Zosano Pharma (ZSANQ) 10-Q 9 Nov 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Nov. 03, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Trading Symbol	ZSAN
Entity Registrant Name	Zosano Pharma Corp
Entity Central Index Key	1,587,221
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		16,815,997

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 19,178	$ 6,646
Interest receivable	29	101
Short-term investments in marketable securities	3,878	30,287
Prepaid expenses and other current assets	412	237
Total current assets	23,497	37,271
Restricted cash	35	35
Property and equipment, net	6,107	7,660
Other long-term assets	388	371
Total assets	30,027	45,337
Current liabilities:
Accounts payable	1,692	1,209
Accrued compensation	1,162	1,275
Secured promissory note, current portion (net of issuance cost and including accrued interest)	5,931	3,360
Other accrued liabilities	1,088	1,036
Total current liabilities	9,873	6,880
Deferred rent	51	45
Secured promissory note, net of issuance cost (including accrued interest)	8,095	11,910
Total liabilities	18,019	18,835
Commitments and contingencies
Stockholders' equity:
Common stock, $0.0001 par value; 100,000 shares authorized as of September 30, 2016 and December 31, 2015; 16,816 shares and 11,967 shares issued and outstanding as of September 30, 2016 and December 31, 2015, respectively	2	1
Additional paid-in capital	200,981	193,438
Accumulated deficit	(188,974)	(166,891)
Accumulated other comprehensive loss	(1)	(46)
Stockholders' equity	12,008	26,502
Total liabilities and stockholders' equity	$ 30,027	$ 45,337

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	16,816,000	11,967,000
Common stock, shares outstanding	16,816,000	11,967,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenue:
License fees revenue	$ 0	$ 0	$ 0	$ 170
Collaborative development support services	0	0	0	143
Total revenue	0	0	0	313
Operating expenses:
Research and development	5,124	6,627	15,044	14,701
General and administrative	2,010	1,719	6,137	4,797
Total operating expenses	7,134	8,346	21,181	19,498
Loss from operations	(7,134)	(8,346)	(21,181)	(19,185)
Other income (expense):
Interest expense, net	(314)	(314)	(951)	(1,247)
Other income	0	41	49	49
Warrant revaluation income	0	0	0	48
Loss on debt extinguishment	0	0	0	(446)
Net loss	(7,448)	(8,619)	(22,083)	(20,781)
Other comprehensive loss:
Unrealized holding (loss) gain on marketable securities, net of tax effect	(3)	23	(1)	(15)
Comprehensive loss	$ (7,451)	$ (8,596)	$ (22,084)	$ (20,796)
Net loss per common share - basic and diluted	$ (0.52)	$ (0.72)	$ (1.73)	$ (1.85)
Weighted-average shares used in computing net loss per common share - basic and diluted	14,259	11,961	12,752	11,230

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Cash flows from operating activities:
Net loss	$ (22,083)	$ (20,781)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation	1,866	1,835
Stock-based compensation	896	369
Loss on debt extinguishment	0	446
Gain on sale of equipment	(51)	0
Accretion of interest payment	241	184
Revaluation of warrants to fair value	0	(48)
Deferred rent	6	(58)
Change in operating assets and liabilities:
Accounts and interest receivable	72	27
Prepaid expenses and other assets	(175)	915
Accounts payable	484	589
Accrued compensation and other accrued liabilities	(60)	(838)
Deferred revenue	0	(170)
Net cash flow used in operating activities	(18,804)	(17,530)
Cash flow from investing activities:
Purchase of property and equipment	(325)	(191)
Proceeds from sales of property and equipment	63	0
Purchase of marketable securities	0	(42,606)
Proceeds from maturities of investments in marketable securities	26,332	3,480
Increase in investment	(18)	(25)
Net cash flow provided by (used in) investing activities	26,052	(39,342)
Cash flow from financing activities:
Proceeds from initial public offering of securities, net of underwriting commissions and discounts	0	47,140
Payment of deferred offering costs	0	(1,359)
Proceeds from exercise of stock options and issuance of common stock	6	37
Proceeds from debt financing, net of issuance costs	0	11,705
Repayment of loan principal	(1,364)	(11,465)
Net cash flow provided by financing activities	5,284	60,533
Net increase in cash and cash equivalents	12,532	3,661
Cash and cash equivalents at beginning of period	6,646	1,214
Cash and cash equivalents at end of period	19,178	4,875
Supplemental cash flow information:
Interest paid	902	3,290
Non-cash investing and financing activities:
Conversion of debt to common stock	0	7,407
Issuance of warrant in connection with debt financing	0	212
Reclassification of warrant liability to equity	0	252
Concurrent Private Placement [Member]
Cash flow from financing activities:
Proceeds from issuance of securities	0	14,475
Private Investment in Public Equity (PIPE) [Member]
Cash flow from financing activities:
Proceeds from issuance of securities	$ 6,642	$ 0

Organization

Organization	9 Months Ended
	Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	1. Organization The Company Zosano Pharma Corporation and subsidiaries (the Company) is a clinical stage pharmaceutical company focusing on providing rapid symptom relief to patients using the Company’s proprietary intracutaneous delivery system to administer drugs through the skin. The Company is focused on developing products that deliver established molecules with known safety and efficacy profiles primarily for treatment of central nervous system indications. Our intracutaneous technology offers rapid onset, consistent drug delivery, improved ease of use and room-temperature stability benefits that we believe would provide a potentially favorable alternative to using oral formulations or injections. The Company was incorporated in Delaware as ZP Holdings, Inc. in January 2012 and changed its name to Zosano Pharma Corporation in June 2014. The Company was spun out of ALZA Corporation, a subsidiary of Johnson & Johnson, in October 2006, originally incorporated under the name The Macroflux Corporation, and changed its name to Zosano Pharma, Inc. in 2007, following the spin-off from Johnson & Johnson. In April 2012, in a transaction to recapitalize the business, a wholly-owned subsidiary of Zosano Pharma Corporation was merged into Zosano Pharma, Inc., whereby Zosano Pharma, Inc. was the surviving entity and became a wholly-owned subsidiary of Zosano Pharma Corporation. In June 2014, Zosano Pharma, Inc. changed its name to ZP Opco, Inc. The Company has two wholly owned subsidiaries as of September 30, 2016: ZP Opco, Inc. (Opco), through which the Company conducts its primary research and development activities, and ZP Group LLC, originally a joint venture with Asahi Kasei Pharmaceuticals USA (Asahi). The joint venture ceased operations in December 2013.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation and Use of Estimates The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) and as required by Regulation S-X, Rule 10-01 for interim financial reporting. The preparation of the accompanying condensed consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements, and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates. Unaudited Interim Financial Information The condensed consolidated balance sheet as of September 30, 2016, the condensed consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2016 and 2015, and the condensed consolidated statements of cash flows for the nine months ended September, 2016 and 2015 are unaudited. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual audited consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to state fairly the Company’s financial position as of September 30, 2016, and the condensed consolidated results of operations for the three and nine months ended September 30, 2016 and 2015, and the condensed consolidated statement of cash flows for the nine months ended September 30, 2016 and 2015. The financial data and other information disclosed in these notes to the interim condensed consolidated financial statements as of September 30, 2016 and for the three and nine month periods ended September 30, 2016 and 2015 are also unaudited. The results for the three and nine months ended September 30, 2016 are not necessarily indicative of the results to be expected for the year ending December 31, 2016 or for any other interim period or for any future year. These financial statements should be read in conjunction with the Company’s audited financial statements for the year ended December 31, 2015 included in the Company’s annual report on Form 10-K filed with the Securities and Exchange Commission. Liquidity The Company has incurred significant operating losses and had an accumulated deficit of $189.0 million as of September 30, 2016. The Company has financed its operations primarily through sale of equity securities, debt financing and payments received under its former licensing and collaboration agreements with pharmaceutical companies. To date, none of the Company’s product candidates have been approved for sale. The Company will continue to require additional financing to develop its product candidates and fund operating losses. Management intends to seek funds through equity or debt financings, collaborative or other arrangements with corporate partners, or through other sources of financing. However, if such financing is not available at adequate levels or on acceptable terms, the Company could be required to significantly reduce its operating expenses and delay, reduce the scope of, or eliminate some of its development programs, out-license intellectual property rights, or a combination of the above, which may have a material adverse effect on the Company’s business, results of operations, financial condition and/or its ability to meet its scheduled obligations on a timely basis, if at all. There can be no assurance that the Company will be successful in raising capital, or that any needed financing will be available in the future at terms acceptable to the Company. Consolidation The consolidated financial statements include the accounts of Zosano Pharma Corporation, ZP Opco, Inc., and ZP Group LLC post-termination of the joint venture. Intercompany balances and transactions have been eliminated in consolidation. Significant Accounting Policies There have been no material changes to the Company’s significant accounting policies during the nine months ended September 30, 2016, as compared to the significant accounting policies described in Note 2 of the “Notes to Consolidated Financial Statements” in the Company’ s Annual Report on Form 10-K for the year ended December 31, 2015. Below are those policies with current period updates: Research and Development Expenses Research and development costs are charged to expense as incurred and consist of costs related to (i) furthering the Company’s research and development efforts, and (ii) designing and manufacturing the Company’s intracutaneous microneedle patch and applicator for the Company’s clinical and nonclinical studies. In 2015, research and development costs also consisted of costs related to servicing the Company’s collaborative development efforts with other pharmaceutical companies. For the three months ended September 30, 2016, the Company incurred research and development costs of approximately $3.3 million in connection with the Company’s research and development efforts and approximately $1.8 million in the manufacturing of the Company’s microneedle patch system for development of the Company’s product candidate. For the three months ended September 30, 2015, the Company incurred approximately $3.0 million in connection with the Company’s research and development efforts and approximately $3.6 million in the manufacturing of the Company’s microneedle patch system for the development of the Company’s product candidate. For the nine months ended September 30, 2016, the Company incurred research and development costs of approximately $8.6 million in connection with the Company’s research and development efforts and approximately $6.5 million in the manufacturing of the Company’s microneedle patch system for development of the Company’s product candidate. For the nine months ended September 30, 2015, the Company incurred research and development costs of approximately $0.1 million in support of the Company’s collaborative development services, approximately $6.3 million in connection with the Company’s research and development efforts, and approximately $8.3 million in the manufacturing of the Company’s microneedle patch system for the development of the Company’s product candidate. Comprehensive Loss Comprehensive loss is comprised of net loss and the unrealized losses on the Company’s marketable securities. Comprehensive loss is included in the Company’s consolidated statements of operations and comprehensive loss for all periods presented. Net Loss Per Common Share Basic net income (loss) per common share is calculated by dividing the net income (loss) by the weighted- average number of common shares outstanding during the period, without consideration for potential dilutive common stock equivalents. Diluted net income (loss) per common share is computed by giving effect to all potential dilutive common stock equivalents outstanding for the period. For purposes of this calculation, warrants and options to purchase common stock are considered potential dilutive common stock equivalents. For the three and nine months ended September 30, 2016 and 2015, diluted net loss per common share was the same as basic net loss per common share since the effect of inclusion of potentially dilutive common stock equivalents would have an antidilutive effect due to the loss reported. The following outstanding common stock equivalents were excluded from the computations of diluted net loss per common share for the periods presented as the effect of including such securities would be antidilutive: September 30, 2016 2015 (unaudited; in shares) Warrants to purchase common stock 9,672,379 72,379 Options to purchase common stock 1,372,808 956,951 11,045,187 1,029,330 Recent Accounting Pronouncements In March 2016, FASB issued ASU 2016-09, Compensation - Stock Compensation: Improvements to Employee Share-Based Payment. In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-13, Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments In August 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments

