Phio Pharmaceuticals (PHIO) 10-Q/A 26 Mar 18 2017 Q3 Quarterly report (amended) Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Mar. 15, 2018
Document And Entity Information [Abstract]
Document Type	10-Q/A
Amendment Flag	true
Amendment Description	RXi Pharmaceuticals Corporation (“we,” “our,” “us” and the “Company”) is filing this Amendment No. 1 on Form 10-Q/A to amend and restate in their entirety the following items of our Quarterly Report on Form 10-Q for the quarter ended September 30, 2017, as originally filed with the Securities and Exchange Commission on November 8, 2017. (the “Original Form 10-Q”):•Part I - Item 1. Financial Statements (unaudited)•Part I - Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations•Part I - Item 4. Controls and Procedures• Part II - Item 6. Exhibits • Exhibit 31.1 - Certification of Chief Executive Officer• Exhibit 31.2 - Certification of Chief Financial Officer • Exhibits 101 - Extensible Business Reporting Language (XBRL) This amendment does not modify any disclosures contained in our original Form 10-Q, except for the foregoing Items and Exhibits, and all share and per share amounts for the periods presented to give effect to the 1-for-10 reverse stock split of the Company’s common stock, which was effected on January 8, 2018. This report on Form 10-Q/A is presented as of the filing date of the Original Form 10-Q and does not reflect events occurring after that date, or modify or update disclosures in any way other than as required to reflect the restatement described below. Accordingly, this Quarterly Report on Form 10-Q/A should be read in conjunction with the Original Form 10-Q, and the Company’s other filings with the Securities and Exchange Commission (“SEC”) subsequent to the filing of the Original Form 10-Q, including any amendments thereto.The purpose of this amendment is to restate our previously reported results for the quarter ended September 30, 2017 to include the accounting for the tax-related impact of the Company’s acquisition of MirImmune Inc. (“MirImmune”) on January 6, 2017. Our results did not include the contemplation of deferred taxes based on the different book basis and tax basis for the acquisition of MirImmune. The acquisition resulted in an increase of $1.6 million to acquired in-process research and development expense and a corresponding $1.6 million income tax benefit resulting from the reduction in the company's vluation allowance due to the deferred tax liability created as a result of the book and tax basis difference, which were not accounted for properly. The condensed consolidated financial statements for the quarter ended September 30, 2017 included in this Form 10-Q/A have been restated to include this adjustment to reflect the tax-related impact of the acquisition of MirImmune. This adjustment does not affect previously reported net loss or operating cash flows, although certain adjustments have been made in our condensed consolidated statement of cash flows to correspond to the income statement adjustment as described in Note 2 of the notes to our condensed consolidated financial statements included in this filing, and has no impact on the company's balance sheet. We have made necessary conforming changes in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” resulting from the correction of this error.
Document Period End Date	Sep. 30, 2017
Document Fiscal Year Focus	2,017
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		2,594,962

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 5,416	$ 12,906
Restricted cash	50	50
Prepaid expenses	271	150
Total current assets	5,737	13,106
Property and equipment, net	269	114
Notes receivable		150
Other assets	27	27
Total assets	6,033	13,397
Current liabilities:
Accounts payable	702	917
Accrued expenses	1,901	1,625
Total current liabilities	2,603	2,542
Commitments and contingencies
Stockholders' equity:
Preferred stock, par value
Common stock, $0.0001 par value, 100,000,000 shares authorized; 2,369,733 and 1,300,318 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively	0	0
Additional paid-in capital	79,979	73,429
Accumulated deficit	(76,549)	(66,099)
Total stockholders' equity	3,430	10,855
Total liabilities and stockholders' equity	6,033	13,397
Series B Convertible Preferred Stock [Member]
Stockholders' equity:
Preferred stock, par value		$ 3,525
Series C Convertible Preferred Stock [Member]
Stockholders' equity:
Preferred stock, par value	$ 0

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2017	Dec. 31, 2016
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	2,369,733	1,300,318
Common stock, shares outstanding	2,369,733	1,300,318
Series B Convertible Preferred Stock [Member]
Preferred stock, shares authorized	8,100	8,100
Preferred Stock, shares issued	0	5,737
Preferred Stock, shares outstanding	0	5,737
Series C Convertible Preferred Stock [Member]
Preferred stock, shares authorized	1,800,000
Preferred Stock, shares issued	0	0
Preferred Stock, shares outstanding	0	0

