Pulmatrix (PULM) 10-Q 1 Nov 19 2019 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2019	Oct. 30, 2019
Cover [Abstract]
Document Type	10-Q
Entity Interactive Data Current	Yes
Amendment Flag	false
Document Period End Date	Sep. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Entity Registrant Name	Pulmatrix, Inc.
Entity Central Index Key	0001574235
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Filer Category	Non-accelerated Filer
Trading Symbol	PULM
Security Exchange Name	NASDAQ
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Title of 12(b) Security	Common Stock
Entity Address, State or Province	MA
Entity Common Stock, Shares Outstanding		19,994,560

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 27,879	$ 2,563
Prepaid expenses and other current assets	960	717
Total current assets	28,839	3,280
Property and equipment, net	305	394
Long-term restricted cash	204	204
Goodwill	3,577	10,845
Total assets	32,925	14,723
Current liabilities:
Accounts payable	1,159	1,183
Accrued expenses	1,265	1,696
Deferred revenue	9,304	0
Total current liabilities	11,728	2,879
Deferred revenue, net of current portion	6,471	0
Total liabilities	18,199	2,879
Commitments (Note 12)
Stockholders' equity:
Preferred stock, $0.0001 par value—500,000 authorized and 0 issued and outstanding at September 30, 2019 and December 31, 2018
Common stock, $0.0001 par value—200,000,000 shares authorized; 19,994,560, and 4,932,723 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively.	2
Additional paid-in capital	225,844	206,409
Accumulated deficit	(211,120)	(194,565)
Total stockholders' equity	14,726	11,844
Total liabilities and stockholders' equity	$ 32,925	$ 14,723

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2019	Dec. 31, 2018
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	19,994,560	4,932,723
Common stock, shares outstanding	19,994,560	4,932,723

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Income Statement [Abstract]
Revenues	$ 1,406		$ 6,225	$ 153
Operating expenses
Research and development	3,297	$ 3,056	8,637	10,290
General and administrative	1,785	1,769	6,900	5,930
Impairment of goodwill			7,268
Total operating expenses	5,082	4,825	22,805	16,220
Loss from operations	(3,676)	(4,825)	(16,580)	(16,067)
Interest income	121	8	227	23
Interest expense				(186)
Settlement expense			(200)
Other income/(expense), net		1	(2)	5
Net loss	$ (3,555)	$ (4,816)	$ (16,555)	$ (16,225)
Net loss per share, basic and diluted	$ (0.18)	$ (1.03)	$ (1.07)	$ (4.23)
Weighted average shares of common stock used to compute basic and diluted net loss per share	20,294,560	4,692,723	15,533,983	3,839,385

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated deficit [Member]
Beginning balance at Dec. 31, 2017	$ 10,137		$ 184,139	$ (174,002)
Beginning balance, shares at Dec. 31, 2017		2,104,750
Issuance of common stock, net of issuance costs	1,847		1,847
Issuance of common stock, net of issuance costs, shares		123,266
Stock-based compensation	765		765
Net loss	(5,221)			(5,221)
Ending balance at Mar. 31, 2018	7,528		186,751	(179,223)
Ending balance, shares at Mar. 31, 2018		2,228,016
Beginning balance at Dec. 31, 2017	10,137		184,139	(174,002)
Beginning balance, shares at Dec. 31, 2017		2,104,750
Net loss	(16,225)
Ending balance at Sep. 30, 2018	12,634		202,861	(190,227)
Ending balance, shares at Sep. 30, 2018		4,692,723
Beginning balance at Mar. 31, 2018	7,528		186,751	(179,223)
Beginning balance, shares at Mar. 31, 2018		2,228,016
Issuance of common stock, net of issuance costs	14,449		14,447
Issuance of common stock, net of issuance costs, shares		1,681,000
Exercise of pre-funded warrants	76		78
Exercise of pre-funded warrants, shares		783,707
Stock-based compensation	933		933
Net loss	(6,188)			(6,188)
Ending balance at Jun. 30, 2018	16,798		202,209	(185,411)
Ending balance, shares at Jun. 30, 2018		4,692,723
Shares issuance costs	(8)		(8)
Stock-based compensation	660		660
Net loss	(4,816)			(4,816)
Ending balance at Sep. 30, 2018	12,634		202,861	(190,227)
Ending balance, shares at Sep. 30, 2018		4,692,723
Beginning balance at Dec. 31, 2018	11,844		206,409	(194,565)
Beginning balance, shares at Dec. 31, 2018		4,932,723
Adjustment for reverse stock split, shares		2,717
Issuance of common stock, net of issuance costs	2,979	$ 1	2,978
Issuance of common stock, net of issuance costs, shares		2,394,955
Exercise of pre-funded warrants	70		70
Exercise of pre-funded warrants, shares		697,500
Stock-based compensation	459		459
Net loss	(5,156)			(5,156)
Ending balance at Mar. 31, 2019	10,196	$ 1	209,916	(199,721)
Ending balance, shares at Mar. 31, 2019		8,027,895
Beginning balance at Dec. 31, 2018	11,844		206,409	(194,565)
Beginning balance, shares at Dec. 31, 2018		4,932,723
Net loss	(16,555)
Ending balance at Sep. 30, 2019	14,726	$ 2	225,844	(211,120)
Ending balance, shares at Sep. 30, 2019		19,994,560
Beginning balance at Mar. 31, 2019	10,196	$ 1	209,916	(199,721)
Beginning balance, shares at Mar. 31, 2019		8,027,895
Issuance of common stock, net of issuance costs	14,566		14,566
Issuance of common stock, net of issuance costs, shares		3,319,553
Exercise of pre-funded warrants	83	$ 1	82
Exercise of pre-funded warrants, shares		8,277,112
Stock-based compensation	1,091		1,091
Net loss	(7,844)			(7,844)
Ending balance at Jun. 30, 2019	$ 18,092	$ 2	225,655	(207,565)
Ending balance, shares at Jun. 30, 2019		19,624,560
Issuance of common stock, net of issuance costs, shares	370,000
Exercise of pre-funded warrants	$ 4		4
Exercise of pre-funded warrants, shares		370,000
Stock-based compensation	185		185
Net loss	(3,555)			(3,555)
Ending balance at Sep. 30, 2019	$ 14,726	$ 2	$ 225,844	$ (211,120)
Ending balance, shares at Sep. 30, 2019		19,994,560

