Corbus Pharmaceuticals (CRBP) 10-Q 12 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Aug. 08, 2016
Document And Entity Information
Entity Registrant Name	Corbus Pharmaceuticals Holdings, Inc.
Entity Central Index Key	1,595,097
Document Type	10-Q
Document Period End Date	Jun. 30, 2016
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		43,748,233
Trading Symbol	CRBP
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2,016

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 22,025,007	$ 12,338,275
Prepaid expenses	274,919	376,515
Total current assets	22,299,926	12,714,790
Restricted cash	36,375	36,375
Property and equipment, net	291,174	124,138
Total assets	22,627,475	12,875,303
Current liabilities:
Notes payable	23,334	162,019
Accounts payable	1,962,010	1,314,377
Accrued expenses	1,915,051	562,279
Deferred revenue, current	1,058,422	1,591,358
Total current liabilities	4,958,817	3,630,033
Deferred revenue, noncurrent		260,260
Other long-term liabilities	15,190
Total liabilities	4,974,007	3,890,293
Stockholders' equity
Preferred stock, $0.0001 par value; 10,000,000 shares authorized, no shares issued and outstanding at June 30, 2016 and December 31, 2015
Common stock, $0.0001 par value; 150,000,000 shares authorized, 43,748,233 and 37,605,134 shares issued and outstanding at June 30, 2016 and December 31, 2015	4,375	3,761
Additional paid-in capital	38,008,539	22,259,063
Accumulated deficit	(20,359,446)	(13,277,814)
Total stockholders' equity	17,653,468	8,985,010
Total liabilities and stockholders' equity	$ 22,627,475	$ 12,875,303

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	43,748,233	37,605,134
Common stock, shares outstanding	43,748,233	37,605,134

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Income Statement [Abstract]
Collaboration revenue	$ 396,598	$ 113,636	$ 793,196	$ 113,636
Operating expenses:
Research and development	3,567,003	1,707,256	5,740,936	2,430,686
General and administrative	1,021,225	969,076	2,131,114	1,780,945
Total operating expenses	4,588,228	2,676,332	7,872,050	4,211,631
Operating loss	(4,191,630)	(2,562,696)	(7,078,854)	(4,097,995)
Other income (expense):
Interest income (expense), net	4,049	155	(1,311)	(264)
Foreign currency exchange loss	(1,810)		(1,467)
Other income (expense), net	2,239	155	(2,778)	(264)
Net loss	$ (4,189,391)	$ (2,562,541)	$ (7,081,632)	$ (4,098,259)
Net loss per share, basic and diluted	$ (0.11)	$ (0.10)	$ (0.19)	$ (0.16)
Weighted average number of common shares outstanding, basic and diluted	38,748,452	26,901,100	38,176,831	26,434,174

Condensed Consolidated Stateme5

Condensed Consolidated Statement of Stockholders' Equity - 6 months ended Jun. 30, 2016 - USD ($)	Series A Preferred Stock Convertible [Member]	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Deficit [Member]	Total
Balance at Dec. 31, 2015		$ 3,761	$ 22,259,063	$ (13,277,814)	$ 8,985,010
Balance, shares at Dec. 31, 2015		37,605,134
Issuance of common stock upon in registered direct offering, net of issuance costs of $25,409		$ 596	14,873,995		14,874,591
Issuance of common stock upon in registered direct offering, net of issuance costs of $25,409, shares		5,960,000
Stock compensation expense			694,249		694,249
Issuance of common stock upon exercise of warrants			1,250		1,250
Issuance of common stock upon exercise of warrants, shares		3,099
Issuance of common stock upon exercise of stock options		$ 18	179,982		$ 180,000
Issuance of common stock upon exercise of stock options, Shares		180,000			180,000
Net Loss				(7,081,632)	$ (7,081,632)
Balance at Jun. 30, 2016		$ 4,375	$ 38,008,539	$ (20,359,446)	$ 17,653,468
Balance, shares at Jun. 30, 2016		43,748,233

Condensed Consolidated Stateme6

Condensed Consolidated Statement of Stockholders' Equity (Parenthetical)	6 Months Ended
	Jun. 30, 2016USD ($)
Statement of Stockholders' Equity [Abstract]
Stock issuance cost	$ 25,409

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash flows from operating activities:
Net loss	$ (7,081,632)	$ (4,098,259)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation expense	694,249	602,863
Depreciation	37,230	11,541
Changes in operating assets and liabilities:
Increase in restricted cash		(2)
Decrease in prepaid expenses	101,596	21,413
Increase in accounts payable	642,156	925,053
Increase in accrued expenses	1,349,105	140,547
(Decrease) increase in deferred revenue	(793,196)	1,136,364
Increase in other long-term liabilities	8,913
Net cash used in operating activities	(5,041,579)	(1,260,480)
Cash flows from investing activities:
Purchases of property and equipment	(187,151)	(16,222)
Net cash used in investing activities	(187,151)	(16,222)
Cash flows from financing activities:
Principal payments on notes payable	(138,685)	(144,389)
Proceeds from issuance of common stock	15,055,841	4,401,799
Principal payments on capital lease obligation	(1,694)
Net cash provided by financing activities	14,915,462	4,257,410
Net increase in cash and cash equivalents	9,686,732	2,980,708
Cash and cash equivalent at beginning of the period	12,338,275	6,262,445
Cash and cash equivalent at end of the period	22,025,007	9,243,153
Supplemental disclosure of cash flow information and non-cash transactions:
Cash paid during the period for interest	3,489	1,108
Cash paid during the period for income taxes	1,877
Asset acquired under capital lease obligation	11,638
Purchases of property and equipment included in accounts payable	$ 5,477

Nature of Operations

Nature of Operations	6 Months Ended
	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	1. NATURE OF OPERATIONS Business Corbus Pharmaceuticals Holdings, Inc. (“CPHI” or “the Company”) is a clinical stage pharmaceutical company, focused on the development and commercialization of novel therapeutics to treat rare, chronic, and serious inflammatory and fibrotic diseases. Since its inception, the Company has devoted substantially all of its efforts to business planning, research and development, recruiting management and technical staff, acquiring operating assets and raising capital. The Company’s business is subject to significant risks and uncertainties and the Company will be dependent on raising substantial additional capital before it becomes profitable and it may never achieve profitability. In the opinion of management of the Company, the accompanying unaudited condensed consolidated interim financial statements reflect all adjustments (which include only normal recurring adjustments) necessary to present fairly, in all material respects, the consolidated financial position of the Company as of June 30, 2016 and the results of its operations and cash flows for the three months and six months ended June 30, 2016 and 2015. The December 31, 2015 condensed consolidated balance sheet was derived from audited financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. It is suggested that these condensed consolidated financial statements be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015, filed on March 28, 2016. The results of operations for such interim periods are not necessarily indicative of the operating results for the full fiscal year.

