Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | Apr. 30, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Trading Symbol | 'REPH | ' |
Entity Registrant Name | 'Recro Pharma, Inc. | ' |
Entity Central Index Key | '0001588972 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 7,707,600 |
Balance_Sheets
Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Current assets: | ' | ' |
Cash and cash equivalents | $29,905,016 | $12,828 |
Other receivables | 35,787 | 38,418 |
Prepaid expenses | 287,279 | 15,689 |
Deferred offering costs | ' | 784,177 |
Total current assets | 30,228,082 | 851,112 |
Total assets | 30,228,082 | 851,112 |
Current liabilities: | ' | ' |
Convertible notes payable | ' | 11,907,198 |
Accounts payable | 32,435 | 434,244 |
Accrued expenses | 792,406 | 589,532 |
Total current liabilities | 824,841 | 12,930,974 |
Total liabilities | 824,841 | 12,930,974 |
Series A redeemable convertible preferred stock, $0.01 par value. Authorized, 2,000,000 shares, issued and outstanding, 2,000,000 shares | ' | 5,880,037 |
Shareholders' equity (deficit): | ' | ' |
Preferred stock, $0.01 par value. Authorized, 10,000,000 shares; none issued and outstanding. | ' | ' |
Common stock, $0.01 par value. Authorized, 50,000,000 shares, issued and outstanding, 7,707,600 shares at March 31, 2014 and 155,600 shares at December 31, 2013 | 77,076 | 1,556 |
Additional paid-in-capital | 52,433,949 | ' |
Deficit accumulated during the development stage | -23,107,784 | -17,961,455 |
Total shareholders' equity (deficit) | 29,403,241 | -17,959,899 |
Total liabilities and shareholders' equity (deficit) | $30,228,082 | $851,112 |
Balance_Sheets_Parenthetical
Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Statement Of Financial Position [Abstract] | ' | ' |
Series A redeemable convertible preferred stock, par value | $0.01 | $0.01 |
Series A redeemable convertible preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Series A redeemable convertible preferred stock, shares issued | ' | 2,000,000 |
Series A redeemable convertible preferred stock, shares outstanding | ' | 2,000,000 |
Preferred stock, par value | $0.01 | ' |
Preferred stock, shares authorized | 10,000,000 | ' |
Preferred stock, shares issued | ' | ' |
Preferred stock, shares outstanding | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 50,000,000 | ' |
Common stock, shares issued | 7,707,600 | 155,600 |
Common stock, shares outstanding | 7,707,600 | 155,600 |
Statements_of_Operations
Statements of Operations (USD $) | 3 Months Ended | 76 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | |
Operating expenses: | ' | ' | ' |
Research and development | $226,997 | $113,973 | $12,514,111 |
General and administrative | 646,628 | 91,664 | 2,352,208 |
Total operating expenses | 873,625 | 205,637 | 14,866,319 |
Other income (expense): | ' | ' | ' |
Interest income | 215 | 3 | 4,532 |
Grant income | ' | ' | 329,479 |
Interest expense | -4,272,919 | -203,170 | -6,779,533 |
Other income (expense), net | -4,272,704 | -203,167 | -6,445,522 |
Net loss | -5,146,329 | -408,804 | -21,311,841 |
Accretion of redeemable convertible preferred stock and deemed dividend | -1,270,057 | -104,283 | ' |
Net loss applicable to common shareholders | -6,416,386 | -513,087 | ' |
Basic and diluted net loss per common share | ($3.67) | ($3.30) | ' |
Weighted average basic and diluted common shares outstanding | 1,749,911 | 155,600 | ' |
Pro Forma [Member] | ' | ' | ' |
Other income (expense): | ' | ' | ' |
Net loss | ($873,410) | ' | ' |
Basic and diluted net loss per common share | ($0.20) | ' | ' |
Weighted average basic and diluted common shares outstanding | 4,276,478 | ' | ' |
Statement_of_Redeemable_Conver
Statement of Redeemable Convertible Preferred Stock and Shareholders' Equity (Deficit) (USD $) | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Deficit Accumulated During Development Stage [Member] |
Series A Redeemable Convertible Preferred Stock [Member] | |||||
Balance at Dec. 31, 2013 | ($17,959,899) | $5,880,037 | $1,556 | ' | ($17,961,455) |
Balance, Shares at Dec. 31, 2013 | ' | 2,000,000 | 155,600 | ' | ' |
Accretion of Series A redeemable convertible preferred stock to redemption value | -88,771 | 88,771 | ' | -88,771 | ' |
Sale of common stock in initial public offering net of offering costs of $4,245,158 | 30,254,842 | ' | 43,125 | 30,211,717 | ' |
Sale of common stock in initial public offering net of offering costs, Shares | ' | ' | 4,312,500 | ' | ' |
Stock-based compensation expense | 19,473 | ' | ' | 19,473 | ' |
Deemed dividend on Series A | -1,181,286 | 1,181,286 | ' | -1,181,286 | ' |
Conversion of Series A and accrued dividends to common | 7,150,094 | -7,150,094 | 11,938 | 7,138,156 | ' |
Conversion of Series A and accrued dividends to common, Shares | ' | -2,000,000 | 1,193,762 | ' | ' |
Conversion of notes payable and accrued interest to common | 12,274,427 | ' | 20,457 | 12,253,970 | ' |
Conversion of notes payable and accrued interest to common, Shares | ' | ' | 2,045,738 | ' | ' |
Beneficial conversion upon conversion of notes payable (Note 6) | 4,080,690 | ' | ' | 4,080,690 | ' |
Net loss | -5,146,329 | ' | ' | ' | -5,146,329 |
Balance at Mar. 31, 2014 | $29,403,241 | ' | $77,076 | $52,433,949 | ($23,107,784) |
Balance, Shares at Mar. 31, 2014 | ' | ' | 7,707,600 | ' | ' |
Statement_of_Redeemable_Conver1
Statement of Redeemable Convertible Preferred Stock and Shareholders' Equity (Deficit) (Parenthetical) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Offering costs for sale of common stock in initial public offering | $4,245,158 |
Common Stock [Member] | ' |
Offering costs for sale of common stock in initial public offering | $4,245,158 |
Statements_of_Cash_Flows
Statements of Cash Flows (USD $) | 3 Months Ended | 76 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | |
Cash flows from operating activities: | ' | ' | ' |
Net loss | ($5,146,329) | ($408,804) | ($21,311,841) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' | ' |
Stock-based compensation | 19,473 | ' | 140,205 |
Noncash interest expense | 4,272,919 | 203,170 | 6,779,533 |
Depreciation expense | ' | 485 | 9,691 |
Acquired in-process research and development | ' | ' | 1,448,680 |
Changes in operating assets and liabilities: | ' | ' | ' |
Prepaid expenses | -271,590 | -19,645 | -287,279 |
Other receivables | 2,631 | 85,000 | -35,787 |
Accounts payable and accrued expenses | 306,949 | 89,404 | 651,025 |
Net cash used in operating activities | -815,947 | -50,390 | -12,605,773 |
Cash flows from investing activities: | ' | ' | ' |
Purchases of property and equipment | ' | ' | -9,691 |
Purchase of in-process research and development | ' | ' | -1,448,680 |
Net cash used in investing activities | ' | ' | -1,458,371 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from issuance of Series A redeemable convertible stock | ' | ' | 3,954,918 |
Proceeds from initial public offering | 30,533,135 | ' | 30,428,658 |
Proceeds from issuance of common stock | ' | ' | 10,000 |
Proceeds from notes payable | 175,000 | ' | 9,575,584 |
Borrowings from related parties | ' | ' | 207,358 |
Repayments to related parties | ' | ' | -207,358 |
Net cash provided by financing activities | 30,708,135 | ' | 43,969,160 |
Net increase (decrease) in cash and cash equivalents | 29,892,188 | -50,390 | 29,905,016 |
Cash and cash equivalents, beginning of period | 12,828 | 53,346 | ' |
Cash and cash equivalents, end of period | 29,905,016 | 2,956 | 29,905,016 |
Supplemental disclosure of cash flow information: | ' | ' | ' |
Conversion of notes payable and accrued interest into common stock | 12,274,427 | ' | 12,274,427 |
Conversion of Series A and accrued dividends into common stock | $5,968,808 | ' | $5,968,808 |
Background
Background | 3 Months Ended | |
Mar. 31, 2014 | ||
Accounting Policies [Abstract] | ' | |
Background | ' | |
-1 | Background | |
Recro Pharma, Inc., or the Company, is a development-stage company that was incorporated in Pennsylvania as Recro Pharma I, Inc. on November 15, 2007 (inception). The Company changed its name to Recro Pharma, Inc. on August 31, 2008. The Company is a clinical stage specialty pharmaceutical company developing non-opioid therapeutics for the treatment of pain, initially for acute pain following surgery. The Company operates in one segment and has its principal offices in Malvern, Pennsylvania. |
DevelopmentStage_Risks_and_Liq
Development-Stage Risks and Liquidity | 3 Months Ended | |
Mar. 31, 2014 | ||
Development Stage Enterprises [Abstract] | ' | |
Development-Stage Risks and Liquidity | ' | |
-2 | Development-Stage Risks and Liquidity | |
The Company has incurred losses and negative cash flows from operations since inception and has an accumulated deficit of $23.1 million as of March 31, 2014. The Company anticipates incurring additional losses until such time, if ever, that it can generate significant sales of its products currently in development. Substantial additional financing will be needed by the Company to fund its operations and to commercially develop its product candidates. | ||
The Company’s future operations are highly dependent on a combination of factors, including (i) the timely and successful completion of additional financing discussed above; (ii) the Company’s ability to complete revenue-generating partnerships with pharmaceutical companies; (iii) the success of its research and development; (iv) the development of competitive therapies by other biotechnology and pharmaceutical companies, and, ultimately; (v) regulatory approval and market acceptance of the Company’s proposed future products. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Summary of Significant Accounting Policies | ' | ||||||||
-3 | Summary of Significant Accounting Policies | ||||||||
(a) | Basis of Presentation | ||||||||
The accompanying unaudited interim financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, for interim financial information. In the opinion of management, the accompanying financial statements include all normal and recurring adjustments (which consist primarily of accruals, estimates and assumptions that impact the financial statements) considered necessary to present fairly the Company’s financial position as March 31, 2014 and its results of operations and cash flows for the three months ended March 31, 2014 and 2013. Operating results for the three months ended March 31, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. The interim financial statements, presented herein, do not contain the required disclosures under U.S. GAAP for annual financial statements. | |||||||||
The accompanying unaudited interim financial statements should be read in conjunction with the annual audited financial statements and related notes as of and for the year ended December 31, 2013 included in the Company’s S-1 registration statements. | |||||||||
(b) | Use of Estimates | ||||||||
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from such estimates. | |||||||||
(c) | Net Loss Per Common Share | ||||||||
Basic and diluted net loss per common share is determined by dividing net loss applicable to common shareholders by the weighted average common shares during the period. For all periods presented, the outstanding common stock options have been excluded from the calculation because their effect would be anti-dilutive. Therefore, the weighted average shares used to calculate both basic and diluted loss per share are the same. | |||||||||
The following potentially dilutive securities have been excluded from the computations of diluted weighted average shares outstanding as of March 31, 2014 and December 31, 2013, as they would be anti-dilutive: | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Redeemable convertible preferred stock | — | 800,000 | |||||||
