Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Jul. 31, 2015 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | Flex Pharma, Inc. | |
Entity Central Index Key | 1,615,219 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus (Q1,Q2,Q3,FY) | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 17,938,334 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 106,011,672 | $ 33,854,153 |
Prepaid expenses and other current assets | 810,174 | 370,396 |
Total current assets | 106,821,846 | 34,224,549 |
Property and equipment, net | 118,992 | 85,144 |
Deferred IPO issuance costs | 0 | 1,074,794 |
Deferred tax assets | 50,103 | 50,103 |
Other assets | 85,200 | 50,000 |
Restricted cash | 126,835 | 126,808 |
Total assets | 107,202,976 | 35,611,398 |
Current liabilities: | ||
Accounts payable | 812,321 | 578,653 |
Accrued expenses and other current liabilities | 1,229,351 | 416,524 |
Deferred tax liabilities | 50,103 | 50,103 |
Deferred rent, current portion | 21,881 | 21,881 |
Total current liabilities | 2,113,656 | 1,067,161 |
Deferred rent, net of current portion | 27,527 | 35,968 |
Other long term liabilities | 415,442 | 15,442 |
Total liabilities | 2,556,625 | 1,118,571 |
Convertible preferred stock: | ||
Preferred stock, carrying value | 0 | 0 |
Stockholders' equity (deficit): | ||
Common stock, $0.0001 par value; 100,000,000 and 61,000,000 shares authorized at June 30, 2015 and December 31, 2014, respectively, 17,938,334 and 5,434,301 shares issued at June 30, 2015 and December 31, 2014, respectively, and 15,190,856 and 2,215,711 shares outstanding at June 30, 2015 and December 31, 2014, respectively | 1,519 | 221 |
Additional paid-in capital | 125,751,671 | 1,472,299 |
Accumulated deficit | (21,106,839) | (8,010,860) |
Total stockholders' equity (deficit) | 104,646,351 | (6,538,340) |
Total liabilities, convertible preferred stock and stockholders' equity (deficit) | 107,202,976 | 35,611,398 |
Series A convertible preferred stock | ||
Convertible preferred stock: | ||
Preferred stock, carrying value | 0 | 15,637,032 |
Series B Preferred Stock | ||
Convertible preferred stock: | ||
Preferred stock, carrying value | $ 0 | $ 25,394,135 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2015 | Dec. 31, 2014 |
Preferred stock, par value (in usd per share) | $ 0.0001 | $ 0 |
Preferred stock, shares authorized | 10,000,000 | 0 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in usd per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 100,000,000 | 61,000,000 |
Common stock, shares issued | 17,938,334 | 5,434,301 |
Common stock, shares outstanding | 15,190,856 | 2,215,711 |
Series A preferred stock | ||
Preferred stock, par value (in usd per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 0 | 16,000,000 |
Preferred stock, shares issued | 0 | 15,775,221 |
Preferred stock, shares outstanding | 0 | 15,775,221 |
Series B Preferred Stock | ||
Preferred stock, par value (in usd per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 0 | 14,500,000 |
Preferred stock, shares issued | 0 | 14,078,647 |
Preferred stock, shares outstanding | 0 | 14,078,647 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($) | 3 Months Ended | 4 Months Ended | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2015 | |
Operating expenses: | ||||
Research and development | $ 3,190,178 | $ 1,099,644 | $ 1,129,667 | $ 5,995,124 |
General and administrative | 3,904,403 | 1,092,665 | 1,155,365 | 7,120,615 |
Total operating expenses | 7,094,581 | 2,192,309 | 2,285,032 | 13,115,739 |
Loss from operations | (7,094,581) | (2,192,309) | (2,285,032) | (13,115,739) |
Interest income, net | 16,183 | 2,658 | 2,658 | 19,760 |
Net loss | (7,078,398) | (2,189,651) | (2,282,374) | (13,095,979) |
Comprehensive loss | $ (7,078,398) | $ (2,189,651) | $ (2,282,374) | $ (13,095,979) |
Net loss per share attributable to common stockholders - basic and diluted (in usd per share) | $ (0.47) | $ (1.42) | $ (1.53) | $ (1.04) |
Weighted-average number of common shares outstanding — basic and diluted | 15,034,764 | 1,539,463 | 1,493,403 | 12,620,771 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 4 Months Ended | 6 Months Ended |
Jun. 30, 2014 | Jun. 30, 2015 | |
Operating activities | ||
Net loss | $ (2,282,374) | $ (13,095,979) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation expense | 1,981 | 20,714 |
Stock-based compensation expense | 320,684 | 3,386,319 |
Other non-cash items | 55,221 | 0 |
Changes in operating assets and liabilities: | ||
Restricted cash | (126,595) | (27) |
Prepaid expenses and other current assets | (69,223) | (439,778) |
Other assets | 0 | (35,200) |
Accounts payable | 399,888 | 558,068 |
Accrued expenses and other current liabilities | 374,332 | 1,008,976 |
Deferred rent | 48,190 | (8,441) |
Other long term liabilities | 15,442 | 0 |
Net cash used in operating activities | (1,262,454) | (8,605,348) |
Investing activities | ||
Purchases of property and equipment | (34,414) | (75,562) |
Net cash used in investing activities | (34,414) | (75,562) |
Financing activities | ||
Proceeds from initial public offering, net of offering costs | 0 | 80,435,430 |
Proceeds from issuance of Series A convertible preferred stock, net of issuance costs | 15,581,811 | 0 |
Proceeds from sale of restricted common stock to founders | 2,321 | 0 |
Proceeds from exercise of stock options | 0 | 402,999 |
Net cash provided by financing activities | 15,584,132 | 80,838,429 |
Net increase in cash and cash equivalents | 14,287,264 | 72,157,519 |
Cash and cash equivalents at beginning of period | 33,854,153 | |
Cash and cash equivalents at end of period | 14,287,264 | 106,011,672 |
Supplemental cash flow information | ||
Deferred IPO issuance costs in accounts payable and accrued expenses at December 31, 2014 | 0 | 499,549 |
Property and equipment in accrued expenses at December 31, 2014 | 0 | 21,000 |
IPO issuance costs paid in cash through December 31, 2014 | 575,245 | |
Issuance of Series A convertible preferred stock in satisfaction of accounts payable | $ 55,221 | $ 0 |
Organization and operations
Organization and operations | 6 Months Ended |