Cash, Cash Equivalents and Inve

Cash, Cash Equivalents and Investments	9 Months Ended
	Sep. 30, 2016
Cash and Cash Equivalents [Abstract]
Cash, Cash Equivalents and Investments	3. Cash, Cash Equivalents and Investments The following is a summary of the Company’s cash, cash equivalents, and marketable securities investments for each of the periods presented: September 30, 2016 Amortized Cost Gross Gross Estimated Fair (unaudited; in thousands) Cash in bank $ 11,934 $ - $ - $ 11,934 Money market funds 7,244 - - 7,244 Certificates of deposit (restricted) 35 - - 35 Certificates of deposit 480 - - 480 Corporate bonds 2,398 - (1) 2,397 U.S. government agency bonds 1,001 - - 1,001 $ 23,092 $ - $ (1) $ 23,091 Classified as: Cash and cash equivalent $ 19,178 Restricted cash 35 Short-term investments in marketable securities 3,878 $ 23,091 December 31, 2015 Amortized Cost Gross Gross Estimated Fair (unaudited; in thousands) Cash in bank $ 2,997 $ - $ - $ 2,997 Money market funds 3,649 - - 3,649 Certificates of deposit (restricted) 35 - - 35 Certificates of deposit 5,040 - (4) 5,036 Corporate bonds 11,749 - (22) 11,727 U.S. government agency bonds 13,544 - (20) 13,524 $ 37,014 $ - $ (46) $ 36,968 Classified as: Cash and cash equivalent $ 6,646 Restricted cash 35 Short-term investments in marketable securities 30,287 $ 36,968 For the three and nine months ended September 30, 2016, there were no realized gains and losses on available-for-sale securities. As of September 30, 2016, the maximum contractual maturity of the Company’s available-for-sale investments was within 2 months. The Company does not intend to sell the investments that are in an unrealized loss position, and it is unlikely that the Company will be required to sell the investments before recovery of their amortized cost basis, which may be at maturity. The Company has determined that the gross unrealized losses on its available-for-sale investments as of September 30, 2016 were temporary in nature.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2016
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	4. Fair Value of Financial Instruments The Company records its financial assets and liabilities at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The accounting guidance establishes a three-tiered hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value as follows: • Level 1: Inputs which include quoted prices in active markets for identical assets and liabilities. • Level 2: Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The carrying values of certain assets and liabilities of the Company, such as cash and cash equivalents, accounts receivable, prepaid expenses and other current assets, accounts payable and accrued liabilities, approximate fair value due to their relatively short maturities. The carrying value of the Company’s short-term notes payable approximates their fair value as the terms of the borrowing are consistent with current market rates and the duration to maturity is short. The carrying value of the Company’s long-term notes payable approximates fair value because the interest rates approximate market rates that the Company could obtain for debt with similar terms and maturities. The following tables set forth the fair value of the Company’s financial instruments as of September 30, 2016 and December 31, 2015: September 30, 2016 Level I Level II Level III Total (unaudited; in thousands) Financial Instruments: Certificates of deposit (restricted cash) $ 35 $ - $ - $ 35 Money market funds 7,244 - - 7,244 Certificates of deposit - 480 - 480 Corporate bonds - 2,397 - 2,397 U.S. government agency bonds - 1,001 - 1,001 Total financial instruments $ 7,279 $ 3,878 $ - $ 11,157 December 31, 2015 Level I Level II Level III Total (unaudited; in thousands) Financial Instruments: Certificates of deposit (restricted cash) $ 35 $ - $ - $ 35 Money market funds 3,649 - - 3,649 Certificates of deposit - 5,036 - 5,036 Corporate bonds - 11,727 - 11,727 U.S. government agency bonds - 13,524 - 13,524 Total financial instruments $ 3,684 $ 30,287 $ - $ 33,971

Property and Equipment

Property and Equipment	9 Months Ended
	Sep. 30, 2016
Property, Plant and Equipment [Abstract]
Property and Equipment	5. Property and Equipment The following summarizes the Company’s property and equipment as of September 30, 2016 and December 31, 2015: September 30, 2016 December 31, 2015 (unaudited) (in thousands) Property and Equipment: Laboratory and office equipment $ 1,093 $ 1,112 Manufacturing equipment 10,798 10,730 Computer equipment and software 314 229 Leasehold improvements 15,542 15,534 Construction in progress 2,181 2,066 29,928 29,671 Less: accumulated depreciation (23,821) (22,011) $ 6,107 $ 7,660 Depreciation and amortization expense was approximately $0.6 million and $0.6 million for the three months ended September 30, 2016 and 2015, respectively, and $1.9 million and $1.8 for the nine months ended September 30, 2016 and 2015, respectively.

Research and Development Collab

Research and Development Collaboration and License Agreements	9 Months Ended
	Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Research and Development Collaboration and License Agreements	6. Research and Development Collaboration and License Agreements Former Collaboration Agreement with Novo Nordisk Pursuant to a collaboration agreement with Novo Nordisk dated January 31, 2014 related to the development of an intracutaneous presentation of select Novo Nordisk glucagon-like peptide-1 (GLP-1) analogues, the Company received a non-refundable upfront payment of $1.0 million. The upfront payment was recorded as deferred revenue in the consolidated balance sheet and recognized as license fees revenue over the performance period that was consistent with the term of performance obligations under the specified feasibility study plan. In July 2015, the Company announced that Novo Nordisk had notified the Company of its intention to discontinue the collaboration agreement. The termination became effective on October 27, 2015, and all technology rights licensed to Novo Nordisk related to the field of GLP-1 products reverted to the Company. As of June 30, 2015, the collaboration with Novo Nordisk was no longer a source of revenue or research and development expense for the Company. For the three months ended September 30, 2015, the Company did not recognize any service revenue pursuant to the Novo Nordisk collaboration agreement. For the nine months ended September 30, 2015, the Company recognized $46,000 as service revenue pursuant to the Novo Nordisk collaboration agreement.

