Axsome Therapeutics (AXSM) 10-Q 9 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	May 03, 2019
Document and Entity Information [Abstract]
Entity Registrant Name	Axsome Therapeutics, Inc.
Entity Central Index Key	0001579428
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Common Stock, Shares Outstanding		33,305,310
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 42,624,487	$ 13,968,742
Prepaid and other current assets	1,134,692	1,246,360
Total current assets	43,759,179	15,215,102
Equipment, net	40,393	51,832
Other assets	101,516	112,345
Total assets	43,901,088	15,379,279
Current liabilities:
Accounts payable	3,434,184	3,687,245
Accrued expenses and other current liabilities	3,739,846	3,843,299
Loan payable, current portion	535,767	3,291,394
Total current liabilities	7,709,797	10,821,938
Loan payable, long-term	18,817,592	3,619,420
Total liabilities	26,527,389	14,441,358
Stockholders? equity:
Preferred stock, $0.0001 par value per share (10,000,000 shares authorized, none issued and outstanding at March 31, 2019 and December 31, 2018, respectively)
Common stock, $0.0001 par value per share (150,000,000 shares authorized, 33,304,047 and 33,087,213 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively)	3,330	3,009
Additional paid-in capital	135,561,052	108,485,219
Accumulated deficit	(118,190,683)	(107,550,307)
Total stockholders' equity	17,373,699	937,921
Total liabilities and stockholders' equity	$ 43,901,088	$ 15,379,279

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	33,304,047	33,087,213
Common stock, shares outstanding	33,304,047	30,087,213

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Operating expenses:
Research and development	$ 7,603,081	$ 4,752,511
General and administrative	2,818,392	2,410,699
Total operating expenses	10,421,473	7,163,210
Loss from operations	(10,421,473)	(7,163,210)
Interest and amortization of debt discount (expense)	(218,903)	(315,349)
Change in fair value of warrant liabilities		2,673,000
Net loss	$ (10,640,376)	$ (4,805,559)
Net loss per common share, basic and diluted	$ (0.32)	$ (0.19)
Weighted average common shares outstanding, basic and diluted	33,052,468	25,501,188

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($)	Common Stock	Additional paid-in capital	Accumulated deficit	Total
Beginning balance at Dec. 31, 2017	$ 2,549	$ 93,299,517	$ (76,584,843)	$ 16,717,223
Balance (in shares) at Dec. 31, 2017	25,492,992
Stock-based compensation		534,570		$ 534,570
Issuance of common stock upon exercise of options (in shares)				0
Issuance of common stock upon financing	$ 6	139,914		$ 139,920
Issuance of common stock upon financing (in shares)	56,900
Net loss			(4,805,559)	(4,805,559)
Ending balance at Mar. 31, 2018	$ 2,555	93,974,001	(81,390,402)	12,586,154
Balance (in shares) at Mar. 31, 2018	25,549,892
Beginning balance at Dec. 31, 2018	$ 3,009	108,485,219	(107,550,307)	$ 937,921
Balance (in shares) at Dec. 31, 2018	30,087,213			33,087,213
Stock-based compensation		1,256,310		$ 1,256,310
Issuance of common stock upon exercise of options	$ 5	410,157		$ 410,162
Issuance of common stock upon exercise of options (in shares)	52,819			52,819
Issuance of warrants upon debt financing		426,000		$ 426,000
Issuance of common stock upon financing	$ 316	24,983,366		24,983,682
Issuance of common stock upon financing (in shares)	3,164,015
Net loss			(10,640,376)	(10,640,376)
Ending balance at Mar. 31, 2019	$ 3,330	$ 135,561,052	$ (118,190,683)	$ 17,373,699
Balance (in shares) at Mar. 31, 2019	33,304,047			33,304,047

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash flows from operating activities
Net loss	$ (10,640,376)	$ (4,805,559)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	1,256,310	534,570
Amortization of debt discount	107,433	108,481
Change in fair value of warrants		(2,673,000)
Depreciation	11,439	11,938
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	111,668	157,415
Other assets	10,829	73,063
Accounts payable	(253,060)	439,136
Accrued expenses and other current liabilities	(103,453)	(526,483)
Net cash used in operating activities	(9,499,210)	(6,680,439)
Cash flows from investing activities
Purchases of equipment		(14,576)
Net cash used in investing activities		(14,576)
Cash flows from financing activities
Procceds from issuance of common stock upon financing, net	24,983,682	139,920
Proceeds from issuance of term loan	20,000,000
Repayment of principal on term loan	(7,238,889)	(833,333)
Proceeds from issuance of common stock upon exercise of options	410,162
Net cash (used in) provided by financing activities	38,154,955	(693,413)
Net (decrease) increase in cash	28,655,745	(7,388,428)
Cash at beginning of period	13,968,742	34,021,123
Cash at end of period	42,624,487	26,632,695
Supplemental disclosures of cash flow information:
Interest paid	216,667	$ 206,867
Supplemental disclosures of non-cash financing activity:
Issuance of warrants in connection with debt financing	$ 426,000