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash flows from operating activities:
Net loss	$ (16,555)	$ (16,225)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	139	175
Stock-based compensation	1,735	2,358
Impairment of goodwill	7,268
Deferred rent	(17)
Non-cash interest expense		55
Non-cash debt issuance expense		3
Gain on disposal of property and equipment	(1)
Fair value adjustment on derivative liability		(1)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(243)	(218)
Accounts payable	(24)	910
Accrued expenses	(414)	347
Deferred revenue	15,775
Net cash provided by (used in) operating activities	7,663	(12,596)
Cash flows from investing activities:
Purchases of property and equipment	(49)	(8)
Net cash used in investing activities	(49)	(8)
Cash flows from financing activities:
Proceeds from issuance of common stock, net of issuance costs	17,545	16,286
Proceeds from the exercise of pre-funded warrants	157	78
Term loan principal payments		(3,259)
End of term payments		(245)
Net cash provided by financing activities	17,702	12,860
Net increase in cash and cash equivalents	25,316	256
Cash, cash equivalents and restricted cash — beginning of period	2,767	3,754
Cash, cash equivalents and restricted cash — end of period	$ 28,083	$ 4,010

Organization

Organization	9 Months Ended
	Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	1. Organization Pulmatrix, Inc. (the “Company”) was incorporated in 2013 as a Nevada corporation and converted to a Delaware corporation in September 2013. On June 15, 2015, the Company completed a merger with Pulmatrix Operating Company, Inc. changed its name from Ruthigen, Inc. to “Pulmatrix, Inc.” and relocated its corporate headquarters to Lexington, Massachusetts. 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 ™ On February 5, 2019, the Company effectuated a 1-for-10 reverse

Summary of Significant Accounti

Summary of Significant Accounting Policies and Recent Accounting Standards	9 Months Ended
	Sep. 30, 2019
Accounting Policies [Abstract]
Summary of Significant Accounting Policies and Recent Accounting Standards	2. Summary of Significant Accounting Policies and Recent Accounting Standards 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 of America (“GAAP”) for interim financial reporting and as required by Regulation S-X, 10-01. 10-K Use of Estimates In preparing consolidated financial statements in conformity with 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 the useful lives of depreciable and amortizable assets, valuation allowance against deferred tax assets, recognition of research and development and license revenues, goodwill impairment, and estimating the fair value of long-lived assets to assess whether impairment charges may apply. Revenue Recognition Effective January 1, 2019, the Company adopted ASC (“Accounting Standards Codification”) 606, Revenue From Contracts With Customers Revenue Recognition This standard applies to all contracts with customers, except for contracts that are within the scope of other standards, such as leases, insurance, collaboration arrangements and financial instruments. Under ASC 606, an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, the entity performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract and determines those that are performance obligations and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. The Company enters into licensing agreements that are within the scope of ASC 606, under which it may exclusively license rights to research, develop, manufacture and commercialize its product candidates to third parties. The terms of these arrangements typically include payment to the Company of one or more of the following: non-refundable, Amounts received prior to revenue recognition are recorded as deferred revenue. Amounts expected to be recognized as revenue within the 12 months following the balance sheet date are classified as current portion of deferred revenue in the accompanying consolidated balance sheets. Amounts not expected to be recognized as revenue within the 12 months following the balance sheet date are classified as deferred revenue, net of current portion. Exclusive Licenses. non-refundable, Research and Development Services. co-development Customer Options. As of September 30, 2019, the Company does not have any active arrangements that contain customer options. Milestone Payments. catch-up As of September 30, 2019, the Company does not have any active arrangements that contain research or development milestones. Royalties. For a complete discussion of accounting for collaboration revenues, see Note 6, “Collaborations.” Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents consist of cash, checking accounts and money market accounts. Restricted cash consists of cash deposited with a financial institution for $204. The following table provides a reconciliation of cash, cash equivalents and restricted cash as reported in the condensed consolidated balance sheets that sum to the total of the same amounts in the statement of cash flows. Nine months Ended 2019 2018 Cash and cash equivalents $ 27,879 $ 3,806 Restricted Cash 204 204 Total cash, cash equivalents and restricted cash in the statement of cash flows $ 28,083 $ 4,010 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 then must perform a quantitative analysis to determine if the carrying value of the reporting entity exceeds its fair value. During the nine months ended September 30, 2019, the Company’s common stock value declined, accordingly, the Company determined that its carrying value is in excess of its fair value and as such, recorded an impairment charge of $7,268 and revalued goodwill to $3,577. During the three months ended September 30, 2019, no additional impairment charge was recorded. Significant Accounting Policies Except for the change in revenue recognition policy as disclosed above, during the nine months ended Form 10-K. Recent Accounting Standards In November 2018, the FASB issued ASU No. 2018-18, Clarifying the Interaction between Topic 808 and Topic 2018-18 In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement 2018-13 ASU 2018-13 No. 2018-13 In June 2018, the FASB issued ASU No. 2018-07, Compensation — Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting 505-50, Non-Employees, 2018-07 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 2018-02 In July 2017, FASB issued ASU No. 2017-11, 2017-11 470-20, re-characterize 2017-11 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, 2016-02 2018-11,

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	9 Months Ended
	Sep. 30, 2019
Text Block [Abstract]
Prepaid Expenses and Other Current Assets	3. Prepaid Expenses and Other Current Assets Prepaid expenses consisted of the following: At September At December 31, 2018 Prepaid Insurance $ 301 $ 243 Prepaid Clinical Trials 394 419 Prepaid Other 158 27 Deferred Operating Costs 107 28 Total prepaid expenses and other current assets $ 960 $ 717

Property and Equipment, net

Property and Equipment, net	9 Months Ended
	Sep. 30, 2019
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	4. Property and Equipment, net Property and equipment consisted of the following: At September At December 31, 2018 Laboratory equipment $ 1,538 $ 1,529 Computer equipment 216 185 Office furniture and equipment 217 217 Leasehold improvements 581 579 Total property and equipment 2,552 2,510 Less accumulated depreciation and amortization (2,247 ) (2,116 ) Property and equipment, net $ 305 $ 394 Depreciation and amortization expense for the three months and nine months ended September 30, 2019, was $44 and $139, respectively. Depreciation and amortization expense for the three months and nine months ended September 30, 2018, was $57 and $175, respectively.

