Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | Jun. 14, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | sbph | |
Entity Registrant Name | Spring Bank Pharmaceuticals, Inc. | |
Entity Central Index Key | 1,566,373 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 7,757,734 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 1,903 | $ 4,347 |
Marketable securities | 4,875 | 5,335 |
Prepaid expenses and other current assets | 426 | 313 |
Total current assets | 7,204 | 9,995 |
Marketable securities | 1,386 | 3,189 |
Property and equipment, net | 498 | 427 |
Other assets | 1,690 | 966 |
Total | 10,778 | 14,577 |
Current liabilities: | ||
Accounts payable | 1,343 | 2,183 |
Accrued expenses and other current liabilities | 1,829 | 1,369 |
Total liabilities | $ 3,172 | $ 3,552 |
Commitments (Note 7) | ||
Stockholders' equity: | ||
Convertible preferred stock, $0.0001 par value-authorized, 5,000,000 shares; 1,000,000 shares issued and outstanding at March 31, 2016 and December 31,2015 | ||
Common stock, $0.0001 par value-authorized, 50,000,000 shares; 5,921,091 and 5,796,091 shares issued and outstanding at March 31, 2016 and December 31,2015, respectively | $ 1 | $ 1 |
Additional paid-in capital | 48,293 | 45,211 |
Accumulated deficit | (40,687) | (34,169) |
Other comprehensive income (loss) | (1) | (18) |
Total stockholders' equity | 7,606 | 11,025 |
Total | $ 10,778 | $ 14,577 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Convertible preferred stock, par value | $ 0.0001 | $ 0.0001 |
Convertible preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Convertible preferred stock, shares issued | 1,000,000 | 1,000,000 |
Convertible preferred stock, shares outstanding | 1,000,000 | 1,000,000 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 5,921,091 | 5,796,091 |
Common stock, shares outstanding | 5,921,091 | 5,796,091 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Statement [Abstract] | ||
Grant revenue | $ 280 | $ 250 |
Operating expenses: | ||
Research and development | 5,589 | 1,133 |
General and administrative | 1,226 | 1,075 |
Total operating expenses | 6,815 | 2,208 |
Loss from operations | (6,535) | (1,958) |
Other income (expense): | ||
Interest income | 17 | |
Net loss | (6,518) | (1,958) |
Unrealized loss on marketable securities | (1) | |
Comprehensive loss | $ (6,519) | $ (1,958) |
Net loss per common share - basic and diluted | $ (1.11) | $ (0.37) |
Weighted-average number of shares outstanding - basic and diluted | 5,877,135 | 5,336,518 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash flows from operating activities: | ||
Net loss | $ (6,518) | $ (1,958) |
Adjustments for: | ||
Depreciation | 26 | 13 |
Non-cash stock-based compensation | 302 | 113 |
Non-cash issuance of common stock connected to license agreement | 2,780 | |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other assets | (837) | (4) |
Accounts payable | (840) | (9) |
Accrued expenses and other | 460 | 122 |
Net cash used in operating activities | (4,627) | (1,723) |
Cash flows from investing activities: | ||
Proceeds from sale of marketable securities | 2,280 | |
Purchases of property and equipment | (97) | (24) |
Net cash provided by (used in) investing activities | 2,183 | (24) |
Cash flows from financing activities: | ||
Proceeds from issuance of common stock | 21,648 | |
Payment of financing costs related to issuance of common stock | (1,754) | |
Proceeds from exercise of warrants | 25 | |
Cash provided by financing activities | 19,919 | |
Net increase (decrease) in cash and cash equivalents | (2,444) | 18,172 |
Cash and cash equivalents, beginning of period | 4,347 | 1,570 |
Cash and cash equivalents, end of period | $ 1,903 | $ 19,742 |
Nature of Business and Summary
Nature of Business and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Nature of Business and Summary of Significant Accounting Policies | 1. NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Business Spring Bank Pharmaceuticals, Inc. (the “Company”) is a clinical-stage biopharmaceutical company engaged in the discovery and development of a novel class of therapeutics using a proprietary small molecule nucleic acid hybrid, or SMNH, chemistry platform. Since inception in 2002 and prior to its initial public offering in May 2016, the Company built its technology platform and product candidate pipeline using a semi-virtual business model, supported by grants and direct funding from the United States National Institutes of Health (“NIH”) as well as through private financings. In September 2015, the Company formed a wholly owned subsidiary, Sperovie Biosciences, Inc. On May 11, 2016 the Company completed its initial public offering of 920,000 shares of common stock at a price to the public of $12.00 per share, resulting in net proceeds of approximately $10.2 million, after underwriting discounts and commissions, but before deducting offering-related expenses. In addition, on June 3, 2016, the Company issued and sold an additional 24,900 shares of common stock at the initial public offering price of $12.00 per share pursuant to the underwriter’s partial exercise of their option to purchase additional shares of common stock, resulting in net proceeds of approximately $275,000, after underwriting discounts and commissions, but before deducting offering-related expenses. In connection with the initial closing of the initial public offering, the Company received approximately $5.3 million in proceeds upon the exercise of previously issued warrants to purchase 641,743 shares of common stock of the Company. The Company’s success is dependent upon its ability to successfully complete clinical development and obtain regulatory approval of its product candidates, successfully commercialize approved products, generate revenue, and, ultimately, attain profitable operations. Basis of Presentation and Liquidity The accompanying consolidated financial statements have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“U.S. GAAP”). The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has incurred losses from operations and negative operating cash flows since inception, and expects to incur additional operating losses. The Company’s current resources include cash resources of approximately $1,903,000 and marketable securities of $6,261,000 at March 31, 2016. The Company believes that its cash, cash equivalents and marketable securities together with proceeds from its May 11, 2016 initial public offering and the related warrant exercises will be sufficient to allow the Company to fund its current operating plan and continue as a going concern. The accompanying interim financial statements as of March 31, 2016 and for the three months ended March 31, 2016 and 2015, and related interim information contained within the notes to the financial statements are unaudited. In management’s opinion, the unaudited interim consolidated financial statements have been prepared on the same basis as the audited financial statements and include all adjustment’s (including normal recurring adjustments) necessary for the fair presentation of the Company’s financial position as of March 31, 2016, results of operations for the three months ended March 31, 2016 and 2015, and its cash flows for the three months ended March 31, 2016 and 2015. These interim financial statements should be read in conjunction with the audited financial statements and accompanying notes for the year ended December 31, 2015 filed with the SEC on May 6, 2016. The results for the three months ended March 31, 2016 are not necessarily indicative of the results expected for the full fiscal year or any interim period. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, Sperovie Biosciences, Inc. Sperovie did not have any assets, liabilities or operations for any period presented. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities (including clinical trial accruals), the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The Company bases estimates and assumptions on historical experience when available and on various factors that it believes to be reasonable under the circumstances. Significant estimates relied upon in preparing the accompanying financial statements related to the fair value of common stock and other equity instruments, accounting for stock-based compensation, income taxes, useful lives of long-lived assets, and accounting for certain accruals. The Company evaluates its estimates and assumptions on an ongoing basis. The Company’s actual results may differ from these estimates. Cash and Cash Equivalents Cash equivalents are stated at fair value and include short-term, highly liquid investments with remaining maturities of 90 days or less at the date of purchase. Included in cash and cash equivalents as of March 31, 2016 and December 31, 2015, are money market fund investments of $909,000 and $2,422,000, respectively, and commercial paper of $450,000, as of December 31, 2015, which are reported at fair value (Note 4). Concentration of Credit Risk Financial instruments that subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents. Substantially all of the Company’s cash is held at financial institutions that management believes to be of high-credit quality. Deposits with these financial institutions may exceed the amount of insurance provided on such deposits; however, these deposits may be redeemed upon demand and, therefore, bear minimal risk. The Company had one source of revenue, grants from the NIH, during all periods presented, representing 100% of total revenue for each period. Investments