greater than three months as available-for-sale. Marketable securities with a remaining maturity date greater than one year are classified as non-current. Available-for-sale securities are maintained by an investment manager and may consist of U.S. Treasury securities and government agency securities and corporate debt securities. Available-for-sale securities are carried at fair value with the unrealized gains and losses included in other comprehensive loss as a component of stockholders’ equity until realized. Any premium or discount arising at purchase is amortized and/or accreted to interest income and/or expense over the life of the instrument. Realized gains and losses are determined using the specific identification method and are included in other income. If any adjustment to fair value reflects a decline in value of the investment, the Company considers all available evidence to evaluate the extent to which the decline is “other-than-temporary” and, if so, mark the investment to market through a charge to the Company’s statement of operations and comprehensive loss. Comprehensive loss Compreh ensive loss is composed of net loss and other comprehensive income or loss. Other comprehensive income consists of unrealized gains on marketable securities. Recently Issued Accounting Pronouncements In March 2016, the Financial Accounting Standards Board (FASB) issued ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share Based Payment Accounting ("ASU 2016-09") as part of the FASB simplification initiative. The new standard provides for changes to accounting for stock compensation including 1) excess tax benefits and tax deficiencies related to share based payment awards will be recognized as income tax expense in the reporting period in which they occur; 2) excess tax benefits will be classified as an operating activity in the statement of cash flow; 3) the option to elect to estimate forfeitures or account for them when they occur; and 4) increase tax withholding requirements threshold to qualify for equity classification. The ASU is effective for public companies for annual periods, and interim periods within those annual periods, beginning after December 15, 2016, and early adoption is permitted. The Company is currently evaluating the impact that ASU 2016-09 will have on the financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) . The new standard requires the recognition of assets and liabilities arising from lease transactions on the balance sheet and the disclosure of key information about leasing arrangements. Accordingly, a lessee will recognize a lease asset for its right to use the underlying asset and a lease liability for the corresponding lease obligation. Both the asset and liability will initially be measured at the present value of the future minimum lease payments over the lease term. Subsequent measurement, including the presentation of expenses and cash flows, will depend on the classification of the lease as either a finance or an operating lease. Initial costs directly attributable to negotiating and arranging the lease will be included in the asset. For leases with a term of twelve months or less, a lessee can make an accounting policy election by class of underlying asset to not recognize an asset and corresponding liability. Lessees will also be required to provide additional qualitative and quantitative disclosures regarding the amount, timing and uncertainty of cash flows arising from leases. These disclosures are intended to supplement the amounts recorded in the financial statements and provide additional information about the nature of an organization’s leasing activities. The new standard is effective for fiscal years beginning after December 15, 2018, and interim periods within those years, with early adoption permitted. In transition, lessees are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The transition guidance also provides specific guidance for sale and leaseback transactions, build-to-suit leases and amounts previously recognized in accordance with the business combinations guidance for leases. We are currently evaluating our expected adoption method and the impact of this new standard on the financial statements.

Marketable Securities

Marketable Securities	6 Months Ended
	Jun. 30, 2016
Marketable Securities
Marketable Securities	3. Marketable Securities The following table summarizes the available-for-sale securities held at June 30, 2016 (in thousands): Amortized Cost Unrealized Gains Unrealized Losses Fair Value June 30, 2016 U.S. government agency securities and treasuries $ $ $ — $ Corporate debt securities Total available-for-sale securities $ $ $ $ The Company did not have available for sale securities at December 31, 2015. No available- for- sale securities held as of June 30, 2016 had remaining maturities greater than one year.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2016
Fair Value Measurements
Fair Value Measurements	4. Fair Value Measurements The following table sets forth the Company’s assets that are measured at fair value on a recurring basis as of June 30, 2016 and December 31, 2015 (in thousands): Quoted Significant prices in other Significant Total active observable unobservable markets inputs inputs (Level 1) (Level 2) (Level 3) June 30, 2016 Assets: Cash and Cash Equivalents Money Market Funds $ $ $ — $ — US government agency securities and treasuries — — Total cash and cash equivalents — Marketable securities U.S. government agency securities and treasuries — — Corporate debt securities — — Total marketable securities — — Restricted cash — — Total assets $ $ $ $ — December 31, 2015 Assets: Money Market Funds — — Total Assets $ $ $ — $ — Cash and cash equivalents The Company considers all highly liquid securities with original final maturities of three months or less from the date of purchase to be cash equivalents. As of June 30, 2016 and December 31, 2015, cash and cash equivalents are comprised of money market accounts and U.S. government agency securities. Marketable securities The amortized cost of available-for-sale securities is adjusted for amortization of premiums and accretion of discounts to maturity. At June 30, 2016 and December 31, 2015, the balance in the Company’s accumulated other comprehensive income was composed solely of activity related to the Company’s available-for-sale marketable securities. There were no realized gains or losses recognized on the sale or maturity of available-for-sale securities during the three and six months ended June 30, 2016, and, as a result, the Company did not reclassify any amounts of accumulated other comprehensive income for the same period. As of June 30, 2016, the amortized cost and unrealized loss on available for sale securities in an unrealized loss position was approximately $11.6 million and $7,000 , respectively. The Company has the intent and ability to hold such securities until recovery. The Company determined that there was no material changes in the credit risk of the above investments. The Company determined it did not hold any investments with an other- than- temporary impairment as of June 30, 2016 and December 31, 2015.

