Evofem Biosciences (EVFM) 10-Q 2 Aug 18 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Jul. 30, 2018
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Registrant Name	EVOFEM BIOSCIENCES, INC.
Entity Central Index Key	1,618,835
Common stock, shares outstanding		25,804,625

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 22,788	$ 1,211
Restricted cash	554	490
Prepaid and other current assets	1,133	653
Total current assets	24,475	2,354
Property and equipment, net	717	848
Other noncurrent assets	977	750
Total assets	26,169	3,952
Current liabilities:
Accounts payable	7,998	8,999
Accrued expenses	11,104	12,086
Accrued compensation	1,738	2,392
Series D 2X liquidation preference	0	79,870
Total current liabilities	20,840	103,347
Deferred rent	71	114
Other noncurrent liabilities	0	166
Total liabilities	20,911	103,627
Commitments and contingencies (Note 6)
Stockholders’ equity (deficit):
Common stock, $0.0001 par value; 300,000,000 and 4,051,137 shares authorized at June 30, 2018 and December 31, 2017, respectively; 25,199,511 and 2,082,053 shares issued and outstanding at June 30, 2018 and December 31, 2017, respectively	3	81
Additional paid-in capital	404,989	17,650
Accumulated deficit	(399,734)	(307,277)
Total stockholders’ equity (deficit)	5,258	(289,546)
Total liabilities, convertible preferred stock and stockholders’ equity (deficit)	26,169	3,952
Series A Convertible Preferred Stock
Preferred stock, $0.0001 par value; 5,000,000 and 57,501,624 shares authorized at June 30, 2018 and December 31, 2017, respectively:
Convertible preferred stock, value	0	23,848
Series B Convertible Preferred Stock
Preferred stock, $0.0001 par value; 5,000,000 and 57,501,624 shares authorized at June 30, 2018 and December 31, 2017, respectively:
Convertible preferred stock, value	0	43,616
Series C-1 Convertible Preferred Stock
Preferred stock, $0.0001 par value; 5,000,000 and 57,501,624 shares authorized at June 30, 2018 and December 31, 2017, respectively:
Convertible preferred stock, value	0	34,382
Series C Convertible Preferred Stock
Preferred stock, $0.0001 par value; 5,000,000 and 57,501,624 shares authorized at June 30, 2018 and December 31, 2017, respectively:
Convertible preferred stock, value	0	19,469
Series D Convertible Preferred Stock
Preferred stock, $0.0001 par value; 5,000,000 and 57,501,624 shares authorized at June 30, 2018 and December 31, 2017, respectively:
Convertible preferred stock, value	$ 0	$ 68,556

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2018	Jan. 17, 2018	Dec. 31, 2017
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001	$ 0.0001
Common stock, shares authorized	300,000,000	300,000,000	4,051,137
Common stock, shares issued	25,199,511		2,082,053
Common stock, shares outstanding	25,199,511		2,082,053
Preferred Stock
Convertible preferred stock, par value (in dollars per share)	$ 0.0001		$ 0.0001
Convertible preferred stock, shares authorized	5,000,000		57,501,624
Convertible preferred stock, shares issued			40,016,147
Convertible preferred stock, shares outstanding			40,016,147
Preferred Stock | Series A Convertible Preferred Stock
Convertible preferred stock, shares issued	0		12,618,279
Convertible preferred stock, shares outstanding	0		12,618,279
Preferred Stock | Series B Convertible Preferred Stock
Convertible preferred stock, shares issued	0		13,801,318
Convertible preferred stock, shares outstanding	0		13,801,318
Preferred Stock | Series C-1 Convertible Preferred Stock
Convertible preferred stock, shares issued	0		8,558,686
Convertible preferred stock, shares outstanding	0		8,558,686
Preferred Stock | Series C Convertible Preferred Stock
Convertible preferred stock, shares issued	0		5,037,784
Convertible preferred stock, shares outstanding	0		5,037,784
Preferred Stock | Series D Convertible Preferred Stock
Convertible preferred stock, shares issued	0		80
Convertible preferred stock, shares outstanding	0		80

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Operating expenses:
Research and development	$ 11,833	$ 4,078	$ 23,792	$ 6,060
General and administrative	11,409	2,280	20,436	5,211
Total operating expenses	23,242	6,358	44,228	11,271
Loss from operations	(23,242)	(6,358)	(44,228)	(11,271)
Other income (expense):
Interest income	32	32	62	63
Other (expense) income, net	(32)	64	(82)	30
Loss on issuance of warrants	0	0	(47,920)	0
Change in fair value of Series D 2X liquidation preference	0	(250)	(130)	(600)
Total other expense, net	0	(154)	(48,070)	(507)
Loss before income tax	(23,242)	(6,512)	(92,298)	(11,778)
Income tax expense	(2)	0	(2)	(3)
Net loss	(23,244)	(6,512)	(92,300)	(11,781)
Accretion of Series D redeemable convertible preferred stock dividends	0	(897)	(66)	(1,785)
Net loss attributable to common stockholders	$ (23,244)	$ (7,409)	$ (92,366)	$ (13,566)
Net loss per share attributable to common stockholders, basic and diluted (in dollars per share)	$ (1.11)	$ (3.78)	$ (5.15)	$ (6.92)
Weighted-average shares used to compute net loss attributable to common stockholders, basic and diluted (in shares)	20,868,554	1,959,904	17,937,788	1,959,904

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) (Unaudited) - 6 months ended Jun. 30, 2018 - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Series A Convertible Preferred StockPreferred Stock	Series B Convertible Preferred StockPreferred Stock	Series C-1 Convertible Preferred StockPreferred Stock	Series C Convertible Preferred StockPreferred Stock	Series D Convertible Preferred StockPreferred Stock	Invesco Asset Management	Invesco Asset ManagementCommon Stock	Invesco Asset ManagementAdditional Paid-In Capital	NeotheticsCommon Stock	NeotheticsAdditional Paid-In Capital	Private PlacementInvesco Asset Management	Private PlacementInvesco Asset ManagementCommon Stock	Private PlacementInvesco Asset ManagementAdditional Paid-In Capital	Public Offering	Public OfferingCommon Stock	Public OfferingAdditional Paid-In Capital
Beginning balance at Dec. 31, 2017	$ (289,546)	$ 81	$ 17,650	$ (307,277)	$ 23,848	$ 43,616	$ 34,382	$ 19,469	$ 68,556
Beginning balance, shares at Dec. 31, 2017		81,119,014			12,618,279	13,801,318	8,558,686	5,037,784	80
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity converted	121,315	$ 40	121,275		$ (23,848)	$ (43,616)	$ (34,382)	$ (19,469)					$ (270)	$ 270
Equity converted (in shares)		(40,016,067)			(12,618,279)	(13,801,318)	(8,558,686)	(5,037,784)					(264,013,989)
Cancellation of restricted stock awards		$ (5)	5
Cancellation of restricted stock awards (in shares)		(4,759,091)
Issuance of stock										$ 47,920	$ 155	$ 47,765			$ 20,000		$ 20,000
Issuance of stock (in shares)											154,593,455					1,614,289
Accretion and payment of Series D dividends	(223)		(66)	(157)					$ 66
Reclassification of Series D dividends and exchange of Series D	5,226	$ 1	5,225						$ (5,226)
Reclassification of Series D dividends and exchange of Series D (in shares)		(6,878,989)							(80)
Reclassification of Series D 2X liquidation preference upon exchange of Series D	80,000		80,000
Deemed contribution upon exchange of Series D	49,334		49,334						$ (49,334)
Issuance of common stock and WIM Warrants	14,062		14,062						(14,062)
Issuance of common stock and WIM Warrants (in shares)		3
Record pre-merger Neothetics' stockholders' equity and elimination of Neothetics' historical accumulated deficit (see Note 3)	1,946		1,946
Issuance of common stock, pre-funded warrants and common warrants in connection with the Offering, net of underwriting discounts, commissions and offering costs (in shares)																			7,436,171
Issuance of common stock, pre-funded warrants and common warrants in connection with the Offering, net of underwriting discounts, commissions and offering costs	1																	$ 36,131		$ 36,130
Record pre-Merger Neothetics equity (in shares)		2,308,430
Issuance of common stock - exercise of stock options	42		42
Issuance of common stock- exercise of stock options (in shares)		6,173
Stock-based compensation	11,351		11,351
Net loss	(92,300)			(92,300)
Ending balance at Jun. 30, 2018	$ 5,258	$ 3	$ 404,989	$ (399,734)	$ 0	$ 0	$ 0	$ 0	$ 0
Ending balance, shares at Jun. 30, 2018		25,199,511			0	0	0	0	0

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) (Unaudited) (Parenthetical) - $ / shares	6 Months Ended
	Jun. 30, 2018	Jan. 17, 2018
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Neothetics
Number of converted shares (in shares)	41,273,941
Common Stock
Preferred stock par value (in dollars per share)		0.001
Common Stock | Invesco Asset Management
Common stock, par value (in dollars per share)		0.001
Common Stock | Evofem
Common stock, par value (in dollars per share)		$ 0.001
Converted shares (in shares)	270,969,445
Common Stock | Neothetics
Number of converted shares (in shares)	6,955,456

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Cash flows from operating activities:
Net loss	$ (23,244)	$ (6,512)	$ (92,300)	$ (11,781)
Adjustments to reconcile net loss to net cash, cash equivalents and restricted cash used in operating activities:
Loss on issuance of warrants			47,920	0
Change in fair value of Series D 2X liquidation preference	0	250	130	600
Stock-based compensation			11,351	431
Depreciation and amortization			131	113
Changes in operating assets and liabilities:
Prepaid and other assets			(465)	55
Accounts payable			(1,757)	958
Accrued expenses and other liabilities			(1,249)	151
Accrued compensation			(879)	(58)
Deferred rent, net of current portion			(207)	(11)
Net cash, cash equivalents and restricted cash used in operating activities			(37,325)	(9,542)
Cash flows from investing activities:
Proceeds from sale of Softcup line of business			250	250
Cash acquired in connection with the Merger			1,900	0
Net cash, cash equivalents and restricted cash provided by investing activities			2,150	250
Cash flows from financing activities:
Proceeds from issuance of common stock - private placement			20,000	0
Proceeds from issuance of common stock, pre-funded warrants and common warrants in connection with the Offering, net of underwriting discounts and commissions			37,542	0
Proceeds from issuance of common stock - exercise of stock options			42	0
Payment of cash dividends for Series D redeemable convertible preferred stock			(157)	0
Cash paid for offering costs			(611)	(648)
Net cash, cash equivalents and restricted cash provided by (used in) financing activities			56,816	(648)
Net change in cash, cash equivalents and restricted cash			21,641	(9,940)
Cash, cash equivalents and restricted cash, beginning of period			1,701	11,487	$ 11,487
Cash, cash equivalents and restricted cash, end of period	$ 23,342	$ 1,547	23,342	1,547	$ 1,701
Supplemental disclosure of noncash investing and financing activities:
Net assets acquired in connection with the Merger			46	0
Public offering costs included in accounts payable and accrued expenses			800	26
Convertible Preferred Stock
Supplemental disclosure of noncash investing and financing activities:
Conversion of preferred stock			121,315	0
Series D Convertible Preferred Stock
Supplemental disclosure of noncash investing and financing activities:
Conversion of preferred stock			68,622	0
Series D 2X liquidation preference
Supplemental disclosure of noncash investing and financing activities:
Conversion of preferred stock			$ 80,000	$ 0

