Corium International 10-Q 12 Feb 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Dec. 31, 2015	Feb. 10, 2016
Document and Entity Information
Entity Registrant Name	Corium International, Inc.
Entity Central Index Key	1,594,337
Document Type	10-Q
Document Period End Date	Dec. 31, 2015
Amendment Flag	false
Current Fiscal Year End Date	--09-30
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Trading Symbol	cori
Entity Common Stock, Shares Outstanding		22,220,350
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1

CONDENSED BALANCE SHEETS

CONDENSED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2015	Sep. 30, 2015
Current assets:
Cash and cash equivalents	$ 63,028	$ 72,218
Accounts receivable	3,122	4,461
Unbilled accounts receivable	883	812
Inventories, net	2,864	2,902
Prepaid expenses and other current assets	1,058	1,367
Total current assets	70,955	81,760
Property and equipment, net	11,603	11,593
Debt financing costs, net	706	554
Intangible assets, net	6,944	6,837
TOTAL ASSETS	90,208	100,744
Current liabilities:
Accounts payable	2,746	3,952
Accrued expenses and other current liabilities	3,096	4,091
Long-term debt, current portion	58	57
Capital lease obligations, current portion	694	820
Recall liability, current portion	760	760
Deferred contract revenues, current portion	104	134
Total current liabilities	7,458	9,814
Long-term debt, net of current portion	50,234	49,807
Capital lease obligations, net of current portion		72
Recall liability, net of current portion	2,039	2,229
Deferred contract revenues, net of current portion	3,500	3,500
Total liabilities	$ 63,231	$ 65,422
Commitments and contingencies
Stockholders’ equity:
Common stock, par value of $0.001 per share, 150,000,000 shares authorized; 22,219,413 and 22,160,991 shares issued and outstanding as of December 31, 2015 and September 30, 2015	$ 22	$ 22
Additional paid-in capital	167,140	166,085
Accumulated deficit	(140,185)	(130,785)
Total stockholders’ equity	26,977	35,322
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 90,208	$ 100,744

CONDENSED BALANCE SHEETS (Paren

CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2015	Sep. 30, 2015
CONDENSED BALANCE SHEETS
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	22,219,413	22,160,991
Common stock, shares outstanding	22,219,413	22,160,991

CONDENSED STATEMENTS OF OPERATI

CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Revenues:
Product revenues	$ 5,972	$ 6,539
Contract research and development revenues	1,270	2,930
Other revenues	295	297
Total revenues	7,537	9,766
Costs and operating expenses:
Cost of product revenues	4,298	4,087
Cost of contract research and development revenues	3,056	3,717
Research and development expenses	4,457	4,197
General and administrative expenses	3,017	2,687
Amortization of intangible assets	159	161
Loss on disposal and sale and leaseback of equipment		7
Total costs and operating expenses	14,987	14,856
Loss from operations	(7,450)	(5,090)
Interest income	30	2
Interest expense	(1,977)	(1,669)
Loss before income taxes	(9,397)	(6,757)
Income tax expense	3	2
Net loss and comprehensive loss	$ (9,400)	$ (6,759)
Net loss per share attributable to common stockholders, basic and diluted (in dollars per share)	$ (0.42)	$ (0.37)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted (in shares)	22,188,332	18,034,689

CONDENSED STATEMENT OF STOCKHOL

CONDENSED STATEMENT OF STOCKHOLDERS' EQUITY - 3 months ended Dec. 31, 2015 - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Total
Balance at Sep. 30, 2015	$ 22	$ 166,085	$ (130,785)	$ 35,322
Balance (in shares) at Sep. 30, 2015	22,160,991
Increase (Decrease) in Stockholders' Equity (Deficit)
Issuance of common stock under Employee Stock Purchase Plan		268		268
Issuance of common stock under Employee Stock Purchase Plan (in shares)	56,758
Issuance of common stock upon exercise of stock options		9		9
Issuance of common stock upon exercise of stock options (in shares)	1,664
Stock-based compensation		778		778
Net loss and comprehensive loss			(9,400)	(9,400)
Balance at Dec. 31, 2015	$ 22	$ 167,140	$ (140,185)	$ 26,977
Balance (in shares) at Dec. 31, 2015	22,219,413

CONDENSED STATEMENTS OF CASH FL

CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss and comprehensive loss	$ (9,400)	$ (6,759)
Adjustments to reconcile net loss to net cash used by operating activities:
Depreciation and amortization of property and equipment	479	553
Loss on disposal and sale and leaseback of equipment		7
Amortization of intangible assets	159	161
Noncash amortized debt issue costs on long-term debt and capital leases	48	45
Noncash amortized discount on long-term debt and capital leases	6	7
Stock-based compensation expense	778	688
Changes in operating assets and liabilities:
Accounts receivable	1,339	106
Unbilled accounts receivable	(71)	151
Inventories, net	38	(874)
Prepaid expenses and other current assets	534	308
Accounts payable	(1,453)	1,077
Accrued expenses and other current liabilities	(554)	(1,163)
Deferred contract revenues	(30)	3
Recall liability	(190)	(196)
Net cash used by operating activities	(8,317)	(5,886)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(467)	(328)
Payments for patents and licensing rights	(266)	(198)
Net cash used by investing activities	(733)	(526)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of long-term debt		10,000
Payment of transaction costs associated with issuance of long-term debt and capital leases	(200)	(150)
Principal payments on long-term debt	(18)	(16)
Principal payments on capital lease obligations	(199)	(187)
Proceeds from exercise of stock options	9	9
Proceeds from issuance of common stock under Employee Stock Purchase Plan	268	298
Net cash provided (used) by financing activities	(140)	9,954
NET INCREASE / (DECREASE) IN CASH AND CASH EQUIVALENTS	(9,190)	3,542
CASH AND CASH EQUIVALENTS - Beginning of period	72,218	36,395
CASH AND CASH EQUIVALENTS - End of period	63,028	39,937
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid for interest	1,481	1,252
Cash paid for income taxes	3	1
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Property and equipment purchases included in accounts payable	220	46
Issuance of payment-in-kind notes in lieu of cash interest payments	441	$ 365
Unpaid deferred offering costs	$ 225

