Phio Pharmaceuticals (PHIO) 10-Q 10 Nov 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Nov. 04, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Trading Symbol	RXII
Entity Registrant Name	RXi Pharmaceuticals Corp
Entity Central Index Key	1,533,040
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		6,599,846

Condensed Balance Sheets (Unaud

Condensed Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 2,379	$ 5,117
Restricted cash	50	50
Short-term investments	2,000	5,500
Prepaid expenses	321	311
Total current assets	4,750	10,978
Property and equipment, net	124	163
Other assets	27	18
Total assets	4,901	11,159
Current liabilities:
Accounts payable	457	1,163
Accrued expenses	1,408	1,106
Total current liabilities	1,865	2,269
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.0001 par value; 10,000,000 authorized; no shares issued or outstanding
Common stock, $0.0001 par value, 100,000,000 shares authorized; 6,599,846 and 6,534,846 shares issued and outstanding at September 30, 2016 and December 31, 2015, respectively	1	1
Additional paid-in capital	66,795	65,994
Accumulated deficit	(63,760)	(57,105)
Total stockholders' equity	3,036	8,890
Total liabilities and stockholders' equity	$ 4,901	$ 11,159

Condensed Balance Sheets (Unau3

Condensed Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	6,599,846	6,534,846
Common stock, shares outstanding	6,599,846	6,534,846

Condensed Statements of Operati

Condensed Statements of Operations (Unaudited) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Income Statement [Abstract]
Net revenues				$ 19	$ 34
Operating expenses:
Research and development	[1]	$ 1,464	$ 1,734	4,108	5,202
General and administrative	[1]	752	770	2,587	2,447
Total operating expenses		2,216	2,504	6,695	7,649
Operating loss		(2,216)	(2,504)	(6,676)	(7,615)
Other income (expense)
Interest income, net		4	8	15	10
Other income (expense), net				6	(2)
Total other income (expense)		4	8	21	8
Net loss		(2,212)	(2,496)	(6,655)	(7,607)
Series A and Series A-1 convertible preferred stock dividends					(209)
Net loss applicable to common stockholders		$ (2,212)	$ (2,496)	$ (6,655)	$ (7,816)
Net loss per common share applicable to common stockholders:
Basic and diluted		$ (0.34)	$ (0.38)	$ (1.02)	$ (1.76)
Weighted average common shares: basic and diluted		6,576,096	6,494,912	6,548,696	4,445,192
[1]	Non-cash stock-based compensation expenses included in operating expenses are as follows: Research and development $ 52 $ 174 $ 212 $ 552 General and administrative 76 211 437 691

Condensed Statements of Operat5

Condensed Statements of Operations (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Research and Development Expenses [Member]
Non-cash stock-based compensation expenses	$ 52	$ 174	$ 212	$ 552
General and Administrative Expenses [Member]
Non-cash stock-based compensation expenses	$ 76	$ 211	$ 437	$ 691

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Cash flows from operating activities:
Net loss	$ (6,655)	$ (7,607)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	41	60
Non-cash stock-based compensation	649	1,243
Value of non-marketable equity securities recognized as revenue	(9)
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	(10)	10
Accounts payable	(706)	(63)
Accrued expenses	302	441
Deferred revenue		(47)
Net cash used in operating activities	(6,388)	(5,735)
Cash flows from investing activities:
Purchase of short-term investments	(2,000)	(8,000)
Maturities of short-term investments	5,500
Cash paid for purchase of property and equipment	(2)	(39)
Net cash provided by (used in) investing activities	3,498	(8,039)
Cash flows from financing activities:
Net proceeds from the issuance of common stock	152	9,266
Proceeds from the issuance of common stock upon the exercise of warrants		16
Proceeds from the issuance of common stock in connection with the employee stock purchase plan		31
Net cash provided by financing activities	152	9,313
Net decrease in cash and cash equivalents	(2,738)	(4,461)
Cash and cash equivalents at the beginning of period	5,117	8,496
Cash and cash equivalents at the end of period	$ 2,379	4,035
Supplemental disclosure of non-cash investing and financing activities:
Series A and Series A-1 convertible preferred stock dividends		126
Fair value of Series A and Series A-1 convertible preferred stock dividends		209
Exchange of Series A convertible preferred stock into Series A-1 convertible preferred stock		2,000
Conversion of Series A and Series A-1 convertible preferred stock into common stock		$ 6,814

