Intra-Cellular Therapies (ITCI) 10-Q 12 Aug 14 2014 Q2 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
	Jun. 30, 2014	Aug. 08, 2014
Document And Entity Information [Abstract]	'	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	30-Jun-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q2	'
Entity Registrant Name	'Intra-Cellular Therapies, Inc.	'
Entity Central Index Key	'0001567514	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Smaller Reporting Company	'
Entity Common Stock, Shares Outstanding	'	29,386,722

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Jun. 30, 2014	Dec. 31, 2013
Current assets:	'	'
Cash and cash equivalents	$91,140,138	$35,150,924
Investment securities, available-for-sale	49,355,284	2,000,000
Accounts receivable	219,238	336,318
Prepaid expenses and other current assets	493,356	762,243
Total current assets	141,208,016	38,249,485
Property and equipment, net	63,850	68,272
Other assets	70,944	131,555
Total assets	141,342,810	38,449,312
Current liabilities:	'	'
Accounts payable	415,791	3,395,067
Accrued and other current liabilities	1,434,875	2,611,091
Accrued employee benefits	888,588	827,879
Total current liabilities	2,739,254	6,834,037
Stockholders' equity:	'	'
Common stock, $.0001 par value: 100,000,000 shares authorized; 29,344,020 and 22,159,446 shares issued and outstanding at June 30, 2014 and December 31, 2013, respectively	2,934	2,216
Additional paid-in capital	205,289,691	89,177,556
Accumulated deficit	-66,641,320	-57,564,497
Accumulated other comprehensive loss	-47,749	'
Total stockholders' equity	138,603,556	31,615,275
Total liabilities and stockholders' equity	$141,342,810	$38,449,312

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Statement Of Financial Position [Abstract]	'	'
Common stock, par value	$0.00	$0.00
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	29,344,020	22,159,446
Common stock, shares outstanding	29,344,020	22,159,446

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Operations (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Income Statement [Abstract]	'	'	'	'
Revenues	$219,238	$643,264	$387,025	$1,241,516
Costs and expenses:	'	'	'	'
Research and development	2,709,702	7,787,901	5,539,001	12,740,161
General and administrative	2,121,120	903,406	4,034,071	1,950,014
Total costs and expenses	4,830,822	8,691,307	9,573,072	14,690,175
Loss from operations	-4,611,584	-8,048,043	-9,186,047	-13,448,659
Interest expense	-2,032	-231,756	-7,073	-473,072
Interest income	80,077	2,408	116,297	5,963
Net loss	($4,533,539)	($8,277,391)	($9,076,823)	($13,915,768)
Net loss per common share:	'	'	'	'
Basic & Diluted	($0.15)	($0.56)	($0.33)	($0.95)
Weighted average number of common shares:	'	'	'	'
Basic & Diluted	29,273,357	14,690,942	27,882,360	14,645,529

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Comprehensive Loss (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Statement Of Income And Comprehensive Income [Abstract]	'	'	'	'
Net loss	($4,533,539)	($8,277,391)	($9,076,823)	($13,915,768)
Other comprehensive loss:	'	'	'	'
Unrealized loss on investment securities	-47,749	'	-47,749	'
Comprehensive loss	($4,581,288)	($8,277,391)	($9,124,572)	($13,915,768)

Condensed_Consolidated_Stateme2

Condensed Consolidated Statements of Cash Flows (USD $)	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Cash flows provided by (used in) operating activities	'	'
Net loss	($9,076,823)	($13,915,768)
Adjustments to reconcile net loss to net cash used in operating activities:	'	'
Depreciation	12,747	11,092
Share-based compensation expense	490,215	163,233
Amortization of premiums on investment activities	41,753	'
Changes in operating assets and liabilities:	'	'
Accounts receivable	117,080	24,504
Prepaid expenses and other assets	329,498	85,962
Accounts payable	-2,979,276	2,737,604
Accrued liabilities	-1,115,507	2,526,306
Deferred revenue	'	-833,328
Net cash used in operating activities	-12,180,313	-9,200,395
Cash flows provided by (used in) investing activities	'	'
Purchases of investments	-72,444,786	'
Maturities of investments	25,000,000	1,500,000
Purchase of property and equipment	-8,325	-8,843
Net cash (used in) provided by investing activities	-47,453,111	1,491,157
Cash flows provided by (used in) financing activities	'	'
Proceeds from issuance of convertible promissory notes, net	'	100,000
Proceeds from stock option exercises	70,058	194,223
Proceeds from stock subscriptions	109,833	109,834
Gross proceeds of public offering	116,191,285	'
Payment of costs of public offering	-748,538	'
Net cash provided by financing activities	115,622,638	404,057
Net increase (decrease) in cash and cash equivalents	55,989,214	-7,305,181
Cash and cash equivalents at beginning of period	35,150,924	15,645,528
Cash and cash equivalents at end of period	91,140,138	8,340,347
Cash paid for interest	7,073	'
Cash paid for taxes	$27,866	$7,260

