Phio Pharmaceuticals (PHIO) 10-Q 13 May 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2015	8-May-15
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	FALSE
Document Period End Date	31-Mar-15
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Trading Symbol	RXII
Entity Registrant Name	RXi Pharmaceuticals Corp
Entity Central Index Key	1533040
Current Fiscal Year End Date	-19
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		36,160,113

Condensed_Balance_Sheets_Unaud

Condensed Balance Sheets (Unaudited) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Current assets:
Cash and cash equivalents	$6,580	$8,496
Restricted cash	50	50
Prepaid expenses and other current assets	351	442
Total current assets	6,981	8,988
Property and equipment, net	170	183
Other assets	18	18
Total assets	7,169	9,189
Current liabilities:
Accounts payable	459	285
Accrued expenses and other current liabilities	1,097	1,002
Deferred revenue		47
Total current liabilities	1,556	1,334
Commitments and contingencies
Stockholders' equity (Note 6):
Preferred stock	0	0
Common stock, $0.0001 par value, 100,000,000 shares authorized; 31,221,598 and 21,984,272 shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively	3	2
Additional paid-in capital	52,331	48,047
Accumulated deficit	-49,827	-46,882
Total stockholders' equity	2,528	2,745
Total liabilities, convertible preferred stock and stockholders' equity	7,169	9,189
Series A Convertible Preferred Stock [Member]
Convertible preferred stock (Note 5)
Series A convertible preferred stock, $0.0001 par value, 15,000 shares authorized; 3,085 and 5,110 shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively (at liquidation value)	3,085	5,110
Series A-1 Convertible Preferred Stock [Member]
Stockholders' equity (Note 6):
Preferred stock	$21	$1,578

Condensed_Balance_Sheets_Unaud1

Condensed Balance Sheets (Unaudited) (Parenthetical) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Preferred stock, par value	$0.00	$0.00
Preferred stock, shares authorized	10,000,000	10,000,000
Common stock, par value	$0.00	$0.00
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	31,221,598	21,984,272
Common stock, shares outstanding	31,221,598	21,984,272
Series A Convertible Preferred Stock [Member]
Series A Preferred Stock, par value	$0.00	$0.00
Series A Preferred Stock, shares authorized	15,000	15,000
Series A Preferred Stock, shares issued	3,085	5,110
Series A Preferred Stock, shares outstanding	3,085	5,110
Series A-1 Convertible Preferred Stock [Member]
Preferred stock, par value	$0.00	$0.00
Preferred stock, shares authorized	10,000	10,000
Series A-1 Preferred Stock, shares issued	21	1,578
Series A-1 Preferred Stock, shares outstanding	21	1,578

Condensed_Statements_of_Operat

Condensed Statements of Operations (Unaudited) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015		Mar. 31, 2014
Revenues:
Grant revenues	$34		$29
Operating Expenses:
Research and development expenses	2,107	[1]	1,476	[1]
General and administrative expenses	873	[1]	843	[1]
Total operating expenses	2,980		2,319
Loss from operations	-2,946		-2,290
Interest income, net	1		6
Net loss	-2,945		-2,284
Series A and Series A-1 convertible preferred stock dividends	-185		-1,755
Net loss applicable to common stockholders	($3,130)		($4,039)
Net loss per common share applicable to common stockholders:
Basic and diluted	($0.13)		($0.32)
Weighted average common shares: basic and diluted	23,763,486		12,616,086
[1]	Non-cash stock-based compensation expenses included in operating expenses are as follows: Research and development $ 210 $ 210 General and administrative 281 281

Condensed_Statements_of_Operat1

Condensed Statements of Operations (Unaudited) (Parenthetical) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Research and Development Expense [Member]
Non-cash stock-based compensation expenses	$175	$210
General and Administrative Expense [Member]
Non-cash stock-based compensation expenses	$236	$281

Condensed_Statements_of_Cash_F

Condensed Statements of Cash Flows (Unaudited) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities:
Net loss	($2,945)	($2,284)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	21	22
Non-cash stock-based compensation	411	491
Fair value of common stock issued in exchange for patent and technology rights	228
Changes in operating assets and liabilities:
Prepaid expenses and other assets	91	77
Accounts payable	174	114
Accrued expenses and other current liabilities	95	-771
Deferred revenue	-47	-29
Net cash used in operating activities	-1,972	-2,380
Cash flows from investing activities:
Cash paid for purchase of equipment and furnishings	-8
Net cash used in investing activities	-8
Cash flows from financing activities:
Net proceeds from the issuance of common stock	64
Net cash provided by financing activities	64
Net decrease in cash and cash equivalents	-1,916	-2,380
Cash and cash equivalents at the beginning of period	8,496	11,390
Cash and cash equivalents at the end of period	6,580	9,010
Supplemental disclosure of non-cash investing and financing activities:
Exchange of Series A convertible preferred stock into Series A-1 convertible preferred stock	2,000	3,000
Conversion of Series A and Series A-1 convertible preferred stock into common stock	3,686	672
Fair value of Series A and Series A-1 convertible preferred stock dividends	185	1,755
Series A and Series A-1 convertible preferred stock dividends	$105	$168