Jun. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and operations | Organization and operations The Company Flex Pharma, Inc. (the "Company") is a biotechnology company that was incorporated in Delaware on February 26, 2014 and has a principal place of business in Boston, Massachusetts. The Company is developing innovative and proprietary treatments for nocturnal leg cramps and spasms associated with severe neuromuscular conditions. The Company believes that the chemical neuro-stimulation of certain receptors in primary sensory neurons by our proprietary treatment reduces the repetitive firing, or hyperexcitability, of alpha-motor neurons, thereby preventing or reducing the frequency and intensity of muscle cramps and spasms. The Company is subject to risks common to companies in the biotechnology industry, including, but not limited to, risks of failure of pre-clinical studies, clinical studies and clinical trials, the need to obtain marketing approval for its drug product candidates, the need to successfully commercialize and gain market acceptance of its drug product candidates and its consumer products, dependence on key personnel, protection of proprietary technology, compliance with government regulations, development by competitors of technological innovations and ability to transition from pilot-scale manufacturing to large-scale production of products. In February 2015, the Company sold 5,491,191 shares of common stock (inclusive of 91,191 shares of common stock sold by the Company pursuant to the exercise of an overallotment option granted to the underwriters in connection with the offering) through an underwritten initial public offering ("IPO") at a price of $16.00 per share. The aggregate net proceeds received by the Company from the offering were approximately $79,900,000 , after deducting underwriting discounts and commissions and offering expenses payable by the Company of approximately $8,000,000 (See Note 2). Liquidity The Company has incurred an accumulated deficit of $21,106,839 since inception and will require substantial additional capital to fund its research and development and the launch and growth of its consumer brand. The Company had cash and cash equivalents of $106,011,672 at June 30, 2015 . The Company believes its existing cash and cash equivalents will be sufficient to allow the Company to fund its current operating plan for at least the next 12 months. |
Summary of significant accounti
Summary of significant accounting policies and recent accounting pronouncements | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Summary of significant accounting policies and recent accounting pronouncements | Summary of significant accounting policies and recent accounting pronouncements The accompanying unaudited condensed consolidated financial statements reflect the application of certain significant accounting policies as described below and elsewhere in these notes to the condensed consolidated financial statements. As of June 30, 2015, the Company’s significant accounting policies, which are detailed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2014 (the “2014 10-K”), have not changed. Unaudited interim financial information Certain information and footnote disclosures normally included in the Company’s annual financial statements have been condensed or omitted. Accordingly, these interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the 2014 10-K. The condensed consolidated financial statements as of June 30, 2015, for the three months ended June 30, 2015 and 2014, for the six months ended June 30, 2015, and for the period from February 26, 2014 (inception) through June 30, 2014, and the related information contained within the notes to the condensed consolidated financial statements, are unaudited. The unaudited condensed consolidated financial statements have been prepared on the same basis as annual audited consolidated financial statements, and in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair presentation of the Company’s condensed consolidated financial position as of June 30, 2015, the condensed consolidated statements of operations and comprehensive loss for the three-and six-month periods ended June 30, 2015, the condensed consolidated statement of cash flows for the six-month period ended June 30, 2015, the condensed consolidated statement of operations and comprehensive loss for the three-month period ended June 30, 2014, and the condensed consolidated statements of operations and comprehensive loss and cash flows for the period from February 26, 2014 (inception) to June 30, 2014. The results for the three and six months ended June 30, 2015 are not necessarily indicative of results to be expected for the year ending December 31, 2015, or any other future annual or interim periods. Initial public offering On February 3, 2015, the Company completed its IPO, whereby the Company sold 5,491,191 shares of its common stock (inclusive of 91,191 shares of common stock sold by the Company pursuant to the exercise of an overallotment option granted to the underwriters in connection with the IPO) at a price of $16.00 per share. The shares began trading on the Nasdaq Global Market on January 29, 2015. The aggregate net proceeds received by the Company from the IPO were approximately $79,900,000 , after deducting underwriting discounts and commissions and other offering expenses payable by the Company. Upon the closing of the IPO, all outstanding shares of convertible preferred stock converted into 6,971,108 shares of common stock. Additionally, the Company is now authorized to issue 100,000,000 shares of common stock. Deferred IPO issuance costs, which primarily consisted of direct incremental legal and accounting fees related to the Company's IPO, were previously capitalized at December 31, 2014. Upon the closing of the IPO in February 2015, IPO issuance costs, which totaled $1,848,737 , were offset against the IPO proceeds within additional paid-in capital. Reverse stock split On January 15, 2015, the Company effected a one-for-4.2825 reverse stock split of its issued and outstanding common stock. All share and per share amounts related to issued and outstanding common stock and stock options included in the Company's condensed consolidated financial statements and notes to the condensed consolidated financial statements have been retroactively adjusted for all periods presented to reflect this reverse stock split, including reclassifying an amount equal to the reduction in par value of common stock to additional paid-in-capital. The conversion ratios of the Company's previously outstanding shares of convertible preferred stock were also adjusted to reflect the reverse stock split. Basis of presentation and use of estimates The accompanying condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"). Any reference in these notes to applicable guidance is meant to refer to the authoritative United States generally accepted accounting principles as found in the Accounting Standards Codification ("ASC") and Accounting Standards Update ("ASU") of the Financial Accounting Standards Board ("FASB"). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. On an ongoing basis, the Company's management evaluates its estimates, which include, but are not limited to, estimates related to clinical study accruals, stock-based compensation expense, and amounts of expenses during the reported period. The Company bases its estimates on historical experience and other market-specific or other relevant assumptions that it believes to be reasonable under the circumstances. Actual results may differ from those estimates or assumptions. Prior to the completion of its IPO in February 2015, the Company utilized significant estimates and assumptions in determining the fair value of its common stock. The Company utilized various valuation methodologies in accordance with the framework of the 2004 and 2013 American Institute of Certified Public Accountants Technical Practice Aids, Valuation of Privately-Held Company Equity Securities Issued as Compensation , to estimate the fair value of its common stock. Each valuation methodology included estimates and assumptions that required the Company's judgment. These estimates and assumptions included a number of objective and subjective factors, including external market conditions affecting the biotechnology industry sector, the prices at which the Company sold shares of preferred stock, the superior rights and preferences of securities senior to the Company's common stock at the time and the likelihood of achieving a liquidity event, such as an initial public offering or a sale of the Company. Significant changes to the key assumptions used in the valuations could result in different fair values of common stock at each valuation date and materially affect the financial statements. Principles of consolidation The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, TK Pharma, Inc., a Massachusetts securities corporation. All significant intercompany balances and transactions have been eliminated in consolidation. Recent accounting pronouncements In May 2014, the FASB issued ASU No. 2014-09, " Revenue from Contracts with Customers (Topic 606)" . The ASU provides for a single comprehensive model for use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance. The accounting standard is effective for interim and annual periods beginning after December 15, 2016 with no early adoption permitted. In April 2015, the FASB proposed a one year deferral of the effective date of this accounting update to annual periods beginning after December 15, 2017, along with an option to permit early adoption. The Company is required to adopt the amendments in the ASU using one of two acceptable methods: retrospectively to all prior reporting periods presented, with certain practical expedients permitted; or retrospectively with the cumulative effect of initially adopting the ASU recognized at the date of initial application. The Company is currently in the process of evaluating the impact of the guidance related to the Company's anticipated launch of its consumer product in the first half of 2016. In June 2014, the FASB issued ASU No. 2014-10 " Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation ". Under this ASU, the definition of a development stage entity was removed from the ASC, thereby removing the financial reporting distinction between development stage entities and other reporting entities under GAAP. This standard is effective for annual reporting periods beginning after December 15, 2014. Early adoption is permitted for certain entities. The Company was eligible for early adoption and adopted this standard in the accompanying financial statements. In August 2014, the FASB issued ASU No. 2014-15 "Presentation of Financial Statements - Going Concern (Subtopic 205-40)". The ASU requires all entities to evaluate for the existence of conditions or events that raise substantial doubt about the entity's ability to continue as a going concern within one year after the issuance date of the financial statements. The accounting standard is effective for interim and annual periods ending after December 15, 2016, and will not have a material impact on the consolidated financial statements, but may impact the Company's footnote disclosures. In February 2015, the FASB issued ASU No. 2015-02 "Consolidation (Topic 810): Amendments to the Consolidation Analysis." ASU 2015-02 changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. It is effective for annual reporting periods, and interim periods within those years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. The Company is currently in the process of evaluating the impact of the adoption of ASU 2015-02 on its consolidated financial statements. The Company believes that the impact of other recently issued standards that are not yet effective will not have a material effect on its consolidated financial position or results of operations upon adoption. |
Cash equivalents
Cash equivalents | 6 Months Ended |
Jun. 30, 2015 | |
Cash and Cash Equivalents [Abstract] | |
Cash equivalents | Cash equivalents Management determines the appropriate classification of marketable securities at the time they are acquired and evaluates the appropriateness of such classifications at each balance sheet date. The Company classifies its marketable securities as available-for-sale pursuant to ASC 320, Investments - Debt and Equity Securities . Marketable securities are recorded at fair value, with unrealized gains and losses included as a component of accumulated other comprehensive income (loss) in the consolidated statement of convertible preferred stock and stockholders’ equity (deficit) and a component of total comprehensive loss in the consolidated statements of operations and comprehensive loss, until realized. Realized gains and losses are included in the consolidated statement of operations and comprehensive loss as part of interest income, net, on a specific-identification basis. The Company reviews marketable securities for other-than-temporary impairment whenever the fair value of a marketable security is less than the amortized cost and evidence indicates that a marketable security’s carrying amount is not recoverable within a reasonable period of