Description of Business and Bas

Description of Business and Basis of Presentation	6 Months Ended
	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Basis of Presentation	Description of Business and Basis of Presentation Merger On January 17, 2018, Neothetics, Inc., a Delaware corporation, now known as Evofem Biosciences, Inc. (the Company), completed its merger with privately-held Evofem Biosciences Operations, Inc. (Private Evofem), or the Merger; in accordance with the terms of the Agreement and Plan of Merger and Reorganization, dated October 17, 2017 (the Merger Agreement), whereby Nobelli Merger Sub, Inc., a Delaware corporation and wholly-owned subsidiary of Neothetics, merged with and into Private Evofem, with Private Evofem surviving as Neothetics’ wholly-owned subsidiary. In connection with the Merger, Neothetics filed a certificate of amendment to the amended and restated certificate of incorporation to, among other things, affect a 6 :1 reverse stock split of its common stock (the Reverse Stock Split) and change its name from “Neothetics, Inc.” to “Evofem Biosciences, Inc.” Both the name change and the Reverse Stock Split were effective on January 17, 2018 (the Closing Date). Shares of the Company's common stock commenced trading on The Nasdaq Capital Market under the ticker symbol “EVFM” as of January 18, 2018. See discussions of the transactions in connection with the Merger at Note 3- Merger Transactions. Evofem Biosciences, Inc.’s operations include those of its wholly-owned subsidiaries, Evofem Inc. (Evofem Inc.), a Delaware corporation, Evofem North America, Inc., a Delaware corporation (ENA), Evofem Limited, LLC, a Delaware limited liability company and Evofem Ltd., a limited company registered in England and Wales and those of its partially owned subsidiary, Evolution Pharma, a Dutch limited partnership (EP) with 99% of the outstanding partnership interests held by Evofem Inc. and 1% of the outstanding partnership interests held by Evofem Limited, LLC. Evofem Limited, LLC and Evofem Ltd. are currently inactive. Unless otherwise noted, (i) references in this report to “Evofem” and the “Company” refer to Evofem Biosciences, Inc. and its subsidiaries following the closing of the Merger on the Closing Date, (ii) references to “Private Evofem” refer to Evofem Biosciences Operations, Inc. and its subsidiaries prior to the closing the Merger on the Closing Date, (iii) references to “Neothetics” refer to Neothetics, Inc. and its subsidiaries prior to the closing of the Merger on the Closing Date, and (iv) references to share amounts, figures (other than exchange ratios) and other information have been adjusted to reflect the Reverse Stock Split. Description of Business Evofem is a San Diego-based clinical-stage biopharmaceutical company committed to developing and commercializing innovative products to address unmet needs in women’s sexual and reproductive health. Evofem leverages its proprietary Multi-purpose Prevention Technology (MPT) vaginal gel to develop product candidates for multiple indications, including contraception, sexually transmitted infections (STIs), and recurrent bacterial vaginosis (BV). Evofem's MPT vaginal gel technology is an acid-buffering vaginal gel with bioadhesive properties, designed to maintain an optimal vaginal pH of 3.5 to 4.5. This vaginal pH range is inhospitable to spermatozoa, as well as certain viral and bacterial pathogens associated with STIs, and it is integral to the survival of healthy bacteria in the vagina. Evofem’s lead product candidate, Amphora ® (L-lactic Acid, citric acid, and potassium bitartrate) is a hormone-free, on demand, woman-controlled vaginal gel currently in a Phase 3 clinical trial as a contraceptive and in a Phase 2b trial for the prevention of urogenital chlamydia and gonorrhea in women. Evofem’s pipeline also includes an MPT vaginal gel product candidate for the reduction of recurrent BV. The Company is planning a Phase 2b clinical trial in this indication, building on favorable results of a recently-completed a Phase 1 trial. Basis of Presentation and Principles and Consolidation Since Private Evofem was determined to be the accounting acquirer in connection with the Merger, it recorded Neothetics’ assets and liabilities at fair value as of the Closing Date. Therefore, for periods prior to the Merger, the condensed consolidated financial statements were prepared on a stand-alone basis for Private Evofem and did not include the combined entities' financial position. Subsequent to the Merger, the condensed consolidated financial statements as of and for the six months ended June 30, 2018 included Neothetics' assets and liabilities. The Company prepared the unaudited interim condensed consolidated financial statements included in this Quarterly Report in accordance with accounting principles generally accepted in the U.S. (GAAP) for interim financial information and the rules and regulations of the Securities and Exchange Commission (SEC) related to quarterly reports on Form 10-Q. The Company’s financial statements are presented on a consolidated basis, which include the accounts of the Company and its wholly-owned subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. The unaudited interim condensed consolidated financial statements do not include all information and disclosures required by GAAP for annual audited financial statements and should be read in conjunction with the Private Evofem’s consolidated financial statements and notes thereto for the year ended December 31, 2017 included in its Current Report on Form 8-K/A as filed with the SEC on April 6, 2018 (the 2017 Audited Financial Statements). The unaudited interim condensed consolidated financial statements included in this report have been prepared on the same basis as the Company's audited consolidated financial statements and include all adjustments (consisting only of normal recurring adjustments) necessary for a fair statement of the financial position, results of operations, cash flows, and statement of convertible preferred stock and stockholders' equity (deficit) for the periods presented. The results for the three and six months ended June 30, 2018 are not necessarily indicative of the results expected for the full year. The condensed consolidated balance sheet as of December 31, 2017 was derived from the 2017 Audited Financial Statements. Risks, Uncertainties and Going Concern The Company’s principal operations have been related to research and development, including development of the Company's lead product candidate, Amphora, as well as raising capital, recruiting personnel and establishing a corporate infrastructure. The Company has incurred operating losses and negative cash flows from operating activities since inception. As described in Note 9- Public Offering , the Company received net proceeds of approximately $37.5 million , net of the underwriting discounts and commissions, but before deducting the estimated offering costs, from a public offering which closed on May 24, 2018. As of June 30, 2018 , the Company had cash and cash equivalents of $22.8 million , working capital of $3.6 million and an accumulated deficit of $399.7 million . The Company anticipates it will continue to incur net losses into the foreseeable future. The Company is subject to risks common to other life science companies in the development stage including, but not limited to, uncertainty of product development and commercialization, lack of marketing and sales history, development by its competitors of new technological innovations, dependence on key personnel, market acceptance of products, product liability, protection of proprietary technology, ability to raise additional financing, and compliance with U.S. Food and Drug Administration (FDA) and other government regulations. If the Company does not successfully commercialize any product candidates, it will be unable to generate recurring product revenue or achieve profitability. Management’s plans to meet its short- and long-term operating cash flow requirements include obtaining additional funding. The Company anticipates it will continue to incur net losses for the foreseeable future and incur additional costs associated with being a public company. Research and development expenses are expected to increase for the foreseeable future due to the Company's ongoing confirmatory Phase 3 clinical trial for Amphora for the prevention of pregnancy, the ongoing Phase 2b clinical trial for prevention of chlamydia and gonorrhea, and planned clinical trials for the BV product candidate. According to management estimates, liquidity resources as of June 30, 2018 are not sufficient to maintain its planned level of operations for the next 12 months. In addition, the uncertainties associated with the Company's ability to (i) obtain additional equity financing on terms that are favorable to Evofem, (ii) enter into collaborative agreements with strategic partners and (iii) succeed in the future operations, raise substantial doubt about the Company's ability to continue as a going concern. The financial statements have been prepared on a going concern basis, which contemplates the realization of assets and settlement of liabilities, in the normal course of business, and do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or amounts and classification of liabilities that may result from the outcome of this uncertainty. If the Company is not able to obtain the required funding in the near term, through equity financings or other means, or is unable to obtain funding on terms favorable to the Company, this will have a material adverse effect on its operations and strategic development plan for future growth. If the Company cannot successfully raise additional funding and implement its strategic development plan, the Company may be forced to make reductions in spending, extend payment terms with suppliers, liquidate assets where possible, and/or suspend or curtail planned programs. Any of these could materially and adversely affect its liquidity, financial condition and business prospects and the Company would not be able to continue as a going concern. If the Company is unable to continue as a going concern, it may have to liquidate its assets and may receive less than the value at which those assets are carried on the financial statements. The Company may obtain additional financing in the future through the issuance of its common stock from other equity or debt financings or through collaborations or partnerships with other companies.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and the notes thereto. On an ongoing basis, Management evaluates its estimates related to, but not limited to, the useful lives of property and equipment, the recoverability of long-lived assets, preclinical and clinical trial accruals, the measurement of the Series D 2X liquidation preference, assumptions used in estimating the fair value of warrants issued in connection with the Merger and common warrants in connection with a public offering closed on May 24, 2018 as more described in Note 9- Public Offering, assumptions used in estimating the fair value of stock-based compensation expense and other contingencies. The Company’s assumptions regarding the measurement of the Series D 2X liquidation preference and stock-based compensation are more fully described in Note 5 — Fair Value of Financial Instruments and Note 11 — Stock-based Compensation, respectively. 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 and adjusts when facts and circumstances dictate. The estimates are the basis for making judgments about the carrying values of assets and liabilities and recorded expenses that are not readily apparent from other sources. As future events and their effects cannot be determined with precision, actual results may materially differ from those estimates or assumptions. Segment Reporting 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 in making decisions regarding resource allocation and assessing performance. The Company views its operations and manages its business in one operating segment. Concentrations of Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents and restricted cash. Deposits in the Company’s checking and time deposit accounts are maintained in federally insured financial institutions in excess of federally insured limits. The Company invests in funds through a major U.S. bank and is exposed to credit risk in the event of default to the extent of amounts recorded on the consolidated balance sheets. The Company has not experienced any losses in such accounts and believes it is not exposed to significant concentrations of credit risk on its cash, cash equivalents and restricted cash balances due to the financial position of the depository institutions in which these deposits are held. Significant Accounting Policies The Company's significant accounting policies are more fully described in Note 2 to the 2017 Audited Financial Statements. There have been no changes to the significant accounting policies during the first six months of fiscal year 2018. Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents consists of readily available cash in checking and money market accounts. Restricted cash consists of cash held in monthly time deposit accounts, which are collateral for the Company’s credit cards and facility leases. The following table provides a reconciliation of cash, cash equivalents and restricted cash, reported within the condensed consolidated statements of cash flows (in thousands): Six Months Ended June 30, 2018 2017 Cash and cash equivalents $ 22,788 $ 1,027 Restricted cash 554 520 Total cash, cash equivalents and restricted cash presented in the condensed consolidated statements of cash flows $ 23,342 $ 1,547 Net Loss Per Share Basic net loss per common share is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding during the period, without consideration for potentially dilutive securities. 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 potentially dilutive securities outstanding for the period determined using the treasury-stock and if-converted methods. For purposes of the diluted net loss per share calculation, potentially dilutive securities are excluded from the calculation of diluted net loss per share because their effect would be anti-dilutive and therefore, basic and diluted net loss per share were the same for all periods presented. Potentially dilutive securities excluded from the calculation of diluted net loss per share are summarized in the table below. For the three and six months ended June 30, 2017, the shares in the table have been adjusted to reflect the conversion of Series A, B, C-1, and C convertible preferred stock and Series D redeemable convertible preferred stock (Series D) into common stock as fully described in Note 8- Convertible Preferred Stock , and the Reverse Stock Split. Three and Six Months Ended June 30, 2018 2017 Convertible preferred stock — 1,027,079 Series D redeemable convertible preferred stock — 5,159,240 Unvested restricted common stock subject to repurchase — 122,149 Unvested restricted stock units — 2,566 Options to purchase common stock 3,573,640 160,363 Warrants to purchase common stock 4,775,886 — Total 8,349,526 6,471,397 Recently Adopted Accounting Pronouncements The Company qualifies as an “emerging growth company” (EGC) pursuant to the provisions of the Jumpstart Our Business Startups (JOBS) Act. Section 7(a)(2)(B) of the Securities Act of 1933, as amended, permits EGCs to defer compliance with new or revised accounting standards until non-issuers are required to comply with such standards. However, the Company elected not to take advantage of the extended transition period for implementation of new or revised financial accounting standards, and as a result, the Company will comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for non-emerging growth companies. In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers (Topic 606) (ASU No. 2014-09), which amends the existing accounting standards for revenue recognition. ASU No. 2014-09 is based on principles that govern the recognition of revenue at an amount an entity expects to be entitled when products are transferred to customers. The new standard as amended by ASU No. 2015-14, ASU No. 2016-10 and ASU No. 2016-12 was effective for the Company beginning January 1, 2018. The Company adopted the new standard using the full retrospective approach, which did not have an impact on the Company’s financial position or results of operations as the Company is pre-revenue and does not anticipate generating any significant revenue prior to 2020. In May 2017, the FASB issued ASU No. 2017-09, Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting (ASU No. 2017-09), which clarifies when to account for a change to the terms or conditions of a share-based payment award as a modification. Under the new guidance, modification accounting is required only if the fair value, the vesting conditions, or the classification of the award (as equity or liability) changes as a result of the change in terms or conditions. ASU No. 2017-09 was effective for the Company beginning January 1, 2018. The adoption of this new standard did not have a material impact on the Company’s financial position or results of operations. Recently Issued Accounting Pronouncements — Not Yet Adopted In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842 ) (ASU No. 2016-02), which changes the presentation of assets and liabilities relating to leases. The core principle of ASU No. 2016-02 is that a lessee should recognize the assets and liabilities that arise from leases. All leases create an asset and a liability for the lessee in accordance with FASB Concepts Statement No. 6, Elements of Financial Statements , and, therefore, recognition of those lease assets and lease liabilities represents an improvement over previous GAAP, which did not require lease assets and lease liabilities to be recognized for most leases. The new standard as amended by ASU No. 2018-01, ASU No. 2018-10 and ASU No. 2018-11 will be effective for the Company beginning January 1, 2019. The Company’s sublease for office space under a noncancelable lease agreement entered into effective January 30, 2015 (the 2015 Lease) as a lessee and sublease with WomanCare Global Trading, Inc. (the WCG Sublease) as a lessor will both expire in 2020 (see Note 6 — Commitments and Contingencies for more details) and be subject to the provisions of this new standard. While the Company continues to evaluate the impact of this new standard as a lessee and a sublessor on its consolidated financial statements, the Company currently expects the primary impact will be to record right-of-use assets and lease liabilities for the 2015 Lease as a lessee and rent receivable for the WCG Sublease as a lessor in the consolidated balance sheets. In June 2018, the FASB issued ASU No. 2018-07, Compensation- Stock Compensation (Topic 718 ) (ASU No. 2018-07), which expands the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from non-employees that are currently covered under Accounting Standards Codification (ASC) 505-50 , Equity-Equity-Based Payments to Non-employees. ASU No. 2018-07 will be effective for the Company beginning January 1, 2019. Early adoption is permitted. The Company is in the process of evaluating the impact of this standard on its consolidated financial statements.

Merger Transactions

Merger Transactions	6 Months Ended
	Jun. 30, 2018
Business Combinations [Abstract]
Merger Transactions	Merger Transactions As described in Note 1- Description of Business and Basis of Presentation, Private Evofem merged with Neothetics effective on the Closing Date. The Merger was accounted for as a reverse recapitalization with Private Evofem treated as the accounting acquirer pursuant to ASC 805- Business Combinations. Under reverse recapitalization accounting, the accounting acquirer shall measure the identifiable assets acquired, the liabilities assumed, and any noncontrolling interest in the acquiree at their acquisition-date fair values. The following transactions were completed with the Merger and recorded by the Company: • Recorded Neothetics' assets, liabilities and stockholders' equity at fair value as of the Closing Date, including $1.9 million cash and cash equivalents, $0.5 million prepaids and other current assets, $0.4 million current and noncurrent liabilities and $1.9 million common stock (Neothetics had 2,308,430 shares of common stock outstanding as of the Closing Date on a post-split basis at par value of $0.0001 per share) and additional paid-in capital (including the reclassification of Neothetics' historical accumulated deficit into additional paid-in capital); • Converted each share of Private Evofem’s capital stock including its Series A convertible preferred stock, Series B convertible preferred stock, Series C-1 convertible preferred stock and Series C convertible preferred stock into Private Evofem's common stock on a one -for-one basis for an aggregate of 40,016,067 shares. Upon such conversion, reclassified the net proceeds from Private Evofem’s issuance of these preferred stocks to common stock at Private Evofem’s par value and additional paid-in capital, net of par value; • Cancelled 4,759,091 shares of Private Evofem’s unvested restricted common stock at Private Evofem’s par value on a pre-split basis; • Issued warrants for the purchase up to an aggregate of 155,081,982 shares of Private Evofem's common stock to funds affiliated with Invesco Ltd. (the Invesco Warrants), which were immediately net exercised on a cashless basis for 154,593,455 shares of Private Evofem's common stock; • Exchanged 270,969,445 shares of Private Evofem's common stock for 41,732,794 shares of Neothetics’ common stock on a pre-split basis at the common stock exchange ratio of 0.1540 , subject to adjustment for the Reverse Stock Split (or 6,955,456 shares on a post-split basis). These shares, together with the shares converted from the 80 shares of Private Evofem Series D discussed below, accounted for an aggregate 87% ownership in Neothetics upon closing of the Merger; • Converted 80 shares of Private Evofem’s Series D into 41,273,941 shares of Neothetics' common stock on a pre-split basis (or 6,878,989 on a post-split basis), including: i. Adjustment for the final change in fair value of Private Evofem’s Series D 2X liquidation preference; ii. Redemption of the Series D 2X liquidation preference upon conversion; iii. Private Evofem’s Series D Warrant Rights were assumed by Neothetics and exchanged for three shares of the Company's common stock and warrants for the purchase of 2,000,000 shares of the Company's common stock (the WIM Warrants). The Company recorded the fair value of the WIM Warrants and related capital contribution upon issuance of the WIM Warrants; and iv. Recording cash dividends between January 6, 2018 and the Closing Date, which was paid upon closing of the Merger to Woodford Investment Management Ltd (WIM). • Sold 1,614,289 shares of the Company's common stock in a private placement for gross proceeds of $20.0 million ; • Neothetics affected the Reverse Stock Split, and thus the Company adjusted common stock and additional paid-in capital associated with shares issued in connection with the Merger due to the 6:1 reverse stock split; and • Neothetics assumed Private Evofem's 2012 Equity Incentive Plan and each outstanding stock option issued thereunder was converted into the right to purchase the number of shares of Neothetics' common stock equal to approximately 0.1540 , subject to adjustment for the Reverse Stock Split, multiplied by the number of shares of Private Evofem’s common stock issuable upon exercise of the option to purchase shares of Private Evofem’s common stock.