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Income Statement [Abstract]
Net revenues				$ 19
Operating expenses:
Research and development	$ 1,490	$ 1,464	$ 4,166	4,108
Acquired in-process research and development			4,696
General and administrative	986	752	3,209	2,587
Total operating expenses	2,476	2,216	12,071	6,695
Operating loss	(2,476)	(2,216)	(12,071)	(6,676)
Other income (expense):
Interest income, net		4		15
Other income (expense), net				6
Total other income		4		21
Loss before income taxes	(2,476)	(2,212)	(12,071)	(6,655)
Income tax benefit			1,621
Net loss	$ (2,476)	$ (2,212)	$ (10,450)	$ (6,655)
Net loss per common share:
Basic and diluted	$ (1.05)	$ (3.36)	$ (4.71)	$ (10.16)
Weighted average common shares: basic and diluted	2,351,144	657,609	2,216,775	654,869

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Cash flows from operating activities:
Net loss	$ (10,450)	$ (6,655)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	48	41
Non-cash stock-based compensation	276	649
Acquired in-process research and development	4,696
Deferred taxes	(1,621)
Value of non-marketable equity securities recognized as revenue		(9)
Changes in operating assets and liabilities:
Prepaid expenses and other assets	(121)	(10)
Accounts payable	(417)	(706)
Accrued expenses	276	302
Net cash used in operating activities	(7,313)	(6,388)
Cash flows from investing activities:
Purchase of short-term investments		(2,000)
Maturities of short-term investments		5,500
Cash acquired in MirImmune Inc. acquisition	100
Cash paid for purchase of property and equipment	(203)	(2)
Net cash (used in) provided by investing activities	(103)	3,498
Cash flows from financing activities:
Proceeds from the issuance of common stock, net of offering costs	(74)	152
Net cash (used in) provided by financing activities	(74)	152
Net decrease in cash, cash equivalents and restricted cash	(7,490)	(2,738)
Cash, cash equivalents and restricted cash at the beginning of period	12,956	5,167
Cash, cash equivalents and restricted cash at the end of period	5,466	$ 2,429
Supplemental disclosure of non-cash investing and financing activities:
Cancellation of notes receivable	150
Accounts payable assumed	5
Fair value of securities issued	2,824
Series B Convertible Preferred Stock [Member]
Supplemental disclosure of non-cash investing and financing activities:
Conversions of convertible preferred stock into common stock	3,525
Series C Convertible Preferred Stock [Member]
Supplemental disclosure of non-cash investing and financing activities:
Conversions of convertible preferred stock into common stock	$ 816

Nature of Operations

Nature of Operations	9 Months Ended
	Sep. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	1. Nature of Operations RXi Pharmaceuticals Corporation (“ RXi we our Company (sd-rxRNA ® RXI-109, sd-rxRNA On January 3, 2018, 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 January 8, 2018. 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, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Liquidity and Going Concern	2. Liquidity and Going Concern The Company has limited cash resources, certain limitations under the purchase agreement with Lincoln Park Capital Fund, LLC (“ LPC

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Sep. 30, 2017
Accounting Policies [Abstract]
Significant Accounting Policies	3. Significant Accounting Policies Restatement of Consolidated Financial Statements Our condensed consolidated statement of operations and our condensed consolidated statement of cash flows for the quarter ended September, 2017 have been restated to include the tax-related impact of the Company’s acquisition of MirImmune Inc. (“ MirImmune Nine Months Ended September 30, 2017 Previously Reported Adjustment Restated ($ in thousands, except per share data) CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS: Operating Expenses: Research and development $ 4,166 $ — $ 4,166 Acquired in-process research and development 3,075 1,621 4,696 General and administrative 3,209 — 3,209 Total operating expenses 10,450 1,621 12,071 Operating loss (10,450 ) (1,621 ) (12,071 ) Loss before income taxes (10,450 ) (1,621 ) (12,071 ) Income tax benefit — 1,621 1,621 Net loss $ (10,450 ) $ — $ (10,450 ) Net loss per common share: basic and diluted $ (4.71 ) $ — $ (4.71 ) CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS : Cash flows from operating activities: Net loss $ (10,450 ) $ — $ (10,450 ) Adjustments to reconcile net loss to net cash used in operating activities Depreciation and amortization 48 — 48 Non-cash stock-based compensation 276 — 276 Acquired in-process research and development 3,075 1,621 4,696 Deferred tax — (1,621 ) (1,621 ) Changes in operating assets and liabilities: Prepaid expenses and other assets (121 ) — (121 ) Accounts payable (417 ) — (417 ) Accrued expenses 276 — 276 Net cash used in operating expenses $ (7,313 ) $ — $ (7,313 ) Basis of Presentation The accompanying condensed consolidated financial statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States of America (“ GAAP year-end 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, Cash Equivalents and Restricted Cash 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 consists of certificates of deposit held by financial institutions as collateral for the Company’s corporate credit cards. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the balance sheet that sum to the total of the same such amounts shown in the statement of cash flows (in thousands): September 30, December 31, 2017 2016 Cash and cash equivalents 5,416 12,906 Restricted cash 50 50 Cash, cash equivalents and restricted cash shown in the statement of cash flows 5,466 12,956 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 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 ASC Compensation — Stock Compensation ASC 718 non-employee For stock options granted as consideration for services rendered by non-employees, 505-50, Equity Based Payments to Non-Employees Non-employee re-measured non-cash non-employees re-measurements Comprehensive Loss The Company’s comprehensive loss is equal to its net loss for all periods presented. Net Loss per Share The Company accounts for and discloses net loss per share in accordance with FASB ASC Topic 260, “ Earnings per Share.”