Organization

Organization	6 Months Ended
	Jun. 30, 2014
Accounting Policies [Abstract]	'
Organization	'
	1. Organization
	Intra-Cellular Therapies, Inc. (the “Company”), through its wholly-owned operating subsidiary, ITI, Inc. (“ITI”), is a biopharmaceutical company focused on the discovery and clinical development of innovative, small molecule drugs that address underserved medical needs in neuropsychiatric and neurological disorders by targeting intracellular signaling mechanisms within the central nervous system (“CNS”). The Company’s lead product candidate, ITI-007, is in late phase clinical development as a first-in-class treatment for schizophrenia.
	ITI was incorporated in the State of Delaware on May 22, 2001 under the name “Intra-Cellular Therapies, Inc.” and commenced operations in June 2002. ITI was founded to discover and develop drugs for the treatment of neurological and psychiatric disorders.
	On August 29, 2013, ITI completed a reverse merger (the “Merger”) with a public shell company named Oneida Resources Corp. (“Oneida”). Oneida was formed in August 2012 as a vehicle to investigate and, if such investigation warranted, acquire a target company or business seeking the perceived advantages of being a publicly held corporation. In the Merger, each outstanding share of capital stock of ITI was exchanged for 0.5 shares of common stock of Oneida, and each outstanding option to purchase one share of ITI common stock and each outstanding warrant to purchase one share of ITI common stock was assumed by Oneida and became exercisable for 0.5 shares of Oneida common stock. As a result of the Merger and related transactions, ITI survived as a wholly-owned subsidiary of Oneida, Oneida changed its fiscal year end from March 31 to December 31, and Oneida changed its name to Intra-Cellular Therapies, Inc. (the “Company”). In addition, the Company began operating ITI and its business, and therefore ceased being a shell company. Following the Merger and the redemption of all then outstanding shares of Oneida at the closing of the Merger, the former shareholders of ITI owned 100% of the shares of the Company’s outstanding capital stock.
	In accordance with Financial Accounting Standards Board (“FASB”), Accounting Standards Codification (“ASC”) Topic 805, Business Combinations, ITI is considered the acquirer for accounting purposes, and has accounted for the transaction as a capital transaction, because ITI’s former stockholders received 100% of the voting rights in the combined entity and ITI’s senior management represented all of the senior management of the combined entity. Consequently, the assets and liabilities and the historical operations that are reflected in the Company’s consolidated financial statements are those of ITI and have been recorded at the historical cost basis of the Company. All share and per share amounts in the condensed consolidated financial statements and related notes have been retrospectively adjusted to reflect the one for 0.5 shares common stock exchange as well as the conversion of the Notes (defined below) and Series A, B, and C redeemable convertible preferred stock of ITI.
	Immediately prior to the Merger, on August 29, 2013, ITI sold to accredited investors approximately $60.0 million of its shares of common stock, or 18,889,307 shares at a price of $3.1764 per share (the “Private Placement”), which included $15.3 million in principal and $0.8 million in accrued interest from the conversion of ITI’s then outstanding convertible promissory notes (the “Notes”).
	On February 5, 2014, the Company completed a public offering of common stock in which the Company sold 7,063,300 shares of common stock, which included the exercise of the underwriters’ option to purchase 921,300 shares, at an offering price of $17.50 per share. After deducting underwriting discounts, commissions and offering expenses, the net proceeds to the Company were approximately $115.4 million.
	The Company earns license and collaboration revenue from its significant partnership with Takeda Pharmaceutical Company Limited (“Takeda”). In order to further its research projects and support its collaborations, the Company will require additional financing until such time, if ever, that revenue streams are sufficient to generate consistent positive cash flow from operations. Possible sources of funds include public or private sales of our equity securities, sales of debt securities, the incurrence of debt from commercial lenders, strategic collaborations, licensing a portion or all of our product candidates and technology and, to a lesser extent, grant funding.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2014
Accounting Policies [Abstract]	'
Summary of Significant Accounting Policies	'
	2. Summary of Significant Accounting Policies
	Use of Estimates
	The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Although actual results could differ from those estimates, management does not believe that such differences would be material.
	Cash and Cash Equivalents
	The Company considers all highly liquid investments with a maturity of three months or less from the date of purchase to be cash equivalents. Cash and cash equivalents consist of checking accounts, money market accounts, money market funds, and certificates of deposit with a maturity date of three months or less. Certificates of deposit, commercial paper, corporate notes and corporate bonds with a maturity date of more than three months are classified separately on the balance sheet. Their carrying values approximate the fair market value.
	Investment Securities
	Investment securities consisted of the following (in thousands):
			June 30, 2014
			Amortized		Unrealized		Unrealized			Estimated
			Cost		Gains		(Losses)			Fair
										Value
			(unaudited)
	Certificates of Deposit		$	10,346	$	—	$	—		$	10,346
	Commercial Paper			18,467		5		(6	)		18,466
	Corporate Notes/Bonds			20,571		—		(28	)		20,543
			$	49,384	$	5	$	(34	)	$	49,355
			December 31, 2013
			Amortized		Unrealized		Unrealized			Estimated
			Cost		Gains		(Losses)			Fair
										Value
	FDIC Guaranteed Certificates of Deposit		$	—	$	—	$	—		$	—
	Certificates of Deposit			2,000		—		—			2,000
	Commercial Paper			—		—		—			—
	Corporate Notes/Bonds			—		—		—			—
			$	2,000	$	—	$	—		$	2,000
	The Company has classified all of its investment securities available-for-sale, including those with maturities beyond one year, as current assets on the consolidated balance sheets based on the highly liquid nature of the investment securities and because these investment securities are considered available for use in current operations. As of June 30, 2014 and December 31, 2013, the Company held $21.5 million and $2.0 million, respectively, of available-for-sale investment securities with contractual maturity dates more than one year and less than two years.
	Fair Value Measurements
	The Company applies the fair value method under ASC Topic 820, Fair Value Measurements and Disclosures. ASC Topic 820 defines fair value, establishes a fair value hierarchy for assets and liabilities measured at fair value and requires expanded disclosures about fair value measurements. The ASC Topic 820 hierarchy ranks the quality and reliability of inputs, or assumptions, used in the determination of fair value and requires assets and liabilities carried at fair value to be classified and disclosed in one of the following categories based on the lowest level input used that is significant to a particular fair value measurement:
		•		Level 1—Fair value is determined by using unadjusted quoted prices that are available in active markets for identical assets and liabilities.
		•		Level 2—Fair value is determined by using inputs other than Level 1 quoted prices that are directly or indirectly observable. Inputs can include quoted prices for similar assets and liabilities in active markets or quoted prices for identical assets and liabilities in inactive markets. Related inputs can also include those used in valuation or other pricing models, such as interest rates and yield curves that can be corroborated by observable market data.
		•		Level 3—Fair value is determined by inputs that are unobservable and not corroborated by market data. Use of these inputs involves significant and subjective judgments to be made by a reporting entity – e.g., determining an appropriate adjustment to a discount factor for illiquidity associated with a given security.
	The Company evaluates financial assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level at which to classify them each reporting period. This determination requires the Company to make subjective judgments as to the significance of inputs used in determining fair value and where such inputs lie within the ASC Topic 820 hierarchy.
	The Company has no assets or liabilities that were measured using quoted prices for significant unobservable inputs (Level 3 assets and liabilities) as of June 30, 2014 and December 31, 2013. The carrying value of cash held in money market funds of approximately $2.4 million as of June 30, 2014 and $0.0 million as of December 31, 2013, is included in cash and cash equivalents and approximates market value based on quoted market price or Level 1 inputs.
	The fair value measurements of the Company’s cash equivalents and available-for-sale investment securities are identified in the following tables (in thousands):
					Fair Value Measurements at
					Reporting Date Using
			June 30,		Quoted Prices		Significant			Significant
			2014		in Active		Other			Unobservable
					Markets for		Observable			Inputs
					Identical		Inputs			(Level 3)
					Assets		(Level 2)
					(Level 1)
	Money market funds		$	2,387	$	2,387	$	—		$	—
	FDIC certificates of deposit			8,586		—		8,586			—
	Certificates of deposit			41,000		—		41,000			—
	Commercial paper			18,466		—		18,466			—
	Corporate Bonds/Notes			20,543		—		20,543			—
			$	90,982	$	2,387	$	88,595		$	—
					Fair Value Measurements at
					Reporting Date Using
			December 31,		Quoted Prices		Significant			Significant
			2013		in Active		Other			Unobservable
					Markets for		Observable			Inputs
					Identical		Inputs			(Level 3)
					Assets		(Level 2)
					(Level 1)
	Money market fund		$	—	$	—	$	—		$	—
	Certificates of deposit			6,000		—		6,000			—
			$	6,000	$	—	$	6,000		$	—
	Financial Instruments
	The Company considers the recorded costs of its financial assets and liabilities, which consist of cash equivalents, investment securities available-for-sale, accounts receivable, accounts payable and accrued liabilities, to approximate their fair value because of their relatively short maturities at June 30, 2014 and December 31, 2013. Management believes that the risks associated with its financial instruments are minimal as the counterparties are various corporations, financial institutions and government agencies of high credit standing.
	Concentration of Credit Risk
	Cash equivalents are held with major financial institutions in the United States. Certificates of deposit held with banks may exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed upon demand and, therefore, bear minimal risk.
Accounts Receivable
Accounts receivable that management has the intent and ability to collect are reported in the balance sheets at outstanding amounts, less an allowance for doubtful accounts. The Company writes off uncollectible receivables when the likelihood of collection is remote.
The Company evaluates the collectability of accounts receivable on a regular basis. The allowance, if any, is based upon various factors including the financial condition and payment history of customers, an overall review of collections experience on other accounts and economic factors or events expected to affect future collections experience. No allowance was recorded as of June 30, 2014 and December 31, 2013, as the Company has a history of collecting on substantially all of its accounts, including government agencies and collaborations funding its research.
Property and Equipment
Property and equipment is stated at cost and depreciated on a straight-line basis over estimated useful lives ranging from three to five years. Leasehold improvements are amortized using the straight-line method over the shorter of the estimated useful life of the assets or the term of the related lease. Expenditures for maintenance and repairs are charged to operations as incurred.
When indicators of possible impairment are identified, the Company evaluates the recoverability of the carrying value of its long-lived assets based on the criteria established in ASC Topic 360, Property, Plant and Equipment. The Company considers historical performance and anticipated future results in its evaluation of potential impairment. The Company evaluates the carrying value of those assets in relation to the operating performance of the business and undiscounted cash flows expected to result from the use of those assets. Impairment losses are recognized when carrying value exceeds the undiscounted cash flows, in which case management must determine the fair value of the underlying asset. No such impairment losses have been recognized to date.
Revenue Recognition
Revenue is recognized when all terms and conditions of the agreements have been met, including persuasive evidence of an arrangement, delivery has occurred or services have been rendered, price is fixed or determinable and collectability is reasonably assured. The Company is reimbursed for certain costs incurred on specified research projects under the terms and conditions of grants, collaboration agreements, and awards. The Company records the amount of reimbursement as revenues on a gross basis in accordance with ASC Topic 605-45, Revenue Recognition/Principal Agent Considerations. The Company is the primary obligor with respect to purchasing goods and services from third-party suppliers, is obligated to compensate the service provider for the work performed, and has discretion in selecting the supplier. Provisions for estimated losses on research grant projects and any other contracts are made in the period such losses are determined.
The Company has entered into arrangements involving the delivery of more than one element. Each required deliverable is evaluated to determine whether it qualifies as a separate unit of accounting. For ITI, this determination is generally based on whether the deliverable has “stand-alone value” to the customer. The Company adopted this accounting standard on a prospective basis for all Multiple-Deliverable Revenue Arrangements (“MDRAs”) entered into on or after January 1, 2011, and for any MDRAs that were entered into prior to January 1, 2011, but materially modified on or after that date.
The adoption of this accounting standard did not have a material impact on the Company’s results of operations for the periods ended June 30, 2014 and 2013, or on the Company’s financial positions as of June 30, 2014 and December 31, 2013.
The Company adopted ASC Topic 605-28, Milestone Method. Under this guidance, the Company recognizes revenue contingent upon the achievement of a substantive milestone in its entirety in the period the milestone is achieved. Substantive milestone payments are recognized upon achievement of the milestone only if all of the following conditions are met:
	•		The milestone payments are non-refundable;
	•		Achievement of the milestone involves a degree of risk and was not reasonably assured at the inception of the arrangement;
	•		Substantive effort on the Company’s part is involved in achieving the milestone;
	•		The amount of the milestone payment is reasonable in relation to the effort expended or the risk associated with achievement of the milestone; and
	•		A reasonable amount of time passes between the up-front license payment and the first milestone payment, as well as between each subsequent milestone payment.
Determination as to whether a payment meets the aforementioned conditions involves management’s judgment. If any of these conditions are not met, the resulting payment would not be considered a substantive milestone, and therefore, the resulting payment would be considered part of the consideration for the single unit of accounting and be recognized as revenue in accordance with the revenue models described above. In addition, the determination that one such payment was not a substantive milestone could prevent the Company from concluding that subsequent milestone payments were substantive milestones and, as a result, any additional milestone payments could also be considered part of the consideration for the single unit of accounting and would be recognized as revenue as such performance obligations are performed under either the proportional performance or straight-line methods, as applicable.
Deferred Revenue
Cash received as prepayment on future services is deferred and recognized as revenue as the services are performed. The Company must remit interest on any deferred revenue related to a governmental agency. As of June 30, 2014 and December 31, 2013, no interest was due as the Company did not have any deferred revenue.
Research and Development
Except for payments made in advance of services, the Company expenses its research and development costs as incurred. For payments made in advance, the Company recognizes research and development expense as the services are rendered. Research and development costs consist primarily of salaries and related expenses for personnel and resources and the costs of clinical trials. Other research and development expenses include pre-clinical analytical testing, outside services providers, materials and consulting fees.
Income Taxes
Income taxes are accounted for using the liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and its respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which those temporary differences are expected to be recovered or settled.
The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established when necessary to reduce net deferred tax assets to the amount expected to be realized. Income tax expense is the tax payable for the period and the change during the period in deferred tax assets and liabilities.
The Company accounts for uncertain tax positions pursuant to ASC Topic 740 (previously included in FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes–an Interpretation of FASB Statement No. 109). Financial statement recognition of a tax position taken or expected to be taken in a tax return is determined based on a more-likely-than-not threshold of that position being sustained. If the tax position meets this threshold, the benefit to be recognized is measured as the tax benefit having the highest likelihood of being realized upon ultimate settlement with the taxing authority. The Company recognizes interest accrued related to unrecognized tax benefits and penalties in the provision for income taxes.
Comprehensive Income (Loss)
All components of comprehensive income (loss), including net income (loss), are reported in the financial statements in the period in which they are incurred. Comprehensive income (loss) is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. In accordance with accounting guidance, the Company presents the impact of any unrealized gains or (losses) on its investment securities in a separate statement of comprehensive income (loss) for each period.
Share-Based Compensation
Share-based payments are accounted for in accordance with the provisions of ASC Topic 718, Compensation—Stock Compensation. The fair value of share-based payments is estimated, on the date of grant, using the Black-Scholes-Merton option-pricing model (the “Black-Scholes model”). The resulting fair value is recognized ratably over the requisite service period, which is generally the vesting period of the option.
For all awards granted with time-based vesting conditions, expense is amortized using the straight-line attribution method. For awards that contain a performance condition, expense is amortized using the accelerated attribution method. As share-based compensation expense recognized in the statements of operations for the three and six months ended June 30, 2014 and 2013 is based on share-based awards ultimately expected to vest, it has been reduced for estimated forfeitures.
ASC Topic 718 requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Pre-vesting forfeitures are based on the Company’s historical experience for the three and six months ended June 30, 2014 and 2013, and have not been material.
The Company utilizes the Black-Scholes model for estimating fair value of its stock options granted. Option valuation models, including the Black-Scholes model, require the input of subjective assumptions, and changes in the assumptions used can materially affect the grant date fair value of an award. These assumptions include the risk-free rate of interest, expected dividend yield, expected volatility and the expected life of the award.
Expected volatility rates are based on historical volatility of the common stock of comparable publicly traded entities and other factors due to the lack of historic information of the Company’s common stock. The expected life of stock options is the period of time for which the stock options are expected to be outstanding. Given the lack of historic exercise data, the expected life is determined using the “simplified method” which is defined as the midpoint between the vesting date and the end of the contractual term.
The risk-free interest rates are based on the U.S. Treasury yield for a period consistent with the expected term of the option in effect at the time of the grant. The Company has not paid dividends to its stockholders since its inception and does not plan to pay cash dividends in the foreseeable future. Therefore, the Company has assumed an expected dividend rate of zero.
For the three and six months ended June 30, 2013, given that there was no active market for the Company’s common stock, the exercise prices of the stock options on the dates of grant were determined and approved by the board of directors using several factors, including progress and milestones achieved in the Company’s business development and performance, the price per share of its convertible preferred stock offerings and general industry and economic trends. In establishing the estimated fair value of the common stock, the Company considered the guidance set forth in American Institute of Certified Public Accountants Practice Guide, Valuation of Privately-Held-Company Equity Securities Issued as Compensation. For the three and six months ended June 30, 2014, the exercise price was determined by using the closing market price of the Company’s common stock on the date of grant.
Under ASC Topic 718, the cumulative amount of compensation cost recognized for instruments classified as equity that ordinarily would result in a future tax deduction under existing tax law shall be considered to be a deductible difference in applying ASC Topic 740, Income Taxes. The deductible temporary difference is based on the compensation cost recognized for financial reporting purposes; however, these provisions currently do not impact the Company, as all the deferred tax assets have a full valuation allowance.
Since the Company had net operating loss carryforwards as of June 30, 2014 and 2013, no excess tax benefits for the tax deductions related to share-based awards were recognized in the statements of operations.
Equity instruments issued to consultants are accounted for under the provisions of ASC Topic 718 and ASC Topic 505-50, Equity/Equity-Based Payments to Non-Employees. Accordingly, the estimated fair value of the equity instrument is recorded on the earlier of the performance commitment date or the date the services required are completed and are marked to market during the service period.
Loss Per Share
Basic net loss per common share is determined by dividing the net loss allocable to common stockholders by the weighted-average number of common shares outstanding during the period, without consideration of common stock equivalents. Diluted net loss per share is computed by dividing the net loss allocable to common stockholders by the weighted-average number of common stock equivalents outstanding for the period. The treasury stock method is used to determine the dilutive effect of the Company’s stock option grants.
The following common stock equivalents were excluded in the calculation of diluted loss per share because their effect would be anti-dilutive as applied to the loss from operations for the three and six months ended June 30, 2014 and 2013:
		2014		2013
Stock options			1,102,945		823,899