Shares issuable pursuant to redeemable convertible preferred stock accretion | — | 376,008 | |||||||
Options outstanding | 635,826 | 334,800 | |||||||
Convertible notes payable | — | 1,984,533 | |||||||
Amounts in the table above reflect the common stock equivalents of the noted instruments. | |||||||||
The unaudited pro forma net loss per common share is computed using the weighted average number of common shares outstanding and assumes the conversion of all outstanding shares of the Company’s Series A Redeemable Convertible Preferred Stock, or Series A Stock, including accrued dividends, into 934,743 weighted average shares of common stock and the conversion of the 8% Convertible Promissory Notes, or the Bridge Notes, including accrued interest, into 1,591,824 weighted average shares of common stock as if they had occurred at the later of the beginning of the period or date of issuance. Accordingly, net loss applicable to common shareholders is adjusted to remove all preferred stock accretion. The Company believes the unaudited pro forma net loss per common share provides material information to investors, as the conversion of the Company’s Series A Stock to common stock, including accrued dividends, and the conversion of Bridge Notes, including accrued interest, occurred upon the closing of the Company’s initial public offering, or the IPO, in March 2014, and the disclosure of pro forma net loss per common share provides an indication of net loss per common share that is comparable to what will be reported by the Company as a public company following the IPO. | |||||||||
Three Months | |||||||||
Ended | |||||||||
March 31, 2014 | |||||||||
Numerator: | |||||||||
Net loss applicable to common shareholders | $ | (6,416,386 | ) | ||||||
Effect of pro forma adjustments: | |||||||||
Accretion of redeemable convertible preferred stock | 1,270,057 | ||||||||
Interest expense on convertible notes | 4,272,919 | ||||||||
Pro forma net loss applicable to common shareholders | $ | (873,410 | ) | ||||||
Denominator: | |||||||||
Weighted average common shares outstanding | 1,749,911 | ||||||||
Effect of pro forma adjustments: | |||||||||
Conversion of redeemable convertible preferred stock | 934,743 | ||||||||
Conversion of convertible notes | 1,591,824 | ||||||||
Shares used in computing unaudited pro forma weighted average basic and diluted common shares outstanding | 4,276,478 | ||||||||
Unaudited pro forma basic and diluted net loss per common share | $ | (0.20 | ) | ||||||
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||
Fair Value of Financial Instruments | ' | ||||||||||||
-4 | Fair Value of Financial Instruments | ||||||||||||
The Company follows Financial Accounting Standards Board, or FASB, accounting guidance on fair value measurements for financial assets and liabilities measured on a recurring basis. The guidance requires fair value measurements to maximize the use of “observable inputs.” The three-level hierarchy of inputs to measure fair value are as follows: | |||||||||||||
(a) | Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities | ||||||||||||
(b) | Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability | ||||||||||||
(c) | Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity) | ||||||||||||
The Company has classified assets and liabilities measured at fair value on a recurring basis as follows: | |||||||||||||
Fair value measurements at reporting date using | |||||||||||||
Quoted prices | Significant | Significant | |||||||||||
in active | other | unobservable | |||||||||||
markets for | observable | inputs | |||||||||||
identical assets | inputs | (Level 3) | |||||||||||
(Level 1) | (Level 2) | ||||||||||||
At March 31, 2014: | |||||||||||||
Assets: | |||||||||||||
Money market mutual funds (included in cash and cash equivalents) | $ | 29,905,016 | — | — | |||||||||
At December 31, 2013: | |||||||||||||
Assets: | |||||||||||||
Money market mutual funds (included in cash and cash equivalents) | $ | 12,828 | — | — | |||||||||
Accrued_Expenses
Accrued Expenses | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Payables And Accruals [Abstract] | ' | ||||||||
Accrued Expenses | ' | ||||||||
-5 | Accrued Expenses | ||||||||
Accrued expenses consist of the following: | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Clinical trial and related costs | $ | 86,331 | $ | 18,944 | |||||
Professional and consulting fees | 374,051 | 567,500 | |||||||
Payroll and related costs | 332,024 | 3,088 | |||||||
$ | 792,406 | $ | 589,532 | ||||||
Convertible_Notes_Payable
Convertible Notes Payable | 3 Months Ended | |
Mar. 31, 2014 | ||
Debt Disclosure [Abstract] | ' | |
Convertible Notes Payable | ' | |
-6 | Convertible Notes Payable | |
As of December 31, 2013, $9,400,584 of the Bridge Notes were outstanding plus $2,506,615 of accrued interest. In January 2014, the Company issued an additional $175,000 of Bridge Notes in the aggregate. The Bridge Notes bore interest at 8% per annum, compounded quarterly and were due on demand. During the three months ended March 31, 2014 and 2013, the Company recorded $192,227 and $203,170 of interest expense for the Bridge Notes. Upon the closing of the Company’s IPO, $9,575,584 of Bridge Notes outstanding plus $2,698,842 of accrued interest were converted into 2,045,738 shares of common stock. After the IPO, there are no Bridge Notes outstanding. | ||
