Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Dec. 31, 2014 | Feb. 11, 2015 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Dec-14 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | Ruthigen, Inc. | |
Entity Central Index Key | 1574235 | |
Current Fiscal Year End Date | -28 | |
Entity Filer Category | Smaller Reporting Company | |
Trading Symbol | RTGN | |
Entity Common Stock, Shares Outstanding | 4,804,290 |
CONDENSED_BALANCE_SHEETS
CONDENSED BALANCE SHEETS (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
Current Assets: | ||
Cash | $11,570,000 | $15,571,000 |
Prepaid expenses and other current assets | 199,000 | 3,000 |
Total Current Assets | 11,769,000 | 15,574,000 |
Property and equipment, net | 105,000 | 2,000 |
Total Assets | 11,874,000 | 15,576,000 |
Current Liabilities: | ||
Accounts payable and accrued expenses | 574,000 | 410,000 |
Payable to Former Parent | 1,000 | 537,000 |
Total Current Liabilities | 575,000 | 947,000 |
Commitments and contingencies | ||
Stockholders' Equity: | ||
Preferred stock, $0.0001 par value; 500,000 shares authorized; no shares issued and outstanding at December 31, 2014 and March 31, 2014 | 0 | 0 |
Common stock, $0.0001 par value; 100,000,000 shares authorized; 4,804,290 and 4,650,000 shares issued and outstanding at December 31, 2014 and March 31, 2014, respectively | 480 | 465 |
Additional paid-in capital | 20,104,520 | 18,297,535 |
Accumulated deficit | -8,806,000 | -3,669,000 |
Total Stockholders' Equity | 11,299,000 | 14,629,000 |
Total Liabilities and Stockholders' Equity | $11,874,000 | $15,576,000 |
CONDENSED_BALANCE_SHEETS_Paren
CONDENSED BALANCE SHEETS [Parenthetical] (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
Preferred stock, par value (in dollars per share) | $0.00 | $0.00 |
Preferred Stock, Shares Authorized | 500,000 | 500,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Common Stock, Shares, Issued | 4,804,290 | 4,650,000 |
Common Stock, Shares, Outstanding | 4,804,290 | 4,650,000 |
CONDENSED_STATEMENTS_OF_OPERAT
CONDENSED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues | $0 | $0 | $0 | $0 |
Operating Expenses | ||||
Research and development | 619,000 | 395,000 | 1,924,000 | 1,065,000 |
Selling, general and administrative | 1,097,000 | 263,000 | 3,226,000 | 1,064,000 |
Total Operating Expenses | 1,716,000 | 658,000 | 5,150,000 | 2,129,000 |
Loss From Operations | -1,716,000 | -658,000 | -5,150,000 | -2,129,000 |
Other Income | ||||
Interest income | 4,000 | 0 | 13,000 | 0 |
Total Other Income | 4,000 | 0 | 13,000 | 0 |
Net Loss | ($1,712,000) | ($658,000) | ($5,137,000) | ($2,129,000) |
Net Loss Per Share | ||||
Basic and Diluted (in dollars per share) | ($0.35) | ($0.33) | ($1.07) | ($1.06) |
Weighted Average Number of Common Shares Outstanding | ||||
Basic and Diluted (in shares) | 4,848,145 | 2,000,000 | 4,806,735 | 2,000,000 |
CONDENSED_STATEMENT_OF_CHANGES
CONDENSED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] |
Balance at Mar. 31, 2014 | $14,629,000 | $465 | $18,297,535 | ($3,669,000) |
Balance (in shares) at Mar. 31, 2014 | 4,650,000 | |||
Shares issued for cash in connection with underwriter's exercise of overallotment, net | 1,028,000 | 15 | 1,027,985 | 0 |
Shares issued for cash in connection with underwriter's exercise of overallotment, net (in shares) | 154,290 | |||
Stock-based compensation | 779,000 | 0 | 779,000 | 0 |
Net loss | -5,137,000 | 0 | 0 | -5,137,000 |
Balance at Dec. 31, 2014 | $11,299,000 | $480 | $20,104,520 | ($8,806,000) |
Balance (in shares) at Dec. 31, 2014 | 4,804,290 |
CONDENSED_STATEMENTS_OF_CASH_F
CONDENSED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | |||
Cash Flows From Operating Activities | ||||
Net loss | ($5,137,000) | ($2,129,000) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Depreciation | 0 | 1,000 | ||
Stock-based compensation | 779,000 | 0 | ||
Changes in operating assets and liabilities: | ||||
Prepaid expenses | -196,000 | -248,000 | ||
Accounts payable and accrued expenses | 327,000 | 799,000 | ||
Net Cash Used in Operating Activities | -4,227,000 | -1,577,000 | ||
Cash Flows From Investing Activities | ||||
Purchases of property and equipment | -103,000 | |||
Net Cash Used in Investing Activities | -103,000 | 0 | ||
Cash Flows From Financing Activities | ||||
Advances from Former Parent | 0 | 916,000 | ||
Repayment of Former Parent advances | -536,000 | 0 | ||
Payment of deferred offering costs | 0 | -1,116,000 | ||
Proceeds from issuance of common stock and warrants less issuance costs | 865,000 | [1] | 0 | [1] |
Investment from Former Parent | 0 | 1,691,000 | ||
Net Cash Provided by Financing Activities | 329,000 | 1,491,000 | ||
Net Decrease In Cash | -4,001,000 | -86,000 | ||
Cash - Beginning | 15,571,000 | 96,000 | ||
Cash - Ending | $11,570,000 | $10,000 | ||
[1] | Gross proceeds of initial public offering of $1,117,000 less $252,000 of offering costs, of which $89,000 was withheld from the proceeds and $163,000 was paid in cash that was previously accrued. |
CONDENSED_STATEMENTS_OF_CASH_F1
CONDENSED STATEMENTS OF CASH FLOWS [Parenthetical] (USD $) | 9 Months Ended |
Dec. 31, 2014 | |
Gross Proceeds From Issuance Of Common Stock And Warrants | $1,117,000 |
Offering Cost | 252,000 |
Offering Cost Withheld From The Proceeds | 89,000 |
Payments of Stock Issuance Costs | $163,000 |
Nature_of_Operations_and_Basis
Nature of Operations and Basis of Presentation | 9 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Note 1. Nature of Operations and Basis of Presentation |
Ruthigen, Inc. (the “Company” or “Ruthigen”) is a biopharmaceutical company focused on pioneering new hypochlorus acid, or HOCl, based therapies designed to improve patient outcomes and reduce healthcare costs associated with infections related to post-operative invasive procedures. | |
The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, such statements include all adjustments (consisting only of normal recurring items) which are considered necessary for a fair presentation of the condensed financial statements of the Company as of December 31, 2014. The results of operations for the three and nine months ended December 31, 2014 are not necessarily indicative of the operating results for the full year. It is recommended that these condensed financial statements be read in conjunction with the financial statements and related disclosures for the Company’s fiscal year ended March 31, 2014 included in the Company’s Annual Report on Form 10-K filed with the United States Securities and Exchange Commission (“SEC”) on June 30, 2014. | |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended | |||||
Dec. 31, 2014 | ||||||
Accounting Policies [Abstract] | ||||||