Property and Equipment

Property and Equipment	6 Months Ended
	Jun. 30, 2016
Property and Equipment
Property and Equipment	5. Property and Equipment Property and equipment consisted of the following (in thousands): June 30, December 31, 2016 2015 Construction in Progress $ $ — Machinery, computers and equipment Leasehold improvements Accumulated depreciation $ $ Depreciation expense was approximately $26,000 and $13,000 for the three months ended June 30, 2016 and 2015. Depreciation expense was approxi mately $45,000 and $25,000 for the six mont hs ended June 30, 2016 and 2015.

Common Stock

Common Stock	6 Months Ended
	Jun. 30, 2016
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: · 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. · 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. Since inception, no cash dividends have been declared. Offerings 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. The 2015 award was 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 the 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 $16.6 million. 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.

Stock Option Plans

Stock Option Plans	6 Months Ended
	Jun. 30, 2016
Stock Option Plans
Stock Option Plans	7. Stock Option Plans 2008 Long Term Incentive Plan During 2008, the 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 330,582 stock options and stock purchase rights may be granted. In December 2013, the total amount available for grant under the 2008 Plan was increased by 224,200 to 554,782 . In March 2014, the Company’s board of directors approved an increase of 115,153 shares available for grant pursuant to the 2008 Plan to 669,935 . In March 2015, the total amount of available to grant under the 2008 Plan was increased in conjunction with the Company’s offering of Series D preferred stock by 391,650 shares to 1,061,585 . Options under the 2008 Plan have a maximum life of 10 years from the date of grant. Options vest at various intervals, as determined by the Company’s board of directors at the date of grant. 2015 Equity Incentive Plan In August 2015, the Company’s board of directors approved the 2015 Equity Incentive Award 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, 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 792,717 options outstanding in the 2008 Plan at June 30, 2016 may be transferred to the 2015 Plan if awards thereunder terminate, expire or lapse for any reason without the delivery of shares to the holder thereof. Under the 2015 Plan, 1,671,800 shares of the Company’s common stock were initially authorized and reserved for issuance. In March 2016, the Company’s board of directors approved an increase of 1,041,527 shares available for grant pursuant to the 2015 Plan. A combined total of 3,508,492 shares have been authorized and reserved for issuance under the 2008 Plan and 2015 Plan at June 30, 2016. 2015 Employee Stock Purchase Plan 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 June 30, 2016. Shares available for future purchase under the ESPP were 375,485 at June 30, 2016. Stock Option Activity The Company’s stock option activity for the six months ended June 30, 2016 was as follows: Weighted‑ Average Weighted‑Average Number Exercise Contractual of Shares Price Life (years) Outstanding at December 31, 2015 Granted Exercised Forfeited/canceled Outstanding at June 30, 2016 $ Options exercisable at June 30, 2016 $ Stock Compensation Expense Total stock- based compensation expense for the three and six months ended June 30, 2016 was recognized as follows in the statements of comprehensive loss (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Research and development expense (1) $ $ $ $ General and administrative expense Total stock based compensation $ $ $ $ (1) Amount for stock- based compensation expense in research and development for the three and six months ended June 30, 2016 includes the reversal of approximately $252,000 in previously recognized stock- based compensation expense for the forfeiture of unvested awards during the period. As of June 30, 2016 there was approximately $5.0 million of unrecognized compensation cost related to the stock options granted under the 2015 Plan, which is expected to be amortized over a weighted average period of 3.0 years. There were no restricted stock units or stock appreciation rights granted under the 2015 Plan as of June 30, 2016.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2016
Income Taxes
Income Taxes	8. Income Taxes The Company had not recorded a provision for income taxes as of June 30, 2016 due to reported net losses since inception. During the three and six months ended June, 2016 and 2015, 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.