The Bridge Notes, including accrued interest, were converted upon consummation of the IPO at seventy-five percent (75%) of the initial offering price per share. The Company determined that the Bridge Notes contained a contingent beneficial conversion feature, or BCF. The contingent BCF existed at the date of issuance of the Bridge Notes, which allowed the holders to purchase equity at a 25% discount to the offering price. In accordance with the accounting guidance on convertible instruments, the contingent BCF of $4,080,690 was recognized as additional interest expense when the Bridge Notes, including accrued interest, were converted into shares of common stock. |
Capital_Structure
Capital Structure | 3 Months Ended | ||
Mar. 31, 2014 | |||
Equity [Abstract] | ' | ||
Capital Structure | ' | ||
-7 | Capital Structure | ||
(a) | Common Stock | ||
The Company is authorized to issue 50,000,000 shares of common stock, with a par value of $0.01 per share. | |||
On January 27, 2014, the Company effected a 1-for-2.5 reverse stock split of the Company’s common stock. All share and per share amounts included in these financial statements and notes thereto have been adjusted retroactively for all periods presented to give effect to the reverse stock split. | |||
On March 12, 2014 the Company completed an IPO in which the Company sold 4,312,500 shares of common stock at $8.00 per share resulting in gross proceeds of $34,500,000. In connection with the offering, the Company paid $4,245,158 in underwriting discounts, commissions and offering costs resulting in net proceeds of $30,254,842. Also in connection with the IPO, all of the outstanding shares of the Company’s Series A Stock, including accreted dividends, and Bridge Notes, including accrued interest, were converted into common stock. | |||
(b) | Preferred Stock | ||
The Company is authorized to issue 10,000,000 shares of preferred stock, with a par value of $0.01 per share. As of March 31, 2014, no preferred stock was issued or outstanding. | |||
(c) | Series A Redeemable Convertible Preferred Stock | ||
The Company previously had outstanding 2,000,000 shares of Series A Stock. Each share of Series A Stock was mandatorily convertible into 0.4 shares of common stock upon closing of the Company’s IPO. The Series A Stock holders were entitled to receive cumulative dividends of 8%, compounded annually. As of December 31, 2013, there were $1,880,037 of cumulative undeclared Series A Stock dividends. Upon conversion of the Series A Stock into common stock, cumulative undeclared dividends were convertible into a number of shares of common stock equal to the total amount of cumulative dividends divided by $2.00 (the Series A Stock issuance price) multiplied by 0.4 (the Series A Stock conversion ratio). Based on the IPO price of $8.00, the Company has recorded a non-cash deemed dividend of $1,181,286 upon closing of the IPO which represents the fair value of the common stock issued for such dividends in excess of the amounts previously recognized as accretion on the Series A Stock in the accompanying financial statements. | |||
Upon the closing of the Company’s IPO on March 12, 2014, the Series A Stock plus $1,968,808 of cumulative Series A Stock dividends were converted into 1,193,762 shares of common stock. After the IPO, there are no longer any shares of Series A Stock outstanding or authorized. | |||
(d) | Warrants | ||
In connection with the closing of the Company’s IPO on March 12, 2014, the Company issued to Aegis Capital Corporation, the representative of the underwriters for the IPO, warrants to purchase 150,000 shares of common stock. The warrants are exercisable for cash at a price of $12.00 per share. The warrants are exercisable by the underwriters at any time, in whole or in part, during the four-year period commencing one year after the closing of the IPO. |
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||
Stock-Based Compensation | ' | ||||||||||||
-8 | Stock-Based Compensation | ||||||||||||
The Company established the 2008 Stock Option Plan, or the 2008 Plan, which allows for the granting of common stock awards, stock appreciation rights, and incentive and nonqualified stock options to purchase shares of the Company’s common stock to designated employees, nonemployee directors, and consultants and advisors. As of March 31, 2014, no stock appreciation rights have been issued. Subsequent to adoption, the 2008 Plan was amended to increase the authorized number of shares available for grant to 444,000 shares of common stock. In October 2013, the Company established the 2013 Equity Incentive Plan, or the 2013 Plan, which allows for the grant of stock options, stock appreciation rights and stock awards for a total of 600,000 shares of common stock. Stock options are exercisable generally for a period of 10 years from the date of grant and generally vest over four years. As of March 31, 2014, 408,174 shares are available for future grants under the 2013 Plan. | |||||||||||||
The weighted average grant-date fair value of the options awarded to employees during the three months ended March 31, 2014 was $6.21. The fair value of the options was estimated on the date of grant using a Black-Scholes option pricing model with the following assumptions: | |||||||||||||
2014 | |||||||||||||
Expected life | 6.0 years | ||||||||||||
Expected volatility | 80.3 | % | |||||||||||
Risk-free interest rate | 2.73 | % | |||||||||||
Expected dividend yield | — | ||||||||||||
Stock-based compensation expense for the three months ended March 31, 2014 was $19,473. There was no stock based compensation expense for the three months ended March 31, 2013. | |||||||||||||
The following table summarizes stock option activity during the three months ended March 31, 2014: | |||||||||||||
Number of | Weighted | Weighted | |||||||||||
shares | average | average | |||||||||||
exercise | remaining | ||||||||||||
price | contractual life | ||||||||||||
Balance, December 31, 2013 | 334,800 | $ | 6 | ||||||||||
Granted | 301,026 | $ | 8 | ||||||||||
Exercised | — | — | |||||||||||