time. Other-than-temporary impairments of investments are recognized in the consolidated statement of operations if the Company has experienced a credit loss, has the intent to sell the marketable security, or if it is more likely than not that the Company will be required to sell the marketable security before recovery of the amortized cost basis. Evidence considered in this assessment includes reasons for the impairment, compliance with the Company’s investment policy, the severity and the duration of the impairment and changes in value subsequent to the end of the period. Investments classified as current have maturities of less than one year. Investments classified as non-current are those that (i) have a maturity greater than one year and (ii) management does not intend to liquidate within the next year, although these funds are available for use and therefore classified as available-for-sale. The Company considers all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. During the second quarter of 2015, the Company purchased corporate debt securities in the form of commercial paper and senior corporate notes, all of which were originally classified as cash equivalents and matured prior to June 30, 2015. Cash equivalents as of June 30, 2015 consisted of money market funds, and the Company did not have cash equivalents as of December 31, 2014. There were no unrealized gains or losses during the three or six months ended June 30, 2015, the three months ended June 30, 2014, or during the period from February 26, 2014 (inception) to June 30, 2014. Realized gains recognized during the three and six months ended June 30, 2015 were immaterial and no realized gains or losses were recognized during 2014. |
Net loss per share
Net loss per share | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Net loss per share | Net loss per share Basic net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common shares and dilutive common stock equivalents outstanding for the period, determined using the treasury stock method and the if-converted method, for convertible securities, if inclusion of these is dilutive. Because the Company has reported a net loss for the periods presented, diluted net loss per common share is the same as basic net loss per common share. The following potentially dilutive securities outstanding, prior to the use of the treasury stock method or if-converted method, have been excluded from the computation of diluted weighted-average shares outstanding for the periods indicated, because including them would have had an anti-dilutive impact: As of June 30, 2015 2014 Unvested restricted common stock sold to founders 2,710,414 3,726,766 Unvested restricted common stock issued upon early exercise of stock options 37,064 — Options to purchase common stock 1,363,994 297,746 Series A preferred stock — 15,775,221 Total 4,111,472 19,799,733 |
Accrued expenses and other curr
Accrued expenses and other current liabilities | 6 Months Ended |
Jun. 30, 2015 | |
Payables and Accruals [Abstract] | |
Accrued expenses and other current liabilities | Accrued expenses and other current liabilities Accrued expenses and other current liabilities consisted of the following: June 30, 2015 December 31, 2014 Payroll and employee-related costs $ 675,598 $ 34,218 Research and development costs 275,764 125,067 Professional fees 153,584 15,500 Consumer brand-related costs 77,149 23,635 Other 47,256 42,955 Deferred IPO issuance costs — 175,149 Total $ 1,229,351 $ 416,524 |
Common stock
Common stock | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Common stock | Common stock As of June 30, 2015 , the Company had authorized 100,000,000 shares of common stock, $0.0001 par value per share. Each share of common stock is entitled to one vote. The holders of common stock are also entitled to receive dividends whenever funds are legally available and when declared by the board of directors. Restricted common stock In March 2014, the Company sold 4,553,415 shares of restricted common stock to the founders of the Company ("recipients"), for $0.0004 per share, for total proceeds of $1,950 . In April 2014, based upon anti-dilution provisions granted to the recipients, an additional 867,314 shares of restricted common stock were sold to the same recipients, after which the anti-dilution provisions were terminated. The restricted common stock vested 25% upon issuance, and the remaining 75% vests ratably over four years , during which time the Company has the right to repurchase the unvested shares held by a recipient if the relationship between such recipient and the Company ceases. If the relationship terminates, the Company has 90 days to repurchase unvested shares at $0.0004 per share. Such shares are not accounted for as outstanding until they vest. As of June 30, 2015 , 2,710,315 shares of restricted common stock had vested and are accounted for as outstanding common stock. Unvested restricted common stock awards to non-employees are re-measured at each vest date and each financial reporting date. The following is a summary of restricted common stock activity related to shares sold to the Company's founders: Number of Shares Weighted-Average Grant Date Fair Value Non-vested at December 31, 2014 3,218,590 $ 0.10 Vested (508,176 ) 0.10 Non-vested at June 30, 2015 2,710,414 $ 0.10 Early exercise of stock options During the first quarter of 2015, 37,064 employee stock options, with a weighted-average grant date fair value of $10.79 per share, were exercised pursuant to an early exercise provision in an employee's stock option agreement. None of the exercised options had vested as of June 30, 2015, and the early exercise provision contains a repurchase option by the Company. Accordingly, the $400,000 of exercise proceeds received by the Company are being accounted for as a liability on the Company's condensed consolidated balance sheet at June 30, 2015. The proceeds received will remain classified as a liability and the related shares will not be considered outstanding, for accounting purposes, until the shares vest in the fourth quarter of 2015. |
Stock-based compensation