Significant Accounting Policies [Text Block] | Note 2. Summary of Significant Accounting Policies | |||||
Liquidity and Financial Condition | ||||||
The Company incurred net losses of $1,712,000 and $5,137,000 for the three and nine months ended December 31, 2014, respectively, and $658,000 and $2,129,000 for the three and nine months ended December 31, 2013, respectively. At December 31, 2014, the Company’s working capital and accumulated deficit were $11,194,000 and $8,806,000, respectively. The Company has not yet achieved profitability and it is expected that its research and development and general and administrative expenses will continue to increase and, as a result, the Company will eventually need to generate significant product revenues to achieve profitability. | ||||||
The Company believes that its existing cash, which includes the proceeds from its initial public offering (“IPO”), will be sufficient to fund its operations through the quarter ending March 31, 2016. However, in order for the Company to execute its research and development strategy and to obtain the necessary regulatory approvals to commercialize RUT58-60 as a drug in the United States, the Company will need to raise additional funds through public or private equity offerings, debt financings, corporate collaborations or other means. The Company has not secured any commitment for new financing at this time, nor can it provide any assurance that new financing will be available on commercially acceptable terms, if at all. If the Company is unable to secure additional capital, it may be required to curtail its research and development initiatives and take additional measures to reduce costs in order to conserve its cash. | ||||||
Use of Estimates | ||||||
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from these estimates. Significant estimates and assumptions include stock-based compensation, the valuation allowance related to the Company’s deferred tax assets and the expense allocations relating to the Company’s operations prior to its deconsolidation from Oculus Innovative Sciences, Inc. (“Oculus” or “Former Parent”) on March 26, 2014. | ||||||
Stock-Based Compensation | ||||||
The Company accounts for share-based awards exchanged for employee and director services at the estimated grant date fair value of the award. The Company estimates the fair value of stock options using the Black-Scholes option pricing model. The Company estimates the fair value of restricted stock and restricted stock units (“RSUs”) based upon the closing market price of the Company’s common stock on the date the award is granted. The Company amortizes the fair value of employee awards on a straight-line basis over the requisite service period of the awards. Stock-based compensation expense includes the impact of an estimate for forfeitures for all stock awards. The Company recognizes stock-based compensation expense for awards with performance conditions if and when the Company concludes that it is probable that the performance condition will be achieved. The Company reassesses the probability of vesting at each reporting period for awards with performance conditions and adjusts stock-based compensation expense based on its probability assessment. | ||||||
The Company accounts for equity instruments issued to non-employees at their fair value on the measurement date. The measurement of stock-based compensation is subject to periodic adjustment as the underlying equity instrument vests or becomes non-forfeitable. Non-employee stock-based compensation charges are amortized over the requisite service period. | ||||||
Net Loss Per Share | ||||||
The Company computes basic net loss per share by dividing net loss per share available to common stockholders by the weighted average number of common shares outstanding for the period and excludes the effects of any potentially dilutive securities. Diluted earnings per share, if presented, would include the dilution that would occur upon the exercise or conversion of all potentially dilutive securities into common stock using the “treasury stock” and/or “if converted” methods, as applicable. | ||||||
The following securities are excluded from the calculation of weighted average dilutive common shares because their inclusion would have been anti-dilutive: | ||||||
December 31, | ||||||
2014 | 2013 | |||||
Options | 332,500 | - | ||||
Warrants | 3,145,650 | - | ||||
Restricted stock units | 352,529 | - | ||||
Total | 3,830,679 | - | ||||
Recent Accounting Pronouncements | ||||||
In June 2014, the FASB issued ASU No. 2014-12, "Compensation - Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide that a Performance Target Could be Achieved after the Requisite Service Period," ("ASU 2014-12"). The amendments in ASU 2014-12 require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. A reporting entity should apply existing guidance in Accounting Standards Codification Topic No. 718, "Compensation - Stock Compensation" as it relates to awards with performance conditions that affect vesting to account for such awards. The amendments in ASU 2014-12 are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. Early adoption is permitted. Entities may apply the amendments in ASU 2014-12 either: (a) prospectively to all awards granted or modified after the effective date; or (b) retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. The Company does not anticipate that the adoption of this standard will have a material impact on its financial statements. | ||||||
In August 2014, the FASB issued ASU No. 2014-15,”Presentation of Financial Statements – Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern.” The guidance, which is effective for annual reporting periods ending after December 15, 2016, extends the responsibility for performing the going-concern assessment to management and contains guidance on how to perform a going-concern assessment and when going-concern disclosures would be required under U.S. GAAP. The Company does not believe adoption of this ASU will have a material effect on its condensed financial statements. | ||||||
Subsequent Events | ||||||
Management has evaluated subsequent events or transactions occurring through the date these condensed financial statements were issued. | ||||||
Prepaid_Expenses_and_Other_Cur
Prepaid Expenses and Other Current Assets | 9 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Prepaid Expense and Other Assets, Current [Abstract] | ||||||||
Disclosure Of Prepaid Expenses And Other Current Assets [Text Block] | Note 3. Prepaid Expenses and Other Current Assets | |||||||
Prepaid expenses and other current assets consists of the following: | ||||||||
