Intra-Cellular Therapies (ITCI) 10-Q 30 Apr 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2015	Apr. 30, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	FALSE
Document Period End Date	31-Mar-15
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Trading Symbol	ITCI
Entity Registrant Name	Intra-Cellular Therapies, Inc.
Entity Central Index Key	1567514
Current Fiscal Year End Date	-19
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		34,967,837

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Mar. 31, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$100,802,133	$61,325,044
Investment securities, available-for-sale	134,424,335	68,320,672
Accounts receivable	3,315	51,603
Prepaid expenses and other current assets	1,267,369	1,288,953
Total current assets	236,497,152	130,986,272
Property and equipment, net	559,709	54,553
Other assets	70,944	70,944
Total assets	237,127,805	131,111,769
Current liabilities:
Accounts payable	4,574,351	2,052,765
Accrued and other current liabilities	9,029,493	7,529,241
Accrued employee benefits	988,897	975,058
Total current liabilities	14,592,741	10,557,064
Long-term liabilities	160,112
Total liabilities	14,752,853	10,557,064
Stockholders' equity:
Common stock, $.0001 par value: 100,000,000 shares authorized; 34,967,837 and 29,499,059 shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively	3,497	2,950
Additional paid-in capital	332,948,140	208,912,345
Accumulated deficit	-110,542,781	-88,255,957
Accumulated comprehensive loss	-33,904	-104,633
Total stockholders' equity	222,374,952	120,554,705
Total liabilities and stockholders' equity	$237,127,805	$131,111,769

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2015	Dec. 31, 2014
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	34,967,837	29,499,059
Common stock, shares outstanding	34,967,837	29,499,059

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Operations (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Income Statement [Abstract]
Revenues	$3,315	$167,787
Costs and expenses:
Research and development	18,632,427	2,829,299
General and administrative	3,771,628	1,912,951
Total costs and expenses	22,404,055	4,742,250
Loss from operations	-22,400,740	-4,574,463
Interest income	113,916	36,220
Interest expense		-5,041
Net loss	($22,286,824)	($4,543,284)
Net loss per common share:
Basic & Diluted	($0.72)	($0.17)
Weighted average number of common shares:
Basic & Diluted	30,775,287	26,475,907

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Comprehensive Loss (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Statement of Comprehensive Income [Abstract]
Net loss	($22,286,824)	($4,543,284)
Other comprehensive loss:
Unrealized gain on investment securities	70,729
Comprehensive loss	($21,216,095)	($4,543,284)

Condensed_Consolidated_Stateme2

Condensed Consolidated Statements of Cash Flows (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Cash flows provided by (used in) operating activities
Net loss	($22,286,824)	($4,543,284)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	15,240	6,317
Share-based compensation expense	2,099,826	199,754
Issuance of common stock for services	45,682
Amortization of premiums on investment securities	151,325
Changes in operating assets and liabilities:
Accounts receivable	48,288	168,531
Prepaid expenses and other assets	21,584	108,247
Accounts payable	2,521,586	-1,252,288
Accrued liabilities	1,514,091	-1,670,114
Deferred rent	160,112
Net cash used in operating activities	-15,709,090	-6,982,837
Cash flows provided by (used in) investing activities
Purchases of investments	-71,142,903
Maturities of investments	4,958,644
Purchases of property and equipment	-520,396	-3,120
Net cash used in investing activities	-66,704,655	-3,120
Cash flows provided by (used in) financing activities
Proceeds from stock option exercises	101,036
Gross proceeds of public offering	122,083,012	116,191,285
Payment of costs of public offering	-293,214	-738,005
Net cash provided by financing activities	121,890,834	115,453,280
Net increase in cash and cash equivalents	39,477,089	108,467,323
Cash and cash equivalents at beginning of period	61,325,044	35,150,924
Cash and cash equivalents at end of period	100,802,133	143,618,247
Cash paid for interest		5,041
Cash paid for taxes	$1,600	$3,900