Property_and_Equipment

Property and Equipment	6 Months Ended
	Jun. 30, 2014
Property Plant And Equipment [Abstract]	'
Property and Equipment	'
	3. Property and Equipment
	Property and equipment consist of the following:
		June 30,			December 31,
		2014			2013
	Computer equipment	$	85,846		$	82,252
	Furniture and fixtures		46,523			46,523
	Scientific equipment		2,851,947			2,851,947
	Leasehold improvements		319,553			319,553
			3,303,869			3,300,275
	Less accumulated depreciation		(3,240,019	)		(3,232,003	)
		$	63,850		$	68,272
	Depreciation expense for the three and six months ended June 30, 2014 was $6,430 and $12,747, respectively.

ShareBased_Compensation

Share-Based Compensation	6 Months Ended
	Jun. 30, 2014
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]	'
Share-Based Compensation	'
	4. Share-Based Compensation
	The Company sponsors the Intra-Cellular Therapies, Inc. 2013 Equity Incentive Plan (the “2013 Plan”) to provide for the granting of stock-based awards, such as stock options, restricted common stock and restricted stock units to employees, directors and consultants as determined by the Board of Directors. In August 2013, the Company assumed in the Merger the ITI 2003 Equity Incentive Plan , as amended (the “2003 Plan”), which expired by its terms in July 2013. As of June 30, 2014, the outstanding awards under the 2003 Plan were options to purchase 1,289,576 shares of common stock. Effective in November 2013, the Company adopted the 2013 Plan. The Company reserved 2,850,000 shares of common stock for issuance under the 2013 Plan. In January 2014, the number of shares of common stock reserved for issuance under the 2013 Plan automatically increased by 800,000 pursuant to the evergreen provisions of the 2013 Plan.
	Stock options granted under the 2013 Plan may be either incentive stock options (“ISOs”) as defined by the Internal Revenue Code, or non-qualified stock options. The Board of Directors determines who will receive options, the vesting periods (which are generally one to three years) and the exercise prices of such options. Options have a maximum term of 10 years. The exercise price of ISOs granted under the 2013 Plan must be at least equal to the fair market value of the common stock on the date of grant.
	Total stock-based compensation expense related to all of the Company’s share-based awards to employees, directors and consultants recognized during the three and six months ended June 30, 2014 and 2013, was comprised of the following:
		Three Months Ended					Six Months Ended
		June 30,					June 30,
		2014			2013		2014		2013
	Research and development	$	134,833		$	31,466	$	232,250	$	58,087
	General and administrative		155,628			57,697		257,965		105,146
	Total share-based compensation expense	$	290,461		$	89,163	$	490,215	$	163,233
	The following table describes the weighted-average assumptions used for calculating the value of options granted during the three months ended June 30, 2014:
		2014
	Dividend yield		0	%
	Expected volatility		80	%
	Weighted-average risk-free interest rate		2	%
	Expected term		6.2 years
	Information regarding the stock options activity including with respect to grants to employees, directors and consultants as of June 30, 2014, and changes during the three month period then ended, are summarized as follows:
		Number of			Weighted-		Weighted-
		Shares			Average		Average
					Exercise		Contractual
					Price		Life
	Outstanding at December 31, 2013 (audited)		1,400,125		$	1.98		5.3 years
	Options granted (unaudited)		888,000		$	16.95		9.9 years
	Options exercised (unaudited)		(103,049	)	$	0.68		1.0 year
	Options canceled or expired (unaudited)		(7,500	)	$	0.3		—
	Outstanding at June 30, 2014 (unaudited)		2,177,576		$	8.15		7.1 years
	Vested or expected to vest at June 30, 2014 (unaudited)		2,177,576		$	8.15		—
	Exercisable at June 30, 2014 (unaudited)		1,079,779		$	1.88		4.5 years