Balance Sheet Details

Balance Sheet Details	6 Months Ended
	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Balance Sheet Details	Balance Sheet Details Prepaid and Other Current Assets Prepaid and other current assets consist of the following (in thousands): June 30, 2018 December 31, 2017 Flex note receivable (1) $ 250 $ 250 Other receivable from related parties 155 17 Clinical supplies 90 119 Insurance 270 96 Rent 63 63 Research and development costs 138 30 Other 167 78 Total $ 1,133 $ 653 _______________________ (1) In June 2016, Private Evofem’s board of directors committed to a plan to sell its Softcup line of business (Softcup) and re-direct its available cash resources to further develop Amphora. In July 2016, the Company entered into an Asset Purchase Agreement with The Flex Company (Flex), whereby Flex would acquire certain assets and assume certain liabilities associated with Softcup. Total consideration for the Softcup sale was $1.9 million , with $0.6 million received in cash at closing and the remaining $1.3 million due and payable under a note in favor of the Company (the Flex Note) through January 1, 2021 (the Maturity Date). The Flex Note bears simple interest at a rate of 5.0% per annum on the remaining principal amount outstanding. An annual principal payment of approximately $0.3 million and the annual accrued and unpaid interest are payable each January 1, beginning in 2017 through the Maturity Date. The Flex Note is secured by the Softcup assets and has been recorded at present value. The Company’s incremental borrowing rate and the stated interest rate of the Flex Note are materially consistent. Property and Equipment, Net Property and equipment, net, consists of the following (in thousands): Useful Life June 30, 2018 December 31, 2017 Research equipment 5 years $ 639 $ 639 Computer equipment and software 3 years 6 6 Office furniture 5 years 205 205 Leasehold improvements 5 years or less 340 340 1,190 1,190 Less: accumulated depreciation and amortization (473 ) (342 ) Total, net $ 717 $ 848 Depreciation expense was $65,000 for both the three months ended June 30, 2018 and 2017 , and $0.1 million for both the six months ended June 30, 2018 and 2017. Other Noncurrent Assets Other noncurrent assets consist of the following (in thousands): June 30, 2018 December 31, 2017 Flex note receivable, net of current portion $ 500 $ 750 Prepaid Directors & Officers insurance 477 — Total $ 977 $ 750 Accrued Expenses Accrued expenses consist of the following (in thousands): June 30, 2018 December 31, 2017 Clinical studies $ 9,227 $ 8,789 Sublicense fees 1,117 2,000 Public offering costs 176 135 Board of directors’ fees and related expenses 50 247 Legal and other professional fees 239 727 Other 295 188 Total $ 11,104 $ 12,086

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2018
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments The fair values of the Company’s assets and liabilities, including the money market fund and Series D 2X liquidation preference, measured on a recurring basis are summarized in the following tables, as applicable (in thousands): June 30, 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Money market fund (1) $ 62 $ 62 $ — $ — Total assets $ 62 $ 62 $ — $ — _______________________ (1) Included as a component of cash and cash equivalents on the accompany condensed consolidated balance sheet. December 31, 2017 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Series D 2X liquidation preference $ (79,870 ) $ — $ — $ (79,870 ) Total liabilities $ (79,870 ) $ — $ — $ (79,870 ) Series D 2X liquidation preference is stated at fair value and is considered a Level 3 input because the fair value measurement is based, in part, on significant inputs not observed in the market. The Company determined the fair value of Series D 2X liquidation preference as described below. The following table summarizes the changes in Level 3 financial liabilities measured at fair value on a recurring basis for the six months ended June 30, 2018 (in thousands). There were no activities for the three months ended June 30, 2018. Series D 2X Liquidation Preference Liability Balance at December 31, 2017 $ 79,870 Change in fair value of Series D 2X liquidation preference 130 Redemption of Series D 2X liquidation preference upon conversion of Series D (80,000 ) Balance at June 30, 2018 $ — Series D 2X Liquidation Preference As described in the Note 2 to the 2017 Audited Financial Statements, the Company’s issuance of Series D resulted in the identification of an embedded derivative that required bifurcation and liability accounting at fair value. See the Series D Redeemable Convertible Preferred Stock discussion in Note 8 — Convertible Preferred Stock for the terms of the Series D. In connection with the Merger, Private Evofem converted 80 shares of Series D into Neothetics' common stock. To determine the final fair value of the Series D 2X liquidation preference, the Company utilized a hybrid valuation model that considers the probability of achieving certain exit scenarios, the Company’s cost of capital, the estimated period the Series D 2X liquidation preference would be outstanding, consideration received for the instrument with the Series D 2X liquidation preference and at what price and changes, if any, in the fair value of the underlying instrument to the Series D 2X liquidation preference. At December 31, 2017, the most significant assumption was the probability of occurrence, which was concluded to be high, and as a result the fair value as of December 31, 2017 approximated the final redemption value. The valuations resulted in a concluded fair value of the Series D 2X liquidation preference of $80.0 million as of the Closing Date, which was reclassified from a Series D 2X liquidation preference to additional paid-in capital upon the conversion into Neothetics' common stock. The change in fair value of the Series D 2X liquidation preference for the three months ended June 30, 2017 was $0.2 million , and $0.1 million and $0.6 million for the six months ended June 30, 2018 and 2017, respectively. There was no such change for the three months ended June 30, 2018 as the Series D was converted into common stock in connection with the Merger.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Operating Leases In November 2009, Private Evofem entered into a lease for office space under a noncancelable lease agreement that expired in March 2017 (the UTC Lease), as amended. Through January 2015, Private Evofem shared this office space with Cosmederm Biosciences, Inc. (Cosmederm) when Private Evofem assigned its rights and obligations under the UTC Lease to Cosmederm. Effective February 27, 2017, Private Evofem entered into a lease termination agreement (the UTC Lease Termination) with Cosmederm and the landlord for the UTC Lease. In March 2017, Private Evofem paid $55,000 of an early termination fee directly to Cosmederm who remitted the fee to the landlord, and derecognized the security deposit receivable from the landlord and payable to Cosmederm. Upon execution of the UTC Lease Termination, Private Evofem was relieved of all obligations under the UTC Lease. Effective January 30, 2015, Private Evofem entered into the 2015 Lease that expires in March 2020. The sublease provides for two renewal periods of five years each, but the sub-lessor is not expected to renew its lease. In lieu of paying a security deposit directly to the sub-lessor, the Company maintains a time deposit in favor of the sub-lessor (the Deposit), which is included in restricted cash in the condensed consolidated balance sheets. During months 13 through 58 of the 2015 Lease term, subject to certain restrictions, approximately $5,000 of the Deposit may be released each month through November 2019 and approximately $66,000 of the Deposit may be released each month between December 2019 and March 2020. As of June 30, 2018 and December 31, 2017 , restricted cash maintained as collateral for the Company’s Deposit was $0.4 million for both periods. Concurrent with the execution of the 2015 Lease, Private Evofem entered into the WCG Sublease with WomanCare Global Trading, Inc. (WCGT) whereby WCGT agreed to sublease approximately 25% (subject to annual adjustment), as amended, of the Company’s office space. The Company remains the primary obligor under the WCG Sublease and records all sublease income as a reduction of rent expense in the condensed consolidated statements of operations. WCGT paid an initial security deposit of approximately $0.3 million (the WCG Security Deposit). Effective April 1, 2018, the WCG Sublease was reassigned from WCGT to WCG Cares, whereby WCG Cares agreed to pay the Company 20% of the overall lease payment under the 2015 Lease. All terms and conditions remain the same as the original WCG Sublease. As of December 31, 2017 , the WCG Security Deposit totaled approximately $0.2 million , which was included in accrued expenses and other noncurrent liabilities in the condensed consolidated balance sheet and was repaid to WCGT in June 2018. There were $40,000 and $57,000 of sublease payments received from WCGT during the three months ended June 30, 2018 and 2017, respectively, and $40,000 and $ 85,000 of sublease payments received during the six months ended June 30, 2018 and 2017, respectively. On January 20, 2015, Neothetics entered into a non-cancelable operating lease with LJ Gateway Office LLC (LJ Gateway Lease) for its facilities, which expires in March 2020. In connection with the LJ Gateway Lease, Neothetics issued a stand-by letter of credit in lieu of a security deposit. On January 31, 2017, Neothetics entered into an Eleventh Amendment to the LJ Gateway Lease (the Lease Amendment), which provided Neothetics with additional office space located at Suite No. 250. Concurrent with the Lease Amendment, Neothetics entered into a sublease providing for the sublease of additional office space (Suite 270). Upon the occurrence of the sublessee retaining possession of the original premises in February 2017, the sublessee received rent abatement for months one, three, and four as well as a discount of 50% off the base rent for months five through nine. The sublessee paid Neothetics a base rent of $27,768 for the second month’s rent and $30,317 security deposit. The base rent will increase by three percent on each annual anniversary. The Company has recorded the rental income collected or accrued under the sublease as a reduction of rent expense. As of June 30, 2018 and December 31, 2017, restricted cash maintained as collateral for LJ Gateway Lease's security deposit was $0.1 million . In December 2017, Neothetics entered into the Twelfth Amendment to the LJ Gateway Lease, whereby upon the mutual execution and delivery of a new lease between LJ Gateway Office LLC’s affiliate and the sublessee and upon the occurrence of the sublessee vacating their subleased space, LJ Gateway Office LLC and Neothetics agreed that the LJ Gateway Lease with respect to the Suite 270 office space shall be terminated. In June 2018, the LJ Gateway Lease was terminated. Upon termination, the Company repaid the sublessee $30,317 security deposit. Rent expense was $0.1 million and $0.2 million for the three months ended June 30, 2018 and 2017 , respectively, and $0.3 million and $0.4 million for the six months ended June 30, 2018 and 2017, respectively. Rent expense is recognized on a straight-line basis over the term of the lease. Accordingly, rent expense recognized in excess of rent paid is accounted for as deferred rent in the condensed consolidated balance sheets, of which the current portion is included in accrued expenses in the condensed consolidated balance sheets. As of June 30, 2018 , future minimum lease commitments under the above mentioned operating leases, together with sublease income, are as follows (in thousands): Operating Sublease Net Year ending December 31, 2018 $ 374 $ (75 ) $ 299 Year ending December 31, 2019 777 (155 ) 622 Year ending December 31, 2020 201 (40 ) 161 Total $ 1,352 $ (270 ) $ 1,082 Contingencies From time to time the Company may be involved in various lawsuits, legal proceedings or claims that arise in the ordinary course of business. There were no claims or actions pending against the Company as of June 30, 2018 and December 31, 2017 , which Management believes would have, individually or in the aggregate, a material adverse effect on its business, liquidity, financial position, results of operations or cash flows. However, litigation is subject to inherent uncertainties and an adverse result in these or other matters may arise from time to time that may harm the Company’s business. Intellectual Property Rights In 2014, Private Evofem entered into an amended and restated license agreement with Rush University (the Rush License Agreement) pursuant to which Rush University granted Private Evofem an exclusive, worldwide license of certain patents and know-how, related to its MPT vaginal gel authorizing Private Evofem to make, distribute and commercialize products and processes for any and all therapeutic, prophylactic and/or diagnostic uses, including, without limitation, use for female vaginal health and/or contraception. The Company may be obligated to pay an earned royalty based upon a percentage of net sales in the range of mid-single digits. Commencing on January 1 of year three after a product has received regulatory approval and has been introduced to market, the Company may become obligated to pay minimum annual royalties, to the extent the earned royalty or sublicensing fees, as applicable, do not exceed the minimum annual royalties. In October 2015, the Company's subsidiaries, ENA and EP entered into separate sublicense agreements (the Sublicenses) with WomanCare Global Trading CIC (WCGCIC) for a contraceptive vaginal ring. In August 2016, ENA, EP and WCGCIC entered into a side letter to modify the timing of the 2016 and 2017 payments due under the Sublicenses. On an aggregate basis, consideration under the Sublicenses consisted of (i) payments or potential payments to the licensor of (a) an upfront payment of $10.0 million , (b) potential regulatory and commercial milestone payments up to $32.0 million , (c) potential royalty payments on net product sales and (d) potential royalty payments on net sales of an equivalent generic product and (ii) $5.0 million in annual sublicense fees through October 1, 2019 to WCGCIC. In December 2016, under the terms of the Sublicenses, ENA and EP provided 90-days written notice of termination of the Sublicenses to WCGCIC, which period concluded on March 28, 2017. As of June 30, 2018 and December 31, 2017 , the Company had accrued sublicense fees of approximately $1.1 million and $2.0 million , respectively, which are included in accrued expenses in the condensed consolidated balance sheets. The Company is responsible for making interest payments to WomanCare Global International (WCGI) for unpaid sublicense fees. As of June 30, 2018 and December 31, 2017, accrued interest expense on unpaid sublicense fees totaled $0.1 million for both periods. See Note 7 – Related-party Transactions for a summary of the Company’s transactions with WCGCIC and WCGI and related entities.