in Marketable Securities The Company invests excess cash balances in short-term and long-term marketable securities. The Company classifies investments in marketable securities as either held-to-maturity or available-for-sale based on facts and circumstances present at the time of purchase. At each balance sheet date presented, all investments in securities are classified as available-for-sale. The Company reports available-for-sale investments at fair value at each balance sheet date and includes any unrealized holding gains and losses (the adjustment to fair value) in accumulated other comprehensive income (loss), a component of stockholders’ equity. Realized gains and losses are determined using the specific identification method and are included in other income. If any adjustment to fair value reflects a decline in the value of the investment, the Company considers all available evidence to evaluate the extent to which the decline is “other than temporary,” including the intention to sell and, if so, marks the investment to market through a charge to the Company’s consolidated statements of operations and comprehensive loss. Property and Equipment, Net Property and equipment are recorded at cost. Costs associated with maintenance and repairs are expensed as incurred. Depreciation and amortization are provided using the straight-line method over the estimated useful lives: Asset Category Useful Life Equipment 5-7 years Furniture and fixtures 5 years Leasehold improvements 10 years or the remaining term of respective lease, if shorter Impairment of Long-Lived Assets Long-lived assets to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. When such events occur, the Company compares the carrying amounts of the assets to their undiscounted expected future cash flows. If the undiscounted cash flows are insufficient to recover the carrying value, an impairment loss is recorded for the difference between the carrying value and fair value of the asset. Through March 31, 2016, no such impairment has occurred. Deferred Public Offering Costs Deferred public offering costs, which primarily consist of direct and incremental legal and accounting fees relating to the Company’s initial public offering, are capitalized. As of March 31, 2016 and December 31, 2015, deferred public offering costs were $1,690,000 and $966,000, respectively and recorded in other assets in the accompanying consolidated balance sheet. In May 2016, in connection with the consummation of the Company’s initial public offering, the deferred public offering costs were offset against proceeds received by the Company in the initial public offering and will be reflected in future financial statements. Deferred Rent The Company’s operating leases include rent escalation payment terms and other incentives received from landlords. Deferred rent represents the difference between actual operating lease payments due and straight-line rent expense over the term of the lease, which is recorded in accrued expenses and other current liabilities. The Company had deferred rent for the Company’s research and development location in Milford, Massachusetts of $6,000 as of March 31, 2016 and December 31, 2015. Revenue Recognition The Company recognizes revenue when all of the following criteria are met: 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. Generally, these criteria are met and revenue from grants from the NIH, which subsidizes certain of our research projects, is recognized as efforts are expended and as eligible project costs are incurred. Research and Development Costs Research and development expenses consist primarily of costs incurred for the Company’s research activities, including discovery efforts, and the development of product candidates, which include: • expenses incurred under agreements with third parties, including contract research organizations, or CROs, that conduct research, preclinical activities and clinical trials on the Company’s behalf as well as contract manufacturing organizations, or CMOs, that manufacture drug products for use in the Company’s preclinical and clinical trials; • salaries, benefits and other related costs, including stock-based compensation expense, for personnel in the Company’s research and development functions; • costs of outside consultants, including their fees, stock-based compensation and related travel expenses; • the cost of laboratory supplies and acquiring, developing and manufacturing preclinical study and clinical trial materials; • costs related to compliance with regulatory requirements; and • facility-related expenses, which include direct depreciation costs and allocated expenses for rent and maintenance of facilities and other operating costs. The Company expenses research and development costs as incurred. The Company recognizes external development costs based on an evaluation of the progress to completion of specific tasks using information provided to the Company by its vendors and its clinical investigative sites. Payments for these activities are based on the terms of the individual agreements, which may differ from the pattern of costs incurred, and are reflected in the Company’s consolidated financial statements as prepaid or accrued research and development expenses. Warrants The Company reviews the terms of all warrants issued and classifies the warrants as a component of permanent equity if they are freestanding financial instruments that are legally detachable and separately exercisable, contingently exercisable, do not embody an obligation for the Company to repurchase its own shares, and permit the holders to receive a fixed number of shares of common stock upon exercise. In addition, the warrants must require physical settlement and may not provide any guarantee of value or return. Warrants that meet these criteria are initially recorded at their grant date fair value and are not subsequently remeasured. Stock-Based Compensation The Company accounts for all stock-based payment awards granted to employees and nonemployees using a fair value method. The Company’s stock-based payments include stock options and grants of common stock, including common stock subject to vesting. The measurement date for employee awards is the date of grant, and stock-based compensation costs are recognized as expense over the employees’ requisite service period, which is the vesting period, on a straight-line basis. The measurement date for nonemployee awards is the date the services are completed, resulting in periodic adjustments to stock-based compensation during the vesting period for changes in the fair value of the awards. Stock-based compensation costs for nonemployees are recognized as expense over the vesting period on a straight-line basis. Stock-based compensation is classified in the accompanying consolidated statements of operations and comprehensive loss based on the department to which the related services are provided. Financial Instruments The Company’s financial instruments consisted of cash equivalents, marketable securities, and accounts payable. The carrying amounts of cash and cash equivalents and accounts payable approximate their fair value due to the short-term nature of those financial instruments. The fair value of the marketable securities are remeasured each reporting period as described in Note 4. Fair Value Measurements The Company is required to disclose information on all assets and liabilities reported at fair value that enables an assessment of the inputs used in determining the reported fair values. ASC 820, Fair Value Measurements and Disclosures Level 1—Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2—Valuations based on quoted prices for similar assets or liabilities in markets that are not active or for which all significant inputs are observable, either directly or indirectly. Level 3—Valuations that require inputs that reflect the Company’s own assumptions that are both significant to the fair value measurement and unobservable. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The Company’s assets and liabilities measured at fair value on a recurring basis include cash equivalents and marketable securities. Net Loss Per Share Attributable to Common Stockholders Basic net loss attributable to common stockholders per share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common stock outstanding for the period. Diluted net loss attributable to common stockholders per share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock and dilutive common stock equivalents outstanding for the period, determined using the treasury-stock method and the as if-converted method, for convertible securities, if inclusion of these instruments is dilutive. Income Taxes Deferred tax assets and liabilities are determined based upon the differences between the financial statement carrying amounts and the tax basis of existing assets and liabilities and for loss and credit carryforwards using enacted tax rates expected to be in effect in the years in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax asset will not be realized. The Company assesses its income tax positions and records tax benefits based upon management’s evaluation of the facts, circumstances and information available at the reporting date. For those tax positions where it is more likely than not that a tax benefit will be sustained, the Company records the largest amount of tax benefit with a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority having full knowledge of all relevant information. For those income tax positions where