Collaborations_and_License_Agr

Collaborations and License Agreements	6 Months Ended
	Jun. 30, 2014
Organization Consolidation And Presentation Of Financial Statements [Abstract]	'
Collaborations and License Agreements	'
	5. Collaborations and License Agreements
	The Bristol-Myers Squibb License Agreement
	On May 31, 2005, the Company (through its wholly owned operating subsidiary, ITI) entered into a worldwide, exclusive License Agreement with Bristol-Myers Squibb Company (“BMS”), pursuant to which the Company holds a license to certain patents and know-how of BMS relating to ITI-007 and other specified compounds. The agreement was amended on November 3, 2010. The licensed rights are exclusive, except BMS retains rights in specified compounds in the fields of obesity, diabetes, metabolic syndrome and cardiovascular disease. However, BMS has no right to use, develop or commercialize ITI-007 and other specified compounds in any field of use. The Company has the right to grant sublicenses of the rights conveyed by BMS. The Company is obliged under the license to use commercially reasonable efforts to develop and commercialize the licensed technology. The Company is also prohibited from engaging in the clinical development or commercialization of specified competitive compounds.
	Under the agreement, the Company made an upfront payment of $1.0 million to BMS and a milestone payment of $1.25 million in December 2013. When the Company initiates the Phase 3 clinical trials for ITI-007 for patients with exacerbated schizophrenia, it will be obligated to pay a $1.5 million milestone payment. Possible milestone payments remaining total $11.0 million. The Company may be obliged to make other milestone payments for each licensed product of up to an aggregate of $14.75 million. The Company is also obliged to make tiered single digit percentage royalty payments on sales of licensed products. The Company is obliged to pay to BMS a percentage of non-royalty payments made in consideration of any sublicense.
	The agreement extends, and royalties are payable, on a country-by-country and product-by-product basis, through the later of ten years after first commercial sale of a licensed product in such country, expiration of the last licensed patent covering a licensed product, its method of manufacture or use, or the expiration of other government grants providing market exclusivity, subject to certain rights of the parties to terminate the agreement on the occurrence of certain events. On termination of the agreement, the Company may be obliged to convey to BMS rights in developments relating to a licensed compound or licensed product, including regulatory filings, research results and other intellectual property rights.
	The Takeda License and Collaboration Agreement
	On February 25, 2011, the Company (through its wholly owned operating subsidiary, ITI) entered into a license and collaboration agreement with Takeda Pharmaceutical Company Limited (“Takeda”) under which the Company agreed to collaborate to research, develop and commercialize its proprietary compound ITI-214 and other selected compounds that selectively inhibit phosphodiesterase type 1 (“PDE1”) for use in the prevention and treatment of human diseases. As part of the agreement, the Company assigned to Takeda certain patents owned by the Company that claim ITI-214 and granted Takeda an exclusive license to develop and commercialize compounds identified in the conduct of the research program that satisfy specified criteria. However, the Company has retained rights to all compounds that do not meet the specified criteria and the Company continues to develop PDE1 inhibitors outside the scope of the agreement.
	Under the terms of the agreement, the Company has conducted a research program with an initial term of three years to identify and characterize compounds that meet certain specified criteria sufficient for further development by Takeda. This research program ended in February 2014. The Company was responsible for the Company’s expenses incurred in the conduct of certain research activities specified in the research plan. Takeda agreed to reimburse the Company for expenses the Company incurred in conducting additional research activities.
	Takeda is obliged to use commercially reasonable efforts to develop and commercialize licensed compounds at its expense, and has agreed to reimburse the Company for the costs and expenses of development activities the Company may perform. The Company formed a joint steering committee with Takeda to coordinate and oversee activities on which the Company and Takeda collaborate under the agreement. The Company has the option to co-promote any licensed product in the United States by assuming responsibility for a certain percentage of the detailing activity with respect to that product.
	The Company fulfilled its responsibility under the agreement to supply Takeda with ITI-214 for nonclinical activities and Phase 1 clinical trials at the Company’s expense. Takeda is responsible, at its expense, for the manufacture and supply of compounds that it develops and commercializes under the agreement for all other activities.
	Upon execution of the agreement, Takeda made a nonrefundable payment to the Company. The Company is eligible to receive payments of approximately $500 million in the aggregate upon achievement of certain development milestones and up to an additional $250 million in the aggregate upon achievement of certain sales-based milestones, along with tiered royalty payments ranging from the high single digits to the low teens in percent based on net sales by Takeda.
	The agreement extends, on a country-by-country and product-by-product basis, through the later of expiration of the last licensed patent covering a licensed product, its method of manufacture or use, the expiration of other government grants providing market exclusivity or 10 years after first commercial sale of a licensed product in such country, subject to rights of the parties to sooner terminate the agreement on certain events and the right of Takeda to unilaterally terminate the agreement upon a specified number of days’ prior notice. Upon the termination of the agreement, Takeda is obliged to assign to the Company the patents covering ITI-214 assigned to Takeda upon the execution of the agreement, to grant the Company a license to develop and commercialize licensed compounds developed by Takeda and to transfer to the Company certain materials, information and regulatory materials reasonably necessary for the Company to continue the development and commercialization of those compounds.
	The Company evaluates all deliverables within an arrangement to determine whether or not they provide value on a stand-alone basis. The Company identified two deliverables in the arrangement, (1) a license to the Company’s intellectual property, and (2) research and development services (“R&D services”). Based on this evaluation, the deliverables were separated into units of accounting. The arrangement consideration that is fixed or determinable at the inception of the arrangement was allocated to the separate units of accounting based on their relative selling prices. The Company may exercise significant judgment in determining whether a deliverable is a separate unit of accounting, as well as in estimating the selling prices of such unit of accounting.
	During the three and six months ended June 30, 2014, the Company recognized revenue of approximately $219,000 and $387,000 under this agreement, respectively, as compared to $643,000 and $1.2 million for the three and six months ended June 30, 2013 also under this agreement. At June 30, 2014 and 2013, $0 and $833,000, respectively, of revenue was deferred under this agreement.
	Other License Agreement
	In May 2002, ITI entered into a license agreement (the “License”) and research agreement with a university. Under the provisions of the License, ITI is entitled to use this organization’s patented technology and other intellectual property relating to diagnosis and treatment of central nervous system disorders.
	The License expires upon expiration of the patent rights or 15 years subsequent to the first sale of products developed through this License. ITI is required to make future milestone payments for initiation of clinical trials and approval of a New Drug Application (“NDA”). Should ITI commercialize the technology related to this License, ITI would be required to make royalty payments, and would also be required to pay fees under any sublicense agreements with third parties.
	In connection with the License, ITI issued 400,000 shares of common stock to the organization. Upon issuance of the shares, ITI recorded the estimated fair value of the shares issued, approximately $120,000, as research and development expense.
	In addition, ITI is required to use at least $1.0 million annually of its resources for the development and commercialization of the technology until ITI submits an NDA. ITI met its spending requirements in 2013. There were no other payments made or required for the three and six months ended June 30, 2014 and 2013.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2014
Accounting Policies [Abstract]	'
Use of Estimates	'
	Use of Estimates
	The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Although actual results could differ from those estimates, management does not believe that such differences would be material.
Cash and Cash Equivalents	'
	Cash and Cash Equivalents
	The Company considers all highly liquid investments with a maturity of three months or less from the date of purchase to be cash equivalents. Cash and cash equivalents consist of checking accounts, money market accounts, money market funds, and certificates of deposit with a maturity date of three months or less. Certificates of deposit, commercial paper, corporate notes and corporate bonds with a maturity date of more than three months are classified separately on the balance sheet. Their carrying values approximate the fair market value.
Investment Securities	'
	Investment Securities
	Investment securities consisted of the following (in thousands):
			June 30, 2014
			Amortized		Unrealized		Unrealized			Estimated
			Cost		Gains		(Losses)			Fair
										Value
			(unaudited)
	Certificates of Deposit		$	10,346	$	—	$	—		$	10,346
	Commercial Paper			18,467		5		(6	)		18,466
	Corporate Notes/Bonds			20,571		—		(28	)		20,543
			$	49,384	$	5	$	(34	)	$	49,355
			December 31, 2013
			Amortized		Unrealized		Unrealized			Estimated
			Cost		Gains		(Losses)			Fair
										Value
	FDIC Guaranteed Certificates of Deposit		$	—	$	—	$	—		$	—
	Certificates of Deposit			2,000		—		—			2,000
	Commercial Paper			—		—		—			—
	Corporate Notes/Bonds			—		—		—			—
			$	2,000	$	—	$	—		$	2,000
	The Company has classified all of its investment securities available-for-sale, including those with maturities beyond one year, as current assets on the consolidated balance sheets based on the highly liquid nature of the investment securities and because these investment securities are considered available for use in current operations. As of June 30, 2014 and December 31, 2013, the Company held $21.5 million and $2.0 million, respectively, of available-for-sale investment securities with contractual maturity dates more than one year and less than two years.
Fair Value Measurements	'
	Fair Value Measurements
	The Company applies the fair value method under ASC Topic 820, Fair Value Measurements and Disclosures. ASC Topic 820 defines fair value, establishes a fair value hierarchy for assets and liabilities measured at fair value and requires expanded disclosures about fair value measurements. The ASC Topic 820 hierarchy ranks the quality and reliability of inputs, or assumptions, used in the determination of fair value and requires assets and liabilities carried at fair value to be classified and disclosed in one of the following categories based on the lowest level input used that is significant to a particular fair value measurement:
		•		Level 1—Fair value is determined by using unadjusted quoted prices that are available in active markets for identical assets and liabilities.
		•		Level 2—Fair value is determined by using inputs other than Level 1 quoted prices that are directly or indirectly observable. Inputs can include quoted prices for similar assets and liabilities in active markets or quoted prices for identical assets and liabilities in inactive markets. Related inputs can also include those used in valuation or other pricing models, such as interest rates and yield curves that can be corroborated by observable market data.
		•		Level 3—Fair value is determined by inputs that are unobservable and not corroborated by market data. Use of these inputs involves significant and subjective judgments to be made by a reporting entity – e.g., determining an appropriate adjustment to a discount factor for illiquidity associated with a given security.
	The Company evaluates financial assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level at which to classify them each reporting period. This determination requires the Company to make subjective judgments as to the significance of inputs used in determining fair value and where such inputs lie within the ASC Topic 820 hierarchy.
	The Company has no assets or liabilities that were measured using quoted prices for significant unobservable inputs (Level 3 assets and liabilities) as of June 30, 2014 and December 31, 2013. The carrying value of cash held in money market funds of approximately $2.4 million as of June 30, 2014 and $0.0 million as of December 31, 2013, is included in cash and cash equivalents and approximates market value based on quoted market price or Level 1 inputs.
	The fair value measurements of the Company’s cash equivalents and available-for-sale investment securities are identified in the following tables (in thousands):
					Fair Value Measurements at
					Reporting Date Using
			June 30,		Quoted Prices		Significant			Significant
			2014		in Active		Other			Unobservable
					Markets for		Observable			Inputs
					Identical		Inputs			(Level 3)
					Assets		(Level 2)
					(Level 1)
	Money market funds		$	2,387	$	2,387	$	—		$	—
	FDIC certificates of deposit			8,586		—		8,586			—
	Certificates of deposit			41,000		—		41,000			—
	Commercial paper			18,466		—		18,466			—
	Corporate Bonds/Notes			20,543		—		20,543			—
			$	90,982	$	2,387	$	88,595		$	—
					Fair Value Measurements at
					Reporting Date Using
			December 31,		Quoted Prices		Significant			Significant
			2013		in Active		Other			Unobservable
					Markets for		Observable			Inputs
					Identical		Inputs			(Level 3)
					Assets		(Level 2)
					(Level 1)
	Money market funds		$	—	$	—	$	—		$	—