Stock-based compensation | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-based compensation | Stock-based compensation In March 2014, the Company adopted the Flex Pharma, Inc. 2014 Equity Incentive Plan (the "2014 Plan"), under which it had the ability to grant incentive stock options, non-qualified stock options, restricted stock awards, restricted stock units and stock appreciation rights to purchase up to 116,754 shares of common stock. In April 2014, the Company amended the 2014 Plan to reserve for the issuance of up to 1,451,087 shares of common stock pursuant to equity awards. In September 2014, the Company further amended the 2014 Plan to reserve for the issuance of up to 2,070,200 shares of common stock pursuant to equity awards. Terms of stock award agreements, including vesting requirements, were determined by the board of directors, subject to the provisions of the 2014 Plan. For options granted under the 2014 Plan, the exercise price equaled the fair market value of the common stock as determined by the board of directors on the date of grant. No further awards will be granted under the 2014 Plan. In January 2015, the Company's board of directors adopted, and the Company's stockholders approved, the 2015 Equity Incentive Plan (the "2015 Plan"), which became effective immediately prior to the closing of the Company's IPO. The 2015 Plan provides for the grant of incentive stock options ("ISOs"), nonstatutory stock options, restricted stock awards, restricted stock units, stock appreciation rights, performance-based stock awards, and other stock-based awards. Additionally, the 2015 Plan provides for the grant of performance-based cash awards. ISOs may be granted only to the Company's employees. All other awards may be granted to the Company's employees, including officers, and to non-employee directors and consultants. As of June 30, 2015, there were 673,080 shares remaining available for the grant of stock awards under the 2015 Plan. The Company has awarded stock options to its employees, directors, advisors and consultants, pursuant to the plans described above. Stock options subsequent to the completion of the Company's IPO are granted with an exercise price equal to the closing market price of the Company's common stock on the date of grant. Stock options generally vest over one to four years and have a contractual term of ten years . Stock options are valued using the Black-Scholes option pricing model and compensation cost is recognized based on the resulting value over the service period. Unvested awards to non-employees are re-measured at each vest date and at each financial reporting date. The following table summarizes stock option activity for employees and non-employees for the six months ended June 30, 2015: Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (in years) Aggregate Outstanding at December 31, 2014 926,832 $ 3.40 Granted 505,748 15.02 Exercised (41,734 ) 9.65 Cancelled or forfeited (26,852 ) 9.48 Outstanding at June 30, 2015 1,363,994 $ 7.40 9.37 $ 13,527,657 Exercisable at June 30, 2015 98,024 $ 1.51 8.93 $ 1,538,006 Vested or expected to vest at June 30, 2015 1,327,695 $ 7.38 9.37 $ 13,189,776 Total stock-based compensation expense recognized for employee and non-employee restricted common stock, and stock options granted to employees and non-employees is included in the Company's condensed consolidated statement of operations and comprehensive loss as follows: Three Months Ended June 30, 2015 Three Months Ended June 30, 2014 Six Months Ended June 30, 2015 Period from February 26, 2014 (Inception) to June 30, 2014 Research and development $ 855,083 $ 95,493 $ 1,812,293 $ 102,051 General and administrative 785,476 213,256 1,574,026 218,633 Total $ 1,640,559 $ 308,749 $ 3,386,319 $ 320,684 As of June 30, 2015 , there was approximately $20,334,155 of total unrecognized compensation cost related to non-vested equity awards. Total unrecognized compensation cost will be adjusted for the re-measurement of non-employee awards as well as future changes in employee and non-employee forfeitures, if any. The Company expects to recognize that cost over a remaining weighted-average period of 2.87 years . Employee stock purchase plan In January 2015, the Company's board of directors adopted, and the Company's stockholders approved, the 2015 Employee Stock Purchase Plan (the "ESPP"), which became effective upon the date of execution of the underwriting agreement pursuant to which the Company's common stock was priced in connection with the IPO. As of June 30, 2015, the Company had not yet instituted any offering periods under the ESPP and no shares of the Company's common stock have been purchased under the ESPP. |
Income taxes
Income taxes | 6 Months Ended |
Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income tax provision (benefit) | Income taxes Deferred tax assets and deferred tax liabilities are recognized based on temporary differences between the financial reporting and tax basis of assets and liabilities using statutory rates. A valuation allowance is recorded against deferred tax assets if it is more likely than not that some or all of the deferred tax assets will not be realized. Based upon the Company's history of operating losses and the uncertainty surrounding the realization of the favorable tax attributes in future tax returns, the Company has recorded a full valuation allowance against the Company’s otherwise recognizable net deferred tax assets. There was no significant income tax provision or benefit for the three or six months ended June 30, 2015, for the three months ended June 30, 2014 or for the period from February 26, 2014 (inception) to June 30, 2014. |
Summary of significant accoun14
Summary of significant accounting policies and recent accounting pronouncements (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Basis of presentation | The accompanying condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"). Any reference in these notes to applicable guidance is meant to refer to the authoritative United States generally accepted accounting principles as found in the Accounting Standards Codification ("ASC") and Accounting Standards Update ("ASU") of the Financial Accounting Standards Board ("FASB"). |