Agreements with Asuragen

Agreements with Asuragen	6 Months Ended
	Jun. 30, 2016
Agreements with Asuragen
Agreements with Asuragen	9. Agreements 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. Total expenses under the Shared Services Agreement with Asuragen totaled approxi mately $ 119,000 and $98,000 for the three months ended June 30, 2016 and 2015, respectively and $ 237,000 and $195,000 for the six months ended June 30, 2016 and 2015. On October 31, 2014, the Company entered into a sublease agreement with Asuragen for use of office, laboratory and shared space. Total rent expense was $22,200 and $44,400 for the three and six months ended June 30, 2016. Both the lease and the shared service agreements expire on August 31, 2016. The Company has entered into a new lease for additional space, as discussed in Note 11.

License Agreements

License Agreements	6 Months Ended
	Jun. 30, 2016
License Agreements
License agreements	10. License agreements Rosetta Genomics Ltd. In December 2015, the Company entered into a Patent License Agreement (the “License Agreement”) with Rosetta Genomics Ltd. (“Rosetta”), licensing to the Company certain patents owned or controlled by Rosetta as specified in the License Agreement. Under the License Agreement, Rosetta granted the Company a non-assignable, non- transferable, worldwide license for certain patents in connection with the development and commercialization of products that relate to the tumor suppressor microRNA MIR-34 (“Products”). This license is exclusive with respect to Products that relate to MRX34, the Company’s lead product candidate, and non-exclusive for products that are not related to MRX34. Under the License Agreement, the Company paid Rosetta an up-front, non-refundable payment of $1.6 million, which was accrued as an expense within research and development at December 31, 2015 and subsequently paid in January 2016. The Company is obligated to pay low single- digit royalties on net sales of Products, as well as royalties on sublicense revenues. Certain development and regulatory milestone payments totaling $3 million may also be payable in connection with specified types of Products, upon the achievement of certain development and/ or regulatory milestone events. Marina Biotech, Inc. In December 2011, the Company entered into a licensing agreement with Marina Biotech, Inc. (“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 microRNA 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 as a licensed product, in exchange for the payment of a specified selection fee payment. The Company has cumulatively paid Marina appr oximately $2.1 million through J une 30, 2016 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 $4.0 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. 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	6 Months Ended
	Jun. 30, 2016
Commitments and Contingencies.
Commitments and Contingencies	11. Commitments and Contingencies Operating Lease In June 2016, the Company entered into a lease for its corporate headquarters and research facility in Austin, Texas (the “Headquarters”) under an operating lease agreement (the “Lease”). The lease will commence on the earlier of (i) the date on which the Company first conducts any business in the new Headquarters, (ii) substantial completion of the improvements made to the new Headquarters as defined in the Lease, or (iii) January 1, 2017 (collectively, the “Commencement Date”). The initial term of the lease is for a 123 month period, with the option to extend the lease for up to two consecutive 60 month terms. The Company anticipates taking occupancy of the facilities in the latter half of 2016. The lease provides annual base rent of approximately $600,000 in the first year after a three - month rent free period following the Commencement Date, with subsequent annual increases of approximately 3% in the annual base rent. In connection with the lease, the landlord has provided a tenant improvement allowance of approximately $1.9 million to be used by the Company to build-out certain improvements to the Headquarters. The Lease also provides for an additional improvement allowance of up to $1.3 million. The additional allowance, if exercised, will amortize over 120 months on a straight line basis. There have been no draws on the additional improvement allowance as of June 30, 2016. Mirna has obtained a standby letter of credit for the initial amount of approximately $2.4 million, which may be drawn down by the landlord in the event of default. If Mirna meets certain requirements, the amount due under the Letter of Credit may be reduced to approximately $800,000 . Under the Lease agreement, future minimum payments payable are approximately as follows: Operating Period ending December 31, Lease 2016 (six months) - 2017 $ 2018 2019 2020 and thereafter Total $ Shared Services Agreement Pursuant to a shared services agreement and sublease with Asuragen (see Note 9), the Company has remaining commitments for payments through August 2016 under the shared services agreement and sublease of $79,000 and $14,800 , respectively.