	Certificates of deposit			6,000		—		6,000			—
			$	6,000	$	—	$	6,000		$	—
Financial Instruments	'
	Financial Instruments
	The Company considers the recorded costs of its financial assets and liabilities, which consist of cash equivalents, investment securities available-for-sale, accounts receivable, accounts payable and accrued liabilities, to approximate their fair value because of their relatively short maturities at June 30, 2014 and December 31, 2013. Management believes that the risks associated with its financial instruments are minimal as the counterparties are various corporations, financial institutions and government agencies of high credit standing.
Concentration of Credit Risk	'
	Concentration of Credit Risk
	Cash equivalents are held with major financial institutions in the United States. Certificates of deposit held with banks may exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed upon demand and, therefore, bear minimal risk.
Accounts Receivable	'
	Accounts Receivable
	Accounts receivable that management has the intent and ability to collect are reported in the balance sheets at outstanding amounts, less an allowance for doubtful accounts. The Company writes off uncollectible receivables when the likelihood of collection is remote.
	The Company evaluates the collectability of accounts receivable on a regular basis. The allowance, if any, is based upon various factors including the financial condition and payment history of customers, an overall review of collections experience on other accounts and economic factors or events expected to affect future collections experience. No allowance was recorded as of June 30, 2014 and December 31, 2013, as the Company has a history of collecting on substantially all of its accounts, including government agencies and collaborations funding its research.
Property and Equipment	'
	Property and Equipment
	Property and equipment is stated at cost and depreciated on a straight-line basis over estimated useful lives ranging from three to five years. Leasehold improvements are amortized using the straight-line method over the shorter of the estimated useful life of the assets or the term of the related lease. Expenditures for maintenance and repairs are charged to operations as incurred.
	When indicators of possible impairment are identified, the Company evaluates the recoverability of the carrying value of its long-lived assets based on the criteria established in ASC Topic 360, Property, Plant and Equipment. The Company considers historical performance and anticipated future results in its evaluation of potential impairment. The Company evaluates the carrying value of those assets in relation to the operating performance of the business and undiscounted cash flows expected to result from the use of those assets. Impairment losses are recognized when carrying value exceeds the undiscounted cash flows, in which case management must determine the fair value of the underlying asset. No such impairment losses have been recognized to date.
Revenue Recognition	'
	Revenue Recognition
	Revenue is recognized when all terms and conditions of the agreements have been met, including persuasive evidence of an arrangement, delivery has occurred or services have been rendered, price is fixed or determinable and collectability is reasonably assured. The Company is reimbursed for certain costs incurred on specified research projects under the terms and conditions of grants, collaboration agreements, and awards. The Company records the amount of reimbursement as revenues on a gross basis in accordance with ASC Topic 605-45, Revenue Recognition/Principal Agent Considerations. The Company is the primary obligor with respect to purchasing goods and services from third-party suppliers, is obligated to compensate the service provider for the work performed, and has discretion in selecting the supplier. Provisions for estimated losses on research grant projects and any other contracts are made in the period such losses are determined.
	The Company has entered into arrangements involving the delivery of more than one element. Each required deliverable is evaluated to determine whether it qualifies as a separate unit of accounting. For ITI, this determination is generally based on whether the deliverable has “stand-alone value” to the customer. The Company adopted this accounting standard on a prospective basis for all Multiple-Deliverable Revenue Arrangements (“MDRAs”) entered into on or after January 1, 2011, and for any MDRAs that were entered into prior to January 1, 2011, but materially modified on or after that date.
	The adoption of this accounting standard did not have a material impact on the Company’s results of operations for the periods ended June 30, 2014 and 2013, or on the Company’s financial positions as of June 30, 2014 and December 31, 2013.
	The Company adopted ASC Topic 605-28, Milestone Method. Under this guidance, the Company recognizes revenue contingent upon the achievement of a substantive milestone in its entirety in the period the milestone is achieved. Substantive milestone payments are recognized upon achievement of the milestone only if all of the following conditions are met:
		•		The milestone payments are non-refundable;
		•		Achievement of the milestone involves a degree of risk and was not reasonably assured at the inception of the arrangement;
		•		Substantive effort on the Company’s part is involved in achieving the milestone;
		•		The amount of the milestone payment is reasonable in relation to the effort expended or the risk associated with achievement of the milestone; and
		•		A reasonable amount of time passes between the up-front license payment and the first milestone payment, as well as between each subsequent milestone payment.
	Determination as to whether a payment meets the aforementioned conditions involves management’s judgment. If any of these conditions are not met, the resulting payment would not be considered a substantive milestone, and therefore, the resulting payment would be considered part of the consideration for the single unit of accounting and be recognized as revenue in accordance with the revenue models described above. In addition, the determination that one such payment was not a substantive milestone could prevent the Company from concluding that subsequent milestone payments were substantive milestones and, as a result, any additional milestone payments could also be considered part of the consideration for the single unit of accounting and would be recognized as revenue as such performance obligations are performed under either the proportional performance or straight-line methods, as applicable.
Deferred Revenue	'
	Deferred Revenue
	Cash received as prepayment on future services is deferred and recognized as revenue as the services are performed. The Company must remit interest on any deferred revenue related to a governmental agency. As of June 30, 2014 and December 31, 2013, no interest was due as the Company did not have any deferred revenue.
Research and Development	'
	Research and Development
	Except for payments made in advance of services, the Company expenses its research and development costs as incurred. For payments made in advance, the Company recognizes research and development expense as the services are rendered. Research and development costs consist primarily of salaries and related expenses for personnel and resources and the costs of clinical trials. Other research and development expenses include pre-clinical analytical testing, outside services providers, materials and consulting fees.
Income Taxes	'
	Income Taxes
	Income taxes are accounted for using the liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and its respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which those temporary differences are expected to be recovered or settled.
	The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established when necessary to reduce net deferred tax assets to the amount expected to be realized. Income tax expense is the tax payable for the period and the change during the period in deferred tax assets and liabilities.
	The Company accounts for uncertain tax positions pursuant to ASC Topic 740 (previously included in FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes–an Interpretation of FASB Statement No. 109). Financial statement recognition of a tax position taken or expected to be taken in a tax return is determined based on a more-likely-than-not threshold of that position being sustained. If the tax position meets this threshold, the benefit to be recognized is measured as the tax benefit having the highest likelihood of being realized upon ultimate settlement with the taxing authority. The Company recognizes interest accrued related to unrecognized tax benefits and penalties in the provision for income taxes.
Comprehensive Income (Loss)	'
	Comprehensive Income (Loss)
	All components of comprehensive income (loss), including net income (loss), are reported in the financial statements in the period in which they are incurred. Comprehensive income (loss) is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. In accordance with accounting guidance, the Company presents the impact of any unrealized gains or (losses) on its investment securities in a separate statement of comprehensive income (loss) for each period.
Share-Based Compensation	'
	Share-Based Compensation
	Share-based payments are accounted for in accordance with the provisions of ASC Topic 718, Compensation—Stock Compensation. The fair value of share-based payments is estimated, on the date of grant, using the Black-Scholes-Merton option-pricing model (the “Black-Scholes model”). The resulting fair value is recognized ratably over the requisite service period, which is generally the vesting period of the option.
	For all awards granted with time-based vesting conditions, expense is amortized using the straight-line attribution method. For awards that contain a performance condition, expense is amortized using the accelerated attribution method. As share-based compensation expense recognized in the statements of operations for the three and six months ended June 30, 2014 and 2013 is based on share-based awards ultimately expected to vest, it has been reduced for estimated forfeitures.
	ASC Topic 718 requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Pre-vesting forfeitures are based on the Company’s historical experience for the three and six months ended June 30, 2014 and 2013, and have not been material.
	The Company utilizes the Black-Scholes model for estimating fair value of its stock options granted. Option valuation models, including the Black-Scholes model, require the input of subjective assumptions, and changes in the assumptions used can materially affect the grant date fair value of an award. These assumptions include the risk-free rate of interest, expected dividend yield, expected volatility and the expected life of the award.
	Expected volatility rates are based on historical volatility of the common stock of comparable publicly traded entities and other factors due to the lack of historic information of the Company’s common stock. The expected life of stock options is the period of time for which the stock options are expected to be outstanding. Given the lack of historic exercise data, the expected life is determined using the “simplified method” which is defined as the midpoint between the vesting date and the end of the contractual term.
	The risk-free interest rates are based on the U.S. Treasury yield for a period consistent with the expected term of the option in effect at the time of the grant. The Company has not paid dividends to its stockholders since its inception and does not plan to pay cash dividends in the foreseeable future. Therefore, the Company has assumed an expected dividend rate of zero.
	For the three and six months ended June 30, 2013, given that there was no active market for the Company’s common stock, the exercise prices of the stock options on the dates of grant were determined and approved by the board of directors using several factors, including progress and milestones achieved in the Company’s business development and performance, the price per share of its convertible preferred stock offerings and general industry and economic trends. In establishing the estimated fair value of the common stock, the Company considered the guidance set forth in American Institute of Certified Public Accountants Practice Guide, Valuation of Privately-Held-Company Equity Securities Issued as Compensation. For the three and six months ended June 30, 2014, the exercise price was determined by using the closing market price of the Company’s common stock on the date of grant.
	Under ASC Topic 718, the cumulative amount of compensation cost recognized for instruments classified as equity that ordinarily would result in a future tax deduction under existing tax law shall be considered to be a deductible difference in applying ASC Topic 740, Income Taxes. The deductible temporary difference is based on the compensation cost recognized for financial reporting purposes; however, these provisions currently do not impact the Company, as all the deferred tax assets have a full valuation allowance.
	Since the Company had net operating loss carryforwards as of June 30, 2014 and 2013, no excess tax benefits for the tax deductions related to share-based awards were recognized in the statements of operations.
	Equity instruments issued to consultants are accounted for under the provisions of ASC Topic 718 and ASC Topic 505-50, Equity/Equity-Based Payments to Non-Employees. Accordingly, the estimated fair value of the equity instrument is recorded on the earlier of the performance commitment date or the date the services required are completed and are marked to market during the service period.
Loss Per Share	'
	Loss Per Share
	Basic net loss per common share is determined by dividing the net loss allocable to common stockholders by the weighted-average number of common shares outstanding during the period, without consideration of common stock equivalents. Diluted net loss per share is computed by dividing the net loss allocable to common stockholders by the weighted-average number of common stock equivalents outstanding for the period. The treasury stock method is used to determine the dilutive effect of the Company’s stock option grants.
	The following common stock equivalents were excluded in the calculation of diluted loss per share because their effect would be anti-dilutive as applied to the loss from operations for the three and six months ended June 30, 2014 and 2013:
			2014		2013
	Stock options			1,102,945		823,899