Nature of Operations

Nature of Operations	9 Months Ended
	Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	1. Nature of Operations Description of Business RXi Pharmaceuticals Corporation (“ RXi we our Company ® On April 14, 2016, the Board of Directors of the Company approved a 1-for-10 reverse stock split of the Company’s outstanding common stock, which was effected on April 18, 2016. All share and per share amounts in the financial statements have been retroactively adjusted for all periods presented to give effect to the reverse stock split, including reclassifying an amount equal to the reduction in par value to additional paid-in capital.

Liquidity and Going Concern

Liquidity and Going Concern	9 Months Ended
	Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Liquidity and Going Concern	2. Liquidity and Going Concern The Company has limited cash resources, has reported recurring losses from operations since inception and has not yet received revenues from sales of products. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern, and the Company’s current cash resources may not provide sufficient capital to fund operations for at least the next twelve months. Historically, the Company’s primary source of financing has been through the sale of its securities. The continuation of the Company as a going concern depends upon the Company’s ability to raise additional capital through an equity offering, debt offering or strategic opportunity to fund its operations. There can be no assurance that the Company will be successful in accomplishing these plans in order to continue as a going concern. These financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
Significant Accounting Policies	3. Significant Accounting Policies 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 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 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 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. Short-term Investments Short-term investments consist of certificates of deposit with original maturities ranging from over three months to one year. Investments in Non-marketable Equity Securities The Company’s investments in non-marketable equity securities are accounted for under the cost method because the Company does not have the ability to exercise significant influence over the investee and the securities do not have readily determinable fair values. Our investments are carried at cost less any impairment write-downs. Annually, the Company’s cost method investments are assessed for impairment. The Company does not reassess the fair value of cost method investments if there are no identified events or changes in circumstances that may have a significant adverse effect on the fair value of the investments. Derivative Financial Instruments The Company follows the provisions of the Financial Accounting Standards Board (“ FASB ASC Derivatives and Hedging ASC 815 Revenue Recognition Revenue is recognized when there is persuasive evidence of an arrangement, the fee is fixed or determinable, delivery has occurred or services have been rendered and collection of the related receivable is reasonably assured. The Company may generate revenue from product sales, license agreements, collaborative research and development arrangements and government grants. Payments received prior to the recognition of revenue are recorded as deferred revenue. The Company has entered into license agreements for its proprietary sd-rxRNA technology during the ordinary course of business with start-up biotechnology and pharmaceutical companies. Under these agreements, the Company has granted exclusive licenses to the Company’s technology in exchange for potential future equity, cash and royalty payments. For each agreement, the Company determines whether the agreement includes multiple deliverables, and if so, whether they should be considered separate or a single unit of accounting and whether the delivered items have standalone value. The consideration received is allocated among the separate units of accounting, and the applicable revenue recognition guidance is applied to each of the separate units. Upfront fees are recognized on a straight-line basis over the contracted or estimated period of performance if they do not have standalone value. If upfront fees are determined to have standalone value from other identified deliverables, the Company recognizes revenue upon delivery. Substantive milestone payments are recognized upon achievement of the milestone. In evaluating whether a milestone has substance, the consideration earned from the achievement of a milestone is considered if the milestone is commensurate with the entity’s performance to achieve the milestone or the enhancement of value of the delivered item, if it relates solely to past performance and if it is reasonable relative to all the deliverables and payment terms within the arrangement. When a substantive milestone is achieved, revenue related to the milestone will be recognized in full. If a milestone is not considered substantive, revenue is recognized over the period of performance. If the Company is entitled to reimbursement or payments for specific research and development services, the Company determines whether the funding would result in collaborative revenues or an offset to research and development expenses in accordance with the provisions of gross or net revenue presentation. 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 preclinical 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 FASB ASC Topic 718, “ Compensation — Stock Compensation ASC 718 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 Comprehensive Loss The Company’s comprehensive loss is equal to its net loss for all periods presented. Net Loss per Share Attributable to Common Stockholders The Company accounts for and discloses net loss per share attributable to common stockholders in accordance with FASB ASC Topic 260, “ Earnings per Share.”