Nature of Business and Basis of

Nature of Business and Basis of Presentation	3 Months Ended
	Mar. 31, 2019
Nature of Business and Basis of Presentation
Nature of Business and Basis of Presentation	Note 1. Nature of Business and Basis of Presentation Axsome Therapeutics, Inc. (“Axsome” or the “Company”) is a clinical-stage biopharmaceutical company developing novel therapies for central nervous system (“CNS”) disorders for which there are limited treatment options. By focusing on this therapeutic area, the Company is addressing significant and growing markets where current treatment options are limited or inadequate. The Company’s core CNS portfolio includes four product candidates, AXS‑05, AXS-07, AXS-09, and AXS-12, which are being developed for multiple indications. The Axsome Pain and Primary Care business unit (“Axsome PPC”) houses Axsome’s pain and primary care assets, including AXS-02 and AXS-06, and intellectual property which covers these and related product candidates and molecules being developed by Axsome and others. The Company aims to become a fully integrated biopharmaceutical company that develops and commercializes differentiated therapies that expand the treatment options available to caregivers and improve the lives of patients living with CNS disorders. The Company was incorporated on January 12, 2012 in the State of Delaware and now has operations in the United States and Australia. The accompanying unaudited interim consolidated financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim information and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for reporting on Form 10-Q. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. These unaudited interim consolidated financial statements should be read in conjunction with the audited financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 filed with the SEC on March 15, 2019. In the opinion of management, the unaudited interim consolidated financial statements reflect all adjustments, which are normal recurring adjustments, necessary for the fair presentation of the financial information for the interim periods. The results of operations for the three months ended March 31, 2019 are not necessarily indicative of the operating results for the full fiscal year or any future period. Liquidity and Capital Resources The Company has incurred operating losses since its inception, and expects to continue to incur operating losses for the foreseeable future and may never become profitable. As of March 31, 2019, the Company had an accumulated deficit of $118.2 million. The Company’s primary sources of cash have been proceeds from the issuance and sale of its common stock in public offerings. The Company has not yet commercialized any of its product candidates and cannot be sure if it will ever be able to do so. The Company’s ability to achieve profitability depends on a number of factors, including its ability to obtain regulatory approval for its product candidates, successfully complete any post-approval regulatory obligations and successfully commercialize its product candidates alone or in partnership. The Company may continue to incur substantial operating losses even if it begins to generate revenues from its product candidates. The Company believes its existing cash will be sufficient to fund its anticipated operating cash requirements for at least twelve months following the date of this filing. The actual amount of cash that the Company will need to operate is subject to many factors, including, but not limited to, the timing, design and conduct of clinical trials for its product candidates. The Company is dependent upon significant future financing to provide the cash necessary to execute its current operations, including the commercialization of any of its product candidates. The Company’s common stock is listed on the Nasdaq Global Market and trades under the symbol “AXSM”.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2019
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	Note 2. Summary of Significant Accounting Policies Significant Risks and Uncertainties The Company’s operations are subject to a number of factors that can affect its operating results and financial condition. Such factors include, but are not limited to: the results of clinical testing and trial activities of the Company’s product candidates; the Company’s ability to obtain regulatory approval to market its products, if approved; competition from products manufactured and sold or being developed by other companies; the price of, and demand for, the Company’s products, if approved; the Company’s ability to negotiate favorable licensing or other manufacturing and marketing agreements for its products, if approved; and the Company’s ability to raise additional financing. If the Company does not successfully commercialize any of its product candidates, it will be unable to generate recurring product revenue or achieve and maintain profitability. Use of Estimates Management considers many factors in developing the estimates and assumptions that are used in the preparation of these financial statements. Management must apply significant judgment in this process. In addition, other factors may affect estimates, including expected business and operational changes, sensitivity and volatility associated with the assumptions used in developing estimates, and whether historical trends are expected to be representative of future trends. The estimation process often may yield a range of potentially reasonable estimates of the ultimate future outcomes and management must select an amount that falls within that range of reasonable estimates. This process may result in actual results differing materially from those estimated amounts used in the preparation of the financial statements if these results differ from historical experience, or other assumptions do not turn out to be substantially accurate, even if such assumptions are reasonable when made. In preparing these financial statements, management used significant estimates in the following areas, among others: stock‑based compensation expense; the determination of the fair value of the warrants; the accounting for research and development costs; and the recoverability of the Company’s net deferred tax assets and related valuation allowance. Foreign Currency Translation Expenses denominated in foreign currency are translated into U.S. dollars at the exchange rate on the date the expense is incurred. Assets and liabilities of foreign operations are translated at period-end exchange rates. The effect of exchange rate fluctuations on translating foreign currency into U.S. dollars is included in the Statements of Operations and is not material to the Company’s financial statements. Segment and Geographic Information Operating segments are defined as components of an enterprise for which separate discrete information is available for evaluation by the chief operating decision maker or decision-making group, in deciding how to allocate resources and in assessing performance. The Company views its operations and manages its business as one operating segment, which is the business of developing novel therapies for the management of CNS disorders. Cash Equivalents The Company considers all highly liquid investments that have maturities of three months or less when acquired to be cash equivalents. The Company’s cash and cash equivalents includes holdings in checking and overnight sweep accounts. The Company’s cash equivalents, which are money market funds held in a sweep account, are measured at fair value on a recurring basis. As of March 31, 2019, the balance of cash and cash equivalents was $42.6 million, which approximates fair value and was determined based upon Level 1 inputs. The sweep account is valued using quoted market prices with no valuation adjustments applied. Accordingly, these securities are categorized as Level 1. Concentration of Credit Risk Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash. The Company maintains its cash at financial institutions, which at times, exceed federally insured limits. At March 31, 2019, the majority of the Company’s cash was held by one financial institution and the amount on deposit was in excess of Federal Deposit Insurance Corporation insurance limits. The Company has not recognized any losses from credit risks on such accounts since inception. The Company believes it is not exposed to significant credit risk on cash. Fair Value of Financial Instruments Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Assets and liabilities that are measured at fair value are reported using a three‑level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy maximizes the use of observable inputs and minimizes the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: Level 1 —Quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 —Inputs other than quoted prices in active markets that are observable for the asset or liability, either directly or indirectly. Level 3 —Inputs that are unobservable for the asset or liability. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The Company’s financial instruments are cash, accounts payable, accrued liabilities, and current and long-term debt. The carrying values for cash, accounts payable and accrued liabilities reported in the accompanying consolidated financial statements approximate their respective fair values due to their short‑term maturities. The carrying value of debt, the 2019 Term Loan (see Note 4 – Loan and Security Agreement), is estimated to approximate its fair value as the interest rate approximates the market rate for loans with similar terms and risk characteristics. Debt Issuance Costs Debt issuance costs consist of costs incurred in obtaining long-term financing. These costs are classified on the consolidated balance sheet as a direct deduction from the carrying amount of the related debt liability. These expenses are deferred and amortized as part of interest expense in the consolidated statement of operations using the effective interest rate method over the term of the debt agreement. Equipment Equipment consists primarily of computer equipment and is recorded at cost. Equipment is depreciated on a straight‑line basis over its estimated useful life, which the Company estimates to be three years. When equipment is sold or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts and the resulting gain or loss is included in operating expenses. Research and Development Costs Research and development expenses primarily consist of costs incurred in performing research and development activities, including preclinical studies, clinical trials, manufacturing costs, employee salaries and benefits, stock‑based compensation expense, contract services, including external research and development expenses incurred under arrangements with third parties, such as contract research organizations (“CROs”), facilities costs, overhead costs, depreciation, and other related costs. Generally, research and development costs are expensed as incurred. Nonrefundable advance payments for goods or services that will be used or rendered for future research and development activities are deferred and amortized over the period that the goods are delivered or the related services are performed, subject to an assessment of recoverability. The Company makes estimates of costs incurred in relation to external CROs, and clinical site costs. The Company analyzes the progress of clinical trials, including levels of patient enrollment, invoices received and contracted costs when evaluating the adequacy of the amount expensed and the related prepaid asset and accrued liability. Significant judgments and estimates must be made and used in determining the accrued balance and expense in any accounting period. The Company reviews and accrues CRO expenses and clinical trial study expenses based on work performed and relies upon estimates of those costs applicable to the stage of completion of a study. Accrued CRO costs are subject to revisions as such trials progress to completion. Revisions are charged to expense in the period in which the facts that give rise to the revision become known. With respect to clinical site costs, the financial terms of these agreements are subject to negotiation and vary from contract to contract. Payments under these contracts may be uneven, and depend on factors such as the achievement of certain events, the successful recruitment of patients, the completion of portions of the clinical trial or similar conditions. The objective of the Company’s policy is to match the recording of expenses in its financial statements to the actual services received and efforts expended. As such, expense accruals related to clinical site costs are recognized based on the Company’s estimate of the degree of completion of the event or events specified in the specific clinical study or trial contract. Income Taxes Income taxes are accounted for under the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, operating losses, and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. Valuation allowances are provided if, based upon the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company’s effective tax rate as of March 31, 2019 was 0%, which differs from the statutory tax rate in effect due to the Company recording a full valuation allowance. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not to be sustained upon examination based on the technical merits of the position as well as consideration of the available facts and circumstances. When uncertain tax positions exist, the Company recognizes the tax benefit of tax positions to the extent that the benefit will more likely than not be realized. As of March 31, 2019, the Company does not believe any material uncertain tax positions are present. In the event the Company determines that accrual of interest or penalties are necessary in the future, the amount will be presented as a component of income tax expense. Stock‑Based Compensation For stock options issued, the Company estimates the grant date fair value of each option using the Black‑Scholes option pricing model. The Black-Scholes model takes into account the expected volatility of the Company’s common stock, expected dividends of the Company’s common stock, the risk-free interest rate, the estimated life of the option, the closing market price of the Company’s common stock and the exercise price. The estimates utilized in the Black-Scholes calculation involve inherent uncertainties and the application of management’s judgment. In addition, the Company recognizes expense for equity awards forfeitures as they occur. For awards subject to service-based vesting conditions, the Company recognizes stock-based compensation expense on a straight-line basis over the requisite service period, which is generally the vesting term. For awards subject to performance-based vesting conditions, the Company recognizes stock-based compensation expense using the accelerated attribution method when it is probable that the performance condition will be achieved. The expense related to the stock-based compensation is recorded within the same financial statement line item as the grantee’s cash compensation. The Company’s policy upon exercise of stock options is that shares will be issued as new shares from the Company’s 2015 Omnibus Incentive Compensation Plan available share pool. Basic and Diluted Net Loss per Common Share Basic net loss per share of common stock is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share of common stock includes the effect, if any, from the potential exercise or conversion of securities, such as warrants and stock options, which would result in the issuance of incremental shares of common stock. As the impact of these items is anti‑dilutive during periods of net loss, there was no difference between basic and diluted net loss per share of common stock for the three months ended March 31, 2019 and 2018. Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842), which supersedes FASB Topic 840, Leases (Topic 840), requires that assets and liabilities arising under leases be recognized on the balance sheet as well as additional quantitative and qualitative disclosures that provide the amount, timing, and uncertainty of cash flows related to lease agreements. In July 2018, the FASB also issued ASU No. 2018-11, Leases (Topic 842), which provides (1) optional transition method that entities can use when adopting the standard and (2) a practical expedient that permits lessors to not separate nonlease components from the associated lease component if certain conditions are met. The standard is effective for annual and interim periods beginning after December 15, 2018, with early adoption permitted upon issuance. The Company elected to use the transition method approved by the FASB in accordance with ASU No. 2018-11, Leases, which allows companies to apply the provisions of the new leasing standard as of January 1, 2019, without adjusting the comparative periods presented by recognizing a cumulative-effect adjustment to the opening balance of retained earnings. The Company applied a policy election to exclude short-term leases from balance sheet recognition and also elected certain practical expedients at adoption. As permitted under these expedients, the Company did not reassess whether existing contracts are or contain leases, the lease classification for any existing leases, initial direct costs for any existing lease and whether existing land easements and rights of way, that were not previously accounted for as leases, are or contain a lease. The Company has adopted this guidance effective January 1, 2019. The Company evaluated its contracts and concluded that the contracts are not leases and do not contain a lease and the adoption of this guidance did not impact its financial statements. In July 2018, the FASB issued ASU No. 2018-09, Codification Improvements , which provides technical corrections, clarifications, and other improvements to several topics in the FASB Accounting Standard Codification. The transition and effective date guidance is based on the facts and circumstances of each amendment. Some of the amendments do not require transition guidance and were effective upon issuance of the ASU. Amendments that do not have transition guidance are effective for annual periods beginning after December 15, 2018. The Company has adopted this guidance effective January 1, 2019 and the adoption of the guidance did not have a material impact on the Company’s financial statements. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement , which modifies, removes and adds certain disclosure requirements on fair value measurements based on the FASB Concepts Statement, Conceptual Framework for Financial Reporting-Chapter 8: Notes to the Financial Statements . The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. The ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those years. The Company is currently evaluating the potential impact of the new guidance. In August 2018, the SEC adopted the final rule under SEC Release No. 33-10532, Disclosure Update and Simplification , amending certain disclosure requirements that were redundant, duplicative, overlapping, outdated or superseded. The changes are generally expected to reduce or eliminate certain disclosures; however, the amendments did expand interim period disclosure requirements related to changes in stockholders’ equity. The final rule was effective on November 5, 2018. The Company adopted this guidance on its effective date and presented the changes in shareholders’ equity in the interim financial statements in quarterly reports on Form 10-Q. See the consolidated statement of stockholders’ equity.