Net Loss Per Share Attributable

Net Loss Per Share Attributable to Common Stockholders	6 Months Ended
	Jun. 30, 2016
Net Loss Per Share Attributable to Common Stockholders
Net Loss Per Share Attributable to Common Stockholders	12. 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 Six Months Ended June 30, June 30, 2016 2015 2016 2015 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. June 30, 2016 2015 Convertible preferred stock — Stock options As the Company incurred a net loss for the three and six months ended June 30, 2016 there is no income allocation required under the two ‑class method or dilution attributed to weighted ‑average shares outstanding in the computation of diluted loss per share attributable to common stockholders.

Summary of Significant Accoun18

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2016
Summary 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.
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, development of intellectual property, 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.
Clinical Trial and Pre-Clinical Study Accruals	Clinical Trial and Pre-Clinical Study Accruals The Company estimates pre-clinical study and clinical trial expenses pursuant to contracts with research institutions and contract research organizations that conduct and manage preclinical studies and clinical trials on the Company’s behalf. These estimates are based on the level of service performed and the underlying agreement. Further, the Company accrues expenses related to clinical trials based on the level of patient enrollment and other activities according to the related agreements. The Company monitors patient enrollment levels and other activities to the extent reasonably possible and adjusts estimates accordingly. If actual costs incurred or the timing of services vary from our estimate, we adjust the accrual accordingly.
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.
Fair value measurements	Fair value measurements The Company records money market funds at fair value. ASC Topic 820, Fair Value Measurements and Disclosures , establishes a fair value hierarchy for those instruments measured at fair value that distinguishes between assumptions based on market data (observable inputs) and the Company’s own assumptions (unobservable inputs). The hierarchy consists of three levels: · Level 1 – Unadjusted prices in active markets for identical assets or liabilities. · Level 2 – Quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability. · Level 3 – Unobservable inputs that reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability in which there is little, if any, market activity for the asset or liability at the measurement date. The carrying amounts reflected in the balance sheets for cash, prepaid expenses and other current assets, accounts payable, and accrued expenses approximate their fair values at June 30, 2016 and December 31, 2015, due to their short ‑term nature. The Company evaluates transfers between levels at the end of each reporting period. There were no transfers of assets or liabilities between Level 1, Level 2 or Level 3 during the three or six months ended June 30, 2016 or 2015.
Restricted Cash	Restricted Cash Restricted cash consists of cash amounts held for specific or limited purposes and, therefore, not available for general operating activities. In June 2016, the Company secured a standby letter of credit of $2.4 million for the benefit of the landlord in the event of default. The restricted cash consists of cash providing security under the terms of the lease described in Note 11.
Marketable Securities	Marketable Securities The Company classifies marketable securities with a remaining maturity when purchased of greater than three months as available-for-sale. Marketable securities with a remaining maturity date greater than one year are classified as non-current. Available-for-sale securities are maintained by an investment manager and may consist of U.S. Treasury securities and government agency securities and corporate debt securities. Available-for-sale securities are carried at fair value with the unrealized gains and losses included in other comprehensive loss as a component of stockholders’ equity until realized. Any premium or discount arising at purchase is amortized and/or accreted to interest income and/or expense over the life of the instrument. Realized gains and losses are determined using the specific identification method and are included in other income. If any adjustment to fair value reflects a decline in value of the investment, the Company considers all available evidence to evaluate the extent to which the decline is “other-than-temporary” and, if so, mark the investment to market through a charge to the Company’s statement of operations and comprehensive loss.
Comprehensive loss	Comprehensive loss Comprehensive loss is composed of net loss and other comprehensive income or loss. Other comprehensive income consists of unrealized gains on marketable securities.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In March 2016, the Financial Accounting Standards Board (FASB) issued ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share Based Payment Accounting ("ASU 2016-09") as part of the FASB simplification initiative. The new standard provides for changes to accounting for stock compensation including 1) excess tax benefits and tax deficiencies related to share based payment awards will be recognized as income tax expense in the reporting period in which they occur; 2) excess tax benefits will be classified as an operating activity in the statement of cash flow; 3) the option to elect to estimate forfeitures or account for them when they occur; and 4) increase tax withholding requirements threshold to qualify for equity classification. The ASU is effective for public companies for annual periods, and interim periods within those annual periods, beginning after December 15, 2016, and early adoption is permitted. The Company is currently evaluating the impact that ASU 2016-09 will have on the financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) . The new standard requires the recognition of assets and liabilities arising from lease transactions on the balance sheet and the disclosure of key information about leasing arrangements. Accordingly, a lessee will recognize a lease asset for its right to use the underlying asset and a lease liability for the corresponding lease obligation. Both the asset and liability will initially be measured at the present value of the future minimum lease payments over the lease term. Subsequent measurement, including the presentation of expenses and cash flows, will depend on the classification of the lease as either a finance or an operating lease. Initial costs directly attributable to negotiating and arranging the lease will be included in the asset. For leases with a term of twelve months or less, a lessee can make an accounting policy election by class of underlying asset to not recognize an asset and corresponding liability. Lessees will also be required to provide additional qualitative and quantitative disclosures regarding the amount, timing and uncertainty of cash flows arising from leases. These disclosures are intended to supplement the amounts recorded in the financial statements and provide additional information about the nature of an organization’s leasing activities. The new standard is effective for fiscal years beginning after December 15, 2018, and interim periods within those years, with early adoption permitted. In transition, lessees are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The transition guidance also provides specific guidance for sale and leaseback transactions, build-to-suit leases and amounts previously recognized in accordance with the business combinations guidance for leases. We are currently evaluating our expected adoption method and the impact of this new standard on the financial statements.