Related-party Transactions

Related-party Transactions	6 Months Ended
	Jun. 30, 2018
Related Party Transactions [Abstract]
Related-party Transactions	Related-party Transactions Consulting Agreements Effective April 1, 2016, Private Evofem entered into a one -year consulting agreement (the 2016 Consulting Agreement) with Thomas Lynch, the chairman of the Company’s board of directors. Pursuant to the 2016 Consulting Agreement, Mr. Lynch provides consulting services with respect to investor relations and business development activities as requested from time to time. Pursuant to the 2016 Consulting Agreement, Mr. Lynch (i) received compensation of approximately $0.4 million , including $0.1 million related to his board services, (ii) received a stock option for the purchase of 150,000 shares of the Private Evofem's common stock with an exercise price of $1.19 per share on a pre-split basis, which vest over a one -year period through March 1, 2017 and (iii) was issued a restricted stock unit for the rights to 100,000 shares of the Private Evofem’s common stock (RSU) on a pre-split basis. Upon completion of the Merger, Mr. Lynch’s vested stock option was converted into an option to purchase up to 3,850 shares of the Company’s common stock with an exercise price of $46.36 per share. In addition upon closing of the Merger, Mr. Lynch agreed to cancel all of his unvested restricted stock units received pursuant to the 2016 Consulting Agreement. See Restricted Stock Units discussion in Note 11 — Stock-based Compensation for the accounting treatment for Mr. Lynch’s restricted stock units granted in 2016. In August 2017, Private Evofem and Mr. Lynch entered into a two -year consulting agreement (the 2017 Consulting Agreement), which was effective as of April 1, 2017. This 2017 Consulting Agreement provides for (i) annual compensation of $0.4 million , including $0.1 million related to his board services and (ii) a stock option for the purchase of 250,000 shares of Private Evofem’s common stock on a pre-split basis that vests quarterly through March 31, 2018, which remained unissued at the time of the Merger. On March 12, 2018, the Company issued a stock option for the purchase of 225,000 shares of the Company's common stock in lieu of the unissued stock option pursuant to the 2017 Consulting Agreement, of which 125,000 vested on the grant date and the remaining shares shall vest in a series of twelve successive equal monthly installments upon completion of each additional month of service measured from April 1, 2018. The option was awarded in connection with Mr. Lynch's consulting services for the Company for the fiscal years 2016 to 2018. This option was granted under the Amended and Restated 2014 Plan, which was approved at the Company’s annual meeting held on May 8, 2018. See “Contingent Options” discussion in Note 11 - Stock-based Compensation . Consulting fees incurred under the 2016 and 2017 Consulting Agreements were approximately $70,000 for both the three months ended June 30, 2018 and 2017, and $0.1 million for both the six months ended June 30, 2018 and 2017. As of June 30, 2018 , there was no accrued compensation owed to Mr. Lynch. Transactions with WCGI and Related Entities (collectively WCG entities) In 2009, Saundra Pelletier founded WomanCare Global International, a non-profit organization registered in England and Wales (WCGI) and became WCGI’s chief executive officer. In February 2013, Private Evofem and WCGI formed an alliance (the WCGI Alliance) and Ms. Pelletier also became Private Evofem’s chief executive officer. Concurrent with the forming of the WCGI Alliance, Private Evofem and WCGI entered into (i) a service agreement to which the companies shared resources and employees and (ii) a three -year grant agreement under which the Private Evofem provided funding of $4.0 million per year to WCGI. As more fully described in Note 6 — Commitments and Contingencies , (i) effective in February 2015, Private Evofem and WCGT, a WCGI subsidiary, entered into a sublease for office space, which was terminated and reassigned to WCG Cares effective April 1, 2018, and (ii) in October 2015, (a) Private Evofem, through its wholly-owned subsidiaries, entered into two sublicense agreements whereby Private Evofem was responsible for paying $5.0 million in annual sublicense fees, net of amounts paid under the grant agreement during 2015, to WCGCIC, also a WCGI affiliate, and (b) the service and grant agreements were cancelled. Sublicense fees are included in research and development expenses in the condensed consolidated statements of operations. In early 2015, Private Evofem became the corporate sponsor of WCGI’s “Then Who Will” educational campaign, which ended in late 2017. During the three and six months ended June 30, 2017 , corporate support payments to vendors performing services for the “Then Who Will” campaign on behalf of WCGI totaled approximately $0.1 million and $0.2 million , respectively, which were included in general and administrative expenses in the condensed consolidated statements of operations. There were no such payments during the three and six months ended June 30, 2018 . Effective January 2016, Private Evofem and WCGI entered into a shared-services agreement (the SSA), which replaced the prior service agreement. Under the terms of the SSA, Private Evofem and WCGI cross charge the other company’s services provided by each entity on behalf of the other. The SSA also allows for netting of due to and due from shared-services fees. Through December 31, 2016, Ms. Pelletier was being paid directly by each WCGI and Private Evofem. As of January 1, 2017, Ms. Pelletier was no longer paid directly by WCGI and was subject to Private Evofem’s SSA. Services provided under the SSA on behalf of WCGI totaled approximately $0.2 million for the three months ended June 30, 2017 , and $0.1 million and $0.5 million for the six months ended June 30, 2018 and 2017 , respectively. There were no such services provided for the three months ended June 30, 2018. As of June 30, 2018 and December 31, 2017 , net shared-services due to the Company totaled zero and approximately $13,000 , respectively. The following table summarizes receivables, payables, payments and expenses related to the Company’s transactions with WCGI related entities as of and for the six months ended June 30, 2018 and 2017, respectively (in thousands): 2018 2017 Receivables $ — $ 79 Payables $ 1,252 $ 2,021 Payments $ 883 $ 1,018 Operating and Interest expense $ 59 $ 26 Transactions with WCG Cares In 2013, WCG Cares, a 501(c)(3) nonprofit organization was incorporated under the laws of the State of California. Its primary purpose is to directly engage in and/or fund the development and implementation of programs that promote reproductive health, education, research and increased access to high-quality, innovative and affordable reproductive healthcare and healthcare products around the world. Since May 2018, Ms. Pelletier has served as a director of the Board of WCG Cares, and she served as the Chair of the Board of WCG Cares from November 2017 to May 2018 and as the Chief Executive Officer and President of WGC Cares from 2013 to November 2017. Mr. Justin J. File also served as WCG Cares' Chief Financial Officer from November 2017 to May 2018. Dr. Kelly Culwell has served as WCG Cares' Chief Medical Officer since November 2017. See shared-services agreement discussion below. The Company agreed to be a corporate sponsor of WCG Cares’ U.S. education campaign, the Tryst Network, which officially launched in February 2018. The Company paid WCG Cares a one-time payment of $0.3 million in March 2018 in connection with this corporate sponsorship of the Tryst Network. During the second quarter of 2018, the Company ceased being the corporate sponsor of the Tryst Network. As of June 30, 2018 and December 31, 2017, accrued Tryst-related costs totaled zero and $0.2 million , respectively. In March 2018, the Company and WCG Cares entered a shared-services agreement (the Cares Shared Services Agreement). Under the terms of the Cares Shared Services Agreement, the Company and WCG Cares cross charge services provided by each entity (or its subsidiaries) on behalf of the other. The Cares Shared Services Agreement also allows for netting of due to and due from shared-services fees. As of June 30, 2018 , net shared-services due to the Company totaled approximately $37,000 . Variable Interest Entity Considerations Due to shared management and numerous agreements between the Company and WCGI and the Company and WCG Cares, management reviewed its relationship with both WCGI and its subsidiaries and WCG Cares in accordance with the authoritative guidance for variable interest entities within ASC 810 - Consolidation. The Company concluded that due to WCGI’s and WCG Cares’ status as not-for-profit entities, the scope exception from qualifying as a variable interest entity was met and, therefore, the Company is not required to consolidate WCGI or WCG Cares.

Convertible Preferred Stock

Convertible Preferred Stock	6 Months Ended
	Jun. 30, 2018
Equity [Abstract]
Convertible Preferred Stock	Convertible Preferred Stock Immediately prior to the Merger, as more fully descried in Note 1- Description of Business and Basis of Presentation , each share of Private Evofem’s capital stock (other than Private Evofem’s Series D), including its Series A convertible preferred stock, Series B convertible preferred stock, Series C-1 convertible preferred stock and Series C convertible preferred stock was converted to Private Evofem's common stock on a one-for-one basis for an aggregate of 40,016,067 shares. Immediately following the Merger, Private Evofem's common stock was then exchanged for approximately 0.1540 shares of Neothetics’ common stock. In addition, each share of Private Evofem’s Series D was converted into approximately 515,924 shares of Neothetics’ common stock for an aggregate of 41,273,941 shares on a pre-split basis. As of June 30, 2018 , no shares of convertible preferred stock were issued and outstanding. Dividends on the Series D were payable (i) upon conversion, (ii) redemption or (iii) liquidation. As such, although the Company’s board of directors has not declared dividends, the Company accrues dividends on the Series D. Upon closing of the Merger, the Company paid cash dividends of $0.2 million for the accrued dividends only for the period of January 6, 2018 to the Closing Date and the accrued and unpaid dividends of $5.2 million as of December 31, 2017 were reclassified to additional paid-in capital upon conversion of 80 shares of Series D into common stock. The designated, issued and outstanding shares of convertible preferred stock, by series, as of December 31, 2017 were as follows (aggregate liquidation amount and proceeds, net of issuance costs, in thousands): Shares Original Shares Common Aggregate Proceeds, Series A 12,768,492 $ 1.9579445 12,618,279 12,618,279 $ 24,706 $ 23,848 Series B 31,034,696 $ 3.2222 13,801,318 13,801,318 44,471 43,616 Series C-1 8,660,572 $ 3.97 8,558,686 8,558,686 33,978 34,382 Series C 5,037,784 $ 3.97 5,037,784 5,037,784 20,000 19,469 Series D (2)(3) 80 $ 500,000 80 85,160 39,739 Total 57,501,624 40,016,147 $ 208,315 $ 161,054 _______________________ (1) The Series D shares were convertible into shares in the next equity financing (either preferred or common) at a 50% discount to the fair value price per share of the shares to be issued in the next financing, therefore, the Series D common stock equivalents and the totals for common stock equivalents have been left blank. (2) Aggregate liquidation amount included accrued and unpaid dividends of $5.2 million as of December 31, 2017 . (3) Proceeds, net of issuance costs, included $35.0 million in cash and $5.0 million from the conversion of the Amended Cosmederm Note (see more discussions below) less issuance costs of approximately $0.3 million . This line excluded the Series D 2X liquidation preference net issuance price of $18.2 million , the loss on the issuance of Series D of $35.2 million , loss on extinguishment of related-party note payable of $6.7 million and accrued Series D dividends of $5.2 million . Private Evofem and Cosmederm entered a promissory note during 2015, which was amended in July 2016 in conjunction with the Private Evofem’s Series D financing (the Amended Cosmederm Note). Cosmederm assigned the Amended Cosmederm Note with the then outstanding principal balance of $10.0 million to WIM. As a condition to closing the Private Evofem’s Series D, WIM immediately converted $5.0 million of the Amended Cosmederm Note into 10 shares of the Private Evofem’s Series D and cancelled the remaining $5.0 million . Series D In July 2016, Private Evofem entered into a Series D purchase agreement with WIM, which was subsequently amended in July 2017 to increase the number of authorized preferred stock for issuance (as amended, the Series D SPA). The Series D SPA authorized the issuance and sale of an aggregate of 80 shares of Series D, which was sold at an issuance price per share of $500,000 . WIM also received the right to receive warrant shares to be determined in the next equity financing (Warrant Rights). See Warrant Rights discussion below. Warrant Rights The Warrant Rights issued in connection with the issuance of Series D in 2016 and 2017 were convertible into warrants to purchase up to that number of equity securities to be issued in the next equity financing of Private Evofem equal to (i) seventy-five percent (75.0)% of the purchase price paid for the Series D (or $30.0 million ), divided by (ii) the per share price of the equity securities issued to the new investors in such next equity financing. The exercise price of the warrants will equal the per share price of the equity securities to be issued in the next equity financing and the warrants were to expire seven years from the closing of such next equity financing. The Warrant Rights are inseparable from the Series D. As of December 31, 2017, Private Evofem had not completed a next equity financing and, therefore, the Warrant Rights remained outstanding. Additionally, Private Evofem determined that since the exercise price of the warrants to be received by WIM is equal to the fair value of the shares for which the warrant would have become exercisable at issuance, there was de minimis value associated with the Warrant Rights and, therefore, Private Evofem did not record a warrant liability for the Warrant Rights as of December 31, 2017. Upon completion of the Merger, Private Evofem’s Series D Warrant Rights were assumed by Neothetics and exchanged for an aggregate of three shares of the Company's common stock and the WIM Warrants to purchase up to 2,000,000 shares of the Company's common stock and the three shares issued in connection with the WIM Warrants may not be separately transferred. The WIM Warrants will become exercisable on January 17, 2019 and shall remain exercisable until the earlier of January 18, 2022 or immediately prior to the completion of an acceleration event, as defined, and have an exercise price of $8.35 per share. The Company determined that the WIM Warrants are free standing financial instruments and equity classified in accordance with ASC 480— Distinguish Liabilities from Equity. To determine the fair value of the WIM Warrants, the Company utilized the Black-Scholes-Merton (BSM) option-pricing model, where the warrants exercise price was determined based on a Monte Carlo simulation. The valuations resulted in a concluded fair value of the WIM Warrants of $14.1 million as of January 18, 2018, which was recorded as additional paid-in capital in the condensed consolidated balance sheet.