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	3 Months Ended
	Mar. 31, 2019
Accrued Expenses and Other Current Liabilities
Accrued Expenses and Other Current Liabilities	Note 3. Accrued Expenses and Other Current Liabilities At March 31, 2019 and December 31, 2018 accrued expenses and other current liabilities consisted of the following: March 31, December 31, 2019 2018 Research and development $ 3,012,155 $ 2,266,285 Accrued compensation 291,054 1,051,401 Other 436,637 525,613 Total $ 3,739,846 $ 3,843,299

Loan and Security Agreement

Loan and Security Agreement	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Loan and Security Agreement	Note 4. Loan and Security Agreement Current Term Loan In March 2019, the Company entered into a $24.0 million growth capital term loan facility with Silicon Valley Bank (“SVB”) and WestRiver Innovation Lending Fund VIII, L.P (the “2019 Term Loan”). The two-tranche loan agreement consists of an initial $20.0 million tranche, which was funded upon closing, with the remaining $4.0 million available to be drawn, at the Company’s option, subject to the achievement of positive data, on or prior to August 15, 2019, with respect to the Company’s ongoing Phase 2 clinical trial for AXS-12 in narcolepsy, sufficient to submit a Phase 3 protocol to FDA, provided that the Company has not received any objections from the FDA within thirty days after submission of such Phase 3 protocol. A portion of the first tranche was used to satisfy the Company’s existing obligations under the 2016 Amended Term Loan (as defined below) with SVB and such obligations are considered to be fully repaid and performed. The loan bears interest at an annual rate equal to the greater of (i) seven and one-half of one percent (7.50%) and (ii) two percent (2%) above the Prime Rate. The loan advances mature in February 2023 and have an interest-only payment period of 12 months, which may be extended to 18 months upon the drawing of the second tranche. Principal payments coming due within twelve months have been classified as current liabilities in the accompanying balance sheet. In addition, the Company is required to pay a final payment fee of 6.0% of the principal amount extended on the date of repayment of the 2019 Term Loan, which is being accreted and amortized into interest expense using the effective interest rate method over the term of the loan. The Company may prepay all, but not less than all, of the 2019 Term Loan, subject to a prepayment premium of 3.0% of the outstanding principal if prepaid within one year of the effective date of the loan, 2.0% of the outstanding principal if prepaid after the first anniversary of the effective date but on or prior to the second anniversary of the effective date, and 1.0% of the outstanding principal if prepaid after the second anniversary of the effective date. The 2019 Term Loan is collateralized by a security interest in all of the Company’s assets except intellectual property. The Company’s intellectual property is subject to a negative pledge. Previous Term Loan Prior to the 2019 Term Loan, the Company had a $20.0 million Term Loan Agreement with SVB which was executed in November 2016 (“2016 Original Term Loan”). The three-tranche term loan consisted of an initial $10.0 million tranche triggered upon closing, with the remaining $10.0 million available to be drawn in two $5.0 million tranches, at the Company’s option, subject to the achievement of certain clinical and financial milestones. The Company did not achieve the conditional criteria to access the second and third tranches before the specified dates and the $10.0 million in additional term loan advances subsequently expired. The 2016 Original Term Loan bore interest at an annual rate equal to 4.50% plus the prime rate, which is the greater of 3.50% or the Wall Street Journal prime rate, and was payable monthly. It was to mature in November 2020 and had an interest-only payment period until December 1, 2017, which was extendable to May 2018 upon the drawing of the second tranche. Because the Company did not achieve the conditional criteria to access the second and third term advances before the specified dates, the $10.0 million in additional term loan advances expired and the Company began to repay principal in December 2017. Following the interest-only payment period, the Company began making monthly payments of principal and interest and such payments would continue until the maturity date. Principal payments coming due within twelve months had been classified as current liabilities in the accompanying balance sheet. In addition to principal and interest payments under the 2016 Original Term Loan, the Company was required to pay a final payment fee of 8.5% of the principal amount extended on the date of repayment of the 2016 Original Term Loan. The Company accrued the final payment fee into interest expense using the effective interest rate method until the entry into the 2019 Term Loan in March 2019, at which time the Company paid SVB $0.85 million in satisfaction of all final payment fee liabilities due under the 2016 Original Term Loan. The Company was permitted to prepay all, but not less than all, of the 2016 Original Term Loan subject to a prepayment premium of 3.0% of the outstanding principal if prepaid within two years of the effective date of the loan, 2.0% of the outstanding principal if prepaid during the third year of the loan, and 1.0% of the outstanding principal if prepaid after the third year. The 2016 Original Term Loan was collateralized by a security interest in all of the Company’s assets except intellectual property. The Company’s intellectual property was subject to a negative pledge. In November 2018, the Company amended the 2016 Original Term Loan with SVB to provide an additional $4.0 million growth capital loan. The additional capital was available to be drawn on the amendment effective date which was November 26, 2018 through May 31, 2019, at the Company’s option, conditioned upon the achievement of a clinical milestone, which required the Company’s receipt of positive data of the Company’s Phase 2 clinical trial of AXS-12 for the treatment of narcolepsy, sufficient to submit a Phase 3 protocol to the FDA and to proceed to a Phase 3 trial (“2016 Amended Term Loan”). The financial terms for this additional growth capital were more favorable than those of the 2016 Original Term Loan. All other terms and conditions from the 2016 Original Term Loan agreement remained in place. The additional $4.0 million growth capital loan had to be drawn by May 31, 2019 and would bear interest at an annual rate equal to the greater of the prime rate plus 2.00%, or 7.25%, if drawn. The Company’s obligations under the 2016 Amended Term Loan, along with the ability of the Company to draw down on the additional $4.0 million tranche, were considered performed and completed in connection with the establishment of the 2019 Term Loan. The Company evaluated whether the 2019 Term Loan entered into in March 2019 represented a debt modification or extinguishment in accordance with ASC 470-50, Debt – Modifications and Extinguishments . As the present value of the cash flows under the terms of the 2019 Term Loan is less than 10% different from the remaining cash flows under the terms of the 2016 Original Term Loan and the 2016 Amended Term Loan, the 2019 Term Loan was accounted for as a debt modification. Since the borrowing capacity of the 2019 Term Loan is greater than the borrowing capacity from the 2016 Original Term Loan and the 2016 Amended Term Loan, the unamortized balance of debt discount costs incurred in connection with those loans and additional debt discount costs incurred in connection with entry into the 2019 Term Loan, are being amortized through maturity in February 2023 utilizing the effective interest rate method. Loan Interest Expense and Amortization The Company incurred interest expense of $216,667 and $206,868 for the three months ended March 31, 2019 and 2018, respectively. In addition, amortization of the final payment fee was $69,665 and $76,586 for the three months ended March 31, 2019 and 2018, respectively. The outstanding debt and unamortized debt discount balances are as follows: March 31, December 31, 2019 2018 Total Outstanding Debt $ 20,000,000 $ 6,388,889 Add: accreted liability of final payment fee 37,461 663,459 Less: unamortized debt discount, long-term (664,313) (99,595) Less: current portion of long-term debt (555,556) (3,333,333) Loan payable, long-term $ $ Current portion of long-term debt $ $ Less: current portion of unamortized debt discount Loan payable, current portion $ $ In connection with the 2016 Original Term Loan, SVB and Life Science Loans, LLC received warrants to purchase an aggregate 65,228 shares of the Company’s common stock at an exercise price of $7.41 per share, which are exercisable for seven years from the date of issuance. The warrants were classified as a component of stockholders’ equity. Additionally, in c onnection with the 2016 Amended Term Loan , SVB and WestRiver Innovation Lending Fund VIII, L.P. received warrants to purchase an aggregate 15,750 shares of the Company’s common stock at an exercise price of $3.06 per share, which are exercisable for seven years from the date of issuance. Both of these warrants were classified as a component of stockholders’ equity. Prior to entering into the 2019 Term Loan, the fair value of these warrants and the closing costs were recorded as debt discounts and were being amortized using the effective interest rate method over the term of the loan. Due to the debt modification upon entry of the 2019 Term Loan, the unamortized balance of the deferred debt issuance costs incurred with the 2016 Amended Term Loan will continue to be amortized through maturity in February 2023 along with the debt issuance costs of the 2019 Term Loan utilizing the effective interest rate method. In connection with the 2019 Term Loan, SVB and WestRiver received warrants to purchase an aggregate 70,000 shares of the Company’s common stock at a price per share equal to $8.10. The warrants will be earned based upon the usage of the facility and are exercisable until March 4, 2026. The warrants were classified as a component of stockholder’s equity, of which 58,332 warrants were immediately exercisable and the remaining 11,668 warrants will be issued based on usage of the second tranche of the 2019 Term Loan. The additional warrants will be immediately exercisable if and when they are issued by the Company. T he relative fair value of the warrants of approximately $0.4 million at the time of issuance, which was determined using the Black-Scholes option-pricing model, was recorded as additional paid-in capital and reduced the carrying value of the debt. The discount on the debt is being amortized to interest expense over the term of the debt utilizing the effective interest rate method. Amortization of the debt discount in relation to warrants issued as described above was $37,768 and $31,895 for the three months ended March 31, 2019 and 2018, respectively. Scheduled Principal Payments on Outstanding Debt, as of March 31, 2019, are as follows : 2019 — 2020 6,111,110 2021 6,666,667 2022 6,666,667 2023 555,556 Total principal payments outstanding $ 20,000,000 The Company was in compliance with all covenants and requirements of its financing arrangements as of and during the three months ended March 31, 2019.