it is not more likely than not that a tax benefit will be sustained, no tax benefit is recognized in the consolidated financial statements. The Company classifies interest and penalties associated with such uncertain tax positions as a component of interest expense. As of March 31, 2016 and December 31, 2015, the Company has not identified any material uncertain tax positions. Guarantees and Indemnifications As permitted under Delaware law, the Company indemnifies its officers and directors for certain events or occurrences while the officer or director is, or was, serving at the Company’s request in such capacity. The Company leases office and laboratory space in Hopkinton, Massachusetts and Milford, Massachusetts, under non-cancelable operating leases. The Company has standard indemnification arrangements under these leases that requires it to indemnify the landlord against any liability for injury, loss, accident, or damage from any claims, actions, proceedings, or costs resulting from certain acts, breaches, violations, or nonperformance under the Company’s lease. Through March 31, 2016, the Company had not experienced any losses related to these indemnification obligations and no material claims were outstanding. The Company does not expect significant claims related to these indemnification obligations, and consequently, concluded that the fair value of these obligations is negligible, and no related reserves were established. Segment Information Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker, the Company’s Chief Executive Officer, in making decisions regarding resource allocation and assessing performance. The Company views its operations and manages its business in one operating segment and does not track expenses on a program-by-program basis. Recently Issued Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09 -Revenue from Contracts with Customers (Topic 606) Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting Compensation – Stock Compensation |
Net Loss Per Share Attributable
Net Loss Per Share Attributable to Common Stockholders | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share Attributable to Common Stockholders | 2. NET LOSS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS The following table summarizes the computation of basic and diluted net loss per share attributable to common stockholders of the Company (in thousands, except share and per share data): Three Months Ended March 31, 2016 2015 Net loss $ (6,518 ) $ (1,958 ) Weighted-average number of common shares-basic and diluted 5,877,135 5,336,518 Net loss per common share-basic and diluted $ (1.11 ) $ (0.37 ) Because the Company has reported a net loss for all periods presented, diluted net loss per common share is the same as basic net loss per common share. The following potentially dilutive securities outstanding, prior to the use of the treasury stock method or if-converted method, have been excluded from the computation of diluted weighted-average shares outstanding, because such securities had an antidilutive impact due to the losses reported: Three Months Ended March 31, 2016 2015 Preferred stock 1,000,000 1,000,000 Common stock warrants 1,306,776 1,181,776 Stock options 608,137 610,481 |
Property and Equipment, Net
Property and Equipment, Net | 3 Months Ended |
Mar. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | 3. PROPERTY AND EQUIPMENT, NET Property and equipment as of March 31, 2016 and December 31, 2015, consisted of the following (in thousands): March 31, December 31, 2016 2015 Equipment $ 490 $ 448 Furniture and fixtures 99 55 Leasehold improvements 144 133 Total property and equipment 733 636 Less accumulated depreciation and amortization (235 ) (209 ) Property and equipment, net $ 498 $ 427 Depreciation and amortization expense for the three months ended March 31, 2016 and 2015, was $26,000 and $13,000, respectively. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 4. FAIR VALUE MEASUREMENTS Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value are performed in a manner to maximize the use of observable inputs and minimize the use of unobservable inputs. The Company classified its money market funds within Level 1 because their fair values are based on their quoted market prices. The Company classified its commercial paper and fixed income securities within Level 2 because their fair values are determined using alternative pricing sources or models that utilized market observable inputs. A summary of the assets and liabilities that are measured at fair value as of March 31, 2016 and December 31, 2015 is as follows (in thousands): Fair Value Measurement Using Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) March 31, 2016 Money market funds (1) $ 909 $ 909 $ — $ — Fixed income securities 6,261 — 6,261 — Total March 31, 2016 $ 7,170 $ 909 $ 6,261 $ — December 31, 2015 Money market funds (1) $ 2,422 $ 2,422 $ — $ — Commercial paper (1) 450 — 450 — Fixed income securities 8,524 — 8,524 — Total December 31, 2015 $ 11,396 $ 2,422 $ 8,974 $ — (1) Money market funds and commercial paper are included within cash and cash equivalents in the accompanying consolidated balance sheets recognized at fair value. |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 3 Months Ended |
Mar. 31, 2016 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | 5. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accrued expenses as of March 31, 2016 and December 31, 2015, consisted of the following (in thousands): March 31, December 31, 2016 2015 Clinical $ 1,139 $ 259 Compensation and benefits 460 684 Accounting and legal 221 416 Other 9 10 Total accrued expenses $ 1,829 $ 1,369 |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Stockholders' Equity | 6. STOCKHOLDERS’ EQUITY Common and Preferred Stock Effective February 1, 2016, the Company amended and restated its license agreement with BioHEP Technologies Ltd. (“BioHEP”). In connection with the amendment and restatement, the Company issued 125,000 shares of its common stock to BioHEP and granted to BioHEP a warrant to purchase an additional 125,000 shares of its common stock at a purchase price of $16.00 per share, which warrant will expire on August 1, 2018. The fair value of the common stock, $2.0 million, was expensed as research and development costs. The fair value of the warrant, $0.8 million, was estimated on the issuance date using a Black Scholes pricing model based on the following assumptions: an expected term of two and a half years; expected stock price volatility of 71%; a risk free rate of 1.01%; and a dividend yield of 0%. The warrant was expensed as research and development costs. The Company effected a 1-for-4 reverse stock split of its common stock on March 8, 2016. All share and per share amounts, and the number of shares of common stock into which each share of preferred stock will convert, in the financial statements and notes thereto 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 of common stock to additional paid-in capital. As of March 31, 2016, the Company’s amended and restated certificate of incorporation authorized the Company to issue 50,000,000 shares of common stock, $0.0001 par value per share, and 5,000,000 shares of preferred stock, $0.0001 par value per share. On May 11, 2016 the Company completed its initial public offering of 920,000 shares of common stock at a price to the public of $12.00 per share, resulting in gross proceeds of approximately $11.0 million, before deducting underwriting discounts and commissions and offering-related expenses. Upon the closing of its initial public offering, the Company filed an amended and restated certificate of incorporation, which authorizes the Company to issue 200,000,000 shares of common stock, $0.0001 par value per share, and 10,000,000 shares of preferred stock, $0.0001 par value per share. Upon the closing of the initial public offering, all outstanding shares of the Company’s preferred stock automatically converted into 250,000 shares of the Company’s common stock. On June 3, 2016 the Company issued and sold an additional 24,900 shares of common stock at the initial public offering price of $12.00 per share, pursuant to the underwriters’ partial exercise of their option to purchase additional shares of common stock, resulting in gross proceeds of approximately $0.3 million, before deducting underwriting discounts and commissions and offering-related expenses. Warrants In connection with the amendment and restatement of a license agreement the Company issued a warrant to purchase 125,000 shares of the Company’s common stock to BioHEP, effective February 1, 2016. The Company evaluated the terms of the warrant and concluded that it should be equity-classified. The fair value of the warrant is estimated on the issuance date using a Black Scholes pricing model based on the following assumptions: an expected term of two and a half years; expected stock price volatility of 71%; a risk free rate of 1.01%; and a dividend yield of 0%. A summary of warrant activities during the three months ended March 31, 2016 follows: Warrants Outstanding at December 31, 2015 1,181,776 Grants 125,000 Exercises — Expirations/cancellations — Outstanding at March 31, 2016 1,306,776 2014 Stock Incentive Plan In April 2014, the Company’s Board of Directors approved the 2014 Stock Incentive Plan (the “2014 Plan”). The Company’s 2014 Plan provides for the issuance of common stock, stock options and other stock-based awards to employees, officers, directors, consultants, and advisors. As of March 31, 2016, the Board had