Public Offering

Public Offering	6 Months Ended
	Jun. 30, 2018
Equity [Abstract]
Public Offering	Public Offering On May 24, 2018, the Company completed an underwritten public offering (the Offering), whereby the Company issued 7,436,171 shares of common stock at a public offering price of $4.69 per share and pre-funded warrants to purchase 1,063,829 shares of common stock at a public offering price of $4.68 per warrant and an exercise price of $0.01 per share. Each share of common stock and pre-funded warrant was issued together with a common warrant to purchase one-fifth of a share of the Company's common stock at a public offering price of $0.01 per warrant and an exercise price of $7.50 per share. An aggregate of 8,500,000 common warrants were issued in connection with the Offering and are exercisable to purchase an aggregate of 1,700,000 shares of common stock. The common warrants issued to the three funds affiliated with WIM that participated in the Offering were issued as a unit with one share of common stock (an aggregate of three “Unit Shares”). Except with respect to the Unit Shares, the shares of common stock, pre-funded warrants and common warrants are separately transferable. The Company determined that the pre-funded warrants and common warrants are free standing financial instruments and equity classified in accordance with ASC 480- Distinguish Liabilities from Equity . The Company received net proceeds of approximately $37.5 million , net of the underwriting discounts and commissions, but before deducting the estimated offering costs of $1.4 million . The estimated offering costs were recorded as contra additional-paid in capital in the condensed consolidated balance sheet. The common stock and warrants issued in the Offering were registered pursuant to a registration statement on Form S-1 filed with the SEC on May 16, 2018 and declared effective on May 21, 2018. On June 26, 2018, the Company issued an additional 912 common warrants to purchase approximately 182 shares of common stock upon an underwriters’ exercise of their overallotment option. The offering price and exercise price were the same as the common warrants issued on May 24, 2018. The net proceeds received from this issuance were immaterial. The Company intends to use the net proceeds from the Offering to fund its ongoing clinical trials of Amphora vaginal gel for the prevention of pregnancy and for the prevention of urogenital transmission of chlamydia and gonorrhea in women, respectively, as well as for general corporate purposes, funding working capital needs and any necessary capital expenditures. Stockholders' Equity (Deficit) Warrants As of June 30, 2018 , warrants to purchase approximately 4,775,886 shares of the Company's common stock remain outstanding at a weighted average exercise price of $6.30 per share. These warrants include: • WIM Warrants to purchase up to 2,000,000 shares of common stock as described in Note 8- Convertible Preferred Stock , which will become exercisable on January 17, 2019 and shall remain exercisable for four years unless there is a completion of an acceleration event as defined by the WIM Warrants agreements; • Warrants to purchase 11,875 shares of common stock that were issued prior to the Merger, which were exercisable as of June 30, 2018 and shall remain exercisable until 2020, 2022 and 2024; • Pre-funded warrants to purchase 1,063,829 shares of common stock in the Offering as described in Note 9- Public Offering , which were exercisable on May 24, 2018 and shall remain exercisable until shares are exercised; • Common warrants to purchase 1,700,000 shares of common stock in the Offering, which were exercisable on May 24, 2018 and shall remain exercisable for seven years; and • Common warrants to purchase approximately 182 shares of common stock upon exercise of the underwriter's overallotment option, which were exercisable on June 26, 2018 and shall remain exercisable for seven years. Common Stock Effective January 17, 2018 and in connection with the Merger, the Company amended and restated its certificate of incorporation, under which the Company is authorized to issue up to 300,000,000 shares of common stock, $0.0001 par value per share, and 5,000,000 shares of preferred stock, $0.0001 par value per share. On January 17, 2018, immediately prior to the closing of the Merger, Private Evofem issued the Invesco Warrants for the purchase up to an aggregate of 155,081,982 shares of the Private Evofem's common stock, par value $0.001 per share, which were immediately net exercised on a cashless basis for 154,593,455 shares of Private Evofem's common stock. These shares of Private Evofem's common stock were then converted into the right to receive shares of Neothetics' common stock upon completion of the Merger at the common stock exchange ratio of 0.1540 , subject to adjustment for the Reverse Stock Split. The Company determined that the Invesco Warrants are free standing financial instruments and equity classified in accordance with ASC 480— Distinguish Liabilities from Equity. The Company had an external valuation completed as of January 17, 2018 with a concluded fair value of $47.9 million using the BSM option-pricing model, which was recorded as a loss on the issuance of Invesco Warrants within other income (expense) in the condensed consolidated statement of operations, with corresponding entries to common stock par value for the shares issued and additional paid-in capital in the condensed consolidated balance sheet. See Note 3- Merger Transactions for more descriptions of the transactions completed in connection with the Merger. On May 24, 2018, the Company issued 7,436,171 shares of common stock upon closing of the Offering as described in Note 9- Public Offering . At the Market Program On December 1, 2015, Neothetics entered into a Controlled Equity Offering Sales Agreement (Sales Agreement) with Cantor Fitzgerald, as a sales agent pursuant to which Neothetics may offer and sell from time to time, through Cantor Fitzgerald shares of Neothetics' common stock, par value $0.0001 per share, having an aggregate offering price of up to $20.0 million. The minimum share price for this Controlled Equity Offering is selected at the discretion of the Company’s board of directors. Through June 30, 2018 , no shares of common stock have been sold pursuant to this Sales Agreement. Common Stock Reserved for Future Issuance Common stock reserved for future issuance is as follows in common equivalent shares as of June 30, 2018 : Common stock issuable upon the exercise of stock options outstanding 3,573,640 Common stock issuable upon the exercise of common stock warrants 4,775,886 Common stock available for future issuance under the 2014 ESPP 118,825 Common stock available for future issuance under the Amended and Restated 2014 Plan 1,833,192 Total common stock reserved for future issuance 10,301,543

Stockholders' Equity (Deficit)

Stockholders' Equity (Deficit)	6 Months Ended
	Jun. 30, 2018
Equity [Abstract]
Stockholders' Equity (Deficit)	Public Offering On May 24, 2018, the Company completed an underwritten public offering (the Offering), whereby the Company issued 7,436,171 shares of common stock at a public offering price of $4.69 per share and pre-funded warrants to purchase 1,063,829 shares of common stock at a public offering price of $4.68 per warrant and an exercise price of $0.01 per share. Each share of common stock and pre-funded warrant was issued together with a common warrant to purchase one-fifth of a share of the Company's common stock at a public offering price of $0.01 per warrant and an exercise price of $7.50 per share. An aggregate of 8,500,000 common warrants were issued in connection with the Offering and are exercisable to purchase an aggregate of 1,700,000 shares of common stock. The common warrants issued to the three funds affiliated with WIM that participated in the Offering were issued as a unit with one share of common stock (an aggregate of three “Unit Shares”). Except with respect to the Unit Shares, the shares of common stock, pre-funded warrants and common warrants are separately transferable. The Company determined that the pre-funded warrants and common warrants are free standing financial instruments and equity classified in accordance with ASC 480- Distinguish Liabilities from Equity . The Company received net proceeds of approximately $37.5 million , net of the underwriting discounts and commissions, but before deducting the estimated offering costs of $1.4 million . The estimated offering costs were recorded as contra additional-paid in capital in the condensed consolidated balance sheet. The common stock and warrants issued in the Offering were registered pursuant to a registration statement on Form S-1 filed with the SEC on May 16, 2018 and declared effective on May 21, 2018. On June 26, 2018, the Company issued an additional 912 common warrants to purchase approximately 182 shares of common stock upon an underwriters’ exercise of their overallotment option. The offering price and exercise price were the same as the common warrants issued on May 24, 2018. The net proceeds received from this issuance were immaterial. The Company intends to use the net proceeds from the Offering to fund its ongoing clinical trials of Amphora vaginal gel for the prevention of pregnancy and for the prevention of urogenital transmission of chlamydia and gonorrhea in women, respectively, as well as for general corporate purposes, funding working capital needs and any necessary capital expenditures. Stockholders' Equity (Deficit) Warrants As of June 30, 2018 , warrants to purchase approximately 4,775,886 shares of the Company's common stock remain outstanding at a weighted average exercise price of $6.30 per share. These warrants include: • WIM Warrants to purchase up to 2,000,000 shares of common stock as described in Note 8- Convertible Preferred Stock , which will become exercisable on January 17, 2019 and shall remain exercisable for four years unless there is a completion of an acceleration event as defined by the WIM Warrants agreements; • Warrants to purchase 11,875 shares of common stock that were issued prior to the Merger, which were exercisable as of June 30, 2018 and shall remain exercisable until 2020, 2022 and 2024; • Pre-funded warrants to purchase 1,063,829 shares of common stock in the Offering as described in Note 9- Public Offering , which were exercisable on May 24, 2018 and shall remain exercisable until shares are exercised; • Common warrants to purchase 1,700,000 shares of common stock in the Offering, which were exercisable on May 24, 2018 and shall remain exercisable for seven years; and • Common warrants to purchase approximately 182 shares of common stock upon exercise of the underwriter's overallotment option, which were exercisable on June 26, 2018 and shall remain exercisable for seven years. Common Stock Effective January 17, 2018 and in connection with the Merger, the Company amended and restated its certificate of incorporation, under which the Company is authorized to issue up to 300,000,000 shares of common stock, $0.0001 par value per share, and 5,000,000 shares of preferred stock, $0.0001 par value per share. On January 17, 2018, immediately prior to the closing of the Merger, Private Evofem issued the Invesco Warrants for the purchase up to an aggregate of 155,081,982 shares of the Private Evofem's common stock, par value $0.001 per share, which were immediately net exercised on a cashless basis for 154,593,455 shares of Private Evofem's common stock. These shares of Private Evofem's common stock were then converted into the right to receive shares of Neothetics' common stock upon completion of the Merger at the common stock exchange ratio of 0.1540 , subject to adjustment for the Reverse Stock Split. The Company determined that the Invesco Warrants are free standing financial instruments and equity classified in accordance with ASC 480— Distinguish Liabilities from Equity. The Company had an external valuation completed as of January 17, 2018 with a concluded fair value of $47.9 million using the BSM option-pricing model, which was recorded as a loss on the issuance of Invesco Warrants within other income (expense) in the condensed consolidated statement of operations, with corresponding entries to common stock par value for the shares issued and additional paid-in capital in the condensed consolidated balance sheet. See Note 3- Merger Transactions for more descriptions of the transactions completed in connection with the Merger. On May 24, 2018, the Company issued 7,436,171 shares of common stock upon closing of the Offering as described in Note 9- Public Offering . At the Market Program On December 1, 2015, Neothetics entered into a Controlled Equity Offering Sales Agreement (Sales Agreement) with Cantor Fitzgerald, as a sales agent pursuant to which Neothetics may offer and sell from time to time, through Cantor Fitzgerald shares of Neothetics' common stock, par value $0.0001 per share, having an aggregate offering price of up to $20.0 million. The minimum share price for this Controlled Equity Offering is selected at the discretion of the Company’s board of directors. Through June 30, 2018 , no shares of common stock have been sold pursuant to this Sales Agreement. Common Stock Reserved for Future Issuance Common stock reserved for future issuance is as follows in common equivalent shares as of June 30, 2018 : Common stock issuable upon the exercise of stock options outstanding 3,573,640 Common stock issuable upon the exercise of common stock warrants 4,775,886 Common stock available for future issuance under the 2014 ESPP 118,825 Common stock available for future issuance under the Amended and Restated 2014 Plan 1,833,192 Total common stock reserved for future issuance 10,301,543