Accrued Expenses

Accrued Expenses	9 Months Ended
	Sep. 30, 2019
Payables and Accruals [Abstract]
Accrued Expenses	5. Accrued Expenses Accrued expenses consisted of the following: At September At December 31, 2018 Accrued vacation $ 58 $ 59 Accrued wages and incentive 582 915 Accrued clinical & consulting 450 517 Accrued legal & patent 70 67 Deferred rent 50 67 Accrued other expenses 55 71 Total accrued expenses $ 1,265 $ 1,696

Collaborations

Collaborations	9 Months Ended
	Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Collaborations	6. Collaborations On April 15, 2019 (“Effective Date”), the Company entered into a Development and Commercialization Agreement (the “Cipla Agreement”) with Cipla Technologies, LLC. for the worldwide development and commercialization of Pulmazole (the “Product”), an inhaled formulation of the anti-fungal drug itraconazole, developed using iSPERSE technology designed to treat allergic bronchopulmonary aspergillosis (“ABPA”) in patients with asthma. Pursuant to the Cipla Agreement, the Company is responsible for the development of the Product in accordance with the development plan, which includes completion of the Phase 2 ABPA study, as well as any additional Phase 2/2b and/or Phase 3 clinical studies that may be required for regulatory approval. In addition, the Company will be responsible for submission of investigational new drug (“IND”) applications, annual reports and other regulatory filings to the extent required to conduct the development activities, including any clinical studies. Subsequent to regulatory approval of the Product for marketing in the U.S. or in any other country, Cipla will be responsible for the implementation of the commercialization plan, including all activities, arrangements and other matters related to commercialization. The Company received a non-refundable “Co-Development The Company and Cipla have established a joint steering committee (the “JSC”). The JSC will, among other powers and responsibilities, direct the further development and commercialization activities, including all budgetary activities in relation to the Product. The JSC will oversee the performance of the Company and Cipla under the Cipla Agreement and will provide a forum for sharing advice, progress and results relating to such activities. The JSC is also responsible for reviewing and approving the development plan developed by the Company, and the commercialization plan developed by Cipla. The Cipla Agreement will remain in effect in perpetuity, unless otherwise earlier terminated in accordance with its terms. In the event of circumstances affecting the continuity of development of the Product in line with the Cipla Agreement, the JSC will evaluate the cause and effect and make a recommendation as to the most optimal option available to Cipla and the Company. In any event, either the Company or Cipla may elect to terminate (a “Terminating Party”) its obligation to fund additional costs and expenses for the development and/or commercialization of the Product. If the non-Terminating The Cipla Agreement also contains customary representations, warranties and covenants by both parties, as well as customary provisions relating to indemnification, confidentiality and other matters. Accounting Treatment The Company concluded that because both it and Cipla are active participants in the arrangement and are exposed to the significant risks and rewards of the collaboration, the Company’s collaboration with Cipla is within the scope of ASC 808 Collaborative Arrangements (“ASC 808”) for accounting purposes. Contemplating the guidance of ASU 2018-18, The Company determined the total transaction price to be $22,000 – comprised of $12,000 for research and development services for the Product and $10,000 for the irrevocable license to the Assigned Assets Co-Development Revenue associated with the combined research and development services for the Product and the irrevocable license to the Assigned Assets is recognized as revenue as the research and development services are provided using an input method, according to the ratio of costs incurred to the total costs expected to be incurred in the future to satisfy the performance obligation. In management’s judgment, this input method is the best measure of the transfer of control of the performance obligation. The amounts received that have not yet been recognized as revenue are recorded in deferred revenue on the Company’s condensed consolidated balance sheet. None of the performance obligations have been fully satisfied as of September 30, 2019. The Company received the $22,000 Upfront Payment in May 2019. During the three months that ended September 30, 2019, the Company recognized revenue of $1,154 that related to the portion of the performance obligations delivered for research and development services and $252 that related to the portion of the performance obligations delivered for the irrevocable license to the Assigned Assets. During the nine months that ended September 30, 2019, the Company recognized revenue of $4,929 that related to the portion of the performance obligations delivered for research and development services and $1,296 that related to the portion of the performance obligations delivered for the irrevocable license to the Assigned Assets. The aggregate amount of the transaction price related to the Company’s unsatisfied performance obligations and at September 30, 2019 the Company recorded $15,775 in deferred revenue, of which $9,304 is current. The Company expects to recognize the deferred revenue according to costs incurred, over the remaining research term, which is expected to be up to three years as of September

Common Stock

Common Stock	9 Months Ended
	Sep. 30, 2019
Text Block [Abstract]
Common Stock	7. Common Stock 2019 Public Offering On April 8, 2019, the Company closed its underwritten public offering in which, pursuant to the underwriting agreement entered into between the Company and H.C. Wainwright & Co., LLC, as representative of the underwriters, dated April 3, 2019, the Company issued and sold an aggregate of (i) 1,719,554 common units, with each common unit being comprised of one share of the Company’s common stock, par value $0.0001 per share and one warrant to purchase one share of common stock and (ii) 8,947,112 pre-funded pre-funded pre-funded pre-funded The common warrants issued on April 8, 2019 have a fair value of $0.997 per share. 370,000 pre-funded e during the t hree months ending September 30, 2019 which resulted in the issuance of 370,000 with net proceeds of $4. 8,647,112 of the 8,947,112 pre-funded warrants issued in the offering were exercised during the nine months ending September 30, 2019 which resulted in the issuance of 8,647,112 shares of common stock with net proceeds of $87. Warrants were also issued to the underwriters to purchase 797,334 shares of common stock with and a fair value of $ 1 2632 per After giving effect to the exercise of the Underwriters’ overallotment option and the exercise of 8,647,112 pre-funded For the nine months ending September 30 , 2019 , after giving effect to fees, commissions and other expenses of approximately $1,904 , the Company recorded net proceeds of $14,653 in aggregate for the sale of the public offering and the pre-funded warrant Confidential Marketed Public Offering (“CMPO”) On January 31, 2019 and February 4, 2019, the Company closed two CMPOs, pursuant to which the Company sold 156,118 and 532,353 shares of common stock, respectively, at $1.70 per share and issued warrants to exercise 10,151 and 34,605 shares of common stock, respectively, to underwriters at an exercise price of $2.125 per share with expiration dates of January 26, 2024 and January 30, 2024, respectively. The underwriter warrants had a fair value of $0.9332 and $1.1946 per share at the January 31, 2019 and February 4, 2019 issuance date, respectively. Registered Direct Offering On February 12, 2019, the Company sold 1,706,484 shares at $1.465 per share for gross proceeds of approximately $2,500. In this registered direct offering, the Company issued warrants to purchase 1,706,484 shares of its common stock to investors with an exercise price of $1.34 and a fair value of $0.5962 , respectively, with The underwriter warrants had a fair value of $0.5314 per share at the issuance date. Exercise of Warrants During the three months ended March 31, 2019, 697,500 pre-funded warrants, For the three months ending March , , after giving effect to fees, commissions and other expenses of approximately $ , the Company recorded net proceeds of $ in aggregate for the sale of the CMPOs, the registered direct offering and the pre-funded warrant exercises. For the nine months ending September 30, 2019, after giving effect to fees, commissions and other expenses of approximately $2,595, the Company recorded net proceeds of $17,702 in aggregate for the sale of the public offering, CMPOs, the registered direct offering and the pre-funded warrant 2018 Public Offering On April 3, 2018, the Company closed its previously announced underwritten public offering in which, pursuant to the underwriting agreement entered into between the Company and Oppenheimer & Co. Inc., as representative of the underwriters, dated March 28, 2018, the Company issued and sold (i) 1,566,000 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 to purchase one share of common stock and one Series B warrant to purchase one share of common stock, and (ii) 784,000 pre-funded pre-funded pre-funded pre-funded In addition, on April 4, 2018, the Company closed on the sale of 115,000 additional common units pursuant to the underwriters’ option, under the underwriting agreement, to purchase up to an additional 115,000 common and pre-funded All of the pre-funded The Series A Warrants included in the common units and the pre-funded expired the pre-funded or pre-funded warrants the pre-funded the pre-funded The Company agreed to pay Oppenheimer & Co., Inc. 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 $1,497 of commissions and other issuance costs were associated with the public offering. The net proceeds to the Company from the Offering of the common units and pre-funded At-the-Market On March 17, 2017, the Company entered into an At-The-Market at-the-market we S-3, No. 333-212546), ed BTIG received During the nine -month September