Debt Financing

Debt Financing	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Debt Financing	7. Debt Financing Conversion of Related Parties Convertible Promissory Notes On January 30, 2015, upon the closing of the Company’s initial public offering, the principal and all unpaid and accrued interest on the September 2013, and the February and December 2014 convertible promissory notes outstanding as of January 30, 2015, totaling $7.4 million, automatically converted into an aggregate of 792,182 shares of common stock at a price equal to 85% of the initial public offering price, resulting in the liability for such notes being reclassified to permanent equity. Previous Secured Financing with BMR In connection with the recapitalization of the Company in April 2012, the Company renegotiated its lease agreement with its landlord, BioMed Realty Holdings, Inc. and affiliates (BMR Holdings), to include reduced rent obligations. In connection with the rent reduction, the Company issued a secured promissory note (the BMR Note) for the principal amount of approximately $8.6 million to BMR Holdings in 2012, which was subsequently assigned to its affiliate BMV Direct SOTRS LP, one of our largest shareholders, and all previously accrued interest, unpaid rent, future rent obligations and other fees due to BMR Holdings were either rolled into the BMR Note or eliminated. In June 2015, the Company terminated the BMR Note by prepaying the outstanding principal and all accrued interest totaling $11.4 million. As of June 30, 2015, the Company does not have any debt outstanding with BMR. For the three months ended September 30, 2015, the Company did not record any interest expense pursuant to the BMR Note and for the nine months ended September 30, 2015, the Company recorded $0.6 million in interest expense pursuant to the BMR Note. No interest expense was recorded in 2016 in connection with the BMR Note. Senior Secured Term Loan with Hercules In June 2014, the Company entered into a loan and security agreement with Hercules Technology Growth Capital, Inc. (Hercules) which provided the Company $4.0 million in debt financing. In June 2015, the Company entered into a first amendment to the loan and security agreement with Hercules to increase the aggregate principal amount of the loan to $15.0 million (the Hercules Term Loan). Upon the execution of the first amendment to the loan and security agreement, the Company used approximately $11.4 million of the Hercules Term Loan to prepay all amounts owing under the secured promissory note held by BMV Direct SOTRS LP, an affiliate of BioMed Realty Holdings, Inc. The first amendment to the loan and security agreement with Hercules provides that the $15.0 million principal balance will be subject to a 12-month interest-only period beginning July 1, 2015, followed by equal monthly installment payments of principal and interest, with all outstanding amounts due and payable on December 1, 2018. The outstanding principal balance bears interest at a variable rate of the greater of (i) 7.95%, or (ii) 7.95% plus the prime rate as quoted in the Wall Street Journal minus 5.25%. In addition, the Company will be obligated to pay a $100,000 legacy end of term charge on the earlier of June 1, 2017 or the date the Company prepays the Hercules Term Loan and a $351,135 end of term charge on the earlier of loan maturity or at the date the Company prepays the Hercules Term Loan. The Company may prepay all, but not less than all, of the Hercules Term Loan subject to a prepayment charge of 1.0% of the then outstanding principal if prepaid prior to June 23, 2016, or 0.5% of the then outstanding principal if prepaid on or after June 23, 2016 but prior to June 23, 2017, with no prepayment charge if prepaid thereafter. The Hercules Term Loan is secured by a first priority security interest and lien in and to all of the Company’s tangible and intangible properties and assets, including intellectual properties. In connection with the first amendment to the loan and security agreement with Hercules, the Company issued Hercules a warrant to purchase 40,705 shares of the Company’s common stock at an exercise price of $7.37 per share. The warrant was recorded at fair value on the date of issuance and treated as a debt discount which is being amortized to interest expense over the term of the loan using the effective interest method. (See Note 9 for a discussion of warrants to purchase common stock.) The following is a summary of the Company’s long-term debt, net of unamortized debt discount and issuance costs, as of September 30, 2016 and December 31, 2015: September 30, 2016 December 31, 2015 (unaudited) (in thousands) Principal amount $ 13,637 $ 15,000 Less: unamortized debt issuance costs (52) (91) unamortized fair value of free standing warrant (95) (163) Plus: unamortized fair value debt premium 180 310 accrued terminal interest 266 111 accrued interest 90 103 Long-term debt, net of unamortized debt issuance cost and premium $ 14,026 $ 15,270 For the three and nine months ended September 30, 2016, the Company recorded total interest expense of $0.3 million and $1.0 million, respectively, related to the Hercules Term Loan. For the three and nine months ended September 30, 2015, the Company recorded total interest of $0.3 million and $0.6 million, respectively, in connection with the agreement with Hercules.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	8. Commitments and Contingencies The Company has an operating lease with BMR-34790 Ardentech Court LP, an affiliate of BMR Holdings, for its office, research and development, and manufacturing facilities in Fremont, California. In April 2012, the Company amended the lease agreement to reduce future rent obligations with a new lease term of seven years in exchange for a potential reduction of premises from a recapturable premises clause. In June 2015, the Company entered into another amendment to the lease, pursuant to which BMR-34790 Ardentech Court LP’s option to recapture a specified portion of the leased premises (comprising approximately 29,348 square feet of the approximate total 55,588 square feet of leased premises) has been suspended. The Company had the option until December 31, 2015 to extend the term of the lease. The Company did not exercise this option and as a result, the terms of the previous amendment entered in April 2012 remain in effect. For the three months ended September 30, 2016 and 2015, rental expense under operating leases was $0.2 million and $0.2 million, respectively. For the nine months ended September 30, 2016 and 2015, rental expense under operating leases was $0.5 million and $0.5 million, respectively. As of September 30, 2016 future minimum payments under non-cancelable operating leases for each year ending December 31 are as follows: Total (in thousands) 2016 $ 163 2017 632 2018 650 2019 164 $ 1,609