December 31, | March 31, | |||||||
2014 | 2014 | |||||||
(unaudited) | ||||||||
Prepaid insurance | $ | 114,000 | $ | - | ||||
Deposits | 50,000 | 1,000 | ||||||
Prepaid rent | 1,000 | 2,000 | ||||||
Other prepaid expenses and current assets | 34,000 | - | ||||||
Total | $ | 199,000 | $ | 3,000 | ||||
Accounts_Payable_and_Accrued_E
Accounts Payable and Accrued Expenses | 9 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Payables and Accruals [Abstract] | ||||||||
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | Note 4. Accounts Payable and Accrued Expenses | |||||||
Accounts payable and accrued expenses consists of the following: | ||||||||
December 31, | March 31, | |||||||
2014 | 2014 | |||||||
(unaudited) | ||||||||
Accrued employee compensation | $ | 72,000 | $ | 109,000 | ||||
Accrued director compensation | 20,000 | 50,000 | ||||||
Accrued legal fees | 75,000 | 183,000 | ||||||
Accrued professional fees | 160,000 | 45,000 | ||||||
Accrued research and development | 231,000 | 9,000 | ||||||
Other accrued expenses | 16,000 | 14,000 | ||||||
Total | $ | 574,000 | $ | 410,000 | ||||
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Note 5. Commitments and Contingencies |
Employment Agreements | |
On June 24, 2014, the compensation committee of the Company’s board of directors approved an employment agreement for its Chief Financial Officer (“CFO”), which replaced the offer letter previously in effect between the Company and the CFO. The employment agreement continues to provide for an annual base salary of $225,000, subject to increase, as determined by the Company’s board of directors. The employment agreement further provides for payments to the CFO in the event of termination without cause or resignation by the CFO for good reason, as such terms are defined in the employment agreement. In the event that the CFO is terminated without cause or resigns for good reason, the CFO is entitled to: (i) a lump severance payment equal to 18 times the average monthly base salary paid to the CFO over the preceding 12 months; (ii) up to one year (the lesser of one year following the date of termination or until the CFO becomes eligible for medical insurance coverage provided by another employer) reimbursement for health care premiums under COBRA; and (iii) automatic vesting of all unvested options and other equity awards; provided that in the event the CFO resigns for good reason prior to a change of control, only the vesting of the restricted stock units granted by the Company on May 12, 2014 shall be accelerated. In addition, if the Company consummates a change of control, all equity awards granted by the Company that are then-outstanding and unvested shall become fully vested and exercisable immediately prior to and subject to the consummation of the change of control. In addition, the Company will reimburse the CFO for any excise taxes owed by the CFO under Section 280G and Section 4999 of the Internal Revenue Code because of any acceleration of the equity awards (including a gross up of any additional federal, state and local taxes payable as a result of the reimbursement of the tax payments). | |
On November 28, 2014, the compensation committee of the Company’s board of directors approved an amended and restated employment agreement for its Chief Executive Officer (“CEO”), which supersedes the employment agreement previously in effect between the Company and the CEO. The prior employment agreement went into effect when the Company was a wholly-owned subsidiary of Oculus, and the CEO was the Chairman of the board of directors of Oculus. The employment agreement primarily removes all references to Oculus and other legacy references related to Ruthigen being a subsidiary of Oculus. | |
The employment agreement continues to provide for an annual base salary of $375,000 to the CEO, subject to increase, as determined by the Company’s board of directors. The employment agreement further provides for payments to the CEO in the event of termination without cause or resignation by the CEO for good reason, as such terms are defined in the employment agreement. In the event that the CEO is terminated without cause or resigns for good reason, the CEO is entitled to: (i) a lump severance payment equal to 24 times the average monthly base salary paid to the CEO over the preceding 12 months; (ii) up to one year (the lesser of one year following the date of termination or until the CEO becomes eligible for medical insurance coverage provided by another employer) reimbursement for health care premiums under COBRA; and (iii) automatic vesting of all unvested options and other equity awards. In addition, if the Company consummates a change of control, all equity awards granted by the Company that are then-outstanding and unvested shall become fully vested and exercisable immediately prior to and subject to the consummation of the change of control. In addition, the Company will reimburse the CEO for any excise taxes owed by the CEO under Section 280G and Section 4999 of the Internal Revenue Code because of any acceleration of the equity awards (including a gross up of any additional federal, state and local taxes payable as a result of the reimbursement of the tax payments). Furthermore, the Company will reimburse the CEO for relocation expenses if the Company’s principal executive offices are moved or the CEO is required to relocate, subject to certain conditions. | |
Receipt of the termination benefits described above is contingent on the CEO’s execution of a general release of claims against the Company, its subsidiaries and its affiliates; the CEO’s resignation from any and all directorships and every other position held by the CEO with the Company and each of its subsidiaries; and the CEO’s return to the Company and its affiliates or the Company Group (as such term is defined in the employment agreement), of all property belonging to the Company Group, received from or on account of the Company Group, or any other entity of the Company Group, or any of the Company Group’s respective affiliates by the CEO. In addition, the CEO is not entitled to such benefits if the CEO does not comply with the non-competition, invention assignment, confidentiality, non-solicitation provisions of the employment agreement. | |
As of December 31, 2014, the potential cash severance payment related to the Company’s employment agreements in place with its CEO and CFO amounted to $1,144,000. | |
License and Supply Agreement | |
