Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2018 | Nov. 12, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | PULM | |
Entity Registrant Name | Pulmatrix, Inc. | |
Entity Central Index Key | 1,574,235 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Common Stock, Shares Outstanding | 46,927,221 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 3,806 | $ 3,550 |
Prepaid expenses and other current assets | 914 | 696 |
Total current assets | 4,720 | 4,246 |
Property and equipment, net | 447 | 614 |
Long-term restricted cash | 204 | 204 |
Goodwill | 10,914 | 10,914 |
Total assets | 16,285 | 15,978 |
Current liabilities: | ||
Loan payable, net of debt discount and issuance costs | 3,221 | |
Accounts payable | 1,367 | 457 |
Accrued expenses | 2,284 | 2,162 |
Derivative liability | 1 | |
Total current liabilities | 3,651 | 5,841 |
Commitments (Note 12) | ||
Stockholders' equity: | ||
Preferred stock, $0.0001 par value - 500,000 authorized and 0 issued and outstanding at September 30, 2018 and December 31, 2017 | ||
Common stock, $0.0001 par value - 200,000,000 shares authorized; 46,927,221 and 21,047,498 shares issued and outstanding at September 30, 2018 and December 31, 2017, respectively | 5 | 2 |
Additional paid-in capital | 202,856 | 184,137 |
Accumulated deficit | (190,227) | (174,002) |
Total stockholders' equity | 12,634 | 10,137 |
Total liabilities and stockholders' equity | $ 16,285 | $ 15,978 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 500,000 | 500,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 46,927,221 | 21,047,498 |
Common stock, shares outstanding | 46,927,221 | 21,047,498 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Income Statement [Abstract] | ||||
Revenues | $ 335 | $ 153 | $ 335 | |
Operating expenses | ||||
Research and development | $ 3,056 | 2,618 | 10,290 | 7,654 |
General and administrative | 1,769 | 2,021 | 5,930 | 5,727 |
Total operating expenses | 4,825 | 4,639 | 16,220 | 13,381 |
Loss from operations | (4,825) | (4,304) | (16,067) | (13,046) |
Interest expense | (153) | (186) | (512) | |
Other income, net | 9 | 5 | 28 | 26 |
Net loss | $ (4,816) | $ (4,452) | $ (16,225) | $ (13,532) |
Net loss per share, basic and diluted | $ (0.10) | $ (0.22) | $ (0.42) | $ (0.72) |
Weighted average shares of common stock used to compute basic and diluted net loss per share | 46,927,221 | 20,200,893 | 38,393,842 | 18,738,118 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Cash flows from operating activities: | ||
Net loss | $ (16,225) | $ (13,532) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 175 | 186 |
Stock-based compensation | 2,358 | 2,077 |
Non-cash rent expense | 16 | |
Non-cash interest expense | 55 | 135 |
Non-cash debt issuance expense | 3 | 9 |
Fair value adjustment on derivative liability | (1) | |
Changes in operating assets and liabilities: | ||
Accounts receivable | 1 | (305) |
Prepaid expenses and other current assets | (219) | (308) |
Accounts payable | 910 | 259 |
Accrued expenses | 347 | 198 |
Net cash used in operating activities | (12,596) | (11,265) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (8) | (36) |
Net cash used in investing activities | (8) | (36) |
Cash flows from financing activities: | ||
Proceeds from issuance of common stock and pre-funded warrants, net of issuance costs | 16,364 | 15,170 |
Proceeds from the exercise of stock options | 304 | |
Term loan principal payments | (3,259) | (1,995) |
End of term payments | (245) | |
Net cash provided by financing activities | 12,860 | 13,479 |
Net increase in cash and cash equivalents | 256 | 2,178 |
Cash and cash equivalents - beginning of period | 3,550 | 4,182 |
Cash and cash equivalents - end of period | $ 3,806 | 6,360 |
Supplemental disclosures of noncash financing and investing activities | ||
Fixed Asset purchases in accounts payable | $ 21 |
Organization
Organization | 9 Months Ended |
Sep. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | 1. Organization Pulmatrix, Inc. and its subsidiaries (the “Company”) is a clinical stage biotechnology company focused on the discovery and development of a novel class of inhaled therapeutic products. The Company’s proprietary dry powder delivery platform, iSPERSE™ (inhaled Small Particles Easily Respirable and Emitted), is engineered to deliver small, dense particles with highly efficient dispersibility and delivery to the airways, which can be used with an array of dry powder inhaler technologies and can be formulated with a variety of drug substances. The Company is developing a pipeline of iSPERSE-based therapeutic candidates targeted at prevention and treatment of a range of respiratory diseases and infections with significant unmet medical needs. Liquidity At September 30, 2018, the Company had unrestricted cash and cash equivalents of $3,806, an accumulated deficit of $190,227 and working capital of $1,069. The Company will be required to raise additional capital by the end of 2018 to continue the development and commercialization of current product candidates and to continue to fund operations at the current cash expenditure levels. The Company cannot be certain that additional funding will be available on acceptable terms, or at all. To the extent that the Company raises additional funds by issuing equity securities, the Company’s stockholders may experience significant dilution. Any debt financing, if available, may involve restrictive covenants that impact the Company’s ability to conduct business. If unable to raise additional capital when required or on acceptable terms, the Company may have to (i) delay, scale back or discontinue the development and/or commercialization of one or more product candidates; (ii) seek collaborators for product candidates at an earlier stage than otherwise would be desirable and on terms that are less favorable than might otherwise be available; or (iii) relinquish or otherwise dispose of rights to technologies, product candidates or products that the Company would otherwise seek to develop or commercialize on unfavorable terms. During the nine months ended September 30, 2018, the Company issued 25,879,723 shares of common stock as the result of the sale of 24,647,061 shares of common stock pursuant to an underwritten public offering and the exercise of pre-funded At-the-Market The Company’s ability to continue as a going concern is dependent upon its ability to obtain additional equity or debt financing and, ultimately, to generate revenue. Those factors raise substantial doubt about the Company’s ability to continue as a going concern within one year from the date of filing these condensed consolidated financial statements. The Company’s condensed consolidated financial statements as of September 30, 2018 do not include any adjustments that might become necessary should the Company be unable to continue as a going concern. |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | 2. Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company have been prepared on a going concern basis in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial reporting and as required by Regulation S-X, 10-01. 10-K |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 3. Summary of Significant Accounting Policies In the three and nine months ended September 30, 2018, there were no changes to the Company’s significant accounting policies identified in the Company’s most recent annual financial statements for the fiscal year ended December 31, 2017, which are included in the Company’s annual report on Form 10-K Recently Issued Accounting Standards In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2018-13, 2018-13 ASU 2018-13 No. 2018-13 In June 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2018-07, Compensation — Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting 505-50, Non-Employees, In March 2018, the FASB issued ASU No. 2018-05, “Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118” 2018-05”) Tax Cuts and Jobs Act 2018-05 In February 2018, the FASB issued ASU No. 2018-02, “Income Statement — Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income” 2018-02”), 2018-02 In February 2016, the FASB issued authoritative guidance under ASU 2016-02, 2016-02 2016-02, 2016-02 right-of-use 2018-01, 2018-10, 2018-11, In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) 2014-09”). 2014-09 605-35, Revenue Recognition — Construction-Type and Production-Type Contracts 2014-09 2014-09 2014-09 2014-09 2014-09 2014-09 2014-09 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date 2014-09 2015-14 Use of Estimates In preparing consolidated financial statements in conformity with U.S. GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of expenses during the reporting period. Due to inherent uncertainty involved in making estimates, actual results may differ from these estimates. On an ongoing basis, the Company evaluates its estimates and assumptions. These estimates and assumptions include valuing equity securities in share-based payments, estimating fair value of equity instruments recorded as derivative liabilities, estimating the useful lives of depreciable and amortizable assets, valuation allowance against deferred tax assets, goodwill impairment, and estimating the fair value of long-lived assets to assess whether impairment charges may apply. Revenue Recognition The Company’s principal sources of revenue during the reporting period were reimbursement of clinical study costs. In all instances, revenue is recognized only when the price is fixed or determinable, persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, and collectability of the resulting receivable is reasonably assured. Goodwill Goodwill represents the difference between the consideration transferred and the fair value of the net assets acquired, and liabilities assumed under the acquisition method of accounting for push-down accounting. Goodwill is not amortized but is evaluated for impairment within the Company’s single reporting unit on an annual basis, during the fourth quarter, or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of the Company’s reporting unit below its carrying amount. When performing the impairment assessment, the accounting standard for testing goodwill for impairment permits a company to first assess the qualitative factors to determine whether the existence of events and circumstances indicates that it is more likely than not that the goodwill is impaired. If the Company believes, as a result of the qualitative assessment, that it is more likely than not that the fair value of goodwill is impaired, the Company must perform a quantitative impairment test. The Company completed a qualitative assessment and determined that there was no impairment of goodwill as of September 30, 2018. |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 9 Months Ended |
Sep. 30, 2018 | |
Text Block [Abstract] | |
Prepaid Expenses and Other Current Assets | 4. Prepaid Expenses and Other Current Assets Prepaid expenses consisted of the following: At September 30, 2018 At December 31, 2017 Prepaid Insurance $ 291 $ 204 Prepaid Clinical Trials 43 421 Prepaid Other 131 44 Deferred Clinical and Operating Costs 449 27 Total prepaid expenses and other current assets $ 914 $ 696 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Debt | 5. Debt Loan and Security Agreement and Warrant Agreement On June 11, 2015, Pulmatrix Operating entered into a Loan and Security Agreement (“LSA”) with Hercules Technology Growth Capital, Inc. (“Hercules”), for a term loan in a principal amount of $7,000 (“Term Loan”). The term loan was secured by substantially all of the Company’s assets, excluding intellectual property. Final payments were made in June 2018 and, as of June 30, 2018, the term loan was paid in full. The term loan bore interest at a floating annual rate equal to the greater of (i) 9.50% and (ii) the sum of (a) the prime rate as reported by The Wall Street Journal minus 3.25% plus (b) 8.50%. The Company was required to make interest payments in cash on the first business day of each month, beginning on July 1, 2015. Since August 1, 2016, the Company has been required to make monthly payments on the first business day of each month consisting of principal and interest based upon a 30-month During the term of the loan, the Company could have elected to prepay all, but not less than all, of the outstanding principal balance of the term loan, subject to a prepayment fee of 1% – 3%, depending on the date of repayment. Contingent on the occurrence of several events, including that the Company’s closing stock price exceed $11.73 per share for the seven days preceding a payment date, the Company could have elected to pay, in whole or in part, any regularly scheduled installment of principal up to an aggregate maximum amount of $1,000 by converting a portion of the principal into shares of the Company’s common stock at a price of $11.73 per share. Hercules may have elected to receive payments in the Company common stock by requiring the Company to affect a conversion option whereby Hercules could have elected to receive a principal installment payment in shares of the Company common stock based on a price of $11.73 per share, subject to an aggregate maximum principal amount of $1,000. The Company determined that the Company’s provisions allowing conversion of all or a portion of the LSA contained a beneficial conversion feature (“BCF”). The BCF is contingent upon the occurrence of certain events and as such, the Company will not record the BCF until the contingency is resolved. As the conversion feature was not executed during the life of the LSA, the BCF was not recorded. The credit facility included affirmative and negative covenants. The affirmative covenants include, among others, covenants requiring the Company to maintain its legal existence and governmental approvals deliver certain financial reports and maintain