Canceled | — | — | |||||||||||
Balance, March 31, 2014 | 635,826 | $ | 6.95 | 7.5 years | |||||||||
Options exercisable, March 31, 2014 | 334,800 | $ | 6 | 5 years | |||||||||
As of March 31, 2014, there was $1,849,898 of unrecognized compensation expense related to unvested options that are expected to vest and will be expensed over a weighted average period of 4.0 years. |
RelatedParty_Transactions
Related-Party Transactions | 3 Months Ended | |
Mar. 31, 2014 | ||
Related Party Transactions [Abstract] | ' | |
Related-Party Transactions | ' | |
-9 | Related-Party Transactions | |
In July 2008, the Company entered into an agreement with Malvern Consulting Group, Inc., or MCG, a consulting company affiliated with the Company’s President and Chief Executive Officer. A new agreement was signed in October 2013 under which MCG continues to provide consulting services to the Company, principally in the fields of clinical development, regulatory affairs, and quality assurance. MCG consulting fees for services are based on a flat fee for two consultants and on time worked at hourly rates for other consultants. The Company recorded $84,737 and $60,936 of research and development expenses for MCG consulting fees for the three months ended March 31, 2014 and 2013, respectively. As of March 31, 2014, $97,523 and $9,428 was recorded in accrued expenses and accounts payable, respectively, as amounts due to MCG. As of December 31, 2013, $18,944 and $130,331 was recorded in accrued expenses and accounts payable, respectively, as amounts due to MCG. In addition to fees for services, employees of MCG, certain of whom are related to the Company’s President and Chief Executive Officer, received options to purchase 246,800 shares of common stock during 2009. The Company also paid $12,000 in rental fees to MCG for a month to month lease for lab space for the three months ended March 31, 2013 and $15,484 for lab space and offices for the three months ended March 31, 2014. The Company’s Chief Executive Officer was affiliated with SCP Vitalife Venture Funds, or SCP. A representative of SCP serves as Chairman of the Company’s board of directors and another representative of SCP is a member of the board of directors. | ||
From its inception through March 31, 2014, the Company borrowed and has repaid $108,000 from the Company’s Chief Executive Officer and $99,358 from MCG. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Basis of Presentation | ' | ||||||||
(a) | Basis of Presentation | ||||||||
The accompanying unaudited interim financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, for interim financial information. In the opinion of management, the accompanying financial statements include all normal and recurring adjustments (which consist primarily of accruals, estimates and assumptions that impact the financial statements) considered necessary to present fairly the Company’s financial position as March 31, 2014 and its results of operations and cash flows for the three months ended March 31, 2014 and 2013. Operating results for the three months ended March 31, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. The interim financial statements, presented herein, do not contain the required disclosures under U.S. GAAP for annual financial statements. | |||||||||
The accompanying unaudited interim financial statements should be read in conjunction with the annual audited financial statements and related notes as of and for the year ended December 31, 2013 included in the Company’s S-1 registration statements. | |||||||||
Use of Estimates | ' | ||||||||
(b) | Use of Estimates | ||||||||
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from such estimates. | |||||||||
Net Loss Per Common Share | ' | ||||||||
(c) | Net Loss Per Common Share | ||||||||
Basic and diluted net loss per common share is determined by dividing net loss applicable to common shareholders by the weighted average common shares during the period. For all periods presented, the outstanding common stock options have been excluded from the calculation because their effect would be anti-dilutive. Therefore, the weighted average shares used to calculate both basic and diluted loss per share are the same. | |||||||||
The following potentially dilutive securities have been excluded from the computations of diluted weighted average shares outstanding as of March 31, 2014 and December 31, 2013, as they would be anti-dilutive: | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Redeemable convertible preferred stock | — | 800,000 | |||||||
Shares issuable pursuant to redeemable convertible preferred stock accretion | — | 376,008 | |||||||
Options outstanding | 635,826 | 334,800 | |||||||
Convertible notes payable | — | 1,984,533 | |||||||
Amounts in the table above reflect the common stock equivalents of the noted instruments. | |||||||||
The unaudited pro forma net loss per common share is computed using the weighted average number of common shares outstanding and assumes the conversion of all outstanding shares of the Company’s Series A Redeemable Convertible Preferred Stock, or Series A Stock, including accrued dividends, into 934,743 weighted average shares of common stock and the conversion of the 8% Convertible Promissory Notes, or the Bridge Notes, including accrued interest, into 1,591,824 weighted average shares of common stock as if they had occurred at the later of the beginning of the period or date of issuance. Accordingly, net loss applicable to common shareholders is adjusted to remove all preferred stock accretion. The Company believes the unaudited pro forma net loss per common share provides material information to investors, as the conversion of the Company’s Series A Stock to common stock, including accrued dividends, and the conversion of Bridge Notes, including accrued interest, occurred upon the closing of the Company’s initial public offering, or the IPO, in March 2014, and the disclosure of pro forma net loss per common share provides an indication of net loss per common share that is comparable to what will be reported by the Company as a public company following the IPO. | |||||||||