The Company entered into a license and supply agreement with Oculus which was effective upon the completion of the IPO, pursuant to which Oculus has agreed to exclusively license certain of its proprietary technology to the Company to enable the Company’s research, development and commercialization of newly discovered RUT58-60 and any improvements to it in the United States, Canada, the European Union and Japan in certain invasive uses in humans which do not include dermatologic uses or uses for ophthalmic, sinusitis or otic indications. Under the license and supply agreement, the Company will be required to make a total of up to $8 million of milestone payments to Oculus over the next several years payable upon the completion of specified performance conditions. The Company will accrue for the milestone payment liability if and when the Company determines that the achievement of such conditions is probable. As of December 31, 2014, the Company has not accrued for any portion of the milestone payments. | |
Stockholders_Equity
Stockholders' Equity | 9 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Stockholders' Equity Note [Abstract] | ||||||||||||||
Stockholders' Equity Note Disclosure [Text Block] | Note 6. Stockholders’ Equity | |||||||||||||
Initial Public Offering | ||||||||||||||
The Company closed its IPO of the sale of 2,650,000 Units at a price of $7.25 per Unit on March 26, 2014. Following the closing of the IPO, during the nine months ended December 31, 2014 and in connection with its IPO, the underwriters exercised a portion of the over-allotment option pursuant to which the Company sold an additional 154,290 shares of common stock at $6.6608 per share, which resulted in approximately $1,028,000 of aggregate net proceeds to the Company. In connection with the underwriters’ partial exercise of the over-allotment option, the Company issued to the representative of the underwriters a five-year warrant to purchase an additional 5,400 shares of the Company’s common stock at an exercise price of $9.0625 per share. The warrant is exercisable commencing one year from the date of issuance. The warrant and the shares of common stock underlying the warrant have been deemed compensation by Financial Industry Regulatory Authority, Inc. (“FINRA”) and are, therefore, subject to a 180-day lock-up pursuant to Rule 5110(g)(1) of FINRA. | ||||||||||||||
Stock Warrants | ||||||||||||||
A summary of the warrant activity during the nine months ended December 31, 2014 is presented below: | ||||||||||||||
Weighted | ||||||||||||||
Weighted | Average | |||||||||||||
Average | Remaining | |||||||||||||
Number of | Exercise | Life | Intrinsic | |||||||||||
Warrants | Price | In Years | Value | |||||||||||
Outstanding, March 31, 2014 | 3,140,250 | $ | 7.3 | |||||||||||
Granted | 5,400 | 9.06 | ||||||||||||
Exercised | - | - | ||||||||||||
Forfeited | - | - | ||||||||||||
Outstanding, December 31, 2014 | 3,145,650 | $ | 7.31 | 1.3 | $ | - | ||||||||
Exercisable, December 31, 2014 | 3,047,500 | $ | 7.25 | 1.2 | $ | - | ||||||||
The following table presents information related to stock warrants at December 31, 2014: | ||||||||||||||
Warrants Outstanding | Warrants Exercisable | |||||||||||||
Weighted | ||||||||||||||
Outstanding | Average | Exercisable | ||||||||||||
Exercise | Number of | Remaining Life | Number of | |||||||||||
Price | Warrants | In Years | Warrants | |||||||||||
$ | 7.25 | 3,047,500 | 1.2 | 3,047,500 | ||||||||||
$ | 9.0625 | 98,150 | - | - | ||||||||||
3,145,650 | 1.2 | 3,047,500 | ||||||||||||
Stock Options | ||||||||||||||
The Company has computed the fair value of options granted using the Black-Scholes option pricing model. Option forfeitures are estimated at the time of valuation and reduce expense ratably over the vesting period. This estimate will be adjusted periodically based on the extent to which actual option forfeitures differ, or are expected to differ, from the previous estimate, when it is material. The Company estimated forfeitures related to option grants at an annual rate of 0% for options unvested during the nine months ended December 31, 2014. The expected term used for options issued to non-employees is the contractual life and the expected term used for options issued to employees and directors is the estimated period of time that options granted are expected to be outstanding. The Company utilizes the “simplified” method to develop an estimate of the expected term of “plain vanilla” employee option grants. Since the Company’s stock has not been publicly traded for a sufficiently long period of time, the Company is utilizing an expected volatility figure based on a review of the historical volatilities, over a period of time, equivalent to the expected life of the instrument being valued, of similarly positioned public companies within its industry. The risk-free interest rate was determined from the implied yields from U.S. Treasury zero-coupon bonds with a remaining term consistent with the expected term of the instrument being valued. | ||||||||||||||
In applying the Black-Scholes option pricing model to stock options granted, the Company used the following weighted average assumptions: | ||||||||||||||
For the Nine Months Ended | ||||||||||||||
December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
Risk free interest rate | 1.67 | % | n/a | |||||||||||
Expected term (years) | 5.61 | n/a | ||||||||||||
Expected volatility | 95 | % | n/a | |||||||||||
Expected dividends | 0 | % | n/a | |||||||||||
The weighted average estimated fair value of the options granted during the nine months ended December 31, 2014 was $4.79 per share. There were no options granted during the three months ended December 31, 2014 and the three and nine months ended December 31, 2013. | ||||||||||||||
On May 12, 2014, the Company granted options to employees and directors to purchase an aggregate of 332,500 shares of common stock at an exercise price of $6.37 per share, pursuant to the 2013 Employee, Director and Consultant Equity Incentive Plan (the “2013 Plan”). The shares vest ratably over three years on a quarterly basis. The aggregate grant date value of $1,593,000 will be recognized proportionate to the vesting period. | ||||||||||||||
The Company recorded stock–based compensation expense related to stock options of $133,000 and $332,000 during the three and nine months ended December 31, 2014, respectively, and $0 during the three and nine months ended December 31, 2013. As of December 31, 2014, there was $1,261,000 of unrecognized stock-based compensation expense related to stock options that will be amortized over a weighted average period of 2.4 years. | ||||||||||||||
A summary of the stock option activity during the nine months ended December 31, 2014 is presented below: | ||||||||||||||
Weighted | ||||||||||||||
Weighted | Average | |||||||||||||
Average | Remaining | |||||||||||||