Recent Accounting Pronouncement

Recent Accounting Pronouncements	9 Months Ended
	Sep. 30, 2017
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	4. Recent Accounting Pronouncements In August 2016, the FASB issued Accounting Standards Update (“ ASU Statement of Cash Flows (Topic 230) — Classification of Certain Cash Receipts and Cash Payments 2016-15 2016-15 In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230) — Restricted Cash,” 2016-18 In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805) — Clarifying the Definition of a Business 2017-01 MirImmune In May 2017, the FASB issued ASU 2017-09, Compensation — Stock Compensation (Topic 718) — Scope of Modification Accounting 2017-09

MirImmune Inc. Acquisition

MirImmune Inc. Acquisition	9 Months Ended
	Sep. 30, 2017
Research and Development [Abstract]
MirImmune Inc. Acquisition	5. MirImmune Inc. Acquisition On January 6, 2017, the Company entered into a Stock Purchase Agreement (the “ Stock Purchase Agreement RXi Merger Sub Series C Convertible Preferred Stock Upon the closing of the acquisition, the notes receivable outstanding on the Company’s balance sheet as of December 31, 2016 were cancelled. The Company assessed the acquisition of MirImmune under FASB ASC Topic 805, “ Business Combinations ASC 805 in-process Additionally, the Company assessed the MirImmune acquisition under ASC Topic 740, “ Income Taxes ” ASC 740 During the nine months ended September 30, 2017, the Company recorded $4,696,000 in in-process research and development expense related to the fair value of consideration given, which includes transaction costs, liabilities assumed and cancellation of notes receivable, and the deferred tax impact of the MirImmune acquisition. The Company was restricted from converting any of the Series C Convertible Preferred Stock into common stock to the extent that such conversion was not approved by the Company’s stockholders in accordance with the stockholder approval requirements of NASDAQ Marketplace Rule 5635. On June 9, 2017, with the approval of the Company’s stockholders in accordance with the NASDAQ stockholder approval requirements, every ten shares of the Series C Convertible Preferred Stock outstanding were automatically converted into one share of common stock, such that there were no shares of Series C Convertible Preferred Stock issued or outstanding at September 30, 2017. On November 7, 2017, the Company filed a Certificate Eliminating the Series C Convertible Preferred Stock from the Certificate of Incorporation of the Company with the Secretary of State of the State of Delaware. Please refer to Note 10 for further discussion of the filing. Under the terms of the Stock Purchase Agreement, if certain development or commercial milestones are achieved within two years, the Company will be required to either (i) issue a number of shares of common stock (the “ Milestone Shares The Company assessed the Milestone Shares under FASB ASC Topic 480, “ Distinguishing Liabilities from Equity ASC 480 in-process