Recent Accounting Pronouncement

Recent Accounting Pronouncements	9 Months Ended
	Sep. 30, 2016
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	4. Recent Accounting Pronouncements In February 2016, the FASB issued Accounting Standards Update (“ ASU Leases (Topic 842), In March 2016, the FASB issued ASU 2016-09, “ Compensation – Stock Compensation (Topic 718), In April 2016, the FASB issued ASU 2016-10, “ Revenue from Contracts with Customers Topic 606 In August 2016, the FASB issued ASU 2016-12, “ Statement of Cash Flows (Topic 230)

Other Assets

Other Assets	9 Months Ended
	Sep. 30, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	5. Other Assets In May 2016, the Company entered into an exclusive license agreement with Thera Neuropharma, Inc. (“ Thera The Company was also granted a five year warrant to purchase additional shares of common stock of Thera at a price of $0.001 per share of common stock (the “ Thera Warrant .

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurements	6. Fair Value Measurements The Company follows the provisions of FASB ASC Topic 820, “ Fair Value Measurements and Disclosures,” 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, cash equivalents and short-term investments 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. The Company’s Thera Warrant is categorized as Level 3 hierarchy. The estimated fair value inputs utilizing the asset-based approach include the stage of enterprise development, terms of existing contractual arrangements of the entity’s equity securities, the achievement of milestones and other unobservable inputs. Financial assets measured at fair value on a recurring basis are summarized as follows, in thousands: Description At September 30, 2016 Quoted Prices in Other Significant Significant Assets: Restricted cash $ 50 $ — $ 50 $ — Short-term investments 2,000 — 2,000 — Thera Warrant 5 — — 5 Total $ 2,055 $ — $ 2,050 $ 5 Description At December 31, 2015 Quoted Prices in Other Significant Significant Assets: Restricted cash $ 50 $ — $ 50 $ — Cash equivalents 2,500 — 2,500 — Short-term investments 5,500 — 5,500 — Total $ 8,050 $ — $ 8,050 $ — The following table presents additional information about assets measured at fair value on a recurring basis and for which the Company utilizes Level 3 inputs to determine fair value, in thousands: Nine Months Balance, beginning of period $ — Fair value of Thera Warrant 5 Balance, end of period $ 5 Fair Value of Financial Instruments The carrying amounts reported in the balance sheet for restricted cash, cash equivalents, short-term investments, accounts payable and accrued expenses approximate their fair values due to their short-term nature.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2016
Equity [Abstract]
Stockholders' Equity	7. 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. Common Stock On April 14, 2016, the Board of Directors of the Company approved a 1-for-10 reverse stock split of the Company’s outstanding common stock, which was effected on April 18, 2016. The number of authorized shares of the Company remain unchanged. Stockholders who would have otherwise been entitled to fractional shares as a result of the reverse stock split received a cash payment in lieu of receiving fractional shares. Shares of common stock underlying outstanding stock options and other equity instruments were proportionately reduced and the respective exercise prices, if applicable, were proportionately increased in accordance with the terms of the agreements governing such securities. All share and per share amounts in the financial statements have been retroactively adjusted for all periods presented to give effect to the reverse stock split, including reclassifying an amount equal to the reduction in par value to additional paid-in capital. Following the implementation of the reverse stock split, the Company regained compliance with the minimum bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2) for continued listing on The Nasdaq Capital Market. During the three months ended September 30, 2016, the Company sold 65,000 shares of common stock to Lincoln Park Capital Fund, LLC (“ LPC Common Stock Warrants The following table summarizes the Company’s warrants outstanding at September 30, 2016: Exercise prices Number of Shares Expiration $39.00 462 April 27, 2017 $5.20 1,300,002 June 2, 2020 Total warrants outstanding 1,300,464 On July 2, 2016, 1,256,502 of the Company’s outstanding warrants with an exercise price of $4.55 expired.