Organization

Organization	3 Months Ended
	Mar. 31, 2015
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 Phase 3 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 was considered the acquirer for accounting purposes, and had 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 of capital stock exchange as well as the conversion of the Notes (defined below) and the 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 an additional 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.
	On October 31, 2014, the Company entered into a termination agreement with Takeda Pharmaceutical Company Limited (“Takeda”) terminating the worldwide license and collaboration agreement under which the Company and Takeda were jointly developing the Company’s 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. Through March 31, 2015, the Company had received approximately $29.0 million in total payments under the agreement and was previously eligible to receive milestone payments and royalties based on net sales. The Company is in the process of refining its strategy for the PDE1 inhibitor program.
	In the first quarter of 2015, the Company moved its headquarters to 430 East 29th Street, New York, New York 10016. The Company has entered into a long-term lease for approximately 16,753 square feet of useable laboratory and office space. The lease has a term of 11 years. The Company expects that its facility related costs will increase moderately beginning in 2015 due to this new facility. A board member of the Company is a co-founder, Chairman of the board of directors, Chief Executive Officer, President and a director of the parent company to the landlord under this lease.
	On March 11, 2015, the Company completed a public offering of common stock in which the Company sold 5,411,481 shares of common stock, which included the exercise of the underwriters’ option to purchase an additional 661,481 shares, at an offering price of $24.00 per share. After deducting underwriting discounts, commissions and offering expenses, the net proceeds to the Company were approximately $121.8 million.
	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 the Company’s equity securities, sales of debt securities, the incurrence of debt from commercial lenders, strategic collaborations, licensing a portion or all of the Company’s product candidates and technology and, to a lesser extent, grant funding. On August 29, 2014, the Company filed a universal shelf registration statement on Form S-3, which was declared effective by the Securities and Exchange Commission (the “SEC”) on September 15, 2014, to register $150 million of the Company’s common stock, preferred stock, various series of debt securities, warrants, rights and purchase contracts to purchase any of such securities, either individually or in units, for issuance from time to time at prices and on terms to be determined at the time of any such offering. After the public offering in March 2015, approximately $20.1 million of securities remains available for issuance under this shelf registration. This registration statement will remain in effect for up to three years from the initial effective date.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2015
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):
			March 31, 2015
			Amortized		Unrealized		Unrealized			Estimated
			Cost		Gains		(Losses)			Fair
										Value
			(unaudited)
	U.S. Government Agency Securities		$	11,808	$	1	$	(6	)	$	11,803
	FDIC Certificates of Deposit			19,515		7		—			19,522
	Certificates of Deposit			57,000		—		—			57,000
	Commercial Paper			7,249		—		—			7,249
	Corporate Notes/Bonds			38,886		4		(40	)		38,850
			$	134,458	$	12	$	(46	)	$	134,424
			December 31, 2014
			Amortized		Unrealized		Unrealized			Estimated
			Cost		Gains		(Losses)			Fair
										Value
	U.S. Government Agency Securities		$	4,316	$	—	$	(3	)	$	4,313
	FDIC Certificates of Deposit			16,374		—		(14	)		16,360
	Certificates of Deposit			2,000		—		—			2,000
	Commercial Paper			9,743		1		—			9,744
	Corporate Notes/Bonds			35,992		—		(89	)		35,903
			$	68,425	$	1	$	(106	)	$	68,320
	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 March 31, 2015 and December 31, 2014, the Company held $36.5 million and $31.8 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 March 31, 2015 and December 31, 2014. The carrying value of cash held in money market funds of approximately $22.6 million as of March 31, 2015 and $8.5 million as of December 31, 2014, 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
			March 31,		Quoted Prices		Significant			Significant
			2015		in Active		Other			Unobservable
					Markets for		Observable			Inputs
					Identical		Inputs			(Level 3)
					Assets		(Level 2)
					(Level 1)
	Money market funds		$	22,578	$	22,578	$	—		$	—
	U.S. Government Agency Securities			11,803		—		11,803			—
	FDIC certificates of deposit			19,522		—		19,522			—
	Certificates of deposit			89,500		—		89,500			—
	Commercial paper			7,249		—		7,249			—
	Corporate Bonds/Notes			38,850		—		38,850			—
			$	189,502	$	22,578	$	166,924		$	—
					Fair Value Measurements at
					Reporting Date Using
			December 31,		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		$	8,495	$	8,495	$	—		$	—
	U.S. Government Agency Securities			4,313		—		4,313			—
	FDIC certificates of deposit			16,360		—		16,360			—
	Certificates of deposit			41,000		—		41,000			—
Commercial paper			9,744		—		9,744			—
Corporate Bonds/Notes			35,903		—		35,903			—
		$	115,815	$	8,495	$	107,320		$	—
Financial Instruments
The Company considers the recorded costs of its financial assets and liabilities, which consist of cash equivalents, accounts receivable, accounts payable and accrued liabilities, to approximate their fair value because of their relatively short maturities at March 31, 2015 and December 31, 2014. 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 March 31, 2015 and December 31, 2014, as the Company has a history of collecting on 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 that persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the 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 the Company, 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 quarters ended March 31, 2015 and 2014, or on the Company’s financial positions as of March 31, 2015 and December 31, 2014.
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 our 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 as such performance obligations are performed under either the proportional performance or straight-line methods, as applicable. 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.
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 primarily consist 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 months ended March 31, 2015 and 2014 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 months ended March 31, 2015 and 2014, 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.
Prior to January 1, 2014, given that there was no active market for the Company’s common stock, the exercise price of the stock options on the date of grant was 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 stock options granted in 2014 and 2015, 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 March 31, 2015 and 2014, no excess tax benefits for the tax deductions related to share-based awards were recognized in the statements of operations.
Equity instruments issued to non-employees 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 months ended March 31, 2015 and 2014:
		Three Months Ended
		March 31,
		2015		2014
Stock options			1,621,168		941,279