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2016
Equity [Abstract]
Stockholders' Equity	9. Stockholders’ Equity Initial Public Offering On January 30, 2015, the Company completed an initial public offering (“IPO”) of its common stock on the NASDAQ Capital Market. The Company sold an aggregate of 4,500,000 shares of common stock under a registration statement on Form S-1, declared effective on January 27, 2015, at a public offering price of $11.00 per share. Net proceeds to the Company were approximately $44.2 million, after deducting underwriting commissions and expenses. On February 27, 2015, the underwriters exercised the overallotment option resulting in the Company’s issuing an additional 110,000 shares of its common stock at $11.00 per share, resulting in additional net proceeds of approximately $1.1 million after underwriting discounts. Concurrent Private Placement - January 2015 On January 30, 2015, the Company issued and sold 1,363,636 shares of its common stock to Eli Lilly and Company (Lilly) in a private placement pursuant to a common stock purchase agreement dated November 21, 2014 between the Company and Lilly and received net proceeds of $14.5 million, after underwriting discounts. The closing of this private placement took place concurrently with the Company’s IPO. As of September 30, 2016, Lilly beneficially owned approximately 11% of the Company’s outstanding common stock. Private Investment in Public Equity (“PIPE”) - August 2016 On August 15, 2016, the Company entered into a Securities Purchase Agreement (“Purchase Agreement”) between the Company and certain purchasers, including members of the Company’s Board of Directors and executive management, pursuant to which the Company sold and issued shares of common stock and warrants to purchase shares of common stock for aggregate gross proceeds of $7.5 million. Costs related to the offering were $0.9 million. Pursuant to the Purchase Agreement, the Company sold 4,800,000 common shares at $1.32 per common share, the closing price per share on August 15, 2016, for gross proceeds of $6.3 million. Additionally, 9,600,000 warrants were sold, at a price of $0.125 per warrant, for gross proceeds of $1.2 million. Each warrant grants the holder the right to purchase one share of our common stock. The Company granted 4,800,000 Series A Warrants and 4,800,000 Series B Warrants. Series A Warrants and Series B Warrants have a per share exercise price of $1.45 and $1.55, respectively, and will expire one year and one week and five years, respectively, from the date of issuance, August 19, 2016. Certain of our directors and executive officers purchased an aggregate of 275,454 shares of common stock and an aggregate of 550,908 warrants in this offering at the same price as the other investors. In connection with the PIPE transaction, the Company filed a registration statement, Form S-3, with the U.S. Securities and Exchange Commission, or SEC, registering for resale the shares of common stock and shares of common stock issuable upon exercise of the warrants. The registration statement was declared effective by the SEC on September 23, 2016. Hercules Warrants In connection with the Company’s entry into the loan and security agreement with Hercules in June 2014, the Company issued Hercules a warrant to purchase $280,000 worth of the Company’s stock. The warrant was initially recorded on the Company’s consolidated balance sheet at fair value on the date of issuance and treated as a debt discount that is being amortized to interest expense over the debt repayment period using the effective interest method. As a result of the pricing of the Company’s IPO on January 27, 2015, and pursuant to the agreement the exercise price was fixed at $8.84 per share, resulting in the warrant being exercisable for 31,674 shares (warrant amount of $280,000 divided by $8.84 per share) of the Company’s common stock. Accordingly, management concluded that the requirements for equity classification had been met and effected a reclassification of the warrant liability of $0.3 million to equity. The warrant is exercisable at any time, in whole or in part, until five years from the date of the Company’s IPO. For the three and nine months ended September 30, 2015, the Company recorded other income of zero and $48,000, respectively, related to the change in fair value of the warrant before equity reclassification, which was determined by using the Black-Scholes option valuation model with the following assumptions: expected term of 5.00 years; volatility of 89%; risk free interest rate of 1.32%; and no dividend yield. In connection with the Company’s entry into the first amendment to loan and security agreement with Hercules in June 2015, the Company issued Hercules a warrant to purchase 40,705 shares of the Company’s common stock at an exercise price of $7.37 per share. Hercules can exercise its purchase right under the warrant, in whole or in part, at any time until June 23, 2020. The warrant was recorded at fair value on the date of issuance and treated as a debt discount that is being amortized to interest expense over the term of the loan using the effective interest method. The Company classified the warrant to equity and recorded the fair value of the warrant of $212,000 to additional paid-in capital in its consolidated balance sheet. The warrant fair value was determined by using the Black-Scholes option valuation model with the following assumptions: expected term of 5.00 years; volatility of 89%; risk free interest rate of 1.73% and no dividend yield.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	10. Stock-Based Compensation The Company has reserved 1.4 million shares of common stock for issuance under the Company’s 2014 Equity and Incentive Plan (the 2014 Plan). In connection with the Company’s IPO of its common stock in January 2015, the Company’s board of directors terminated the Company’s 2012 Stock Incentive Plan (the 2012 Plan) effective as of January 27, 2015 and no further awards may be issued under the 2012 Plan. However, the awards outstanding under the 2012 Plan at January 27, 2015 continue to be governed by the terms of the 2012 Plan. On September 7, 2016, the Company awarded an inducement option grant to our Chief Business Officer to purchase 252,000 shares of our common stock at an exercise price of $0.77 per share. This inducement option grant was issued outside of the existing equity compensation plans in accordance with NASDAQ listing rule 5635(c)(4). The following table summarizes option and award activity during the nine months ended September 30, 2016: Shares Available for Grant Shares Subject to Outstanding Options Weighted- Average Exercise Price per Share Weighted- Average Remaining Contractual Term (In Years) Aggregate Intrinsic Value Options at December 31, 2015 858,606 972,951 $ 2.35 7.40 Options granted (792,463) 792,463 $ 1.92 Options exercised - (145,892) $ 1.53 Options cancelled/forfeited 246,714 (246,714) $ 2.76 Restricted stock units granted (9,478) - $ - Shares expired under 2012 Plan (21,314) - $ - Balance at September 30, 2016 282,065 1,372,808 $ 2.12 8.47 $ 5 Exercisable at September 30, 2016 299,911 $ 2.09 5.22 $ - Vested and expected to vest at September 30, 2016 1,293,252 $ 2.14 8.40 $ 4 The aggregate intrinsic values of options outstanding and exercisable, vested and expected to vest were calculated as the difference between the exercise price of the options and the closing market value of the Company’s common stock as reported on NASDAQ as of September 30, 2016. The following summarizes the composition of stock options outstanding and exercisable as of September 30, 2016 (unaudited): Options Outstanding and Exercisable Exercise Price Number of Shares Weighted- Average Remaining Contractual Life (in years) $0.77 - $1.40 503,050 1.06 $2.04 - $2.57 805,457 2.38 $4.52 - $9.05 33,301 5.05 $9.13 - $9.29 31,000 9.27 1,372,808 On March 29, 2016, the Board of Directors of the Company approved the grant of certain performance-based stock options to employees of the Company for a total of 164,500 option shares with an aggregate grant date fair value of approximately $0.3 million. As of September 30, 2016, a total of 58,125 of such options vested upon achievement of certain specified performance conditions. The Company accounts for these performance-based stock options in accordance with the provisions under ASC 718 and recognized compensation expense when the performance conditions are considered probable of achievement. Stock-Based Compensation Expense Total stock-based compensation expense recognized was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (unaudited; in thousands) (unaudited; in thousands) Research and development $ 76 $ 103 $ 351 $ 166 General and administrative 154 63 545 203 Total stock-based compensation expense $ 230 $ 166 $ 896 $ 369 As of September 30, 2016, the Company had $2.4 million of total unrecognized stock-based compensation, net of estimated forfeitures, related to outstanding stock options that will be recognized over a weighted-average period of 3.41 years. The Company uses the Black-Scholes model for valuing its options and awards granted to employees and non-employees. Stock-based compensation in connection with non-employee grants was immaterial for the three and nine months ended September 30, 2016 and 2015. The following table illustrates the input assumptions used to value employee stock option grants for the three and nine months ended September 30, 2016 and 2015 (unaudited): Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Dividend yield 0% 0% 0% 0% Risk-free interest rate 1.26% 1.07% - 1.73% 1.06 - 1.97% 1.07% - 2.01% Expected volatility 89% 89% 89% 89% Expected term (years) 6.08 6.08 6.08 6.08

Restructuring and Severance

Restructuring and Severance	9 Months Ended
	Sep. 30, 2016
Text Block [Abstract]
Restructuring and Severance	11. Restructuring and Severance In January 2016, the Company terminated the employment of its Chief Executive Officer (CEO). Pursuant to the terms of his employment agreement, the Company was obligated to its former CEO for certain severance payments, continuation of benefits, and acceleration of vesting of the remaining outstanding unvested stock options. For the three months ended March 31, 2016, the Company had recorded a liability and an expense of $0.4 million for postemployment severance and benefits and a stock-based compensation expense of approximately $16,000 related to the acceleration of vesting of the former CEO’s stock options. For the nine months ended September 30, 2016, the Company had paid $0.4 million of the postemployment severance and benefits, with $7,500 remaining included within accrued compensation on the condensed consolidated balance sheet. In March 2016, the Company consolidated its operations with the primary focus on continued development of M207 (previously known as ZP-Triptan). In accordance with ASC 420, Exit or Disposal Cost Obligations, the aggregate restructuring charges of approximately $0.5 million represent one-time termination benefits, comprised principally of severance, benefit continuation costs and outplacement services. For the three months ended March 31, 2016, the Company had recorded $0.5 million as a liability and an expense and a stock-based compensation expense of approximately $5,000 on the acceleration of vesting of certain stock options related to the elimination of certain senior positions in connection with the workforce reduction. For the nine months ended September 30, 2016, the Company paid approximately $0.5 million, with approximately $31,000 remaining included within accrued compensation on the condensed consolidated balance sheet.

Going Concern

Going Concern	9 Months Ended
	Sep. 30, 2016
Text Block [Abstract]
Going Concern	12. Going Concern The accompanying condensed consolidated financial statements have been prepared in conformity with U.S. GAAP, which contemplate continuation of the Company as a going concern. As of September 30, 2016, the Company has an accumulated deficit of $189.0 million as well as negative cash flows from operating activities. Presently, the Company does not have sufficient cash resources to meet its plans in the next twelve months following September 30, 2016. The Company will continue to require substantial funds to continue research and development, including clinical trials of its product candidate. Management’s plans in order to meet its operating cash flow requirements include financing activities such as private placements of its common stock, preferred stock offerings, issuances of debt and convertible debt instruments and collaborative or other arrangements with corporate sources. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern. There are no assurances that such additional funding will be achieved and that the Company will succeed in its future operations. The Company’s inability to obtain required funding in the near future or its inability to obtain funding on favorable terms will have a material adverse effect on its operations and strategic development plan for future growth. If the Company cannot successfully raise additional capital and implement its strategic development plan, its liquidity, financial condition and business prospects will be materially and adversely affected, and the Company may have to cease operations.

Subsequent Event

Subsequent Event	9 Months Ended
	Sep. 30, 2016
Subsequent Events [Abstract]
Subsequent Event	13. Subsequent Event On October 12, 2016, we received a deficiency letter from the Listing Qualifications Department of The NASDAQ Stock Market notifying us that, for the preceding 30 consecutive business days, the bid price for our common stock had closed below the minimum $1.00 per share requirement for continued inclusion on The NASDAQ Global Market pursuant to NASDAQ Listing Rule 5550(a)(2). In accordance with NASDAQ Listing Rule 5810(c)(3)(A), the Company has been provided an initial period of 180 calendar days, or until April 10, 2017, to regain compliance with the Rule. If, at any time before April 10, 2017, the bid price for the Company’s common stock closes at $1.00 or more for a minimum of 10 consecutive business days as required under Listing Rule 5810(c)(3)(A), the Staff will provide written notification to the Company that it complies with the Rule. If the Company does not regain compliance with the Rule by April 10, 2017, the Company may be eligible for an additional 180 calendar day compliance period. To qualify, the Company will be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards, with the exception of the bid price requirement, and will need to provide written notice to the Staff of its intention to cure the deficiency during the second compliance period by effecting a reverse stock split if necessary.