Net Loss per Common Share

Net Loss per Common Share	3 Months Ended
	Mar. 31, 2019
Net Loss per Common Share
Net Loss per Common Share	Note 5. Net Loss per Common Share The following table sets forth the computation of basic and diluted net loss per common share: Three months ended March 31, 2019 2018 Basic and diluted net loss per common share: Net loss $ (10,640,376) $ (4,805,559) Weighted average common shares outstanding—basic and diluted 33,052,468 25,501,188 Net loss per common share—basic and diluted $ (0.32) $ (0.19) The following potentially dilutive securities outstanding at March 31, 2019 and 2018 have been excluded from the computation of diluted weighted average shares outstanding, as they would be anti‑dilutive: March 31, 2019 2018 Stock options 3,100,209 2,760,862 Warrants 181,369 2,099,149 Total 3,281,578 4,860,011

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2019
Stockholders' Equity
Stockholders' Equity	Note 6. Stockholders’ Equity Capital Structure On December 1, 2016, the Company filed a shelf registration statement (the “2016 Shelf Registration Statement”) with the SEC for the issuance of common stock, preferred stock, warrants, rights, debt securities and units up to an aggregate amount of $150.0 million. On December 16, 2016, the 2016 Shelf Registration Statement was declared effective by the SEC. The 2016 Shelf Registration Statement is currently the Company’s only active shelf registration statement. After deducting shares already sold, there is approximately $77.5 million of securities that remain available for future issuance under the 2016 Shelf Registration as of the date of this filing. All of the securities issued by the Company in the transactions discussed in this note were registered under the 2016 Shelf Registration Statement. In March 2017, the Company completed an underwritten public offering of its common stock, whereby it sold 4,304,813 shares of its common stock at a public offering price of $3.74 per share. The Company received gross proceeds of approximately $16.1 million, of which net proceeds were approximately $14.8 million after deducting underwriting discounts and offering expenses. In October 2017, the Company entered into a sales agreement (the “Sales Agreement”) with SVB Leerink (formerly Leerink Partners LLC) ("Leerink"), pursuant to which the Company could sell up to $30 million in shares of its common stock from time to time through Leerink, acting as its sales agent, in one or more at-the-market offerings. In January 2019, the Company raised approximately $25.8 million in gross proceeds through the sale of 3,164,015 shares under the Sales Agreement, which resulted in utilizing the full $30.0 million facility. Upon completion of the final sale fully exhausting the $30 million of shares allowed to be sold, the Sales Agreement was automatically terminated. Leerink received a commission of 3.0% of the gross proceeds for all shares sold under the Sales Agreement. In December 2017, the Company completed a registered direct offering (the “2017 Registered Direct Offering”), whereby it sold an aggregate of $9.5 million worth of units (“Units”) at a purchase price of $5.325 per Unit with each Unit consisting of (i) one share of the Company’s common stock, and (ii) a warrant to purchase one share of the Company’s common stock at an exercise price equal to $5.25 per share (the “Common Warrants”). The Company sold an aggregate of 1,783,587 Units for gross proceeds of approximately $9.5 million and net proceeds of approximately $8.8 million, after deducting placement agent fees and offering expenses. Additionally, the Company issued 107,015 warrants at an exercise price of $6.652 per share to certain investors affiliated with H.C. Wainwright & Co., LLC, placement agent for the 2017 Registered Direct Offering (the “Placement Agent Warrants”). The Company incurred issuance costs associated with the 2017 Registered Direct Offering of $745,856, which included $81,000 related to issuance of the Placement Agent Warrants, of which, $583,768 was allocated to the common stock sold and was recorded as a reduction to equity. The remaining amount was allocated to the Common Warrants and was expensed. The Placement Agent Warrants had the same terms as the Common Warrants, except for the exercise price of $6.6562 per share. The Common Warrants priced at $5.25 and Placement Agent Warrants priced at $6.6562 utilized the 2016 Shelf Registration Statement for a total of $9.4 million and $712,313. Both the Common Warrants and the Placement Agent Warrants were not exercised and subsequently were terminated in December 2018. On September 27, 2018, the Company entered into a purchase agreement with certain institutional and accredited investors (collectively, the “RDO Investors”) for the sale by the Company directly to the RDO Investors of an aggregate of 2,966,667 shares of the Company’s common stock, at a purchase price of $3.00 per share (the “2018 Registered Direct Offering”), for gross proceeds of approximately $8.9 million. The 2018 Registered Direct Offering closed on October 1, 2018, and the Company received net proceeds of approximately $8.8 million, after deducting transaction expenses. The 2,966,667 shares of common stock sold in the 2018 Registered Direct Offering were offered and sold by the Company directly to the RDO Investors, without a placement agent, underwriter, broker or dealer. The holders of shares of common stock are entitled to one vote for each share of common stock held at all meetings of stockholders and written actions in lieu of meetings. The holders of shares of common stock are entitled to receive dividends, if and when declared by the board of directors. In the future, the Company may also periodically offer one or more of these securities in amounts, prices and terms to be announced when and if the securities are offered. At the time any of the securities covered by the 2016 Shelf Registration Statement are offered for sale, a prospectus supplement will be prepared and filed with the SEC containing specific information about the terms of any such offering . Equity Incentive Plans There were 3,943,048 shares available for the issuance of stock options or stock-based awards under the Company’s 2015 Omnibus Incentive Compensation Plan at March 31, 2019. Stock Options The following table sets forth the stock option activity for the three months ended March 31, 2019: Weighted Weighted average Aggregate Number average contractual intrinsic of shares exercise price term value Outstanding at December 31, 2018 2,283,036 $ 5.06 Granted 890,866 12.79 Exercised (52,819) 7.77 Forfeited (17,744) 3.96 Expired (3,130) 4.59 Outstanding at March 31, 2019 3,100,209 $ 7.24 8.2 $ 21,659,618 Vested and expected to vest at March 31, 2019 3,075,040 $ 7.29 8.2 $ 21,350,901 Exercisable at March 31, 2019 1,434,087 $ 5.78 6.8 $ 12,112,953 The fair value of each stock option grant is estimated on the date of grant using the Black‑Scholes option pricing model. The expected term of the Company’s stock options has been determined utilizing the “simplified” method as described in the SEC’s Staff Accounting Bulletin No. 107 relating to stock‑based compensation. The simplified method was chosen because the Company has limited historical option exercise experience due to its short operating history. The risk‑free interest rate is based on the U.S. Treasury yield in effect at the time of grant for a period approximately equal to the expected term of the award. Expected dividend yield is based on the fact that the Company has never paid cash dividends and does not expect to pay any cash dividends in the foreseeable future. Expected volatility is based on historical volatilities of similar entities within the Company’s industry which were commensurate with the Company’s expected term assumption. The weighted average grant date fair value of options granted was $9.54 and $1.92 per option for the three months ended March 31, 2019 and 2018, respectively. As of March 31, 2019, there was $9.9 million of total unrecognized compensation cost related to non‑vested stock options which is expected to be recognized over a weighted average period of 3.5 years. These amounts do not include 38,024 options outstanding as of March 31, 2019, which are performance‑based and vest upon the achievement of certain corporate milestones. The total intrinsic value of options exercised (the difference in the market price of the Company’s common stock on the exercise date and the price paid by the optionee to exercise the option) was approximately $0.2 million for the three months ended March 31, 2019. There were no options exercised for the three months ended March 31, 2018. Stock‑based compensation expense recognized for the three months ended March 31, 2019 and 2018 was allocated as follows: Three months ended March 31, 2019 2018 Research and development $ 101,701 $ 90,797 General and administrative 1,154,609 443,773 Total $ 1,256,310 $ 534,570 Performance‑Based Awards The Company did not issue any performance-based awards during the three months ended March 31, 2019 and 2018. For awards granted with performance conditions, no expense will be recognized, and no measurement date can occur, until the occurrence of the event is probable. For the three months ended March 31, 2019, the Company recognized expense of $13,487 and for the three months ended March 31, 2018, Company recognized income of $9,415, related to performance‑based awards. Warrants The following table summarizes warrant activity for the three months ended March 31, 2019: Weighted average Warrants exercise price Outstanding at December 31, 2018 123,037 $ 6.35 Issued 58,332 8.10 Exercised — — Outstanding at March 31, 2019 181,369 $ 6.91 Warrants associated with 2017 Registered Direct Offering The change in the fair value of warrant liability for the quarter ended March 31, 2018 was $2,673,000. This relates to the Company’s 2017 Registered Direct Offering. As described in further detail in Note 6 – Stockholders’ Equity, the Company issued Common Warrants to certain investors to purchase an aggregate of 1,783,587 shares of its common stock. The Common Warrants were exercisable at $5.25 per share and expired on December 11, 2018. Additionally, as part of the 2017 Registered Direct Offering, the Company issued warrants Placement Agent Warrants to certain investors affiliated with H.C. Wainwright & Co., LLC, the placement agent in the 2017 Registered Direct Offering to purchase an aggregate of 107,015 shares of its common stock. The Placement Agent Warrants were exercisable at $6.6562 and expired on December 11, 2018. The Common Warrants and Placement Agent Warrants were analyzed and it was determined that they required liability treatment. Under ASC 815, Derivatives and Hedging , registered common stock warrants that require the issuance of registered shares upon exercise and do not expressly preclude an implied right to cash settlement are accounted for as derivative liabilities. The Company classified these derivative warrant liabilities on the consolidated balance sheet as a current liability and the change in fair value of the warrant liability was reported on the statement of operations. The fair value of the Common Warrants at March 31, 2018 and December 31, 2017 was determined to be approximately $115,000 and $2,683,000, respectively, as calculated using Black-Scholes with the following assumptions: (1) stock price of $2.45 and $5.60, respectively; (2) a risk-free rate of 1.99% and 1.76%, respectively; and (3) an expected volatility of 63% and 62%, respectively. The change in the fair value between December 31, 2017 and March 31, 2018 is reported as a change in fair value of the warrant liability on the statement of operations. The fair value of the Placement Agent Warrants at March 31, 2018 and December 31, 2017 were determined to be approximately $3,000 and $108,000, respectively, as calculated using Black-Scholes with the following assumptions: (1) stock price of $2.45 and $5.60, respectively; (2) a risk-free rate of 1.99% and 1.76%, respectively; and (3) an expected volatility of 63% and 62%, respectively. The change in the fair value between December 31, 2017 and March 31, 2018 is reported as a change in fair value of the warrant liability on the statement of operations.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2019
Summary of Significant Accounting Policies
Significant Risks and Uncertainties	Significant Risks and Uncertainties The Company’s operations are subject to a number of factors that can affect its operating results and financial condition. Such factors include, but are not limited to: the results of clinical testing and trial activities of the Company’s product candidates; the Company’s ability to obtain regulatory approval to market its products, if approved; competition from products manufactured and sold or being developed by other companies; the price of, and demand for, the Company’s products, if approved; the Company’s ability to negotiate favorable licensing or other manufacturing and marketing agreements for its products, if approved; and the Company’s ability to raise additional financing. If the Company does not successfully commercialize any of its product candidates, it will be unable to generate recurring product revenue or achieve and maintain profitability.
Use of Estimates	Use of Estimates Management considers many factors in developing the estimates and assumptions that are used in the preparation of these financial statements. Management must apply significant judgment in this process. In addition, other factors may affect estimates, including expected business and operational changes, sensitivity and volatility associated with the assumptions used in developing estimates, and whether historical trends are expected to be representative of future trends. The estimation process often may yield a range of potentially reasonable estimates of the ultimate future outcomes and management must select an amount that falls within that range of reasonable estimates. This process may result in actual results differing materially from those estimated amounts used in the preparation of the financial statements if these results differ from historical experience, or other assumptions do not turn out to be substantially accurate, even if such assumptions are reasonable when made. In preparing these financial statements, management used significant estimates in the following areas, among others: stock‑based compensation expense; the determination of the fair value of the warrants; the accounting for research and development costs; and the recoverability of the Company’s net deferred tax assets and related valuation allowance.