Property_and_Equipment

Property and Equipment	3 Months Ended
	Mar. 31, 2015
Property, Plant and Equipment [Abstract]
Property and Equipment	3. Property and Equipment
	Property and equipment consist of the following:
		March 31,			December 31,
		2015			2014
	Computer equipment	$	40,417		$	39,160
	Furniture and fixtures		26,984			35,958
	Scientific equipment		2,725,589			2,207,848
			2,792,990			2,282,966
	Less accumulated depreciation		(2,233,281	)		(2,228,413	)
		$	559,709		$	54,553
	Depreciation expense for the three months ended March 31, 2015 and 2014 was $15,240 and $6,317 respectively.

ShareBased_Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based 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, restricted stock units and stock appreciation rights 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 March 31, 2015, the only outstanding awards under the 2003 Plan were options to purchase 1,070,076 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 both January 2015 and 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 of 1986, as amended, or non-qualified stock options. The Board of Directors determines who will receive options, the vesting periods (which are generally two 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 three months ended March 31, 2015 and 2014, was comprised of the following:
		Three Months Ended
		March 31,
		2015			2014
	Research and development	$	671,609		$	97,417
	General and administrative		1,428,217			102,337
	Total share-based compensation expense	$	2,099,826		$	199,754
	The following table describes the weighted-average assumptions used for calculating the value of options granted during the three months ended March 31, 2015:
		2015
	Dividend yield		0	%
	Expected volatility		80	%
	Weighted-average risk-free interest rate		1.6	%
	Expected term		6.5 years
	Information regarding the stock options activity including with respect to grants to employees, directors and consultants as of March 31, 2015, 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, 2014 (audited)		2,233,460		$	9.2		7.3 years
	Options granted (unaudited)		682,473		$	17.57		9.8 years
	Options exercised (unaudited)		(55,384	)	$	1.82		3.8 years
	Options canceled or expired (unaudited)		—		$	—		—
	Outstanding at March 31, 2015 (unaudited)		2,860,549		$	11.34		7.8 years
	Vested or expected to vest at March 31, 2015 (unaudited)		2,860,549		$	11.34
	Exercisable at March 31, 2015 (unaudited)		1,323,832		$	5.75		6.0 years