Marketable Securities (Tables)

Marketable Securities (Tables)	6 Months Ended
	Jun. 30, 2016
Marketable Securities
Summary of available-for-sale securities held	The following table summarizes the available-for-sale securities held at June 30, 2016 (in thousands): Amortized Cost Unrealized Gains Unrealized Losses Fair Value June 30, 2016 U.S. government agency securities and treasuries $ $ $ — $ Corporate debt securities Total available-for-sale securities $ $ $ $

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2016
Fair Value Measurements
Schedule of entity's assets that are measured at fair value on recurring basis	The following table sets forth the Company’s assets that are measured at fair value on a recurring basis as of June 30, 2016 and December 31, 2015 (in thousands): Quoted Significant prices in other Significant Total active observable unobservable markets inputs inputs (Level 1) (Level 2) (Level 3) June 30, 2016 Assets: Cash and Cash Equivalents Money Market Funds $ $ $ — $ — US government agency securities and treasuries — — Total cash and cash equivalents — Marketable securities U.S. government agency securities and treasuries — — Corporate debt securities — — Total marketable securities — — Restricted cash — — Total assets $ $ $ $ — December 31, 2015 Assets: Money Market Funds — — Total Assets $ $ $ — $ —

Property and Equipment (Tables)

Property and Equipment (Tables)	6 Months Ended
	Jun. 30, 2016
Property and Equipment
Schedule of property and equipment	Property and equipment consisted of the following (in thousands): June 30, December 31, 2016 2015 Construction in Progress $ $ — Machinery, computers and equipment Leasehold improvements Accumulated depreciation $ $

Stock Option Plans (Tables)

Stock Option Plans (Tables)	6 Months Ended
	Jun. 30, 2016
Stock Option Plans
Schedule of stock option activity	Weighted‑ Average Weighted‑Average Number Exercise Contractual of Shares Price Life (years) Outstanding at December 31, 2015 Granted Exercised Forfeited/canceled Outstanding at June 30, 2016 $ Options exercisable at June 30, 2016 $
Schedule of stock-based compensation expense for employee stock options, allocation of expense in statement of operations	Total stock- based compensation expense for the three and six months ended June 30, 2016 was recognized as follows in the statements of comprehensive loss (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Research and development expense (1) $ $ $ $ General and administrative expense Total stock based compensation $ $ $ $ (1) Amount for stock- based compensation expense in research and development for the three and six months ended June 30, 2016 includes the reversal of approximately $252,000 in previously recognized stock- based compensation expense for the forfeiture of unvested awards during the period.

Commitments and Contingency (Ta

Commitments and Contingency (Tables)	6 Months Ended
	Jun. 30, 2016
Commitments and Contingencies.
Schedule of future minimum payments payable	Under the Lease agreement, future minimum payments payable are approximately as follows: Operating Period ending December 31, Lease 2016 (six months) - 2017 $ 2018 2019 2020 and thereafter Total $

Net Loss Per Share Attributab24

Net Loss Per Share Attributable to Common Stockholders (Tables)	6 Months Ended
	Jun. 30, 2016
Net Loss Per Share Attributable to Common Stockholders
Schedule of computation of basic and diluted net loss per share	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 Six Months Ended June 30, June 30, 2016 2015 2016 2015 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	June 30, 2016 2015 Convertible preferred stock — Stock options