Nature_of_Business_and_Basis_o

Nature of Business and Basis of Presentation	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Nature of Business and Basis of Presentation	1. Nature of Business and Basis of Presentation
	RXi Pharmaceuticals Corporation (“RXi,” “we,” “our” or the “Company”) is a biotechnology company focused on discovering and developing innovative therapies, primarily in the areas of dermatology and ophthalmology, addressing high unmet medical needs. Our development programs are based on our siRNA technology and immunotherapy agents. Our clinical development programs include, but are not limited to, our proprietary, self-delivering RNAi (sd-rxRNA®) compounds for the treatment of dermal and retinal scarring and an immunodulating agent, Samcyprone™, for the treatment of such disorders as alopecia areata, warts and cutaneous metastases of melanoma. In addition to these clinical programs, we have a pipeline of discovery and preclinical product candidates in our core therapeutic areas, as well as in other areas of interest. The Company’s pipeline, coupled with our extensive patent portfolio, provides support to further discover and develop innovative therapies either on our own or in collaboration with strategic partners.
	Basis of Presentation
	The accompanying condensed financial statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Certain information and footnote disclosures included in the Company’s annual financial statements have been condensed or omitted. The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. In the opinion of management, all adjustments (including normal recurring accruals) considered necessary for a fair presentation of the condensed financial statements have been included. Interim results are not necessarily indicative of results for a full year.
	Uses of Estimates in Preparation of Financial Statements
	The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.
	Cash and Cash Equivalents
	The Company considers all highly liquid instruments with an original maturity of three months or less to be cash equivalents. Cash equivalents consist primarily of amounts invested in money market accounts and certificates of deposit.
	Restricted Cash
	Restricted cash consists of certificates of deposit held by financial institutions as collateral for the Company’s corporate credit cards.
	Revenue Recognition
	Principal sources of revenue consist of government research grants. Revenue from government grants is recognized over the respective contract periods as the services are performed, provided there is persuasive evidence of an arrangement, the fee is fixed or determinable and collection of the related receivable is reasonably assured, and no contingencies remain outstanding. Monies received prior to the recognition of revenue are recorded as deferred revenue.
	Research and Development Expenses
	Research and development costs are charged to expense as incurred and relate to salaries, employee benefits, facility-related expenses, supplies, stock-based compensation related to employees and non-employees involved in the Company’s research and development, external services, other operating costs and overhead related to our research and development departments, costs to acquire technology licenses and expenses associated with pre-clinical activities and our clinical trials. Payments made by the Company in advance for research and development services not yet provided and/or for materials not yet received are recorded as prepaid expenses. Accrued liabilities are recorded related to those expenses for which vendors have not yet billed us with respect to services provided and/or materials that we have received.
	Preclinical and clinical trial expenses relate to third-party services, subject-related fees at the sites where our clinical trials are being conducted, laboratory costs, analysis costs, toxicology studies and investigator fees. Costs associated with these expenses are generally payable on the passage of time or when certain milestones are achieved. Expense is recorded during the period incurred or in the period in which a milestone is achieved. In order to ensure that we have adequately provided for preclinical and clinical expenses during the proper period, we maintain an accrual to cover these expenses. These accruals are assessed on a quarterly basis and are based on such assumptions as expected total cost, the number of subjects and clinical trial sites and length of the study. Actual results may differ from these estimates and could have a material impact on our reported results. Our historical accrual estimates have not been materially different from our actual costs.
	Stock-based Compensation
	The Company follows the provisions of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 718, “Compensation — Stock Compensation” (“ASC 718”), which requires the measurement and recognition of compensation expense for all stock-based payment awards made to employees, officers and non-employee directors, including stock options. Stock compensation expense based on the grant date fair value estimated in accordance with the provisions of ASC 718 is recognized as an expense over the requisite service period.
	For stock options granted as consideration for services rendered by non-employees, the Company recognizes compensation expense in accordance with the requirements of FASB ASC Topic 505-50, “Equity Based Payments to Non-Employees.” Non-employee option grants that do not vest immediately upon grant are recorded as an expense over the requisite service period of the underlying stock options. At the end of each financial reporting period prior to vesting, the value of these options, as calculated using the Black-Scholes option-pricing model, will be re-measured using the fair value of the Company’s common stock and the non-cash compensation recognized during the period will be adjusted accordingly. Since the fair market value of options granted to non-employees is subject to change in the future, the amount of the future compensation expense will include fair value re-measurements until the stock options are fully vested.
	Net Loss per Share
	The Company accounts for and discloses net loss per share attributable to common stockholders in accordance with FASB ASC Topic 260, “Earnings per Share.” Basic and diluted net loss per common share is computed by dividing net loss attributable to common stockholders by the weighted average number of common shares outstanding. When the effects are not anti-dilutive, diluted earnings per share is computed by dividing the Company’s net earnings by the weighted average number of common shares outstanding and the impact of all dilutive potential common shares.
	Comprehensive Loss
	The Company’s net loss is equal to its comprehensive loss for all periods presented.