Stock-based Compensation

Stock-based Compensation	9 Months Ended
	Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-based Compensation	8. 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 and nine months ended September 30, 2016 and 2015, the following assumptions were used: For the Three Months Ended For the Nine Months Ended 2016 2015 2016 2015 Risk-free interest rate 1.46 % 1.82 – 2.43 % 1.18 – 2.02 % 1.47 – 2.43 % Expected volatility 116.88 % 85.29 – 116.81 % 79.42 – 116.88 % 85.29 – 116.81 % Weighted average expected volatility 116.88 % 107.49 % 89.12 % 89.43 % Expected lives (in years) 10.00 6.25 – 10.0 5.20 – 10.00 5.20 – 10.0 Expected dividend yield 0.00 % 0.00 % 0.00 % 0.00 % The weighted average fair value of options granted during the three month periods ended September 30, 2016 and 2015 was $2.27 and $4.40, respectively. The weighted average fair value of options granted during the nine month periods ended September 30, 2016 and 2015 was $2.15 and $4.10, 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: Total Number Weighted- Aggregate Balance at December 31, 2015 332,400 $ 30.50 Granted 58,569 2.91 Exercised — — Cancelled — — Balance at September 30, 2016 390,969 $ 26.38 $ — Exercisable at September 30, 2016 298,347 $ 31.18 $ — Stock-based compensation expense for the three months ended September 30, 2016 and 2015 was $128,000 and $385,000, respectively. Of this amount, the Company recognized non-employee stock-based compensation expense of $1,000 and $3,100 for the same respective periods. Stock-based compensation expense for the nine months ended September 30, 2016 and 2015 was $649,000 and $1,243,000, respectively. Of this amount, the Company recognized non-employee stock-based compensation expense of $3,200 and a credit to non-employee stock-based compensation expense of $18,700 for the same respective periods.

Net Loss per Share Attributable

Net Loss per Share Attributable to Common Stockholders	9 Months Ended
	Sep. 30, 2016
Earnings Per Share [Abstract]
Net Loss per Share Attributable to Common Stockholders	9. 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: September 30, 2016 2015 Options to purchase common stock 390,969 330,876 Warrants to purchase common stock 1,300,464 2,596,966 Total 1,691,433 2,927,842

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2016
Subsequent Events [Abstract]
Subsequent Events	10. Subsequent Events On October 7, 2016, the Company entered into an exclusive option agreement to acquire all outstanding capital stock of MirImmune, Inc. (“ MirImmune Business Combinations