insurance coverage. The negative covenants included, among others, restrictions on transferring collateral, incurring additional indebtedness, engaging in mergers or acquisitions, paying dividends or making other distributions, making investments, creating liens, selling assets, and undergoing a change in control, in each case subject to certain exceptions. In general, the Term Loan prohibited the Company from (i) repurchasing or redeeming any class of capital stock, including common stock or (ii) declaring or paying any cash dividend or making cash distribution on any class of capital stock, including common stock. The LSA included provisions requiring the embedded interest rate reset upon an event of default and the put option upon an event of default or qualified change of control each represent an embedded derivative instrument requiring bifurcation from the loan. The embedded derivatives were bundled and valued as one compound derivative in accordance with the applicable accounting guidance for derivatives and hedging. The fair value of the compound derivative at issuance of $11 was recorded as a derivative liability and as a discount to the debt. The derivative liability is remeasured at fair value at each reporting date, with changes in fair value being recorded as other income (expense) in the statements of operations (Note 10). At September 30, 2018 and December 31, 2017, the fair value of the derivative liability was valued at $0 and $1, respectively. The net debt discounts resulting from the embedded compound derivative and lender fees have been amortized as interest expense from the date of issuance through the maturity date using the effective interest method. The Company incurred interest expense of $0 and $186 during the three and nine months ended September 30, 2018 and $153 and $512 during the three and nine months ended September 30, 2017, respectively. Of the total interest expense, $0 and $131 was payable in cash during the three and nine months ended September 30, 2018 and $112 and $377 was payable in cash during the three and nine months ended September 30, 2017, respectively. The carrying amounts of the Company’s Term Loan as of September 30, 2018 and December 31, 2017 were as follows: Hercules Debt Issuance Total Balance — January 1, 2018 $ 3,259 $ (35 ) $ (3 ) $ 3,221 Accretion of debt discount 35 35 Accretion of issuance costs 3 3 Principal payments (3,259 ) (3,259 ) Balance — September 30, 2018 $ 0 $ 0 $ 0 $ 0 |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 9 Months Ended |
Sep. 30, 2018 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | 6. Accrued Expenses and Other Current Liabilities Accrued expenses consisted of the following: At September 30, 2018 At December 31, 2017 Accrued vacation $ 71 $ 57 Accrued wages and incentive 1,229 1,113 Accrued clinical & consulting 812 568 Accrued legal & patent 93 61 Accrued end of term fee — 225 Deferred Rent 67 68 Accrued other expenses 12 70 Total accrued expenses $ 2,284 $ 2,162 |
Common Stock
Common Stock | 9 Months Ended |
Sep. 30, 2018 | |
Text Block [Abstract] | |
Common Stock | 7. Common Stock Public Offering On April 3, 2018, the Company closed its firm commitment underwritten public offering in which, pursuant to the underwriting agreement (the “Underwriting Agreement”) entered into between the Company and Oppenheimer & Co. Inc., as representative of the underwriters (the “Underwriters”), dated March 28, 2018, the Company issued and sold (i) 15,660,000 common units (“Common Units”), with each Common Unit being comprised of one share of the Company’s common stock, par value $0.0001 per share, one Series A warrant (collectively, the “Series A Warrants”) to purchase one share of common stock and one Series B warrant (collectively, the “Series B Warrants”) to purchase one share of common stock, and (ii) 7,840,000 pre-funded units (the “Pre-Funded Units” each Pre-Funded Unit one pre-funded warrant per Pre-Funded Unit, In addition, on April 4, 2018, the Company closed on the sale of 1,150,000 additional Common Units pursuant to the Underwriters’ option to purchase up to an additional 1,150,000 Units, which were exercised in full. After giving effect to the exercise of the Underwriters’ overallotment option, the gross aggregate proceeds from the offering on April 3 and 4 were $15,944, prior to deducting underwriting discounts and commissions and other estimated offering expenses. All of the pre-funded The Series A Warrants included in the Common Units and the Pre-Funded Units the Pre-Funded Units or Pre-Funded Warrants the Pre-Funded Units, the Pre-Funded Units The Company agreed to pay Oppenheimer a commission of (a) 7% of the gross proceeds raised up to $5,000 and (b) 6.5% of the gross proceeds raised in excess of $5,000. The Company also agreed to pay or reimburse certain expenses on behalf of Oppenheimer. A total of $1,505 of commissions and other issuance costs were associated with the public offering. The net proceeds to the Company from the Offering were approximately $14,517, after deducting the underwriting discounts and commissions and estimated offering expenses payable by the Company. The Company intends to use the net proceeds from the Offering for research and development of its therapeutic candidates, particularly the development of Pulmazole, as well as for working capital and general corporate purposes. At-the-Market On March 17, 2017, the Company entered into an At-The-Market at-the-market S-3, No. 333-212546), BTIG is entitled to compensation at a fixed commission rate of 3.0% of the gross proceeds from the sale of the Company’s common stock pursuant to the Sales Agreement. During the nine month period ended September 30, 2018, the Company sold 1,232,662 shares of its common stock under the Sales Agreement at an average selling price of approximately $1.54 per share which resulted in gross proceeds of approximately $1,904 and net proceeds of approximately $1,847 after payment of 3% commission to BTIG and other issuance costs. |
Warrants
Warrants | 9 Months Ended |
Sep. 30, 2018 | |
Federal Home Loan Banks [Abstract] | |