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2014
Accounting Policies [Abstract]	'
Schedule of Investment Securities	'
	Investment securities consisted of the following (in thousands):
		June 30, 2014
		Amortized		Unrealized		Unrealized			Estimated
		Cost		Gains		(Losses)			Fair
									Value
		(unaudited)
	Certificates of Deposit	$	10,346	$	—	$	—		$	10,346
	Commercial Paper		18,467		5		(6	)		18,466
	Corporate Notes/Bonds		20,571		—		(28	)		20,543
		$	49,384	$	5	$	(34	)	$	49,355
		December 31, 2013
		Amortized		Unrealized		Unrealized			Estimated
		Cost		Gains		(Losses)			Fair
									Value
	FDIC Guaranteed Certificates of Deposit	$	—	$	—	$	—		$	—
	Certificates of Deposit		2,000		—		—			2,000
	Commercial Paper		—		—		—			—
	Corporate Notes/Bonds		—		—		—			—
		$	2,000	$	—	$	—		$	2,000
Schedule of Fair Value Measurements of Cash Equivalents and Available-for-Sale Investment Securities	'
	The fair value measurements of the Company’s cash equivalents and available-for-sale investment securities are identified in the following tables (in thousands):
				Fair Value Measurements at
				Reporting Date Using
		June 30,		Quoted Prices		Significant			Significant
		2014		in Active		Other			Unobservable
				Markets for		Observable			Inputs
				Identical		Inputs			(Level 3)
				Assets		(Level 2)
				(Level 1)
	Money market funds	$	2,387	$	2,387	$	—		$	—
	FDIC certificates of deposit		8,586		—		8,586			—
	Certificates of deposit		41,000		—		41,000			—
	Commercial paper		18,466		—		18,466			—
	Corporate Bonds/Notes		20,543		—		20,543			—
		$	90,982	$	2,387	$	88,595		$	—
				Fair Value Measurements at
				Reporting Date Using
		December 31,		Quoted Prices		Significant			Significant
		2013		in Active		Other			Unobservable
				Markets for		Observable			Inputs
				Identical		Inputs			(Level 3)
				Assets		(Level 2)
				(Level 1)
	Money market fund	$	—	$	—	$	—		$	—
	Certificates of deposit		6,000		—		6,000			—
		$	6,000	$	—	$	6,000		$	—
Common Stock Equivalents Excluded in Calculation of Diluted Loss Per Share	'
	The following common stock equivalents were excluded in the calculation of diluted loss per share because their effect would be anti-dilutive as applied to the loss from operations for the three and six months ended June 30, 2014 and 2013:
		2014		2013
	Stock options		1,102,945		823,899