Number of | Exercise | Life | Intrinsic | |||||||||||
Options | Price | In Years | Value | |||||||||||
Outstanding, March 31, 2014 | - | $ | - | |||||||||||
Granted | 332,500 | 6.37 | ||||||||||||
Exercised | - | - | ||||||||||||
Forfeited | - | - | ||||||||||||
Outstanding, December 31, 2014 | 332,500 | $ | 6.37 | 9.4 | $ | - | ||||||||
Exercisable, December 31, 2014 | 55,412 | $ | 6.37 | 9.4 | $ | - | ||||||||
The following table presents information related to stock options at December 31, 2014: | ||||||||||||||
Options Outstanding | Options Exercisable | |||||||||||||
Weighted | ||||||||||||||
Outstanding | Average | Exercisable | ||||||||||||
Exercise | Number of | Remaining Life | Number of | |||||||||||
Price | Options | In Years | Options | |||||||||||
$ | 6.37 | 332,500 | 9.4 | 55,412 | ||||||||||
332,500 | 9.4 | 55,412 | ||||||||||||
Restricted Stock Units | ||||||||||||||
On May 11, 2014, the Company granted RSUs issuable for an aggregate of 409,355 shares to employees and directors, pursuant to the 2013 Plan. RSUs for 341,000 shares of common stock vest ratably over three years on a quarterly basis and had an aggregate grant date value of $2,148,000. RSUs for 68,355 shares had an aggregate grant date value of $431,000 and vest in equal installments based on achievement of the following: (1) enrollment of the first patient in the first pivotal clinical trial for RUT58-60 on or prior to May 11, 2017; (2) enrollment of the first patient in the second pivotal clinical trial for RUT58-60 on or prior to May 11, 2018; and (3) completion of the clinical study report containing the results of the second pivotal clinical trial for RUT58-60 on or prior to May 11, 2019. | ||||||||||||||
The Company recorded stock–based compensation expense related to RSUs of $179,000 and $447,000 during the three and nine months ended December 31, 2014, respectively, and $0 during the three and nine months ended December 31, 2013. As of December 31, 2014, there was $1,701,000 of unrecognized stock-based compensation expense related to RSUs that will be amortized over a weighted average period of 2.4 years. The Company recognizes stock-based compensation expense for RSUs with performance conditions if and when the Company concludes that it is probable that the performance condition will be achieved. As of December 31, 2014, the Company has not recognized any expense related to RSUs with performance conditions. As of December 31, 2014, there was $431,000 of unrecognized stock-based compensation expense related to RSUs with performance conditions. | ||||||||||||||
A summary of RSU activity for the nine months ended December 31, 2014 is presented below: | ||||||||||||||
Weighted | ||||||||||||||
Average | Total | |||||||||||||
Number of | Grant Date | Grant Date | ||||||||||||
Units | Fair Value | Fair Value | ||||||||||||
Non-vested, March 31, 2014 | - | $ | - | $ | - | |||||||||
Granted | 409,355 | 6.3 | 2,579,000 | |||||||||||
Vested | -56,826 | 6.3 | -358,000 | |||||||||||
Forfeited | - | - | - | |||||||||||
Non-vested, December 31, 2014 | 352,529 | $ | 6.3 | $ | 2,221,000 | |||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended | |||||
Dec. 31, 2014 | ||||||
Accounting Policies [Abstract] | ||||||
Liquidity Disclosure [Policy Text Block] | Liquidity and Financial Condition | |||||
The Company incurred net losses of $1,712,000 and $5,137,000 for the three and nine months ended December 31, 2014, respectively, and $658,000 and $2,129,000 for the three and nine months ended December 31, 2013, respectively. At December 31, 2014, the Company’s working capital and accumulated deficit were $11,194,000 and $8,806,000, respectively. The Company has not yet achieved profitability and it is expected that its research and development and general and administrative expenses will continue to increase and, as a result, the Company will eventually need to generate significant product revenues to achieve profitability. | ||||||
The Company believes that its existing cash, which includes the proceeds from its initial public offering (“IPO”), will be sufficient to fund its operations through the quarter ending March 31, 2016. However, in order for the Company to execute its research and development strategy and to obtain the necessary regulatory approvals to commercialize RUT58-60 as a drug in the United States, the Company will need to raise additional funds through public or private equity offerings, debt financings, corporate collaborations or other means. The Company has not secured any commitment for new financing at this time, nor can it provide any assurance that new financing will be available on commercially acceptable terms, if at all. If the Company is unable to secure additional capital, it may be required to curtail its research and development initiatives and take additional measures to reduce costs in order to conserve its cash. | ||||||
Use of Estimates, Policy [Policy Text Block] | Use of Estimates | |||||
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from these estimates. Significant estimates and assumptions include stock-based compensation, the valuation allowance related to the Company’s deferred tax assets and the expense allocations relating to the Company’s operations prior to its deconsolidation from Oculus Innovative Sciences, Inc. (“Oculus” or “Former Parent”) on March 26, 2014. | ||||||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-Based Compensation | |||||
The Company accounts for share-based awards exchanged for employee and director services at the estimated grant date fair value of the award. The Company estimates the fair value of stock options using the Black-Scholes option pricing model. The Company estimates the fair value of restricted stock and restricted stock units (“RSUs”) based upon the closing market price of the Company’s common stock on the date the award is granted. The Company amortizes the fair value of employee awards on a straight-line basis over the requisite service period of the awards. Stock-based compensation expense includes the impact of an estimate for forfeitures for all stock awards. The Company recognizes stock-based compensation expense for awards with performance conditions if and when the Company concludes that it is probable that the performance condition will be achieved. The Company reassesses the probability of vesting at each reporting period for awards with performance conditions and adjusts stock-based compensation expense based on its probability assessment. | ||||||