Warrants | 8. Warrants A rollforward of the common stock warrants outstanding at September 30, 2018 is as follows. Number of Weighted Weighted Aggregate Outstanding January 1, 2018 3,284,440 $ 7.79 $ — Series A warrants issued 24,650,000 $ 0.65 Series B warrants issued 24,650,000 $ 0.75 Pre-funded 7,840,000 $ 0.65 Pre-funded (7,840,000 ) $ (0.65 ) Outstanding September 30, 2018 52,584,440 $ 1.14 2.22 $ — |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | 9. Stock-Based Compensation The Company sponsors the Pulmatrix, Inc. 2013 Employee, Director and Consultant Equity Incentive Plan (the “2013 Plan). As of September 30, 2018, the 2013 Plan provides for the grant of up to 12,500,000 shares of common stock, of which 2,034,088 shares remained available for future grant. In addition, the Company has two legacy plans: The Pulmatrix Operating’s 2013 Employee, Director and Consultant Equity Incentive Plan (the “Original 2013 Plan”) and Pulmatrix Operating’s 2003 Employee, Director, and Consultant Stock Plan (the “2003 Plan”). As of September 30, 2018, a total of 490,790 shares of common stock may be delivered under options outstanding under the Original 2013 Plan and the 2003 Plan, however no additional awards may be granted under the Original 2013 Plan or the 2003 Plan. Options During the three months ended September 30, 2018, the Company granted 34,000 options to employees and no options to directors or consultants. At the date of grant, the fair value of the options awarded to employees was $11. During the nine months ended September 30, 2018 the Company granted 5,966,000 to employees and 775,000 to directors. At the date of the grant, the fair value of the options awarded to employees and directors was $1,895 and $248, respectively. The stock options granted vest over either 36 or 48 months (the “Time Based Options”). Subject to the grantees’ continuous service with the Company and as defined in the grant agreement, Time Based Options vest in one of the following ways: (i) 25% on the first anniversary of the option grant date and the remainder in 36 equal monthly installments beginning in the month after the vesting start date, (ii) 25% on the option grant date and the remainder in 36 equal monthly installments beginning in the month after the vesting start date or (iii) in 48 equal monthly installments beginning on the monthly anniversary of the vesting start date. Stock options generally expire ten years after the date of grant. The following table summarizes stock option activity for the nine months ended September 30, 2018: Number of Weighted- Weighted- Aggregate Outstanding — January 1, 2018 3,695,634 $ 5.69 $ — Granted 6,741,000 $ 0.47 Exercised — $ — Forfeited or expired (23,090 ) $ (2.28 ) Outstanding — September 30, 2018 10,413,544 $ 2.32 8.75 $ — Exercisable — September 30, 2018 4,502,002 $ 3.89 7.94 $ — Vested and expected to vest — September 30, 2018 10,247,905 $ 2.34 8.74 $ — The estimated fair values of employee stock options granted during the three and nine months ended September 30, 2018 and 2017, were determined on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions: Three Months Ended Nine Months Ended 2018 2017 2018 2017 Expected option life (years) 6.05 6.08 5.58 6.13 Risk-free interest rate 2.79 % 2.04 % 2.77 % 2.07 % Expected volatility 78.91 % 75.00 % 79.67 % 77.23 % Expected dividend yield 0 % 0 % 0 % 0 % The risk-free interest rate was obtained from U.S. Treasury rates for the applicable periods. The Company’s expected volatility was based upon the historical volatility for industry peers and used an average of those volatilities. The expected life of the Company’s options was determined using the simplified method as a result of limited historical data regarding the Company’s activity. The dividend yield considers that the Company has not historically paid dividends and does not expect to pay dividends in the foreseeable future. As of September 30, 2018, there was $4,218 of unrecognized stock-based compensation expense related to unvested stock options granted under the Company’s stock award plans. This expense is expected to be recognized over a weighted-average period of approximately 2.0 years. The following table presents total stock-based compensation expense for the three and nine months ended September 30, 2018 and 2017: Three Months Ended Nine Months Ended 2018 2017 2018 2017 Research and development $ 244 $ 184 $ 760 $ 514 General and administrative 416 556 $ 1,598 $ 1,563 Total stock based compensation expense $ 660 $ 740 $ 2,358 $ 2,077 Restricted Stock Units (RSU) In August 2015, the Company granted 10,374 RSUs to other employees that vested over a two year period. The Company recorded no stock-based compensation expense for the RSUs during the three and nine months ended September 30, 2018 and $0 and $13 for the RSUs during the three and nine months ended September 30, 2017, respectively. At September 30, 2018, no RSUs were outstanding. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 10. Fair Value Measurements Information about the liabilities measured at fair value on a recurring basis as of September 30, 2018 and December 31, 2017, and the input categories associated with those liabilities, is as follows: September 30, 2018 Fair Value Measurements Using Level 1 Level 2 Level 3 Total Liabilities: Embedded compound derivative $ — $ — $ — $ — December 31, 2017 Fair Value Measurements Using Level 1 Level 2 Level 3 Total Liabilities: Embedded compound derivative $ — $ — $ 1 $ 1 Embedded Compound Derivatives — LSA with Hercules As described in Note 5, the LSA contained an interest rate reset upon an event of default and a put option upon an event of default or qualified change of control. Each of these features represents an embedded derivative instrument requiring bifurcation from the Term Loan. The embedded derivatives were bundled and valued as one compound derivative in accordance with the applicable accounting guidance for derivatives and hedging. The proceeds from the issuance of the Term Loan were allocated first to the warrant and compound derivative at their respective fair values, with the residual going to the carrying amount of the loan resulting in a discount to the face value of the debt. The fair value of the compound derivative upon issuance of $11 was recognized as a derivative liability and was adjusted to fair value at each reporting date. The loan was repaid in its entirety according to its terms and as of September 30, 2018, the derivative liability had a fair value of zero. A roll-forward of the preferred stock warrant liability and derivative liability categorized with Level 3 inputs is as follows: Derivative Instruments Balance — January 1, 2018 $ 1 Change in fair value (1 ) Balance — September 30, 2018 $ — Gains and/or losses arising from changes in the estimated fair value of the warrants and embedded compound derivatives were recorded within other income, net, on the condensed consolidated statement of operations. |
Net Loss Per Share
Net Loss Per Share | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 11. Net Loss Per Share The Company computes basic and diluted net loss per share using a methodology that gives effect to the impact of outstanding participating securities (the “two-class two-class The following potentially dilutive securities outstanding prior to the use of the treasury stock method have been excluded from the computation of diluted weighted-average shares outstanding, as they would be anti-dilutive. As of September 30, 2018 2017 Options to purchase common stock 10,413,544 3,336,368 Warrants to purchase common stock 52,584,440 3,284,440 Settlement of term loan — 85,251 |
Commitments
Commitments | 9 Months Ended |