Organization, Description of Bu

Organization, Description of Business, and Summary of Significant Accounting Policies	3 Months Ended
	Dec. 31, 2015
Organization, Description of Business, and Summary of Significant Accounting Policies
Organization, Description of Business, and Summary of Significant Accounting Policies	CORIUM INTERNATIONAL, INC. Notes to the Condensed Financial Statements 1. Organization, Description of Business and Summary of Significant Accounting Policies Organization Corium International, Inc., a Delaware corporation (the “Company”), is a commercial stage biopharmaceutical company focused on the development, manufacture and commercialization of specialty pharmaceutical products that leverage its broad experience in transdermal and transmucosal delivery systems. In the normal course of business, the Company enters into collaborative agreements with partners to develop and manufacture products based on the Company’s drug delivery technologies and product development expertise. Revenues consist of net sales of products manufactured, royalties and profit-sharing payments based on sales of such products by partners, and product development fees for research and development activities under collaboration agreements with partners. The Company is also engaged in the research and development of its own proprietary transdermal drug delivery products using its Corplex and MicroCor technologies. The Company’s fiscal year ends on September 30. References to “fiscal” refer to the years ended September 30. Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and follow the requirements of the Securities and Exchange Commission (the “SEC”) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP can be condensed or omitted. The interim balance sheet as of December 31, 2015 and the statements of operations and comprehensive loss for the three months ended December 31, 2015 and 2014, statement of stockholders’ equity for the three months ended December 31, 2015 and statements of cash flows for the three months ended December 31, 2015 and 2014 are unaudited. The unaudited interim financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments necessary to present fairly the Company’s financial position as of December 31, 2015 and its results of operations and cash flows for the three months ended December 31, 2015 and 2014. The financial data and the other financial information contained in these notes to the financial statements related to the three month periods are also unaudited. The results of operations for the three months ended December 31, 2015 are not necessarily indicative of the results to be expected for the year ending September 30, 2016 or for any future annual or interim period. The balance sheet as of September 30, 2015 has been derived from the audited financial statements at that date but does not include all of the information required by U.S. GAAP for complete financial statements. The accompanying condensed financial statements and related financial information should be read in conjunction with the audited financial statements and the related notes thereto for the year ended September 30, 2015 included in the Company’s Annual Report on Form 10-K, which was filed with the SEC on December 16, 2015. There have been no material changes to the significant accounting policies previously disclosed in the Company’s audited financial statements for the year ended September 30, 2015. Use of Estimates Estimates and assumptions are required to be used by management in the preparation of financial statements in conformity with U.S. GAAP that affect the reported amounts of assets, liabilities, and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of operating revenues and operating expenses during the reporting period. Those estimates and assumptions affect revenue recognition and deferred revenues, impairment of long-lived assets, determination of fair value of stock-based awards and other debt- and equity-related instruments, and accounting for income taxes. As future events and their effects cannot be determined with precision, actual results could differ from those estimates. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents and accounts receivable. The Company maintains its cash and cash equivalents with a single domestic financial institution that is well capitalized. The Company provides credit, in the normal course of business, to its partners and performs credit evaluations of such partners. For the three months ended December 31, 2015, three partners accounted for 85% of the Company’s revenues and 81% of accounts receivable as of December 31, 2015. These same partners accounted for 84% of accounts receivable as of September 30, 2015. For the three months ended December 31, 2014, four partners accounted for 89% of the Company’s revenues. Comprehensive Income (Loss) During the three months ended December 31, 2015 and 2014, the Company did not recognize any other comprehensive income (loss) and, therefore, the net loss and comprehensive loss was the same for all periods presented.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Dec. 31, 2015
Fair Value Measurements
Fair Value Measurements	2. Fair Value Measurements Financial assets and liabilities are recorded at fair value. Except as noted below, the carrying values of the Company’s financial instruments, including cash equivalents, accounts receivable, and accounts payable, approximated their fair values due to the short period of time to maturity or repayment. Assets and liabilities recorded at fair value on a recurring basis in the balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Fair value is defined as the exchange price that would be received for an asset, or an exit price that would be paid to transfer a liability, in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The authoritative guidance on fair value measurements establishes a three-tier fair value hierarchy for disclosure of fair value measurements as follows: Level I —Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date; Level II —Inputs are observable, unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities 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 related assets or liabilities; and Level III —Unobservable inputs that are significant to the measurement of the fair value of the assets or liabilities that are supported by little or no market data. The Company’s financial assets that are measured at fair value on a recurring basis by level within the fair value hierarchy are as follows (in thousands): As of December 31, 2015 Level I Level II Level III Total Financial Assets: Money market funds $ $ — $ — $ As of September 30, 2015 Level I Level II Level III Total Financial Assets: Money market funds $ $ — $ — $ The following financial liabilities have carrying values which differ from their fair value as estimated by the Company based on market quotes for instruments with similar terms and remaining maturities (Level III valuation) (in thousands): As of December 31, 2015 Carrying Fair Value Value Difference Long-term debt $ $ $ As of September 30, 2015 Carrying Fair Value Value Difference Long-term debt $ $ $

Inventories

Inventories	3 Months Ended
	Dec. 31, 2015
Inventories
Inventories	3. Inventories Inventories consist of the following (in thousands): As of December 31, As of September 30, 2015 2015 Raw materials $ $ Work in process Finished goods Total inventories, cost Less inventory reserves Total inventories, net $ $