Use of estimates | The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. On an ongoing basis, the Company's management evaluates its estimates, which include, but are not limited to, estimates related to clinical study accruals, stock-based compensation expense, and amounts of expenses during the reported period. The Company bases its estimates on historical experience and other market-specific or other relevant assumptions that it believes to be reasonable under the circumstances. Actual results may differ from those estimates or assumptions. Prior to the completion of its IPO in February 2015, the Company utilized significant estimates and assumptions in determining the fair value of its common stock. The Company utilized various valuation methodologies in accordance with the framework of the 2004 and 2013 American Institute of Certified Public Accountants Technical Practice Aids, Valuation of Privately-Held Company Equity Securities Issued as Compensation , to estimate the fair value of its common stock. Each valuation methodology included estimates and assumptions that required the Company's judgment. These estimates and assumptions included a number of objective and subjective factors, including external market conditions affecting the biotechnology industry sector, the prices at which the Company sold shares of preferred stock, the superior rights and preferences of securities senior to the Company's common stock at the time and the likelihood of achieving a liquidity event, such as an initial public offering or a sale of the Company. Significant changes to the key assumptions used in the valuations could result in different fair values of common stock at each valuation date and materially affect the financial statements. |
Principles of consolidation | Principles of consolidation The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, TK Pharma, Inc., a Massachusetts securities corporation. All significant intercompany balances and transactions have been eliminated in consolidation. |
Recent accounting pronouncements | Recent accounting pronouncements In May 2014, the FASB issued ASU No. 2014-09, " Revenue from Contracts with Customers (Topic 606)" . The ASU provides for a single comprehensive model for use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance. The accounting standard is effective for interim and annual periods beginning after December 15, 2016 with no early adoption permitted. In April 2015, the FASB proposed a one year deferral of the effective date of this accounting update to annual periods beginning after December 15, 2017, along with an option to permit early adoption. The Company is required to adopt the amendments in the ASU using one of two acceptable methods: retrospectively to all prior reporting periods presented, with certain practical expedients permitted; or retrospectively with the cumulative effect of initially adopting the ASU recognized at the date of initial application. The Company is currently in the process of evaluating the impact of the guidance related to the Company's anticipated launch of its consumer product in the first half of 2016. In June 2014, the FASB issued ASU No. 2014-10 " Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation ". Under this ASU, the definition of a development stage entity was removed from the ASC, thereby removing the financial reporting distinction between development stage entities and other reporting entities under GAAP. This standard is effective for annual reporting periods beginning after December 15, 2014. Early adoption is permitted for certain entities. The Company was eligible for early adoption and adopted this standard in the accompanying financial statements. In August 2014, the FASB issued ASU No. 2014-15 "Presentation of Financial Statements - Going Concern (Subtopic 205-40)". The ASU requires all entities to evaluate for the existence of conditions or events that raise substantial doubt about the entity's ability to continue as a going concern within one year after the issuance date of the financial statements. The accounting standard is effective for interim and annual periods ending after December 15, 2016, and will not have a material impact on the consolidated financial statements, but may impact the Company's footnote disclosures. In February 2015, the FASB issued ASU No. 2015-02 "Consolidation (Topic 810): Amendments to the Consolidation Analysis." ASU 2015-02 changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. It is effective for annual reporting periods, and interim periods within those years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. The Company is currently in the process of evaluating the impact of the adoption of ASU 2015-02 on its consolidated financial statements. The Company believes that the impact of other recently issued standards that are not yet effective will not have a material effect on its consolidated financial position or results of operations upon adoption. |
Cash equivalents | Cash equivalents Management determines the appropriate classification of marketable securities at the time they are acquired and evaluates the appropriateness of such classifications at each balance sheet date. The Company classifies its marketable securities as available-for-sale pursuant to ASC 320, Investments - Debt and Equity Securities . Marketable securities are recorded at fair value, with unrealized gains and losses included as a component of accumulated other comprehensive income (loss) in the consolidated statement of convertible preferred stock and stockholders’ equity (deficit) and a component of total comprehensive loss in the consolidated statements of operations and comprehensive loss, until realized. Realized gains and losses are included in the consolidated statement of operations and comprehensive loss as part of interest income, net, on a specific-identification basis. The Company reviews marketable securities for other-than-temporary impairment whenever the fair value of a marketable security is less than the amortized cost and evidence indicates that a marketable security’s carrying amount is not recoverable within a reasonable period of time. Other-than-temporary impairments of investments are recognized in the consolidated statement of operations if the Company has experienced a credit loss, has the intent to sell the marketable security, or if it is more likely than not that the Company will be required to sell the marketable security before recovery of the amortized cost basis. Evidence considered in this assessment includes reasons for the impairment, compliance with the Company’s investment policy, the severity and the duration of the impairment and changes in value subsequent to the end of the period. Investments classified as current have maturities of less than one year. Investments classified as non-current are those that (i) have a maturity greater than one year and (ii) management does not intend to liquidate within the next year, although these funds are available for use and therefore classified as available-for-sale. The Company considers all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. |