Collaborations_and_License_Agr

Collaborations and License Agreements	3 Months Ended
	Mar. 31, 2015
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 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, a milestone payment of $1.25 million in December 2013, and a milestone payment of $1.5 million in December 2014 following the initiation of the Company’s first Phase 3 clinical trial for ITI-007 for patients with exacerbated schizophrenia. Possible milestone payments remaining total $12.0 million. Under the agreement, the Company may be obliged to make other milestone payments to BMS for each licensed product of up to an aggregate of approximately $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 Pharmaceutical License and Collaboration Agreement and Termination Agreement
	On February 25, 2011, the Company entered into a license and collaboration agreement (the “Takeda License 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 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 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.
	On October 31, 2014, the Company entered into an agreement with Takeda terminating the Takeda License Agreement, pursuant to which all rights granted under the Takeda License Agreement were returned to the Company. Takeda will complete certain ongoing activities relating to non-clinical studies and will transfer product inventory and materials to the Company but will not have any other ongoing involvement or funding obligations in connection with the development program. ITI-214 is the first compound in its class to successfully advance into Phase 1 clinical trials. The Company intends to continue the development of ITI-214 for the treatment of CNS and other disorders. The Company is in the process of refining its strategy for the PDE1 inhibitor program. By regaining unrestricted access to ITI-214, backups and the proprietary chemistry, the Company can now integrate the efforts of its internal PDE program to include the later stage portfolio. The Company does not anticipate a significant increase in its operating expenses related to its PDE development programs during 2015. Other compounds in the PDE portfolio are also being advanced for the treatment of various indications, including non-CNS therapeutic areas.
	Other License Agreement
	In May 2002, the Company entered into a license agreement (the “License”) and research agreement with a university. Under the provisions of the License, the Company 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 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 2014. There were no other payments made or required for the three months ended March 31, 2015 and 2014.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2015
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):
			March 31, 2015
			Amortized		Unrealized		Unrealized			Estimated
			Cost		Gains		(Losses)			Fair
										Value
			(unaudited)
	U.S. Government Agency Securities		$	11,808	$	1	$	(6	)	$	11,803
	FDIC Certificates of Deposit			19,515		7		—			19,522
	Certificates of Deposit			57,000		—		—			57,000
	Commercial Paper			7,249		—		—			7,249
	Corporate Notes/Bonds			38,886		4		(40	)		38,850
			$	134,458	$	12	$	(46	)	$	134,424
			December 31, 2014
			Amortized		Unrealized		Unrealized			Estimated
			Cost		Gains		(Losses)			Fair
										Value
	U.S. Government Agency Securities		$	4,316	$	—	$	(3	)	$	4,313
	FDIC Certificates of Deposit			16,374		—		(14	)		16,360
	Certificates of Deposit			2,000		—		—			2,000
	Commercial Paper			9,743		1		—			9,744
	Corporate Notes/Bonds			35,992		—		(89	)		35,903
			$	68,425	$	1	$	(106	)	$	68,320
	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 March 31, 2015 and December 31, 2014, the Company held $36.5 million and $31.8 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 March 31, 2015 and December 31, 2014. The carrying value of cash held in money market funds of approximately $22.6 million as of March 31, 2015 and $8.5 million as of December 31, 2014, 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
			March 31,		Quoted Prices		Significant			Significant
			2015		in Active		Other			Unobservable
					Markets for		Observable			Inputs
					Identical		Inputs			(Level 3)
					Assets		(Level 2)
					(Level 1)
	Money market funds		$	22,578	$	22,578	$	—		$	—
	U.S. Government Agency Securities			11,803		—		11,803			—
	FDIC certificates of deposit			19,522		—		19,522			—
	Certificates of deposit			89,500		—		89,500			—
	Commercial paper			7,249		—		7,249			—
	Corporate Bonds/Notes			38,850		—		38,850			—
			$	189,502	$	22,578	$	166,924		$	—
					Fair Value Measurements at
					Reporting Date Using
			December 31,		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		$	8,495	$	8,495	$	—		$	—
	U.S. Government Agency Securities			4,313		—		4,313			—
	FDIC certificates of deposit			16,360		—		16,360			—
	Certificates of deposit			41,000		—		41,000			—
	Commercial paper			9,744		—		9,744			—
	Corporate Bonds/Notes			35,903		—		35,903			—
			$	115,815	$	8,495	$	107,320		$	—
Financial Instruments	Financial Instruments
	The Company considers the recorded costs of its financial assets and liabilities, which consist of cash equivalents, accounts receivable, accounts payable and accrued liabilities, to approximate their fair value because of their relatively short maturities at March 31, 2015 and December 31, 2014. 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 March 31, 2015 and December 31, 2014, as the Company has a history of collecting on 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 that persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the 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 the Company, 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 quarters ended March 31, 2015 and 2014, or on the Company’s financial positions as of March 31, 2015 and December 31, 2014.
	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 our 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 as such performance obligations are performed under either the proportional performance or straight-line methods, as applicable. 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.
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 primarily consist 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 months ended March 31, 2015 and 2014 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 months ended March 31, 2015 and 2014, 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.
	Prior to January 1, 2014, given that there was no active market for the Company’s common stock, the exercise price of the stock options on the date of grant was 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 stock options granted in 2014 and 2015, 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 March 31, 2015 and 2014, no excess tax benefits for the tax deductions related to share-based awards were recognized in the statements of operations.
	Equity instruments issued to non-employees 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 months ended March 31, 2015 and 2014:
			Three Months Ended
			March 31,
			2015		2014
	Stock options			1,621,168		941,279