The Company accounts for equity instruments issued to non-employees at their fair value on the measurement date. The measurement of stock-based compensation is subject to periodic adjustment as the underlying equity instrument vests or becomes non-forfeitable. Non-employee stock-based compensation charges are amortized over the requisite service period. | ||||||
Earnings Per Share, Policy [Policy Text Block] | Net Loss Per Share | |||||
The Company computes basic net loss per share by dividing net loss per share available to common stockholders by the weighted average number of common shares outstanding for the period and excludes the effects of any potentially dilutive securities. Diluted earnings per share, if presented, would include the dilution that would occur upon the exercise or conversion of all potentially dilutive securities into common stock using the “treasury stock” and/or “if converted” methods, as applicable. | ||||||
The following securities are excluded from the calculation of weighted average dilutive common shares because their inclusion would have been anti-dilutive: | ||||||
December 31, | ||||||
2014 | 2013 | |||||
Options | 332,500 | - | ||||
Warrants | 3,145,650 | - | ||||
Restricted stock units | 352,529 | - | ||||
Total | 3,830,679 | - | ||||
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements | |||||
In June 2014, the FASB issued ASU No. 2014-12, "Compensation - Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide that a Performance Target Could be Achieved after the Requisite Service Period," ("ASU 2014-12"). The amendments in ASU 2014-12 require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. A reporting entity should apply existing guidance in Accounting Standards Codification Topic No. 718, "Compensation - Stock Compensation" as it relates to awards with performance conditions that affect vesting to account for such awards. The amendments in ASU 2014-12 are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. Early adoption is permitted. Entities may apply the amendments in ASU 2014-12 either: (a) prospectively to all awards granted or modified after the effective date; or (b) retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. The Company does not anticipate that the adoption of this standard will have a material impact on its financial statements. | ||||||
In August 2014, the FASB issued ASU No. 2014-15,”Presentation of Financial Statements – Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern.” The guidance, which is effective for annual reporting periods ending after December 15, 2016, extends the responsibility for performing the going-concern assessment to management and contains guidance on how to perform a going-concern assessment and when going-concern disclosures would be required under U.S. GAAP. The Company does not believe adoption of this ASU will have a material effect on its condensed financial statements. | ||||||
Subsequent Events, Policy [Policy Text Block] | Subsequent Events | |||||
Management has evaluated subsequent events or transactions occurring through the date these condensed financial statements were issued. | ||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 9 Months Ended | |||||
Dec. 31, 2014 | ||||||
Accounting Policies [Abstract] | ||||||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | The following securities are excluded from the calculation of weighted average dilutive common shares because their inclusion would have been anti-dilutive: | |||||
December 31, | ||||||
2014 | 2013 | |||||
Options | 332,500 | - | ||||
Warrants | 3,145,650 | - | ||||
Restricted stock units | 352,529 | - | ||||
Total | 3,830,679 | - | ||||
Prepaid_Expenses_and_Other_Cur1
Prepaid Expenses and Other Current Assets (Tables) | 9 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Prepaid Expense and Other Assets, Current [Abstract] | ||||||||
Schedule Of Prepaid Expenses And Other Current Assets [Table Text Block] | Prepaid expenses and other current assets consists of the following: | |||||||
December 31, | March 31, | |||||||
2014 | 2014 | |||||||
(unaudited) | ||||||||
Prepaid insurance | $ | 114,000 | $ | - | ||||
Deposits | 50,000 | 1,000 | ||||||
Prepaid rent | 1,000 | 2,000 | ||||||
Other prepaid expenses and current assets | 34,000 | - | ||||||
Total | $ | 199,000 | $ | 3,000 | ||||
Accounts_Payable_and_Accrued_E1
Accounts Payable and Accrued Expenses (Tables) | 9 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Payables and Accruals [Abstract] | ||||||||
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | Accounts payable and accrued expenses consists of the following: | |||||||
December 31, | March 31, | |||||||
2014 | 2014 | |||||||
(unaudited) | ||||||||
Accrued employee compensation | $ | 72,000 | $ | 109,000 | ||||
Accrued director compensation | 20,000 | 50,000 | ||||||
Accrued legal fees | 75,000 | 183,000 | ||||||
Accrued professional fees | 160,000 | 45,000 | ||||||
Accrued research and development | 231,000 | 9,000 | ||||||
Other accrued expenses | 16,000 | 14,000 | ||||||
Total | $ | 574,000 | $ | 410,000 | ||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 9 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Stockholders' Equity Note [Abstract] | ||||||||||||||
Schedule Of Share-Based Compensation, Warrant, Activity [Table Text Block] | A summary of the warrant activity during the nine months ended December 31, 2014 is presented below: | |||||||||||||
Weighted | ||||||||||||||
Weighted | Average | |||||||||||||
Average | Remaining | |||||||||||||
Number of | Exercise | Life | Intrinsic | |||||||||||
Warrants | Price | In Years | Value | |||||||||||
Outstanding, March 31, 2014 | 3,140,250 | $ | 7.3 | |||||||||||
Granted | 5,400 | 9.06 | ||||||||||||
Exercised | - | - | ||||||||||||
Forfeited | - | - | ||||||||||||
Outstanding, December 31, 2014 | 3,145,650 | $ | 7.31 | 1.3 | $ | - | ||||||||
Exercisable, December 31, 2014 | 3,047,500 | $ | 7.25 | 1.2 | $ | - | ||||||||
Schedule Of Share Based Compensation, Warrants, By Exercise Price Range [Table Text Block] | The following table presents information related to stock warrants at December 31, 2014: | |||||||||||||
Warrants Outstanding | Warrants Exercisable | |||||||||||||
Weighted | ||||||||||||||
Outstanding | Average | Exercisable | ||||||||||||
Exercise | Number of | Remaining Life | Number of | |||||||||||
Price | Warrants | In Years | Warrants | |||||||||||
$ | 7.25 | 3,047,500 | 1.2 | 3,047,500 | ||||||||||
$ | 9.0625 | 98,150 | - | - | ||||||||||
3,145,650 | 1.2 | 3,047,500 | ||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | In applying the Black-Scholes option pricing model to stock options granted, the Company used the following weighted average assumptions: | |||||||||||||
For the Nine Months Ended | ||||||||||||||
December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