Foreign Currency Translation	Foreign Currency Translation Expenses denominated in foreign currency are translated into U.S. dollars at the exchange rate on the date the expense is incurred. Assets and liabilities of foreign operations are translated at period-end exchange rates. The effect of exchange rate fluctuations on translating foreign currency into U.S. dollars is included in the Statements of Operations and is not material to the Company’s financial statements.
Segment and Geographic Information	Segment and Geographic Information Operating segments are defined as components of an enterprise for which separate discrete information is available for evaluation by the chief operating decision maker or decision-making group, in deciding how to allocate resources and in assessing performance. The Company views its operations and manages its business as one operating segment, which is the business of developing novel therapies for the management of CNS disorders.
Cash Equivalents	Cash Equivalents The Company considers all highly liquid investments that have maturities of three months or less when acquired to be cash equivalents. The Company’s cash and cash equivalents includes holdings in checking and overnight sweep accounts. The Company’s cash equivalents, which are money market funds held in a sweep account, are measured at fair value on a recurring basis. As of March 31, 2019, the balance of cash and cash equivalents was $42.6 million, which approximates fair value and was determined based upon Level 1 inputs. The sweep account is valued using quoted market prices with no valuation adjustments applied. Accordingly, these securities are categorized as Level 1.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash. The Company maintains its cash at financial institutions, which at times, exceed federally insured limits. At March 31, 2019, the majority of the Company’s cash was held by one financial institution and the amount on deposit was in excess of Federal Deposit Insurance Corporation insurance limits. The Company has not recognized any losses from credit risks on such accounts since inception. The Company believes it is not exposed to significant credit risk on cash.
Fair Value of Financial Instruments	Fair Value of Financial Instruments Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Assets and liabilities that are measured at fair value are reported using a three‑level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy maximizes the use of observable inputs and minimizes the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: Level 1 —Quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 —Inputs other than quoted prices in active markets that are observable for the asset or liability, either directly or indirectly. Level 3 —Inputs that are unobservable for the asset or liability. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The Company’s financial instruments are cash, accounts payable, accrued liabilities, and current and long-term debt. The carrying values for cash, accounts payable and accrued liabilities reported in the accompanying consolidated financial statements approximate their respective fair values due to their short‑term maturities. The carrying value of debt, the 2019 Term Loan (see Note 4 – Loan and Security Agreement), is estimated to approximate its fair value as the interest rate approximates the market rate for loans with similar terms and risk characteristics.
Debt Issuance Costs	Debt Issuance Costs Debt issuance costs consist of costs incurred in obtaining long-term financing. These costs are classified on the consolidated balance sheet as a direct deduction from the carrying amount of the related debt liability. These expenses are deferred and amortized as part of interest expense in the consolidated statement of operations using the effective interest rate method over the term of the debt agreement.
Equipment	Equipment Equipment consists primarily of computer equipment and is recorded at cost. Equipment is depreciated on a straight‑line basis over its estimated useful life, which the Company estimates to be three years. When equipment is sold or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts and the resulting gain or loss is included in operating expenses.
Research and Development Costs	Research and Development Costs Research and development expenses primarily consist of costs incurred in performing research and development activities, including preclinical studies, clinical trials, manufacturing costs, employee salaries and benefits, stock‑based compensation expense, contract services, including external research and development expenses incurred under arrangements with third parties, such as contract research organizations (“CROs”), facilities costs, overhead costs, depreciation, and other related costs. Generally, research and development costs are expensed as incurred. Nonrefundable advance payments for goods or services that will be used or rendered for future research and development activities are deferred and amortized over the period that the goods are delivered or the related services are performed, subject to an assessment of recoverability. The Company makes estimates of costs incurred in relation to external CROs, and clinical site costs. The Company analyzes the progress of clinical trials, including levels of patient enrollment, invoices received and contracted costs when evaluating the adequacy of the amount expensed and the related prepaid asset and accrued liability. Significant judgments and estimates must be made and used in determining the accrued balance and expense in any accounting period. The Company reviews and accrues CRO expenses and clinical trial study expenses based on work performed and relies upon estimates of those costs applicable to the stage of completion of a study. Accrued CRO costs are subject to revisions as such trials progress to completion. Revisions are charged to expense in the period in which the facts that give rise to the revision become known. With respect to clinical site costs, the financial terms of these agreements are subject to negotiation and vary from contract to contract. Payments under these contracts may be uneven, and depend on factors such as the achievement of certain events, the successful recruitment of patients, the completion of portions of the clinical trial or similar conditions. The objective of the Company’s policy is to match the recording of expenses in its financial statements to the actual services received and efforts expended. As such, expense accruals related to clinical site costs are recognized based on the Company’s estimate of the degree of completion of the event or events specified in the specific clinical study or trial contract.
Income Taxes	Income Taxes Income taxes are accounted for under the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, operating losses, and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. Valuation allowances are provided if, based upon the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company’s effective tax rate as of March 31, 2019 was 0%, which differs from the statutory tax rate in effect due to the Company recording a full valuation allowance. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not to be sustained upon examination based on the technical merits of the position as well as consideration of the available facts and circumstances. When uncertain tax positions exist, the Company recognizes the tax benefit of tax positions to the extent that the benefit will more likely than not be realized. As of March 31, 2019, the Company does not believe any material uncertain tax positions are present. In the event the Company determines that accrual of interest or penalties are necessary in the future, the amount will be presented as a component of income tax expense.
Stock Based Compensation	Stock‑Based Compensation For stock options issued, the Company estimates the grant date fair value of each option using the Black‑Scholes option pricing model. The Black-Scholes model takes into account the expected volatility of the Company’s common stock, expected dividends of the Company’s common stock, the risk-free interest rate, the estimated life of the option, the closing market price of the Company’s common stock and the exercise price. The estimates utilized in the Black-Scholes calculation involve inherent uncertainties and the application of management’s judgment. In addition, the Company recognizes expense for equity awards forfeitures as they occur. For awards subject to service-based vesting conditions, the Company recognizes stock-based compensation expense on a straight-line basis over the requisite service period, which is generally the vesting term. For awards subject to performance-based vesting conditions, the Company recognizes stock-based compensation expense using the accelerated attribution method when it is probable that the performance condition will be achieved. The expense related to the stock-based compensation is recorded within the same financial statement line item as the grantee’s cash compensation. The Company’s policy upon exercise of stock options is that shares will be issued as new shares from the Company’s 2015 Omnibus Incentive Compensation Plan available share pool.
Basic and Diluted Net Loss per Common Share	Basic and Diluted Net Loss per Common Share Basic net loss per share of common stock is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share of common stock includes the effect, if any, from the potential exercise or conversion of securities, such as warrants and stock options, which would result in the issuance of incremental shares of common stock. As the impact of these items is anti‑dilutive during periods of net loss, there was no difference between basic and diluted net loss per share of common stock for the three months ended March 31, 2019 and 2018.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842), which supersedes FASB Topic 840, Leases (Topic 840), requires that assets and liabilities arising under leases be recognized on the balance sheet as well as additional quantitative and qualitative disclosures that provide the amount, timing, and uncertainty of cash flows related to lease agreements. In July 2018, the FASB also issued ASU No. 2018-11, Leases (Topic 842), which provides (1) optional transition method that entities can use when adopting the standard and (2) a practical expedient that permits lessors to not separate nonlease components from the associated lease component if certain conditions are met. The standard is effective for annual and interim periods beginning after December 15, 2018, with early adoption permitted upon issuance. The Company elected to use the transition method approved by the FASB in accordance with ASU No. 2018-11, Leases, which allows companies to apply the provisions of the new leasing standard as of January 1, 2019, without adjusting the comparative periods presented by recognizing a cumulative-effect adjustment to the opening balance of retained earnings. The Company applied a policy election to exclude short-term leases from balance sheet recognition and also elected certain practical expedients at adoption. As permitted under these expedients, the Company did not reassess whether existing contracts are or contain leases, the lease classification for any existing leases, initial direct costs for any existing lease and whether existing land easements and rights of way, that were not previously accounted for as leases, are or contain a lease. The Company has adopted this guidance effective January 1, 2019. The Company evaluated its contracts and concluded that the contracts are not leases and do not contain a lease and the adoption of this guidance did not impact its financial statements. In July 2018, the FASB issued ASU No. 2018-09, Codification Improvements , which provides technical corrections, clarifications, and other improvements to several topics in the FASB Accounting Standard Codification. The transition and effective date guidance is based on the facts and circumstances of each amendment. Some of the amendments do not require transition guidance and were effective upon issuance of the ASU. Amendments that do not have transition guidance are effective for annual periods beginning after December 15, 2018. The Company has adopted this guidance effective January 1, 2019 and the adoption of the guidance did not have a material impact on the Company’s financial statements. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement , which modifies, removes and adds certain disclosure requirements on fair value measurements based on the FASB Concepts Statement, Conceptual Framework for Financial Reporting-Chapter 8: Notes to the Financial Statements . The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. The ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those years. The Company is currently evaluating the potential impact of the new guidance. In August 2018, the SEC adopted the final rule under SEC Release No. 33-10532, Disclosure Update and Simplification , amending certain disclosure requirements that were redundant, duplicative, overlapping, outdated or superseded. The changes are generally expected to reduce or eliminate certain disclosures; however, the amendments did expand interim period disclosure requirements related to changes in stockholders’ equity. The final rule was effective on November 5, 2018. The Company adopted this guidance on its effective date and presented the changes in shareholders’ equity in the interim financial statements in quarterly reports on Form 10-Q. See the consolidated statement of stockholders’ equity.