Significant Accounting Polici17

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2016
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
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 Equivalents	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 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.
Short-term Investments	Short-term Investments Short-term investments consist of certificates of deposit with original maturities ranging from over three months to one year.
Investments in Non-marketable Equity Securities	Investments in Non-marketable Equity Securities The Company’s investments in non-marketable equity securities are accounted for under the cost method because the Company does not have the ability to exercise significant influence over the investee and the securities do not have readily determinable fair values. Our investments are carried at cost less any impairment write-downs. Annually, the Company’s cost method investments are assessed for impairment. The Company does not reassess the fair value of cost method investments if there are no identified events or changes in circumstances that may have a significant adverse effect on the fair value of the investments.
Derivative Financial Instruments	Derivative Financial Instruments The Company follows the provisions of the Financial Accounting Standards Board (“ FASB ASC Derivatives and Hedging ASC 815
Revenue Recognition	Revenue Recognition Revenue is recognized when there is persuasive evidence of an arrangement, the fee is fixed or determinable, delivery has occurred or services have been rendered and collection of the related receivable is reasonably assured. The Company may generate revenue from product sales, license agreements, collaborative research and development arrangements and government grants. Payments received prior to the recognition of revenue are recorded as deferred revenue. The Company has entered into license agreements for its proprietary sd-rxRNA technology during the ordinary course of business with start-up biotechnology and pharmaceutical companies. Under these agreements, the Company has granted exclusive licenses to the Company’s technology in exchange for potential future equity, cash and royalty payments. For each agreement, the Company determines whether the agreement includes multiple deliverables, and if so, whether they should be considered separate or a single unit of accounting and whether the delivered items have standalone value. The consideration received is allocated among the separate units of accounting, and the applicable revenue recognition guidance is applied to each of the separate units. Upfront fees are recognized on a straight-line basis over the contracted or estimated period of performance if they do not have standalone value. If upfront fees are determined to have standalone value from other identified deliverables, the Company recognizes revenue upon delivery. Substantive milestone payments are recognized upon achievement of the milestone. In evaluating whether a milestone has substance, the consideration earned from the achievement of a milestone is considered if the milestone is commensurate with the entity’s performance to achieve the milestone or the enhancement of value of the delivered item, if it relates solely to past performance and if it is reasonable relative to all the deliverables and payment terms within the arrangement. When a substantive milestone is achieved, revenue related to the milestone will be recognized in full. If a milestone is not considered substantive, revenue is recognized over the period of performance. If the Company is entitled to reimbursement or payments for specific research and development services, the Company determines whether the funding would result in collaborative revenues or an offset to research and development expenses in accordance with the provisions of gross or net revenue presentation.
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 preclinical 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 FASB ASC Topic 718, “ Compensation — Stock Compensation ASC 718 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
Comprehensive Loss	Comprehensive Loss The Company’s comprehensive loss is equal to its net loss for all periods presented.
Net Loss per Share Attributable to Common Stockholders	Net Loss per Share Attributable to Common Stockholders The Company accounts for and discloses net loss per share attributable to common stockholders in accordance with FASB ASC Topic 260, “ Earnings per Share.”

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurements	Financial assets measured at fair value on a recurring basis are summarized as follows, in thousands: Description At September 30, 2016 Quoted Prices in Other Significant Significant Assets: Restricted cash $ 50 $ — $ 50 $ — Short-term investments 2,000 — 2,000 — Thera Warrant 5 — — 5 Total $ 2,055 $ — $ 2,050 $ 5 Description At December 31, 2015 Quoted Prices in Other Significant Significant Assets: Restricted cash $ 50 $ — $ 50 $ — Cash equivalents 2,500 — 2,500 — Short-term investments 5,500 — 5,500 — Total $ 8,050 $ — $ 8,050 $ —
Schedule of Additional Information about Assets Measured at Fair Value on a Recurring Basis	The following table presents additional information about assets measured at fair value on a recurring basis and for which the Company utilizes Level 3 inputs to determine fair value, in thousands: Nine Months Balance, beginning of period $ — Fair value of Thera Warrant 5 Balance, end of period $ 5

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2016
Equity [Abstract]
Summary of Warrants Outstanding	The following table summarizes the Company’s warrants outstanding at September 30, 2016: Exercise prices Number of Shares Expiration $39.00 462 April 27, 2017 $5.20 1,300,002 June 2, 2020 Total warrants outstanding 1,300,464