Property_and_Equipment_Tables

Property and Equipment (Tables)	6 Months Ended
	Jun. 30, 2014
Property Plant And Equipment [Abstract]	'
Property and Equipment	'
	Property and equipment consist of the following:
		June 30,			December 31,
		2014			2013
	Computer equipment	$	85,846		$	82,252
	Furniture and fixtures		46,523			46,523
	Scientific equipment		2,851,947			2,851,947
	Leasehold improvements		319,553			319,553
			3,303,869			3,300,275
	Less accumulated depreciation		(3,240,019	)		(3,232,003	)
		$	63,850		$	68,272

ShareBased_Compensation_Tables

Share-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2014
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]	'
Total Stock-Based Compensation Expense	'
	Total stock-based compensation expense related to all of the Company’s share-based awards to employees, directors and consultants recognized during the three and six months ended June 30, 2014 and 2013, was comprised of the following:
		Three Months Ended					Six Months Ended
		June 30,					June 30,
		2014			2013		2014		2013
	Research and development	$	134,833		$	31,466	$	232,250	$	58,087
	General and administrative		155,628			57,697		257,965		105,146
	Total share-based compensation expense	$	290,461		$	89,163	$	490,215	$	163,233
Weighted-Average Assumptions Used for Calculating Value of Options Granted	'
	The following table describes the weighted-average assumptions used for calculating the value of options granted during the three months ended June 30, 2014:
		2014
	Dividend yield		0	%
	Expected volatility		80	%
	Weighted-average risk-free interest rate		2	%
	Expected term		6.2 years
Stock Option Activity	'
	Information regarding the stock options activity including with respect to grants to employees, directors and consultants as of June 30, 2014, and changes during the three month period then ended, are summarized as follows:
		Number of			Weighted-		Weighted-
		Shares			Average		Average
					Exercise		Contractual
					Price		Life
	Outstanding at December 31, 2013 (audited)		1,400,125		$	1.98		5.3 years
	Options granted (unaudited)		888,000		$	16.95		9.9 years
	Options exercised (unaudited)		(103,049	)	$	0.68		1.0 year
	Options canceled or expired (unaudited)		(7,500	)	$	0.3		—
	Outstanding at June 30, 2014 (unaudited)		2,177,576		$	8.15		7.1 years
	Vested or expected to vest at June 30, 2014 (unaudited)		2,177,576		$	8.15		—
	Exercisable at June 30, 2014 (unaudited)		1,079,779		$	1.88		4.5 years

Organization_Additional_Inform

Organization - Additional Information (Detail) (USD $)	0 Months Ended	6 Months Ended			0 Months Ended		0 Months Ended
	Feb. 05, 2014	Jun. 30, 2014	Jun. 30, 2013	Feb. 05, 2014	Aug. 29, 2013	Aug. 29, 2013	Aug. 29, 2013	Aug. 29, 2013
					Private Placement [Member]	Private Placement [Member]	Oneida Resources Corp. [Member]	Oneida Resources Corp. [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]	'	'	'	'	'	'	'	'
Outstanding share of capital stock exchanged	'	'	'	'	'	'	'	0.5
Company's outstanding capital stock, percentage	'	'	'	'	'	'	100.00%	'
Outstanding option and outstanding warrant of capital stock exchanged	'	'	'	'	'	'	'	0.5
Voting rights percentage	'	100.00%	'	'	'	'	'	'
Shares of common stock sold, value	'	'	'	'	$60,000,000	'	'	'
Sale of common stock	7,063,300	'	'	'	18,889,307	'	'	'
Shares of common stock sold, value per share	'	'	'	'	$3.18	'	'	'
Principal amount of convertible promissory notes converted in to common stock	'	'	'	'	15,300,000	'	'	'
Accrued interest	'	'	'	'	'	800,000	'	'
Underwriters' option to purchase shares	921,300	'	'	'	'	'	'	'
Offering price per share of underwriters' option to purchase shares	'	'	'	$17.50	'	'	'	'
Net proceeds of public offering	$115,400,000	$115,622,638	$404,057	'	'	'	'	'

Summary_of_Significant_Account3

Summary of Significant Accounting Policies - Additional Information (Detail) (USD $)	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
Significant Accounting Policies [Line Items]	'	'	'
Maturity of highly liquid investments	'Three months or less	'	'
Maturity of certificates of deposit, commercial paper, corporate notes and corporate bonds	'More than three months	'	'
Carrying value of cash held in money market funds	$2,400,000	'	$0
Allowance recorded	0	'	0
Impairment losses recognized	0	'	'
Deferred revenue interest	0	'	0
Assumed expected dividend rate	0.00%	'	'
Excess tax benefits for tax deductions	0	0	'
Significant Unobservable Inputs (Level 3) [Member]	'	'	'
Significant Accounting Policies [Line Items]	'	'	'
Assets measured using quoted prices	0	'	0
Liabilities measured using quoted prices	0	'	0
Contractual maturity dates more than one year and less than two years [Member]	'	'	'
Significant Accounting Policies [Line Items]	'	'	'
Available-for-sale investment securities	$21,500,000	'	$2,000,000
Minimum [Member]	'	'	'
Significant Accounting Policies [Line Items]	'	'	'
Property and equipment, estimated useful life	'3 years	'	'
Maximum [Member]	'	'	'
Significant Accounting Policies [Line Items]	'	'	'
Property and equipment, estimated useful life	'5 years	'	'

Summary_of_Significant_Account4

Summary of Significant Accounting Policies - Schedule of Investment Securities (Detail) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Schedule of Available-for-sale Securities [Line Items]	'	'
Amortized Cost	$49,384,000	$2,000,000
Unrealized Gains	5,000	'
Unrealized (Losses)	-34,000	'
Estimated Fair Value	49,355,284	2,000,000
Certificates of deposit [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Amortized Cost	10,346,000	2,000,000
Estimated Fair Value	10,346,000	2,000,000
Commercial paper [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Amortized Cost	18,467,000	'
Unrealized Gains	5,000	'
Unrealized (Losses)	-6,000	'
Estimated Fair Value	18,466,000	'
Corporate Notes/Bonds [Member]	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Amortized Cost	20,571,000	'
Unrealized (Losses)	-28,000	'
Estimated Fair Value	$20,543,000	'

Summary_of_Significant_Account5

Summary of Significant Accounting Policies - Schedule of Fair Value Measurements of Cash Equivalents and Available-for-Sale Investment Securities (Detail) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Available-for-sale investment securities	$90,982	$6,000
Money market funds [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Available-for-sale investment securities	2,387	'
FDIC guaranteed certificates of deposit [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Available-for-sale investment securities	8,586	'
Certificates of deposit [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Available-for-sale investment securities	41,000	6,000
Commercial paper [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Available-for-sale investment securities	18,466	'
Corporate Notes/Bonds [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Available-for-sale investment securities	20,543	'
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Available-for-sale investment securities	2,387	'
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Money market funds [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Available-for-sale investment securities	2,387	'
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | FDIC guaranteed certificates of deposit [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Available-for-sale investment securities	'	'
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Certificates of deposit [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Available-for-sale investment securities	'	'
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Commercial paper [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Available-for-sale investment securities	'	'
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Corporate Notes/Bonds [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Available-for-sale investment securities	'	'
Significant Other Observable Inputs (Level 2) [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Available-for-sale investment securities	88,595	6,000
Significant Other Observable Inputs (Level 2) [Member] | Money market funds [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Available-for-sale investment securities	'	'
Significant Other Observable Inputs (Level 2) [Member] | FDIC guaranteed certificates of deposit [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Available-for-sale investment securities	8,586	'
Significant Other Observable Inputs (Level 2) [Member] | Certificates of deposit [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Available-for-sale investment securities	41,000	6,000
Significant Other Observable Inputs (Level 2) [Member] | Commercial paper [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Available-for-sale investment securities	18,466	'
Significant Other Observable Inputs (Level 2) [Member] | Corporate Notes/Bonds [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Available-for-sale investment securities	20,543	'
Significant Unobservable Inputs (Level 3) [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Available-for-sale investment securities	'	'
Significant Unobservable Inputs (Level 3) [Member] | Money market funds [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Available-for-sale investment securities	'	'
Significant Unobservable Inputs (Level 3) [Member] | FDIC guaranteed certificates of deposit [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Available-for-sale investment securities	'	'
Significant Unobservable Inputs (Level 3) [Member] | Certificates of deposit [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Available-for-sale investment securities	'	'
Significant Unobservable Inputs (Level 3) [Member] | Commercial paper [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Available-for-sale investment securities	'	'
Significant Unobservable Inputs (Level 3) [Member] | Corporate Notes/Bonds [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Available-for-sale investment securities	'	'