Net loss per share (Tables)
Net loss per share (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of antidilutive securities excluded from computation of earnings per share | The following potentially dilutive securities outstanding, prior to the use of the treasury stock method or if-converted method, have been excluded from the computation of diluted weighted-average shares outstanding for the periods indicated, because including them would have had an anti-dilutive impact: As of June 30, 2015 2014 Unvested restricted common stock sold to founders 2,710,414 3,726,766 Unvested restricted common stock issued upon early exercise of stock options 37,064 — Options to purchase common stock 1,363,994 297,746 Series A preferred stock — 15,775,221 Total 4,111,472 19,799,733 |
Accrued expenses and other cu16
Accrued expenses and other current liabilities (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Payables and Accruals [Abstract] | |
Schedule of accrued expenses | Accrued expenses and other current liabilities consisted of the following: June 30, 2015 December 31, 2014 Payroll and employee-related costs $ 675,598 $ 34,218 Research and development costs 275,764 125,067 Professional fees 153,584 15,500 Consumer brand-related costs 77,149 23,635 Other 47,256 42,955 Deferred IPO issuance costs — 175,149 Total $ 1,229,351 $ 416,524 |
Schedule of other current liabilities | Accrued expenses and other current liabilities consisted of the following: June 30, 2015 December 31, 2014 Payroll and employee-related costs $ 675,598 $ 34,218 Research and development costs 275,764 125,067 Professional fees 153,584 15,500 Consumer brand-related costs 77,149 23,635 Other 47,256 42,955 Deferred IPO issuance costs — 175,149 Total $ 1,229,351 $ 416,524 |
Common stock Common stock (Tabl
Common stock Common stock (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Restricted common stock activity | The following is a summary of restricted common stock activity related to shares sold to the Company's founders: Number of Shares Weighted-Average Grant Date Fair Value Non-vested at December 31, 2014 3,218,590 $ 0.10 Vested (508,176 ) 0.10 Non-vested at June 30, 2015 2,710,414 $ 0.10 |
Stock-based compensation (Table
Stock-based compensation (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of stock option activity | The following table summarizes stock option activity for employees and non-employees for the six months ended June 30, 2015: Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (in years) Aggregate Outstanding at December 31, 2014 926,832 $ 3.40 Granted 505,748 15.02 Exercised (41,734 ) 9.65 Cancelled or forfeited (26,852 ) 9.48 Outstanding at June 30, 2015 1,363,994 $ 7.40 9.37 $ 13,527,657 Exercisable at June 30, 2015 98,024 $ 1.51 8.93 $ 1,538,006 Vested or expected to vest at June 30, 2015 1,327,695 $ 7.38 9.37 $ 13,189,776 |
Summary of stock-based compensation expense | Total stock-based compensation expense recognized for employee and non-employee restricted common stock, and stock options granted to employees and non-employees is included in the Company's condensed consolidated statement of operations and comprehensive loss as follows: Three Months Ended June 30, 2015 Three Months Ended June 30, 2014 Six Months Ended June 30, 2015 Period from February 26, 2014 (Inception) to June 30, 2014 Research and development $ 855,083 $ 95,493 $ 1,812,293 $ 102,051 General and administrative 785,476 213,256 1,574,026 218,633 Total $ 1,640,559 $ 308,749 $ 3,386,319 $ 320,684 |
Organization and operations (De
Organization and operations (Details) - USD ($) | Feb. 03, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Dec. 31, 2014 | Feb. 26, 2014 |
Subsidiary, Sale of Stock [Line Items] | |||||
Proceeds from initial public offering, net of offering costs | $ 79,900,000 | $ 0 | $ 80,435,430 | ||
Underwriting discounts, commissions, and offering expenses | $ 8,000,000 | ||||
Retained earnings (accumulated deficit) | (21,106,839) | $ (8,010,860) | |||
Cash and cash equivalents | $ 14,287,264 | $ 106,011,672 | $ 33,854,153 | $ 0 | |
IPO | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Common stock, shares issued | 5,491,191 | ||||
Common stock, price per share (in usd per share) | $ 16 | ||||
Over-Allotment Option | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Common stock, shares issued | 91,191 |
Summary of significant accoun20
Summary of significant accounting policies and recent accounting pronouncements - Narrative (Details) | Feb. 03, 2015USD ($)$ / sharesshares | Jan. 15, 2015 | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($)shares | Dec. 31, 2014shares |
Subsidiary, Sale of Stock [Line Items] | |||||
Proceeds from initial public offering, net of offering costs | $ | $ 79,900,000 | $ 0 | $ 80,435,430 | ||
Common stock, number of shares issued from conversion of preferred stock (in shares) | 6,971,108 | ||||
Common stock, shares authorized | 100,000,000 | 61,000,000 | |||
IPO issuance cost | $ | $ 1,848,737 | ||||
Reverse stock split conversion ratio | 0.2335 | ||||
IPO | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Common stock, shares issued | 5,491,191 | ||||
Common stock, price per share (in usd per share) | $ / shares | $ 16 | ||||
Over-Allotment Option | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Common stock, shares issued | 91,191 |
Cash equivalents Cash equivalen
Cash equivalents Cash equivalents (Details) - USD ($) | 3 Months Ended | 4 Months Ended | 6 Months Ended | 10 Months Ended |
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Dec. 31, 2014 | |
Cash and Cash Equivalents [Abstract] | ||||
Unrealized gains (losses) | $ 0 | $ 0 | $ 0 | |
Realized gain (loss) | $ 0 |
Net loss per share (Details)
Net loss per share (Details) - shares | 4 Months Ended | 6 Months Ended |
Jun. 30, 2014 | Jun. 30, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 19,799,733 | 4,111,472 |
Unvested restricted common stock sold to founders | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 3,726,766 | 2,710,414 |
Unvested restricted common stock issued upon early exercise of stock options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 0 | 37,064 |
Options to purchase common stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 297,746 | 1,363,994 |
Series A preferred stock | Preferred stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 15,775,221 | 0 |
Accrued expenses and other cu23