Long-Term Debt

Long-Term Debt	3 Months Ended
	Dec. 31, 2015
Long-Term Debt.
Long-Term Debt	4. Long-Term Debt Outstanding long-term debt consists of the following (in thousands): As of December 31, As of September 30, 2015 2015 Term loan agreement expiring June 30, 2019, less discount of $54 and $58 as of December 31, 2015 and September 30, 2015. See terms of the agreement below. $ $ Notes payable to lessor for tenant improvements. The note calls for monthly payments of principal and interest of $3 at an interest rate of 7% and is due April 2017 Notes payable to lessor for tenant improvements. The note calls for monthly payments of principal and interest of $6 at an interest rate of 7% and is due November 2024 Total Less current portion Long-term portion $ $ On July 13, 2012, the Company completed a $35.0 million term loan agreement with CRG, a structured debt and equity investment management firm. In August 2012 and December 2012, the Company drew down $29.0 million and $6.0 million under this agreement. On November 14, 2014, the agreement was amended to, among other things, increase the principal amount available under the term loan by $10.0 million, extend the interest-only period to June 30, 2018, and extend the maturity from June 30, 2017 to June 30, 2019. The amended agreement provides for a maximum borrowing of $45.0 million, excluding PIK notes, as defined below. The amended agreement requires interest to be paid quarterly at a simple annual rate of 15% , and all outstanding principal be repaid in four equal quarterly payments beginning on June 30, 2018, with interest continuing to accrue on the unpaid principal at a simple annual rate of 15% . In addition, the amended agreement contains a provision whereby the Company can, at each quarterly payment due date prior to June 30, 2018, choose to convert that portion of each quarterly interest obligation equal to 3.5% of the then-outstanding principal into additional notes (payment-in-kind (“PIK”) notes). Amounts outstanding under the term loan agreement are collateralized by all of the Company’s assets. The amended agreement also provides for a prepayment penalty, the amount of which varies with the date on which prepayment is made, if the Company chooses to repay principal prior to June 30, 2018 or upon other specified events, including a change of control. On December 4, 2014, the Company borrowed the remaining $10.0 million of principal provided for in the amended agreement. As of December 31, 2015 and September 30, 2015, the Company had converted $4.8 million and $4.4 million of interest into PIK notes, each of which added to the then-outstanding principal, and is included in the balances shown as of those dates. As of December 31, 2015, the principal amount outstanding under the term loan agreement, including all PIK notes, was $49.8 million. The term loan agreement was amended in November 2015 to modify the financial covenants for minimum annual revenues (beginning with the 12 months ended June 30, 2016) and minimum liquidity, with which the Company has been in continuous compliance since the inception of the loan.

Collaboration and Partner Arran

Collaboration and Partner Arrangements	3 Months Ended
	Dec. 31, 2015
Collaboration and Partner Arrangements.
Collaboration and Partner Arrangements	5. Collaboration and Partner Arrangements The Company has recognized the following revenues from its collaboration and partner agreements (in thousands): Three Months Ended December 31, 2015 2014 Teva $ $ Par P&G Other Total revenues $ $ Included in total revenues above are royalties and profit sharing totaled $0.7 million and $0.6 million for the three months ended December 31, 2015 and 2014.

Warrants

Warrants	3 Months Ended
	Dec. 31, 2015
Warrants
Warrants	6. Warrants The Company issued warrants to purchase shares of the Company's capital stock as part of several transactions from fiscal 2008 through fiscal 2013. The warrants were recorded as equity instruments at the date of their issuances based on the terms of the warrants. As of December 31, 2015 and September 30, 2015, warrants to purchase 51,386 shares of common stock, on an as-converted basis, were outstanding with a weighted-average exercise price of $9.26 per share. All of the common stock warrants are exercisable at any time up to ten years from issuance. The fair value of these warrants was recorded in stockholders’ equity upon issuance.