Stock-based Compensation (Table

Stock-based Compensation (Tables)	9 Months Ended
	Sep. 30, 2016
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 and nine months ended September 30, 2016 and 2015, the following assumptions were used: For the Three Months Ended For the Nine Months Ended 2016 2015 2016 2015 Risk-free interest rate 1.46 % 1.82 – 2.43 % 1.18 – 2.02 % 1.47 – 2.43 % Expected volatility 116.88 % 85.29 – 116.81 % 79.42 – 116.88 % 85.29 – 116.81 % Weighted average expected volatility 116.88 % 107.49 % 89.12 % 89.43 % Expected lives (in years) 10.00 6.25 – 10.0 5.20 – 10.00 5.20 – 10.0 Expected dividend yield 0.00 % 0.00 % 0.00 % 0.00 %
Summary of Stock Option Activity	The following table summarizes the activity of Company’s stock option plan: Total Number Weighted- Aggregate Balance at December 31, 2015 332,400 $ 30.50 Granted 58,569 2.91 Exercised — — Cancelled — — Balance at September 30, 2016 390,969 $ 26.38 $ — Exercisable at September 30, 2016 298,347 $ 31.18 $ —

Net Loss per Share Attributab21

Net Loss per Share Attributable to Common Stockholders (Tables)	9 Months Ended
	Sep. 30, 2016
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: September 30, 2016 2015 Options to purchase common stock 390,969 330,876 Warrants to purchase common stock 1,300,464 2,596,966 Total 1,691,433 2,927,842

Significant Accounting Polici22

Significant Accounting Policies - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2016
Cash Equivalents [Member]
Summary Of Significant Accounting Policies [Line Items]
Liquid instrument maturity period	Three months or less
Short-term Investments [Member]
Summary Of Significant Accounting Policies [Line Items]
Liquid instrument maturity period	Over three months to one year

Other Assets - Additional Infor

Other Assets - Additional Information (Detail) - Thera Neuropharma, Inc [Member]	3 Months Ended	9 Months Ended
	Sep. 30, 2016USD ($)$ / shares	Sep. 30, 2016USD ($)$ / shares
Other Assets [Line Items]
Cost method ownership percentage threshold		20.00%
Impairment recognized on investment included in other assets	$ 0
Term of warrant		5 years
Common stock, warrants per share | $ / shares	$ 0.001	$ 0.001
Other Assets [Member]
Other Assets [Line Items]
Investment value	$ 4,500	$ 4,500
Value of warrant	$ 4,500	$ 4,500

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value Measurements (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Assets:
Restricted cash	$ 50	$ 50
Short-term investments	2,000	5,500
Fair Value, Measurements, Recurring [Member]
Assets:
Restricted cash	50	50
Cash equivalents		2,500
Short-term investments	2,000	5,500
Thera Warrant	5
Total	2,055	8,050
Fair Value, Measurements, Recurring [Member] | Other Significant Observable Inputs (Level 2) [Member]
Assets:
Restricted cash	50	50
Cash equivalents		2,500
Short-term investments	2,000	5,500
Total	2,050	$ 8,050
Fair Value, Measurements, Recurring [Member] | Unobservable Inputs (Level 3) [Member]
Assets:
Thera Warrant	5
Total	$ 5

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Additional Information about Assets Measured at Fair Value on a Recurring Basis (Detail) - Unobservable Inputs (Level 3) [Member] $ in Thousands	9 Months Ended
	Sep. 30, 2016USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value of Thera Warrant	$ 5
Balance, end of period	$ 5

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail)	Jul. 02, 2016$ / sharesshares	Apr. 14, 2016	Sep. 30, 2016USD ($)$ / sharesshares	Dec. 31, 2015$ / sharesshares
Class of Stock [Line Items]
Preferred stock, par value | $ / shares			$ 0.0001	$ 0.0001
Preferred stock, shares authorized			10,000,000	10,000,000
Common stock, par value | $ / shares			$ 0.0001	$ 0.0001
Common stock, shares authorized			100,000,000	100,000,000
Reverse stock split ratio		0.1
Number of warrants outstanding			1,300,464
Common Stock [Member] | Lincoln Park Capital Fund, LLC [Member]
Class of Stock [Line Items]
Common stock, shares issued			65,000
Net proceeds from the issuance of common stock | $			$ 152,000
Warrants With Exercise Price $4.55 [Member]
Class of Stock [Line Items]
Number of warrants outstanding	1,256,502
Exercise prices | $ / shares	$ 4.55
Expiration	Jul. 2, 2016