Sep. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | 12. Commitments Future minimum lease payments under the non-cancelable Amount 2018 $ 164 2019 676 2020 698 Total $ 1,538 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | 13. Subsequent Events The Series A warrants, issued on April 3 and 4, 2018 expired according to their terms, on October 3 and 4, 2018, respectively. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Recently Issued Accounting Standards | Recently Issued Accounting Standards In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2018-13, 2018-13 ASU 2018-13 No. 2018-13 In June 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2018-07, Compensation — Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting 505-50, Non-Employees, In March 2018, the FASB issued ASU No. 2018-05, “Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118” 2018-05”) Tax Cuts and Jobs Act 2018-05 In February 2018, the FASB issued ASU No. 2018-02, “Income Statement — Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income” 2018-02”), 2018-02 In February 2016, the FASB issued authoritative guidance under ASU 2016-02, 2016-02 2016-02, 2016-02 right-of-use 2018-01, 2018-10, 2018-11, In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) 2014-09”). 2014-09 605-35, Revenue Recognition — Construction-Type and Production-Type Contracts 2014-09 2014-09 2014-09 2014-09 2014-09 2014-09 2014-09 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date 2014-09 2015-14 |
Use of Estimates | Use of Estimates In preparing consolidated financial statements in conformity with U.S. GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of expenses during the reporting period. Due to inherent uncertainty involved in making estimates, actual results may differ from these estimates. On an ongoing basis, the Company evaluates its estimates and assumptions. These estimates and assumptions include valuing equity securities in share-based payments, estimating fair value of equity instruments recorded as derivative liabilities, estimating the useful lives of depreciable and amortizable assets, valuation allowance against deferred tax assets, goodwill impairment, and estimating the fair value of long-lived assets to assess whether impairment charges may apply. |
Revenue Recognition | Revenue Recognition The Company’s principal sources of revenue during the reporting period were reimbursement of clinical study costs. In all instances, revenue is recognized only when the price is fixed or determinable, persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, and collectability of the resulting receivable is reasonably assured. |
Goodwill | Goodwill Goodwill represents the difference between the consideration transferred and the fair value of the net assets acquired, and liabilities assumed under the acquisition method of accounting for push-down accounting. Goodwill is not amortized but is evaluated for impairment within the Company’s single reporting unit on an annual basis, during the fourth quarter, or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of the Company’s reporting unit below its carrying amount. When performing the impairment assessment, the accounting standard for testing goodwill for impairment permits a company to first assess the qualitative factors to determine whether the existence of events and circumstances indicates that it is more likely than not that the goodwill is impaired. If the Company believes, as a result of the qualitative assessment, that it is more likely than not that the fair value of goodwill is impaired, the Company must perform a quantitative impairment test. The Company completed a qualitative assessment and determined that there was no impairment of goodwill as of September 30, 2018. |
Prepaid Expenses and Other Cu_2
Prepaid Expenses and Other Current Assets (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Text Block [Abstract] | |
Schedule of Prepaid Expenses and Other Current Assets | Prepaid expenses consisted of the following: At September 30, 2018 At December 31, 2017 Prepaid Insurance $ 291 $ 204 Prepaid Clinical Trials 43 421 Prepaid Other 131 44 Deferred Clinical and Operating Costs 449 27 Total prepaid expenses and other current assets $ 914 $ 696 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Summary of Carrying Amount of Company's Notes | The carrying amounts of the Company’s Term Loan as of September 30, 2018 and December 31, 2017 were as follows: Hercules Debt Issuance Total Balance — January 1, 2018 $ 3,259 $ (35 ) $ (3 ) $ 3,221 Accretion of debt discount 35 35 Accretion of issuance costs 3 3 Principal payments (3,259 ) (3,259 ) Balance — September 30, 2018 $ 0 $ 0 $ 0 $ 0 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consisted of the following: At September 30, 2018 At December 31, 2017 Accrued vacation $ 71 $ 57 Accrued wages and incentive 1,229 1,113 Accrued clinical & consulting 812 568 Accrued legal & patent 93 61 Accrued end of term fee — 225 Deferred Rent 67 68 Accrued other expenses 12 70 Total accrued expenses $ 2,284 $ 2,162 |
Warrants (Tables)
Warrants (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Federal Home Loan Banks [Abstract] | |
Summary of Common Stock Warrants Outstanding | A rollforward of the common stock warrants outstanding at September 30, 2018 is as follows. Number of Weighted Weighted Aggregate Outstanding January 1, 2018 3,284,440 $ 7.79 $ — Series A warrants issued 24,650,000 $ 0.65 Series B warrants issued 24,650,000 $ 0.75 Pre-funded 7,840,000 $ 0.65 Pre-funded (7,840,000 ) $ (0.65 ) Outstanding September 30, 2018 52,584,440 $ 1.14 2.22 $ — |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Stock Option Activity | The following table summarizes stock option activity for the nine months ended September 30, 2018: Number of Weighted- Weighted- Aggregate Outstanding — January 1, 2018 3,695,634 $ 5.69 $ — Granted 6,741,000 $ 0.47 Exercised — $ — Forfeited or expired (23,090 ) $ (2.28 ) Outstanding — September 30, 2018 10,413,544 $ 2.32 8.75 $ — Exercisable — September 30, 2018 4,502,002 $ 3.89 7.94 $ — Vested and expected to vest — September 30, 2018 10,247,905 $ 2.34 8.74 $ — |
Calculation of Fair Value Assumptions Using Black Scholes Option Model | The estimated fair values of employee stock options granted during the three and nine months ended September 30, 2018 and 2017, were determined on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions: Three Months Ended Nine Months Ended 2018 2017 2018 2017 Expected option life (years) 6.05 6.08 5.58 6.13 Risk-free interest rate 2.79 % 2.04 % 2.77 % 2.07 % Expected volatility 78.91 % 75.00 % 79.67 % 77.23 % Expected dividend yield 0 % 0 % 0 % 0 % |