Nature of Business and Basis 25

Nature of Business and Basis of Presentation (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	6 Months Ended
	Oct. 31, 2015	Jun. 30, 2016	Dec. 31, 2015
Equity transactions
Par value (in dollars per share)		$ 0.001	$ 0.001
Cash and cash equivalents and marketable securities		$ 72.6
Minimum
Equity transactions
Period over which cash resources will be sufficient to maintain the Company's current and planned operations		12 months
Private Placement | Common Stock
Equity transactions
Shares issued (in shares)	2,395,010
Proceeds from issuance of common stock in private placement	$ 16.7
Initial Public Offering | Common Stock
Equity transactions
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	$ 43.7
Over-Allotment Option | Common Stock
Equity transactions
Shares issued (in shares)	704,962

Summary of Significant Accoun26

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Fair value of assets measured at fair value on a recurring basis
Transfers in and out of assets and liabilities measured at fair value on a recurring basis using Level 1, Level 2 and Level 3 inputs.	$ 0	$ 0	$ 0	$ 0
Standby Letters of Credit
Standby Letter of Credit
Initial amount of standby letter of credit	$ 2,400		$ 2,400

Marketable Securities (Details)

Marketable Securities (Details) $ in Thousands	Jun. 30, 2016USD ($)
Available-for-sale securities held
Amortized Cost	$ 41,750
Unrealized Gains	13
Unrealized Losses	(7)
Fair Value	41,756
Maturities
Remaining maturities greater than one year	0
U.S. government agency securities and treasuries
Available-for-sale securities held
Amortized Cost	19,050
Unrealized Gains	9
Fair Value	19,059
Corporate debt securities
Available-for-sale securities held
Amortized Cost	22,700
Unrealized Gains	4
Unrealized Losses	(7)
Fair Value	$ 22,697

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2016	Dec. 31, 2015
Fair value of assets measured at fair value on a recurring basis
Total marketable securities	$ 41,756,000	$ 41,756,000
Restricted cash	2,430,000	2,430,000
Marketable securities
Realized gains or losses recognized	0	0
Amortized cost on available for sale securities in an unrealized loss position	11,600,000	11,600,000
Unrealized loss on available for sale securities in an unrealized loss position	7,000	7,000
U.S. government agency securities and treasuries
Fair value of assets measured at fair value on a recurring basis
Total marketable securities	19,059,000	19,059,000
Corporate debt securities
Fair value of assets measured at fair value on a recurring basis
Total marketable securities	22,697,000	22,697,000
Recurring
Fair value of assets measured at fair value on a recurring basis
Total cash and cash equivalents	30,796,000	30,796,000
Total marketable securities	41,756,000	41,756,000
Restricted cash	2,430,000	2,430,000
Total assets	74,982,000	74,982,000	$ 89,713,000
Recurring | Money Market Funds
Fair value of assets measured at fair value on a recurring basis
Total cash and cash equivalents	22,784,000	22,784,000	89,713,000
Recurring | U.S. government agency securities and treasuries
Fair value of assets measured at fair value on a recurring basis
Total cash and cash equivalents	8,012,000	8,012,000
Total marketable securities	19,059,000	19,059,000
Recurring | Corporate debt securities
Fair value of assets measured at fair value on a recurring basis
Total marketable securities	22,697,000	22,697,000
Recurring | Level 1
Fair value of assets measured at fair value on a recurring basis
Total cash and cash equivalents	22,784,000	22,784,000
Restricted cash	2,430,000	2,430,000
Total assets	25,214,000	25,214,000	89,713,000
Recurring | Level 1 | Money Market Funds
Fair value of assets measured at fair value on a recurring basis
Total cash and cash equivalents	22,784,000	22,784,000	$ 89,713,000
Recurring | Level 2
Fair value of assets measured at fair value on a recurring basis
Total cash and cash equivalents	8,012,000	8,012,000
Total marketable securities	41,756,000	41,756,000
Total assets	49,768,000	49,768,000
Recurring | Level 2 | U.S. government agency securities and treasuries
Fair value of assets measured at fair value on a recurring basis
Total cash and cash equivalents	8,012,000	8,012,000
Total marketable securities	19,059,000	19,059,000
Recurring | Level 2 | Corporate debt securities
Fair value of assets measured at fair value on a recurring basis
Total marketable securities	$ 22,697,000	$ 22,697,000