Summary of Significant Accoun19

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
Basis of Presentation and Use of Estimates	Basis of Presentation and Use of Estimates The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) and as required by Regulation S-X, Rule 10-01 for interim financial reporting. The preparation of the accompanying condensed consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements, and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates.
Unaudited Interim Financial Information	Unaudited Interim Financial Information The condensed consolidated balance sheet as of September 30, 2016, the condensed consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2016 and 2015, and the condensed consolidated statements of cash flows for the nine months ended September, 2016 and 2015 are unaudited. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual audited consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to state fairly the Company’s financial position as of September 30, 2016, and the condensed consolidated results of operations for the three and nine months ended September 30, 2016 and 2015, and the condensed consolidated statement of cash flows for the nine months ended September 30, 2016 and 2015. The financial data and other information disclosed in these notes to the interim condensed consolidated financial statements as of September 30, 2016 and for the three and nine month periods ended September 30, 2016 and 2015 are also unaudited. The results for the three and nine months ended September 30, 2016 are not necessarily indicative of the results to be expected for the year ending December 31, 2016 or for any other interim period or for any future year. These financial statements should be read in conjunction with the Company’s audited financial statements for the year ended December 31, 2015 included in the Company’s annual report on Form 10-K filed with the Securities and Exchange Commission.
Liquidity	Liquidity The Company has incurred significant operating losses and had an accumulated deficit of $189.0 million as of September 30, 2016. The Company has financed its operations primarily through sale of equity securities, debt financing and payments received under its former licensing and collaboration agreements with pharmaceutical companies. To date, none of the Company’s product candidates have been approved for sale. The Company will continue to require additional financing to develop its product candidates and fund operating losses. Management intends to seek funds through equity or debt financings, collaborative or other arrangements with corporate partners, or through other sources of financing. However, if such financing is not available at adequate levels or on acceptable terms, the Company could be required to significantly reduce its operating expenses and delay, reduce the scope of, or eliminate some of its development programs, out-license intellectual property rights, or a combination of the above, which may have a material adverse effect on the Company’s business, results of operations, financial condition and/or its ability to meet its scheduled obligations on a timely basis, if at all. There can be no assurance that the Company will be successful in raising capital, or that any needed financing will be available in the future at terms acceptable to the Company.
Consolidation	Consolidation The consolidated financial statements include the accounts of Zosano Pharma Corporation, ZP Opco, Inc., and ZP Group LLC post-termination of the joint venture. Intercompany balances and transactions have been eliminated in consolidation.
Research and Development Expenses	Research and Development Expenses Research and development costs are charged to expense as incurred and consist of costs related to (i) furthering the Company’s research and development efforts, and (ii) designing and manufacturing the Company’s intracutaneous microneedle patch and applicator for the Company’s clinical and nonclinical studies. In 2015, research and development costs also consisted of costs related to servicing the Company’s collaborative development efforts with other pharmaceutical companies. For the three months ended September 30, 2016, the Company incurred research and development costs of approximately $3.3 million in connection with the Company’s research and development efforts and approximately $1.8 million in the manufacturing of the Company’s microneedle patch system for development of the Company’s product candidate. For the three months ended September 30, 2015, the Company incurred approximately $3.0 million in connection with the Company’s research and development efforts and approximately $3.6 million in the manufacturing of the Company’s microneedle patch system for the development of the Company’s product candidate. For the nine months ended September 30, 2016, the Company incurred research and development costs of approximately $8.6 million in connection with the Company’s research and development efforts and approximately $6.5 million in the manufacturing of the Company’s microneedle patch system for development of the Company’s product candidate. For the nine months ended September 30, 2015, the Company incurred research and development costs of approximately $0.1 million in support of the Company’s collaborative development services, approximately $6.3 million in connection with the Company’s research and development efforts, and approximately $8.3 million in the manufacturing of the Company’s microneedle patch system for the development of the Company’s product candidate.
Comprehensive Loss	Comprehensive Loss Comprehensive loss is comprised of net loss and the unrealized losses on the Company’s marketable securities. Comprehensive loss is included in the Company’s consolidated statements of operations and comprehensive loss for all periods presented.
Net Loss Per Common Share	Net Loss Per Common Share Basic net income (loss) per common share is calculated by dividing the net income (loss) by the weighted- average number of common shares outstanding during the period, without consideration for potential dilutive common stock equivalents. Diluted net income (loss) per common share is computed by giving effect to all potential dilutive common stock equivalents outstanding for the period. For purposes of this calculation, warrants and options to purchase common stock are considered potential dilutive common stock equivalents. For the three and nine months ended September 30, 2016 and 2015, diluted net loss per common share was the same as basic net loss per common share since the effect of inclusion of potentially dilutive common stock equivalents would have an antidilutive effect due to the loss reported. The following outstanding common stock equivalents were excluded from the computations of diluted net loss per common share for the periods presented as the effect of including such securities would be antidilutive: September 30, 2016 2015 (unaudited; in shares) Warrants to purchase common stock 9,672,379 72,379 Options to purchase common stock 1,372,808 956,951 11,045,187 1,029,330
Recent Accounting Pronouncements	Recent Accounting Pronouncements In March 2016, FASB issued ASU 2016-09, Compensation - Stock Compensation: Improvements to Employee Share-Based Payment. In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-13, Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments In August 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments

Summary of Significant Accoun20

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
Schedule of Outstanding Common Stock Equivalents Excluded From Computations of Diluted Net Loss per Common Share	The following outstanding common stock equivalents were excluded from the computations of diluted net loss per common share for the periods presented as the effect of including such securities would be antidilutive: September 30, 2016 2015 (unaudited; in shares) Warrants to purchase common stock 9,672,379 72,379 Options to purchase common stock 1,372,808 956,951 11,045,187 1,029,330

Cash, Cash Equivalents and In21

Cash, Cash Equivalents and Investments (Tables)	9 Months Ended
	Sep. 30, 2016
Cash and Cash Equivalents [Abstract]
Summary of Cash, Cash Equivalents, and Marketable Securities Investments	The following is a summary of the Company’s cash, cash equivalents, and marketable securities investments for each of the periods presented: September 30, 2016 Amortized Cost Gross Gross Estimated Fair (unaudited; in thousands) Cash in bank $ 11,934 $ - $ - $ 11,934 Money market funds 7,244 - - 7,244 Certificates of deposit (restricted) 35 - - 35 Certificates of deposit 480 - - 480 Corporate bonds 2,398 - (1) 2,397 U.S. government agency bonds 1,001 - - 1,001 $ 23,092 $ - $ (1) $ 23,091 Classified as: Cash and cash equivalent $ 19,178 Restricted cash 35 Short-term investments in marketable securities 3,878 $ 23,091 December 31, 2015 Amortized Cost Gross Gross Estimated Fair (unaudited; in thousands) Cash in bank $ 2,997 $ - $ - $ 2,997 Money market funds 3,649 - - 3,649 Certificates of deposit (restricted) 35 - - 35 Certificates of deposit 5,040 - (4) 5,036 Corporate bonds 11,749 - (22) 11,727 U.S. government agency bonds 13,544 - (20) 13,524 $ 37,014 $ - $ (46) $ 36,968 Classified as: Cash and cash equivalent $ 6,646 Restricted cash 35 Short-term investments in marketable securities 30,287 $ 36,968

Fair Value of Financial Instr22

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2016
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Financial Instruments	The following tables set forth the fair value of the Company’s financial instruments as of September 30, 2016 and December 31, 2015: September 30, 2016 Level I Level II Level III Total (unaudited; in thousands) Financial Instruments: Certificates of deposit (restricted cash) $ 35 $ - $ - $ 35 Money market funds 7,244 - - 7,244 Certificates of deposit - 480 - 480 Corporate bonds - 2,397 - 2,397 U.S. government agency bonds - 1,001 - 1,001 Total financial instruments $ 7,279 $ 3,878 $ - $ 11,157 December 31, 2015 Level I Level II Level III Total (unaudited; in thousands) Financial Instruments: Certificates of deposit (restricted cash) $ 35 $ - $ - $ 35 Money market funds 3,649 - - 3,649 Certificates of deposit - 5,036 - 5,036 Corporate bonds - 11,727 - 11,727 U.S. government agency bonds - 13,524 - 13,524 Total financial instruments $ 3,684 $ 30,287 $ - $ 33,971

Property and Equipment (Tables)