Convertible Preferred Stock, Co

Convertible Preferred Stock, Common Stock and Stockholders' Equity	3 Months Ended
	Dec. 31, 2015
Convertible Preferred Stock, Common Stock and Stockholders' Equity
Convertible Preferred Stock, Common Stock and Stockholders' Equity	7. Convertible Preferred Stock, Common Stock and Stockholders' Equity Convertible Preferred Stock The Company was authorized to issue up to 5.0 million shares of preferred stock as of December 31, 2015 and September 30, 2015 with a par value of $0.001 per share. No preferred stock was outstanding as of those dates. Common Stock The Company was authorized to issue up to 150.0 million shares of common stock as of December 31, 2015 and September 30, 2015 with a par value of $0.001 per share. As of December 31, 2015, there were 22,219,413 shares of common stock outstanding and as of September 30, 2015, there were 22,160,991 shares of common stock outstanding. Controlled Equity Offering In December 2015, the Company entered into a Controlled Equity Offering SM Sales Agreement with Cantor Fitzgerald & Co., as agent (“Cantor Fitzgerald”), pursuant to which the Company may offer and sell, from time to time through Cantor Fitzgerald, shares of its common stock, par value $0.001 per share, with aggregate proceeds of up to $20.0 million. The offer and sale of these shares will be made pursuant to a shelf registration statement on Form S-3 and the related prospectus (File No. 333-204025) filed by the Company with the SEC on May 8, 2015 and declared effective by the SEC on May 21, 2015, as supplemented by a prospectus supplement dated and file d with the SEC on December 30, 2015. The Company will pay Cantor Fitzgerald a commission of 3.0% of the aggregate gross proceeds from any shares sold by Cantor Fitzgerald. During the three months ended December 31, 2015, the Company did not sell any shares under this sales agreement.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Dec. 31, 2015
Stock-Based Compensation
Stock-Based Compensation	8. Stock-Based Compensation Equity Incentive Plans As of December 31, 2015 and September 30, 2015, the Company had three equity incentive plans, all of which are sponsored by the Company. On March 20, 2014, the Company's board of directors approved the adoption of the 2014 Equity Incentive Plan (the "2014 Plan"). Under the 2014 Plan, the Company had initially reserved a total of 1.0 million shares of common stock plus the remaining unissued shares under the Company's 2012 Equity Incentive Plan (the "2012 Plan"), which was adopted in November 2012 and was replaced by the 2014 Plan. The Company also sponsored the 2002 Stock Option Plan that expired in 2012. On January 1 of each year during the ten -year term of the 2014 Plan, the number of shares of common stock issuable under the 2014 Plan will be automatically increased by an amount equal to up to 4% of the number of shares of common stock outstanding as of the preceding December 31, or such lesser number agreed to by the Company’s board of directors. On January 16, 2015, the Company’s board of directors authorized an increase of 722,834 shares to be added to the total number of shares of common stock issuable under the 2014 Plan. As of December 31, 2015 and September 30, 2015, the Company had reserved 3,743,709 and 3,745,373 shares of common stock for issuance pursuant to the Corium Plans and had 251,392 and 830,396 shares of common stock available for grant purs uant to the 2014 Plan. The term “Corium Plans” refers to the 2014 Plan, the 2012 Plan and the 2002 Stock Option Plan. Stock Option Summary The exercise price of each option issued under the Corium Plans is required to be no less than the fair market value of the Company's common stock on the date of the grant. The maximum term of the options is ten years and the vesting period is typically four years. A summary of stock option activity under the Corium Plans during the three months ended December 31, 2015 is as follows: Weighted Weighted Average Stock Average Remaining Aggregate Options Exercise Contractual Intrinsic Value Outstanding Price Life (Years) (In thousands) Balance - September 30, 2015 $ $ Granted $ Exercised $ Forfeited / Cancelled $ Balance - December 31, 2015 $ $ Options exercisable - December 31, 2015 $ $ Options vested and expected to vest - December 31, 2015 $ $ All outstanding options under the Corium Plans as of December 31, 2015 have an exercise price between $2.12 and $14.12 per share. Restricted Stock Unit Summary The Company grants restricted stock unit awards under the 2014 Plan that typically vest over a four - year period. For the three months ended December 31, 2015, the Company granted 30,000 restricted stock unit awards at a grant date fair value of $7.94 . All restricted stock units were unvested as of December 31, 2015. The Company did not grant any restricted stock units during the three months ended December 31, 2014. As of December 31, 2015, there was a total of $0.2 million of unrecognized employee stock-based compensation expense, net of estimated forfeitures, related to unvested restricted stock units, which is expected to be recognized on a straight-line basis over a weighted-average period of approximately 4.1 years 2014 Employee Stock Purchase Plan On March 20, 2014, the Company's board of directors approved the adoption of the 2014 Employee Stock Purchase Plan (the "2014 ESPP"). On January 1 of each year during the ten -year term of the plan, the number of shares issuable under the 2014 ESPP can be increased by an amount equal to up to 1% of the number of shares of common stock and common stock equivalents outstanding as of the preceding December 31, or a lesser number agreed to by the Company’s board of directors. No more than 4.0 million shares may be issued over the ten -year term of the 2014 ESPP without the consent of the Company's stockholders. Shares subject to purchase rights granted under the Company's 2014 ESPP that terminate without having been exercised in full will not reduce the number of shares available for issuance under the Company's 2014 ESPP. The 2014 ESPP is intended to qualify as an "employee stock purchase plan" under Section 423 of the Internal Revenue Code of 1986 with the purpose of providing employees with an opportunity to purchase the Company's common stock through accumulated payroll deductions. As of December 31, 2015 and September 30, 2015, the total reserve available for issuance pursuant to the 2014 ESPP was 315,771 and 372,529 shares of common stock. For the three months ended December 31, 2015 and 2014 , the Company recorded stock-based compensation expense of $ 77,000 and $164,000 and issued 56,758 and 61,042 shares of common stock to employees related to the 2014 ESPP. Stock-Based Compensation Expense Employee stock-based compensation expense for the three months ended December 31, 2015 and 2014 is classified in the condensed statements of operations and comprehensive loss as follows (in thousands): Three months ended December 31, 2015 2014 Cost of product revenues $ $ Cost of contract research and development revenues Research and development General and administrative Total stock-based compensation $ $ As of December 31, 2015 , there was a total of $7.1 million of unrecognized employee stock-based compensation expense, net of estimated forfeitures, related to unvested stock option awards, which is expected to be recognized on a straight-line basis over a weighted-average period of approximately 2.8 years.

Product Recall Liability

Product Recall Liability	3 Months Ended
	Dec. 31, 2015
Product Recall Liability
Product Recall Liability	9. Product Recall Liability In fiscal 2008 and fiscal 2010, Allergan, Inc., formerly known as Actavis Inc. (“ Actavis”) issued two voluntary recalls of certain lots and strengths of Fentanyl TDS manufactured by the Company and sold and distributed at that time by Actavis in the United States. The Company and Actavis negotiated financial settlements for these two recalls, and the Company accrued amounts related to these settlements in fiscal 2009 and 2011. These recall liabilities were subsequently reduced through various mechanisms per the terms of the settlement agreements. In October 2012, the Company reached a revised settlement related to the two recalls, which provided for a total and combined remaining liability of $5.0 million as of the settlement date. The revised liability will be repaid through quarterly payments in arrears based on a percentage of the average of the total net revenues recorded by the Company in those prior periods related to Fentanyl TDS. These quarterly payments have been paid to Actavis since July 1, 2013 and will continue through April 1, 2017. To the extent that the revised settlement liability has not been fully repaid as of April 1, 2017, the remaining liability, if any, will be converted into the most recent form of capital stock issued by the Company in connection with a financing, at the price per share of that financing. The revised liability does not accrue interest. During the three months ended December 31, 2015 and 2014, the Company made settlement payments of $0.2 million and $0.2 million.