authorized 750,000 shares of common stock to be issued under the 2014 Plan. Awards under the 2014 Plan may include options (incentive and non-statutory), stock appreciation rights, restricted stock, restricted stock units or dividend equivalent right, or a combination of them. Under the 2014 Plan, the Board, or a committee authorized by the Board, determines the number of shares of common stock to be granted pursuant to the awards, as well as the exercise price and terms of such awards. Under the 2014 Plan, the exercise price of incentive stock options cannot be less than the fair value of the common stock on the date of grant. Stock options awarded under the 2014 Plan expire 10 years after the grant date, unless the Board sets a shorter term. As of March 31, 2016, 116,863 shares remain available for future grants under the 2014 Plan. The Company’s 2015 Stock Incentive Plan (the “2015 Plan”) became effective immediately prior to the closing of the Company’s initial public offering on May 11, 2016. Upon the effectiveness of the 2015 Plan, the 116,863 shares of common stock that remained available for grant under the 2014 Plan became available for grant under the 2015 Plan, and no further awards were available to be issued under the 2014 Plan. The following table summarizes the option activity for the three months ended March 31, 2016, under the 2014 Plan: Options Weighted- Exercise Price Per Share Outstanding at December 31, 2015 610,481 $ 11.99 Granted — — Exercised — — Cancelled (2,344 ) 12.16 Outstanding at March 31, 2016 608,137 $ 11.99 Exercisable at March 31, 2016 115,253 $ 9.64 All stock options granted have a ten-year term. As of March 31, 2016, all options granted are expected to vest and the weighted-average remaining contractual life of all options is 9.3 years. The board of directors determined the estimated fair value of the Company’s common stock on the date of grant based on a number of objective and subjective factors, including third party valuations. As the Company’s stock was not traded publicly in any period prior to March 31, 2016, the computation of expected volatility was based on the historical volatilities of peer companies. The peer companies include organizations that are in the same industry, with similar size and stage of growth. The Company estimates that the expected life of the options granted using the simplified method allowable under Staff Accounting Bulletin No. 107, Share Based Payments In the three months ended March 31, 2016, the Company recorded aggregate stock-based compensation expense of $302,000 for stock options under the 2014 Plan. Of this amount, $214,000 and $88,000 was recorded in general and administrative expense and research and development expense, respectively. In the three months ended March 31, 2015, the Company recorded aggregate stock-based compensation expense of $113,000 for stock options under the 2014 Plan. Of this amount, $70,000 and $43,000 was recorded in general and administrative expense and research and development expense, respectively. The fair value of stock options vested during the three months ended March 31, 2016 was $300,000. At March 31, 2016, there was $3,910,000 of unrecognized stock-based compensation expense relating to stock options granted pursuant to the 2014 Plan, which will be recognized over the weighted-average remaining vesting period of 3.4 years. Total unrecognized stock-based compensation expense may be adjusted for future changes in the estimated forfeiture rate. 2015 Stock Incentive Plan In December 2015, the Company’s board of directors approved the 2015 Plan, which became effective immediately prior to the closing of the Company’s initial public offering on May 11, 2016. The 2015 Plan provides for the issuance of common stock, stock options and other stock-based awards to employees, officers, directors, consultants, and advisors. The number of shares reserved for issuance under the 2015 Plan is the sum of 750,000 shares of common stock, plus the number of shares equal to the sum of (i) 116,863 shares of common stock, which was the number of shares reserved for issuance under the 2014 Plan that remained available for grant under the 2014 Plan immediately prior to the closing of the Company’s initial public offering, and (ii) the number of shares of common stock subject to outstanding awards under the 2014 Plan that expire, terminate or are otherwise surrendered, cancelled, forfeited or repurchased by the Company at their original issuance price pursuant to a contractual repurchase right. The exercise price of stock options cannot be less than the fair value of the common stock on the date of grant. Stock options awarded under the 2015 Plan expire 10 years after the grant date, unless the Board sets a shorter term. Reserved Shares As of March 31, 2016 and 2015, the Company has reserved the following shares of common stock for potential conversion of the Preferred Stock, exercise of warrants and outstanding options and shares available for grant under the 2014 Plan: March 31, 2016 2015 Preferred Stock 250,000 250,000 2012 Convertible financing warrants 798,653 798,653 2013 Convertible financing warrants 238,804 238,804 2014 Financing warrants 144,319 144,319 2015 Licensing agreement warrants 125,000 — 2014 Stock incentive plan 725,000 225,000 Total 2,281,776 1,656,776 |
Commitments
Commitments | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | 7. COMMITMENTS Leases In April 2015, the Company entered into an amendment to the lease for its research and development facility in Milford, Massachusetts to extend the term of the lease through March 31, 2018 and expand the leased laboratory space. Total rent expense for the three months ended March 31, 2016 and 2015 was $21,000 and $14,000, respectively. On March 24, 2016, the Company entered into a new operating lease for its headquarters in Hopkinton, Massachusetts with a lease term through May 31, 2021. The total payments due during the term of the lease are approximately $771,000. Future minimum commitments due under all leases at March 31, 2016 are as follows (in thousands): Year 2016 $ 133 2017 232 2018 174 2019 158 2020 164 Thereafter 70 Total minimum lease payments $ 931 BioHEP Technologies Ltd. License Agreement In January 2016, the Company entered into an amended and restated license agreement with BioHEP Technologies Ltd. (formerly known as Micrologix Biotech, Inc.) (“BioHEP”), which amended and restated the prior license agreement with BioHEP which the Company had entered into in December 2003. The amendment and restatement of the license agreement became effective on February 1, 2016. Under the amended and restated license agreement, the Company agreed to pay BioHEP up to $3.5 million in development and regulatory milestone payments for disease(s) caused by each distinct virus for which the Company develops licensed product(s). BioHEP is also eligible to receive tiered royalties in the low-to-mid single-digits on net product sales of licensed products by the Company and its affiliates and sublicensees, and a specified share of non-royalty sublicensing revenues the Company and its affiliates receive from sublicensees, which share of sublicensing revenues is capped at a maximum aggregate of $2.0 million under all such sublicenses. Contingencies The Company is subject to claims in the ordinary course of business, however, the Company is not currently a party to any pending or threatened litigation, the outcome of which would be expected to have a material adverse effect on its financial condition or the results of its operations. The Company accrues for contingent liabilities to the extent that the liability is probable and estimable, but there are no accruals for contingent liabilities in these consolidated financial statements. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 8. RELATED PARTY TRANSACTIONS The Company incurred advisory fees of $0 and $19,000 to one of its Directors, in addition to director fees, during the three months ended March 31, 2016 and 2015, respectively. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | 9. SUBSEQUENT EVENTS The Company has evaluated subsequent events through the date on which the consolidated financial statements were issued, to ensure that this submission includes appropriate disclosure of events both recognized in the consolidated financial statements and events which occurred subsequently but were not recognized in the consolidated financial statements. Initial Public Offering On May 11, 2016 the Company completed its initial public offering of 920,000 shares of common stock at a price to the public of $12.00 per share, resulting in gross proceeds of approximately $11.0 million, before underwriting discounts and commissions and offering-related expenses. In addition, on June 3, 2016 the Company issued and sold an additional 24,900 shares of common stock at the initial public offering price of $12.00 per share pursuant to the underwriters’ partial exercise of their option to purchase additional shares of common stock, resulting in gross proceeds of approximately $0.3 million before underwriting discounts and commissions and offering related expenses. In connection with the initial public offering, the Company issued to Dawson James Securities, Inc., the sole book-running manager for the initial public offering, a warrant to purchase 27,600 share of common stock on May 11, 2016, and a warrant to purchase 747 shares of common stock on June 3, 2016 (the “Dawson James Warrants”). The Dawson James Warrants are exercisable for cash at an exercise price of $15.00 per share commencing on November 5, 2016. The Dawson James Warrants expire on May 5, 2021. Warrant Exercises The Company received approximately $5.3 million in proceeds upon the exercise of warrants to purchase 641,743 shares of common stock of the Company, which were exercised in connection with the closing of the initial public offering. Upon the closing of the initial public offering, all of the outstanding warrants that were not exercised, except the warrant issued to BioHEP on February 1, 2016 and the Dawson James Warrants, terminated in accordance with their original terms. |