Warrants

Warrants	9 Months Ended
	Sep. 30, 2019
Equity [Abstract]
Warrants	8. Warrants A rollforward of the common stock warran t Number of Common Number of Pre-Funded Weighted Weighted Aggregate Outstanding January 1, 2019 3,730,944 697,500 $ 10.78 0 $ 0 Adjustment for Reverse Stock Split 16 0 $ 0 0 0 Warrants issued 14,926,161 0 $ 1.37 0 0 Pre-funded 0 8,947,112 $ 0.01 0 0 Pre-funded 0 (9,344,612 ) $ 0.01 0 0 Expirations (3,926 ) 0 $ 226.60 0 0 Outstanding September 30, 2019 18,653,195 300,000 $ 3.61 4.36 $ 0 The following represents a summary of the warrants outstanding at each of the dates ide n Classification Exercise Expiration Number of Shares For the Period Ended Issue Date 2019 2018 April 8, 2019 Equity $ 0.01 — 300,000 — April 8, 2019 Equity $ 1.35 April 8, 2024 12,266,665 — April 8, 2019 Equity $ 1.6875 April 3, 2024 797,334 — February 12, 2019 Equity $ 1.8313 February 7, 2024 110,922 — February 12, 2019 Equity $ 1.34 August 12, 2024 1,706,484 — February 04, 2019 Equity $ 2.125 January 30, 2024 34,605 — January 31, 2019 Equity $ 2.125 January 26, 2024 10,151 — December 3, 2018 Equity $ 3.90 June 3, 2024 937,500 — April 3, 2018 Equity $ 7.50 April 3, 2023 2,350,011 4,815,000 April 4, 2018 Equity $ 7.50 April 4, 2023 115,000 230,000 August 31, 2015 Equity $ 118.00 August 31, 2020 3,000 3,000 June 15, 2015 Equity $ 75.50 May 6, 2024 319,008 319,008 June 15, 2015 Equity $ 83.50 June 16, 2020 2,515 2,515 June 15, 2015 Equity $ 83.50 Mar 21, 2019 0 3,926 Adjustment for Reverse Stock Split 0 (5 ) Total Outstanding 18,953,195 5,258,444

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2019
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, 2019, the 2013 Plan provides for the grant of up to 4,060,000 shares of common stock, of which 2,933,044 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, 2019, a total of 16,037 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 No options were granted to employees, directors or consultants during the three months e nded S eptember 30, 2019 The following table summarizes stock opti o Number of Weighted- Weighted- Aggregate Outstanding — January 1, 2019 972,569 $ 23.85 0 $ 0 Granted 651,600 $ 1.06 0 0 Exercised 0 $ 0 0 0 Forfeited or expired (535,493 ) $ 23.77 0 0 Outstanding — September 30, 2019 1,088,676 $ 10.25 8.86 $ 0 Exercisable — September 30, 2019 355,845 $ 26.24 7.77 $ 0 Vested and expected to vest — September 30, 2019 1,082,710 $ 10.28 8.86 $ 0 The estimated fair values of employee stock options granted during the three and nine months ended September 30, 2019 and 2018, were determined on the date of grant using the Black-Scholes option-pricing model with the following assumptions: Three Months Ended Nine Months Ended 2019 2018 2019 2018 Expected option life (years) 0 6.05 6.02 5.58 Risk-free interest rate 0 2.79 % 2.22 % 2.77 % Expected volatility 0 78.91 % 74.14 % 79.67 % 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, 2019, there was $1,345 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 1.9 years. The following table presents total stock-based compensation expense for the three and nine months ended September 30, 2019 and 2018: Three Months Ended Nine months Ended 2019 2018 2019 2018 Research and development $ 14 $ 244 $ 81 $ 760 General and administrative 171 416 $ 1,654 $ 1,598 Total stock - $ 185 $ 660 $ 1,735 $ 2,358

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Income Taxes	1 0 The Company has total deferred tax assets of $44,770 and a full valuation allowance recorded against the assets. In general, if the Company experiences a greater than 50 percent aggregate change in ownership of certain significant stockholders over a three-year period, or a Section 382 ownership change, utilization of the Company’s pre-change

Net Loss Per Share

Net Loss Per Share	9 Months Ended
	Sep. 30, 2019
Earnings Per Share [Abstract]
Net Loss Per Share	12. 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, 2019 2018 Options to purchase common stock 1,088,676 1,041,407 Warrants to purchase common stock 18,653,195 5,258,444

Commitments

Commitments	9 Months Ended
	Sep. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments	1 2 Future minimum lease payments under the non-cancelable Amount 2019 $ 169 2020 698 Total $ 867