Property and Equipment (Tables)	9 Months Ended
	Sep. 30, 2016
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	The following summarizes the Company’s property and equipment as of September 30, 2016 and December 31, 2015: September 30, 2016 December 31, 2015 (unaudited) (in thousands) Property and Equipment: Laboratory and office equipment $ 1,093 $ 1,112 Manufacturing equipment 10,798 10,730 Computer equipment and software 314 229 Leasehold improvements 15,542 15,534 Construction in progress 2,181 2,066 29,928 29,671 Less: accumulated depreciation (23,821) (22,011) $ 6,107 $ 7,660

Debt Financing (Tables)

Debt Financing (Tables)	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Summary of Long-Term Debt, Net of Unamortized Debt Discount and Issuance Costs	The following is a summary of the Company’s long-term debt, net of unamortized debt discount and issuance costs, as of September 30, 2016 and December 31, 2015: September 30, 2016 December 31, 2015 (unaudited) (in thousands) Principal amount $ 13,637 $ 15,000 Less: unamortized debt issuance costs (52) (91) unamortized fair value of free standing warrant (95) (163) Plus: unamortized fair value debt premium 180 310 accrued terminal interest 266 111 accrued interest 90 103 Long-term debt, net of unamortized debt issuance cost and premium $ 14,026 $ 15,270

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Payments under Non-cancellable Operating Leases	As of September 30, 2016 future minimum payments under non-cancelable operating leases for each year ending December 31 are as follows: Total (in thousands) 2016 $ 163 2017 632 2018 650 2019 164 $ 1,609

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of Stock Option and Award Activity	The following table summarizes option and award activity during the nine months ended September 30, 2016: Shares Available for Grant Shares Subject to Outstanding Options Weighted- Average Exercise Price per Share Weighted- Average Remaining Contractual Term (In Years) Aggregate Intrinsic Value Options at December 31, 2015 858,606 972,951 $ 2.35 7.40 Options granted (792,463) 792,463 $ 1.92 Options exercised - (145,892) $ 1.53 Options cancelled/forfeited 246,714 (246,714) $ 2.76 Restricted stock units granted (9,478) - $ - Shares expired under 2012 Plan (21,314) - $ - Balance at September 30, 2016 282,065 1,372,808 $ 2.12 8.47 $ 5 Exercisable at September 30, 2016 299,911 $ 2.09 5.22 $ - Vested and expected to vest at September 30, 2016 1,293,252 $ 2.14 8.40 $ 4
Summary of Stock Options Outstanding and Exercisable	The following summarizes the composition of stock options outstanding and exercisable as of September 30, 2016 (unaudited): Options Outstanding and Exercisable Exercise Price Number of Shares Weighted- Average Remaining Contractual Life (in years) $0.77 - $1.40 503,050 1.06 $2.04 - $2.57 805,457 2.38 $4.52 - $9.05 33,301 5.05 $9.13 - $9.29 31,000 9.27 1,372,808
Summary of Stock-Based Compensation Expense	Total stock-based compensation expense recognized was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (unaudited; in thousands) (unaudited; in thousands) Research and development $ 76 $ 103 $ 351 $ 166 General and administrative 154 63 545 203 Total stock-based compensation expense $ 230 $ 166 $ 896 $ 369
Schedule of Weighted-Average Assumptions for the Black-Scholes Option-Pricing Model Used in Determining the Fair Value of Options Granted to Employees	The Company uses the Black-Scholes model for valuing its options and awards granted to employees and non-employees. Stock-based compensation in connection with non-employee grants was immaterial for the three and nine months ended September 30, 2016 and 2015. The following table illustrates the input assumptions used to value employee stock option grants for the three and nine months ended September 30, 2016 and 2015 (unaudited): Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Dividend yield 0% 0% 0% 0% Risk-free interest rate 1.26% 1.07% - 1.73% 1.06 - 1.97% 1.07% - 2.01% Expected volatility 89% 89% 89% 89% Expected term (years) 6.08 6.08 6.08 6.08

Organization - Additional Infor

Organization - Additional Information (Detail)	Sep. 30, 2016Subsidiaries
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of wholly owned subsidiaries	2

Summary of Significant Accoun28

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Summary Of Significant Accounting Policies [Line Items]
Accumulated deficit	$ (188,974)		$ (188,974)		$ (166,891)
Research and development expense incurred	5,124	$ 6,627	15,044	$ 14,701
Collaborative Development Services [Member]
Summary Of Significant Accounting Policies [Line Items]
Research and development expenses incurred under collaborative agreements				100
Research and development [Member]
Summary Of Significant Accounting Policies [Line Items]
Research and development expense incurred	3,300	3,000	8,600	6,300
Microneedle Patch System [Member]
Summary Of Significant Accounting Policies [Line Items]
Research and development expense incurred	$ 1,800	$ 3,600	$ 6,500	$ 8,300

Summary of Significant Accoun29

Summary of Significant Accounting Policies - Schedule of Outstanding Common Stock Equivalents Excluded From Computations of Diluted Net Loss per Common Share (Detail) - shares	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock excluded from computation of diluted net loss per share	11,045,187	1,029,330
Warrants to Purchase Common Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock excluded from computation of diluted net loss per share	9,672,379	72,379
Options to Purchase Common Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock excluded from computation of diluted net loss per share	1,372,808	956,951

Cash, Cash Equivalents and In30

Cash, Cash Equivalents and Investments - Summary of Cash, Cash Equivalents, and Marketable Securities Investments (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015	Sep. 30, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Cash and cash equivalent	$ 19,178	$ 6,646	$ 4,875	$ 1,214
Carrying Cost	23,092	37,014
Restricted cash	35	35
Gross Unrealized Gains	0	0
Short-term investments in marketable securities	3,878	30,287
Gross Unrealized Losses	(1)	(46)
Estimated Fair Value	23,091	36,968
Cash in Bank [Member]
Schedule of Available-for-sale Securities [Line Items]
Carrying Cost	11,934	2,997
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	11,934	2,997
Money Market Funds [Member]
Schedule of Available-for-sale Securities [Line Items]
Carrying Cost	7,244	3,649
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	7,244	3,649
Certificates of Deposit (Restricted) [Member]
Schedule of Available-for-sale Securities [Line Items]
Carrying Cost	35	35
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	35	35
Certificates of Deposit [Member]
Schedule of Available-for-sale Securities [Line Items]
Carrying Cost	480	5,040
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	(4)
Estimated Fair Value	480	5,036
Corporate Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Carrying Cost	2,398	11,749
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(1)	(22)
Estimated Fair Value	2,397	11,727
U.S Government Agency Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Carrying Cost	1,001	13,544
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	(20)
Estimated Fair Value	$ 1,001	$ 13,524

Cash, Cash Equivalents and In31

Cash, Cash Equivalents and Investments - Additional Information (Detail) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2016
Schedule of Available-for-sale Securities [Line Items]
Realized gain and losses on available-for-sale securities	$ 0	$ 0
Maximum [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale investments contractual maturity period		2 months

Fair Value of Financial Instr32

Fair Value of Financial Instruments - Schedule of Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Financial Instruments:
Financial Instruments fair value	$ 11,157	$ 33,971
Certificates of Deposit (Restricted) [Member]
Financial Instruments:
Financial Instruments fair value	35	35
Money Market Funds [Member]
Financial Instruments:
Financial Instruments fair value	7,244	3,649
Certificates of Deposit [Member]
Financial Instruments:
Financial Instruments fair value	480	5,036
Corporate Bonds [Member]
Financial Instruments:
Financial Instruments fair value	2,397	11,727
U.S Government Agency Bonds [Member]
Financial Instruments:
Financial Instruments fair value	1,001	13,524
Level I [Member]
Financial Instruments:
Financial Instruments fair value	7,279	3,684
Level I [Member] | Certificates of Deposit (Restricted) [Member]
Financial Instruments:
Financial Instruments fair value	35	35
Level I [Member] | Money Market Funds [Member]
Financial Instruments:
Financial Instruments fair value	7,244	3,649
Level I [Member] | Certificates of Deposit [Member]
Financial Instruments:
Financial Instruments fair value	0	0
Level I [Member] | Corporate Bonds [Member]
Financial Instruments:
Financial Instruments fair value	0	0
Level I [Member] | U.S Government Agency Bonds [Member]
Financial Instruments:
Financial Instruments fair value	0	0
Level II [Member]
Financial Instruments:
Financial Instruments fair value	3,878	30,287
Level II [Member] | Certificates of Deposit (Restricted) [Member]
Financial Instruments:
Financial Instruments fair value	0	0
Level II [Member] | Money Market Funds [Member]
Financial Instruments:
Financial Instruments fair value	0	0
Level II [Member] | Certificates of Deposit [Member]
Financial Instruments:
Financial Instruments fair value	480	5,036
Level II [Member] | Corporate Bonds [Member]
Financial Instruments:
Financial Instruments fair value	2,397	11,727
Level II [Member] | U.S Government Agency Bonds [Member]
Financial Instruments:
Financial Instruments fair value	1,001	13,524
Level III [Member]
Financial Instruments:
Financial Instruments fair value	0	0
Level III [Member] | Certificates of Deposit (Restricted) [Member]
Financial Instruments:
Financial Instruments fair value	0	0
Level III [Member] | Money Market Funds [Member]
Financial Instruments:
Financial Instruments fair value	0	0
Level III [Member] | Certificates of Deposit [Member]
Financial Instruments:
Financial Instruments fair value	0	0
Level III [Member] | Corporate Bonds [Member]
Financial Instruments:
Financial Instruments fair value	0	0
Level III [Member] | U.S Government Agency Bonds [Member]
Financial Instruments:
Financial Instruments fair value	$ 0	$ 0