Nature of Business and Summar15
Nature of Business and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Liquidity | Basis of Presentation and Liquidity The accompanying consolidated financial statements have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“U.S. GAAP”). The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has incurred losses from operations and negative operating cash flows since inception, and expects to incur additional operating losses. The Company’s current resources include cash resources of approximately $1,903,000 and marketable securities of $6,261,000 at March 31, 2016. The Company believes that its cash, cash equivalents and marketable securities together with proceeds from its May 11, 2016 initial public offering and the related warrant exercises will be sufficient to allow the Company to fund its current operating plan and continue as a going concern. The accompanying interim financial statements as of March 31, 2016 and for the three months ended March 31, 2016 and 2015, and related interim information contained within the notes to the financial statements are unaudited. In management’s opinion, the unaudited interim consolidated financial statements have been prepared on the same basis as the audited financial statements and include all adjustment’s (including normal recurring adjustments) necessary for the fair presentation of the Company’s financial position as of March 31, 2016, results of operations for the three months ended March 31, 2016 and 2015, and its cash flows for the three months ended March 31, 2016 and 2015. These interim financial statements should be read in conjunction with the audited financial statements and accompanying notes for the year ended December 31, 2015 filed with the SEC on May 6, 2016. The results for the three months ended March 31, 2016 are not necessarily indicative of the results expected for the full fiscal year or any interim period. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, Sperovie Biosciences, Inc. Sperovie did not have any assets, liabilities or operations for any period presented. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities (including clinical trial accruals), the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The Company bases estimates and assumptions on historical experience when available and on various factors that it believes to be reasonable under the circumstances. Significant estimates relied upon in preparing the accompanying financial statements related to the fair value of common stock and other equity instruments, accounting for stock-based compensation, income taxes, useful lives of long-lived assets, and accounting for certain accruals. The Company evaluates its estimates and assumptions on an ongoing basis. The Company’s actual results may differ from these estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash equivalents are stated at fair value and include short-term, highly liquid investments with remaining maturities of 90 days or less at the date of purchase. Included in cash and cash equivalents as of March 31, 2016 and December 31, 2015, are money market fund investments of $909,000 and $2,422,000, respectively, and commercial paper of $450,000, as of December 31, 2015, which are reported at fair value (Note 4). |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents. Substantially all of the Company’s cash is held at financial institutions that management believes to be of high-credit quality. Deposits with these financial institutions may exceed the amount of insurance provided on such deposits; however, these deposits may be redeemed upon demand and, therefore, bear minimal risk. The Company had one source of revenue, grants from the NIH, during all periods presented, representing 100% of total revenue for each period. |
Investments in Marketable Securities | Investments in Marketable Securities The Company invests excess cash balances in short-term and long-term marketable securities. The Company classifies investments in marketable securities as either held-to-maturity or available-for-sale based on facts and circumstances present at the time of purchase. At each balance sheet date presented, all investments in securities are classified as available-for-sale. The Company reports available-for-sale investments at fair value at each balance sheet date and includes any unrealized holding gains and losses (the adjustment to fair value) in accumulated other comprehensive income (loss), a component of stockholders’ equity. Realized gains and losses are determined using the specific identification method and are included in other income. If any adjustment to fair value reflects a decline in the value of the investment, the Company considers all available evidence to evaluate the extent to which the decline is “other than temporary,” including the intention to sell and, if so, marks the investment to market through a charge to the Company’s consolidated statements of operations and comprehensive loss. |
Property and Equipment, Net | Property and Equipment, Net Property and equipment are recorded at cost. Costs associated with maintenance and repairs are expensed as incurred. Depreciation and amortization are provided using the straight-line method over the estimated useful lives: Asset Category Useful Life Equipment 5-7 years Furniture and fixtures 5 years Leasehold improvements 10 years or the remaining term of respective lease, if shorter |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets Long-lived assets to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. When such events occur, the Company compares the carrying amounts of the assets to their undiscounted expected future cash flows. If the undiscounted cash flows are insufficient to recover the carrying value, an impairment loss is recorded for the difference between the carrying value and fair value of the asset. Through March 31, 2016, no such impairment has occurred. |
Deferred Public Offering Costs | Deferred Public Offering Costs Deferred public offering costs, which primarily consist of direct and incremental legal and accounting fees relating to the Company’s initial public offering, are capitalized. As of March 31, 2016 and December 31, 2015, deferred public offering costs were $1,690,000 and $966,000, respectively and recorded in other assets in the accompanying consolidated balance sheet. In May 2016, in connection with the consummation of the Company’s initial public offering, the deferred public offering costs were offset against proceeds received by the Company in the initial public offering and will be reflected in future financial statements. |
Deferred Rent | Deferred Rent The Company’s operating leases include rent escalation payment terms and other incentives received from landlords. Deferred rent represents the difference between actual operating lease payments due and straight-line rent expense over the term of the lease, which is recorded in accrued expenses and other current liabilities. The Company had deferred rent for the Company’s research and development location in Milford, Massachusetts of $6,000 as of March 31, 2016 and December 31, 2015. |
Revenue Recognition | Revenue Recognition The Company recognizes revenue when all of the following criteria are met: 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. Generally, these criteria are met and revenue from grants from the NIH, which subsidizes certain of our research projects, is recognized as efforts are expended and as eligible project costs are incurred. |
Research and Development Costs | Research and Development Costs Research and development expenses consist primarily of costs incurred for the Company’s research activities, including discovery efforts, and the development of product candidates, which include: • expenses incurred under agreements with third parties, including contract research organizations, or CROs, that conduct research, preclinical activities and clinical trials on the Company’s behalf as well as contract manufacturing organizations, or CMOs, that manufacture drug products for use in the Company’s preclinical and clinical trials; • salaries, benefits and other related costs, including stock-based compensation expense, for personnel in the Company’s research and development functions; • costs of outside consultants, including their fees, stock-based compensation and related travel expenses; • the cost of laboratory supplies and acquiring, developing and manufacturing preclinical study and clinical trial materials; • costs related to compliance with regulatory requirements; and • facility-related expenses, which include direct depreciation costs and allocated expenses for rent and maintenance of facilities and other operating costs. The Company expenses research and development costs as incurred. The Company recognizes external development costs based on an evaluation of the progress to completion of specific tasks using information provided to the Company by its vendors and its clinical investigative sites. Payments for these activities are based on the terms of the individual agreements, which may differ from the pattern of costs incurred, and are reflected in the Company’s consolidated financial statements as prepaid or accrued research and development expenses. |