Net Loss and Net Loss per Share

Net Loss and Net Loss per Share Attributable to Common Stockholders	3 Months Ended
	Dec. 31, 2015
Net Loss and Net Loss per Share Attributable to Common Stockholders
Net Loss and Net Loss per Share Attributable to Common Stockholders	10. Net Loss and Net Loss per Share Attributable to Common Stockholders The following table sets forth the computation of the Company's basic and diluted net loss per share attributable to common stockholders during the three months ended December 31, 2015 and 2014 (in thousands, except share and per share data): Three Months Ended December 31, 2015 2014 Basic and diluted net loss per share Net loss attributable to common stockholders, basic and diluted $ $ Weighted average shares used in computing net loss per share attributable to common stockholders, basic and diluted Net loss per share attributable to common stockholders, basic and diluted $ $ The following outstanding shares of common stock equivalents were excluded from the computation of the diluted net loss per share attributable to common stockholders for the periods presented because including them would have been antidilutive: Three Months Ended December 31, 2015 2014 Stock options to purchase common stock Unvested restricted stock unit awards — Shares authorized under the 2014 ESPP Common stock warrants

Income Taxes

Income Taxes	3 Months Ended
	Dec. 31, 2015
Income Taxes
Income Taxes	11. Income Taxes The Company did not record a provision for Federal income taxes for the three months ended December 31, 2015 because it expects to generate a net operating loss for the year ending September 30, 2016. The income tax expense of $3,000 for the three months ended December 31, 2015 represents minimum statutory payments due in the states in which the Company is subject to taxation. The Company’s deferred tax assets continue to be fully offset by a valuation allowance.

Segment and Enterprise-Wide Inf

Segment and Enterprise-Wide Information	3 Months Ended
	Dec. 31, 2015
Segment and Enterprise-Wide Information
Segment and Enterprise-Wide Information	12. Segment and Enterprise-Wide Information The Company’s chief operating decision maker is its President and Chief Executive Officer. The President and Chief Executive Officer reviews the Company’s operating results on an aggregate basis for purposes of allocating resources and evaluating financial performance. The Company has one business activity and there are no segment managers who are held accountable for operations or operating results for levels or components. Accordingly, the Company has a single reporting segment and operating unit structure. All of the Company’s revenues are derived from partners located primarily in North America and all long-lived assets are located in the United States.

Subsequent Events

Subsequent Events	3 Months Ended
	Dec. 31, 2015
Subsequent Events
Subsequent Events	13. Subsequent Events On January 11 , 2016, pursuant to the provisions of the respective plans, the board of directors authorized and approved the registration of 888,776 additional shares of the Company’s common stock subject to issuance by the Company under the 2014 Plan and 257,631 additional shares of the Company’s common stock subject to issuance by the Company under the 2014 ESPP. On February 12 , 2016, the Company entered into a lease agreement pursuant to which the Company will lease approximately 48,240 square feet of space, which will replace the Company’s current headquarters. The lease agreement provides for a term of ten years, commencing on or about August 1, 2016. The Company has an option to extend the term of the lease agreement for an additional seven years. Pursuant to the lease agreement, annual base rent will be approximately $72,360 per month for the first twelve months following the commencement of the term, $110,952 per month for the next twelve months and will increase by approximately 3% annually thereafter.

Organization, Description of 20

Organization, Description of Business, and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Dec. 31, 2015
Organization, Description of Business, and Summary of Significant Accounting Policies
Organization	Organization Corium International, Inc., a Delaware corporation (the “Company”), is a commercial stage biopharmaceutical company focused on the development, manufacture and commercialization of specialty pharmaceutical products that leverage its broad experience in transdermal and transmucosal delivery systems. In the normal course of business, the Company enters into collaborative agreements with partners to develop and manufacture products based on the Company’s drug delivery technologies and product development expertise. Revenues consist of net sales of products manufactured, royalties and profit-sharing payments based on sales of such products by partners, and product development fees for research and development activities under collaboration agreements with partners. The Company is also engaged in the research and development of its own proprietary transdermal drug delivery products using its Corplex and MicroCor technologies. The Company’s fiscal year ends on September 30. References to “fiscal” refer to the years ended September 30.
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and follow the requirements of the Securities and Exchange Commission (the “SEC”) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP can be condensed or omitted. The interim balance sheet as of December 31, 2015 and the statements of operations and comprehensive loss for the three months ended December 31, 2015 and 2014, statement of stockholders’ equity for the three months ended December 31, 2015 and statements of cash flows for the three months ended December 31, 2015 and 2014 are unaudited. The unaudited interim financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments necessary to present fairly the Company’s financial position as of December 31, 2015 and its results of operations and cash flows for the three months ended December 31, 2015 and 2014. The financial data and the other financial information contained in these notes to the financial statements related to the three month periods are also unaudited. The results of operations for the three months ended December 31, 2015 are not necessarily indicative of the results to be expected for the year ending September 30, 2016 or for any future annual or interim period. The balance sheet as of September 30, 2015 has been derived from the audited financial statements at that date but does not include all of the information required by U.S. GAAP for complete financial statements. The accompanying condensed financial statements and related financial information should be read in conjunction with the audited financial statements and the related notes thereto for the year ended September 30, 2015 included in the Company’s Annual Report on Form 10-K, which was filed with the SEC on December 16, 2015. There have been no material changes to the significant accounting policies previously disclosed in the Company’s audited financial statements for the year ended September 30, 2015.
Use of Estimates	Use of Estimates Estimates and assumptions are required to be used by management in the preparation of financial statements in conformity with U.S. GAAP that affect the reported amounts of assets, liabilities, and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of operating revenues and operating expenses during the reporting period. Those estimates and assumptions affect revenue recognition and deferred revenues, impairment of long-lived assets, determination of fair value of stock-based awards and other debt- and equity-related instruments, and accounting for income taxes. As future events and their effects cannot be determined with precision, actual results could differ from those estimates.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents and accounts receivable. The Company maintains its cash and cash equivalents with a single domestic financial institution that is well capitalized. The Company provides credit, in the normal course of business, to its partners and performs credit evaluations of such partners. For the three months ended December 31, 2015, three partners accounted for 85% of the Company’s revenues and 81% of accounts receivable as of December 31, 2015. These same partners accounted for 84% of accounts receivable as of September 30, 2015. For the three months ended December 31, 2014, four partners accounted for 89% of the Company’s revenues.
Comprehensive Income (Loss)	Comprehensive Income (Loss) During the three months ended December 31, 2015 and 2014, the Company did not recognize any other comprehensive income (loss) and, therefore, the net loss and comprehensive loss was the same for all periods presented.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Dec. 31, 2015
Fair Value Measurements
Schedule of the Company's financial assets that are measured at fair value on a recurring basis by level within the fair value hierarchy	The Company’s financial assets that are measured at fair value on a recurring basis by level within the fair value hierarchy are as follows (in thousands): As of December 31, 2015 Level I Level II Level III Total Financial Assets: Money market funds $ $ — $ — $ As of September 30, 2015 Level I Level II Level III Total Financial Assets: Money market funds $ $ — $ — $
Summary of the changes in the fair value of the Company's Level III financial liabilities, which are measured on a recurring basis	The following financial liabilities have carrying values which differ from their fair value as estimated by the Company based on market quotes for instruments with similar terms and remaining maturities (Level III valuation) (in thousands): As of December 31, 2015 Carrying Fair Value Value Difference Long-term debt $ $ $ As of September 30, 2015 Carrying Fair Value Value Difference Long-term debt $ $ $