Three Months | |||||||||
Ended | |||||||||
March 31, 2014 | |||||||||
Numerator: | |||||||||
Net loss applicable to common shareholders | $ | (6,416,386 | ) | ||||||
Effect of pro forma adjustments: | |||||||||
Accretion of redeemable convertible preferred stock | 1,270,057 | ||||||||
Interest expense on convertible notes | 4,272,919 | ||||||||
Pro forma net loss applicable to common shareholders | $ | (873,410 | ) | ||||||
Denominator: | |||||||||
Weighted average common shares outstanding | 1,749,911 | ||||||||
Effect of pro forma adjustments: | |||||||||
Conversion of redeemable convertible preferred stock | 934,743 | ||||||||
Conversion of convertible notes | 1,591,824 | ||||||||
Shares used in computing unaudited pro forma weighted average basic and diluted common shares outstanding | 4,276,478 | ||||||||
Unaudited pro forma basic and diluted net loss per common share | $ | (0.20 | ) |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Schedule of Anti-Dilutive Securities | ' | ||||||||
The following potentially dilutive securities have been excluded from the computations of diluted weighted average shares outstanding as of March 31, 2014 and December 31, 2013, as they would be anti-dilutive: | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Redeemable convertible preferred stock | — | 800,000 | |||||||
Shares issuable pursuant to redeemable convertible preferred stock accretion | — | 376,008 | |||||||
Options outstanding | 635,826 | 334,800 | |||||||
Convertible notes payable | — | 1,984,533 | |||||||
Schedule of Summary of Calculation of Unaudited Pro Forma Basic and Diluted Net Loss Per Common Share | ' | ||||||||
Three Months | |||||||||
Ended | |||||||||
March 31, 2014 | |||||||||
Numerator: | |||||||||
Net loss applicable to common shareholders | $ | (6,416,386 | ) | ||||||
Effect of pro forma adjustments: | |||||||||
Accretion of redeemable convertible preferred stock | 1,270,057 | ||||||||
Interest expense on convertible notes | 4,272,919 | ||||||||
Pro forma net loss applicable to common shareholders | $ | (873,410 | ) | ||||||
Denominator: | |||||||||
Weighted average common shares outstanding | 1,749,911 | ||||||||
Effect of pro forma adjustments: | |||||||||
Conversion of redeemable convertible preferred stock | 934,743 | ||||||||
Conversion of convertible notes | 1,591,824 | ||||||||
Shares used in computing unaudited pro forma weighted average basic and diluted common shares outstanding | 4,276,478 | ||||||||
Unaudited pro forma basic and diluted net loss per common share | $ | (0.20 | ) | ||||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||
Classification of Assets and Liabilities Measured at Fair Value on Recurring Basis | ' | ||||||||||||
The Company has classified assets and liabilities measured at fair value on a recurring basis as follows: | |||||||||||||
Fair value measurements at reporting date using | |||||||||||||
Quoted prices | Significant | Significant | |||||||||||
in active | other | unobservable | |||||||||||
markets for | observable | inputs | |||||||||||
identical assets | inputs | (Level 3) | |||||||||||
(Level 1) | (Level 2) | ||||||||||||
At March 31, 2014: | |||||||||||||
Assets: | |||||||||||||
Money market mutual funds (included in cash and cash equivalents) | $ | 29,905,016 | — | — | |||||||||
At December 31, 2013: | |||||||||||||
Assets: | |||||||||||||
Money market mutual funds (included in cash and cash equivalents) | $ | 12,828 | — | — | |||||||||
Accrued_Expenses_Tables
Accrued Expenses (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Payables And Accruals [Abstract] | ' | ||||||||
Summary of Accrued Expenses | ' | ||||||||
Accrued expenses consist of the following: | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Clinical trial and related costs | $ | 86,331 | $ | 18,944 | |||||
Professional and consulting fees | 374,051 | 567,500 | |||||||
Payroll and related costs | 332,024 | 3,088 | |||||||
$ | 792,406 | $ | 589,532 | ||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||
Fair Value of Options Estimated on Date of Grant Using Black-Scholes Option Pricing Model | ' | ||||||||||||
The fair value of the options was estimated on the date of grant using a Black-Scholes option pricing model with the following assumptions: | |||||||||||||
2014 | |||||||||||||
Expected life | 6.0 years | ||||||||||||
Expected volatility | 80.3 | % | |||||||||||
Risk-free interest rate | 2.73 | % | |||||||||||
Expected dividend yield | — | ||||||||||||
Summary of Stock Option Activity | ' | ||||||||||||
The following table summarizes stock option activity during the three months ended March 31, 2014: | |||||||||||||
Number of | Weighted | Weighted | |||||||||||
shares | average | average | |||||||||||
exercise | remaining | ||||||||||||
price | contractual life | ||||||||||||
Balance, December 31, 2013 | 334,800 | $ | 6 | ||||||||||
Granted | 301,026 | $ | 8 | ||||||||||
Exercised | — | — | |||||||||||
Canceled | — | — | |||||||||||
Balance, March 31, 2014 | 635,826 | $ | 6.95 | 7.5 years | |||||||||
Options exercisable, March 31, 2014 | 334,800 | $ | 6 | 5 years |
Background_Additional_Informat
Background - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2014 | |
Segment | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' |
Entity incorporation date | 15-Nov-07 |
Number of operating segment | 1 |
DevelopmentStage_Risks_and_Liq1
Development-Stage Risks and Liquidity - Additional Information (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Development Stage Enterprises [Abstract] | ' | ' |