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Schedule of Investment Securities	Investment securities consisted of the following (in thousands):
		March 31, 2015
		Amortized		Unrealized		Unrealized			Estimated
		Cost		Gains		(Losses)			Fair
									Value
		(unaudited)
	U.S. Government Agency Securities	$	11,808	$	1	$	(6	)	$	11,803
	FDIC Certificates of Deposit		19,515		7		—			19,522
	Certificates of Deposit		57,000		—		—			57,000
	Commercial Paper		7,249		—		—			7,249
	Corporate Notes/Bonds		38,886		4		(40	)		38,850
		$	134,458	$	12	$	(46	)	$	134,424
		December 31, 2014
		Amortized		Unrealized		Unrealized			Estimated
		Cost		Gains		(Losses)			Fair
									Value
	U.S. Government Agency Securities	$	4,316	$	—	$	(3	)	$	4,313
	FDIC Certificates of Deposit		16,374		—		(14	)		16,360
	Certificates of Deposit		2,000		—		—			2,000
	Commercial Paper		9,743		1		—			9,744
	Corporate Notes/Bonds		35,992		—		(89	)		35,903
		$	68,425	$	1	$	(106	)	$	68,320
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
		March 31,		Quoted Prices		Significant			Significant
		2015		in Active		Other			Unobservable
				Markets for		Observable			Inputs
				Identical		Inputs			(Level 3)
				Assets		(Level 2)
				(Level 1)
	Money market funds	$	22,578	$	22,578	$	—		$	—
	U.S. Government Agency Securities		11,803		—		11,803			—
	FDIC certificates of deposit		19,522		—		19,522			—
	Certificates of deposit		89,500		—		89,500			—
	Commercial paper		7,249		—		7,249			—
	Corporate Bonds/Notes		38,850		—		38,850			—
		$	189,502	$	22,578	$	166,924		$	—
				Fair Value Measurements at
				Reporting Date Using
		December 31,		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	$	8,495	$	8,495	$	—		$	—
	U.S. Government Agency Securities		4,313		—		4,313			—
	FDIC certificates of deposit		16,360		—		16,360			—
	Certificates of deposit		41,000		—		41,000			—
	Commercial paper		9,744		—		9,744			—
	Corporate Bonds/Notes		35,903		—		35,903			—
		$	115,815	$	8,495	$	107,320		$	—
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 months ended March 31, 2015 and 2014:
		Three Months Ended
		March 31,
		2015		2014
	Stock options		1,621,168		941,279

Property_and_Equipment_Tables

Property and Equipment (Tables)	3 Months Ended
	Mar. 31, 2015
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and equipment consist of the following:
		March 31,			December 31,
		2015			2014
	Computer equipment	$	40,417		$	39,160
	Furniture and fixtures		26,984			35,958
	Scientific equipment		2,725,589			2,207,848
			2,792,990			2,282,966
	Less accumulated depreciation		(2,233,281	)		(2,228,413	)
		$	559,709		$	54,553