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	3 Months Ended
	Mar. 31, 2019
Accrued Expenses
Schedule of accrued expenses	March 31, December 31, 2019 2018 Research and development $ 3,012,155 $ 2,266,285 Accrued compensation 291,054 1,051,401 Other 436,637 525,613 Total $ 3,739,846 $ 3,843,299

Loan and Security Agreement (Ta

Loan and Security Agreement (Tables)	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Schedule of outstanding debt and unamortized debt discount balances	March 31, December 31, 2019 2018 Total Outstanding Debt $ 20,000,000 $ 6,388,889 Add: accreted liability of final payment fee 37,461 663,459 Less: unamortized debt discount, long-term (664,313) (99,595) Less: current portion of long-term debt (555,556) (3,333,333) Loan payable, long-term $ $ Current portion of long-term debt $ $ Less: current portion of unamortized debt discount Loan payable, current portion $ $
Schedule of principal payments	2019 — 2020 6,111,110 2021 6,666,667 2022 6,666,667 2023 555,556 Total principal payments outstanding $ 20,000,000

Net Loss per Common Share (Tabl

Net Loss per Common Share (Tables)	3 Months Ended
	Mar. 31, 2019
Net Loss per Common Share
Computation of basic and diluted net loss per common share	Three months ended March 31, 2019 2018 Basic and diluted net loss per common share: Net loss $ (10,640,376) $ (4,805,559) Weighted average common shares outstanding—basic and diluted 33,052,468 25,501,188 Net loss per common share—basic and diluted $ (0.32) $ (0.19)
Schedule of potentially dilutive securities	March 31, 2019 2018 Stock options 3,100,209 2,760,862 Warrants 181,369 2,099,149 Total 3,281,578 4,860,011

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2019
Stockholders' Equity
Schedule of stock option activity	Weighted Weighted average Aggregate Number average contractual intrinsic of shares exercise price term value Outstanding at December 31, 2018 2,283,036 $ 5.06 Granted 890,866 12.79 Exercised (52,819) 7.77 Forfeited (17,744) 3.96 Expired (3,130) 4.59 Outstanding at March 31, 2019 3,100,209 $ 7.24 8.2 $ 21,659,618 Vested and expected to vest at March 31, 2019 3,075,040 $ 7.29 8.2 $ 21,350,901 Exercisable at March 31, 2019 1,434,087 $ 5.78 6.8 $ 12,112,953
Schedule of stock-based compensation expense	Three months ended March 31, 2019 2018 Research and development $ 101,701 $ 90,797 General and administrative 1,154,609 443,773 Total $ 1,256,310 $ 534,570
Schedule of warrant activity	Weighted average Warrants exercise price Outstanding at December 31, 2018 123,037 $ 6.35 Issued 58,332 8.10 Exercised — — Outstanding at March 31, 2019 181,369 $ 6.91

Nature of Business and Basis _2

Nature of Business and Basis of Presentation - Amendment to Certificate of Incorporation (Details)	Mar. 31, 2019product
Nature of Business and Basis of Presentation
Number of late-stage candidates in Company's product candidate portfolio	4

Nature of Business and Basis _3

Nature of Business and Basis of Presentation - Liquidity and Capital Resources (Details) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Nature of Business and Basis of Presentation
Accumulated deficit	$ 118,190,683	$ 107,550,307

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details)	3 Months Ended
	Mar. 31, 2019USD ($)segmentInstitution	Dec. 31, 2018USD ($)
Segment and Geographic Information
Number of operating segments | segment	1
Cash Equivalents
Cash Equivalents | $	$ 42,624,487	$ 13,968,742
Concentration of Credit Risk
Number of financial institutions that hold the Company's cash | Institution	1
Equipment
Estimated useful life	3 years
Income Taxes
Effective tax rate	0.00%

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities (Details) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Accrued Expenses and Other Current Liabilities
Research and development	$ 3,012,155	$ 2,266,285
Accrued compensation	291,054	1,051,401
Other	436,637	525,613
Total	$ 3,739,846	$ 3,843,299

Loan and Security Agreement - A

Loan and Security Agreement - Additional Information (Details)	1 Months Ended			3 Months Ended
	Mar. 31, 2019USD ($)	Nov. 30, 2018USD ($)	Nov. 30, 2016USD ($)tranche	Mar. 31, 2019USD ($)tranche	Mar. 31, 2018USD ($)
Repayment of principal on term loan				$ 7,238,889	$ 833,333
Prepayment premium, percent of principal, if prepaid within two years			3.00%
Prepayment premium, percent of principal, if prepaid during the third year			2.00%
Prepayment premium, percent of principal, if prepaid after third year			1.00%
Term Loan
Interest expense				216,667	206,868
Amortization of debt issuance costs				69,665	$ 76,586
2019 Term Loan
Maximum loan amount	$ 24,000,000			$ 24,000,000
Number of loan tranches | tranche				2
Annual interest rate	annual rate
Interest rate basis	7.50%
Interest rate spread	7.50%
Final payment fee, percent of principal	6.00%			6.00%
Prepayment premium, percent of principal, if prepaid within one year	3.00%			3.00%
Prepayment premium, condition one, term	1 year
Prepayment premium, percent of principal, if prepaid during the second year	2.00%			2.00%
Prepayment premium, percent of principal, if prepaid after second year	1.00%			1.00%
2019 Term Loan | Prime Rate
Interest rate basis	2.00%
Interest rate spread	2.00%
Term Loan 2019, Tranche One
Loan amount	$ 20,000,000			$ 20,000,000
Term Loan 2019, Tranche Two
Remaining credit facility to be drawn	4,000,000			$ 4,000,000
Original Term Loan 2016
Maximum loan amount			$ 20,000,000
Number of loan tranches | tranche			3
Interest rate basis			3.50%
Interest rate spread			3.50%
Final payment fee, percent of principal			8.50%
Final payment fee	$ 850,000
Base interest rate			4.50%
Term Loan 2016, Tranche One
Loan amount			$ 10,000,000
Term Loan 2016, Tranche Two
Maximum loan amount			5,000,000
Term Loan 2016, Tranche Three
Maximum loan amount			5,000,000
Term Loan 2016, Tranche Two and Three
Maximum loan amount			$ 10,000,000
Number of loan tranches | tranche			2
Amount of borrowing facility expired			$ 10,000,000
Amended Term Loan 2016
Loan amount		$ 4,000,000
Minimum | 2019 Term Loan
Interest only payment period after drawing of second tranche	12 months
Minimum | Amended Term Loan 2016 | Prime Rate
Interest rate basis		2.00%
Interest rate spread		2.00%
Maximum | 2019 Term Loan
Interest only payment period after drawing of second tranche	18 months
Maximum | Amended Term Loan 2016 | Prime Rate
Interest rate basis		7.25%
Interest rate spread		7.25%

Loan and Security Agreement - O

Loan and Security Agreement - Outstanding Debt and Unamortized Debt Discount (Details) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Debt Disclosure [Abstract]
Total Outstanding Debt	$ 20,000,000	$ 6,388,889
Add: accreted liability of final payment fee	37,461	663,459
Less: unamortized debt discount, long-term	(664,313)	(99,595)
Less: current portion of long-term debt	(555,556)	(3,333,333)
Loan payable, long-term	18,817,592	3,619,420
Current portion of long-term debt	555,556	3,333,333
Current portion of unamortized debt discount	(19,789)	(41,939)
Loan payable, current portion	$ 535,767	$ 3,291,394