Accumulated deficit | $23,107,784 | $17,961,455 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Schedule of Anti-Dilutive Securities (Detail) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
Series A Redeemable Convertible Preferred Stock [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Anti-dilutive securities excluded from computation of diluted weighted average shares outstanding | ' | 800,000 |
Options Outstanding [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Anti-dilutive securities excluded from computation of diluted weighted average shares outstanding | 635,826 | 334,800 |
Convertible Notes Payable [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Anti-dilutive securities excluded from computation of diluted weighted average shares outstanding | ' | 1,984,533 |
Accretion [Member] | Series A Redeemable Convertible Preferred Stock [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Anti-dilutive securities excluded from computation of diluted weighted average shares outstanding | ' | 376,008 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2014 | |
Convertible Notes Payable [Member] | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' |
Weighted average number basic shares outstanding adjustment, pro forma | 1,591,824 |
Weighted average shares of common stock conversion percentage | 8.00% |
Series A Redeemable Convertible Preferred Stock [Member] | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' |
Weighted average number basic shares outstanding adjustment, pro forma | 934,743 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies - Schedule of Summary of Calculation of Unaudited Pro Forma Basic and Diluted Net Loss Per Common Share (Detail) (USD $) | 3 Months Ended | 76 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' |
Net loss applicable to common shareholders | ($6,416,386) | ($513,087) | ' |
Effect of pro forma adjustments: | ' | ' | ' |
Accretion of redeemable convertible preferred stock | 1,270,057 | 104,283 | ' |
Interest expense on convertible notes | 4,272,919 | 203,170 | 6,779,533 |
Pro forma net loss applicable to common shareholders | ($873,410) | ' | ' |
Weighted average common shares outstanding | 1,749,911 | 155,600 | ' |
Shares used in computing unaudited pro forma weighted average basic and diluted common shares outstanding | 4,276,478 | ' | ' |
Unaudited pro forma basic and diluted net loss per common share | ($0.20) | ' | ' |
Series A Redeemable Convertible Preferred Stock [Member] | ' | ' | ' |
Effect of pro forma adjustments: | ' | ' | ' |
Conversion of securities | 934,743 | ' | ' |
Convertible Notes Payable [Member] | ' | ' | ' |
Effect of pro forma adjustments: | ' | ' | ' |
Conversion of securities | 1,591,824 | ' | ' |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments - Classification of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (Money Market Mutual Funds [Member], USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Assets: | ' | ' |
Fair value of assets, recurring basis | $29,905,016 | $12,828 |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Assets: | ' | ' |
Fair value of assets, recurring basis | ' | ' |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Assets: | ' | ' |
Fair value of assets, recurring basis | ' | ' |
Accrued_Expenses_Summary_of_Ac
Accrued Expenses - Summary of Accrued Expenses (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Payables And Accruals [Abstract] | ' | ' |
Clinical trial and related costs | $86,331 | $18,944 |
Professional and consulting fees | 374,051 | 567,500 |
Payroll and related costs | 332,024 | 3,088 |
Total accrued expenses | $792,406 | $589,532 |
Convertible_Notes_Payable_Addi
Convertible Notes Payable - Additional Information (Detail) (USD $) | 3 Months Ended | 76 Months Ended | 0 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 12, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Jan. 31, 2014 | |
Convertible Notes Payable [Member] | Convertible Notes Payable [Member] | Convertible Notes Payable [Member] | Convertible Notes Payable [Member] | Convertible Notes Payable [Member] | |||||
Debt Conversion [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes outstanding | ' | ' | ' | $11,907,198 | $9,575,584 | ' | ' | $9,400,584 | ' |
Accrued interest | ' | ' | ' | ' | 2,698,842 | ' | ' | 2,506,615 | ' |
Issuance of notes | ' | ' | ' | ' | ' | ' | ' | ' | 175,000 |
Interest expenses recorded | 4,272,919 | 203,170 | 6,779,533 | ' | ' | 192,227 | 203,170 | ' | ' |
Interest rate of notes | ' | ' | ' | ' | ' | 8.00% | ' | ' | ' |
Common stock shares converted from Bridge Notes outstanding and accrued interest | ' | ' | ' | ' | 2,045,738 | ' | ' | ' | ' |
Amount of Bridge Notes outstanding after IPO | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Discount rate of notes | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' |
Contingent beneficial conversion feature of notes | ' | ' | ' | ' | ' | ' | ' | $4,080,690 | ' |
Option to convert notes into preferred stock, per share percentage of initial price | ' | ' | ' | ' | ' | 75.00% | ' | ' | ' |
Capital_Structure_Additional_I
Capital Structure - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | 12 Months Ended | ||
Mar. 12, 2014 | Jan. 27, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 12, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | |
Series A Redeemable Convertible Preferred Stock [Member] | Series A Redeemable Convertible Preferred Stock [Member] | Series A Redeemable Convertible Preferred Stock [Member] | |||||
Preferred Stock [Member] | Preferred Stock [Member] | Preferred Stock [Member] | |||||
Schedule of Capitalization, Equity [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares authorized to issue | ' | ' | 50,000,000 | ' | ' | ' | ' |