Stock-based Compensation

Stock-based Compensation	6 Months Ended
	Jun. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-based Compensation	Stock-based Compensation Equity Incentive Plans In September 2012, Private Evofem adopted the 2012 Equity Incentive Plan (the 2012 Plan) that provides for the issuance of restricted stock awards, restricted stock units, or non-qualified and incentive common stock options to its employees, non-employee directors and consultants, from its authorized shares. In general, the options expire ten years from the date of grant and generally vest either (i) over a four -year period, with 25% exercisable at the end of one year from the employee’s hire date and the balance vesting ratably thereafter or (ii) over a three -year period, with 25% exercisable at the grant date and the balance vesting ratably thereafter. Upon completion of the Merger, Private Evofem's 2012 Plan was assumed by Neothetics and awards outstanding under the 2012 Plan became awards for Neothetics' common stock. Effective as of the Merger, no further awards may be issued under the 2012 Plan. On September 15, 2014, Neothetics' board of directors adopted, and stockholders approved, the Equity Incentive Plan (the 2014 Plan). On March 9, 2018, the Company's board of directors approved, subject to stockholder approval, and recommended its stockholders approve at the annual meeting held on May 8, 2018, the amendment and restatement of the 2014 Plan (the Amended and Restated 2014 Plan), that, among other things, would increase the number of authorized shares under the 2014 Plan from 749,305 to an aggregate of 5,300,000 shares. Such stockholder approval was obtained on May 8, 2018. As of June 30, 2018 , there were 1,833,192 shares available to grant under the Amended and Restated 2014 Plan. Stock Options The following table summarizes stock-based compensation expense related to stock options granted to employees and non-employee directors included in the condensed consolidated statements of operations as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Research and development $ 2,365 $ 43 $ 2,595 $ 90 General and administrative 8,298 169 8,756 341 Total $ 10,663 $ 212 $ 11,351 $ 431 There were 134,375 and 1,283 shares of stock options granted during the three months ended June 30, 2018 and 2017, respectively, and 3,270,405 and 7,928 shares of stock options granted during the six months ended June 30, 2018 and 2017, respectively. The stock options granted in March 2018 to purchase up to an aggregate of 3,136,030 shares of common stock were granted under the Amended and Restated 2014 Plan approved by the Company’s board of directors on March 9, 2018, and were subject to the Company obtaining the requisite stockholder approval (the “Contingent Options”). Such stockholder approval of the Amended and Restated 2014 Plan was obtained on May 8, 2018. In connection with the Merger, all Neothetics' remaining employees were terminated without cause and Neothetics entered into Separation and Release Agreements with these employees. The Separation and Release Agreements entitled employees full acceleration of all unvested stock options granted under the 2014 Plan and extension of the exercise period for all options held by employees to the earlier of (i) the expiration of the stock option pursuant to its terms or (ii) March 31, 2019. The Company applied share-based payment modification accounting in accordance with ASC 718 — Compensation — Stock Compensation and determined the incremental value of the modification to the awards resulting from the extension of the exercise period was $0.2 million . T he Contingent Options were granted with vesting terms that varied from those general terms as described above. A majority of Contingent Options had vested as of June 30, 2018, and as a result a significant amount of stock-based compensation expense was recognized during the three months ended June 30, 2018. As of June 30, 2018 , unrecognized stock-based compensation expense for employees, non-employee directors and consultants stock options was approximately $6.4 million , which the Company expects to recognize over a weighted-average remaining period of 1.3 years, assuming all unvested options become fully vested. Summary of Assumptions The fair value of stock-based compensation for stock options granted to employees, non-employee directors and consultants was estimated on the date of grant using the BSM option pricing model based on the following weighted-average assumptions for options granted during the three and six months ended June 30, 2018 and 2017. Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Expected volatility 86.8 % 90.6 % 85.9 % 90.9 % Risk-free interest rate 2.8 % 1.9 % 2.8 % 2.2 % Expected dividend yield — % — % — % — % Expected term (years) 5.8 6.0 5.4 5.7 Expected volatility. The expected volatility assumption is based on volatilities of a peer group of similar companies whose share prices are publicly available. The peer group was developed based on companies in the biotechnology industry. Risk-free interest rate. The risk-free interest rate assumption is based on observed interest rates appropriate for the expected term of the stock option grants. Expected dividend yield. The expected dividend yield assumption is based on the fact that the Company has never paid cash dividends and has no present intention to pay cash dividends. Expected term. The expected term represents the period options are expected to be outstanding. Because the Company does not have historical exercise behavior, it determines the expected term assumption using the practical expedient as provided for under ASC 718 — Compensation — Stock Compensation , which is the midpoint between the requisite service period and the contractual term of the option. Restricted Stock Awards In September 2016, under the 2012 Equity Incentive Plan, Private Evofem issued an aggregate of 4,759,091 shares of restricted stock on a pre-split basis to members of management (the RSAs) with vesting terms subject to the completion of an initial public offering (IPO) by Private Evofem. Upon closing of the Merger, as more fully described in Note 1 – Description of Business and Basis of Presentation , the members of management agreed to cancel their restricted stock awards. As a result, all 4,759,091 shares of unvested RSAs on a pre-split basis were cancelled during the three months ended March 31, 2018, and there was no unrecognized stock-based compensation expense related to the RSAs. Restricted Stock Units In October 2016, as previously described in Note 7 — Related-party Transactions , Private Evofem issued a restricted stock unit for the right to 100,000 shares of Private Evofem’s common stock on a pre-split basis to the chairman of the Company’s board of directors (the RSUs). Upon closing of the Merger, the chairman agreed to cancel his RSUs. As a result, all 100,000 shares of unvested RSUs on a pre-split basis were cancelled during the three months ended March 31, 2018, and there was no unrecognized stock-based compensation expense related to the RSUs. Employee Stock Purchase Plan In November 2014, Neothetics adopted the 2014 Employee Stock Purchase Plan (the ESPP), which enables eligible employees to purchase shares of its common stock using their after-tax payroll deductions of up to 15% of their eligible compensation, subject to certain restrictions. The ESPP initially authorized the issuance of 28,333 shares of common stock pursuant to purchase rights granted to employees. The number of shares of common stock reserved for issuance automatically increased on January 1, 2015 and will continue to increase on each January 1 thereafter through January 1, 2024, by the smaller of (a) 1.0% of the total issued and outstanding shares on the preceding December 31, and (b) a number of shares determined by the board of directors of Neothetics. The ESPP is intended to qualify as an employee stock purchase plan within the meaning of Section 423 of the Internal Revenue Code of 1986, as amended (the Code). The fair value of shares issued to employees under the ESPP is estimated using a BSM option-pricing model, which requires the use of subjective and complex assumptions, including (a) the expected stock price volatility, (b) the calculation of the expected term of the award, (c) the risk-free interest rate and (d) the expected dividend yield. Following completion of the Merger, there was no enrollment in the ESPP. During the three and six months ended June 30, 2018 and 2017, there were no shares of common stock purchased under the ESPP.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2018
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On July 2, 2018, under the Amended and Restated 2014 Plan, the Company issued an aggregate of 1,230,399 shares of RSAs to its executive management team, of which, 10,000 shares will vest based on certain performance conditions, 70,000 shares will vest in two equal installments on October 16, 2018 and 2019 upon completion of the grantee's services for the Company, and the remainder were immediately vested on the grant date. The non performance-based RSAs were valued at the fair value on the grant date and the associated expenses were fully recognized on the grant date. For the performance-based RSAs, (i) the fair value of the award was determined on the grant date, (ii) the Company assessed the probability of the individual milestone under the award being achieved and (iii) the fair value of the shares subject to the milestone is expensed over the implicit service period commencing once management believes the performance criteria is probable of being met. In addition, the Company issued 75,000 shares of RSUs to the chairman of the Company’s board of directors in consideration for certain consulting services provided to the Company in connection with the 2016 Consulting Agreement. The RSUs were fully vested on the grant date. On July 24, 2018, upon the recommendation by the Compensation Committee, the Board of Directors adopted the Evofem Biosciences, Inc. 2018 Inducement Equity Incentive Plan (the Inducement Plan), pursuant to which the Company reserved 250,000 shares for the issuance of equity awards under the Inducement Plan. The only persons eligible to receive awards under the Inducement Plan are individuals who satisfy the standards for inducement grants under Nasdaq Marketplace Rule 5635(c)(4) - that is, generally, a person not previously an employee or director of the Company, or following a bona fide period of non-employment, as an inducement material to the individual's entering into employment with the Company. On July 31, 2018, the Compensation Committee, with the authorization of the Board of Directors, approved a total of 1,135,020 shares of stock options to be granted to the Company's employees, non-employee directors and consultants under the Amended and Restated 2014 Plan. In addition, on July 31, 2018, the Compensation Committee, with the authorization of the Board of Directors, approved one-time, discretionary cash bonus awards, or the Discretionary Bonuses, to (i) Saundra Pelletier, our President and Chief Executive Officer, in the approximate net amount of $50,000 , (ii) Justin J. File, our Chief Financial Officer, in the approximate net amount of $20,000 , (iii) Kelly Culwell, M.D., our Chief Medical Officer, in the approximate net amount of $20,000 and (iv) Russ Barrans, our Chief Commercial Officer, in the approximate net amount of $20,000 . The Discretionary Bonuses were paid such that each recipient received the above amounts net of applicable tax withholdings.

Summary of Significant Accoun20

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Basis of Presentation and Principles	Basis of Presentation and Principles and Consolidation Since Private Evofem was determined to be the accounting acquirer in connection with the Merger, it recorded Neothetics’ assets and liabilities at fair value as of the Closing Date. Therefore, for periods prior to the Merger, the condensed consolidated financial statements were prepared on a stand-alone basis for Private Evofem and did not include the combined entities' financial position. Subsequent to the Merger, the condensed consolidated financial statements as of and for the six months ended June 30, 2018 included Neothetics' assets and liabilities. The Company prepared the unaudited interim condensed consolidated financial statements included in this Quarterly Report in accordance with accounting principles generally accepted in the U.S. (GAAP) for interim financial information and the rules and regulations of the Securities and Exchange Commission (SEC) related to quarterly reports on Form 10-Q.
Consolidation	The Company’s financial statements are presented on a consolidated basis, which include the accounts of the Company and its wholly-owned subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. The unaudited interim condensed consolidated financial statements do not include all information and disclosures required by GAAP for annual audited financial statements and should be read in conjunction with the Private Evofem’s consolidated financial statements and notes thereto for the year ended December 31, 2017 included in its Current Report on Form 8-K/A as filed with the SEC on April 6, 2018 (the 2017 Audited Financial Statements). The unaudited interim condensed consolidated financial statements included in this report have been prepared on the same basis as the Company's audited consolidated financial statements and include all adjustments (consisting only of normal recurring adjustments) necessary for a fair statement of the financial position, results of operations, cash flows, and statement of convertible preferred stock and stockholders' equity (deficit) for the periods presented. The results for the three and six months ended June 30, 2018 are not necessarily indicative of the results expected for the full year. The condensed consolidated balance sheet as of December 31, 2017 was derived from the 2017 Audited Financial Statements. Consolidation
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and the notes thereto. On an ongoing basis, Management evaluates its estimates related to, but not limited to, the useful lives of property and equipment, the recoverability of long-lived assets, preclinical and clinical trial accruals, the measurement of the Series D 2X liquidation preference, assumptions used in estimating the fair value of warrants issued in connection with the Merger and common warrants in connection with a public offering closed on May 24, 2018 as more described in Note 9- Public Offering, assumptions used in estimating the fair value of stock-based compensation expense and other contingencies. The Company’s assumptions regarding the measurement of the Series D 2X liquidation preference and stock-based compensation are more fully described in Note 5 — Fair Value of Financial Instruments and Note 11 — Stock-based Compensation, respectively. 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 and adjusts when facts and circumstances dictate. The estimates are the basis for making judgments about the carrying values of assets and liabilities and recorded expenses that are not readily apparent from other sources. As future events and their effects cannot be determined with precision, actual results may materially differ from those estimates or assumptions.
Segment Reporting	Segment Reporting 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 in making decisions regarding resource allocation and assessing performance. The Company views its operations and manages its business in one operating segment.
Concentrations of Credit Risk	Concentrations of Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents and restricted cash. Deposits in the Company’s checking and time deposit accounts are maintained in federally insured financial institutions in excess of federally insured limits. The Company invests in funds through a major U.S. bank and is exposed to credit risk in the event of default to the extent of amounts recorded on the consolidated balance sheets. The Company has not experienced any losses in such accounts and believes it is not exposed to significant concentrations of credit risk on its cash, cash equivalents and restricted cash balances due to the financial position of the depository institutions in which these deposits are held.
Cash and Restricted Cash	Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents consists of readily available cash in checking and money market accounts. Restricted cash consists of cash held in monthly time deposit accounts, which are collateral for the Company’s credit cards and facility leases.
Net Loss Per Share	Net Loss Per Share Basic net loss per common share is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding during the period, without consideration for potentially dilutive securities. 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 potentially dilutive securities outstanding for the period determined using the treasury-stock and if-converted methods. For purposes of the diluted net loss per share calculation, potentially dilutive securities are excluded from the calculation of diluted net loss per share because their effect would be anti-dilutive and therefore, basic and diluted net loss per share were the same for all periods presented.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements The Company qualifies as an “emerging growth company” (EGC) pursuant to the provisions of the Jumpstart Our Business Startups (JOBS) Act. Section 7(a)(2)(B) of the Securities Act of 1933, as amended, permits EGCs to defer compliance with new or revised accounting standards until non-issuers are required to comply with such standards. However, the Company elected not to take advantage of the extended transition period for implementation of new or revised financial accounting standards, and as a result, the Company will comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for non-emerging growth companies. In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers (Topic 606) (ASU No. 2014-09), which amends the existing accounting standards for revenue recognition. ASU No. 2014-09 is based on principles that govern the recognition of revenue at an amount an entity expects to be entitled when products are transferred to customers. The new standard as amended by ASU No. 2015-14, ASU No. 2016-10 and ASU No. 2016-12 was effective for the Company beginning January 1, 2018. The Company adopted the new standard using the full retrospective approach, which did not have an impact on the Company’s financial position or results of operations as the Company is pre-revenue and does not anticipate generating any significant revenue prior to 2020. In May 2017, the FASB issued ASU No. 2017-09, Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting (ASU No. 2017-09), which clarifies when to account for a change to the terms or conditions of a share-based payment award as a modification. Under the new guidance, modification accounting is required only if the fair value, the vesting conditions, or the classification of the award (as equity or liability) changes as a result of the change in terms or conditions. ASU No. 2017-09 was effective for the Company beginning January 1, 2018. The adoption of this new standard did not have a material impact on the Company’s financial position or results of operations. Recently Issued Accounting Pronouncements — Not Yet Adopted In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842 ) (ASU No. 2016-02), which changes the presentation of assets and liabilities relating to leases. The core principle of ASU No. 2016-02 is that a lessee should recognize the assets and liabilities that arise from leases. All leases create an asset and a liability for the lessee in accordance with FASB Concepts Statement No. 6, Elements of Financial Statements , and, therefore, recognition of those lease assets and lease liabilities represents an improvement over previous GAAP, which did not require lease assets and lease liabilities to be recognized for most leases. The new standard as amended by ASU No. 2018-01, ASU No. 2018-10 and ASU No. 2018-11 will be effective for the Company beginning January 1, 2019. The Company’s sublease for office space under a noncancelable lease agreement entered into effective January 30, 2015 (the 2015 Lease) as a lessee and sublease with WomanCare Global Trading, Inc. (the WCG Sublease) as a lessor will both expire in 2020 (see Note 6 — Commitments and Contingencies for more details) and be subject to the provisions of this new standard. While the Company continues to evaluate the impact of this new standard as a lessee and a sublessor on its consolidated financial statements, the Company currently expects the primary impact will be to record right-of-use assets and lease liabilities for the 2015 Lease as a lessee and rent receivable for the WCG Sublease as a lessor in the consolidated balance sheets. In June 2018, the FASB issued ASU No. 2018-07, Compensation- Stock Compensation (Topic 718 ) (ASU No. 2018-07), which expands the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from non-employees that are currently covered under Accounting Standards Codification (ASC) 505-50 , Equity-Equity-Based Payments to Non-employees. ASU No. 2018-07 will be effective for the Company beginning January 1, 2019. Early adoption is permitted. The Company is in the process of evaluating the impact of this standard on its consolidated financial statements.
Merger Transactions	As described in Note 1- Description of Business and Basis of Presentation, Private Evofem merged with Neothetics effective on the Closing Date. The Merger was accounted for as a reverse recapitalization with Private Evofem treated as the accounting acquirer pursuant to ASC 805- Business Combinations. Under reverse recapitalization accounting, the accounting acquirer shall measure the identifiable assets acquired, the liabilities assumed, and any noncontrolling interest in the acquiree at their acquisition-date fair values.