Risk free interest rate | 1.67 | % | n/a | |||||||||||
Expected term (years) | 5.61 | n/a | ||||||||||||
Expected volatility | 95 | % | n/a | |||||||||||
Expected dividends | 0 | % | n/a | |||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | A summary of the stock option activity during the nine months ended December 31, 2014 is presented below: | |||||||||||||
Weighted | ||||||||||||||
Weighted | Average | |||||||||||||
Average | Remaining | |||||||||||||
Number of | Exercise | Life | Intrinsic | |||||||||||
Options | Price | In Years | Value | |||||||||||
Outstanding, March 31, 2014 | - | $ | - | |||||||||||
Granted | 332,500 | 6.37 | ||||||||||||
Exercised | - | - | ||||||||||||
Forfeited | - | - | ||||||||||||
Outstanding, December 31, 2014 | 332,500 | $ | 6.37 | 9.4 | $ | - | ||||||||
Exercisable, December 31, 2014 | 55,412 | $ | 6.37 | 9.4 | $ | - | ||||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | The following table presents information related to stock options at December 31, 2014: | |||||||||||||
Options Outstanding | Options Exercisable | |||||||||||||
Weighted | ||||||||||||||
Outstanding | Average | Exercisable | ||||||||||||
Exercise | Number of | Remaining Life | Number of | |||||||||||
Price | Options | In Years | Options | |||||||||||
$ | 6.37 | 332,500 | 9.4 | 55,412 | ||||||||||
332,500 | 9.4 | 55,412 | ||||||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | A summary of RSU activity for the nine months ended December 31, 2014 is presented below: | |||||||||||||
Weighted | ||||||||||||||
Average | Total | |||||||||||||
Number of | Grant Date | Grant Date | ||||||||||||
Units | Fair Value | Fair Value | ||||||||||||
Non-vested, March 31, 2014 | - | $ | - | $ | - | |||||||||
Granted | 409,355 | 6.3 | 2,579,000 | |||||||||||
Vested | -56,826 | 6.3 | -358,000 | |||||||||||
Forfeited | - | - | - | |||||||||||
Non-vested, December 31, 2014 | 352,529 | $ | 6.3 | $ | 2,221,000 | |||||||||
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) | 9 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Summary Of Significant Accounting Policies [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3,830,679 | 0 |
Employee Stock Option [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 332,500 | 0 |
Warrant [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3,145,650 | 0 |
Restricted Stock Units (RSUs) [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 352,529 | 0 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | |
Summary Of Significant Accounting Policies [Line Items] | |||||
Net Income (Loss) Attributable to Parent | ($1,712,000) | ($658,000) | ($5,137,000) | ($2,129,000) | |
Working Capital | 11,194,000 | 11,194,000 | |||
Retained Earnings (Accumulated Deficit) | ($8,806,000) | ($8,806,000) | ($3,669,000) |
Prepaid_Expenses_and_Other_Cur2
Prepaid Expenses and Other Current Assets (Details) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
Prepaid Expenses And Other Current Assets [Line Items] | ||
Prepaid insurance | $114,000 | $0 |
Deposits | 50,000 | 1,000 |
Prepaid rent | 1,000 | 2,000 |
Other prepaid expenses and current assets | 34,000 | 0 |
Total | $199,000 | $3,000 |
Accounts_Payable_and_Accrued_E2
Accounts Payable and Accrued Expenses (Details) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
Accounts Payable And Accrued Expenses [Line Items] | ||
Accrued employee compensation | $72,000 | $109,000 |
Accrued director compensation | 20,000 | 50,000 |
Accrued legal fees | 75,000 | 183,000 |
Accrued professional fees | 160,000 | 45,000 |
Accrued research and development | 231,000 | 9,000 |
Other accrued expenses | 16,000 | 14,000 |
Total | $574,000 | $410,000 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details Textual) (USD $) | 9 Months Ended | 1 Months Ended | |
Dec. 31, 2014 | Nov. 28, 2014 | Jun. 24, 2014 | |
Two Executives [Member] | |||
Commitments And Contingencies [Line Items] | |||
Severance Costs | $1,144,000 | ||
Employee Agreement [Member] | Chief Executive Officer [Member] | |||
Commitments And Contingencies [Line Items] | |||
Officers' Compensation | 375,000 | ||
Deferred Compensation Arrangement with Individual, Description | (i) a lump severance payment equal to 24 times the average monthly base salary paid to the CEO over the preceding 12 months; (ii) up to one year (the lesser of one year following the date of termination or until the CEO becomes eligible for medical insurance coverage provided by another employer) reimbursement for health care premiums under COBRA; and (iii) automatic vesting of all unvested options and other equity awards | ||
Employee Agreement [Member] | Chief Financial Officer [Member] | |||
Commitments And Contingencies [Line Items] | |||
Officers' Compensation | 225,000 | ||
Deferred Compensation Arrangement with Individual, Description | (i) a lump severance payment equal to 18 times the average monthly base salary paid to the CFO over the preceding 12 months; (ii) up to one year (the lesser of one year following the date of termination or until the CFO becomes eligible for medical insurance coverage provided by another employer) reimbursement for health care premiums under COBRA; and (iii) automatic vesting of all unvested options and other equity awards | ||
License And Supply Agreement [Member] | Oculus [Member] | |||
Commitments And Contingencies [Line Items] | |||
Supply Commitment, Remaining Minimum Amount Committed | $8,000,000 |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | 9 Months Ended |
Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Warrants Outstanding, December 31, 2014 | 3,145,650 |
Number of Warrants Exercisable, December 31, 2014 | 3,047,500 |
Warrants Exercisable Weighted Average Remaining Life | 1 year 2 months 12 days |
Warrant [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Warrants Outstanding, March 31, 2014 | 3,140,250 |
Number of Warrants Granted | 5,400 |
Number of Warrants Exercised | 0 |
Number of Warrants Forfeited | 0 |
Number of Warrants Outstanding, December 31, 2014 | 3,145,650 |
Number of Warrants Exercisable, December 31, 2014 | 3,047,500 |
Weighted Average Exercise Price Outstanding, March 31, 2014 | 7.3 |
Weighted Average Exercise Price Granted | 9.06 |
Weighted Average Exercise Price, Exercised | 0 |
Weighted Average Exercise Price Forfeited | 0 |
Weighted Average Exercise Price Outstanding, December 31, 2014 | 7.31 |
Weighted Average Exercise Price Exercisable, December 31, 2014 | 7.25 |
Weighted Average Remaining Life Outstanding, December 31, 2014 | 1 year 3 months 18 days |
Warrants Exercisable Weighted Average Remaining Life | 1 year 2 months 12 days |
Intrinsic Value Outstanding, December 31, 2014 | 0 |
Intrinsic Value Exercisable, December 31, 2014 | 0 |