Stock-Based Compensation Expense | The following table presents total stock-based compensation expense for the three and nine months ended September 30, 2018 and 2017: Three Months Ended Nine Months Ended 2018 2017 2018 2017 Research and development $ 244 $ 184 $ 760 $ 514 General and administrative 416 556 $ 1,598 $ 1,563 Total stock based compensation expense $ 660 $ 740 $ 2,358 $ 2,077 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of Liabilities Measured at Fair Value on a Recurring Basis | Information about the liabilities measured at fair value on a recurring basis as of September 30, 2018 and December 31, 2017, and the input categories associated with those liabilities, is as follows: September 30, 2018 Fair Value Measurements Using Level 1 Level 2 Level 3 Total Liabilities: Embedded compound derivative $ — $ — $ — $ — December 31, 2017 Fair Value Measurements Using Level 1 Level 2 Level 3 Total Liabilities: Embedded compound derivative $ — $ — $ 1 $ 1 |
Schedule of Preferred Stock Warrant Liability and Derivative Liability Categorized with Level 3 | A roll-forward of the preferred stock warrant liability and derivative liability categorized with Level 3 inputs is as follows: Derivative Instruments Balance — January 1, 2018 $ 1 Change in fair value (1 ) Balance — September 30, 2018 $ — |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Diluted Weighted-Average Shares Outstanding Anti-Dilutive | The following potentially dilutive securities outstanding prior to the use of the treasury stock method have been excluded from the computation of diluted weighted-average shares outstanding, as they would be anti-dilutive. As of September 30, 2018 2017 Options to purchase common stock 10,413,544 3,336,368 Warrants to purchase common stock 52,584,440 3,284,440 Settlement of term loan — 85,251 |
Commitments (Tables)
Commitments (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Lease Payments under the Non-Cancelable Operating Lease for Office and Lab Space | Future minimum lease payments under the non-cancelable Amount 2018 $ 164 2019 676 2020 698 Total $ 1,538 |
Organization - Additional Infor
Organization - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Dec. 31, 2017 | |
Organization And Basis Of Presentation [Line Items] | ||
Accumulated deficit | $ (190,227) | $ (174,002) |
Unrestricted cash and cash equivalents | 3,806 | $ 3,550 |
Working capital deficit | 1,069 | |
BTIG LLC [Member] | ||
Organization And Basis Of Presentation [Line Items] | ||
Proceeds from sale of common stock | $ 16,364 | |
BTIG LLC [Member] | Underwritten Public Offering [Member] | Prefunded Warrants [Member] | ||
Organization And Basis Of Presentation [Line Items] | ||
Sale of stock, number of shares sold in transaction | 24,647,061 | |
Common stock shares issued | 25,879,723 | |
BTIG LLC [Member] | At the Market Offering [Member] | ||
Organization And Basis Of Presentation [Line Items] | ||
Sale of stock, number of shares sold in transaction | 1,232,662 | |
Proceeds from sale of common stock | $ 1,847 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Impairment of goodwill | $ 0 |
Prepaid Expenses and Other Cu_3
Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Prepaid Expense and Other Assets, Current [Abstract] | ||
Prepaid Insurance | $ 291 | $ 204 |
Prepaid Clinical Trials | 43 | 421 |
Prepaid Other | 131 | 44 |
Deferred Clinical and Operating Costs | 449 | 27 |
Total prepaid expenses and other current assets | $ 914 | $ 696 |
Debt - Loan and Security Agreem
Debt - Loan and Security Agreement and Warrant Agreement - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($)d$ / shares | Sep. 30, 2017USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2015USD ($) | Jun. 11, 2015USD ($) | |
Debt Instrument [Line Items] | |||||||
Fair value of warrant derivative liabilities at issuance, recorded as debt discount | $ 0 | $ 1,000 | $ 11,000 | ||||
Hercules Loan and Security Agreement [Member] | Term Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Term loan principal amount | $ 7,000,000 | ||||||
Debt instrument basis spread | 8.50% | ||||||
Basis of debt instrument interest rate | The prime rate as reported by The Wall Street Journal minus 3.25% plus (b) 8.50%. | ||||||
Debt instrument payment terms | The Company has been required to make monthly payments on the first business day of each month consisting of principal and interest based upon a 30-month amortization schedule | ||||||
Debt instrument periodic payment frequency | 30-month amortization schedule | ||||||
Repayment charges | $ 245,000 | ||||||
Debt prepayment penalty | 0 | ||||||
Liabilites to Hercules | $ 0 | $ 0 | |||||
Percentage of prepayment fee | 1.00% | 1.00% | |||||
Percentage of prepayment fee | 3.00% | 3.00% | |||||
Maximum principal amount available for conversion into common shares | $ 1,000,000 | $ 1,000,000 | |||||
Debt instrument, convertible, stock price trigger | $ / shares | $ 11.73 | ||||||
Debt instrument, convertible, threshold trading days | d | 7 | ||||||
Interest expense | 0 | $ 153,000 | $ 186,000 | $ 512,000 | |||
Interest expense payable in cash | $ 0 | $ 112,000 | $ 131,000 | $ 377,000 | |||
Hercules Loan and Security Agreement [Member] | Term Loan [Member] | Minimum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Floating annual rate | 9.50% | 9.50% | |||||
Hercules Loan and Security Agreement [Member] | Term Loan [Member] | Prime Rate [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument basis spread | 3.25% |
Debt - Summary of Carrying Amou
Debt - Summary of Carrying Amount of Company's Notes (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Short And Long Term Debt [Line Items] | |
Beginning balance | $ (35) |
Accretion of debt discount | 35 |
Accretion of issuance costs, debt discount | 0 |
Ending balance | 0 |
Beginning balance | (3) |
Accretion of issuance costs, issuance costs | 3 |
Ending balance | 0 |
Beginning balance | 3,221 |
Accretion of debt discount | 35 |
Accretion of issuance costs | 3 |
Principal payments | (3,259) |
Ending balance | 0 |
Hercules Term Loan [Member] | |
Short And Long Term Debt [Line Items] | |
Beginning balance | 3,259 |
Accretion of issuance costs | 0 |
Principal payments | (3,259) |
Ending balance | $ 0 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Payables and Accruals [Abstract] | ||
Accrued vacation | $ 71 | $ 57 |
Accrued wages and incentive | 1,229 | 1,113 |
Accrued clinical & consulting | 812 | 568 |
Accrued legal & patent | 93 | 61 |
Accrued end of term fee | 225 | |
Deferred Rent | 67 | 68 |
Accrued other expenses | 12 | 70 |
Total accrued expenses | $ 2,284 | $ 2,162 |
Common Stock - Additional Infor
Common Stock - Additional Information (Detail) - USD ($) | Apr. 04, 2018 | Apr. 03, 2018 | Apr. 30, 2018 | Sep. 30, 2018 | Dec. 31, 2017 | Mar. 17, 2017 |
Temporary Equity [Line Items] | ||||||
Common stock, par value | $ 0.0001 | $ 0.0001 | ||||
Common Units [Member] | ||||||
Temporary Equity [Line Items] | ||||||
Proceeds from sale of common stock | $ 15,944,000 | |||||
Underwriting Agreement [Member] | ||||||
Temporary Equity [Line Items] | ||||||
Payment of commissions and other issuance costs | $ 1,505,000 | |||||
Proceeds from sale of common stock | $ 14,517,000 | |||||
Underwriting Agreement [Member] | Series A Warrants [Member] | ||||||
Temporary Equity [Line Items] | ||||||