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2017
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,” re-measured re-measured 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 warrant issued to the Company by Thera Neuropharma, Inc. (“ Thera Financial assets measured at fair value on a recurring basis are summarized as follows, in thousands: Description At 2017 Quoted Prices in Other Significant Significant Assets: Warrant in Thera $ 5 $ — $ — $ 5 Total $ 5 $ — $ — $ 5 Description At 2016 Quoted Prices in Other Significant Significant Assets: Warrant in Thera $ 5 $ — $ — $ 5 Total $ 5 $ — $ — $ 5 A reconciliation of the beginning and ending Level 3 assets for the nine months ended September 30, 2017 is as follows (in thousands): Fair Value Balance, beginning of period $ 5 Change in value of the warrant in Thera — Balance, end of period $ 5 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.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2017
Equity [Abstract]
Stockholders' Equity	7. Stockholders’ Equity Series B Convertible Preferred Stock — Series B Convertible Preferred Stock Series C Convertible Preferred Stock — Series C Convertible Preferred Stock Certificate of Designation as-converted Upon its issuance, the Series C Convertible Preferred Stock was assessed under ASC 480. The Company determined that the Series C Convertible Preferred Stock was not within the scope of ASC 480 and therefore, the Series C Convertible Preferred Stock was not considered a liability. The Series C Convertible Preferred Stock was recorded in permanent equity on the Company’s balance sheet. The Series C Convertible Preferred Stock was then assessed under FASB ASC 815, “ Derivatives and Hedging ASC 815 Pursuant to the Stock Purchase Agreement, the Company acquired all of the issued and outstanding shares of capital stock of MirImmune for an aggregate of 275,036 shares of common stock of the Company and an aggregate of 1,118,224 shares of Series C Convertible Preferred Stock. The Company was restricted from converting any of the Series C Convertible Preferred Stock into common stock to the extent that such conversion was not approved by the Company’s stockholders in accordance with the stockholder approval requirements of NASDAQ Marketplace Rule 5635. On June 9, 2017, with the approval of the Company’s stockholders in accordance with the NASDAQ stockholder approval requirements, every ten shares of the Series C Convertible Preferred Stock outstanding were automatically converted into one share of common stock, such that there were no shares of Series C Convertible Preferred Stock issued or outstanding at September 30, 2017. Please refer to Notes 5 and 10 for further details on the shares issued in connection with the acquisition of MirImmune. Lincoln Park Capital Fund, LLC — 2017 Purchase Agreement Commitment Shares Warrants — Exercise prices Number of Shares Expiration $52.00 130,007 June 2, 2020 $9.00 1,277,993 December 21, 2021 Total warrants outstanding 1,408,000 During the second quarter of 2017, outstanding warrants for the purchase of 46 shares of the Company’s common stock with an exercise price of $390.00 expired. No warrants were exercised during the nine months ended September 30, 2017 or 2016.

Stock-based Compensation

Stock-based Compensation	9 Months Ended
	Sep. 30, 2017
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, 2017 and 2016, the following assumptions were used: For the Three Months Ended For the Nine Months Ended 2017 2016 2017 2016 Risk-free interest rate 1.94 – 2.35 % 1.46 % 1.73 – 2.49 % 1.18 – 2.02 % Expected volatility 83.87 – 91.99 % 116.88 % 82.99 – 123.01 % 79.42 – 116.88 % Weighted average expected volatility 87.93 % 116.88 % 84.65 % 89.12 % Expected lives (in years) 6.25 – 10.00 10.00 5.20 – 10.00 5.20 – 10.00 Expected dividend yield 0.00 % 0.00 % 0.00 % 0.00 % The weighted average fair value of options granted during the three months ended September 30, 2017 and 2016 was $4.90 and $22.70, respectively. The weighted average fair value of options granted during the nine months ended September 30, 2017 and 2016 was $4.90 and $21.50, respectively. The risk-free interest rate used for each grant was based upon the yield on zero-coupon non-employees The following table summarizes the activity of Company’s stock option plan for the nine months ended September 30, 2017: Total Number Weighted-Average Aggregate Balance at December 31, 2016 37,444 $ 272.90 Granted 33,038 6.90 Exercised — — Cancelled (17,382 ) 44.80 Balance at September 30, 2017 53,100 $ 182.00 $ — Exercisable at September 30, 2017 35,495 $ 262.10 $ — The Company recorded stock-based compensation expense for the three and nine months ended September 30, 2017 and 2016 as follows, in thousands: Three Months Ended Nine Months Ended 2017 2016 2017 2016 Research and development $ 7 $ 52 $ 80 $ 212 General and administrative 36 76 196 437 Total stock-based compensation $ 43 $ 128 $ 276 $ 649 Stock-based compensation expense for the nine months ended September 30, 2017 includes $22,000, recorded in research and development expense, related to stock option modifications in connection with the retirement of the Company’s former Chief Development Officer.