Liquidity

Liquidity	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Liquidity	2. LIQUIDITY The Company anticipates operating losses to continue for the foreseeable future due to, among other things, costs related to research funding, development of its product candidates and its preclinical and clinical programs, strategic alliances and the development of its administrative organization. The Company has incurred recurring losses since inception and as of June 30, 2016, had an accumulated deficit of $20,359,446. In June 2016, the Company completed a sale of shares of its common stock pursuant to the terms of a securities purchase agreement under which the Company sold an aggregate of 5,960,000 shares of its common stock in a registered direct offering to investors at a purchase price of $2.50 per share with gross proceeds to the Company totaling approximately $14.9 million. The Company expects the cash on hand of $22,025,007 at June 30, 2016, including the $1,000,000 payment received from the Cystic Fibrosis Foundation Therapeutics, Inc. (“CFFT”) on August 1, 2016, together with the milestone payments from the CFFT, which the Company expects to receive if the Company achieves certain milestones (See Note 13), to be sufficient to meet its operating and capital requirements into the fourth quarter of 2017 based on current planned expenditures. Should the Company be unable to raise sufficient additional capital, the Company may undertake cost-cutting measures including delaying or discontinuing certain clinical activities. The Company will need to raise significant additional capital to continue to fund the clinical trials for Resunab. The Company may seek to sell common or preferred equity or convertible debt securities, enter into a credit facility or another form of third-party funding, or seek other debt financing. The sale of equity and convertible debt securities may result in dilution to the Company’s stockholders and certain of those securities may have rights senior to those of the Company’s common shares. If the Company raises additional funds through the issuance of preferred stock, convertible debt securities or other debt financing, these securities or other debt could contain covenants that would restrict the Company’s operations. Any other third-party funding arrangement could require the Company to relinquish valuable rights. The source, timing and availability of any future financing will depend principally upon market conditions, and, more specifically, on the progress of the Company’s clinical development programs. Funding may not be available when needed, at all, or on terms acceptable to the Company. Lack of necessary funds may require the Company, among other things, to delay, scale back or eliminate some or all of the Company’s planned clinical trials.

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Significant Accounting Policies	3. SIGNIFICANT ACCOUNTING POLICIES A summary of the significant accounting policies followed by the Company in the preparation of the financial statements is as follows: Use of Estimates The process of preparing financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of assets and liabilities at the date of financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and changes in estimates may occur. The most significant estimates are related to stock based compensation and the accrual of research and clinical obligations. Cash and Cash Equivalents The Company considers only those investments which are highly liquid, readily convertible to cash, and that mature within three months from date of purchase to be cash equivalents. Marketable investments are those with original maturities in excess of three months. At June 30, 2016 and December 31, 2015, cash equivalents were comprised of money market funds. The Company had no marketable investments at June 30, 2016 and December 31, 2015. Cash and cash equivalents consist of the following: June 30 2016 December 31, 2015 Cash $ 35,217 $ 255,943 Money market funds 21,989,790 12,082,332 $ 22,025,007 $ 12,338,275 Restricted Cash Restricted cash as of June 30, 2016 and December 31, 2015 was $36,375 due to a stand-by letter of credit issued in favor of a landlord (See Note 5). Financial Instruments The carrying amounts reported in the consolidated balance sheet for cash and cash equivalents and accounts payable approximate fair value based on the short-term nature of these instruments. The carrying values of loans payable approximate their fair value due to their market terms. Property and Equipment The estimated life for the Company’s property and equipment is as follows: three years for computer hardware and software and three to five years for office furniture and equipment. The Company’s leasehold improvements and assets under capital lease are amortized over the life of the respective leases. See Note 4 for details of property and equipment and Note 5 for operating and capital lease commitments. Research and Development Expenses and Collaborative Research Agreements Costs incurred for research and development are expensed as incurred. For amounts received under the development award received from the CFFT during 2015 (See Note 13), the Company is amortizing these amounts on a straight-line basis over the expected duration of the performance period of the development program under the award, which is expected to conclude in the first quarter of 2017. Accruals for Research and Development Expenses and Clinical Trials As part of the process of preparing its financial statements, the Company is required to estimate its expenses resulting from its obligations under contracts with vendors, clinical research organizations and consultants and under clinical site agreements in connection with conducting clinical trials. The financial terms of these contracts are subject to negotiations, which vary from contract to contract and may result in payment terms that do not match the periods over which materials or services are provided under such contracts. The Company’s objective is to reflect the appropriate expenses in its financial statements by matching those expenses with the period in which services are performed and efforts are expended. The Company accounts for these expenses according to the timing of various aspects of the expenses. The Company determines accrual estimates through financial models taking into account discussion with applicable personnel and outside service providers as to the progress of clinical trials, or the services completed. During the course of a clinical trial, the Company adjusts its clinical expense recognition if actual results differ from its estimates. The Company makes estimates of its accrued expenses as of each balance sheet date based on the facts and circumstances known to it at that time. The Company’s clinical trial accruals are dependent upon the timely and accurate reporting of contract research organizations and other third-party vendors. Although the Company does not expect its estimates to be materially different from amounts actually incurred, its understanding of the status and timing of services performed relative to the actual status and timing of services performed may vary and may result in it reporting amounts that are too high or too low for any particular period. For the three and six months ended June 30, 2016 and 2015, there were no material adjustments to the Company’s prior period estimates of accrued expenses for clinical trials. Concentrations of Credit Risk The Company has no significant off-balance-sheet concentration of credit risk such as foreign exchange contracts, option contracts or other hedging arrangements. The Company may from time to time have cash in banks in excess of Federal Deposit Insurance Corporation insurance limits. Segment Information Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker, or decision making group, in making decisions regarding resource allocation and assessing performance. To date, the Company has viewed its operations and manages its business as principally one operating segment, which is developing and commercializing therapeutics to treat rare life-threating, inflammatory fibrotic diseases. As of June 30, 2016 and December 31, 2015, all of the Company’s assets were located in the United States. Income Taxes For federal and state income taxes, deferred tax assets and liabilities are recognized based upon temporary differences between the financial statement and the tax basis of assets and liabilities. Deferred income taxes are based upon prescribed rates and enacted laws applicable to periods in which differences are expected to reverse. A valuation allowance is recorded to reduce a net deferred tax benefit when it is more likely than not that the tax benefit from the deferred tax assets will not be realized. Accordingly, given the cumulative losses since inception, the Company has provided a valuation allowance equal to 100% of the tax benefit in order to eliminate the deferred tax assets amounts. Tax positions taken or expected to be taken in the course of preparing the Company’s tax returns are required to be evaluated to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet a more-likely-than-not threshold, as well as accrued interest and penalties, if any, would be recorded as a tax expense in the current year. There were no uncertain tax positions that require accrual or disclosure to the financial statements as of June 30, 2016 or December 31, 2015. Impairment of Long-lived Assets The Company continually monitors events and changes in circumstances that could indicate that carrying amounts of long-lived assets may not be recoverable. An impairment loss is recognized when expected cash flows are less than an asset’s carrying value. Accordingly, when indicators of impairment are present, the Company evaluates the carrying value of such assets in relation to the operating performance and future undiscounted cash flows of the underlying assets. The Company’s policy is to record an impairment loss when it is determined that the carrying value of the asset may not be recoverable. No impairment charges were recorded for the three and six months ended June 30, 2016 and 2015. Share-based Payments The Company recognizes compensation costs resulting from the issuance of stock-based awards to employees, non-employees and directors as an expense in the statement of operations over the service period based on a measurement of fair value for each stock-based award. The fair value of each option grant is estimated as of the date of grant using the Black-Scholes option-pricing model. The fair value is amortized as compensation cost on a straight-line basis over the requisite service period of the awards, which is generally the vesting period. Stock options granted to non-employee consultants are revalued at the end of each reporting period until vested and the changes in their fair value are recorded as adjustments to expense over the related vesting period. Net Loss Per Common Share Basic net loss per share of the Company’s common stock has been computed by dividing net loss by the weighted average number of shares outstanding during the period. Diluted net loss per share of the Company’s common stock has been computed by dividing net loss for the period by the weighted average number of shares outstanding plus the dilutive effect, if any, of outstanding stock options, warrants and convertible securities. In a net loss period, options, warrants and convertible securities are anti-dilutive and therefore are excluded from diluted loss per share calculations. The following table sets forth the computation of basic and diluted earnings per share for the three and six months ended June 30, 2016 and 2015: Three Months Ended June 30 Six Months Ended June 30 2016 2015 2016 2015 Basic and diluted net loss per share of common stock: Net loss $ (4,189,391 ) $ (2,562,541 ) $ (7,081,632 ) $ (4,098,259 ) Net loss applicable to common stockholders $ (4,189,391 ) $ (2,562,541 ) $ (7,081,632 ) $ (4,098,259 ) Weighted average shares of common stock outstanding 38,748,452 26,901,100 38,176,831 26,434,174 Net loss per share of common stock-basic and diluted $ (0.11 ) $ (0.10 ) $ (0.19 ) $ (0.16 ) The following potentially dilutive securities outstanding at June 30, 2016 and 2015 have been excluded from the computation of dilutive weighted average shares outstanding as the inclusion would be anti-dilutive. June 30, 2016 2015 Warrants 1,964,250 8,896,848 Stock options 5,362,621 3,716,170 Total 7,326,871 12,613,018 Recent Accounting Pronouncements Accounting for Share-Based Payments In June 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period (a consensus of the FASB Emerging Issues Task Force) Reporting of Going-Concern Uncertainties In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements—Going Concern , Accounting for Leases In February 2016, the FASB issued ASU Leases (Topic 842) . Employee Share-Based Payment Accounting On March 30, 2016, the FASB issued ASU Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting .

Property and Equipment

Property and Equipment	6 Months Ended
	Jun. 30, 2016
Property, Plant and Equipment [Abstract]
Property and Equipment	4. PROPERTY AND EQUIPMENT Property and equipment consisted of the following: June 30, 2016 December 31, 2015 Computer hardware and software $ 54,760 $ 40,202 Office furniture and equipment 151,405 35,209 Leasehold improvements 142,812 19,310 Construction in progress — 83,765 Property and equipment, gross 348,977 178,486 Less: accumulated depreciation (57,803 ) (54,348 ) Property and equipment, net $ 291,174 $ 124,138 Depreciation expense was $19,945 and $6,121 for the three months ended June 30, 2016 and 2015, respectively and $37,230 and $11,541 for the six months ended June 30, 2016 and 2015, respectively. On December 30, 2015, the Company entered into a lease agreement for a copier machine. The cost of the machine was approximately $12,000 and is included in office furniture and equipment category in the table above. The lease payments commenced when the machine was placed in service in January 2016. The machine is being amortized over the life of the lease, which is for a three-year term and includes a bargain purchase option at the end of the term. See Note 5 for details of this capital lease commitment. At December 31, 2015, construction in progress consisted of purchased property and equipment not placed in service until the Company’s occupation of its new office space in January 2016 (See Note 5).

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	5. COMMITMENTS AND CONTINGENCIES Operating Lease Commitment On May 30, 2014, the Company entered into a commercial lease for 2,387 square feet of office space in Norwood, MA. The lease commenced on July 1, 2014, had a three-year term, and required a standby letter of credit of $13,728 payable in favor of the landlord. In August 2015, the lease was amended for the relocation of the Company into 6,326 square feet of office space within the existing building. In January 2016, the Company began occupying the space under this lease amendment, which is for a five-year term. The amendment also required an increase in the standby letter of credit to $36,375 (See Note 3). The Company records the total rent payable during the lease term on a straight-line basis over the term of the lease and records the difference between the rents paid and the straight-line rent as deferred rent, which is classified in other long-term liabilities as of June 30, 2016. Pursuant to the terms of the Company’s non-cancelable lease agreements in effect at June 30, 2016, the future minimum rent commitments are as follows: 2016 (remainder of year) $ 72,749 2017 148,397 2018 151,560 2019 154,723 2020 157,886 2021 13,179 Total $ 698,494 Total rent expense for the three months ended June 30, 2016 and 2015 was $37,666 and $13,725, respectively. Total rent expense for the six months ended June 30, 2016 and 2015 was $74,212 and $27,448, respectively. Capital Lease Commitment On December 30, 2015, the Company entered into a capital lease agreement for a copier machine. The lease payments commenced when the machine was placed in service in January 2016. The lease is for a three-year term and includes a bargain purchase option at the end of the term. In the accompanying balance sheet as of June 30, 2016, the current portion of this capital lease obligation is classified in accrued expenses and the long-term portion of the capital lease obligation is classified in other long-term liabilities. Pursuant to the terms of this capital lease agreement, the future minimum capital lease commitments are as follows as of June 30, 2016: 2016 (remainder of year) $ 1,893 2017 4,543 2018 4,543 2019 379 Total future minimum lease payments 11,358 Less: interest (1,414 ) Future capital lease obligations 9,944 Less: current portion (3,667 ) Long-term portion $ 6,277

Notes Payable

Notes Payable	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Notes Payable	6. NOTES PAYABLE In October 2014, the Company entered into a loan agreement with a financing company for $192,000. The terms of the loan stipulated equal monthly payments of principal and interest payments of $24,293 over an eight-month period. Interest accrued on this loan at annual rate of 3.25%. This loan was fully repaid as of September 30, 2015. In November 2015, the Company entered into a loan agreement with a financing company for $207,750. The terms of the loan stipulate equal monthly payments of principal and interest payments of $23,397 over a nine-month period. Interest accrues on this loan at an annual rate of 3.25%. For three months ended June 30, 2016 and 2015, interest expense related to these loan agreements totaled $567 and $393, respectively. For six months ended June 30, 2016 and 2015, interest expense related to these loan agreements totaled $1,697 and $1,372, respectively. Notes payable consisted of the following: June 30, 2016 December 31, 2015 Notes payable $ 23,334 $ 162,019 Less: current portion (23,334 ) (162,019 ) Long term portion $ — $ —

Accrued Expenses

Accrued Expenses	6 Months Ended
	Jun. 30, 2016
Payables and Accruals [Abstract]
Accrued Expenses	7. ACCRUED EXPENSES Accrued expenses consisted of the following: June 30, 2016 December 31, 2015 Accrued clinical operations and trials costs $ 1,302,309 $ 365,188 Accrued product development costs 405,578 152,018 Accrued audit fees 1,500 16,500 Accrued payroll and related 109,442 - Accrued other 96,222 28,573 Total $ 1,915,051 $ 562,279

Deferred Revenue

Deferred Revenue	6 Months Ended
	Jun. 30, 2016
Deferred Revenue Disclosure [Abstract]
Deferred Revenue	8. DEFERRED REVENUE In May 2015, the Company received $1,250,000 upon signing the CFFT award agreement and in the fourth quarter of 2015, the Company received $1,250,000 from CFFT upon the achievement of a milestone for dosing the first patient (See Note 3 and Note 13). The Company recorded these amounts as deferred revenue and is amortizing the deferred revenue and recognizing revenue on a straight-line basis over the performance period for the development program, which is expected to conclude during the first quarter of 2017. For the three months ended June 30, 2016 and 2015, the Company recorded revenue of $396,598 and $113,636, respectively. For the six months ended June 30, 2016 and 2015, the Company recorded revenue of $793,196 and $113,636, respectively. Deferred revenue consisted of the following: June 30, 2016 December 31, 2015 Deferred revenue 1,058,422 $ 1,851,618 Less: current portion (1,058,422 ) (1,591,358 ) Long-term portion $ — $ 260,260

Common Stock

Common Stock	6 Months Ended
	Jun. 30, 2016
Equity [Abstract]
Common Stock	9. COMMON STOCK The Company has authorized 150,000,000 shares of common stock, $0.0001 par value per share, of which 43,748,233 shares and 37,605,134 shares were issued and outstanding as of June 30, 2016 and December 31, 2015, respectively. In June 2016, the Company completed a sale of shares of its common stock pursuant to the terms of a securities purchase agreement under which the Company sold an aggregate of 5,960,000 shares of its common stock in a registered direct offering to investors at a purchase price of $2.50 per share with gross proceeds to the Company totaling approximately $14,900,000 less issuance costs of $25,409. During the six months ended June 30, 2016, the Company issued 183,099 shares of common stock upon the exercise of stock options and warrants for proceeds of $181,250.