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Dec. 31, 2015
Inventories
Schedule of Inventories	Inventories consist of the following (in thousands): As of December 31, As of September 30, 2015 2015 Raw materials $ $ Work in process Finished goods Total inventories, cost Less inventory reserves Total inventories, net $ $

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Dec. 31, 2015
Long-Term Debt.
Schedule of the entity's outstanding debt	Outstanding long-term debt consists of the following (in thousands): As of December 31, As of September 30, 2015 2015 Term loan agreement expiring June 30, 2019, less discount of $54 and $58 as of December 31, 2015 and September 30, 2015. See terms of the agreement below. $ $ Notes payable to lessor for tenant improvements. The note calls for monthly payments of principal and interest of $3 at an interest rate of 7% and is due April 2017 Notes payable to lessor for tenant improvements. The note calls for monthly payments of principal and interest of $6 at an interest rate of 7% and is due November 2024 Total Less current portion Long-term portion $ $

Collaboration and Partner Arr24

Collaboration and Partner Arrangements (Tables)	3 Months Ended
	Dec. 31, 2015
Collaboration and Partner Arrangements.
Schedule of revenues from the entity's collaboration and partner agreements	The Company has recognized the following revenues from its collaboration and partner agreements (in thousands): Three Months Ended December 31, 2015 2014 Teva $ $ Par P&G Other Total revenues $ $

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Dec. 31, 2015
Stock-based compensation
Schedule of employee stock-based compensation expense classified in the statements of operations and comprehensive income (loss)	Employee stock-based compensation expense for the three months ended December 31, 2015 and 2014 is classified in the condensed statements of operations and comprehensive loss as follows (in thousands): Three months ended December 31, 2015 2014 Cost of product revenues $ $ Cost of contract research and development revenues Research and development General and administrative Total stock-based compensation $ $
Corium Plans
Stock-based compensation
Summary of activity under the Plans	Weighted Weighted Average Stock Average Remaining Aggregate Options Exercise Contractual Intrinsic Value Outstanding Price Life (Years) (In thousands) Balance - September 30, 2015 $ $ Granted $ Exercised $ Forfeited / Cancelled $ Balance - December 31, 2015 $ $ Options exercisable - December 31, 2015 $ $ Options vested and expected to vest - December 31, 2015 $ $

Net Loss and Net Loss per Sha26

Net Loss and Net Loss per Share Attributable to Common Stockholders (Tables)	3 Months Ended
	Dec. 31, 2015
Net Loss and Net Loss per Share Attributable to Common Stockholders
Schedule of computation of the Company's basic and diluted net loss per share attributable to common stockholders	The following table sets forth the computation of the Company's basic and diluted net loss per share attributable to common stockholders during the three months ended December 31, 2015 and 2014 (in thousands, except share and per share data): Three Months Ended December 31, 2015 2014 Basic and diluted net loss per share Net loss attributable to common stockholders, basic and diluted $ $ Weighted average shares used in computing net loss per share attributable to common stockholders, basic and diluted Net loss per share attributable to common stockholders, basic and diluted $ $
Schedule of anti-dilutive securities excluded from calculation of diluted net loss per share attributable to common stockholders	Three Months Ended December 31, 2015 2014 Stock options to purchase common stock Unvested restricted stock unit awards — Shares authorized under the 2014 ESPP Common stock warrants

Organization, Description of 27

Organization, Description of Business, and Summary of Significant Accounting Policies (Details) - Partnership	Sep. 30, 2015	Dec. 31, 2015	Dec. 31, 2014
Concentration of credit risk
Number of partners		3
Revenues. | Customer concentration
Concentration of credit risk
Number of partners			4
Revenues. | Customer concentration | Four partners
Concentration of credit risk
Concentration risk percentage			89.00%
Revenues. | Customer concentration | Three partners
Concentration of credit risk
Concentration risk percentage		85.00%
Accounts receivable | Credit concentration
Concentration of credit risk
Number of partners	3
Accounts receivable | Credit concentration | Three partners
Concentration of credit risk
Concentration risk percentage	84.00%	81.00%