Accrued expenses and other current liabilities (Details) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Payables and Accruals [Abstract] | ||
Payroll and employee-related costs | $ 675,598 | $ 34,218 |
Research and development costs | 275,764 | 125,067 |
Professional fees | 153,584 | 15,500 |
Consumer brand-related costs | 77,149 | 23,635 |
Other | 47,256 | 42,955 |
Deferred IPO issuance costs | 0 | 175,149 |
Total | $ 1,229,351 | $ 416,524 |
Common stock - Narrative (Detai
Common stock - Narrative (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 4 Months Ended | 6 Months Ended | ||
Apr. 30, 2014 | Mar. 31, 2014 | Mar. 31, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common stock, shares authorized | 100,000,000 | 61,000,000 | ||||
Common stock, par value (in usd per share) | $ 0.0001 | $ 0.0001 | ||||
Proceeds from sale of restricted common stock to founders | $ 2,321 | $ 0 | ||||
Shares exercised | 41,734 | |||||
Shares exercised, weighted-average exercise price (in usd per share) | $ 9.65 | |||||
Proceeds from early exercise of stock options | $ 400,000 | |||||
Unvested restricted common stock sold to founders | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Restricted common stock, shares sold | 867,314 | 4,553,415 | ||||
Restricted common stock, price per share (in usd per share) | $ 0.0004 | |||||
Proceeds from sale of restricted common stock to founders | $ 1,950 | |||||
Restricted common stock, repurchase period | 90 days | |||||
Restricted common stock, repurchase price (in usd per share) | $ 0.0004 | |||||
Restricted common stock, shares outstanding | 2,710,315 | |||||
Employee stock option | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares exercised | 37,064 | |||||
Shares exercised, weighted-average exercise price (in usd per share) | $ 10.79 | |||||
Vests upon issuance | Unvested restricted common stock sold to founders | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Restricted common stock, percent vested | 25.00% | |||||
Vests ratably over four years | Unvested restricted common stock sold to founders | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Restricted common stock, percent vested | 75.00% | |||||
Restricted common stock, vesting period | 4 years |
Common stock - Restricted commo
Common stock - Restricted common stock activity (Details) - 6 months ended Jun. 30, 2015 - Unvested restricted common stock sold to founders - $ / shares | Total |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Beginning balance, non-vested, number of shares | 3,218,590 |
Vested, number of shares | (508,176) |
Ending balance, non-vested, number of shares | 2,710,414 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Beginning balance, weighted average grant date fair value (in usd per share) | $ 0.10 |
Vested, weighted average grant date fair value (in usd per share) | 0.10 |
Ending balance, weighted average grant date fair value (in usd per share) | $ 0.10 |
Stock-based compensation - Narr
Stock-based compensation - Narrative (Details) - USD ($) | 6 Months Ended | |||
Jun. 30, 2015 | Sep. 30, 2014 | Apr. 30, 2014 | Mar. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation cost | $ 20,334,155 | |||
Unrecognized compensation cost, recognition period | 2 years 10 months 13 days | |||
Flex Pharma, Inc. 2014 Equity Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares authorized | 2,070,200 | 1,451,087 | 116,754 | |
2015 Equity Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares remaining available for grant of stock awards | 673,080 | |||
Employee stock option | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options, contractual term | 10 years | |||
Minimum | Employee stock option | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options, vesting period | 1 year | |||
Maximum | Employee stock option | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options, vesting period | 4 years |
Stock-based compensation - Summ
Stock-based compensation - Summary of stock option activity (Details) - USD ($) | 6 Months Ended |
Jun. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Shares outstanding, Beginning Balance | 926,832 |
Shares granted | 505,748 |
Shares exercised | (41,734) |
Shares canceled or forfeited | (26,852) |
Shares outstanding, Ending Balance | 1,363,994 |
Shares exercisable | 98,024 |
Shares vested or expected to vest | 1,327,695 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |
Shares outstanding, weighted-average exercise price, Ending Balance (in usd per share) | $ 3.40 |
Shares granted, weighted-average exercise price (in usd per share) | 15.02 |
Shares exercised, weighted-average exercise price (in usd per share) | 9.65 |
Shares canceled or forfeited, weighted-average exercise price (in usd per share) | 9.48 |
Shares outstanding, weighted-average exercise price, Beginning Balance (in usd per share) | 7.40 |
Shares exercisable, weighted-average exercise price (in usd per share) | 1.51 |
Shares vested or expected to vest, weighted-average exercise price (in usd per share) | $ 7.38 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |
Outstanding, weighted-average remaining contractual term | 9 years 4 months 13 days |
Exercisable, weighted-average remaining contractual term | 8 years 11 months 5 days |
Vested or expected to vest, weighted-average remaining contractual term | 9 years 4 months 13 days |
Outstanding, aggregate intrinsic value | $ 13,527,657 |
Exercisable, aggregate intrinsic value | 1,538,006 |
Vested or expected to vest, aggregate intrinsic value | $ 13,189,776 |
Stock-based compensation - Su28
Stock-based compensation - Summary of stock-based compensation expense (Details) - USD ($) | 3 Months Ended | 4 Months Ended | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2015 | |
Employee Service Share-Based Compensation Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 1,640,559 | $ 308,749 | $ 320,684 | $ 3,386,319 |
Research and development | ||||
Employee Service Share-Based Compensation Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 855,083 | 95,493 | 102,051 | 1,812,293 |
General and administrative | ||||
Employee Service Share-Based Compensation Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 785,476 | $ 213,256 | $ 218,633 | $ 1,574,026 |
Income taxes Income taxes (Deta
Income taxes Income taxes (Details) - USD ($) | 3 Months Ended | 4 Months Ended | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | ||||
Income tax provision (benefit) | $ 0 | $ 0 | $ 0 | $ 0 |