Summary_of_Significant_Account6

Summary of Significant Accounting Policies - Common Stock Equivalents Excluded in Calculation of Diluted Loss Per Share (Detail) (Stock options [Member])	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Stock options [Member]	'	'	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'	'	'
Number of anti-dilutive securities excluded from computation of earnings per share	1,102,945	823,899	1,102,945	823,899

Property_and_Equipment_Propert

Property and Equipment - Property and Equipment (Detail) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Property, Plant and Equipment [Line Items]	'	'
Property plant and equipment, gross	$3,303,869	$3,300,275
Less accumulated depreciation	-3,240,019	-3,232,003
Property Plant and Equipment Net	63,850	68,272
Computer equipment [Member]	'	'
Property, Plant and Equipment [Line Items]	'	'
Property plant and equipment, gross	85,846	82,252
Furniture and fixtures [Member]	'	'
Property, Plant and Equipment [Line Items]	'	'
Property plant and equipment, gross	46,523	46,523
Scientific equipment [Member]	'	'
Property, Plant and Equipment [Line Items]	'	'
Property plant and equipment, gross	2,851,947	2,851,947
Leasehold improvements [Member]	'	'
Property, Plant and Equipment [Line Items]	'	'
Property plant and equipment, gross	$319,553	$319,553

Property_and_Equipment_Additio

Property and Equipment - Additional Information (Detail) (USD $)	3 Months Ended	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2014	Jun. 30, 2013
Property Plant And Equipment [Abstract]	'	'	'
Depreciation expense	$6,430	$12,747	$11,092

ShareBased_Compensation_Additi

Share-Based Compensation - Additional Information (Detail)	6 Months Ended				6 Months Ended
	Jun. 30, 2014	Dec. 31, 2013	Jun. 30, 2014	Jan. 31, 2014	Jun. 30, 2014	Jun. 30, 2014
			2013 Equity Incentive Plan [Member]	2013 Equity Incentive Plan [Member]	Minimum [Member]	Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'	'	'
Purchase of common stock	2,177,576	1,400,125	1,289,576	'	'	'
Shares of common stock reserved for issuance	'	'	2,850,000	800,000	'	'
Incentive stock options (ISOs), vesting period	'	'	'	'	'1 year	'3 years
Options, maximum term	'10 years	'	'	'	'	'

ShareBased_Compensation_Total_

Share-Based Compensation - Total Stock-Based Compensation Expense (Detail) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Total share-based compensation expense	$290,461	$89,163	$490,215	$163,233
Research and development [Member]	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Total share-based compensation expense	134,833	31,466	232,250	58,087
General and administrative [Member]	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Total share-based compensation expense	$155,628	$57,697	$257,965	$105,146

ShareBased_Compensation_Weight

Share-Based Compensation - Weighted-Average Assumptions Used for Calculating Value of Options Granted (Detail)	3 Months Ended
	Jun. 30, 2014
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]	'
Dividend yield	0.00%
Expected volatility	80.00%
Weighted-average risk-free interest rate	2.00%
Expected term	'6 years 2 months 12 days

ShareBased_Compensation_Stock_

Share-Based Compensation - Stock Options Activity (Detail) (USD $)	6 Months Ended	12 Months Ended
	Jun. 30, 2014	Dec. 31, 2013
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]	'	'
Outstanding at beginning of period, Number of Shares	1,400,125	'
Options granted, Number of Shares	888,000	'
Options exercised, Number of Shares	-103,049	'
Options canceled or expired, Number of Shares	-7,500	'
Outstanding at end of period, Number of Shares	2,177,576	1,400,125
Vested or expected to vest at end of period, Number of Shares	2,177,576	'
Exercisable at end of period, Number of Shares	1,079,779	'
Outstanding at beginning of period, Weighted-Average Exercise Price	$1.98	'
Options granted, Weighted-Average Exercise Price	$16.95	'
Options exercised, Weighted-Average Exercise Price	$0.68	'
Options canceled or expired, Weighted-Average Exercise Price	$0.30	'
Outstanding at end of period, Weighted-Average Exercise Price	$8.15	$1.98
Vested or expected to vest at end of period, Weighted-Average Exercise Price	$8.15	'
Exercisable at end of period, Weighted-Average Exercise Price	$1.88	'
Options granted, Weighted-Average Contractual Life	'9 years 10 months 24 days	'
Options exercised, Weighted-Average Contractual Life	'1 year	'
Outstanding at end of period, Weighted-Average Contractual Life	'7 years 1 month 6 days	'5 years 3 months 18 days
Exercisable at end of period, Weighted-Average Contractual Life	'4 years 6 months	'

Collaborations_and_License_Agr1

Collaborations and License Agreements - Additional Information (Detail) (USD $)

3 Months Ended

6 Months Ended

1 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Bristol-Myers Squibb Company [Member]

Bristol-Myers Squibb Company [Member]

Takeda Pharmaceutical Company Limited [Member]

Takeda Pharmaceutical Company Limited [Member]

Takeda Pharmaceutical Company Limited [Member]

Takeda Pharmaceutical Company Limited [Member]

Takeda Pharmaceutical Company Limited [Member]

Takeda Pharmaceutical Company Limited [Member]

Takeda Pharmaceutical Company Limited [Member]

University [Member]

University [Member]

University [Member]

University [Member]

University [Member]

Development milestones [Member]

Sales-based milestones [Member]

Collaborative Arrangement [Member]

Collaborative Arrangement [Member]

Collaborative Arrangement [Member]

Collaborative Arrangement [Member]

Licensing agreements [Member]

Licensing agreements [Member]

Licensing agreements [Member]

Licensing agreements [Member]

Licensing agreements [Member]

Maximum [Member]

Maximum [Member]

Minimum [Member]

Revenue Recognition, Multiple-deliverable Arrangements [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Company made an upfront payment

'

'

'

'

$1,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Company made milestone payment

'

'

'

'

1,250,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Company remaining milestone payment

'

'

'

'

11,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Obliged to make milestone payments

'

'

'

'

14,750,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Phase three clinical trials obligated to make milestone payments

'

'

'

'

1,500,000

'

'

'

'

'

'

'

'

'

'

'

'

'

License expiration period

'

'

'The later of expiration of the last licensed patent covering a licensed product, its method of manufacture or use, the expiration of other government grants providing market exclusivity or 10 years after first commercial sale of a licensed product in such country, subject to rights of the parties to sooner terminate the agreement on certain events and the right of Takeda to unilaterally terminate the agreement upon a specified number of days' prior notice

'

'

'Through the later of ten years after first commercial sale of a licensed product in such country, expiration of the last licensed patent covering a licensed product.

'

'

'

'

'

'

'

'

'

'Upon expiration of the patent rights or 15 years subsequent to the first sale of products developed through this License.

'

'

Term of conducting a research program

'

'

'

'

'

'

'3 years

'

'

'

'

'

'

'

'

'

'

'

Research program completion date

'

'

'

'

'

'

'2014-02

'

'

'

'

'

'

'

'

'

'

'

Aggregate payment upon achievement of certain milestones

'

'

'

'

'

'

'

500,000,000

250,000,000

'

'

'

'

'

'

'

'

'

Recognized revenue

'

'

'

'

'

'

'

'

'

219,000

643,000

387,000

1,200,000

'

'

'

'

'

Deferred revenue

'

'

'

'

'

'

'

'

'

0

833,000

0

833,000

'

'

'

'

'

Number of common stock issued

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

400,000

'

'

Estimated fair value of shares issued, recorded as research and development expense

2,709,702

7,787,901

5,539,001

12,740,161

'

'

'

'

'

'

'

'

'

'

'

120,000

'

'

Annual spending requirements for development and commercialization of technology expense

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,000,000

Other payments

'

'

'

'

'

'

'

'

'

'

'

'

'

$0

$0

$0

$0

'