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Recurring basis - Money market funds - USD ($) $ in Thousands	Dec. 31, 2015	Sep. 30, 2015
Financial Assets
Total financial assets	$ 62,811	$ 71,970
Level I
Financial Assets
Total financial assets	$ 62,811	$ 71,970

Fair Value Measurements (Level

Fair Value Measurements (Level III Valuation) (Details) - Level III - USD ($) $ in Thousands	Dec. 31, 2015	Sep. 30, 2015
Carrying Value
Fair value measurements
Long-term debt	$ 50,292	$ 49,864
Fair Value
Fair value measurements
Long-term debt	50,375	49,967
Difference
Fair value measurements
Long-term debt	$ 83	$ 103

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Sep. 30, 2015
Inventories
Raw materials	$ 1,512	$ 1,573
Work in process	742	852
Finished goods	706	612
Total inventories, cost	2,960	3,037
Less inventory reserves	(96)	(135)
Total inventories, net	$ 2,864	$ 2,902

Long-Term Debt (Details)

Long-Term Debt (Details)	Dec. 04, 2014USD ($)	Nov. 14, 2014USD ($)	Dec. 31, 2012USD ($)	Aug. 31, 2012USD ($)	Dec. 31, 2015USD ($)installment	Dec. 31, 2014USD ($)	Sep. 30, 2015USD ($)	Jul. 13, 2012USD ($)
Long-term Debt
Total					$ 50,292,000		$ 49,864,000
Less current portion					58,000		57,000
Long-term Debt, Excluding Current Maturities					50,234,000		49,807,000
Proceeds from issuance of long-term debt						$ 10,000,000
Term loan agreement expiring on June 30, 2019
Long-term Debt
Total					49,740,000		49,295,000
Unamortized discount					$ 54,000		58,000
Interest rate (as a percent)					15.00%
Face amount		$ 45,000,000						$ 35,000,000
Increase in principal amount		$ 10,000,000
Amount drawn			$ 6,000,000	$ 29,000,000
Proceeds from issuance of long-term debt	$ 10,000,000
Number of quarterly installments for repayment of outstanding principal | installment					4
Percentage of cash payment the entity can defer by converting interest due into additional notes		3.50%
Portion of interest due converted into additional notes					$ 4,800,000		4,400,000
Principal amount outstanding					49,800,000
Notes payable due April 2017
Long-term Debt
Total					59,000		66,000
Monthly payments of principal and interest					$ 3,000		$ 3,000
Interest rate (as a percent)					7.00%		7.00%
Notes payable due in November 2024
Long-term Debt
Total					$ 493,000		$ 503,000
Monthly payments of principal and interest					$ 6,000		$ 6,000
Interest rate (as a percent)					7.00%		7.00%

Collaboration and Partner Arr32

Collaboration and Partner Arrangements (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Collaboration and partner arrangements
Total revenues	$ 7,537	$ 9,766
Royalties and profit sharing	700	600
Teva
Collaboration and partner arrangements
Total revenues	1,518	1,904
Par
Collaboration and partner arrangements
Total revenues	1,814	2,308
P&G
Collaboration and partner arrangements
Total revenues	3,087	3,677
Other
Collaboration and partner arrangements
Total revenues	$ 1,118	$ 1,877

Warrants (Details)

Warrants (Details) - Common stock warrants - $ / shares	3 Months Ended
	Dec. 31, 2015	Sep. 30, 2015
Warrants
Warrants outstanding (in shares)	51,386	51,386
Weighted-average exercise price (in dollars per share)	$ 9.26	$ 9.26
Maximum
Warrants
Warrant term	10 years

Convertible Preferred Stock, 34

Convertible Preferred Stock, Common Stock and Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended
	Dec. 31, 2015	Sep. 30, 2015
Preferred Stock
Authorized preferred stock (in shares)	5,000,000	5,000,000
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock outstanding (in shares)	0	0
Common Stock
Common shares authorized	150,000,000	150,000,000
Common shares par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares outstanding	22,219,413	22,160,991
Aggregate proceeds amount authorized from Controlled Equity Offering Sales Agreement	$ 20
Shares sold, commission percentage	3.00%