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Warrants Outstanding (Detail)	9 Months Ended
	Sep. 30, 2016$ / sharesshares
Class of Warrant or Right [Line Items]
Number of Shares Underlying Warrants	1,300,464
Warrants With Exercise Price $39.00 [Member]
Class of Warrant or Right [Line Items]
Exercise prices | $ / shares	$ 39
Number of Shares Underlying Warrants	462
Expiration	Apr. 27, 2017
Warrants With Exercise Price $5.20 [Member]
Class of Warrant or Right [Line Items]
Exercise prices | $ / shares	$ 5.2
Number of Shares Underlying Warrants	1,300,002
Expiration	Jun. 2, 2020

Stock-based Compensation - Sche

Stock-based Compensation - Schedule of Assumptions Used to Determine Fair Value of Option Grants (Detail)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	1.46%
Risk-free interest rate, Minimum		1.82%	1.18%	1.47%
Risk-free interest rate, Maximum		2.43%	2.02%	2.43%
Expected volatility	116.88%
Expected volatility, Minimum		85.29%	79.42%	85.29%
Expected volatility, Maximum		116.81%	116.88%	116.81%
Weighted average expected volatility	116.88%	107.49%	89.12%	89.43%
Expected lives (in years)	10 years
Expected dividend yield	0.00%	0.00%	0.00%	0.00%
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected lives (in years)		6 years 3 months	5 years 2 months 12 days	5 years 2 months 12 days
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected lives (in years)		10 years	10 years	10 years

Stock-based Compensation - Addi

Stock-based Compensation - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Weighted average grant date fair value per share of options granted	$ 2.27	$ 4.40	$ 2.15	$ 4.10
Expected dividend yield	0.00%	0.00%	0.00%	0.00%
Stock-based compensation expense	$ 128,000	$ 385,000	$ 649,000	$ 1,243,000
Nonemployee share based compensation expense (income)	$ 1,000	$ 3,100	$ 3,200	$ 18,700

Stock-based Compensation - Summ

Stock-based Compensation - Summary of Stock Option Activity (Detail)	9 Months Ended
	Sep. 30, 2016USD ($)$ / sharesshares
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Total Number of Shares, Beginning Balance | shares	332,400
Total Number of Shares, Granted | shares	58,569
Total Number of Shares, Exercised | shares	0
Total Number of Shares, Cancelled | shares	0
Total Number of Shares, Ending Balance | shares	390,969
Total Number of Shares, Exercisable | shares	298,347
Weighted-Average Exercise Price Per Share, Beginning Balance | $ / shares	$ 30.50
Weighted-Average Exercise Price Per Share, Granted | $ / shares	2.91
Weighted-Average Exercise Price Per Share, Exercised | $ / shares	0
Weighted-Average Exercise Price Per Share, Cancelled | $ / shares	0
Weighted-Average Exercise Price Per Share, Ending Balance | $ / shares	26.38
Weighted-Average Exercise Price Per Share, Exercisable | $ / shares	$ 31.18
Aggregate Intrinsic Value, Ending Balance | $	$ 0
Aggregate Intrinsic Value, Exercisable | $	$ 0

Net Loss per Share Attributab31

Net Loss per Share Attributable to Common Stockholders - Common Shares Excluded from the Calculation of Net Loss per Common Share Attributable to Common Stockholders (Detail) - shares	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total amount of anti-dilutive securities excluded from computation of earnings per share	1,691,433	2,927,842
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	390,969	330,876
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	1,300,464	2,596,966

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail)	Oct. 07, 2016
Subsequent Events [Member] | MirImmune, Inc. [Member]
Subsequent Event [Line Items]
Percentage of outstanding common stock	19.99%