Summary of Significant Accoun21

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Reconciliation of Cash and Restricted Cash	The following table provides a reconciliation of cash, cash equivalents and restricted cash, reported within the condensed consolidated statements of cash flows (in thousands): Six Months Ended June 30, 2018 2017 Cash and cash equivalents $ 22,788 $ 1,027 Restricted cash 554 520 Total cash, cash equivalents and restricted cash presented in the condensed consolidated statements of cash flows $ 23,342 $ 1,547
Summary of Potentially Dilutive Securities Excluded from Calculation of Diluted Net Loss Per Share	Potentially dilutive securities excluded from the calculation of diluted net loss per share are summarized in the table below. For the three and six months ended June 30, 2017, the shares in the table have been adjusted to reflect the conversion of Series A, B, C-1, and C convertible preferred stock and Series D redeemable convertible preferred stock (Series D) into common stock as fully described in Note 8- Convertible Preferred Stock , and the Reverse Stock Split. Three and Six Months Ended June 30, 2018 2017 Convertible preferred stock — 1,027,079 Series D redeemable convertible preferred stock — 5,159,240 Unvested restricted common stock subject to repurchase — 122,149 Unvested restricted stock units — 2,566 Options to purchase common stock 3,573,640 160,363 Warrants to purchase common stock 4,775,886 — Total 8,349,526 6,471,397

Balance Sheet Details (Tables)

Balance Sheet Details (Tables)	6 Months Ended
	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid and Other Current Assets	Prepaid and other current assets consist of the following (in thousands): June 30, 2018 December 31, 2017 Flex note receivable (1) $ 250 $ 250 Other receivable from related parties 155 17 Clinical supplies 90 119 Insurance 270 96 Rent 63 63 Research and development costs 138 30 Other 167 78 Total $ 1,133 $ 653 _______________________ (1) In June 2016, Private Evofem’s board of directors committed to a plan to sell its Softcup line of business (Softcup) and re-direct its available cash resources to further develop Amphora. In July 2016, the Company entered into an Asset Purchase Agreement with The Flex Company (Flex), whereby Flex would acquire certain assets and assume certain liabilities associated with Softcup. Total consideration for the Softcup sale was $1.9 million , with $0.6 million received in cash at closing and the remaining $1.3 million due and payable under a note in favor of the Company (the Flex Note) through January 1, 2021 (the Maturity Date). The Flex Note bears simple interest at a rate of 5.0% per annum on the remaining principal amount outstanding. An annual principal payment of approximately $0.3 million and the annual accrued and unpaid interest are payable each January 1, beginning in 2017 through the Maturity Date. The Flex Note is secured by the Softcup assets and has been recorded at present value. The Company’s incremental borrowing rate and the stated interest rate of the Flex Note are materially consistent.
Property and Equipment, Net	Property and equipment, net, consists of the following (in thousands): Useful Life June 30, 2018 December 31, 2017 Research equipment 5 years $ 639 $ 639 Computer equipment and software 3 years 6 6 Office furniture 5 years 205 205 Leasehold improvements 5 years or less 340 340 1,190 1,190 Less: accumulated depreciation and amortization (473 ) (342 ) Total, net $ 717 $ 848
Other Noncurrent Assets	Other noncurrent assets consist of the following (in thousands): June 30, 2018 December 31, 2017 Flex note receivable, net of current portion $ 500 $ 750 Prepaid Directors & Officers insurance 477 — Total $ 977 $ 750
Accrued Expenses	Accrued expenses consist of the following (in thousands): June 30, 2018 December 31, 2017 Clinical studies $ 9,227 $ 8,789 Sublicense fees 1,117 2,000 Public offering costs 176 135 Board of directors’ fees and related expenses 50 247 Legal and other professional fees 239 727 Other 295 188 Total $ 11,104 $ 12,086

Fair Value of Financial Instr23

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2018
Fair Value Disclosures [Abstract]
Financial Assets and Liabilities Measured on a Recurring Basis	The fair values of the Company’s assets and liabilities, including the money market fund and Series D 2X liquidation preference, measured on a recurring basis are summarized in the following tables, as applicable (in thousands): June 30, 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Money market fund (1) $ 62 $ 62 $ — $ — Total assets $ 62 $ 62 $ — $ — _______________________ (1) Included as a component of cash and cash equivalents on the accompany condensed consolidated balance sheet. December 31, 2017 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Series D 2X liquidation preference $ (79,870 ) $ — $ — $ (79,870 ) Total liabilities $ (79,870 ) $ — $ — $ (79,870 )
Summary of Changes in Level 3 Financial Liabilities Measured at Fair Value on a Recurring Basis	The following table summarizes the changes in Level 3 financial liabilities measured at fair value on a recurring basis for the six months ended June 30, 2018 (in thousands). There were no activities for the three months ended June 30, 2018. Series D 2X Liquidation Preference Liability Balance at December 31, 2017 $ 79,870 Change in fair value of Series D 2X liquidation preference 130 Redemption of Series D 2X liquidation preference upon conversion of Series D (80,000 ) Balance at June 30, 2018 $ —

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Summary of Minimum Lease Payments and Sublease Receipts Under the Lease Agreements	As of June 30, 2018 , future minimum lease commitments under the above mentioned operating leases, together with sublease income, are as follows (in thousands): Operating Sublease Net Year ending December 31, 2018 $ 374 $ (75 ) $ 299 Year ending December 31, 2019 777 (155 ) 622 Year ending December 31, 2020 201 (40 ) 161 Total $ 1,352 $ (270 ) $ 1,082

Related-party Transactions (Tab

Related-party Transactions (Tables)	6 Months Ended
	Jun. 30, 2018
Related Party Transactions [Abstract]
Summary of Receivables, Payables, Payments and Expenses of Company's Transactions	The following table summarizes receivables, payables, payments and expenses related to the Company’s transactions with WCGI related entities as of and for the six months ended June 30, 2018 and 2017, respectively (in thousands): 2018 2017 Receivables $ — $ 79 Payables $ 1,252 $ 2,021 Payments $ 883 $ 1,018 Operating and Interest expense $ 59 $ 26

Convertible Preferred Stock (Ta

Convertible Preferred Stock (Tables)	6 Months Ended
	Jun. 30, 2018
Equity [Abstract]
The Designated, Issued and Outstanding Shares of Convertible Preferred Stock, by Series	The designated, issued and outstanding shares of convertible preferred stock, by series, as of December 31, 2017 were as follows (aggregate liquidation amount and proceeds, net of issuance costs, in thousands): Shares Original Shares Common Aggregate Proceeds, Series A 12,768,492 $ 1.9579445 12,618,279 12,618,279 $ 24,706 $ 23,848 Series B 31,034,696 $ 3.2222 13,801,318 13,801,318 44,471 43,616 Series C-1 8,660,572 $ 3.97 8,558,686 8,558,686 33,978 34,382 Series C 5,037,784 $ 3.97 5,037,784 5,037,784 20,000 19,469 Series D (2)(3) 80 $ 500,000 80 85,160 39,739 Total 57,501,624 40,016,147 $ 208,315 $ 161,054 _______________________ (1) The Series D shares were convertible into shares in the next equity financing (either preferred or common) at a 50% discount to the fair value price per share of the shares to be issued in the next financing, therefore, the Series D common stock equivalents and the totals for common stock equivalents have been left blank. (2) Aggregate liquidation amount included accrued and unpaid dividends of $5.2 million as of December 31, 2017 . (3) Proceeds, net of issuance costs, included $35.0 million in cash and $5.0 million from the conversion of the Amended Cosmederm Note (see more discussions below) less issuance costs of approximately $0.3 million . This line excluded the Series D 2X liquidation preference net issuance price of $18.2 million , the loss on the issuance of Series D of $35.2 million , loss on extinguishment of related-party note payable of $6.7 million and accrued Series D dividends of $5.2 million . Private Evofem and Cosmederm entered a promissory note during 2015, which was amended in July 2016 in conjunction with the Private Evofem’s Series D financing (the Amended Cosmederm Note). Cosmederm assigned the Amended Cosmederm Note with the then outstanding principal balance of $10.0 million to WIM. As a condition to closing the Private Evofem’s Series D, WIM immediately converted $5.0 million of the Amended Cosmederm Note into 10 shares of the Private Evofem’s Series D and cancelled the remaining $5.0 million .

Stockholders' Equity (Deficit)

Stockholders' Equity (Deficit) (Tables)	6 Months Ended
	Jun. 30, 2018
Equity [Abstract]
Summary of Common Stock Reserved for Future Issuance	Common stock reserved for future issuance is as follows in common equivalent shares as of June 30, 2018 : Common stock issuable upon the exercise of stock options outstanding 3,573,640 Common stock issuable upon the exercise of common stock warrants 4,775,886 Common stock available for future issuance under the 2014 ESPP 118,825 Common stock available for future issuance under the Amended and Restated 2014 Plan 1,833,192 Total common stock reserved for future issuance 10,301,543

Stock-based Compensation (Table

Stock-based Compensation (Tables)	6 Months Ended
	Jun. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-based compensation expense related to stock options	The following table summarizes stock-based compensation expense related to stock options granted to employees and non-employee directors included in the condensed consolidated statements of operations as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Research and development $ 2,365 $ 43 $ 2,595 $ 90 General and administrative 8,298 169 8,756 341 Total $ 10,663 $ 212 $ 11,351 $ 431
Weighted-average assumptions rate	The fair value of stock-based compensation for stock options granted to employees, non-employee directors and consultants was estimated on the date of grant using the BSM option pricing model based on the following weighted-average assumptions for options granted during the three and six months ended June 30, 2018 and 2017. Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Expected volatility 86.8 % 90.6 % 85.9 % 90.9 % Risk-free interest rate 2.8 % 1.9 % 2.8 % 2.2 % Expected dividend yield — % — % — % — % Expected term (years) 5.8 6.0 5.4 5.7

Description of Business and B29

Description of Business and Basis of Presentation (Detail) $ in Thousands	May 24, 2018USD ($)	Jan. 17, 2018	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	Dec. 31, 2017USD ($)
Entity Information [Line Items]
Proceeds from issuance of common stock, pre-funded warrants and common warrants in connection with the Offering, net of underwriting discounts and commissions			$ 37,542	$ 0
Reverse stock split, conversion ratio		166.7000
Cash			22,800
Working capital deficit			3,600
Accumulated deficit			$ (399,734)		$ (307,277)
Evolution Pharma | Evofem
Entity Information [Line Items]
Partnership interest percent			99.00%
Evolution Pharma | Evofem Limited, LLC
Entity Information [Line Items]
Partnership interest percent			1.00%
Public Offering
Entity Information [Line Items]
Proceeds from issuance of common stock, pre-funded warrants and common warrants in connection with the Offering, net of underwriting discounts and commissions	$ 37,500		$ 37,500

Summary of Significant Accoun30

Summary of Significant Accounting Policies - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2018Segment
Accounting Policies [Abstract]
Number of operating segments	1

Summary of Significant Accoun31

Summary of Significant Accounting Policies - Schedule of Reconciliation of Cash, Cash Equivalent, and Restricted Cash (Detail) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017
Accounting Policies [Abstract]
Cash and cash equivalents	$ 22,788	$ 1,211	$ 1,027
Restricted cash	554		520
Total cash, cash equivalents and restricted cash presented in the condensed consolidated statements of cash flows	$ 23,342		$ 1,547

Summary of Significant Accoun32

Summary of Significant Accounting Policies - Summary of Potentially Dilutive Securities Excluded from Calculation of Diluted Net Loss Per Share (Detail) - shares	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total	8,349,526	6,471,397
Convertible Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total	0	1,027,079
Series D Convertible Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total	0	5,159,240
Unvested Restricted Stock Units (RSUs)
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total	0	2,566
Stock options issued and outstanding
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total	3,573,640	160,363
Warrants
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total	4,775,886	0
Unvested Restricted Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total	0	122,149

Merger Transactions (Details)

Merger Transactions (Details) $ / shares in Units, $ in Millions	Jan. 17, 2018USD ($)$ / sharesshares	Dec. 31, 2017$ / sharesshares	Jun. 30, 2018$ / sharesshares
Business Acquisition [Line Items]
Common stock, shares outstanding		2,082,053	25,199,511
Common stock, par value (in dollars per share) | $ / shares	$ 0.0001	$ 0.0001	$ 0.0001
Maximum warrants for purchase (in shares)			4,775,886
Common stock issued upon the exercise of common stock warrants (in shares)	11,875		2,000,000
Converted shares (in shares)		80
Reverse stock split, conversion ratio	166.7000
Common Stock
Business Acquisition [Line Items]
Exchange of shares	1
Number of converted shares (in shares)	40,016,067
Converted shares (in shares)	270,969,445
Number of shares issued (in shares)	1,614,289
Consideration received | $	$ 20
Series D
Business Acquisition [Line Items]
Converted shares (in shares)	80
Unvested Restricted Stock Units (RSUs)
Business Acquisition [Line Items]
Number of cancelled shares (in shares)			100,000
Two Thousand Twelve Equity Incentive Plan | Unvested Restricted Stock Units (RSUs)
Business Acquisition [Line Items]
Number of cancelled shares (in shares)	4,759,091
Neothetics
Business Acquisition [Line Items]
Number of converted shares (in shares)			41,273,941
Neothetics | Common Stock
Business Acquisition [Line Items]
Exchange of shares	0.1540		0.1540
Number of converted shares (in shares)			515,924
Maximum warrants for purchase (in shares)	2,000,000
Common stock issued upon the exercise of common stock warrants (in shares)			2,000,000
Shares issued in conversion, pre split (in shares)	41,732,794
Shares issued in conversion, post split (in shares)	6,955,456
Shares exchanged (in shares)	3
Neothetics | Series D
Business Acquisition [Line Items]
Converted shares (in shares)	80
Shares issued in conversion, pre split (in shares)	41,273,941
Shares issued in conversion, post split (in shares)	6,878,989
Neothetics
Business Acquisition [Line Items]
Cash and cash equivalents acquired | $	$ 1.9
Prepaids and other current assets acquired | $	0.5
Current and non current liabilities acquired | $	0.4
Common stock value | $	$ 1.9
Common stock, shares outstanding	2,308,430
Common stock, par value (in dollars per share) | $ / shares	$ 0.0001
Invesco Warrants
Business Acquisition [Line Items]
Maximum warrants for purchase (in shares)	155,081,982
Common stock issued upon the exercise of common stock warrants (in shares)	154,593,455
Neothetics | Neothetics
Business Acquisition [Line Items]
Ownership percent	87.00%

Balance Sheet Details - Prepaid

Balance Sheet Details - Prepaid and Other Current Assets (Detail) - USD ($) $ in Thousands	Jul. 31, 2016	Jun. 30, 2018	Dec. 31, 2017
Prepaid Expenses And Other Current Assets [Line Items]
Prepaid and other current assets		$ 1,133	$ 653
Consideration transferred	$ 1,900
Cash received	600
Payable due in consideration	$ 1,300
Interest rate	5.00%
Annual principal payment	$ 300
Flex note receivable
Prepaid Expenses And Other Current Assets [Line Items]
Prepaid and other current assets		250	250
Other receivable from related parties
Prepaid Expenses And Other Current Assets [Line Items]
Prepaid and other current assets		155	17
Clinical supplies
Prepaid Expenses And Other Current Assets [Line Items]
Prepaid and other current assets		90	119
Insurance
Prepaid Expenses And Other Current Assets [Line Items]
Prepaid and other current assets		270	96
Rent
Prepaid Expenses And Other Current Assets [Line Items]
Prepaid and other current assets		63	63
Research and development costs
Prepaid Expenses And Other Current Assets [Line Items]
Prepaid and other current assets		138	30
Other
Prepaid Expenses And Other Current Assets [Line Items]
Prepaid and other current assets		$ 167	$ 78