Common stock, par value | ' | ' | $0.01 | $0.01 | ' | ' | ' |
Reverse stock split, description | ' | '1-for-2.5 | ' | ' | ' | ' | ' |
Reverse stock split of common stock | ' | 2.5 | ' | ' | ' | ' | ' |
Sale of common stock in initial public offering | 4,312,500 | ' | ' | ' | ' | ' | ' |
Sale of stock, price per share | $8 | ' | ' | ' | ' | $2 | ' |
Gross proceeds on sale of common stock in initial public offering | $34,500,000 | ' | ' | ' | ' | ' | ' |
Payments on underwriting discounts, commissions and offering costs | 4,245,158 | ' | 4,245,158 | ' | ' | ' | ' |
Net proceeds on sale of common stock in initial public offering | 30,254,842 | ' | 30,254,842 | ' | ' | ' | ' |
Preferred stock, shares authorized | ' | ' | 10,000,000 | ' | ' | ' | ' |
Preferred stock, par value | ' | ' | $0.01 | ' | ' | ' | ' |
Preferred stock, shares issued | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, shares outstanding | ' | ' | ' | ' | ' | ' | ' |
Redeemable convertible preferred stock outstanding | ' | ' | ' | 2,000,000 | 0 | ' | 2,000,000 |
Convertible ratio | ' | ' | ' | ' | ' | 0.4 | ' |
Percentage of cumulative dividends | ' | ' | ' | ' | ' | 8.00% | ' |
Cumulative undeclared dividends | ' | ' | ' | ' | ' | ' | $1,880,037 |
Fair value of common stock issued | ' | ' | -1,181,286 | ' | ' | 1,181,286 | ' |
Cumulative dividends | ' | ' | ' | ' | $1,968,808 | ' | ' |
Converted shares into common stock | ' | ' | ' | ' | 1,193,762 | ' | ' |
Redeemable convertible preferred stock authorized | ' | ' | 2,000,000 | 2,000,000 | 0 | ' | ' |
Warrants to purchase of common stock | ' | ' | 150,000 | ' | ' | ' | ' |
Warrant exercise price per share | ' | ' | 12 | ' | ' | ' | ' |
Warrants expiration description | ' | ' | 'During the four-year period commencing one year after the closing of the IPO. | ' | ' | ' | ' |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | 76 Months Ended | 3 Months Ended | |||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Oct. 31, 2013 | |
2008 Stock Option Plan [Member] | 2013 Equity Incentive Plan [Member] | 2013 Equity Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' |
Number of stock appreciation rights issued in period | ' | ' | ' | ' | ' | ' |
Stock options exercisable period | '10 years | ' | ' | ' | ' | ' |
Stock options vesting period | '4 years | ' | ' | ' | ' | ' |
Additional number of shares authorized and granted | ' | ' | ' | 444,000 | ' | ' |
Shares available for future grants | ' | ' | ' | ' | 408,174 | ' |
Shares available for grant | ' | ' | ' | ' | ' | 600,000 |
Weighted average grant date fair value of the options awarded to employees | $6.21 | ' | ' | ' | ' | ' |
Stock-based compensation | $19,473 | ' | $140,205 | ' | ' | ' |
Unrecognized compensation expense related to unvested options, expected to vest | $1,849,898 | ' | $1,849,898 | ' | ' | ' |
Unrecognized compensation expense related to unvested options, weighted average period | '4 years | ' | ' | ' | ' | ' |
StockBased_Compensation_Fair_V
Stock-Based Compensation - Fair Value of Options Estimated on Date of Grant Using Black-Scholes Option Pricing Model (Detail) | 3 Months Ended |
Mar. 31, 2014 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' |
Expected life | '6 years |
Expected volatility | 80.30% |
Risk-free interest rate | 2.73% |
Expected dividend yield | ' |
StockBased_Compensation_Summar
Stock-Based Compensation - Summary of Stock Option Activity (Detail) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' |
Number of shares, beginning balance | 334,800 |
Number of shares, granted | 301,026 |
Number of shares, exercised | ' |
Number of shares, canceled | ' |
Number of shares, ending balance | 635,826 |
Number of shares, options exercisable | 334,800 |
Weighted average exercise price, beginning balance | $6 |
Weighted average exercise price, granted | $8 |
Weighted average exercise price, exercised | ' |
Weighted average exercise price, canceled | ' |
Weighted average exercise price, ending balance | $6.95 |
Weighted average exercise price, options exercisable | $6 |
Weighted average remaining contractual life | '7 years 6 months |
Weighted average remaining contractual life, options exercisable | '5 years |
RelatedParty_Transactions_Addi
Related-Party Transactions - Additional Information (Detail) (USD $) | 76 Months Ended | 3 Months Ended | 76 Months Ended | 3 Months Ended | 12 Months Ended | 76 Months Ended | |||
Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2009 | Mar. 31, 2014 | |
Malvern Consulting Group, Inc. (MCG) [Member] | Malvern Consulting Group, Inc. (MCG) [Member] | Malvern Consulting Group, Inc. (MCG) [Member] | Malvern Consulting Group, Inc. (MCG) [Member] | Malvern Consulting Group, Inc. (MCG) [Member] | Malvern Consulting Group, Inc. (MCG) [Member] | President and Chief Executive Officer [Member] | President and Chief Executive Officer [Member] | ||
Research and Development Expenses [Member] | Research and Development Expenses [Member] | ||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related party transaction expenses | ' | ' | ' | ' | ' | $84,737 | $60,936 | ' | ' |
Accrued expenses due to related party | ' | 97,523 | ' | 97,523 | 18,944 | ' | ' | ' | ' |
Accounts payable due to related party | ' | 9,428 | ' | 9,428 | 130,331 | ' | ' | ' | ' |
Common stock options granted | ' | ' | ' | ' | ' | ' | ' | 246,800 | ' |
Payment of rental fees for month to month lease for lab space | ' | 15,484 | 12,000 | ' | ' | ' | ' | ' | ' |
Proceeds from related party debt | 207,358 | ' | ' | 99,358 | ' | ' | ' | ' | 108,000 |
Repayments of related party debt | $207,358 | ' | ' | $99,358 | ' | ' | ' | ' | $108,000 |
MCG consulltants service fee description | ' | 'MCG consulting fees for services are based on a flat fee for two consultants and on time worked at hourly rates for other consultants | ' | ' | ' | ' | ' | ' | ' |