Summary of Significant Accoun_2

Summary of Significant Accounting Policies and Recent Accounting Standards (Policies)	9 Months Ended
	Sep. 30, 2019
Accounting Policies [Abstract]
Basis of Presentation	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 of America (“GAAP”) for interim financial reporting and as required by Regulation S-X, 10-01. 10-K
Use of Estimates	Use of Estimates In preparing consolidated financial statements in conformity with 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 the useful lives of depreciable and amortizable assets, valuation allowance against deferred tax assets, recognition of research and development and license revenues, goodwill impairment, and estimating the fair value of long-lived assets to assess whether impairment charges may apply.
Revenue Recognition	Revenue Recognition Effective January 1, 2019, the Company adopted ASC (“Accounting Standards Codification”) 606, Revenue From Contracts With Customers Revenue Recognition This standard applies to all contracts with customers, except for contracts that are within the scope of other standards, such as leases, insurance, collaboration arrangements and financial instruments. Under ASC 606, an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, the entity performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract and determines those that are performance obligations and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. The Company enters into licensing agreements that are within the scope of ASC 606, under which it may exclusively license rights to research, develop, manufacture and commercialize its product candidates to third parties. The terms of these arrangements typically include payment to the Company of one or more of the following: non-refundable, Amounts received prior to revenue recognition are recorded as deferred revenue. Amounts expected to be recognized as revenue within the 12 months following the balance sheet date are classified as current portion of deferred revenue in the accompanying consolidated balance sheets. Amounts not expected to be recognized as revenue within the 12 months following the balance sheet date are classified as deferred revenue, net of current portion. Exclusive Licenses. non-refundable, Research and Development Services. co-development Customer Options. As of September 30, 2019, the Company does not have any active arrangements that contain customer options. Milestone Payments. catch-up As of September 30, 2019, the Company does not have any active arrangements that contain research or development milestones. Royalties. For a complete discussion of accounting for collaboration revenues, see Note 6, “Collaborations.”
Cash and Cash Equivalents	Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents consist of cash, checking accounts and money market accounts. Restricted cash consists of cash deposited with a financial institution for $204. The following table provides a reconciliation of cash, cash equivalents and restricted cash as reported in the condensed consolidated balance sheets that sum to the total of the same amounts in the statement of cash flows. Nine months Ended 2019 2018 Cash and cash equivalents $ 27,879 $ 3,806 Restricted Cash 204 204 Total cash, cash equivalents and restricted cash in the statement of cash flows $ 28,083 $ 4,010
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 then must perform a quantitative analysis to determine if the carrying value of the reporting entity exceeds its fair value. During the nine months ended September 30, 2019, the Company’s common stock value declined, accordingly, the Company determined that its carrying value is in excess of its fair value and as such, recorded an impairment charge of $7,268 and revalued goodwill to $3,577. During the three months ended September 30, 2019, no additional impairment charge was recorded.
Significant Accounting Policies	Significant Accounting Policies Except for the change in revenue recognition policy as disclosed above, during the nine months ended Form 10-K.
Recent Accounting Standards	Recent Accounting Standards In November 2018, the FASB issued ASU No. 2018-18, Clarifying the Interaction between Topic 808 and Topic 2018-18 In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement 2018-13 ASU 2018-13 No. 2018-13 In June 2018, the FASB issued ASU No. 2018-07, Compensation — Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting 505-50, Non-Employees, 2018-07 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 2018-02 In July 2017, FASB issued ASU No. 2017-11, 2017-11 470-20, re-characterize 2017-11 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, 2016-02 2018-11,

Summary of Significant Accoun_3

Summary of Significant Accounting Policies and Recent Accounting Standards (Tables)	9 Months Ended
	Sep. 30, 2019
Accounting Policies [Abstract]
Schedule of Cash and Cash Equivalents [Table Text Block]	The following table provides a reconciliation of cash, cash equivalents and restricted cash as reported in the condensed consolidated balance sheets that sum to the total of the same amounts in the statement of cash flows. Nine months Ended 2019 2018 Cash and cash equivalents $ 27,879 $ 3,806 Restricted Cash 204 204 Total cash, cash equivalents and restricted cash in the statement of cash flows $ 28,083 $ 4,010

Prepaid Expenses and Other Cu_2

Prepaid Expenses and Other Current Assets (Tables)	9 Months Ended
	Sep. 30, 2019
Text Block [Abstract]
Schedule of Prepaid Expenses and Other Current Assets	Prepaid expenses consisted of the following: At September At December 31, 2018 Prepaid Insurance $ 301 $ 243 Prepaid Clinical Trials 394 419 Prepaid Other 158 27 Deferred Operating Costs 107 28 Total prepaid expenses and other current assets $ 960 $ 717

Property and Equipment, net (Ta

Property and Equipment, net (Tables)	9 Months Ended
	Sep. 30, 2019
Property, Plant and Equipment [Abstract]
Summary of Property and Equipment	Property and equipment consisted of the following: At September At December 31, 2018 Laboratory equipment $ 1,538 $ 1,529 Computer equipment 216 185 Office furniture and equipment 217 217 Leasehold improvements 581 579 Total property and equipment 2,552 2,510 Less accumulated depreciation and amortization (2,247 ) (2,116 ) Property and equipment, net $ 305 $ 394

Accrued Expenses (Tables)

Accrued Expenses (Tables)	9 Months Ended
	Sep. 30, 2019
Payables and Accruals [Abstract]
Schedule of Accrued Expenses	Accrued expenses consisted of the following: At September At December 31, 2018 Accrued vacation $ 58 $ 59 Accrued wages and incentive 582 915 Accrued clinical & consulting 450 517 Accrued legal & patent 70 67 Deferred rent 50 67 Accrued other expenses 55 71 Total accrued expenses $ 1,265 $ 1,696

Warrants (Tables)

Warrants (Tables)	9 Months Ended
	Sep. 30, 2019
Equity [Abstract]
Summary of Common Stock Warrants Outstanding	A rollforward of the common stock warran t Number of Common Number of Pre-Funded Weighted Weighted Aggregate Outstanding January 1, 2019 3,730,944 697,500 $ 10.78 0 $ 0 Adjustment for Reverse Stock Split 16 0 $ 0 0 0 Warrants issued 14,926,161 0 $ 1.37 0 0 Pre-funded 0 8,947,112 $ 0.01 0 0 Pre-funded 0 (9,344,612 ) $ 0.01 0 0 Expirations (3,926 ) 0 $ 226.60 0 0 Outstanding September 30, 2019 18,653,195 300,000 $ 3.61 4.36 $ 0
Summary of the Warrants Outstanding	The following represents a summary of the warrants outstanding at each of the dates ide n Classification Exercise Expiration Number of Shares For the Period Ended Issue Date 2019 2018 April 8, 2019 Equity $ 0.01 — 300,000 — April 8, 2019 Equity $ 1.35 April 8, 2024 12,266,665 — April 8, 2019 Equity $ 1.6875 April 3, 2024 797,334 — February 12, 2019 Equity $ 1.8313 February 7, 2024 110,922 — February 12, 2019 Equity $ 1.34 August 12, 2024 1,706,484 — February 04, 2019 Equity $ 2.125 January 30, 2024 34,605 — January 31, 2019 Equity $ 2.125 January 26, 2024 10,151 — December 3, 2018 Equity $ 3.90 June 3, 2024 937,500 — April 3, 2018 Equity $ 7.50 April 3, 2023 2,350,011 4,815,000 April 4, 2018 Equity $ 7.50 April 4, 2023 115,000 230,000 August 31, 2015 Equity $ 118.00 August 31, 2020 3,000 3,000 June 15, 2015 Equity $ 75.50 May 6, 2024 319,008 319,008 June 15, 2015 Equity $ 83.50 June 16, 2020 2,515 2,515 June 15, 2015 Equity $ 83.50 Mar 21, 2019 0 3,926 Adjustment for Reverse Stock Split 0 (5 ) Total Outstanding 18,953,195 5,258,444