Property and Equipment - Schedu

Property and Equipment - Schedule of Property and Equipment (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 29,928	$ 29,671
Less: accumulated depreciation	(23,821)	(22,011)
Property and equipment, net	6,107	7,660
Laboratory and Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,093	1,112
Manufacturing Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	10,798	10,730
Computer Equipment and Software [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	314	229
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	15,542	15,534
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 2,181	$ 2,066

Property and Equipment - Additi

Property and Equipment - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 600	$ 600	$ 1,866	$ 1,835

Research and Development Coll35

Research and Development Collaboration and License Agreements - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Jan. 31, 2014
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Collaboration agreement, termination effective date			Oct. 27, 2015
Service revenue	$ 0	$ 0	$ 0	$ 313,000
Novo Nordisk Agreement [Member] | Former Collaborative Arrangement [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Deferred Revenue, recorded					$ 1,000,000
Service revenue		$ 0		$ 46,000

Debt Financing - Additional Inf

Debt Financing - Additional Information (Detail) - USD ($) $ in Thousands	Jan. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Debt Instrument [Line Items]
Debt value converted to financial instruments		$ 0	$ 7,407
Conversion of Related Parties Convertible Promissory Notes [Member] | December 2014 Promissory Notes [Member]
Debt Instrument [Line Items]
Debt value converted to financial instruments	$ 7,407
Percentage price of common stock	85.00%
Common Stock [Member] | Conversion of Related Parties Convertible Promissory Notes [Member] | December 2014 Promissory Notes [Member]
Debt Instrument [Line Items]
Number of shares issued for conversion	792,182

Debt Financing - Additional I37

Debt Financing - Additional Information 1 (Detail) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
	Jun. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Jun. 30, 2014	Apr. 30, 2012
BMR Secured Note [Member]
Debt Instrument [Line Items]
Interest expense		$ 0	$ 0	$ 0	$ 600,000
Senior Secured Term Loan with Hercules [Member]
Debt Instrument [Line Items]
Interest expense		$ 300,000	$ 300,000	$ 1,000,000	$ 600,000
Senior Subordinated Notes [Member] | Amended Hercules Secured Term Loan [Member]
Debt Instrument [Line Items]
Debt face amount	$ 15,000,000
Debt payment terms				Principal balance will be subject to a 12-month interest-only period beginning July 1, 2015, followed by equal monthly installment payments of principal and interest, with all outstanding amounts due and payable on December 1, 2018.
Debt payment, beginning date				Jul. 1, 2015
Debt payment, due and payable date				Dec. 1, 2018
Debt effective interest rate	7.95%
Debt variable interest rate	7.95%
Debt additional variable interest rate decrease	5.25%
Debt end of term balloon payment	$ 100,000
Debt prepayment penalty description				The Company may prepay all, but not less than all, of the Hercules Term Loan subject to a prepayment charge of 1.0% of the then outstanding principal if prepaid prior to June 23, 2016, or 0.5% of the then outstanding principal if prepaid on or after June 23, 2016 but prior to June 23, 2017, with no prepayment charge if prepaid thereafter.
Debt end of term charge	$ 351,135
Common stock warrants issued	40,705
Common stock warrants, exercise price per share	$ 7.37
Senior Subordinated Notes [Member] | Amended Hercules Secured Term Loan [Member] | Prior to June 23,2016 [Member]
Debt Instrument [Line Items]
Percentage of prepayment penalty on outstanding principal after lock-in period	1.00%
Senior Subordinated Notes [Member] | Amended Hercules Secured Term Loan [Member] | After June 23,2016 but prior to June 23,2017 [Member]
Debt Instrument [Line Items]
Percentage of prepayment penalty on outstanding principal after lock-in period	0.50%
Senior Subordinated Notes [Member] | Amended Hercules Secured Term Loan [Member] | After June 23, 2017 [Member]
Debt Instrument [Line Items]
Prepayment penalty charge on outstanding principal after lock-in period	$ 0
Senior Subordinated Notes [Member] | Senior Secured Term Loan with Hercules [Member]
Debt Instrument [Line Items]
Debt face amount						$ 4,000,000
Convertible Subordinated Debt [Member] | BMR Secured Note [Member]
Debt Instrument [Line Items]
Debt face amount							$ 8,600,000
Debt outstanding	0
Prepayment of outstanding principal and all accrued interest	$ 11,400,000

Debt Financing - Summary of Lon

Debt Financing - Summary of Long-Term Debt, Net of Unamortized Debt Discount and Issuance Costs (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Debt Disclosure [Abstract]
Principal amount	$ 13,637	$ 15,000
Less: unamortized debt issuance costs	(52)	(91)
unamortized fair value of free standing warrant	(95)	(163)
Plus: unamortized fair value debt premium	180	310
accrued terminal interest	266	111
accrued interest	90	103
Long-term debt, net of unamortized debt issuance cost and premium	$ 14,026	$ 15,270

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Jun. 30, 2015ft²	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)
Other Commitments [Line Items]
Operating lease rental expense | $		$ 0.2	$ 0.2	$ 0.5	$ 0.5
Amendment to Lease Agreement [Member]
Other Commitments [Line Items]
Operating lease amendment description				In June 2015, the Company entered into another amendment to the lease, pursuant to which BMR-34790 Ardentech Court LP’s option to recapture a specified portion of the leased premises (comprising approximately 29,348 square feet of the approximate total 55,588 square feet of leased premises) has been suspended. The Company had the option until December 31, 2015 to extend the term of the lease. The Company did not exercise this option and as a result, the terms of the previous amendment entered in April 2012 remain in effect.
Landlord option to recapture portion of leased premises suspended	29,348
Operating lease area of premises	55,588

Commitments and Contingencies40

Commitments and Contingencies - Schedule of Future Minimum Payments under Non-cancellable Operating Leases (Detail) $ in Thousands	Sep. 30, 2016USD ($)
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
Operating lease future minimum payments due, 2016	$ 163
Operating lease future minimum payments due, 2017	632
Operating lease future minimum payments due, 2018	650
Operating lease future minimum payments due, 2019	164
Operating lease future minimum payments due	$ 1,609