Stock Options

Stock Options	6 Months Ended
	Jun. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock Options	10. STOCK OPTIONS In April 2014, the Company adopted the Corbus Pharmaceuticals Holdings, Inc. 2014 Equity Incentive Plan (the “2014 Plan”). Pursuant to the 2014 Plan, the Company’s Board of Directors may grant incentive and nonqualified stock options and restricted stock to employees, officers, directors, consultants and advisors. Pursuant to the terms of an annual evergreen provision in the 2014 Plan, the number of shares of common stock available for issuance under the 2014 Plan shall be subject to an automatic annual increase on January 1st of each year equal to the greater of (i) seven percent (7%) of the total number of shares of common stock outstanding on December 31st of the preceding calendar year, or, (ii) the difference between (x) twenty percent (20%) of the total number of shares of common stock outstanding on December 31st of the preceding calendar year, and (y) the total number of shares of common stock reserved under the 2014 Plan on December 31st of such preceding calendar year or a lesser number of shares of common stock determined by the Company’s Board of Directors. In accordance with the terms of the 2014 Plan, effective as of January 1, 2016, the Board of Directors approved an increase in the number of shares of common stock available for issuance under the 2014 Plan in an amount of 1,250,000 shares, such amount being less than seven percent (7%) of the outstanding shares of common stock on December 31, 2015. As of June 30, 2016, there was a total of 9,916,017 shares reserved for issuance under the 2014 Plan and there were 4,234,577 shares available for future grants. Options issued under the 2014 Plan are exercisable for up to ten years from the date of issuance. Share-based Compensation For stock options issued and outstanding for the three months ended June 30, 2016 and 2015, respectively, the Company recorded non-cash, stock-based compensation expense of $383,011 and $300,905, respectively, net of estimated forfeitures. For the six months ended June 30, 2016 and 2015, respectively, the Company recorded non-cash, stock-based compensation expense of $694,249 and $602,863, respectively, net of estimated forfeitures. The fair value of each option award is estimated on the date of grant using the Black-Scholes option pricing model that uses the assumptions noted in the following table. Due to its limited operating history and limited number of sales of its common stock, the Company estimated its volatility in consideration of a number of factors, including the volatility of comparable public companies and, commencing in 2015, the Company also included the volatility of its own common stock. The Company uses historical data, as well as subsequent events occurring prior to the issuance of the financial statements, to estimate option exercises and employee terminations within the valuation model. The expected term of options granted to employees under the 2014 Plan, all of which qualify as “plain vanilla” per SEC Staff Accounting Bulletin 107, is based on the average of the 6.25 years. For non-employee options, the expected term is the contractual term. The risk-free rate is based on the yield of a U.S. Treasury security with a term consistent with the option. The assumptions used principally in determining the fair value of options granted were as follows: Six Months Ended June 30, 2016 2015 Risk free interest rate 1.73 % 1.98 % Expected dividend yield 0 % 0 % Expected term in years 6.64 8.59 Expected volatility 90.6 % 97.0 % Estimated forfeiture rate 5 % 0.65 % A summary of option activity for the six months ended June 30, 2016 and is presented below: Weighted Average Remaining Weighted Contractual Average Average Term in Intrinsic Options Shares Exercise Price Years Value Outstanding at December 31, 2015 3,982,065 $ 1.03 Granted 1,625,000 1.80 Exercised (180,000 ) 1.00 $ 356,400 Forfeited (64,444 ) 2.22 Outstanding at June 30, 2016 5,362,621 $ 1.25 8.23 $ 9,367,467 Vested at June 30, 2016 2,216,395 $ 0.93 7.28 $ 4,578,142 The weighted average grant-date fair value of options granted during the six months ended June 30, 2016 was $1.43 per share. The average intrinsic value of options exercised during the six months ended June 30, 2016 and 2015 was approximately $356,400 and $102,664, respectively. As of June 30, 2016, there was approximately $2,874,243 of total unrecognized compensation expense, related to non-vested share-based option compensation arrangements. The unrecognized compensation expense is estimated to be recognized over a period of 2.39 years.

Warrants

Warrants	6 Months Ended
	Jun. 30, 2016
Text Block [Abstract]
Warrants	11. WARRANTS At June 30, 2016, there were warrants outstanding to purchase 1,964,250 shares of common stock with a weighted average exercise price of $0.97 and a weighted average remaining life of 2.83 years. During the six months ended June 30, 2016, warrants to purchase 3,750 shares of common stock were exercised on a cashless basis resulting in the issuance of 1,849 shares and 1,250 shares of common stock were exercised on a for cash basis. During the six months ended June 30, 2015, warrants to purchase 4,598,129 shares of common stock were exercised for net proceeds of approximately $4,398,000. There were no warrants issued or cancelled during the six months ended June 30, 2016 and 2015.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2016
Related Party Transactions [Abstract]
Related Party Transactions	12. RELATED PARTY TRANSACTIONS In connection with the formation of Corbus Pharmaceutical Holdings, Inc. in December 2013, certain affiliates of Aegis Capital Corp. (the “Placement Agent”) and certain other parties not affiliated with us or the Placement Agent subscribed for an aggregate of 6,000,000 shares of common stock for which they paid an aggregate of $120,000 ($0.02 per share), including David Hochman, one of our directors who purchased 450,000 shares and whose family trust purchased 90,000 shares of common stock. Following the Initial Closing of the 2014 Private Placement, which took place on April 11, 2014, the Placement Agent had a right to appoint one member of the Company’s board of directors for a two-year term (the “Aegis Nominee”). David Hochman was appointed as the Aegis Nominee. On March 21, 2014, the Company entered into a consulting agreement with Orchestra Medical Ventures, LLC (“Orchestra”), of which David Hochman is Managing Partner. The agreement provided that Orchestra would render a variety of consulting and advisory services relating principally to identifying and evaluating strategic relationships, licensing opportunities, and business strategies. Orchestra was compensated at the rate of $5,000 per month for twelve months, payable quarterly in advance. During the six months ended June 30, 2015, the Company paid Orchestra $15,000. The consulting agreement expired on April 11, 2015 and the Company is not obligated to make future payments. As of June 30, 2015, one of the members of the Company’s scientific advisory board was considered an affiliate of the Company as he owned more than 10% of the Company’s common stock at that date. This individual’s ownership of the Company’s common stock was less than 10% as of June 30, 2016.