Warrants | Warrants The Company reviews the terms of all warrants issued and classifies the warrants as a component of permanent equity if they are freestanding financial instruments that are legally detachable and separately exercisable, contingently exercisable, do not embody an obligation for the Company to repurchase its own shares, and permit the holders to receive a fixed number of shares of common stock upon exercise. In addition, the warrants must require physical settlement and may not provide any guarantee of value or return. Warrants that meet these criteria are initially recorded at their grant date fair value and are not subsequently remeasured. |
Stock-Based Compensation | Stock-Based Compensation The Company accounts for all stock-based payment awards granted to employees and nonemployees using a fair value method. The Company’s stock-based payments include stock options and grants of common stock, including common stock subject to vesting. The measurement date for employee awards is the date of grant, and stock-based compensation costs are recognized as expense over the employees’ requisite service period, which is the vesting period, on a straight-line basis. The measurement date for nonemployee awards is the date the services are completed, resulting in periodic adjustments to stock-based compensation during the vesting period for changes in the fair value of the awards. Stock-based compensation costs for nonemployees are recognized as expense over the vesting period on a straight-line basis. Stock-based compensation is classified in the accompanying consolidated statements of operations and comprehensive loss based on the department to which the related services are provided. |
Financial Instruments | Financial Instruments The Company’s financial instruments consisted of cash equivalents, marketable securities, and accounts payable. The carrying amounts of cash and cash equivalents and accounts payable approximate their fair value due to the short-term nature of those financial instruments. The fair value of the marketable securities are remeasured each reporting period as described in Note 4. |
Fair Value Measurements | Fair Value Measurements The Company is required to disclose information on all assets and liabilities reported at fair value that enables an assessment of the inputs used in determining the reported fair values. ASC 820, Fair Value Measurements and Disclosures Level 1—Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2—Valuations based on quoted prices for similar assets or liabilities in markets that are not active or for which all significant inputs are observable, either directly or indirectly. Level 3—Valuations that require inputs that reflect the Company’s own assumptions that are both significant to the fair value measurement and unobservable. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The Company’s assets and liabilities measured at fair value on a recurring basis include cash equivalents and marketable securities. |
Net Loss Per Share Attributable to Common Stockholders | Net Loss Per Share Attributable to Common Stockholders Basic net loss attributable to common stockholders per share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common stock outstanding for the period. Diluted net loss attributable to common stockholders per share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock and dilutive common stock equivalents outstanding for the period, determined using the treasury-stock method and the as if-converted method, for convertible securities, if inclusion of these instruments is dilutive. |
Income Taxes | Income Taxes Deferred tax assets and liabilities are determined based upon the differences between the financial statement carrying amounts and the tax basis of existing assets and liabilities and for loss and credit carryforwards using enacted tax rates expected to be in effect in the years in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax asset will not be realized. The Company assesses its income tax positions and records tax benefits based upon management’s evaluation of the facts, circumstances and information available at the reporting date. For those tax positions where it is more likely than not that a tax benefit will be sustained, the Company records the largest amount of tax benefit with a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority having full knowledge of all relevant information. For those income tax positions where it is not more likely than not that a tax benefit will be sustained, no tax benefit is recognized in the consolidated financial statements. The Company classifies interest and penalties associated with such uncertain tax positions as a component of interest expense. As of March 31, 2016 and December 31, 2015, the Company has not identified any material uncertain tax positions. |
Guarantees and Indemnifications | Guarantees and Indemnifications As permitted under Delaware law, the Company indemnifies its officers and directors for certain events or occurrences while the officer or director is, or was, serving at the Company’s request in such capacity. The Company leases office and laboratory space in Hopkinton, Massachusetts and Milford, Massachusetts, under non-cancelable operating leases. The Company has standard indemnification arrangements under these leases that requires it to indemnify the landlord against any liability for injury, loss, accident, or damage from any claims, actions, proceedings, or costs resulting from certain acts, breaches, violations, or nonperformance under the Company’s lease. Through March 31, 2016, the Company had not experienced any losses related to these indemnification obligations and no material claims were outstanding. The Company does not expect significant claims related to these indemnification obligations, and consequently, concluded that the fair value of these obligations is negligible, and no related reserves were established. |
Segment Information | Segment Information Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker, the Company’s Chief Executive Officer, in making decisions regarding resource allocation and assessing performance. The Company views its operations and manages its business in one operating segment and does not track expenses on a program-by-program basis. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09 -Revenue from Contracts with Customers (Topic 606) Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting Compensation – Stock Compensation |
Nature of Business and Summar16
Nature of Business and Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Estimated Useful Lives of Property and Equipment | Depreciation and amortization are provided using the straight-line method over the estimated useful lives: Asset Category Useful Life Equipment 5-7 years Furniture and fixtures 5 years Leasehold improvements 10 years or the remaining term of respective lease, if shorter |
Net Loss Per Share Attributab17
Net Loss Per Share Attributable to Common Stockholders (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Summary of Computation of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders | The following table summarizes the computation of basic and diluted net loss per share attributable to common stockholders of the Company (in thousands, except share and per share data): Three Months Ended March 31, 2016 2015 Net loss $ (6,518 ) $ (1,958 ) Weighted-average number of common shares-basic and diluted 5,877,135 5,336,518 Net loss per common share-basic and diluted $ (1.11 ) $ (0.37 ) |
Summary of Potentially Dilutive Securities Outstanding Excluded from Computation of Diluted Weighted-Average Shares Outstanding | The following potentially dilutive securities outstanding, prior to the use of the treasury stock method or if-converted method, have been excluded from the computation of diluted weighted-average shares outstanding, because such securities had an antidilutive impact due to the losses reported: Three Months Ended March 31, 2016 2015 Preferred stock 1,000,000 1,000,000 Common stock warrants 1,306,776 1,181,776 Stock options 608,137 610,481 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment as of March 31, 2016 and December 31, 2015, consisted of the following (in thousands): March 31, December 31, 2016 2015 Equipment $ 490 $ 448 Furniture and fixtures 99 55 Leasehold improvements 144 133 Total property and equipment 733 636 Less accumulated depreciation and amortization (235 ) (209 ) Property and equipment, net $ 498 $ 427 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Summary of Assets and Liabilities Measured at Fair Value | A summary of the assets and liabilities that are measured at fair value as of March 31, 2016 and December 31, 2015 is as follows (in thousands): Fair Value Measurement Using Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) March 31, 2016 Money market funds (1) $ 909 $ 909 $ — $ — Fixed income securities 6,261 — 6,261 — Total March 31, 2016 $ 7,170 $ 909 $ 6,261 $ — December 31, 2015 Money market funds (1) $ 2,422 $ 2,422 $ — $ — Commercial paper (1) 450 — 450 — Fixed income securities 8,524 — 8,524 — Total December 31, 2015 $ 11,396 $ 2,422 $ 8,974 $ — (1) Money market funds and commercial paper are included within cash and cash equivalents in the accompanying consolidated balance sheets recognized at fair value. |