ShareBased_Compensation_Tables

Share-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based 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 three months ended March 31, 2015 and 2014, was comprised of the following:
		Three Months Ended
		March 31,
		2015			2014
	Research and development	$	671,609		$	97,417
	General and administrative		1,428,217			102,337
	Total share-based compensation expense	$	2,099,826		$	199,754
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 March 31, 2015:
		2015
	Dividend yield		0	%
	Expected volatility		80	%
	Weighted-average risk-free interest rate		1.6	%
	Expected term		6.5 years
Stock Option Activity	Information regarding the stock options activity including with respect to grants to employees, directors and consultants as of March 31, 2015, 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, 2014 (audited)		2,233,460		$	9.2		7.3 years
	Options granted (unaudited)		682,473		$	17.57		9.8 years
	Options exercised (unaudited)		(55,384	)	$	1.82		3.8 years
	Options canceled or expired (unaudited)		—		$	—		—
	Outstanding at March 31, 2015 (unaudited)		2,860,549		$	11.34		7.8 years
	Vested or expected to vest at March 31, 2015 (unaudited)		2,860,549		$	11.34
	Exercisable at March 31, 2015 (unaudited)		1,323,832		$	5.75		6.0 years

Organization_Additional_Inform

Organization - Additional Information (Detail) (USD $)	0 Months Ended			3 Months Ended		49 Months Ended	0 Months Ended
	Mar. 11, 2015	Sep. 15, 2014	Feb. 05, 2014	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Aug. 29, 2013
				sqft
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Voting rights percentage				100.00%		100.00%
Initial public offering of common stock			7,063,300
Underwriters' option to purchase shares	661,481		921,300
Common stock price per share			$17.50
Net proceeds of public offering			$115,400,000	$121,890,834	$115,453,280
Area of useable laboratory and office space				16,753		16,753
Term of long term lease				11 years
Net proceeds of public offering	121,800,000
Number of years after filing shelf registration statement expires		3 years
Securities registered under universal shelf registration		150,000,000
Universal shelf registration filing date		29-Aug-14
Securities available for issuance under shelf registration				20,100,000		20,100,000
Takeda Pharmaceutical Company Limited [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Total payments received						29,000,000
Date of termination agreement						31-Oct-14
Private Placement [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Shares of common stock sold, value							60,000,000
Initial public offering of common stock							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
IPO [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Initial public offering of common stock	5,411,481
Common stock price per share	$24
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

Summary_of_Significant_Account3

Summary of Significant Accounting Policies - Additional Information (Detail) (USD $)	3 Months Ended		12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
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
Available-for-sale investment securities	$36,500,000		$31,800,000
Carrying value of cash held in money market funds	22,600,000		8,500,000
Allowance recorded	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
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 $)	Mar. 31, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$134,458,000	$68,425,000
Unrealized Gains	12,000	1,000
Unrealized (Losses)	-46,000	-106,000
Estimated Fair Value	134,424,335	68,320,672
U.S. Government Agency Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	11,808,000	4,316,000
Unrealized Gains	1,000
Unrealized (Losses)	-6,000	-3,000
Estimated Fair Value	11,803,000	4,313,000
FDIC Certificates of Deposit [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	19,515,000	16,374,000
Unrealized Gains	7,000
Unrealized (Losses)		-14,000
Estimated Fair Value	19,522,000	16,360,000
Certificates of Deposit [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	57,000,000	2,000,000
Estimated Fair Value	57,000,000	2,000,000
Commercial Paper [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	7,249,000	9,743,000
Unrealized Gains		1,000
Estimated Fair Value	7,249,000	9,744,000
Corporate Notes/Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	38,886,000	35,992,000
Unrealized Gains	4,000
Unrealized (Losses)	-40,000	-89,000
Estimated Fair Value	$38,850,000	$35,903,000

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 $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale investment securities	$189,502	$115,815
Money Market Funds [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale investment securities	22,578	8,495
U.S. Government Agency Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale investment securities	11,803	4,313
FDIC Certificates of Deposit [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale investment securities	19,522	16,360
Certificates of Deposit [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale investment securities	89,500	41,000
Commercial Paper [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale investment securities	7,249	9,744
Corporate Notes/Bonds [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale investment securities	38,850	35,903
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	22,578	8,495
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	22,578	8,495
Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale investment securities	166,924	107,320
Significant Other Observable Inputs (Level 2) [Member] | U.S. Government Agency Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale investment securities	11,803	4,313
Significant Other Observable Inputs (Level 2) [Member] | FDIC Certificates of Deposit [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale investment securities	19,522	16,360
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	89,500	41,000
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	7,249	9,744
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	$38,850	$35,903