Property and Equipment (Details

Property and Equipment (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Property and equipment
Less accumulated depreciation and amortization	$ (370,000)		$ (370,000)		$ (330,000)
Property and equipment, net	1,237,000		1,237,000		375,000
Depreciation expense	26,000	$ 13,000	45,000	$ 25,000
Construction in Progress
Property and equipment
Property and equipment, gross	98,000		98,000
Machinery, computers and equipment
Property and equipment
Property and equipment, gross	1,491,000		1,491,000		687,000
Leasehold improvements
Property and equipment
Property and equipment, gross	$ 18,000		$ 18,000		$ 18,000

Common Stock - Voting and Divid

Common Stock - Voting and Dividends (Details) $ in Thousands	6 Months Ended	103 Months Ended
	Jun. 30, 2016Vote	Jun. 30, 2016USD ($)
Common Stock.
Number of votes per common stock | Vote	1
Cash dividends | $		$ 0

Common Stock - Offerings (Detai

Common Stock - Offerings (Details) - USD ($) $ / shares in Units, $ in Millions	Oct. 05, 2015	Oct. 31, 2015	Sep. 30, 2015
Common Stock | Private Placement
Class of Stock [Line Items]
Shares issued (in shares)		2,395,010
Proceeds from issuance of common stock in private placement		$ 16.7
Common Stock | Initial Public Offering
Class of Stock [Line Items]
Shares issued (in shares)		6,250,000
Share price (in dollars per share)		$ 7
Proceeds from issuance of common stock in initial public offering		$ 43.7
Common Stock | Over-Allotment Option
Class of Stock [Line Items]
Shares issued (in shares)		704,962
CPRIT
Class of Stock [Line Items]
Grant award			$ 16.8
Shares of common stock to be purchased in private placement per the agreement			$ 16.8
CPRIT | Common Stock | Private Placement
Class of Stock [Line Items]
Shares issued (in shares)	2,395,010
Share price (in dollars per share)	$ 7
Proceeds from issuance of common stock in private placement	$ 16.6

Stock Option Plans - Plan Infor

Stock Option Plans - Plan Information (Details) - $ / shares	1 Months Ended				6 Months Ended	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2013	Jun. 30, 2016	Dec. 31, 2015	Sep. 29, 2015	Dec. 31, 2008
Number of Shares
Outstanding at beginning of period (in shares)					1,529,459
Granted (in shares)					665,250
Exercised (in shares)					(5,313)
Forfeited/canceled (in shares)					(293,854)
Outstanding at end of period (in shares)					1,895,542	1,529,459
Exercisable at end of period (in shares)					474,542
Weighted Average Exercise Price
Outstanding at beginning of period (in dollars per share)					$ 6.29
Granted (in dollars per share)					4.40
Exercised (in dollars per share)					1.65
Forfeited/canceled (in dollars per share)					7
Outstanding at end of period (in dollars per share)					5.53	$ 6.29
Exercisable at end of period (in dollars per share)					$ 4.93
Additional disclosures
Weighted Average Remaining Contractual Life					8 years 9 months 26 days	9 years
Weighted Average Remaining Contractual Life, Exercisable at end of period					7 years 5 months 9 days
ESPP
Stock Option Plans
Number of stock option and stock purchase rights available for grant					375,485
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	669,935	554,782				330,582
Expiration period					10 years
Additional stock option and stock purchase rights available for grant		391,650	115,153	224,200
Number of Shares
Outstanding at end of period (in shares)					792,717
2015 Plan
Stock Option Plans
Number of stock option and stock purchase rights available for grant							1,671,800
Additional stock option and stock purchase rights available for grant	1,041,527
2008 Plan and 2015 Plan
Stock Option Plans
Number of stock option and stock purchase rights available for grant					3,508,492

Stock Option Plans - Stock-Base

Stock Option Plans - Stock-Based Compensation Expense (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Stock-based compensation expense allocation
Stock-based compensation expense	$ 242,000	$ 217,000	$ 689,000	$ 351,000
Restricted Stock Units
Stock-based compensation expense allocation
Awards granted (in shares)			0
2015 Plan | Stock Options
Stock-based compensation expense allocation
Unrecognized compensation cost	5,000,000		$ 5,000,000
Unrecognized compensation cost, period of recognition			3 years
2015 Plan | Restricted Stock Units
Stock-based compensation expense allocation
Awards granted (in shares)			0
2015 Plan | Stock Appreciation Rights
Stock-based compensation expense allocation
Awards granted (in shares)			0
Research and development expense.
Stock-based compensation expense allocation
Stock-based compensation expense	(56,000)	49,000	$ 115,000	81,000
Reversal of previously recognized stock-based compensation expense	252,000		252,000
General and administrative expense.
Stock-based compensation expense allocation
Stock-based compensation expense	$ 298,000	$ 168,000	$ 574,000	$ 270,000