Warrants exercisable price | $ 0.65 | |||||
Underwriting Agreement [Member] | Series B Warrants [Member] | ||||||
Temporary Equity [Line Items] | ||||||
Warrants exercisable price | $ 0.75 | |||||
Warrants expiration period | 5 years | |||||
Underwriting Agreement [Member] | Common Units [Member] | Series A Warrants [Member] | ||||||
Temporary Equity [Line Items] | ||||||
Warrants expired date | Oct. 3, 2018 | |||||
Underwriting Agreement [Member] | Pre-funded Units [Member] | Series A Warrants [Member] | ||||||
Temporary Equity [Line Items] | ||||||
Warrants expired date | Oct. 4, 2018 | |||||
Underwriting Agreement [Member] | Common Units [Member] | ||||||
Temporary Equity [Line Items] | ||||||
Number of shares issued and sold | 15,660,000 | |||||
Average selling price of common stock | $ 0.65 | |||||
Proceeds from sale of common stock | $ 15,197,000 | |||||
Underwriting Agreement [Member] | Common Units [Member] | Series A Warrants [Member] | ||||||
Temporary Equity [Line Items] | ||||||
Number of shares | 1 | |||||
Underwriting Agreement [Member] | Common Units [Member] | Series B Warrants [Member] | ||||||
Temporary Equity [Line Items] | ||||||
Number of shares | 1 | |||||
Underwriting Agreement [Member] | Common Units [Member] | Common Stock [Member] | ||||||
Temporary Equity [Line Items] | ||||||
Number of shares | 1 | |||||
Common stock, par value | $ 0.0001 | |||||
Underwriting Agreement [Member] | Common Units [Member] | Common Stock [Member] | Series A Warrants [Member] | ||||||
Temporary Equity [Line Items] | ||||||
Number of shares called by each warrant | 1 | |||||
Underwriting Agreement [Member] | Common Units [Member] | Common Stock [Member] | Series B Warrants [Member] | ||||||
Temporary Equity [Line Items] | ||||||
Number of shares called by each warrant | 1 | |||||
Underwriting Agreement [Member] | Pre-funded Units [Member] | ||||||
Temporary Equity [Line Items] | ||||||
Number of shares issued and sold | 7,840,000 | |||||
Average selling price of common stock | $ 0.64 | |||||
Underwriting Agreement [Member] | Pre-funded Units [Member] | Series A Warrants [Member] | ||||||
Temporary Equity [Line Items] | ||||||
Number of shares | 1 | |||||
Underwriting Agreement [Member] | Pre-funded Units [Member] | Series B Warrants [Member] | ||||||
Temporary Equity [Line Items] | ||||||
Number of shares | 1 | |||||
Underwriting Agreement [Member] | Pre-funded Units [Member] | Common Stock [Member] | Series A Warrants [Member] | ||||||
Temporary Equity [Line Items] | ||||||
Number of shares called by each warrant | 1 | |||||
Underwriting Agreement [Member] | Pre-funded Units [Member] | Common Stock [Member] | Series B Warrants [Member] | ||||||
Temporary Equity [Line Items] | ||||||
Number of shares called by each warrant | 1 | |||||
Underwriting Agreement [Member] | Prefunded Warrants [Member] | ||||||
Temporary Equity [Line Items] | ||||||
Number of warrants exercised | 150,000 | |||||
Issuance of common stock shares | 7,837,061 | |||||
Gross proceeds from sale of shares | $ 78,000 | |||||
Gross Proceeds up to Five Thousand [Member] | Underwriting Agreement [Member] | ||||||
Temporary Equity [Line Items] | ||||||
Commission rate on sale of stock | 7.00% | |||||
Gross Proceeds in excess of Five Thousand [Member] | Underwriting Agreement [Member] | ||||||
Temporary Equity [Line Items] | ||||||
Commission rate on sale of stock | 6.50% | |||||
Maximum [Member] | Underwriting Agreement [Member] | ||||||
Temporary Equity [Line Items] | ||||||
Gross proceeds from sale of shares | $ 5,000,000 | |||||
Minimum [Member] | Underwriting Agreement [Member] | ||||||
Temporary Equity [Line Items] | ||||||
Gross proceeds from sale of shares | 5,000,000 | |||||
BTIG LLC [Member] | ||||||
Temporary Equity [Line Items] | ||||||
Proceeds from sale of common stock | $ 16,364,000 | |||||
At the Market Offering [Member] | BTIG LLC [Member] | ||||||
Temporary Equity [Line Items] | ||||||
Average selling price of common stock | $ 1.54 | |||||
Gross proceeds from sale of shares | $ 1,904,000 | |||||
Proceeds from sale of common stock | $ 1,847,000 | |||||
Fixed commission rate entitled to placement agent | 3.00% | |||||
Sale of stock, number of shares sold in transaction | 1,232,662 | |||||
At the Market Offering [Member] | BTIG LLC [Member] | Maximum [Member] | ||||||
Temporary Equity [Line Items] | ||||||
Aggregate offering on sale of common stock | $ 11,000,000 | |||||
Over-Allotment Option [Member] | Common Units [Member] | ||||||
Temporary Equity [Line Items] | ||||||
Number of shares issued and sold | 1,150,000 |
Warrants - Summary of Common St
Warrants - Summary of Common Stock Warrants Outstanding (Detail) - Warrant [Member] | 9 Months Ended |
Sep. 30, 2018USD ($)$ / sharesshares | |
Class of Warrant or Right [Line Items] | |
Number of warrants, Outstanding, Beginning balance | shares | 3,284,440 |
Number of warrants, Outstanding, Ending balance | shares | 52,584,440 |
Weighted average exercise price, Beginning balance | $ / shares | $ 7.79 |
Weighted average exercise price, Ending balance | $ / shares | $ 1.14 |
Weighted average remaining contractual term, Ending balance | 2 years 2 months 19 days |
Aggregate intrinsic value, Beginning balance | $ | $ 0 |
Aggregate intrinsic value, Ending balance | $ | $ 0 |
Series A Warrants [Member] | |
Class of Warrant or Right [Line Items] | |
Number of warrants, issued | shares | 24,650,000 |
Weighted average exercise price, Warrants issued | $ / shares | $ 0.65 |
Aggregate intrinsic value, Warrants issued | $ | $ 0 |
Series B Warrants [Member] | |
Class of Warrant or Right [Line Items] | |
Number of warrants, issued | shares | 24,650,000 |
Weighted average exercise price, Warrants issued | $ / shares | $ 0.75 |
Aggregate intrinsic value, Warrants issued | $ | $ 0 |
Pre Funded Warrants1 [Member] | |
Class of Warrant or Right [Line Items] | |
Number of warrants, issued | shares | 7,840,000 |
Weighted average exercise price, Warrants issued | $ / shares | $ 0.65 |
Aggregate intrinsic value, Warrants issued | $ | $ 0 |
Pre Funded Warrants2 [Member] | |
Class of Warrant or Right [Line Items] | |
Number of warrants, exercised | shares | (7,840,000) |
Weighted average exercise price, Warrants exercised | $ / shares | $ (0.65) |
Aggregate intrinsic value, Warrants exercised | $ | $ 0 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Aug. 31, 2015shares | Sep. 30, 2018USD ($)shares | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($)Installmentshares | Sep. 30, 2017USD ($) | Dec. 31, 2017shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares outstanding | 10,413,544 | 10,413,544 | 3,695,634 | |||
Number of options to purchase common stock, Granted | 6,741,000 | |||||
Unrecognized stock-based compensation expenses | $ | $ 4,218,000 | $ 4,218,000 | ||||
Unrecognized stock-based compensation expense, period for recognition | 2 years | |||||
Employee Stock Option [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award expiration period | 10 years | |||||