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
	Mar. 31, 2015	Mar. 31, 2014
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	1,621,168	941,279

Property_and_Equipment_Propert

Property and Equipment - Property and Equipment (Detail) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Property, Plant and Equipment [Line Items]
Property plant and equipment, gross	$2,792,990	$2,282,966
Less accumulated depreciation	-2,233,281	-2,228,413
Property Plant and Equipment Net	559,709	54,553
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment, gross	40,417	39,160
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment, gross	26,984	35,958
Scientific Equipment [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment, gross	$2,725,589	$2,207,848

Property_and_Equipment_Additio

Property and Equipment - Additional Information (Detail) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Property, Plant and Equipment [Abstract]
Depreciation expense	$15,240	$6,317

ShareBased_Compensation_Additi

Share-Based Compensation - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2015	Dec. 31, 2014	Jan. 31, 2015	Jan. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Purchase of common stock	2,860,549	2,233,460
Options, maximum term	10 years
2013 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Purchase of common stock	1,070,076
Shares of common stock reserved for issuance	2,850,000		800,000	800,000
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incentive stock options (ISOs), vesting period	2 years
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incentive stock options (ISOs), vesting period	3 years

ShareBased_Compensation_Total_

Share-Based Compensation - Total Stock-Based Compensation Expense (Detail) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$2,099,826	$199,754
Research and Development [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	671,609	97,417
General and Administrative [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$1,428,217	$102,337

ShareBased_Compensation_Weight

Share-Based Compensation - Weighted-Average Assumptions Used for Calculating Value of Options Granted (Detail)	3 Months Ended
	Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Dividend yield	0.00%
Expected volatility	80.00%
Weighted-average risk-free interest rate	1.60%
Expected term	6 years 6 months

ShareBased_Compensation_Stock_

Share-Based Compensation - Stock Options Activity (Detail) (USD $)	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Outstanding at beginning of period, Number of Shares	2,233,460
Options granted, Number of Shares	682,473
Options exercised, Number of Shares	-55,384
Options canceled or expired, Number of Shares	0
Outstanding at end of period, Number of Shares	2,860,549	2,233,460
Vested or expected to vest at end of period, Number of Shares	2,860,549
Exercisable at end of period, Number of Shares	1,323,832
Outstanding at beginning of period, Weighted-Average Exercise Price	$9.20
Options granted, Weighted-Average Exercise Price	$17.57
Options exercised, Weighted-Average Exercise Price	$1.82
Options canceled or expired, Weighted-Average Exercise Price	$0
Outstanding at end of period, Weighted-Average Exercise Price	$11.34	$9.20
Vested or expected to vest at end of period, Weighted-Average Exercise Price	$11.34
Exercisable at end of period, Weighted-Average Exercise Price	$5.75
Options granted, Weighted-Average Contractual Life	9 years 9 months 18 days
Options exercised, Weighted-Average Contractual Life	3 years 9 months 18 days
Outstanding at end of period, Weighted-Average Contractual Life	7 years 9 months 18 days	7 years 3 months 18 days
Exercisable at end of period, Weighted-Average Contractual Life	6 years

Collaborations_and_License_Agr1

Collaborations and License Agreements - Additional Information (Detail) (USD $)	3 Months Ended	12 Months Ended	0 Months Ended	1 Months Ended		49 Months Ended
	Mar. 31, 2015	Dec. 31, 2014	31-May-05	Dec. 31, 2014	Dec. 31, 2013	Mar. 31, 2015
University [Member] | Licensing Agreements [Member]
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
License expiration period	Upon expiration of the patent rights or 15 years subsequent to the first sale of products developed through this License.
Other payments	$0	$0
University [Member] | Licensing Agreements [Member] | Minimum [Member]
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Annual spending requirements for development and commercialization of technology expense	1,000,000
Bristol-Myers Squibb Company [Member]
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Company made an upfront payment			1,000,000
Company made milestone payment				1,500,000	1,250,000
Company remaining milestone payment	12,000,000
Obliged to make milestone payments	$14,750,000					14,750,000
License expiration period	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.
Takeda Pharmaceutical Company Limited [Member]
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Date of termination agreement						31-Oct-14