Stock-Based Compensation (Detai

Stock-Based Compensation (Details)	Jan. 16, 2015shares	Mar. 20, 2014shares	Dec. 31, 2015USD ($)$ / sharesshares	Dec. 31, 2014USD ($)shares	Sep. 30, 2015$ / sharesshares	Dec. 31, 2015USD ($)plan$ / sharesshares	Sep. 30, 2015USD ($)planshares
Stock-based compensation
Number of plans | plan						3	3
Number of shares of common stock reserved under plan for issuance to employees						315,771	372,529
Stock-based compensation expense | $			$ 778,000	$ 688,000
Restricted stock unit awards
Stock-based compensation
Vesting period			4 years
Shares granted (in shares)			30,000	0
Grant date fair value (in dollars per share) | $ / shares			$ 7.94
Unrecognized employee stock-based compensation expense, net of estimated forfeitures | $						$ 200,000
Weighted-average period of recognition			4 years 1 month 6 days
2014 Plan
Stock-based compensation
Term of the plan		10 years
Number of shares of common stock reserved under plan for issuance to employees		1,000,000
Maximum annual increase in number of shares issuable by the plan, as a percentage of shares outstanding as of the preceding December 31		4.00%
Additional shares authorized	722,834
Shares Available for Grant
Additional shares authorized	722,834
Corium Plans
Stock-based compensation
Vesting period			4 years
Corium Plans | Maximum
Stock-based compensation
Term of the plan			10 years
Corium Plans | Stock options
Stock-based compensation
Options granted (in shares)			593,200
Shares Available for Grant
Granted (in shares)			(593,200)
Forfeited / Cancelled (in shares)			44,196
Stock Options Outstanding
Balance at the beginning of the period (in shares)			2,914,977
Granted (in shares)			593,200
Exercised (in shares)			(1,664)
Forfeited / Cancelled (in shares)			(44,196)
Balance at the end of the period (in shares)			3,462,317		2,914,977
Options exercisable at the end of the period (in shares)						1,840,258
Options vested and expected to vest at the end of the period (in shares)						3,300,208
Weighted Average Exercise Price
Balance at the beginning of the period (in dollars per share) | $ / shares			$ 4.04
Granted (in dollars per share) | $ / shares			7.81
Exercised (in dollars per share) | $ / shares			5.31
Forfeited / Cancelled (in dollars per share) | $ / shares			4.32
Balance at the end of the period (in dollars per share) | $ / shares			$ 4.68		$ 4.04
Options exercisable at the end of the period (in dollars per share) | $ / shares						$ 3.04
Options vested and expected to vest at the end of the period (in dollars per share) | $ / shares						$ 4.56
Weighted Average Remaining Contractual Life
Balance at the end of the period			7 years 2 months 23 days		6 years 11 months 9 days
Options exercisable at the end of the period			5 years 8 months 9 days
Options vested and expected to vest at the end of the period			7 years 1 month 17 days
Aggregate Intrinsic Value
Balance at the end of the period | $						$ 11,909,000	$ 15,482,000
Options exercisable at the end of the period | $						9,342,000
Options vested and expected to vest at the end of the period | $						$ 11,763,000
Additional disclosures
Exercise price, minimum(in dollars per share) | $ / shares			$ 2.12
Exercise price, maximum(in dollars per share) | $ / shares			$ 14.12
2014 Employee Stock Purchase Plan
Stock-based compensation
Term of the plan		10 years
Number of shares of common stock reserved under plan for issuance to employees						3,743,709	3,745,373
Shares of common stock available for grant			830,396		830,396	251,392	830,396
Maximum annual increase in number of shares issuable by the plan, as a percentage of shares outstanding as of the preceding December 31		1.00%
Stock-based compensation expense | $			$ 77,000	$ 164,000
Maximum number of shares to be issued over the term of the plan		4,000,000
Shares issued during the period			56,758	61,042
Shares Available for Grant
Balance at the beginning of the period (in shares)			830,396
Balance at the end of the period (in shares)			251,392		830,396

Stock-Based Compensation (Stock

Stock-Based Compensation (Stock-Based Compensation Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Employee stock-based compensation expense
Stock-based compensation	$ 778	$ 688
Additional Disclosure
Unrecognized employee compensation cost, net of estimated forfeitures	$ 7,100
Weighted-average period over which unrecognized compensation cost is expected to be recognized	2 years 9 months 18 days
Cost of product revenues
Employee stock-based compensation expense
Stock-based compensation	$ 75	102
Cost of contract research and development revenues
Employee stock-based compensation expense
Stock-based compensation	43	57
Research and development
Employee stock-based compensation expense
Stock-based compensation	157	126
General and administrative
Employee stock-based compensation expense
Stock-based compensation	$ 503	$ 403

Product Recall Liability (Detai

Product Recall Liability (Details) $ in Millions	3 Months Ended		36 Months Ended
	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Sep. 30, 2010item	Oct. 31, 2012USD ($)
Product recall liability
Revised combined remaining liability				$ 5
Payment of settlement liability	$ 0.2	$ 0.2
Actavis
Product recall liability
Number of voluntary recalls of certain lots and strengths of Fentanyl TDS | item			2

Net Loss and Net Loss per Sha38

Net Loss and Net Loss per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Anti-dilutive securities excluded from calculation of diluted net loss per share attributable to common stockholders
Net loss attributable to common stockholders, basic and diluted	$ (9,400)	$ (6,759)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted	22,188,332	18,034,689
Net loss per share attributable to common stockholders, basic and diluted (in dollars per share)	$ (0.42)	$ (0.37)
Stock options
Anti-dilutive securities excluded from calculation of diluted net loss per share attributable to common stockholders
Number of anti-dilutive securities excluded from calculation of diluted net loss per share attributable to common stockholders	3,462,317	2,754,789
Unvested restricted stock unit awards
Anti-dilutive securities excluded from calculation of diluted net loss per share attributable to common stockholders
Number of anti-dilutive securities excluded from calculation of diluted net loss per share attributable to common stockholders	30,000
Shares authorized under the 2014 ESPP
Anti-dilutive securities excluded from calculation of diluted net loss per share attributable to common stockholders
Number of anti-dilutive securities excluded from calculation of diluted net loss per share attributable to common stockholders	315,771	248,985
Common stock warrants
Anti-dilutive securities excluded from calculation of diluted net loss per share attributable to common stockholders
Number of anti-dilutive securities excluded from calculation of diluted net loss per share attributable to common stockholders	51,386	128,582

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Income Taxes
Income tax expense	$ 3	$ 2

Segment and Enterprise-Wide I40

Segment and Enterprise-Wide Information (Details)	3 Months Ended
	Dec. 31, 2015item
Segment and Enterprise-Wide Information
Number of business activities	1
Number of segment managers held accountable for operations or operating results for levels or components	0

Subsequent Events (Details)

Subsequent Events (Details)	Feb. 12, 2016USD ($)ft²	Jan. 11, 2016shares	Jan. 16, 2015shares
Subsequent event
Subsequent events
Area of property leased | ft²	48,240
Lease agreement term	10 years
Lease agreement extension term	7 years
Annual base rent for first twelve months | $	$ 72,360
Annual base rent for next twelve months | $	$ 110,952
Annual increase in base rent (as a percent)	3.00%
2014 Plan
Subsequent events
Additional shares authorized			722,834
2014 Plan | Subsequent event
Subsequent events
Additional shares authorized		888,776
2014 Employee Stock Purchase Plan | Subsequent event
Subsequent events
Additional shares authorized		257,631