Loan and Security Agreement - W

Loan and Security Agreement - Warrants Issued (Details) - USD ($)	1 Months Ended			3 Months Ended
	Mar. 31, 2019	Nov. 30, 2018	Nov. 30, 2016	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Exercise price of warrants (in dollars per share)	$ 6.91			$ 6.91		$ 6.35
Proceeds from Issuance of Long-term Debt				$ 20,000,000
Warrants issued				58,332
Amortization of debt discount				$ 107,433	$ 108,481
Warrants
Amortization of debt discount				$ 37,768	$ 31,895
2019 Term Loan | Warrants
Common stock to be issued if warrants are exercised (in shares)	70,000			70,000
Exercise price of warrants (in dollars per share)	$ 8.10			$ 8.10
Warrants issued	58,332
Fair Value Of Warrants	$ 400,000			$ 400,000
Term Loan 2019, Tranche Two | Warrants
Warrants issuable in future	11,668
Original Term Loan 2016 | Warrants
Common stock to be issued if warrants are exercised (in shares)			65,228
Exercise price of warrants (in dollars per share)			$ 7.41
Term of warrants (in years)			7 years
Amended Term Loan 2016 | Warrants
Common stock to be issued if warrants are exercised (in shares)		15,750
Exercise price of warrants (in dollars per share)		$ 3.06
Term of warrants (in years)		7 years

Loan and Security Agreement - S

Loan and Security Agreement - Schedule of Principal Payments (Details) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Debt Disclosure [Abstract]
2020	$ 6,111,110
2021	6,666,667
2022	6,666,667
2023	555,556
Total principal payments outstanding	$ 20,000,000	$ 6,388,889

Net Loss per Common Share - Com

Net Loss per Common Share - Computation of Basic and Diluted Net Loss per Common Share (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Basic and diluted net loss per common share:
Net loss	$ (10,640,376)	$ (4,805,559)
Weighted average common shares outstanding, basic and diluted	33,052,468	25,501,188
Net loss per common share, basic and diluted	$ (0.32)	$ (0.19)

Net Loss per Common Share - Pot

Net Loss per Common Share - Potentially Dilutive Securities Outstanding (Details) - shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	3,281,578	4,860,011
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	3,100,209	2,760,862
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	181,369	2,099,149

Stockholders' Equity - Capital

Stockholders' Equity - Capital Structure (Details)	Jan. 31, 2019USD ($)shares	Sep. 27, 2018USD ($)$ / sharesshares	Dec. 31, 2017USD ($)$ / sharesshares	Oct. 31, 2017USD ($)	Mar. 31, 2017USD ($)$ / sharesshares	Mar. 31, 2019Vote / sharesshares	Mar. 31, 2018USD ($)$ / shares	Dec. 01, 2016USD ($)
Subsidiary, Sale of Stock [Line Items]
Shelf Registration Statement, maximum aggregate amount issuable								$ 150,000,000
Remaining shares available for sale, shelf registration statement | shares						77,500,000
Shares issued | shares	3,164,015	2,966,667	1,783,587		4,304,813
Share Price | $ / shares		$ 3	$ 5.325		$ 3.74
Proceeds from issuance of common stock, gross		$ 8,900,000	$ 9,500,000		$ 16,100,000
Proceeds from issuance of common stock, net		8,800,000	8,800,000		$ 14,800,000
Common stock sales agreement, authorized amount		$ 2,966,667		$ 30,000,000
Common stock sales agreement, gross sales	$ 25,800,000
Common stock sales agreement, commission percentage	3.00%
Issuance costs			$ 745,856
Exercise price | $ / shares			$ 5.25
Common stock, voting right per share | Vote / shares						1
Common warrants
Subsidiary, Sale of Stock [Line Items]
Share Price | $ / shares			$ 5.60				$ 2.45
Issuance costs			$ 583,768
Exercise price | $ / shares			$ 5.25
Warrant utilized			$ 9,400,000
Fair Value Of Warrants			$ 2,683,000				$ 115,000
Placement agent warrants
Subsidiary, Sale of Stock [Line Items]
Shares issued | shares			107,015
Share Price | $ / shares			$ 5.60				$ 2.45
Issuance costs			$ 81,000
Exercise price | $ / shares			$ 6.6562
Warrant utilized			$ 712,313
Fair Value Of Warrants			$ 108,000				$ 3,000

Stockholders' Equity - Equity I

Stockholders' Equity - Equity Incentive Plans (Details)	Mar. 31, 2019shares
2015 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future grant	3,943,048

Stockholders' Equity - Stock Op

Stockholders' Equity - Stock Option Activity (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Number of shares
Beginning balance outstanding (in shares)	2,283,036
Granted (in shares)	890,866
Exercised (in shares)	(52,819)	0
Forfeited (in shares)	(17,744)
Expired (in shares)	(3,130)
Ending balance outstanding (in shares)	3,100,209
Vested and expected to vest (in shares)	3,075,040
Exercisable (in shares)	1,434,087
Weighted average exercise price
Beginning balance outstanding (in dollars per share)	$ 5.06
Granted (in dollars per share)	12.79
Exercised (in dollars per share)	7.77
Forfeited (in dollars per share)	3.96
Expired (in dollars per share)	4.59
Ending balance outstanding (in dollars per share)	7.24
Vested and expected to vest (in dollars per share)	7.29
Exercisable (in dollars per share)	$ 5.78
Weighted average contractual term
Outstanding (in years)	8 years 2 months 12 days
Vested and expected to vest (in years)	8 years 2 months 12 days
Exercisable (in years)	6 years 9 months 18 days
Aggregate intrinsic value
Outstanding (in dollars)	$ 21,659,618
Vested and expected to vest (in dollars)	21,350,901
Exercisable (in dollars)	12,112,953
Intinsic value of exercised options	$ 200,000

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested options outstanding	38,024
Weighted average
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value (in dollars per share)	$ 9.54	$ 1.92
Unrecognized compensation cost related to non-vested stock options expected to be recognized	$ 9.9
Expected vesting period for non-vested share-based compensation	3 years 6 months

Stockholders' Equity - Stock-ba

Stockholders' Equity - Stock-based Compensation Expense (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 1,256,310	$ 534,570
Research and development
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	101,701	90,797
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 1,154,609	$ 443,773

Stockholders' Equity - Performa

Stockholders' Equity - Performance-Based Awards Expense (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 1,256,310	$ 534,570
Performance-based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based awards issued	0	0
Stock-based compensation expense	$ (13,487)	$ 9,415

Stockholders' Equity - Warrants

Stockholders' Equity - Warrants (Details)	3 Months Ended
	Mar. 31, 2019$ / sharesshares
Warrants
Warrants outstanding beginning balance | shares	123,037
Warrants issued | shares	58,332
Warrants outstanding ending balance | shares	181,369
Weighted average exercise price
Beginning balance (in dollars per share) | $ / shares	$ 6.35
Issued (in dollars per share) | $ / shares	8.10
Ending balance (in dollars per share) | $ / shares	$ 6.91

Stockholders' Equity - Fair Val

Stockholders' Equity - Fair Value Warrants Assumptions (Details)	Dec. 11, 2018$ / sharesshares	Dec. 04, 2017$ / sharesshares	Mar. 31, 2019$ / sharesshares	Mar. 31, 2018USD ($)$ / shares	Dec. 31, 2018$ / shares	Sep. 27, 2018$ / shares	Dec. 31, 2017USD ($)$ / shares	Mar. 31, 2017$ / shares
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Change in fair value of warrant liabilities | $				$ 2,673,000
Warrants issued | shares			58,332
Exercise price of warrants (in dollars per share)			$ 6.91		$ 6.35
Share Price						$ 3	$ 5.325	$ 3.74
Volatility
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Warrant measurement input				0.63			0.62
Common warrants
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Warrants issued | shares		1,783,587
Exercise price of warrants (in dollars per share)		$ 5.25
Fair Value Of Warrants | $				$ 115,000			$ 2,683,000
Share Price				$ 2.45			$ 5.60
Common warrants | Risk Free Interest Rate
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Warrant measurement input				1.99			1.76
Common warrants | Volatility
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Warrant measurement input				0.63			0.62
Placement agent warrants
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Warrants issued | shares	107,015
Exercise price of warrants (in dollars per share)	$ 6.6562
Fair Value Of Warrants | $				$ 3,000			$ 108,000
Share Price				$ 2.45			$ 5.60
Placement agent warrants | Risk Free Interest Rate
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Warrant measurement input				1.99			1.76