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - USD ($)	Aug. 15, 2016	Feb. 27, 2015	Jan. 30, 2015	Jan. 27, 2015	Jun. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015	Jun. 30, 2014
Class of Stock [Line Items]
Common stock shares issued						16,816,000		16,816,000		11,967,000
Net proceeds from issuance of common stock								$ 0	$ 47,140,000
Costs related to offering								0	1,359,000
Reclassification of warrant liability to equity								0	252,000
Other income related to change in fair value of the warrant						$ 0	$ 0	$ 0	(48,000)
Hercules Warrant June 2014 [Member]
Class of Stock [Line Items]
Warrants to purchase common stock				31,674
Warrant exercise price						$ 8.84		$ 8.84
Initial fair value of warrant issued											$ 280,000
Reclassification of warrant liability to equity				$ 252,000
Warrants exercisable period from IPO								5 years
Other income related to change in fair value of the warrant							$ 0		$ (48,000)
Hercules Warrant June 2014 [Member] | Common Stock Warrant Liability [Member]
Class of Stock [Line Items]
Fair value assumptions, expected term							5 years		5 years
Fair value assumptions, expected volatility							89.00%		89.00%
Fair value assumptions, risk free interest rate							1.32%		1.32%
Fair value assumptions, expected dividend yield							0.00%		0.00%
Hercules Warrant June 2015 [Member] | Amended Hercules Secured Term Loan [Member]
Class of Stock [Line Items]
Common stock warrants issued					40,705
Warrant exercise price					$ 7.37
Initial fair value of warrant issued					$ 212,000
Warrant exercise price description								In connection with the Company's entry into the first amendment to loan and security agreement with Hercules in June 2015, the Company issued Hercules a warrant to purchase 40,705 shares of the Company's common stock at an exercise price of $7.37 per share. Hercules can exercise its purchase right under the warrant, in whole or in part, at any time until June 23, 2020.
Hercules Warrant June 2015 [Member] | Common Stock Warrant Liability [Member] | Amended Hercules Secured Term Loan [Member]
Class of Stock [Line Items]
Fair value assumptions, expected term					5 years
Fair value assumptions, expected volatility					89.00%
Fair value assumptions, risk free interest rate					1.73%
Fair value assumptions, expected dividend yield					0.00%
IPO [Member] | Common Stock [Member]
Class of Stock [Line Items]
Common stock shares issued			4,500,000
Offering price per share			$ 11
Net proceeds from issuance of common stock			$ 44,200,000
Overallotment [Member] | Common Stock [Member]
Class of Stock [Line Items]
Common stock shares issued		110,000
Offering price per share		$ 11
Net proceeds from issuance of common stock		$ 1,100,000
2015 Private Placement [Member] | Eli Lillly and Company [Member]
Class of Stock [Line Items]
Ownership interest						11.00%		11.00%
2015 Private Placement [Member] | Common Stock [Member] | Eli Lillly and Company [Member]
Class of Stock [Line Items]
Common stock shares issued			1,363,636
Net proceeds from issuance of common stock			$ 14,500,000
Private Investment in Public Equity (PIPE) [Member]
Class of Stock [Line Items]
Common stock shares issued	4,800,000
Offering price per share	$ 1.32
Net proceeds from issuance of common stock	$ 6,300,000
Warrants to purchase common stock	9,600,000
Proceeds from issuance of common stock and warrants	$ 7,500,000
Costs related to offering	$ 900,000
Warrant issuance price	$ 0.125
Proceeds from issuance of warrants	$ 1,200,000
Common stock warrants issued	1
Private Investment in Public Equity (PIPE) [Member] | Directors and Executive Officers [Member]
Class of Stock [Line Items]
Common stock shares issued	275,454
Warrants to purchase common stock	550,908
Private Investment in Public Equity (PIPE) [Member] | Warrants to Purchase Common Stock [Member] | Series A Warrants [Member]
Class of Stock [Line Items]
Warrants to purchase common stock	4,800,000
Warrant exercise price	$ 1.45
Warrant Expiration Period	1 year 7 days
Private Investment in Public Equity (PIPE) [Member] | Warrants to Purchase Common Stock [Member] | Series B Warrants [Member]
Class of Stock [Line Items]
Warrants to purchase common stock	4,800,000
Warrant exercise price	$ 1.55
Warrant Expiration Period	5 years

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	Sep. 07, 2016	Sep. 30, 2016	Mar. 29, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock number of shares granted		792,463
Shares approved for grant		282,065	164,500	858,606
Options, aggregate grant fair value			$ 0.3
Options vested upon achievement of certain specified performance conditions		58,125
Unrecognized stock-based compensation		$ 2.4
Weighted-average period of unrecognized stock-based compensation		3 years 4 months 28 days
Chief Business Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock number of shares granted	252,000
Common stock, exercise price per share	$ 0.77
2014 Equity and Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance		1,400,000

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Option and Awards Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Available for Grant, Options beginning balance	858,606
Shares Available for Grant, Options granted	(792,463)
Shares Available for Grant, Options exercised	0
Shares Available for Grant, Options cancelled/forfeited	246,714
Shares Available for Grant, Ending balance	282,065	858,606
Shares Subject to Outstanding Options, Options beginning balance	972,951
Shares Subject to Outstanding Options, Options granted	792,463
Shares Subject to Outstanding Options, Options exercised	(145,892)
Shares Subject to Outstanding Options, Options cancelled/forfeited	(246,714)
Shares Subject to Outstanding Options, Ending balance	1,372,808	972,951
Shares Subject to Outstanding Options, Exercisable	299,911
Shares Subject to Outstanding Options, Vested and expected to vest	1,293,252
Weighted-Average Exercise Price per Share, Options beginning balance	$ 2.35
Weighted-Average Exercise Price per Share, Options granted	1.92
Weighted-Average Exercise Price per Share, Options exercised	1.53
Weighted-Average Exercise Price per Share, Options cancelled/forfeited	2.76
Weighted-Average Exercise Price per Share, Ending balance	2.12	$ 2.35
Weighted-Average Exercise Price per Share, Exercisable	2.09
Weighted-Average Exercise Price per Share, Vested and expected to vest	$ 2.14
Weighted-Average Remaining Contractual Term	8 years 5 months 19 days	7 years 4 months 24 days
Weighted-Average Remaining Contractual Term, Exercisable	5 years 2 months 19 days
Weighted-Average Remaining Contractual Term, Vested and expected to vest	8 years 4 months 24 days
Aggregate Intrinsic Value	$ 5
Aggregate Intrinsic Value, Exercisable	0
Aggregate Intrinsic Value, Vested and expected to vest	$ 4
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Available for Grant, Restricted stock units granted	(9,478)
Shares Subject to Outstanding Options, Restricted stock units granted	0
Weighted-Average Exercise Price per Share, Restricted stock units granted	$ 0
2012 Stock Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Available for Grant, Shares expired under 2012 Plan	(21,314)

Stock-Based Compensation - Su44

Stock-Based Compensation - Summary of Stock Options Outstanding and Exercisable (Detail)	9 Months Ended
	Sep. 30, 2016$ / sharesshares
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options Outstanding and Exercisable, Number of Shares | shares	1,372,808
$0.77 - $1.40 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options Outstanding and Exercisable, Exercise Price, Minimum	$ 0.77
Options Outstanding and Exercisable, Exercise Price, Maximum	$ 1.40
Options Outstanding and Exercisable, Number of Shares | shares	503,050
Options Outstanding and Exercisable,Weighted-Average Remaining Contractual Life	1 year 22 days
$2.04 - $2.57 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options Outstanding and Exercisable, Exercise Price, Minimum	$ 2.04
Options Outstanding and Exercisable, Exercise Price, Maximum	$ 2.57
Options Outstanding and Exercisable, Number of Shares | shares	805,457
Options Outstanding and Exercisable,Weighted-Average Remaining Contractual Life	2 years 4 months 17 days
$4.52 - $9.05 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options Outstanding and Exercisable, Exercise Price, Minimum	$ 4.52
Options Outstanding and Exercisable, Exercise Price, Maximum	$ 9.05
Options Outstanding and Exercisable, Number of Shares | shares	33,301
Options Outstanding and Exercisable,Weighted-Average Remaining Contractual Life	5 years 18 days
$9.13 - $9.29 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options Outstanding and Exercisable, Exercise Price, Minimum	$ 9.13
Options Outstanding and Exercisable, Exercise Price, Maximum	$ 9.29
Options Outstanding and Exercisable, Number of Shares | shares	31,000
Options Outstanding and Exercisable,Weighted-Average Remaining Contractual Life	9 years 3 months 7 days

Stock-Based Compensation - Su45

Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	$ 230	$ 166	$ 896	$ 369
Research and development [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	76	103	351	166
General and administrative [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	$ 154	$ 63	$ 545	$ 203

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Weighted-Average Assumptions for the Black-Scholes Option-Pricing Model Used in Determining the Fair Value of Options Granted to Employees (Detail)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Dividend yield	0.00%	0.00%	0.00%	0.00%
Risk-free interest rate	1.26%
Risk-free interest rate, minimum		1.07%	1.06%	1.07%
Risk-free interest rate, maximum		1.73%	1.97%	2.01%
Expected volatility	89.00%	89.00%	89.00%	89.00%
Expected term (years)	6 years 29 days	6 years 29 days	6 years 29 days	6 years 29 days

Restructuring and Severance - A

Restructuring and Severance - Additional Information (Detail) - USD ($)	3 Months Ended			9 Months Ended
	Sep. 30, 2016	Mar. 31, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Restructuring Cost and Reserve [Line Items]
Postemployment severance and benefits expense		$ 400,000
Stock-based compensation expense	$ 230,000		$ 166,000	$ 896,000	$ 369,000
Payment of postemployment severance and benefits				400,000
Restructuring charges of one-time termination benefits		500,000
Restructuring charges		500,000
Payment for restructuring charges				500,000
Accrued Compensation [Member]
Restructuring Cost and Reserve [Line Items]
Postemployment severance and benefits expense				7,500
Restructuring charges				$ 31,000
Chief Executive Officer [Member]
Restructuring Cost and Reserve [Line Items]
Stock-based compensation expense		16,000
Options to Purchase Common Stock [Member]
Restructuring Cost and Reserve [Line Items]
Stock-based compensation expense		$ 5,000

Going Concern - Additional Info

Going Concern - Additional Information (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated deficit	$ (188,974)	$ (166,891)

Subsequent Event - Additional I

Subsequent Event - Additional Information (Detail) - Subsequent Event [Member]	Oct. 12, 2016$ / shares
Subsequent Event [Line Items]
Minimum bid price	$ 1
Number of consecutive business days not complied with minimum bid price	30 days
Number of days afforded to regain compliance with minimum bid price requirement	180 days