Stockholders_Equity_Details_1
Stockholders' Equity (Details 1) (USD $) | 9 Months Ended |
Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Warrants Outstanding Number of Warrants | 3,145,650 |
Warrants Exercisable Weighted Average Remaining Life | 1 year 2 months 12 days |
Warrants Exercisable Number of Warrants | 3,047,500 |
Exercise Price Range One [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Warrants Outstanding Exercise Price | 7.25 |
Warrants Outstanding Number of Warrants | 3,047,500 |
Warrants Exercisable Weighted Average Remaining Life | 1 year 2 months 12 days |
Warrants Exercisable Number of Warrants | 3,047,500 |
Exercise Price Range Two [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Warrants Outstanding Exercise Price | 9.0625 |
Warrants Outstanding Number of Warrants | 98,150 |
Warrants Exercisable Weighted Average Remaining Life | 0 years |
Warrants Exercisable Number of Warrants | 0 |
Stockholders_Equity_Details_2
Stockholders' Equity (Details 2) | 9 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk free interest rate | 1.67% | 0.00% |
Expected term (years) | 5 years 7 months 10 days | 0 years |
Expected volatility | 95.00% | 0.00% |
Expected dividends | 0.00% | 0.00% |
Stockholders_Equity_Details_3
Stockholders' Equity (Details 3) (USD $) | 9 Months Ended |
Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Options Outstanding, March 31, 2014 | 0 |
Number of Options Granted | 332,500 |
Number of Options Exercised | 0 |
Number of Options Forfeited | 0 |
Number of Options Outstanding, December 31, 2014 | 332,500 |
Number of Options Exercisable, December 31, 2014 | 55,412 |
Weighted Average Exercise Price Outstanding, March 31, 2014 | $0 |
Weighted Average Exercise Price Granted | $6.37 |
Weighted Average Exercise Price Exercised | $0 |
Weighted Average Exercise Price Forfeited | $0 |
Weighted Average Exercise Price Outstanding, December 31, 2014 | $6.37 |
Weighted Average Exercise Price Exercisable, December 31, 2014 | $6.37 |
Weighted Average Remaining Life Outstanding, December 31, 2014 | 9 years 4 months 24 days |
Weighted Average Remaining Life Exercisable, December 31, 2014 | 9 years 4 months 24 days |
Intrinsic Value Outstanding, December 31, 2014 | $0 |
Intrinsic Value Exercisable, December 31, 2014 | $0 |
Stockholders_Equity_Details_4
Stockholders' Equity (Details 4) (USD $) | 9 Months Ended | |
Dec. 31, 2014 | Mar. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options Outstanding Exercise Price | $6.37 | $0 |
Options Outstanding Number of Options | 332,500 | 0 |
Options Exercisable Weighted Average Remaining Life | 9 years 4 months 24 days | |
Options Exercisable Number of Options | 55,412 | |
Exercise Price [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options Outstanding Exercise Price | $6.37 | |
Options Outstanding Number of Options | 332,500 | |
Options Exercisable Weighted Average Remaining Life | 9 years 4 months 24 days | |
Options Exercisable Number of Options | 55,412 |
Stockholders_Equity_Details_5
Stockholders' Equity (Details 5) (Restricted Stock [Member], USD $) | 9 Months Ended |
Dec. 31, 2014 | |
Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Units Non-vested, March 31, 2014 | 0 |
Number of Units Granted | 409,355 |
Number of Units Vested | -56,826 |
Number of Units Forfeited | 0 |
Number of Units Non-vested, December 31, 2014 | 352,529 |
Weighted Average Grant Date Fair Value Non-vested, March 31, 2014 | $0 |
Weighted Average Grant Date Fair Value Granted | $6.30 |
Weighted Average Grant Date Fair Value Vested | $6.30 |
Weighted Average Grant Date Fair Value Forfeited | $0 |
Weighted Average Grant Date Fair Value Non-vested, December 31, 2014 | $6.30 |
Total Grant Date Fair Value Non-vested, March 31, 2014 | $0 |
Total Grant Date Fair Value Granted | 2,579,000 |
Total Grant Date Fair Value Vested | -358,000 |
Total Grant Date Fair Value Forfeited | 0 |
Total Grant Date Fair Value Non-vested, December 31, 2014 | $2,221,000 |
Stockholders_Equity_Details_Te
Stockholders' Equity (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 0 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 26, 2014 | 11-May-14 | 12-May-14 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | ||||||
Stock Issued During Period, Value, Stock Options Exercised | $1,028,000 | ||||||
Share based Compensation Arrangement By Share based Payment Award Forfeiture Rights | 0.00% | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $0 | $0 | $4.79 | $0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | 1,593,000 | ||||||
Allocated Share-based Compensation Expense | 133,000 | 0 | 332,000 | 0 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 1,261,000 | 1,261,000 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 4 months 24 days | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | RSUs for 341,000 shares of common stock vest ratably over three years on a quarterly basis and had an aggregate grant date value of $2,148,000. RSUs for 68,355 shares had an aggregate grant date value of $431,000 and vest in equal installments based on achievement of the following: (1) enrollment of the first patient in the first pivotal clinical trial for RUT58-60 on or prior to May 11, 2017; (2) enrollment of the first patient in the second pivotal clinical trial for RUT58-60 on or prior to May 11, 2018; and (3) completion of the clinical study report containing the results of the second pivotal clinical trial for RUT58-60 on or prior to May 11, 2019. | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 332,500 | ||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $6.37 | ||||||
IPO [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Warrants to Purchase of Common Stock | 5,400 | ||||||
Initial Public Offering Price Per Unit | $7.25 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $9.06 | $9.06 | |||||
Initial Public Offering Units | 2,650,000 | ||||||
Restricted Stock Units (RSUs) [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Allocated Share-based Compensation Expense | 179,000 | 0 | 447,000 | 0 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 1,701,000 | 1,701,000 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 4 months 24 days | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 409,355 | ||||||
Restricted Stock Units (RSUs) [Member] | Performance Shares [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Allocated Share-based Compensation Expense | $431,000 | ||||||
2013 Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 332,500 | ||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $6.37 | ||||||
Common Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 154,290 | ||||||
Share Price | $6.66 | $6.66 |