Net Loss per Share

Net Loss per Share	9 Months Ended
	Sep. 30, 2017
Earnings Per Share [Abstract]
Net Loss per Share	9. Net Loss per Share The following table sets forth the potential common shares excluded from the calculation of net loss per common share because their inclusion would be anti-dilutive: September 30, 2017 2016 Options to purchase common stock 53,100 39,096 Warrants to purchase common stock 1,408,000 130,046 Total 1,461,100 169,142

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2017
Subsequent Events [Abstract]
Subsequent Events	10. Subsequent Events On November 7, 2017, the Company filed a Certificate Eliminating the Series B Convertible Preferred Stock from the Certificate of Incorporation of the Company and a Certificate Eliminating the Series C Convertible Preferred Stock from the Certificate of Incorporation of the Company (together, the “ Certificates of Elimination 10-Q

Significant Accounting Polici16

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2017
Accounting Policies [Abstract]
Restatement of Consolidated Financial Statements	Restatement of Consolidated Financial Statements Our condensed consolidated statement of operations and our condensed consolidated statement of cash flows for the quarter ended September, 2017 have been restated to include the tax-related impact of the Company’s acquisition of MirImmune Inc. (“ MirImmune Nine Months Ended September 30, 2017 Previously Reported Adjustment Restated ($ in thousands, except per share data) CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS: Operating Expenses: Research and development $ 4,166 $ — $ 4,166 Acquired in-process research and development 3,075 1,621 4,696 General and administrative 3,209 — 3,209 Total operating expenses 10,450 1,621 12,071 Operating loss (10,450 ) (1,621 ) (12,071 ) Loss before income taxes (10,450 ) (1,621 ) (12,071 ) Income tax benefit — 1,621 1,621 Net loss $ (10,450 ) $ — $ (10,450 ) Net loss per common share: basic and diluted $ (4.71 ) $ — $ (4.71 ) CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS : Cash flows from operating activities: Net loss $ (10,450 ) $ — $ (10,450 ) Adjustments to reconcile net loss to net cash used in operating activities Depreciation and amortization 48 — 48 Non-cash stock-based compensation 276 — 276 Acquired in-process research and development 3,075 1,621 4,696 Deferred tax — (1,621 ) (1,621 ) Changes in operating assets and liabilities: Prepaid expenses and other assets (121 ) — (121 ) Accounts payable (417 ) — (417 ) Accrued expenses 276 — 276 Net cash used in operating expenses $ (7,313 ) $ — $ (7,313 )
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States of America (“ GAAP year-end
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, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash 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 consists of certificates of deposit held by financial institutions as collateral for the Company’s corporate credit cards. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the balance sheet that sum to the total of the same such amounts shown in the statement of cash flows (in thousands): September 30, December 31, 2017 2016 Cash and cash equivalents 5,416 12,906 Restricted cash 50 50 Cash, cash equivalents and restricted cash shown in the statement of cash flows 5,466 12,956
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 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 ASC Compensation — Stock Compensation ASC 718 non-employee For stock options granted as consideration for services rendered by non-employees, 505-50, Equity Based Payments to Non-Employees Non-employee re-measured non-cash non-employees re-measurements
Comprehensive Loss	Comprehensive Loss The Company’s comprehensive loss is equal to its net loss for all periods presented.
Net Loss per Share	Net Loss per Share The Company accounts for and discloses net loss per share in accordance with FASB ASC Topic 260, “ Earnings per Share.”

Significant Accounting Polici17

Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2017
Accounting Policies [Abstract]
Summary of Restatement of Consolidated Financial Statements	The following table summarizes the effects of our restatement on the nine months ended September 30, 2017 resulting from the correction of this error. Nine Months Ended September 30, 2017 Previously Reported Adjustment Restated ($ in thousands, except per share data) CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS: Operating Expenses: Research and development $ 4,166 $ — $ 4,166 Acquired in-process research and development 3,075 1,621 4,696 General and administrative 3,209 — 3,209 Total operating expenses 10,450 1,621 12,071 Operating loss (10,450 ) (1,621 ) (12,071 ) Loss before income taxes (10,450 ) (1,621 ) (12,071 ) Income tax benefit — 1,621 1,621 Net loss $ (10,450 ) $ — $ (10,450 ) Net loss per common share: basic and diluted $ (4.71 ) $ — $ (4.71 ) CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS : Cash flows from operating activities: Net loss $ (10,450 ) $ — $ (10,450 ) Adjustments to reconcile net loss to net cash used in operating activities Depreciation and amortization 48 — 48 Non-cash stock-based compensation 276 — 276 Acquired in-process research and development 3,075 1,621 4,696 Deferred tax — (1,621 ) (1,621 ) Changes in operating assets and liabilities: Prepaid expenses and other assets (121 ) — (121 ) Accounts payable (417 ) — (417 ) Accrued expenses 276 — 276 Net cash used in operating expenses $ (7,313 ) $ — $ (7,313 )
Schedule of Reconciliation of Cash, Cash Equivalents, and Restricted Cash Reported Within Balance Sheet	The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the balance sheet that sum to the total of the same such amounts shown in the statement of cash flows (in thousands): September 30, December 31, 2017 2016 Cash and cash equivalents 5,416 12,906 Restricted cash 50 50 Cash, cash equivalents and restricted cash shown in the statement of cash flows 5,466 12,956