Recent_Accounting_Pronouncemen

Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2015
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	2. Recent Accounting Pronouncements
	In August 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-15, “Presentation of Financial Statements — Going Concern (Topic 915): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern.” ASU 2014-15 states that in connection with preparing financial statements for each annual and interim reporting period, an entity’s management should evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued (or within one year after the date that the financial statements are available to be issued when applicable). ASU 2014-15 will be effective for annual and interim periods beginning on or after December 15, 2016, and will be effective for the Company beginning on January 1, 2017. Early adoption is permitted. The Company is currently evaluating the impact, if any, of the adoption of this update.
	In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606).” ASU 2014-09 states that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new standard will be effective for annual and interim periods beginning on or after December 15, 2016, and will be effective for the Company beginning on January 1, 2017. Early adoption is not permitted. The Company is currently evaluating the method of adoption and the potential impact the update may have on our financial position and results of operations.

Net_Loss_per_Share_Attributabl

Net Loss per Share Attributable to Common Stockholders	3 Months Ended
	Mar. 31, 2015
Earnings Per Share [Abstract]
Net Loss per Share Attributable to Common Stockholders	3. Net Loss per Share Attributable to Common Stockholders
	The following table sets forth the potential common shares excluded from the calculation of net loss per common share attributable to common stockholders because their inclusion would be anti-dilutive:
		March 31,
		2015		2014
	Options to purchase common stock		3,079,264		2,581,268
	Common stock underlying Series A and Series A-1 convertible preferred stock		7,571,197		23,084,880
	Warrants to purchase common stock		4,615		4,615
	Total		10,655,076		25,670,763

Fair_Value_Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	4. Fair Value Measurements
	The Company follows the provisions of FASB ASC Topic 820, “Fair Value Measurements and Disclosures,” for the Company’s financial assets and liabilities that are re-measured and reported at fair value at each reporting period and are re-measured and reported at fair value at least annually using a fair value hierarchy that is broken down into three levels. Level inputs are defined as follows:
	Level 1 — quoted prices in active markets for identical assets or liabilities.
	Level 2 — other significant observable inputs for the assets or liabilities through corroboration with market data at the measurement date.
	Level 3 — significant unobservable inputs that reflect management’s best estimate of what market participants would use to price the assets or liabilities at the measurement date.
	The Company categorized its restricted cash and cash equivalents as Level 2 hierarchy. The assets classified as Level 2 have initially been valued at the applicable transaction price and subsequently valued, at the end of each reporting period, using other market observable data. Observable market data points include quoted prices, interest rates, reportable trades and other industry and economic events. Financial assets measured at fair value on a recurring basis are summarized as follows, in thousands:
	Description	March 31, 2015		Quoted		Significant		Unobservable
				Prices in		Other		Inputs
				Active		Observable		(Level 3)
				Markets		Inputs
				(Level 1)		(Level 2)
	Assets:
	Restricted cash	$	50	$	—	$	50	$	—
	Total	$	50	$	—	$	50	$	—
	Description	December 31, 2014		Quoted		Significant		Unobservable
				Prices in		Other		Inputs
				Active		Observable		(Level 3)
				Markets		Inputs
				(Level 1)		(Level 2)
	Assets:
	Cash equivalents	$	4,000	$	—	$	4,000	$	—
	Restricted cash		50		—		50		—
	Total	$	4,050	$	—	$	4,050	$	—
	Fair Value of Financial Instruments
	The carrying amounts reported in the balance sheet for cash equivalents, restricted cash and accounts payable approximate their fair values due to their short-term nature.

Convertible_Preferred_Stock

Convertible Preferred Stock (Series A Convertible Preferred Stock [Member])	3 Months Ended
	Mar. 31, 2015
Series A Convertible Preferred Stock [Member]
Convertible Preferred Stock	5. Convertible Preferred Stock
	The Company currently has authorized for issuance a total of 15,000 shares of Series A convertible preferred stock (“Series A Preferred Stock”), $0.0001 par value per share. At March 31, 2015, 3,085 shares of Series A Preferred Stock were outstanding.
	Dividends
	Holders of Series A Preferred Stock are entitled to receive cumulative mandatory dividends at the rate per share of seven percent (7%) of the face amount ($1,000 per share) per annum, payable quarterly on each March 31, June 30, September 30 and December 31. Dividends shall be payable in additional shares of Series A Preferred Stock valued for this purpose at the face amount. The fair value of the Series A Preferred Stock dividend, which is included in the Company’s net loss applicable to common shareholders, is calculated by multiplying the number of common shares that a preferred holder would receive upon conversion by the closing price of the Company’s common stock on the dividend payment date.
	The Company paid dividends in additional shares of Series A Preferred Stock of 84 and 96 shares for the three months ended March 31, 2015 and 2014, respectively.
	Included in the Company’s net loss applicable to common shareholders related to the fair value of the Series A Preferred Stock dividends was $148,000 and $1,010,000 for the three months ended March 31, 2015 and 2014, respectively.
	Conversion
	Each holder of shares of Series A Preferred Stock may, at any time and from time to time, convert each of its shares into a number of fully paid and non-assessable shares of common stock at the defined conversion rate. Each share of Series A Preferred Stock is convertible into 2,437.57 shares of common stock. In no event shall any holder of shares of Series A Preferred Stock have the right to convert shares of Series A Preferred Stock into shares of common stock to the extent that, after giving effect to such conversion, the holder, together with any of its affiliates, would beneficially own more than 9.999% of the then-issued and outstanding shares of common stock.
	During the three months ended March 31, 2015, 109 shares of Series A Preferred stock were converted into 266,182 shares of common stock and during the three months ended March 31, 2014, 166 shares of Series A Preferred Stock were converted into 405,720 shares of common stock.
	Exchange Transaction
	On March 20, 2015, the Company entered into an exchange agreement (the “Exchange Agreement”) with Tang Capital Partners, L.P. (“TCP”) pursuant to which TCP exchanged a total of 2,000 shares of Series A Preferred Stock for a like number of shares of Series A-1 convertible preferred stock (“Series A-1 Preferred Stock”). The exchange transaction resulted in a decrease in the face value of the Series A Preferred Stock and a corresponding increase in the face value of the Series A-1 Preferred Stock.