Accrued Expenses and Other Cu20
Accrued Expenses and Other Current Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses as of March 31, 2016 and December 31, 2015, consisted of the following (in thousands): March 31, December 31, 2016 2015 Clinical $ 1,139 $ 259 Compensation and benefits 460 684 Accounting and legal 221 416 Other 9 10 Total accrued expenses $ 1,829 $ 1,369 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Summary of Warrant Activities | A summary of warrant activities during the three months ended March 31, 2016 follows: Warrants Outstanding at December 31, 2015 1,181,776 Grants 125,000 Exercises — Expirations/cancellations — Outstanding at March 31, 2016 1,306,776 |
Summary of Option Activity | The following table summarizes the option activity for the three months ended March 31, 2016, under the 2014 Plan: Options Weighted- Exercise Price Per Share Outstanding at December 31, 2015 610,481 $ 11.99 Granted — — Exercised — — Cancelled (2,344 ) 12.16 Outstanding at March 31, 2016 608,137 $ 11.99 Exercisable at March 31, 2016 115,253 $ 9.64 |
Summary of Shares of Common Stock Reserved | As of March 31, 2016 and 2015, the Company has reserved the following shares of common stock for potential conversion of the Preferred Stock, exercise of warrants and outstanding options and shares available for grant under the 2014 Plan: March 31, 2016 2015 Preferred Stock 250,000 250,000 2012 Convertible financing warrants 798,653 798,653 2013 Convertible financing warrants 238,804 238,804 2014 Financing warrants 144,319 144,319 2015 Licensing agreement warrants 125,000 — 2014 Stock incentive plan 725,000 225,000 Total 2,281,776 1,656,776 |
Commitments (Tables)
Commitments (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Future Minimum Lease Payments for Operating Leases | Future minimum commitments due under all leases at March 31, 2016 are as follows (in thousands): Year 2016 $ 133 2017 232 2018 174 2019 158 2020 164 Thereafter 70 Total minimum lease payments $ 931 |
Nature of Business and Summar23
Nature of Business and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | Jun. 03, 2016 | May 11, 2016 | Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 |
Nature Of Business And Summary Of Significant Accounting Policies [Line Items] | ||||||
Proceed from exercise of warrants | $ 25,000 | |||||
Cash and cash equivalents | $ 1,903,000 | $ 19,742,000 | $ 4,347,000 | $ 1,570,000 | ||
Marketable securities | 6,261,000 | |||||
Assets | $ 10,778,000 | 14,577,000 | ||||
Cash equivalents maximum maturity period | 90 days | |||||
Impairment of long-lived assets | $ 0 | |||||
Deferred public offering costs | 1,690,000 | 966,000 | ||||
Deferred rent | $ 6,000 | 6,000 | ||||
Minimum percentage likelihood of tax benefits being realized upon ultimate settlement | 50.00% | |||||
Income tax benefit | $ 0 | |||||
Indemnification obligations loss | 0 | |||||
Indemnification obligation reserve | 0 | |||||
Sperovie Biosciences, Inc [Member] | ||||||
Nature Of Business And Summary Of Significant Accounting Policies [Line Items] | ||||||
Assets | 0 | |||||
Liabilities | $ 0 | |||||
Revenue from Rights Concentration Risk [Member] | Revenue, Rights Granted [Member] | ||||||
Nature Of Business And Summary Of Significant Accounting Policies [Line Items] | ||||||
Concentration risk percentage | 100.00% | |||||
Money Market Funds [Member] | ||||||
Nature Of Business And Summary Of Significant Accounting Policies [Line Items] | ||||||
Cash and cash equivalents fair value | $ 909,000 | 2,422,000 | ||||
Commercial Paper [Member] | ||||||
Nature Of Business And Summary Of Significant Accounting Policies [Line Items] | ||||||
Cash and cash equivalents fair value | $ 450,000 | |||||
Subsequent Event [Member] | ||||||
Nature Of Business And Summary Of Significant Accounting Policies [Line Items] | ||||||
Proceed from exercise of warrants | $ 5,300,000 | |||||
Warrants exercised, common stock shares | 641,743 | |||||
Subsequent Event [Member] | Common Stock [Member] | ||||||
Nature Of Business And Summary Of Significant Accounting Policies [Line Items] | ||||||
Net proceeds from initial public offering of common stock | $ 275,000 | $ 10,200,000 | ||||
Subsequent Event [Member] | Initial Public Offering [Member] | ||||||
Nature Of Business And Summary Of Significant Accounting Policies [Line Items] | ||||||
Initial public offering of common stock | 24,900 | |||||
Shares issued price per share | $ 12 | |||||
Net proceeds from initial public offering of common stock | $ 300,000 | |||||
Subsequent Event [Member] | Initial Public Offering [Member] | Common Stock [Member] | ||||||
Nature Of Business And Summary Of Significant Accounting Policies [Line Items] | ||||||
Initial public offering of common stock | 24,900 | 920,000 | ||||
Shares issued price per share | $ 12 | $ 12 | ||||
Net proceeds from initial public offering of common stock | $ 11,000,000 |
Nature of Business and Summar24
Nature of Business and Summary of Significant Accounting Policies - Summary of Estimated Useful Lives of Property and Equipment (Detail) | 3 Months Ended |
Mar. 31, 2016 | |
Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 5 years |
Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 7 years |
Furniture and Fixtures [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 5 years |
Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 10 years or the remaining term of respective lease, if shorter |
Net Loss Per Share Attributab25
Net Loss Per Share Attributable to Common Stockholders - Summary of Computation of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Earnings Per Share, Basic and Diluted [Abstract] | ||
Net loss | $ (6,518) | $ (1,958) |
Weighted-average number of common shares-basic and diluted | 5,877,135 | 5,336,518 |
Net loss per common share-basic and diluted | $ (1.11) | $ (0.37) |
Net Loss Per Share Attributab26
Net Loss Per Share Attributable to Common Stockholders - Summary of Potentially Dilutive Securities Outstanding Excluded from Computation of Diluted Weighted-Average Shares Outstanding (Detail) - shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Preferred Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive securities outstanding excluded from the computation of diluted weighted-average shares outstanding | 1,000,000 | 1,000,000 |
Common Stock Warrants [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive securities outstanding excluded from the computation of diluted weighted-average shares outstanding | 1,306,776 | 1,181,776 |
Stock Options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive securities outstanding excluded from the computation of diluted weighted-average shares outstanding | 608,137 | 610,481 |
Property and Equipment, Net - S
Property and Equipment, Net - Schedule of Property and Equipment (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 733 | $ 636 |
Less accumulated depreciation and amortization | (235) | (209) |
Property and equipment, net | 498 | 427 |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 490 | 448 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 99 | 55 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 144 | $ 133 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation and amortization expense | $ 26 | $ 13 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Assets and Liabilities Measured at Fair Value (Detail) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Carrying Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | $ 7,170,000 | $ 11,396,000 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 909,000 | 2,422,000 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 6,261,000 | 8,974,000 |
Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 909,000 | 2,422,000 |
Money Market Funds [Member] | Carrying Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 909,000 | 2,422,000 |
Money Market Funds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 909,000 | 2,422,000 |
Commercial Paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 450,000 | |
Commercial Paper [Member] | Carrying Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 450,000 | |
Commercial Paper [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 450,000 | |
Fixed Income Securities [Member] | Carrying Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed income securities | 6,261,000 | 8,524,000 |
Fixed Income Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed income securities | $ 6,261,000 | $ 8,524,000 |
Accrued Expenses and Other Cu30
Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Accrued Liabilities and Other Liabilities [Abstract] | ||
Clinical | $ 1,139 | $ 259 |
Compensation and benefits | 460 | 684 |
Accounting and legal | 221 | 416 |
Other | 9 | 10 |
Total accrued expenses | $ 1,829 | $ 1,369 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) | Jun. 03, 2016USD ($)$ / sharesshares | May 11, 2016USD ($)$ / sharesshares | Mar. 08, 2016 | Feb. 01, 2016USD ($)$ / sharesshares | Mar. 31, 2016USD ($)$ / sharesshares | Mar. 31, 2015USD ($) | Dec. 31, 2015$ / sharesshares |
Class of Stock [Line Items] | |||||||
Common stock issued | 5,921,091 | 5,796,091 | |||||
Reverse stock split description | 1-for-4 reverse stock split | ||||||
Reverse stock split ratio | 0.25 | ||||||
Common stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | |||||
Common stock, shares authorized | 50,000,000 | 50,000,000 | |||||
Convertible preferred stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | |||||