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2017
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 2017 Quoted Prices in Other Significant Significant Assets: Warrant in Thera $ 5 $ — $ — $ 5 Total $ 5 $ — $ — $ 5 Description At 2016 Quoted Prices in Other Significant Significant Assets: Warrant in Thera $ 5 $ — $ — $ 5 Total $ 5 $ — $ — $ 5
Schedule of Reconciliation of the Beginning and Ending Level 3 Assets	A reconciliation of the beginning and ending Level 3 assets for the nine months ended September 30, 2017 is as follows (in thousands): Fair Value Balance, beginning of period $ 5 Change in value of the warrant in Thera — Balance, end of period $ 5

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2017
Equity [Abstract]
Summary of Warrants Outstanding	The following table summarizes the Company’s outstanding warrants at September 30, 2017: Exercise prices Number of Shares Expiration $52.00 130,007 June 2, 2020 $9.00 1,277,993 December 21, 2021 Total warrants outstanding 1,408,000

Stock-based Compensation (Table

Stock-based Compensation (Tables)	9 Months Ended
	Sep. 30, 2017
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, 2017 and 2016, the following assumptions were used: For the Three Months Ended For the Nine Months Ended 2017 2016 2017 2016 Risk-free interest rate 1.94 – 2.35 % 1.46 % 1.73 – 2.49 % 1.18 – 2.02 % Expected volatility 83.87 – 91.99 % 116.88 % 82.99 – 123.01 % 79.42 – 116.88 % Weighted average expected volatility 87.93 % 116.88 % 84.65 % 89.12 % Expected lives (in years) 6.25 – 10.00 10.00 5.20 – 10.00 5.20 – 10.00 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 for the nine months ended September 30, 2017: Total Number Weighted-Average Aggregate Balance at December 31, 2016 37,444 $ 272.90 Granted 33,038 6.90 Exercised — — Cancelled (17,382 ) 44.80 Balance at September 30, 2017 53,100 $ 182.00 $ — Exercisable at September 30, 2017 35,495 $ 262.10 $ —
Details of Stock-based Compensation Expense Recorded	The Company recorded stock-based compensation expense for the three and nine months ended September 30, 2017 and 2016 as follows, in thousands: Three Months Ended Nine Months Ended 2017 2016 2017 2016 Research and development $ 7 $ 52 $ 80 $ 212 General and administrative 36 76 196 437 Total stock-based compensation $ 43 $ 128 $ 276 $ 649

Net Loss per Share (Tables)

Net Loss per Share (Tables)	9 Months Ended
	Sep. 30, 2017
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 because their inclusion would be anti-dilutive: September 30, 2017 2016 Options to purchase common stock 53,100 39,096 Warrants to purchase common stock 1,408,000 130,046 Total 1,461,100 169,142

Nature of Operations - Addition

Nature of Operations - Additional Information (Detail) - Subsequent Events [Member]	Jan. 03, 2018
Nature of Operations [Line Items]
Stock split description	Company approved a 1-for-10 reverse stock split of the Company's outstanding common stock, which was effected on January 8, 2018.
Reverse stock split ratio	0.001