Stockholders_Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2015
Equity [Abstract]
Stockholders' Equity	6. Stockholders’ Equity
	The Company currently has authorized for issuance 100,000,000 shares of common stock, par value $0.0001 per share, and 10,000,000 shares of preferred stock, par value $0.0001 per share.
	Series A-1 Preferred Stock
	The Company currently has authorized for issuance a total of 10,000 shares of Series A-1 Preferred Stock, $0.0001 par value per share. At March 31, 2015, 21 shares of Series A-1 Preferred Stock were outstanding.
	Dividends
	Holders of Series A-1 Preferred Stock are entitled to receive cumulative mandatory dividends at the rate per share of seven percent (7%) of the face amount ($1,000 per share) per annum, payable quarterly on each March 31, June 30, September 30 and December 31. Dividends shall be payable in additional shares of Series A-1 Preferred Stock valued for this purpose at the face amount. The fair value of the Series A-1 Preferred Stock dividend, which is included in the Company’s net loss applicable to common shareholders, is calculated by multiplying the number of common shares that a preferred holder would receive upon conversion by the closing price of the Company’s common stock on the dividend payment date.
	The Company paid dividends in additional shares of Series A-1 Preferred Stock of 21 and 72 shares for the three months ended March 31, 2015 and 2014, respectively.
	Included in the Company’s net loss applicable to common shareholders related to the fair value of the Series A-1 Preferred Stock dividends was $37,000 and $745,000 for the three months ended March 31, 2015 and 2014, respectively.
	Conversion
	Each holder of shares of Series A-1 Preferred Stock may, at any time and from time to time, convert each of its shares into a number of fully paid and non-assessable shares of common stock at the defined conversion rate. Each share of Series A-1 Preferred Stock is convertible into 2,437.57 shares of common stock. In no event shall any holder of shares of Series A-1 Preferred Stock have the right to convert shares of Series A-1 Preferred Stock into shares of common stock to the extent that, after giving effect to such conversion, the holder, together with any of its affiliates, would beneficially own more than 9.999% of the then-issued and outstanding shares of common stock.
	During the three months ended March 31, 2015, 3,578 shares of Series A-1 Preferred stock were converted into 8,721,144 shares of common stock and during the three months ended March 31, 2014, 506 shares of Series A-1 Preferred Stock were converted into 1,233,402 shares of common stock.
	Exchange Transaction
	On March 20, 2015, the Company entered into the Exchange Agreement with TCP pursuant to which TCP exchanged a total of 2,000 shares of Series A Preferred Stock for a like number of shares of Series A-1 Preferred Stock. The terms of the Series A-1 Preferred Stock are identical in all respects to the Series A Preferred Stock, other than the elimination of cash penalties that would potentially be due and payable upon the failure of the Company to have enough shares of common stock available to permit the conversion of Series A Preferred Stock into common stock. The exchange transaction resulted in a decrease in the face value of the Series A Preferred Stock and a corresponding increase in the face value of the Series A-1 Preferred Stock.
	Common Stock
	On December 17, 2014, the Company entered into an assignment and exclusive license agreement, (the “Hapten Assignment and License Agreement”) with Hapten Pharmaceuticals, LLC (“Hapten”) under which Hapten agreed, effective at a closing that occurred on February 4, 2015, to sell and assign to us certain patent rights and related assets and rights, including an investigational new drug application and clinical data, for Hapten’s Samcyprone™ products for therapeutic and prophylactic use. Samcyprone™ is a proprietary topical formulation of diphenylcyclopropenone (“DPCP”), an immunomodulation agent that works by initiating a T-cell response. Hapten has been developing Samcyprone™ for the treatment of alopecia areata, warts and cutaneous metastases of malignant melanoma. Upon the closing of the Hapten Assignment and License Agreement on February 4, 2015, the Company paid to Hapten a one-time upfront cash payment of $100,000 and issued 200,000 shares of common stock, the fair value of which was determined using the quoted market price of the Company’s common stock on the date of issuance. Accordingly, the cash payment of $100,000 and the fair value of the common stock of $228,000 was recorded as research and development expense during the quarter ended March 31, 2015.
	On December 18, 2014, the Company entered into a purchase agreement (the “Purchase Agreement”) with Lincoln Park Capital Fund, LLC (“LPC”), pursuant to which the Company has the right to sell to LPC up to $10,800,000 in shares of the Company’s common stock, subject to certain limitations and conditions set forth in the Purchase Agreement. During the three months ended March 31, 2015, the Company sold a total of 50,000 shares of common stock to LPC under the Purchase Agreement for net proceeds of $64,000. There have been no other sales under the Purchase Agreement to date.
	Refer to the Series A Preferred Stock and Series A-1 Preferred Stock conversions described above in this Note and Note 5 for shares issued as a result of the conversions of Series A and Series A-1 Preferred Stock during the three months ended March 31, 2015 and 2014, respectively.