Convertible preferred stock, shares authorized | 5,000,000 | 5,000,000 | |||||
Expected volatility of common stock Minimum | 71.00% | ||||||
Risk free rate | 1.01% | ||||||
Dividend yield | 0.00% | ||||||
Aggregate stock-based compensation expense | $ | $ 302,000 | $ 113,000 | |||||
Initial Public Offering [Member] | |||||||
Class of Stock [Line Items] | |||||||
Convertible preferred stock converted into common stock | 250,000 | ||||||
Minimum [Member] | |||||||
Class of Stock [Line Items] | |||||||
Expected life of warrant in years | 2 years 6 months | ||||||
Subsequent Event [Member] | Initial Public Offering [Member] | |||||||
Class of Stock [Line Items] | |||||||
Initial public offering of common stock | 24,900 | ||||||
Shares issued price per share | $ / shares | $ 12 | ||||||
Net proceeds from initial public offering of common stock | $ | $ 300,000 | ||||||
Subsequent Event [Member] | Common Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Net proceeds from initial public offering of common stock | $ | $ 275,000 | $ 10,200,000 | |||||
Subsequent Event [Member] | Common Stock [Member] | Initial Public Offering [Member] | |||||||
Class of Stock [Line Items] | |||||||
Common stock, par value | $ / shares | $ 0.0001 | ||||||
Common stock, shares authorized | 200,000,000 | ||||||
Initial public offering of common stock | 24,900 | 920,000 | |||||
Shares issued price per share | $ / shares | $ 12 | $ 12 | |||||
Net proceeds from initial public offering of common stock | $ | $ 11,000,000 | ||||||
Subsequent Event [Member] | Preferred Stock [Member] | Initial Public Offering [Member] | |||||||
Class of Stock [Line Items] | |||||||
Convertible preferred stock, par value | $ / shares | $ 0.0001 | ||||||
Convertible preferred stock, shares authorized | 10,000,000 | ||||||
License Agreement [Member] | BioHEP Technologies Ltd. [Member] | |||||||
Class of Stock [Line Items] | |||||||
Common stock issued | 125,000 | ||||||
Number of additional shares purchasable upon warrant exercise | 125,000 | ||||||
Purchase price of common stock upon warrant exercise | $ / shares | $ 16 | ||||||
Warrant expiration date | Aug. 1, 2018 | ||||||
License Agreement [Member] | BioHEP Technologies Ltd. [Member] | Common Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Fair value of equity | $ | $ 2,000,000 | ||||||
License Agreement [Member] | BioHEP Technologies Ltd. [Member] | Common Stock Warrants [Member] | |||||||
Class of Stock [Line Items] | |||||||
Fair value of equity | $ | $ 800,000 | ||||||
2014 Stock Incentive Plan [Member] | |||||||
Class of Stock [Line Items] | |||||||
Number of authorized shares of common stock to be issued | 750,000 | ||||||
Number of shares remain available for future grants | 116,863 | ||||||
Weighted-average remaining contractual life | 9 years 3 months 18 days | ||||||
Fair value of stock options vested | $ | $ 300,000 | ||||||
Unrecognized stock-based compensation expense | $ | $ 3,910,000 | ||||||
Weighted-average remaining vesting period | 3 years 4 months 24 days | ||||||
2014 Stock Incentive Plan [Member] | Subsequent Event [Member] | |||||||
Class of Stock [Line Items] | |||||||
Number of shares remain available for future grants | 0 | ||||||
2015 Stock Incentive Plan [Member] | Subsequent Event [Member] | |||||||
Class of Stock [Line Items] | |||||||
Expiry date of stock options awarded | 10 years | ||||||
Number of shares remain available for future grants | 116,863 | ||||||
Number of shares of common stock reserved for future issuance | 750,000 | ||||||
2015 Stock Incentive Plan [Member] | Subsequent Event [Member] | Maximum [Member] | |||||||
Class of Stock [Line Items] | |||||||
Number of shares remain available for future grants | 116,863 | ||||||
Stock Options [Member] | 2014 Stock Incentive Plan [Member] | |||||||
Class of Stock [Line Items] | |||||||
Expiry date of stock options awarded | 10 years | ||||||
Aggregate stock-based compensation expense | $ | $ 302,000 | 113,000 | |||||
General and Administrative Expense [Member] | Stock Options [Member] | 2014 Stock Incentive Plan [Member] | |||||||
Class of Stock [Line Items] | |||||||
Aggregate stock-based compensation expense | $ | 214,000 | 70,000 | |||||
Research and Development Expense [Member] | Stock Options [Member] | 2014 Stock Incentive Plan [Member] | |||||||
Class of Stock [Line Items] | |||||||
Aggregate stock-based compensation expense | $ | $ 88,000 | $ 43,000 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Warrant Activities (Detail) - Common Stock Warrants [Member] | 3 Months Ended |
Mar. 31, 2016shares | |
Class of Warrant or Right [Line Items] | |
Outstanding, Beginning Balance | 1,181,776 |
Grants | 125,000 |
Exercises | 0 |
Expirations/cancellations | 0 |
Outstanding, Ending balance | 1,306,776 |
Stockholders' Equity - Summar33
Stockholders' Equity - Summary of Option Activity (Detail) - 2014 Stock Incentive Plan [Member] | 3 Months Ended |
Mar. 31, 2016$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options Outstanding, Beginning Balance | shares | 610,481 |
Options Granted | shares | 0 |
Options Exercised | shares | 0 |
Options Cancelled | shares | (2,344) |
Options Outstanding, Ending balance | shares | 608,137 |
Options Exercisable | shares | 115,253 |
Weighted-Average Exercise Price Per Share, Outstanding, Beginning Balance | $ / shares | $ 11.99 |
Weighted-Average Exercise Price Per Share, Granted | $ / shares | 0 |
Weighted-Average Exercise Price Per Share, Exercised | $ / shares | 0 |
Weighted-Average Exercise Price Per Share, Cancelled | $ / shares | 12.16 |
Weighted-Average Exercise Price Per Share, Outstanding, Ending Balance | $ / shares | 11.99 |
Weighted-Average Exercise Price Per Share, Exercisable | $ / shares | $ 9.64 |
Stockholders' Equity - Summar34
Stockholders' Equity - Summary of Shares of Common Stock Reserved (Detail) - shares | Mar. 31, 2016 | Mar. 31, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares of common stock reserved | 2,281,776 | 1,656,776 |
Preferred Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares of common stock reserved | 250,000 | 250,000 |
2012 Convertible Financing Warrants [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares of common stock reserved | 798,653 | 798,653 |
2013 Convertible Financing Warrants [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares of common stock reserved | 238,804 | 238,804 |
2014 Financing Warrants [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares of common stock reserved | 144,319 | 144,319 |
2015 Licensing Agreement Warrants [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares of common stock reserved | 125,000 | |
2014 Stock Incentive Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares of common stock reserved | 725,000 | 225,000 |
Commitments - Additional Inform
Commitments - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Commitments And Contingencies [Line Items] | ||
Total lease commitment | $ 931,000 | |
Accruals for contingent liabilities | 0 | |
License Agreement [Member] | BioHEP Technologies Ltd. [Member] | ||
Commitments And Contingencies [Line Items] | ||
Maximum estimated development and regulatory milestone payments | 3.5 | |
Maximum aggregate sublicensing revenues | $ 2 | |
Milford, Massachusetts [Member] | ||
Commitments And Contingencies [Line Items] | ||
Lease extended term date | Mar. 31, 2018 | |
Lease term expiration date | Mar. 31, 2016 | |
Total rent expense | $ 21,000 | $ 14,000 |
Hopkinton, Massachusetts [Member] | ||
Commitments And Contingencies [Line Items] | ||
Lease term expiration date | May 31, 2021 | |
Total lease commitment | $ 771,000 |
Commitments - Summary of Future
Commitments - Summary of Future Minimum Lease Payments for Operating Leases (Detail) $ in Thousands | Mar. 31, 2016USD ($) |
Leases, Operating [Abstract] | |
2,016 | $ 133 |
2,017 | 232 |
2,018 | 174 |
2,019 | 158 |
2,020 | 164 |
Thereafter | 70 |
Total minimum lease payments | $ 931 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Related Party Transactions [Abstract] | ||
Advisory fees | $ 0 | $ 19,000 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Jun. 03, 2016 | May 11, 2016 | Mar. 31, 2016 | Mar. 31, 2015 |
Subsequent Event [Line Items] | ||||
Proceed from exercise of warrants | $ 25 | |||
Common Stock Warrants [Member] | ||||
Subsequent Event [Line Items] | ||||
Warrants outstanding exercised | 0 | |||
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Proceed from exercise of warrants | $ 5,300 | |||
Warrants exercised, common stock shares | 641,743 | |||
Subsequent Event [Member] | Common Stock [Member] | ||||
Subsequent Event [Line Items] | ||||
Gross proceeds from initial public offering of common stock | $ 300 | $ 11,000 | ||
Subsequent Event [Member] | Initial Public Offering [Member] | ||||
Subsequent Event [Line Items] | ||||
Initial public offering of common stock | 24,900 | |||
Shares issued price per share | $ 12 | |||
Subsequent Event [Member] | Initial Public Offering [Member] | Common Stock [Member] | ||||
Subsequent Event [Line Items] | ||||
Initial public offering of common stock | 24,900 | 920,000 | ||
Shares issued price per share | $ 12 | $ 12 | ||
Dawson James Securities, Inc. [Member] | ||||
Subsequent Event [Line Items] | ||||
Warrants commencing date | Nov. 5, 2016 | |||
Warrant expiration date | May 5, 2021 | |||
Dawson James Securities, Inc. [Member] | Subsequent Event [Member] | Initial Public Offering [Member] | ||||
Subsequent Event [Line Items] | ||||
Warrant to purchase of common stock | 747 | 27,600 | ||
Purchase price of common stock upon warrant exercise | $ 15 | $ 15 |