Significant Accounting Polici23

Significant Accounting Policies - Summary of Restatement of Consolidated Financial Statements - (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Operating expenses:
Research and development	$ 1,490	$ 1,464	$ 4,166	$ 4,108
Acquired in-process research and development			4,696
General and administrative	986	752	3,209	2,587
Total operating expenses	2,476	2,216	12,071	6,695
Operating loss	(2,476)	(2,216)	(12,071)	(6,676)
Loss before income taxes	(2,476)	(2,212)	(12,071)	(6,655)
Income tax benefit			1,621
Net loss	$ (2,476)	$ (2,212)	$ (10,450)	$ (6,655)
Net loss per common share: basic and diluted	$ (1.05)	$ (3.36)	$ (4.71)	$ (10.16)
Cash flows from operating activities:
Net loss	$ (2,476)	$ (2,212)	$ (10,450)	$ (6,655)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization			48	41
Non-cash stock-based compensation	$ 43	$ 128	276	649
Acquired in-process research and development			4,696
Deferred tax			(1,621)
Changes in operating assets and liabilities:
Prepaid expenses and other assets			(121)	(10)
Accounts payable			(417)	(706)
Accrued expenses			276	302
Net cash used in operating activities			(7,313)	$ (6,388)
Previously Reported [Member]
Operating expenses:
Research and development			4,166
Acquired in-process research and development			3,075
General and administrative			3,209
Total operating expenses			10,450
Operating loss			(10,450)
Loss before income taxes			(10,450)
Net loss			$ (10,450)
Net loss per common share: basic and diluted			$ (4.71)
Cash flows from operating activities:
Net loss			$ (10,450)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization			48
Non-cash stock-based compensation			276
Acquired in-process research and development			3,075
Changes in operating assets and liabilities:
Prepaid expenses and other assets			(121)
Accounts payable			(417)
Accrued expenses			276
Net cash used in operating activities			(7,313)
Adjustment [Member]
Operating expenses:
Acquired in-process research and development			1,621
Total operating expenses			1,621
Operating loss			(1,621)
Loss before income taxes			(1,621)
Income tax benefit			1,621
Adjustments to reconcile net loss to net cash used in operating activities
Acquired in-process research and development			1,621
Deferred tax			$ (1,621)

Significant Accounting Polici24

Significant Accounting Policies - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2017
Accounting Policies [Abstract]
Liquid instrument maturity period	Three months or less

Significant Accounting Polici25

Significant Accounting Policies - Schedule of Reconciliation of Cash, Cash Equivalents, and Restricted Cash Reported Within Balance Sheet (Detail) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016	Sep. 30, 2016	Dec. 31, 2015
Accounting Policies [Abstract]
Cash and cash equivalents	$ 5,416	$ 12,906
Restricted cash	50	50
Cash, cash equivalents and restricted cash shown in the statement of cash flows	$ 5,466	$ 12,956	$ 2,429	$ 5,167

MirImmune Inc. Acquisition - Ad

MirImmune Inc. Acquisition - Additional Information (Detail) - USD ($) $ in Thousands	Jan. 06, 2017	Sep. 30, 2017	Jun. 09, 2017	Dec. 31, 2016
Research and Development Assets Acquired Other than Through Business Combination [Line Items]
Number of shares acquired	275,036	275,036
Holdback of aggregate closing consideration, percentage	3.00%
Income tax expense (benefit)		$ 1,621
Acquired in-process research and development		$ 4,696
MirImmune Stock Purchase Agreement [Member]
Research and Development Assets Acquired Other than Through Business Combination [Line Items]
Shares of common stock to be issued upon milestone	251,909
Additional number of common stock to be issued upon milestone percentage	13.00%
Series C Convertible Preferred Stock [Member]
Research and Development Assets Acquired Other than Through Business Combination [Line Items]
Number of shares acquired	1,118,224	1,118,224
Stock conversion ratio		1	1
Preferred Stock, shares issued		0		0
Preferred Stock, shares outstanding		0		0

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value Measurements (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Assets:
Warrant in Thera	$ 5	$ 5
Total	5	5
Unobservable Inputs (Level 3) [Member]
Assets:
Warrant in Thera	5	5
Total	$ 5	$ 5

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Reconciliation of the Beginning and Ending Level 3 Assets (Detail) - Unobservable Inputs (Level 3) [Member] $ in Thousands	9 Months Ended
	Sep. 30, 2017USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	$ 5
Balance, end of period	5
Thera Warrant [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Change in value of the warrant in Thera	$ 0

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - USD ($)	Aug. 08, 2017	Jan. 06, 2017	Jan. 05, 2017	Mar. 31, 2017	Sep. 30, 2017	Sep. 30, 2016	Jun. 30, 2017	Jun. 09, 2017	Dec. 31, 2016
Class of Stock [Line Items]
Number of common stock issued upon conversion of convertible instrument					0	0
Preferred stock, shares authorized					10,000,000				10,000,000
Number of shares acquired		275,036			275,036
Number of common stock, outstanding warrants					1,408,000
Series B Convertible Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock, shares outstanding					0				5,737
Convertible preferred stock, shares issued					0				5,737
Preferred stock, shares authorized					8,100				8,100
Series C Convertible Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock, shares outstanding					0				0
Convertible preferred stock, shares issued					0				0
Preferred stock, shares authorized			1,800,000		1,800,000
Preferred stock voting rights					No voting rights, with certain exceptions
Other dividends paid			$ 0
Number of shares acquired		1,118,224			1,118,224
Shares issued upon conversion					1			1
Common Stock [Member]
Class of Stock [Line Items]
Number of common stock issued upon conversion of convertible instrument				637,445
Common Stock [Member] | Lincoln Park Capital Fund, LLC [Member]
Class of Stock [Line Items]
Number of common stock issued as a commitment fee	45,000
Cost of capital, value per share	$ 5.80
Common Stock [Member] | Lincoln Park Capital Fund, LLC [Member] | Maximum [Member]
Class of Stock [Line Items]
Potential consideration under purchase agreement	15,000,000
Warrants With Exercise Price $390.00 [Member]
Class of Stock [Line Items]
Exercise prices							$ 390
Number of common stock, outstanding warrants							46