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of Stock Option Activity	The following table summarizes stock opti o Number of Weighted- Weighted- Aggregate Outstanding — January 1, 2019 972,569 $ 23.85 0 $ 0 Granted 651,600 $ 1.06 0 0 Exercised 0 $ 0 0 0 Forfeited or expired (535,493 ) $ 23.77 0 0 Outstanding — September 30, 2019 1,088,676 $ 10.25 8.86 $ 0 Exercisable — September 30, 2019 355,845 $ 26.24 7.77 $ 0 Vested and expected to vest — September 30, 2019 1,082,710 $ 10.28 8.86 $ 0
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, 2019 and 2018, were determined on the date of grant using the Black-Scholes option-pricing model with the following assumptions: Three Months Ended Nine Months Ended 2019 2018 2019 2018 Expected option life (years) 0 6.05 6.02 5.58 Risk-free interest rate 0 2.79 % 2.22 % 2.77 % Expected volatility 0 78.91 % 74.14 % 79.67 % 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, 2019 and 2018: Three Months Ended Nine months Ended 2019 2018 2019 2018 Research and development $ 14 $ 244 $ 81 $ 760 General and administrative 171 416 $ 1,654 $ 1,598 Total stock based compensation expense $ 185 $ 660 $ 1,735 $ 2,358

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	9 Months Ended
	Sep. 30, 2019
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, 2019 2018 Options to purchase common stock 1,088,676 1,041,407 Warrants to purchase common stock 18,653,195 5,258,444

Commitments (Tables)

Commitments (Tables)	9 Months Ended
	Sep. 30, 2019
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 2019 $ 169 2020 698 Total $ 867

Organization - Additional Infor

Organization - Additional Information (Detail) - shares	Feb. 03, 2019	Sep. 30, 2019	Dec. 31, 2018
Organization And Basis Of Presentation [Line Items]
Reverse stock split	1-for-10
Common stock shares of outstanding	10	19,994,560	4,932,723
Common stock shares of issued	10	19,994,560	4,932,723

Summary of Significant Accoun_4

Summary of Significant Accounting Policies and Recent Accounting Standards - Cash and Restricted Cash (Detail) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2018	Dec. 31, 2017
Accounting Policies [Abstract]
Cash and cash equivalents	$ 27,879	$ 2,563	$ 3,806
Restricted Cash	204		204
Total cash, cash equivalents and restricted cash in the statement of cash flows	$ 28,083	$ 2,767	$ 4,010	$ 3,754

Summary of Significant Accoun_5

Summary of Significant Accounting Policies and Recent Accounting Standards - Additional Information (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2018
Summary of Significant Accounting Policies [Line Items]
Goodwill impairment	$ 7,268
Goodwill	3,577	$ 10,845
Restricted Cash and Cash Equivalents	$ 204		$ 204

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, 2019	Dec. 31, 2018
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid Insurance	$ 301	$ 243
Prepaid Clinical Trials	394	419
Prepaid Other	158	27
Deferred Operating Costs	107	28
Total prepaid expenses and other current assets	$ 960	$ 717

Property and Equipment, net - S

Property and Equipment, net - Summary of Property and Equipment (Detail) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Property and equipment, Gross	$ 2,552	$ 2,510
Less accumulated depreciation and amortization	(2,247)	(2,116)
Property and equipment - net	305	394
Laboratory Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, Gross	1,538	1,529
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, Gross	216	185
Office Furniture and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, Gross	217	217
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, Gross	$ 581	$ 579

Property and Equipment, net - A

Property and Equipment, net - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Property And Equipment [Abstract]
Depreciation and amortization expense	$ 44	$ 57	$ 139	$ 175

Accrued Expenses - Schedule of

Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Payables and Accruals [Abstract]
Accrued vacation	$ 58	$ 59
Accrued wages and incentive	582	915
Accrued clinical & consulting	450	517
Accrued legal & patent	70	67
Deferred rent	50	67
Accrued other expenses	55	71
Total accrued expenses	$ 1,265	$ 1,696

Collaborations (Detail)

Collaborations (Detail) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Apr. 15, 2019	Sep. 30, 2019	Jun. 30, 2019	Sep. 30, 2019	Dec. 31, 2018
Deferred Revenue Current		$ 9,304		$ 9,304	$ 0
Cipla Technologies, LLC [Member] | Cipla Agreement [Member]
Proceeds from up front fee	$ 22,000		$ 22,000	22,000
Development costs allocation terms	After the Initial Development Funding is depleted, the Company and Cipla will each be responsible for 50% of the development costs actually incurred (the “Co-Development Phase”).
Deferred Revenue		15,775		15,775
Deferred Revenue Current		9,304		9,304
Contract with customer transaction cost				$ 22,000
Deferred Revenue Revenue Recognition Terms				3 years
Cipla Technologies, LLC [Member] | Cipla Agreement [Member] | Research And Development Service [Member]
Proceeds from up front fee				$ 12,000
Revenue recognized		1,154		4,929
Cipla Technologies, LLC [Member] | Cipla Agreement [Member] | Irrevocable License [Member]
Proceeds from up front fee				10,000
Revenue recognized		$ 252		$ 1,296