Stockbased_Compensation

Stock-based Compensation	3 Months Ended
	Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-based Compensation	7. Stock-based Compensation
	Stock-based Compensation
	The Company uses the Black-Scholes option-pricing model to determine the fair value of all its option grants. For valuing options granted during the three months ended March 31, 2015 and 2014, the following assumptions were used:
		For the Three Months Ended
		March 31,
		2015			2014
	Risk-free interest rate		1.47 – 1.51	%		2.73	%
	Expected volatility		90.10 – 91.16	%		107.01	%
	Weighted average expected volatility		90.29	%		107.01	%
	Expected lives (in years)		6.05 – 6.25			10
	Expected dividend yield		0	%		0	%
	The weighted average fair value of options granted during the three month periods ended March 31, 2015 and 2014 was $0.88 and $4.62, respectively.
	The risk-free interest rate used for each grant was based upon the yield on zero-coupon U.S. Treasury securities with a term similar to the expected life of the related option. The Company’s expected stock price volatility assumption is based upon the volatility of a composition of comparable companies. The expected life assumption for employee grants was based upon the simplified method provided for under ASC 718 and the expected life assumption for non-employees was based upon the contractual term of the option. The dividend yield assumption of zero is based upon the fact that the Company has never paid cash dividends and presently has no intention of paying cash dividends.
	The following table summarizes the activity of Company’s stock option plan for the period from January 1, 2015 to March 31, 2015:
		Total Number			Weighted-			Weighted-		Aggregate
		of Shares			Average			Average		Intrinsic
					Exercise			Remaining		Value
					Price			Contractual
					Per Share			Term
	Balance at January 1, 2015		3,000,264		$	3.39
	Granted		79,000			1.18
	Exercised		—			—
	Cancelled		—			—
	Balance at March 31, 2015		3,079,264		$	3.33			7.67 years	$	—
	Exercisable at March 31, 2015		1,912,321		$	3.4			7.40 years	$	—
	Stock-based compensation expense for the three months ended March 31, 2015 and 2014 was approximately $411,000 and $491,000, respectively. Of this, the Company recognized approximately $16,500 of income and $37,000 of expense related to non-employee stock options for the same respective periods.
	Employee Stock Purchase Plan
	The Company’s Employee Stock Purchase Plan (“ESPP”) allows employees to contribute a percentage of their cash earnings, subject to certain maximum amounts, to be used to purchase shares of the Company’s common stock on each of two semi-annual purchase dates. The purchase price is equal to 90% of the market value per share on either (a) the date of grant of a purchase right under the ESPP or (b) the date on which such purchase right is deemed exercised, whichever is lower. The maximum number of shares available for issuance pursuant to the ESPP is equal to 113,333 shares.
	The Company uses the Black-Scholes option-pricing model to determine the fair value of the ESPP stock rights. For valuing stock rights issued during the three months ended March 31, 2015 and 2014, the following assumptions were used:
		For the Three Months Ended
		March 31,
		2015			2014
	Risk-free interest rate		0.11	%		0.09	%
	Expected volatility		82.72	%		94.99	%
	Expected lives (in years)		0.5			0.5
	Expected dividend yield		0	%		0	%
	The weighted average fair value of stock rights issued during the three month periods ended March 31, 2015 and 2014 was $0.58 and $1.14, respectively.
	The risk-free interest rate used was based upon the yield on zero-coupon U.S. Treasury securities with a term similar to the expected life of the related option. The Company’s expected volatility is based upon the volatility of a composition of comparable companies for the expected term. The expected life assumption was based upon the purchase period and the dividend yield assumption of zero is based upon the fact that the Company has never paid cash dividends and presently has no intention of paying cash dividends.
	Of the total stock-based compensation expense recorded for the three months ended March 31, 2015 and 2014, the Company recognized $6,500 and $6,600 of expense related to the ESPP for the same respective periods.

Subsequent_Events

Subsequent Events	3 Months Ended
	Mar. 31, 2015
Subsequent Events [Abstract]
Subsequent Events	8. Subsequent Events
	Subsequent to the balance sheet date and up to May 8, 2015, 2,026 shares of Series A Preferred Stock were converted into 4,938,515 shares of common stock.