Development Awards

Development Awards	6 Months Ended
	Jun. 30, 2016
Text Block [Abstract]
Development Awards	13. DEVELOPMENT AWARDS Cystic Fibrosis Development Award On April 20, 2015, the Company entered into an award agreement with the CFFT, a non-profit drug discovery and development affiliate of the Cystic Fibrosis Foundation, pursuant to which it received a development award (the “Award”) for up to $5 million in funding. The funding from the Award is supporting a first-in-patient Phase 2 clinical trial of the Company’s Resunab drug in adults with cystic fibrosis (CF). Upon the execution of the Award agreement, the Company received a payment of $1,250,000 in May 2015 from the CFFT (See Notes 3 and 8). In the fourth quarter of 2015, the Company received a second payment of $1,250,000 from the CFFT upon the achievement of a milestone for dosing the first patient. In 2015, the Company recorded these amounts received from the CFFT totaling $2,500,000 as deferred revenue. The Company is amortizing these amounts on a straight-line basis over the expected duration of the performance period of the development program under the award, which is expected to conclude in the first quarter of 2017. In August 2016, the Company received a $1,000,000 payment from the CFFT for achieving a milestone in July 2016 related to dosing the median clinical trial patient as per the terms of the Award. The remaining $1,500,000 under the Award is expected to be paid to the Company incrementally by the end of the fourth quarter of 2016 or in the first quarter of 2017 upon the achievement of certain milestones related to the progress of the Phase 2 CF clinical trial, as set forth in the Award agreement. Pursuant to the terms of the Award agreement, the Company is obligated to make royalty payments to the CFFT contingent upon commercialization of Resunab in the Field of Use (as defined in the Award agreement) including a royalty payment equal to five times the amount the Company receives under the Award agreement, up to $25 million, payable in three equal annual installments following the first commercial sale of Resunab, the first of which is due within 90 days following the first commercial sale of Resunab. The Company is also obligated to make a royalty payment to CFFT equal to the amount the Company receives under the Award agreement, up to $5 million, due in the first calendar year in which the aggregate cumulative net sales of Resunab in the Field of Use exceed $500 million. Lastly, the Company is obligated to make royalty payment(s) to the CFFT of up to approximately $15 million if the Company transfers, sells or licenses Resunab in the Field of Use other than for certain clinical or development purposes, or if the Company enters into a change of control transaction, with such payment(s) to be credited against the royalty payments due upon commercialization. The Field of Use is defined in the Award as the treatment in humans of CF, asbestosis, bronchiectasis, byssinosis, chronic bronchitis/COPD hypersensitivity pneumonitis, pneumoconiosis, primary ciliary dyskinesis, sarcoidosis and silicosis. Either the CFFT or the Company may terminate the agreement for cause, which includes the Company’s material failure to achieve certain commercialization and development milestones. The Company’s payment obligations survive the termination of the Award agreement.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2016
Subsequent Events [Abstract]
Subsequent Events	14. SUBSEQUENT EVENTS Cystic Fibrosis Development Award In August 2016, the Company received a $1,000,000 payment from the CFFT for achieving a milestone in July 2016 related to dosing the median clinical trial patient as per the terms of the Company’s development award with the CFFT (See Note 13). 2015 Bonus Payments As previously disclosed, the Company’s Compensation Committee had not previously determined the amounts of performance-based cash bonuses payable to the Company’s executive officers for the fiscal year ended December 31, 2015. On August 11, 2016, the Compensation Committee approved bonuses in the amounts of $136,950, $136,950, $136,125 and $114,125 for Yuval Cohen, the Company’s Chief Executive Officer, Mark Tepper, the Company’s President and Chief Scientific Officer, Barbara White, the Company’s Chief Medical Officer and Sean Moran, the Company’s Chief Financial Officer, respectively. In determining the amounts of the cash bonuses to be paid, the Compensation Committee considered that the Company did not pay performance-based cash bonuses for the fiscal year ended December 31, 2014.

Significant Accounting Polici22

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates The process of preparing financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of assets and liabilities at the date of financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and changes in estimates may occur. The most significant estimates are related to stock based compensation and the accrual of research and clinical obligations.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers only those investments which are highly liquid, readily convertible to cash, and that mature within three months from date of purchase to be cash equivalents. Marketable investments are those with original maturities in excess of three months. At June 30, 2016 and December 31, 2015, cash equivalents were comprised of money market funds. The Company had no marketable investments at June 30, 2016 and December 31, 2015. Cash and cash equivalents consist of the following: June 30 2016 December 31, 2015 Cash $ 35,217 $ 255,943 Money market funds 21,989,790 12,082,332 $ 22,025,007 $ 12,338,275
Restricted Cash	Restricted Cash Restricted cash as of June 30, 2016 and December 31, 2015 was $36,375 due to a stand-by letter of credit issued in favor of a landlord (See Note 5).
Financial Instruments	Financial Instruments The carrying amounts reported in the consolidated balance sheet for cash and cash equivalents and accounts payable approximate fair value based on the short-term nature of these instruments. The carrying values of loans payable approximate their fair value due to their market terms.
Property and Equipment	Property and Equipment The estimated life for the Company’s property and equipment is as follows: three years for computer hardware and software and three to five years for office furniture and equipment. The Company’s leasehold improvements and assets under capital lease are amortized over the life of the respective leases. See Note 4 for details of property and equipment and Note 5 for operating and capital lease commitments.
Research and Development Expenses and Collaborative Research Agreements	Research and Development Expenses and Collaborative Research Agreements Costs incurred for research and development are expensed as incurred. For amounts received under the development award received from the CFFT during 2015 (See Note 13), the Company is amortizing these amounts on a straight-line basis over the expected duration of the performance period of the development program under the award, which is expected to conclude in the first quarter of 2017.
Accruals for Research and Development Expenses and Clinical Trials	Accruals for Research and Development Expenses and Clinical Trials As part of the process of preparing its financial statements, the Company is required to estimate its expenses resulting from its obligations under contracts with vendors, clinical research organizations and consultants and under clinical site agreements in connection with conducting clinical trials. The financial terms of these contracts are subject to negotiations, which vary from contract to contract and may result in payment terms that do not match the periods over which materials or services are provided under such contracts. The Company’s objective is to reflect the appropriate expenses in its financial statements by matching those expenses with the period in which services are performed and efforts are expended. The Company accounts for these expenses according to the timing of various aspects of the expenses. The Company determines accrual estimates through financial models taking into account discussion with applicable personnel and outside service providers as to the progress of clinical trials, or the services completed. During the course of a clinical trial, the Company adjusts its clinical expense recognition if actual results differ from its estimates. The Company makes estimates of its accrued expenses as of each balance sheet date based on the facts and circumstances known to it at that time. The Company’s clinical trial accruals are dependent upon the timely and accurate reporting of contract research organizations and other third-party vendors. Although the Company does not expect its estimates to be materially different from amounts actually incurred, its understanding of the status and timing of services performed relative to the actual status and timing of services performed may vary and may result in it reporting amounts that are too high or too low for any particular period. For the three and six months ended June 30, 2016 and 2015, there were no material adjustments to the Company’s prior period estimates of accrued expenses for clinical trials.
Concentrations of Credit Risk	Concentrations of Credit Risk The Company has no significant off-balance-sheet concentration of credit risk such as foreign exchange contracts, option contracts or other hedging arrangements. The Company may from time to time have cash in banks in excess of Federal Deposit Insurance Corporation insurance limits.
Segment Information	Segment Information Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker, or decision making group, in making decisions regarding resource allocation and assessing performance. To date, the Company has viewed its operations and manages its business as principally one operating segment, which is developing and commercializing therapeutics to treat rare life-threating, inflammatory fibrotic diseases. As of June 30, 2016 and December 31, 2015, all of the Company’s assets were located in the United States.
Income Taxes	Income Taxes For federal and state income taxes, deferred tax assets and liabilities are recognized based upon temporary differences between the financial statement and the tax basis of assets and liabilities. Deferred income taxes are based upon prescribed rates and enacted laws applicable to periods in which differences are expected to reverse. A valuation allowance is recorded to reduce a net deferred tax benefit when it is more likely than not that the tax benefit from the deferred tax assets will not be realized. Accordingly, given the cumulative losses since inception, the Company has provided a valuation allowance equal to 100% of the tax benefit in order to eliminate the deferred tax assets amounts. Tax positions taken or expected to be taken in the course of preparing the Company’s tax returns are required to be evaluated to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet a more-likely-than-not threshold, as well as accrued interest and penalties, if any, would be recorded as a tax expense in the current year. There were no uncertain tax positions that require accrual or disclosure to the financial statements as of June 30, 2016 or December 31, 2015.
Impairment of Long-lived Assets	Impairment of Long-lived Assets The Company continually monitors events and changes in circumstances that could indicate that carrying amounts of long-lived assets may not be recoverable. An impairment loss is recognized when expected cash flows are less than an asset’s carrying value. Accordingly, when indicators of impairment are present, the Company evaluates the carrying value of such assets in relation to the operating performance and future undiscounted cash flows of the underlying assets. The Company’s policy is to record an impairment loss when it is determined that the carrying value of the asset may not be recoverable. No impairment charges were recorded for the three and six months ended June 30, 2016 and 2015.
Share-based Payments	Share-based Payments The Company recognizes compensation costs resulting from the issuance of stock-based awards to employees, non-employees and directors as an expense in the statement of operations over the service period based on a measurement of fair value for each stock-based award. The fair value of each option grant is estimated as of the date of grant using the Black-Scholes option-pricing model. The fair value is amortized as compensation cost on a straight-line basis over the requisite service period of the awards, which is generally the vesting period. Stock options granted to non-employee consultants are revalued at the end of each reporting period until vested and the changes in their fair value are recorded as adjustments to expense over the related vesting period.
Net Loss Per Common Share	Net Loss Per Common Share Basic net loss per share of the Company’s common stock has been computed by dividing net loss by the weighted average number of shares outstanding during the period. Diluted net loss per share of the Company’s common stock has been computed by dividing net loss for the period by the weighted average number of shares outstanding plus the dilutive effect, if any, of outstanding stock options, warrants and convertible securities. In a net loss period, options, warrants and convertible securities are anti-dilutive and therefore are excluded from diluted loss per share calculations. The following table sets forth the computation of basic and diluted earnings per share for the three and six months ended June 30, 2016 and 2015: Three Months Ended June 30 Six Months Ended June 30 2016 2015 2016 2015 Basic and diluted net loss per share of common stock: Net loss $ (4,189,391 ) $ (2,562,541 ) $ (7,081,632 ) $ (4,098,259 ) Net loss applicable to common stockholders $ (4,189,391 ) $ (2,562,541 ) $ (7,081,632 ) $ (4,098,259 ) Weighted average shares of common stock outstanding 38,748,452 26,901,100 38,176,831 26,434,174 Net loss per share of common stock-basic and diluted $ (0.11 ) $ (0.10 ) $ (0.19 ) $ (0.16 ) The following potentially dilutive securities outstanding at June 30, 2016 and 2015 have been excluded from the computation of dilutive weighted average shares outstanding as the inclusion would be anti-dilutive. June 30, 2016 2015 Warrants 1,964,250 8,896,848 Stock options 5,362,621 3,716,170 Total 7,326,871 12,613,018
Recent Accounting Pronouncements	Recent Accounting Pronouncements Accounting for Share-Based Payments In June 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period (a consensus of the FASB Emerging Issues Task Force) Reporting of Going-Concern Uncertainties In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements—Going Concern , Accounting for Leases In February 2016, the FASB issued ASU Leases (Topic 842) . Employee Share-Based Payment Accounting On March 30, 2016, the FASB issued ASU Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting .

Significant Accounting Polici23

Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Schedule of Cash and Cash Equivalents	Cash and cash equivalents consist of the following: June 30 2016 December 31, 2015 Cash $ 35,217 $ 255,943 Money market funds 21,989,790 12,082,332 $ 22,025,007 $ 12,338,275
Computation of Basic and Diluted Earnings Per Share	The following table sets forth the computation of basic and diluted earnings per share for the three and six months ended June 30, 2016 and 2015: Three Months Ended June 30 Six Months Ended June 30 2016 2015 2016 2015 Basic and diluted net loss per share of common stock: Net loss $ (4,189,391 ) $ (2,562,541 ) $ (7,081,632 ) $ (4,098,259 ) Net loss applicable to common stockholders $ (4,189,391 ) $ (2,562,541 ) $ (7,081,632 ) $ (4,098,259 ) Weighted average shares of common stock outstanding 38,748,452 26,901,100 38,176,831 26,434,174 Net loss per share of common stock-basic and diluted $ (0.11 ) $ (0.10 ) $ (0.19 ) $ (0.16 )
Potentially Dilutive Securities Excluded from the Computation of Dilutive Weighted Average Shares Outstanding	The following potentially dilutive securities outstanding at June 30, 2016 and 2015 have been excluded from the computation of dilutive weighted average shares outstanding as the inclusion would be anti-dilutive. June 30, 2016 2015 Warrants 1,964,250 8,896,848 Stock options 5,362,621 3,716,170 Total 7,326,871 12,613,018

Property and Equipment (Tables)

Property and Equipment (Tables)	6 Months Ended
	Jun. 30, 2016
Property, Plant and Equipment [Abstract]
Summary of Property and Equipment	Property and equipment consisted of the following: June 30, 2016 December 31, 2015 Computer hardware and software $ 54,760 $ 40,202 Office furniture and equipment 151,405 35,209 Leasehold improvements 142,812 19,310 Construction in progress — 83,765 Property and equipment, gross 348,977 178,486 Less: accumulated depreciation (57,803 ) (54,348 ) Property and equipment, net $ 291,174 $ 124,138

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Rent Commitments	Pursuant to the terms of the Company’s non-cancelable lease agreements in effect at June 30, 2016, the future minimum rent commitments are as follows: 2016 (remainder of year) $ 72,749 2017 148,397 2018 151,560 2019 154,723 2020 157,886 2021 13,179 Total $ 698,494
Schedule of Future Minimum Capital Lease Commitments	Pursuant to the terms of this capital lease agreement, the future minimum capital lease commitments are as follows as of June 30, 2016: 2016 (remainder of year) $ 1,893 2017 4,543 2018 4,543 2019 379 Total future minimum lease payments 11,358 Less: interest (1,414 ) Future capital lease obligations 9,944 Less: current portion (3,667 ) Long-term portion $ 6,277

Notes Payable (Tables)

Notes Payable (Tables)	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Schedule of Notes Payable	Notes payable consisted of the following: June 30, 2016 December 31, 2015 Notes payable $ 23,334 $ 162,019 Less: current portion (23,334 ) (162,019 ) Long term portion $ — $ —

Accrued Expenses (Tables)

Accrued Expenses (Tables)	6 Months Ended
	Jun. 30, 2016
Payables and Accruals [Abstract]
Schedule of Accrued Expenses	Accrued expenses consisted of the following: June 30, 2016 December 31, 2015 Accrued clinical operations and trials costs $ 1,302,309 $ 365,188 Accrued product development costs 405,578 152,018 Accrued audit fees 1,500 16,500 Accrued payroll and related 109,442 - Accrued other 96,222 28,573 Total $ 1,915,051 $ 562,279

Deferred Revenue (Tables)

Deferred Revenue (Tables)	6 Months Ended
	Jun. 30, 2016
Deferred Revenue Disclosure [Abstract]
Schedule of Deferred Revenue	Deferred revenue consisted of the following: June 30, 2016 December 31, 2015 Deferred revenue 1,058,422 $ 1,851,618 Less: current portion (1,058,422 ) (1,591,358 ) Long-term portion $ — $ 260,260

Stock Options (Tables)

Stock Options (Tables)	6 Months Ended
	Jun. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of Assumptions Used Principally in Determining Fair Value of Options Granted	The assumptions used principally in determining the fair value of options granted were as follows: Six Months Ended June 30, 2016 2015 Risk free interest rate 1.73 % 1.98 % Expected dividend yield 0 % 0 % Expected term in years 6.64 8.59 Expected volatility 90.6 % 97.0 % Estimated forfeiture rate 5 % 0.65 %
Summary of Option Activity	A summary of option activity for the six months ended June 30, 2016 and is presented below: Weighted Average Remaining Weighted Contractual Average Average Term in Intrinsic Options Shares Exercise Price Years Value Outstanding at December 31, 2015 3,982,065 $ 1.03 Granted 1,625,000 1.80 Exercised (180,000 ) 1.00 $ 356,400 Forfeited (64,444 ) 2.22 Outstanding at June 30, 2016 5,362,621 $ 1.25 8.23 $ 9,367,467 Vested at June 30, 2016 2,216,395 $ 0.93 7.28 $ 4,578,142

Liquidity (Details Narrative)