Common Stock - Additional Infor

Common Stock - Additional Information (Detail) $ / shares in Units, $ in Thousands	Apr. 08, 2019USD ($)$ / sharesshares	Feb. 12, 2019USD ($)$ / sharesshares	Feb. 04, 2019$ / sharesshares	Feb. 04, 2019$ / sharesshares	Apr. 04, 2018USD ($)shares	Apr. 03, 2018USD ($)$ / sharesshares	Jan. 31, 2019$ / sharesshares	Apr. 30, 2018USD ($)shares	Sep. 30, 2019USD ($)$ / sharesshares	Jun. 30, 2019shares	Mar. 31, 2019USD ($)shares	Jun. 30, 2018shares	Mar. 31, 2018shares	Sep. 30, 2019USD ($)$ / sharesshares	Sep. 30, 2018USD ($)	Dec. 31, 2018USD ($)$ / shares	Aug. 12, 2019	Feb. 03, 2019$ / shares
Temporary Equity [Line Items]
Sale of stock, number of shares sold in transaction | shares		1,706,484
Common stock, par value | $ / shares									$ 0.0001					$ 0.0001		$ 0.0001
Average selling price of common stock | $ / shares		$ 1.465
Number of shares issued and sold | shares									370,000
Number of warrants exercised | shares								15,000						8,947,112
Issuance of common stock shares | shares									797,334					797,334
Proceeds from Issuance of Warrants														$ 157	$ 78
Class of Warrant or Right Issued | shares		110,922
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares		$ 1.8313	$ 2.125	$ 2.125			$ 2.125		$ 7.50					$ 7.50
Proceeds from Issuance of Common Stock		$ 2,500
Class of Warrant or Right, Date from which Warrants or Rights Exercisable														Jan. 26, 2024
Proceeds from Issuance of Common Stock and Warrants														$ 17,545	$ 16,286
Class of warrant or right fair value per warrant																	0.5314%
Estimate of Fair Value Measurement [Member]
Temporary Equity [Line Items]
Class of warrant or right fair value per warrant									1.2362%					1.2362%
Underwriting Agreement [Member]
Temporary Equity [Line Items]
Payment of commissions and other issuance cost														$ 1,904		$ 1,497
Proceeds from sale of common stock														$ 14,517
Underwriting Agreement [Member] | Estimate of Fair Value Measurement [Member]
Temporary Equity [Line Items]
Class of warrant or right fair value per warrant	0.997%
Investor [Member]
Temporary Equity [Line Items]
Stock issued during period, shares | shares		1,706,484
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares		$ 1.34							$ 1.34					$ 1.34
Class of warrant or right fair value per warrant		0.5962%
Warrant [Member]
Temporary Equity [Line Items]
Payment of commissions and other issuance cost											$ 691			$ 2,595
Proceeds from sale of common stock											$ 3,049			$ 17,702
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares									$ 83.50					$ 83.50
Proceeds from Warrant Exercises									$ 70
Gross Proceeds Up To Five Thousand [Member] | Underwriting Agreement [Member]
Temporary Equity [Line Items]
Commission rate on sale of stock														7		7
Gross Proceeds In Excess Of Five Thousand [Member] | Underwriting Agreement [Member]
Temporary Equity [Line Items]
Commission rate on sale of stock														6.5
Series A Warrant [Member] | Underwriting Agreement [Member]
Temporary Equity [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares									$ 6.50					$ 6.50
Prefunded Warrants Issued [Member] | Warrant [Member]
Temporary Equity [Line Items]
Class of Warrant or Right Issued | shares									697,500
Common Stock [Member]
Temporary Equity [Line Items]
Number of shares issued and sold | shares										3,319,553	2,394,955	1,681,000	123,266
Common Stock [Member] | Underwriting Agreement [Member]
Temporary Equity [Line Items]
Common stock, par value | $ / shares	$ 0.0001
Number of shares | shares	1
Common Units [Member]
Temporary Equity [Line Items]
Proceeds from sale of common stock	$ 16,557				$ 15,944
Proceeds from Issuance of Warrants	$ 8,647,112
Common Units [Member] | Underwriting Agreement [Member]
Temporary Equity [Line Items]
Proceeds from sale of common stock						$ 15,197
Average selling price of common stock | $ / shares	$ 1.35					$ 6.50
Number of shares issued and sold | shares	1,719,554					1,566,000
Common Units [Member] | Common Stock [Member] | Underwriting Agreement [Member]
Temporary Equity [Line Items]
Common stock, par value | $ / shares																		$ 0.0001
Prefunded Units [Member] | Underwriting Agreement [Member]
Temporary Equity [Line Items]
Average selling price of common stock | $ / shares	$ 1.34					$ 6.40
Number of shares issued and sold | shares	8,947,112					784,000								8,647,112
Number of warrants exercised | shares														8,647,112
Pre Funded Warrants [Member] | Underwriting Agreement [Member]
Temporary Equity [Line Items]
Gross proceeds from sale of shares								$ 78	$ 4					$ 87
Number of shares issued and sold | shares								783,707
Number of warrants exercised | shares									370,000	8,277,112
Pre Funded Warrants [Member] | Underwriter Warrants [Member]
Temporary Equity [Line Items]
Proceeds from sale of common stock														14,653
Maximum [Member] | Underwriting Agreement [Member]
Temporary Equity [Line Items]
Gross proceeds from sale of shares														5,000
Minimum [Member] | Underwriting Agreement [Member]
Temporary Equity [Line Items]
Gross proceeds from sale of shares														$ 5,000
BTIG LLC [Member]
Temporary Equity [Line Items]
Fixed commission rate entitled to placement agent														3.00%
At the Market Offering [Member] | BTIG LLC [Member]
Temporary Equity [Line Items]
Sale of stock, number of shares sold in transaction | shares														123,266
Proceeds from sale of common stock														$ 1,847
Fixed commission rate entitled to placement agent														3.00%
Average selling price of common stock | $ / shares									$ 15.40					$ 15.40
Gross proceeds from sale of shares														$ 1,904
At the Market Offering [Member] | BTIG LLC [Member] | Maximum [Member]
Temporary Equity [Line Items]
Aggregate offering on sale of common stock									$ 11,000					11,000
Over-Allotment Option [Member] | Common Units [Member]
Temporary Equity [Line Items]
Number of shares issued and sold | shares	1,599,999				115,000
Confidential Marketed Public Offering [Member]
Temporary Equity [Line Items]
Sale of stock, number of shares sold in transaction | shares				532,353			156,118
Average selling price of common stock | $ / shares			$ 1.70	$ 1.70
Class of Warrant or Right Issued | shares			34,605				10,151
Proceeds from Issuance of Common Stock and Warrants														$ 1,170
Confidential Marketed Public Offering [Member] | Estimate of Fair Value Measurement [Member]
Temporary Equity [Line Items]
Class of warrant or right fair value per warrant			1.1946%	1.1946%			0.9332%
IPO [Member] | Underwriter Warrants [Member]
Temporary Equity [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares									$ 1.6875					$ 1.6875

Warrants - Summary of rollforwa

Warrants - Summary of rollforward of the common stock warrants outstanding (Details) - $ / shares	Feb. 12, 2019	Apr. 30, 2018	Sep. 30, 2019
Class of Warrant or Right [Line Items]
Class Of Warrant Or Right Issued	110,922
Class Of Warrant Or Right Exercised		15,000	8,947,112
Common Warrants
Class of Warrant or Right [Line Items]
Number of warrants, Outstanding, Beginning balance | shares			3,730,944
Number of warrants, Outstanding, Ending balance | shares			18,653,195
Weighted average exercise price, Beginning balance | $ / shares			$ 10.78
Weighted average exercise price, Ending balance | $ / shares			$ 3.61
Weighted average remaining contractual term, Ending balance			4 years 4 months 9 days
Common Warrants | Adjustment for Reverse Stock Split [Member]
Class of Warrant or Right [Line Items]
Adjustment for reverse stock split			16
Common Warrants | Warrants Issued [Member]
Class of Warrant or Right [Line Items]
Class Of Warrant Or Right Issued			14,926,161
Weighted average exercise price, Warrants issued | $ / shares			$ 1.37
Common Warrants | Pre-funded warrants issued [Member]
Class of Warrant or Right [Line Items]
Class Of Warrant Or Right Issued			8,947,112
Weighted average exercise price, Warrants issued | $ / shares			$ 0.01
Common Warrants | Pre-funded warrants exercised [Member]
Class of Warrant or Right [Line Items]
Class Of Warrant Or Right Exercised			(9,344,612)
Weighted average exercise price, Warrants exercised | $ / shares			$ 0.01
Common Warrants | Representative warrants expiration [Member]
Class of Warrant or Right [Line Items]
Class Of Warrant Or Right Expired			(3,926)
Weighted average exercise price, Warrants exercised | $ / shares			$ 226.60
Pre Funded Warrants [Member]
Class of Warrant or Right [Line Items]
Number of warrants, Outstanding, Beginning balance | shares			697,500
Number of warrants, Outstanding, Ending balance | shares			300,000