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Income Taxes
Interest and penalties related to income taxes	$ 0	$ 0	$ 0	$ 0

Agreements with Asuragen (Detai

Agreements with Asuragen (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Shared Services Agreement with Asuragen
Shared Services Agreement
Expenses	$ 119,000	$ 98,000	$ 237,000	$ 195,000
Sublease Agreement with Asuragen
Shared Services Agreement
Expenses	$ 22,200		$ 44,400

License Agreements (Details)

License Agreements (Details) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Jan. 31, 2016	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
License Agreements
Research and development expense		$ 3,682,000	$ 4,499,000	$ 8,205,000	$ 7,901,000
Rosetta Genomics
License Agreements
Research and development expense						$ 1,600,000
Up-front and milestone payments	$ 1,600,000
Aggregate payments to be made for each licensed product upon achievement of certain development and regulatory milestones		3,000,000		3,000,000
Marina Biotech
License Agreements
Cumulative up-front and milestone payments		2,100,000		2,100,000
Aggregate payments to be made for each licensed product upon achievement of certain development and regulatory milestones		6,000,000		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		4,000,000
Maximum cap on all milestone payments per product		10,000,000		10,000,000
Aggregate of all remaining development and regulatory milestone payments upon additional indications				4,000,000
Yale University
License Agreements
Maximum cap on all milestone payments per product		$ 600,000		$ 600,000

Commitments and Contingencies (

Commitments and Contingencies (Detail)	1 Months Ended	6 Months Ended
	Jun. 30, 2016USD ($)item	Jun. 30, 2016USD ($)item
Operating Lease
Initial term of lease	123 months
Number of terms lease can be extended | item	2	2
Renewal term option of lease	60 months
Annual base rent	$ 600,000
Rent free term	3 months
Yearly increases in base rent (as a percent)	3.00%
Tenant improvement allowance	$ 1,900,000
Additional tenant improvement allowance available		$ 1,300,000
Amortization period of additional improvement allowance		120 months
Number of draws taken on the additional improvement allowance | item	0	0
Future minimum payments payable
2,017	$ 450,930	$ 450,930
2,018	614,856	614,856
2,019	633,364	633,364
2020 and thereafter	5,306,111	5,306,111
Total	7,005,261	7,005,261
Standby Letters of Credit
Standby Letter of Credit
Initial amount of standby letter of credit	2,400,000	2,400,000
Reduced amount of standby letter of credit if certain conditions are met	800,000	800,000
Shared Services Agreement with Asuragen | Asuragen Inc
Shared Services Agreement
Remaining commitments due in 2016	79,000	79,000
Sublease Agreement with Asuragen | Asuragen Inc
Shared Services Agreement
Remaining commitments due in 2016	$ 14,800	$ 14,800

Net Loss Per Share Attributab38

Net Loss Per Share Attributable to Common Stockholders - Computation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Net Loss Per Share Attributable to Common Stockholders
Net loss	$ (5,638)	$ (5,684)	$ (12,209)	$ (9,963)
Accretion of convertible preferred stock to redemption value				(448)
Accrued dividends on convertible preferred stock		(1,544)		(2,214)
Net loss attributable to common stockholders	$ (5,638)	$ (7,228)	$ (12,209)	$ (12,625)
Weighted-average number of common shares—basic and diluted	20,831,723	91,643	20,831,139	90,102
Net loss per share attributable to common stockholders - basic and diluted	$ (0.27)	$ (78.87)	$ (0.59)	$ (140.10)

Net Loss Per Share Attributab39

Net Loss Per Share Attributable to Common Stockholders - Dilutive Securities (Details) - shares	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Potentially dilutive securities
Potentially dilutive securities excluded from the computation of weighted average common shares outstanding	1,905,142	10,978,274
Convertible Preferred Stock
Potentially dilutive securities
Potentially dilutive securities excluded from the computation of weighted average common shares outstanding		10,159,614
Options to purchase common stock
Potentially dilutive securities
Potentially dilutive securities excluded from the computation of weighted average common shares outstanding	1,905,142	818,660