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Warrants Outstanding (Detail)	9 Months Ended
	Sep. 30, 2017$ / sharesshares
Class of Warrant or Right [Line Items]
Number of Shares Underlying Warrants	1,408,000
Warrants With Exercise Price $52.00 [Member]
Class of Warrant or Right [Line Items]
Exercise prices | $ / shares	$ 52
Number of Shares Underlying Warrants	130,007
Expiration	Jun. 2, 2020
2016 Warrants With Exercise Price $9.00 [Member]
Class of Warrant or Right [Line Items]
Exercise prices | $ / shares	$ 9
Number of Shares Underlying Warrants	1,277,993
Expiration	Dec. 21, 2021

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, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate		1.46%
Risk-free interest rate, Minimum	1.94%		1.73%	1.18%
Risk-free interest rate, Maximum	2.35%		2.49%	2.02%
Expected volatility		116.88%
Expected volatility, Minimum	83.87%		82.99%	79.42%
Expected volatility, Maximum	91.99%		123.01%	116.88%
Weighted average expected volatility	87.93%	116.88%	84.65%	89.12%
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 2 months 30 days		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, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Weighted average grant date fair value per share of options granted	$ 4.90	$ 22.70	$ 4.90	$ 21.50
Expected dividend yield	0.00%	0.00%	0.00%	0.00%
Stock-based compensation expense			$ 22,000

Stock-based Compensation - Summ

Stock-based Compensation - Summary of Stock Option Activity (Detail)	9 Months Ended
	Sep. 30, 2017USD ($)$ / sharesshares
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Total Number of Shares, Beginning Balance | shares	37,444
Total Number of Shares, Granted | shares	33,038
Total Number of Shares, Exercised | shares	0
Total Number of Shares, Cancelled | shares	(17,382)
Total Number of Shares, Ending Balance | shares	53,100
Total Number of Shares, Exercisable | shares	35,495
Weighted-Average Exercise Price Per Share, Beginning Balance | $ / shares	$ 272.90
Weighted-Average Exercise Price Per Share, Granted | $ / shares	6.90
Weighted-Average Exercise Price Per Share, Exercised | $ / shares	0
Weighted-Average Exercise Price Per Share, Cancelled | $ / shares	44.80
Weighted-Average Exercise Price Per Share, Ending Balance | $ / shares	182
Weighted-Average Exercise Price Per Share, Exercisable | $ / shares	$ 262.10
Aggregate Intrinsic Value, Ending Balance | $	$ 0
Aggregate Intrinsic Value, Exercisable | $	$ 0

Stock-based Compensation - Deta

Stock-based Compensation - Details of Stock-based Compensation Expense Recorded (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation	$ 43	$ 128	$ 276	$ 649
Research and Development [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation	7	52	80	212
General and Administrative [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation	$ 36	$ 76	$ 196	$ 437

Net Loss per Share - Common Sha

Net Loss per Share - Common Shares Excluded from the Calculation of Net Loss per Common Share Attributable to Common Stockholders (Detail) - shares	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total amount of anti-dilutive securities excluded from computation of earnings per share	1,461,100	169,142
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	53,100	39,096
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	1,408,000	130,046

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - shares	Nov. 07, 2017	Sep. 30, 2017	Jan. 05, 2017	Dec. 31, 2016
Subsequent Event [Line Items]
Preferred stock, shares authorized		10,000,000		10,000,000
Series C Convertible Preferred Stock [Member]
Subsequent Event [Line Items]
Preferred stock, shares authorized		1,800,000	1,800,000
Series B Convertible Preferred Stock [Member]
Subsequent Event [Line Items]
Preferred stock, shares authorized		8,100		8,100
Subsequent Events [Member] | Series C Convertible Preferred Stock [Member]
Subsequent Event [Line Items]
Preferred stock, shares authorized	1,800,000
Subsequent Events [Member] | Series B Convertible Preferred Stock [Member]
Subsequent Event [Line Items]
Preferred stock, shares authorized	8,100