Liquidity (Details Narrative) - USD ($)	3 Months Ended	6 Months Ended
	Dec. 31, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2014
Accumulated deficit	$ 13,277,814	$ 20,359,446
Gross proceeds from sale of stock		15,055,841	$ 4,401,799
Cash and cash equivalents	12,338,275	22,025,007	$ 9,243,153	$ 6,262,445
Cystic Fibrosis Foundation Therapeutics Inc [Member]
Amount received on milestone payment	$ 1,250,000
Cystic Fibrosis Foundation Therapeutics Inc [Member] | August 2016 [Member]
Amount received on milestone payment		$ 1,000,000
Securities Purchase Agreement [Member] | Investors [Member]
Aggregate common stock sold, shares		5,960,000
Shares issued price per share		$ 2.50
Gross proceeds from sale of stock		$ 14,900,000

Significant Accounting Polici31

Significant Accounting Policies (Details Narrative)	6 Months Ended
	Jun. 30, 2016USD ($)Segment	Jun. 30, 2015USD ($)	Dec. 31, 2015USD ($)
Significant Accounting Policies [Line Items]
Marketable investments	$ 0		$ 0
Restricted cash	$ 36,375		36,375
Operating segments | Segment	1
Valuation allowance	100.00%
Uncertain tax position	$ 0		$ 0
Impairment charges	$ 0	$ 0
Maximum [Member]
Significant Accounting Policies [Line Items]
Cash and cash equivalents maturity period	3 months
Minimum [Member]
Significant Accounting Policies [Line Items]
Marketable investments maturity period	3 months
Computer Hardware and Software [Member]
Significant Accounting Policies [Line Items]
Estimated useful life of all property and equipment	3 years
Office Furniture and Equipment [Member] | Maximum [Member]
Significant Accounting Policies [Line Items]
Estimated useful life of all property and equipment	5 years
Office Furniture and Equipment [Member] | Minimum [Member]
Significant Accounting Policies [Line Items]
Estimated useful life of all property and equipment	3 years

Significant Accounting Polici32

Significant Accounting Policies - Schedule of Cash and Cash Equivalents (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 2015	Dec. 31, 2014
Cash and Cash Equivalents [Abstract]
Cash	$ 35,217	$ 255,943
Money market funds	21,989,790	12,082,332
Cash and cash equivalents	$ 22,025,007	$ 12,338,275	$ 9,243,153	$ 6,262,445

Significant Accounting Polici33

Significant Accounting Policies - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Earnings Per Share [Abstract]
Net loss	$ (4,189,391)	$ (2,562,541)	$ (7,081,632)	$ (4,098,259)
Net loss applicable to common stockholders	$ (4,189,391)	$ (2,562,541)	$ (7,081,632)	$ (4,098,259)
Weighted average shares of common stock outstanding	38,748,452	26,901,100	38,176,831	26,434,174
Net loss per share of common stock-basic and diluted	$ (0.11)	$ (0.10)	$ (0.19)	$ (0.16)

Significant Accounting Polici34

Significant Accounting Policies - Potential Dilutive Securities Excluded from the Computation of Dilutive Weighted Average Shares Outstanding (Details) - shares	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive securities excluded from the computation of dilutive weighted average shares outstanding	7,326,871	12,613,018
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive securities excluded from the computation of dilutive weighted average shares outstanding	1,964,250	8,896,848
Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive securities excluded from the computation of dilutive weighted average shares outstanding	5,362,621	3,716,170

Property and Equipment (Details

Property and Equipment (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015	Dec. 30, 2015
Property, Plant and Equipment [Line Items]
Depreciation	$ 19,945	$ 6,121	$ 37,230	$ 11,541
Cost of machine	$ 348,977		$ 348,977		$ 178,486
Copier Machine [Member]
Property, Plant and Equipment [Line Items]
Cost of machine						$ 12,000
Lease term			3 years

Property and Equipment - Summar

Property and Equipment - Summary of Property and Equipment (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 348,977	$ 178,486
Less: accumulated depreciation	(57,803)	(54,348)
Property and equipment, net	291,174	124,138
Computer Hardware and Software [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	54,760	40,202
Office Furniture and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	151,405	35,209
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	142,812	19,310
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross		$ 83,765

Commitments and Contingencies37

Commitments and Contingencies (Details Narrative)	3 Months Ended		6 Months Ended
	Jun. 30, 2016USD ($)ft²	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)ft²	Jun. 30, 2015USD ($)
Commitment And Contingencies [Line Items]
Terms of lease			3 years
Standby letters of credit	$ 13,728		$ 13,728
Area of land space expected to be occupied by company | ft²	6,326		6,326
Expected operating lease term			5 years
Standby letter of credit amount increased due to lease amendment			$ 36,375
Rent expense	$ 37,666	$ 13,725	$ 74,212	$ 27,448
Norwood Ma [Member]
Commitment And Contingencies [Line Items]
Area of office space | ft²			2,387
Copier Machine [Member]
Commitment And Contingencies [Line Items]
Lease term			3 years

Commitments and Contingencies -

Commitments and Contingencies - Schedule of Future Minimum Rent Commitments (Details)	Jun. 30, 2016USD ($)
Commitments and Contingencies Disclosure [Abstract]
2016 (remainder of year)	$ 72,749
2,017	148,397
2,018	151,560
2,019	154,723
2,020	157,886
2,021	13,179
Total	$ 698,494

Commitments and Contingencies39

Commitments and Contingencies - Schedule of Future Minimum Capital Lease Commitments (Details) - Copier Machine [Member]	Jun. 30, 2016USD ($)
Commitment And Contingencies [Line Items]
2016 (remainder of year)	$ 1,893
2,017	4,543
2,018	4,543
2,019	379
Total future minimum lease payments	11,358
Less: interest	(1,414)
Future capital lease obligations	9,944
Less: current portion	(3,667)
Long-term portion	$ 6,277

Notes Payable (Details Narrativ

Notes Payable (Details Narrative) - USD ($)	1 Months Ended		3 Months Ended		6 Months Ended
	Nov. 30, 2015	Oct. 31, 2014	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Debt Instrument [Line Items]
Interest expense related to debt			$ 567	$ 393	$ 1,697	$ 1,372
Three Point Two Five Percent Notes Payable [Member] | Notes Payable Other Payables [Member]
Debt Instrument [Line Items]
Proceeds from issuance of notes payable	$ 207,750	$ 192,000
Principal and interest payable	$ 23,397	$ 24,293
Annual interest rate	3.25%	3.25%
Monthly loan payments term	9 months	8 months

Notes Payable - Schedule of Not

Notes Payable - Schedule of Notes Payable (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Equity Method Investments And Cost Method Investments [Abstract]
Notes payable	$ 23,334	$ 162,019
Less: current portion	(23,334)	(162,019)
Long term portion

Accrued Expenses - Schedule of

Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Payables and Accruals [Abstract]
Accrued clinical operations and trials costs	$ 1,302,309	$ 365,188
Accrued product development costs	405,578	152,018
Accrued audit fees	1,500	16,500
Accrued payroll and related	109,442
Accrued other	96,222	28,573
Total	$ 1,915,051	$ 562,279

Deferred Revenue (Details Narra

Deferred Revenue (Details Narrative) - USD ($)	3 Months Ended			6 Months Ended
	Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	May 31, 2015
Deferred Revenue Arrangement [Line Items]
Deferred revenue						$ 1,250,000
Revenue	$ 396,598		$ 113,636	$ 793,196	$ 113,636
Cystic Fibrosis Foundation Therapeutics Inc [Member]
Deferred Revenue Arrangement [Line Items]
Amount received upon execution of award agreement		$ 1,250,000

Deferred Revenue - Schedule of

Deferred Revenue - Schedule of Deferred Revenue (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Deferred Revenue Disclosure [Abstract]
Deferred revenue	$ 1,058,422	$ 1,851,618
Less: current portion	(1,058,422)	(1,591,358)
Long-term portion		$ 260,260