Nature_of_Business_and_Basis_o1

Nature of Business and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation
	The accompanying condensed financial statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Certain information and footnote disclosures included in the Company’s annual financial statements have been condensed or omitted. The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. In the opinion of management, all adjustments (including normal recurring accruals) considered necessary for a fair presentation of the condensed financial statements have been included. Interim results are not necessarily indicative of results for a full year.
Uses of Estimates in Preparation of Financial Statements	Uses of Estimates in Preparation of Financial Statements
	The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents
	The Company considers all highly liquid instruments with an original maturity of three months or less to be cash equivalents. Cash equivalents consist primarily of amounts invested in money market accounts and certificates of deposit.
Restricted Cash	Restricted Cash
	Restricted cash consists of certificates of deposit held by financial institutions as collateral for the Company’s corporate credit cards.
Revenue Recognition	Revenue Recognition
	Principal sources of revenue consist of government research grants. Revenue from government grants is recognized over the respective contract periods as the services are performed, provided there is persuasive evidence of an arrangement, the fee is fixed or determinable and collection of the related receivable is reasonably assured, and no contingencies remain outstanding. Monies received prior to the recognition of revenue are recorded as deferred revenue.
Research and Development Expenses	Research and Development Expenses
	Research and development costs are charged to expense as incurred and relate to salaries, employee benefits, facility-related expenses, supplies, stock-based compensation related to employees and non-employees involved in the Company’s research and development, external services, other operating costs and overhead related to our research and development departments, costs to acquire technology licenses and expenses associated with pre-clinical activities and our clinical trials. Payments made by the Company in advance for research and development services not yet provided and/or for materials not yet received are recorded as prepaid expenses. Accrued liabilities are recorded related to those expenses for which vendors have not yet billed us with respect to services provided and/or materials that we have received.
	Preclinical and clinical trial expenses relate to third-party services, subject-related fees at the sites where our clinical trials are being conducted, laboratory costs, analysis costs, toxicology studies and investigator fees. Costs associated with these expenses are generally payable on the passage of time or when certain milestones are achieved. Expense is recorded during the period incurred or in the period in which a milestone is achieved. In order to ensure that we have adequately provided for preclinical and clinical expenses during the proper period, we maintain an accrual to cover these expenses. These accruals are assessed on a quarterly basis and are based on such assumptions as expected total cost, the number of subjects and clinical trial sites and length of the study. Actual results may differ from these estimates and could have a material impact on our reported results. Our historical accrual estimates have not been materially different from our actual costs.
Stock-based Compensation	Stock-based Compensation
	The Company follows the provisions of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 718, “Compensation — Stock Compensation” (“ASC 718”), which requires the measurement and recognition of compensation expense for all stock-based payment awards made to employees, officers and non-employee directors, including stock options. Stock compensation expense based on the grant date fair value estimated in accordance with the provisions of ASC 718 is recognized as an expense over the requisite service period.
	For stock options granted as consideration for services rendered by non-employees, the Company recognizes compensation expense in accordance with the requirements of FASB ASC Topic 505-50, “Equity Based Payments to Non-Employees.” Non-employee option grants that do not vest immediately upon grant are recorded as an expense over the requisite service period of the underlying stock options. At the end of each financial reporting period prior to vesting, the value of these options, as calculated using the Black-Scholes option-pricing model, will be re-measured using the fair value of the Company’s common stock and the non-cash compensation recognized during the period will be adjusted accordingly. Since the fair market value of options granted to non-employees is subject to change in the future, the amount of the future compensation expense will include fair value re-measurements until the stock options are fully vested.
Net Loss per Share	Net Loss per Share
	The Company accounts for and discloses net loss per share attributable to common stockholders in accordance with FASB ASC Topic 260, “Earnings per Share.” Basic and diluted net loss per common share is computed by dividing net loss attributable to common stockholders by the weighted average number of common shares outstanding. When the effects are not anti-dilutive, diluted earnings per share is computed by dividing the Company’s net earnings by the weighted average number of common shares outstanding and the impact of all dilutive potential common shares.
Comprehensive Loss	Comprehensive Loss
	The Company’s net loss is equal to its comprehensive loss for all periods presented.

Net_Loss_per_Share_Attributabl1

Net Loss per Share Attributable to Common Stockholders (Tables)	3 Months Ended
	Mar. 31, 2015
Earnings Per Share [Abstract]
Common Shares Excluded from the Calculation of Net Loss per Common Share Attributable to Common Stockholders	The following table sets forth the potential common shares excluded from the calculation of net loss per common share attributable to common stockholders because their inclusion would be anti-dilutive:
		March 31,
		2015		2014
	Options to purchase common stock		3,079,264		2,581,268
	Common stock underlying Series A and Series A-1 convertible preferred stock		7,571,197		23,084,880
	Warrants to purchase common stock		4,615		4,615
	Total		10,655,076		25,670,763

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	Financial assets measured at fair value on a recurring basis are summarized as follows, in thousands:
	Description	March 31, 2015		Quoted		Significant		Unobservable
				Prices in		Other		Inputs
				Active		Observable		(Level 3)
				Markets		Inputs
				(Level 1)		(Level 2)
	Assets:
	Restricted cash	$	50	$	—	$	50	$	—
	Total	$	50	$	—	$	50	$	—
	Description	December 31, 2014		Quoted		Significant		Unobservable
				Prices in		Other		Inputs
				Active		Observable		(Level 3)
				Markets		Inputs
				(Level 1)		(Level 2)
	Assets:
	Cash equivalents	$	4,000	$	—	$	4,000	$	—
	Restricted cash		50		—		50		—
	Total	$	4,050	$	—	$	4,050	$	—