Employee Stock Option [Member] | Time Based Options Vesting 48 Month [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting period | 48 months | |||||
Award vesting percentage | 25.00% | |||||
Number of equal vesting installments | Installment | 36 | |||||
Award vesting term | 25% on the option grant date and the remainder in 36 equal monthly installments beginning in the month after the vesting start date | |||||
Employee Stock Option [Member] | Employees [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of options to purchase common stock, Granted | 34,000 | 5,966,000 | ||||
Aggregate weighted average amount of fair value of options | $ | $ 11,000 | $ 1,895,000 | ||||
Employee Stock Option [Member] | Director [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of options to purchase common stock, Granted | 0 | 775,000 | ||||
Aggregate weighted average amount of fair value of options | $ | $ 248,000 | |||||
Award expiration period | 10 years | |||||
Employee Stock Option [Member] | Director [Member] | Time Based Options Vesting 24 Month [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting period | 36 months | |||||
Employee Stock Option [Member] | Director [Member] | Time Based Options vesting Three [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting period | 48 months | |||||
Employee Stock Option [Member] | Consultants [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of options to purchase common stock, Granted | 0 | |||||
Restricted Stock Units [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of units, outstanding | 0 | 0 | ||||
Restricted Stock Units [Member] | Other Employees [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting period | 2 years | |||||
Restricted stock units, granted | 10,374 | |||||
Stock-based compensation | $ | $ 0 | $ 0 | $ 0 | $ 13,000 | ||
2013 Employee, Director and Consultant Equity Incentive Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Aggregate shares of Common Stock that may be delivered under options outstanding | 12,500,000 | 12,500,000 | ||||
Shares available for future grant | 2,034,088 | 2,034,088 | ||||
Legacy Share Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Aggregate shares of Common Stock that may be delivered under options outstanding | 0 | 0 | ||||
Shares outstanding | 490,790 | 490,790 | ||||
Number of legacy stock-based compensation plans | 2 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended |
Sep. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Number of options, Outstanding beginning balance | 3,695,634 |
Number of options, Granted | 6,741,000 |
Number of options, Exercised | 0 |
Number of options, Forfeited or expired | (23,090) |
Number of options, Outstanding ending balance | 10,413,544 |
Number of options, Exercisable | 4,502,002 |
Number of options, Vested and expected to vest | 10,247,905 |
Weighted average exercise price, Outstanding beginning balance | $ 5.69 |
Weighted average exercise price, Granted | 0.47 |
Weighted average exercise price, Exercised | 0 |
Weighted average exercise price, Forfeited or expired | (2.28) |
Weighted average exercise price, Outstanding ending balance | 2.32 |
Weighted average exercise price, Exercisable | 3.89 |
Weighted average exercise price, Vested and expected to vest | $ 2.34 |
Weighted average remaining contractual term, Outstanding ending balance | 8 years 9 months |
Weighted average remaining contractual term, Exercisable | 7 years 11 months 8 days |
Weighted average remaining contractual term, Vested and expected to vest | 8 years 8 months 26 days |
Aggregate intrinsic value, Outstanding | $ 0 |
Aggregate intrinsic value, Exercised | $ 0 |
Aggregate intrinsic value, Forfeited or expired | $ 0 |
Aggregate intrinsic value, Outstanding | $ 0 |
Aggregate intrinsic value, Exercisable | 0 |
Aggregate intrinsic value, Vested and expected to vest | $ 0 |
Stock-Based Compensation - Esti
Stock-Based Compensation - Estimated Fair Values of Employee Stock Options Granted (Detail) - Employee Stock Option [Member] | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected option life (years) | 6 years 18 days | 6 years 29 days | 5 years 6 months 29 days | 6 years 1 month 17 days |
Risk-free interest rate | 2.79% | 2.04% | 2.77% | 2.07% |
Expected volatility | 78.91% | 75.00% | 79.67% | 77.23% |
Expected dividend yield | 0.00% | 0.00% | 0.00% | 0.00% |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock based compensation expense | $ 660 | $ 740 | $ 2,358 | $ 2,077 |
Research and Development [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock based compensation expense | 244 | 184 | 760 | 514 |
General and Administrative [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock based compensation expense | $ 416 | $ 556 | $ 1,598 | $ 1,563 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Liabilities Measured at Fair Value on a Recurring Basis (Detail) - Fair Value, Measurements, Recurring [Member] - Preferred Stock Warrants [Member] $ in Thousands | Dec. 31, 2017USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Liabilities, Derivative liability | $ 1 |
Level 3 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Liabilities, Derivative liability | $ 1 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - Fair Value, Measurements, Recurring [Member] - Level 3 [Member] - Embedded Compound Derivative [Member] $ in Thousands | Sep. 30, 2018USD ($) |
Fair Value Assets Liabilities Quantitative Information [Line Items] | |
Derivative liability | $ 11 |
Fair value of derivative liability | $ 0 |
Fair Value Measurements - Sch_2
Fair Value Measurements - Schedule of Preferred Stock Warrant Liability and Derivative Liability Categorized with Level 3 (Detail) - Derivative Instruments [Member] $ in Thousands | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Beginning balance | $ 1 |
Change in fair value | $ (1) |
Net Loss Per Share - Schedule o
Net Loss Per Share - Schedule of Computation of Diluted Weighted-Average Shares Outstanding Anti-Dilutive (Detail) - shares | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Term Loan [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potential dilutive securities excluded from computation of diluted net loss per common share | 85,251 | |
Warrants To Purchase Common Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potential dilutive securities excluded from computation of diluted net loss per common share | 52,584,440 | 3,284,440 |
Options to Purchase Common Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potential dilutive securities excluded from computation of diluted net loss per common share | 10,413,544 | 3,336,368 |
Commitments - Schedule of Futur
Commitments - Schedule of Future Minimum Lease Payments under the Non-Cancelable Operating Lease for Office and Lab Space (Detail) $ in Thousands | Sep. 30, 2018USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,018 | $ 164 |
2,019 | 676 |
2,020 | 698 |
Total | $ 1,538 |