Common Stock (Details Narrative

Common Stock (Details Narrative) - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Common stock, shares authorized	150,000,000		150,000,000
Common stock, par value	$ 0.0001		$ 0.0001
Common stock, shares issued	43,748,233		37,605,134
Common stock, shares outstanding	43,748,233		37,605,134
Gross proceeds from sale of stock	$ 15,055,841	$ 4,401,799
Stock issuance cost	$ 25,409
Common stock issued upon the exercise of stock options and warrants	183,099
Net proceeds from exercise of stock options and warrants	$ 181,250
Securities Purchase Agreement [Member] | Investors [Member]
Aggregate common stock sold, shares	5,960,000
Shares issued price per share	$ 2.50
Gross proceeds from sale of stock	$ 14,900,000

Stock Options (Details Narrativ

Stock Options (Details Narrative) - USD ($)	Jan. 02, 2016	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense		$ 383,011	$ 300,905	$ 694,249	$ 602,863
Weighted average grant-date fair value, options granted				$ 1.43
Average intrinsic value of options exercised				$ 356,400	$ 102,664
Total unrecognized compensation expense		$ 2,874,243		$ 2,874,243
Share-based compensation expense, not yet recognized period of recognition				2 years 4 months 21 days
2014 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Increase in number of shares of common stock available for issuance	1,250,000
Percentage of outstanding common shares						7.00%
Shares available for grant		4,234,577		4,234,577
2014 Equity Incentive Plan [Member] | Condition One [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Increases in number of shares of common stock available for issuance, minimum percentage of outstanding common stock				7.00%
2014 Equity Incentive Plan [Member] | Condition Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Increases in number of shares of common stock available for issuance, minimum percentage of outstanding common stock				20.00%
2014 Equity Incentive Plan [Member] | Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate common stock available for stock options granted, shares		9,916,017		9,916,017
Stock option expiration period				10 years
Expected term in years				6 years 3 months

Stock Options - Summary of Assu

Stock Options - Summary of Assumptions Used Principally in Determining Fair Value of Options Granted (Details) - Employee Stock Option [Member]	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk free interest rate	1.73%	1.98%
Expected dividend yield	0.00%	0.00%
Expected term in years	6 years 7 months 21 days	8 years 7 months 2 days
Expected volatility	90.60%	97.00%
Estimated forfeiture rate	5.00%	0.65%

Stock Options - Summary of Opti

Stock Options - Summary of Option Activity (Details) - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Shares Outstanding, Beginning balance	3,982,065
Shares, Granted	1,625,000
Shares, Exercised	(180,000)
Shares, Forfeited	(64,444)
Shares Outstanding, Ending balance	5,362,621
Shares, Vested	2,216,395
Weighted Average Exercise Price Outstanding, Beginning balance	$ 1.03
Weighted Average Exercise Price, Granted	1.80
Weighted Average Exercise Price, Exercised	1
Weighted Average Exercise Price, Forfeited	2.22
Weighted Average Exercise Price Outstanding, Ending balance	1.25
Weighted Average Exercise Price, Vested	$ 0.93
Weighted Average Remaining Contractual Term in Years, Outstanding	8 years 2 months 23 days
Weighted Average Remaining Contractual Term in Years, Vested	7 years 3 months 11 days
Average Intrinsic Value, Exercised	$ 356,400	$ 102,664
Average Intrinsic Value, Outstanding	9,367,467
Average Intrinsic Value, Vested	$ 4,578,142

Warrants (Details Narrative)

Warrants (Details Narrative) - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Class of Warrant or Right [Line Items]
Issuance of common stock shares	1,964,250
Weighted average exercise price of warrants	$ 0.97
Weighted average remaining life of warrants	2 years 9 months 29 days
Number of shares purchased for warrants exercised	1,250
Proceeds from warrants	$ 4,398,000
Number of warrants issued	0	0
Number of warrants cancelled	0	0
Warrant Agreement [Member]
Class of Warrant or Right [Line Items]
Issuance of common stock shares	1,849
Number of shares purchased for warrants exercised	3,750	4,598,129

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($)	Mar. 21, 2014	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015	Dec. 31, 2013
Related Party Transaction [Line Items]
Common stock, shares issued		43,748,233		37,605,134
Common stock, issued value		$ 4,375		$ 3,761
Common stock value per share		$ 0.0001		$ 0.0001
Aegis Capital Corp And Other Affiliates [Member]
Related Party Transaction [Line Items]
Common stock, shares issued					6,000,000
Common stock, issued value					$ 120,000
Common stock value per share					$ 0.02
Director [Member]
Related Party Transaction [Line Items]
Common stock, shares issued					450,000
Trust [Member]
Related Party Transaction [Line Items]
Common stock, shares issued					90,000
Aegis Capital Corp [Member]
Related Party Transaction [Line Items]
Description of private placement		the Placement Agent had a right to appoint one member of the Company’s board of directors for a two-year term (the “Aegis Nominee”)
Orchestra Medical Ventures L L C [Member]
Related Party Transaction [Line Items]
Compensation rate per month	$ 5,000
Amount paid to the service			$ 15,000
Minimum [Member]
Related Party Transaction [Line Items]
Percentage of common stock owned by affiliate		10.00%
Maximum [Member]
Related Party Transaction [Line Items]
Percentage of common stock owned by individual's		10.00%

Development Awards (Details Nar

Development Awards (Details Narrative)	Apr. 20, 2015USD ($)Installments	May 31, 2015USD ($)	Dec. 31, 2015USD ($)	Jun. 30, 2016USD ($)
Development Award [Line Items]
Deferred revenue		$ 1,250,000
Cystic Fibrosis Foundation Therapeutics Inc [Member]
Development Award [Line Items]
Amount received upon execution of award agreement			$ 1,250,000
Cystic Fibrosis Foundation Therapeutics Inc [Member] | August 2016 [Member]
Development Award [Line Items]
Amount received upon execution of award agreement				$ 1,000,000
Resunab [Member]
Development Award [Line Items]
Number of installments | Installments	3
Percentage of royalty over receivables under agreement	500.00%
Payment due period after the first commercial sale	90 days
Royalty payment, sales target	$ 500,000,000
Resunab [Member] | Upon Transfer Sale Or Licensing [Member]
Development Award [Line Items]
Royalty payable	15,000,000
Resunab [Member] | Cystic Fibrosis Foundation Therapeutics Inc [Member]
Development Award [Line Items]
Amount received upon execution of award agreement		$ 1,250,000	1,250,000
Deferred revenue			$ 2,500,000
Remaining amount receivable upon achievement of certain milestones				$ 1,500,000
Maximum [Member] | Resunab [Member]
Development Award [Line Items]
Development award received	5,000,000
Maximum [Member] | Resunab [Member] | Upon Commercialization Of The Product [Member]
Development Award [Line Items]
Royalty payable	25,000,000
Maximum [Member] | Resunab [Member] | Upon Reaching The Sales Target [Member]
Development Award [Line Items]
Royalty payable	$ 5,000,000

Subsequent Events (Details Narr

Subsequent Events (Details Narrative) - USD ($)	Aug. 11, 2016	Aug. 31, 2016	Dec. 31, 2015
Cystic Fibrosis Foundation Therapeutics Inc [Member]
Amount received upon execution of award agreement			$ 1,250,000
Subsequent Event [Member] | Yuval Cohen [Member]
Compensation expenses	$ 136,950
Subsequent Event [Member] | Mark Tepper [Member]
Compensation expenses	136,950
Subsequent Event [Member] | Barbara White [Member]
Compensation expenses	136,125
Subsequent Event [Member] | Sean Moran [Member]
Compensation expenses	$ 114,125
Subsequent Event [Member] | Cystic Fibrosis Foundation Therapeutics Inc [Member]
Amount received upon execution of award agreement		$ 1,000,000