Stockbased_Compensation_Tables

Stock-based Compensation (Tables)	3 Months Ended
	Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Assumptions Used to Determine Fair Value of Option Grants	The Company uses the Black-Scholes option-pricing model to determine the fair value of all its option grants. For valuing options granted during the three months ended March 31, 2015 and 2014, the following assumptions were used:
		For the Three Months Ended
		March 31,
		2015			2014
	Risk-free interest rate		1.47 - 1.51	%		2.73	%
	Expected volatility		90.10 – 91.16	%		107.01	%
	Weighted average expected volatility		90.29	%		107.01	%
	Expected lives (in years)		6.05 – 6.25			10
	Expected dividend yield		0	%		0	%
Summary of Stock Option Activity	The following table summarizes the activity of Company’s stock option plan for the period from January 1, 2015 to March 31, 2015:
		Total Number			Weighted-			Weighted-		Aggregate
		of Shares			Average			Average		Intrinsic
					Exercise			Remaining		Value
					Price			Contractual
					Per Share			Term
	Balance at January 1, 2015		3,000,264		$	3.39
	Granted		79,000			1.18
	Exercised		—			—
	Cancelled		—			—
	Balance at March 31, 2015		3,079,264		$	3.33			7.67 years	$	—
	Exercisable at March 31, 2015		1,912,321		$	3.4			7.40 years	$	—
Schedule of Assumptions Used to Determine Fair Value of Employee Stock Purchase Plan Stock Rights	The Company uses the Black-Scholes option-pricing model to determine the fair value of the ESPP stock rights. For valuing stock rights issued during the three months ended March 31, 2015 and 2014, the following assumptions were used:
		For the Three Months Ended
		March 31,
		2015			2014
	Risk-free interest rate		0.11	%		0.09	%
	Expected volatility		82.72	%		94.99	%
	Expected lives (in years)		0.5			0.5
	Expected dividend yield		0	%		0	%

Nature_of_Business_and_Basis_o2

Nature of Business and Basis of Presentation - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Liquid instrument maturity period	Three months or less

Net_Loss_per_Share_Attributabl2

Net Loss per Share Attributable to Common Stockholders - Common Shares Excluded from Calculation of Net Loss per Common Share Attributable to Common Stockholders (Detail)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total amount of anti-dilutive securities excluded from computation of earnings per share	10,655,076	25,670,763
Options to Purchase Common Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total amount of anti-dilutive securities excluded from computation of earnings per share	3,079,264	2,581,268
Common Stock Underlying Series A and Series A-1 Convertible Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total amount of anti-dilutive securities excluded from computation of earnings per share	7,571,197	23,084,880
Warrants to Purchase Common Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total amount of anti-dilutive securities excluded from computation of earnings per share	4,615	4,615

Fair_Value_Measurements_Fair_V

Fair Value Measurements - Fair Value Measurements (Detail) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Assets:
Restricted cash	$50	$50
Fair Value, Measurements, Recurring [Member]
Assets:
Cash equivalents		4,000
Restricted cash	50	50
Total	50	4,050
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member]
Assets:
Cash equivalents		4,000
Restricted cash	50	50
Total	$50	$4,050

Convertible_Preferred_Stock_Ad

Convertible Preferred Stock - Additional Information (Detail) (USD $)	0 Months Ended	3 Months Ended
	Mar. 20, 2015	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Series A Convertible Preferred Stock [Member]
Class of Stock [Line Items]
Series A Preferred Stock, shares authorized		15,000		15,000
Series A Preferred Stock, par value		$0.00		$0.00
Series A Preferred Stock, shares outstanding		3,085		5,110
Preferred stock, annual dividend rate		7.00%
Preferred stock, face amount		$1,000
Dividends issued on Preferred Stock		84	96
Fair value of Series A Preferred Stock dividends		$148,000	$1,010,000
Preferred stock, conversion rate		2,437.57
Percentage of affiliates owning shares		10.00%
Conversion of preferred stock into common shares		109	166
Shares of Series A Preferred Stock exchanged for Series A-1 Preferred Stock	2,000
Series A Convertible Preferred Stock [Member] | Common Stock [Member]
Class of Stock [Line Items]
Number of common stock issued upon conversion of preferred stock		266,182	405,720
Series A-1 Convertible Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, annual dividend rate		7.00%
Preferred stock, face amount		$1,000
Dividends issued on Preferred Stock		21	72
Preferred stock, conversion rate		2,437.57
Percentage of affiliates owning shares		10.00%
Conversion of preferred stock into common shares		3,578	506
Shares of Series A Preferred Stock exchanged for Series A-1 Preferred Stock	2,000
Series A-1 Convertible Preferred Stock [Member] | Common Stock [Member]
Class of Stock [Line Items]
Number of common stock issued upon conversion of preferred stock		8,721,144	1,233,402