Warrants - Summary of the Warra

Warrants - Summary of the Warrants Outstanding (Detail) - $ / shares	9 Months Ended
	Sep. 30, 2019	Feb. 12, 2019	Feb. 04, 2019	Jan. 31, 2019	Sep. 30, 2018
Class of Warrant or Right [Line Items]
Warrants, Exercise Price	$ 7.50	$ 1.8313	$ 2.125	$ 2.125
Warrants Outstanding	18,953,195				5,258,444
Warrant [Member]
Class of Warrant or Right [Line Items]
Warrants, Classification	Equity
Warrants, Exercise Price	$ 83.50
Warrants, Expiration Date	Mar. 21, 2019
Warrants Outstanding					3,926
Underwriter [Member]
Class of Warrant or Right [Line Items]
Warrants, Classification	Equity
Warrants, Exercise Price	$ 1.8313
Warrants, Expiration Date	Feb. 7, 2024
Warrants Outstanding	110,922
Investor [Member]
Class of Warrant or Right [Line Items]
Warrants, Classification	Equity
Warrants, Exercise Price	$ 1.34	$ 1.34
Warrants, Expiration Date	Aug. 12, 2024
Warrants Outstanding	1,706,484
Underwriter One [Member]
Class of Warrant or Right [Line Items]
Warrants, Classification	Equity
Warrants, Exercise Price	$ 2.125
Warrants, Expiration Date	Jan. 30, 2024
Warrants Outstanding	34,605
Underwriter Two [Member]
Class of Warrant or Right [Line Items]
Warrants, Classification	Equity
Warrants, Exercise Price	$ 2.125
Warrants, Expiration Date	Jan. 26, 2024
Warrants Outstanding	10,151
Underwriter Three [Member]
Class of Warrant or Right [Line Items]
Warrants, Classification	Equity
Warrants, Exercise Price	$ 1.6875
Warrants, Expiration Date	Apr. 3, 2024
Warrants Outstanding	797,334
Warrants Issued [Member]
Class of Warrant or Right [Line Items]
Warrants, Classification	Equity
Warrants, Exercise Price	$ 3.90
Warrants, Expiration Date	Jun. 3, 2024
Warrants Outstanding	937,500
Public Offering One [Member]
Class of Warrant or Right [Line Items]
Warrants, Classification	Equity
Warrants, Exercise Price	$ 7.50
Warrants, Expiration Date	Apr. 3, 2023
Warrants Outstanding	2,350,011				4,815,000
Public Offering Two [Member]
Class of Warrant or Right [Line Items]
Warrants, Classification	Equity
Warrants, Exercise Price	$ 7.50
Warrants, Expiration Date	Apr. 4, 2023
Warrants Outstanding	115,000				230,000
Private Placement Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants, Classification	Equity
Warrants, Exercise Price	$ 75.50
Warrants, Expiration Date	May 6, 2024
Warrants Outstanding	319,008				319,008
Hercules Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants, Classification	Equity
Warrants, Exercise Price	$ 83.50
Warrants, Expiration Date	Jun. 16, 2020
Warrants Outstanding	2,515				2,515
MTS Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants, Classification	Equity
Warrants, Exercise Price	$ 118
Warrants, Expiration Date	Aug. 31, 2020
Warrants Outstanding	3,000				3,000
Public Offering Three [Member]
Class of Warrant or Right [Line Items]
Warrants, Classification	Equity
Warrants, Exercise Price	$ 0.01
Warrants Outstanding	300,000
Public Offering Four [Member]
Class of Warrant or Right [Line Items]
Warrants, Classification	Equity
Warrants, Exercise Price	$ 1.35
Warrants, Expiration Date	Apr. 8, 2024
Warrants Outstanding	12,266,665
Adjustment for Reverse Stock Split [Member]
Class of Warrant or Right [Line Items]
Warrants Outstanding					(5)

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019USD ($)shares	Sep. 30, 2019USD ($)Installmentshares	Dec. 31, 2018shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding	1,088,676	1,088,676	972,569
Number of options to purchase common stock, Granted		651,600
Unrecognized stock-based compensation expenses | $	$ 1,345	$ 1,345
Unrecognized stock-based compensation expense, period for recognition		1 year 10 months 24 days
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	0	561,600
Aggregate weighted average amount of fair value of options | $		$ 393
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	90,000
Aggregate weighted average amount of fair value of options | $		$ 63
Employee Stock Option [Member] | Time Based Options Vesting 36 Month [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		36 days
Number of equal vesting installments | Installment		36
Award vesting term		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
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 days
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
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	4,060,000	4,060,000
Shares available for future grant	2,933,044	2,933,044
Legacy Share Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding	16,037	16,037

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Option Activity (Detail) - $ / shares	9 Months Ended
	Sep. 30, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Number of options, Outstanding beginning balance	972,569
Number of options, Granted	651,600
Number of options, Forfeited or expired	(535,493)
Number of options, Outstanding ending balance	1,088,676
Number of options, Exercisable	355,845
Number of options, Vested and expected to vest	1,082,710
Weighted average exercise price, Outstanding beginning balance	$ 23.85
Weighted average exercise price, Granted	1.06
Weighted average exercise price, Forfeited or expired	23.77
Weighted average exercise price, Outstanding ending balance	10.25
Weighted average exercise price, Exercisable	26.24
Weighted average exercise price, Vested and expected to vest	$ 10.28
Weighted average remaining contractual term, Outstanding ending balance	8 years 10 months 9 days
Weighted average remaining contractual term, Exercisable	7 years 9 months 7 days
Weighted average remaining contractual term, Vested and expected to vest	8 years 10 months 9 days

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, 2019	Sep. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected option life (years)	6 years 18 days	6 years 7 days	5 years 6 months 29 days
Risk-free interest rate	2.79%	2.22%	2.77%
Expected volatility	78.91%	74.14%	79.67%
Expected dividend yield	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, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense	$ 185	$ 660	$ 1,735	$ 2,358
Research and Development [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense	14	244	81	760
General and Administrative [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense	$ 171	$ 416	$ 1,654	$ 1,598

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) $ in Thousands	Sep. 30, 2019USD ($)
Operating Loss Carryforwards [Line Items]
Deferred Tax Assets	$ 44,770

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, 2019	Sep. 30, 2018
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	18,653,195	5,258,444
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	1,088,676	1,041,407

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, 2019USD ($)
Commitments and Contingencies Disclosure [Abstract]
2019	$ 169
2020	698
Total	$ 867