Stockholders_Equity_Additional

Stockholder's Equity - Additional Information (Detail) (USD $)	3 Months Ended		0 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Feb. 04, 2015	Dec. 18, 2014	Mar. 20, 2015	Dec. 31, 2014
Class of Stock [Line Items]
Preferred stock, par value	$0.00					$0.00
Preferred stock, shares authorized	10,000,000					10,000,000
Common stock, par value	$0.00					$0.00
Common stock, shares authorized	100,000,000					100,000,000
Fair value of Series A and Series A-1 Preferred Stock dividends	$185,000	$1,755,000
Research and development expenses	228,000
Number of common stock sold	31,221,598					21,984,272
Proceeds from issuance of common stock	64,000
Hapten Pharmaceuticals, LLC [Member]
Class of Stock [Line Items]
License fee			100,000
Research and development expenses	228,000
Hapten Pharmaceuticals, LLC [Member] | Common Stock [Member]
Class of Stock [Line Items]
Common stock, shares issued			200,000
Lincoln Park Capital Fund, LLC [Member]
Class of Stock [Line Items]
Stock reserved during period, value				10,800,000
Lincoln Park Capital Fund, LLC [Member] | Common Stock [Member]
Class of Stock [Line Items]
Number of common stock sold	50,000
Proceeds from issuance of common stock	64,000
Series A-1 Convertible Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, par value	$0.00					$0.00
Preferred stock, shares authorized	10,000					10,000
Series A-1 Preferred Stock, shares outstanding	21					1,578
Preferred stock, annual dividend rate	7.00%
Preferred stock, face amount	$1,000
Dividends issued on Preferred Stock	21	72
Fair value of Series A and Series A-1 Preferred Stock dividends	$37,000	$745,000
Percentage of affiliates owning shares	10.00%
Preferred stock, conversion rate	2,437.57
Conversion of preferred stock into common shares	3,578	506
Shares of Series A Preferred Stock exchanged for Series A-1 Preferred Stock					2,000
Series A-1 Convertible Preferred Stock [Member] | Common Stock [Member]
Class of Stock [Line Items]
Number of common stock issued upon conversion of preferred stock	8,721,144	1,233,402
Series A Convertible Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, annual dividend rate	7.00%
Preferred stock, face amount	$1,000
Dividends issued on Preferred Stock	84	96
Percentage of affiliates owning shares	10.00%
Preferred stock, conversion rate	2,437.57
Conversion of preferred stock into common shares	109	166
Shares of Series A Preferred Stock exchanged for Series A-1 Preferred Stock					2,000
Series A Convertible Preferred Stock [Member] | Common Stock [Member]
Class of Stock [Line Items]
Number of common stock issued upon conversion of preferred stock	266,182	405,720

StockBased_Compensation_Schedu

Stock-Based Compensation - Schedule of Assumptions Used to Determine Fair Value of Option Grants (Detail)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate, Minimum	1.47%	2.73%
Risk-free interest rate, Maximum	1.51%
Expected volatility, Minimum	90.10%	107.01%
Expected volatility, Maximum	91.16%
Weighted average expected volatility	90.29%	107.01%
Expected lives (in years)		10 years
Expected dividend yield	0.00%	0.00%
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected lives (in years)	6 years 18 days
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected lives (in years)	6 years 3 months

StockBased_Compensation_Additi

Stock-Based Compensation - Additional Information (Detail) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value per share of options granted	$0.88	$4.62
Expected dividend yield	0.00%	0.00%
Stock-based compensation expense	$411,000	$491,000
Nonemployee share based compensation expense (income)	-16,500	37,000
Stock-based compensation expense related to the ESPP	$6,500	$6,600
Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value per share of options granted	$0.58	$1.14
Expected dividend yield	0.00%	0.00%
Percentage of common share offer price as to market price	90.00%
Shares reserved for issuance	113,333

StockBased_Compensation_Summar

Stock-Based Compensation - Summary of Option Activity (Detail) (USD $)	3 Months Ended
	Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Total Number of Shares, Beginning Balance	3,000,264
Total Number of Shares, Granted	79,000
Total Number of Shares, Exercised	0
Total Number of Shares, Cancelled	0
Total Number of Shares, Ending Balance	3,079,264
Total Number of Shares, Exercisable	1,912,321
Weighted-Average Exercise Price Per Share, Beginning Balance	$3.39
Weighted-Average Exercise Price Per Share, Granted	$1.18
Weighted-Average Exercise Price Per Share, Exercised	$0
Weighted-Average Exercise Price Per Share, Cancelled	$0
Weighted-Average Exercise Price Per Share, Ending Balance	$3.33
Weighted-Average Exercise Price Per Share, Exercisable	$3.40
Weighted-Average Remaining Contractual Term, Ending Balance	7 years 8 months 1 day
Weighted-Average Remaining Contractual Term, Exercisable	7 years 4 months 24 days
Aggregate Intrinsic Value, Ending Balance	$0
Aggregate Intrinsic Value, Exercisable	$0

StockBased_Compensation_Schedu1

Stock-Based Compensation - Schedule of Assumptions Used to Determine Fair Value of Employee Stock Purchase Plan Stock Rights (Detail)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected lives (in years)		10 years
Expected dividend yield	0.00%	0.00%
Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	0.11%	0.09%
Expected volatility	82.72%	94.99%
Expected lives (in years)	6 months	6 months
Expected dividend yield	0.00%	0.00%

Subsequent_Events_Additional_I

Subsequent Events - Additional Information (Detail) (Series A Convertible Preferred Stock [Member])	3 Months Ended		1 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	8-May-15
Subsequent Event [Line Items]
Conversion of preferred stock into common shares	109	166
Common Stock [Member]
Subsequent Event [Line Items]
Number of common stock issued upon conversion of preferred stock	266,182	405,720
Subsequent Events [Member]
Subsequent Event [Line Items]
Conversion of preferred stock into common shares			2,026
Subsequent Events [Member] | Common Stock [Member]
Subsequent Event [Line Items]
Number of common stock issued upon conversion of preferred stock			4,938,515