Balance Sheet Details - Propert

Balance Sheet Details - Property and Equipment, Net (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 1,190	$ 1,190
Less: accumulated depreciation and amortization	(473)	(342)
Total, net	717	848
Research equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 639	639
Useful Life	5 years
Computer equipment and software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 6	6
Useful Life	3 years
Office furniture
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 205	205
Useful Life	5 years
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 340	$ 340
Maximum | Leasehold improvements
Property, Plant and Equipment [Line Items]
Useful Life	5 years

Balance Sheet Details - Additio

Balance Sheet Details - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Depreciation expense	$ 65	$ 100

Balance Sheet Details - Other N

Balance Sheet Details - Other Non Current Assets (Detail) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Other noncurrent assets	$ 977	$ 750
Flex note receivable
Other noncurrent assets	500	750
Prepaid Directors & Officers insurance
Other noncurrent assets	$ 477	$ 0

Balance Sheet Details - Accrued

Balance Sheet Details - Accrued Expenses (Detail) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Clinical studies	$ 9,227	$ 8,789
Sublicense fees	1,117	2,000
Public offering costs	176	135
Board of directors’ fees and related expenses	50	247
Legal and other professional fees	239	727
Other	295	188
Total	$ 11,104	$ 12,086

Fair Value of Financial Instr39

Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions	Jan. 17, 2018	Dec. 31, 2017	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Number of converted shares (in shares)		80
Series D 2X liquidation preference
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value of financial liability			$ 80		$ 80
Change in fair value of Series D 2X liquidation preference			$ 0	$ 0.2	$ 0.1	$ 0.6
Series D
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Number of converted shares (in shares)	80
Neothetics | Series D
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Number of converted shares (in shares)	80

Fair Value of Financial Instr40

Fair Value of Financial Instruments - Fair Value of Company's Level 3 Financial Liabilities Measured on a Recurring Basis (Detail) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	$ 62
Total liabilities		$ (79,870)
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	62
Total liabilities		0
Significant Other Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	0
Total liabilities		0
Significant Unobservable Inputs (Level 3)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	0
Total liabilities		(79,870)
Money market fund
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	62
Money market fund | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	62
Money market fund | Significant Other Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	0
Money market fund | Significant Unobservable Inputs (Level 3)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	$ 0
Series D 2X liquidation preference
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total liabilities		(79,870)
Series D 2X liquidation preference | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total liabilities		0
Series D 2X liquidation preference | Significant Other Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total liabilities		0
Series D 2X liquidation preference | Significant Unobservable Inputs (Level 3)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total liabilities		$ (79,870)

Fair Value of Financial Instr41

Fair Value of Financial Instruments - Summary of Changes in Level 3 Financial Liabilities Measured at Fair Value on a Recurring Basis (Detail) - Significant Unobservable Inputs (Level 3) - Series D 2X liquidation preference $ in Thousands	6 Months Ended
	Jun. 30, 2018USD ($)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	$ 79,870
Change in fair value of Series D 2X liquidation preference	130
Redemption of Series D 2X liquidation preference upon conversion of Series D	(80,000)
Ending balance	$ 0

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)	Oct. 01, 2019USD ($)	Feb. 01, 2015USD ($)	Jan. 30, 2015	Jun. 30, 2018USD ($)claim	Mar. 31, 2017USD ($)	Feb. 28, 2017USD ($)	Aug. 31, 2016USD ($)	Jun. 30, 2018USD ($)claim	Jun. 30, 2017USD ($)	Mar. 31, 2020USD ($)	Jun. 30, 2018USD ($)claim	Jun. 30, 2017USD ($)	Nov. 30, 2019USD ($)	Apr. 01, 2018	Dec. 31, 2017USD ($)claim
Loss Contingencies [Line Items]
Operating lease termination fee payment					$ 55,000
Renewal period			5 years
Restricted cash				$ 554,000				$ 554,000			$ 554,000				$ 490,000
Rent expense								$ 100,000	$ 200,000		$ 300,000	$ 400,000
Claims | claim				0				0			0				0
Accrued sublicense fees				$ 1,117,000				$ 1,117,000			$ 1,117,000				$ 2,000,000
Securities Deposit
Loss Contingencies [Line Items]
Restricted cash				400,000				400,000			400,000				400,000
Woman Care Global International
Loss Contingencies [Line Items]
Percentage of sublease		25.00%
Security deposit by sublease				200,000				200,000			200,000
Sublease arrangement, percent of overall lease payment														20.00%
Sublease income as a reduction of rent expense								40,000	$ 57,000		40,000	$ 85,000
Woman Care Global International | Sublicense Agreement
Loss Contingencies [Line Items]
Upfront license payment							$ 10,000,000
Maximum milestone license payment							$ 32,000,000
Accrued sublicense fees				1,100,000				1,100,000			1,100,000				2,000,000
Accrued interest expense on unpaid sublicense fees				100,000				$ 100,000			$ 100,000				100,000
Woman Care Global International | Initial Payment
Loss Contingencies [Line Items]
Security deposit by sublease		$ 300,000
Scenario Forecast
Loss Contingencies [Line Items]
Periodic release of security deposit										$ 66,000			$ 5,000
Scenario Forecast | Woman Care Global International | Sublicense Agreement
Loss Contingencies [Line Items]
Annual sublicense fees	$ 5,000,000
LJ Gateway Office LLC
Loss Contingencies [Line Items]
Lessee, Operating Sublease, Repayment Of Security Deposit				$ 30,317
Discount percent						50.00%
Base rent						$ 27,768
Surrendered lease security deposit						$ 30,317
Percent of base rate increase						3.00%
LJ Gateway Office LLC | Securities Deposit
Loss Contingencies [Line Items]
Restricted cash															$ 100,000

Commitments and Contingencies43

Commitments and Contingencies - Summarized minimum lease payments and sublease receipts under lease agreements (Detail) $ in Thousands	Jun. 30, 2018USD ($)
Commitments and Contingencies Disclosure [Abstract]
Operating leases current fiscal year	$ 374
Operating leases next fiscal year	777
Operating leases fiscal year three	201
Total	1,352
Sublease income current fiscal year	(75)
Sublease income next fiscal year	(155)
Sublease income fiscal year three	(40)
Total	(270)
Net current fiscal year	299
Net next fiscal year	622
Net fiscal year three	161
Total	$ 1,082

Related-Party Transactions - Ad

Related-Party Transactions - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands

Mar. 12, 2018

Apr. 01, 2017

Apr. 01, 2016

Mar. 31, 2018

Feb. 28, 2013

Jun. 30, 2018

Jun. 30, 2017

Jun. 30, 2018

Jun. 30, 2017

Dec. 31, 2015

Jan. 17, 2018

Dec. 31, 2017

Related Party Transaction [Line Items]

Stock option warrant to purchase common stock (in shares)

2,000,000

2,000,000

11,875

Stock option warrant to purchase, exercise price per share

$ 6.30

$ 6.30

General and administrative

$ 11,409

$ 2,280

$ 20,436

$ 5,211

Thomas Lynch | 2016 Consulting Agreement

Related Party Transaction [Line Items]

Compensation relates management service

$ 400

Thomas Lynch | 2016 Consulting Agreement | Board service

Related Party Transaction [Line Items]

Compensation relates management service

$ 100

Thomas Lynch | 2016 Consulting Agreement | Warrants

Related Party Transaction [Line Items]

Vesting period

1 year

Thomas Lynch | 2016 Consulting Agreement | Common Stock

Related Party Transaction [Line Items]

Vesting period

1 year

Stock option warrant to purchase common stock (in shares)

150,000

3,850

Stock option warrant to purchase, exercise price per share

$ 1.19

$ 46.36

Thomas Lynch | 2016 Consulting Agreement | Unvested Restricted Stock Units (RSUs)

Related Party Transaction [Line Items]

Stock option warrant to purchase common stock (in shares)

100,000

Thomas Lynch | Consulting Agreement 2017

Related Party Transaction [Line Items]

Vesting period

2 years

Stock option warrant to purchase common stock (in shares)

225,000

250,000

Stock option share vested

125,000

Compensation relates management service

$ 400

Compensation paid

100

100

100

100

Thomas Lynch | Consulting Agreement 2017 | Board service

Related Party Transaction [Line Items]

Compensation relates management service

$ 100

Woman Care Global International

Related Party Transaction [Line Items]

Annual sublicense fees

$ 5,000

General and administrative

100

200

Revenue from related parties

$ 200

100

$ 500

Related party transaction, due from (to) related party

0

0

$ 13

Corporate sponsorship payment

$ 300

Related party transaction cost

0

0

$ 200

Woman Care Global International | Cares Shared Services Agreement

Related Party Transaction [Line Items]

Due to company

$ 37

$ 37

Woman Care Global International | Grant Agreement

Related Party Transaction [Line Items]

Grant agreement term

3 years

Amount of funding provided

$ 4,000

Related-Party Transactions - Su

Related-Party Transactions - Summary of Receivables, Payables, Payments and Expenses of Company's Transactions (Detail) - Woman Care Global International - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Related Party Transaction [Line Items]
Receivables	$ 0	$ 79
Payables	1,252	2,021
Payments	883	1,018
Operating and Interest expense	$ 59	$ 26

Convertible Preferred Stock - C

Convertible Preferred Stock - Convertible Preferred Stock Issued and Outstanding (Detail) - Preferred Stock - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Jun. 30, 2018
Temporary Equity [Line Items]
Shares Designated (in shares)	57,501,624	5,000,000
Original Issue Price (in dollars per share)	$ 0.0001	$ 0.0001
Shares Issued (in shares)	40,016,147
Shares Outstanding (in shares)	40,016,147
Aggregate Liquidation Amount	$ 208,315
Proceeds, Net of Issuance Costs	$ 161,054
Series A
Temporary Equity [Line Items]
Shares Designated (in shares)	12,768,492
Original Issue Price (in dollars per share)	$ 1.9579445
Shares Issued (in shares)	12,618,279
Shares Outstanding (in shares)	12,618,279
Common Stock Equivalents (in shares)	12,618,279
Aggregate Liquidation Amount	$ 24,706
Proceeds, Net of Issuance Costs	$ 23,848
Series B
Temporary Equity [Line Items]
Shares Designated (in shares)	31,034,696
Original Issue Price (in dollars per share)	$ 3.2222
Shares Issued (in shares)	13,801,318
Shares Outstanding (in shares)	13,801,318
Common Stock Equivalents (in shares)	13,801,318
Aggregate Liquidation Amount	$ 44,471
Proceeds, Net of Issuance Costs	$ 43,616
Series C-1
Temporary Equity [Line Items]
Shares Designated (in shares)	8,660,572
Original Issue Price (in dollars per share)	$ 3.97
Shares Issued (in shares)	8,558,686
Shares Outstanding (in shares)	8,558,686
Common Stock Equivalents (in shares)	8,558,686
Aggregate Liquidation Amount	$ 33,978
Proceeds, Net of Issuance Costs	$ 34,382
Series C
Temporary Equity [Line Items]
Shares Designated (in shares)	5,037,784
Original Issue Price (in dollars per share)	$ 3.97
Shares Issued (in shares)	5,037,784
Shares Outstanding (in shares)	5,037,784
Common Stock Equivalents (in shares)	5,037,784
Aggregate Liquidation Amount	$ 20,000
Proceeds, Net of Issuance Costs	$ 19,469
Series D
Temporary Equity [Line Items]
Shares Designated (in shares)	80
Original Issue Price (in dollars per share)	$ 500,000
Shares Issued (in shares)	80
Shares Outstanding (in shares)	80
Aggregate Liquidation Amount	$ 85,160
Proceeds, Net of Issuance Costs	$ 39,739

Convertible Preferred Stock - A

Convertible Preferred Stock - Additional Information (Detail) $ / shares in Units, $ in Thousands	May 24, 2018USD ($)	Jan. 17, 2018USD ($)shares	Dec. 31, 2017USD ($)shares	Jul. 31, 2017USD ($)shares	Jul. 31, 2016USD ($)shares	Jun. 30, 2018USD ($)$ / sharesshares	Jun. 30, 2017USD ($)	Dec. 31, 2017USD ($)	Jan. 18, 2018USD ($)
Temporary Equity [Line Items]
Cash dividends						$ 200
Accrued and unpaid dividends			$ 5,200					$ 5,200
Issuance costs	$ 1,400					611	$ 648
Loss on issuance of redeemable convertible preferred stock						$ 47,920	$ 0
Number of shares of to purchase capital stock (in shares) | shares		11,875				2,000,000
Stock option warrant to purchase, exercise price per share | $ / shares						$ 6.30
Warrants fair value									$ 14,100
Number of converted shares (in shares) | shares			80
Series D Two Convertible Preferred Stock
Temporary Equity [Line Items]
Liquidation preference			$ 18,200					$ 18,200
Common Stock
Temporary Equity [Line Items]
Number of converted shares (in shares) | shares		40,016,067
Exchange of shares		1
Consideration received		$ 20,000
Number of converted shares (in shares) | shares		270,969,445
Convertible Preferred Stock
Temporary Equity [Line Items]
Shares issued (in shares) | shares						0
Shares outstanding (in shares) | shares						0
Issuance and sale of an aggregate shares (in shares) | shares		5,000,000
Series D
Temporary Equity [Line Items]
Shares issuable upon conversion, percentage of discount to the issuance price								50.00%
Accrued dividend			$ 5,200					$ 5,200
Loss on issuance of redeemable convertible preferred stock								35,200
Percent of purchase price paid						(75.00%)
Number of shares of Series D to purchase capital stock, value						$ 30,000
Number of converted shares (in shares) | shares		80
Series D excluding Series D 2X Liquidation Preference
Temporary Equity [Line Items]
Warrant maturity						7 years
WIM | Series D
Temporary Equity [Line Items]
Issuance and sale of an aggregate shares (in shares) | shares				80
Consideration received				$ 500
Neothetics
Temporary Equity [Line Items]
Number of converted shares (in shares) | shares						41,273,941
Neothetics | Common Stock
Temporary Equity [Line Items]
Number of converted shares (in shares) | shares						515,924
Exchange of shares		0.1540				0.1540
Shares exchanged (in shares) | shares		3
Number of shares of to purchase capital stock (in shares) | shares						2,000,000
Stock option warrant to purchase, exercise price per share | $ / shares						$ 8.35
Neothetics | Series D
Temporary Equity [Line Items]
Number of converted shares (in shares) | shares		80
Amended Cosmederm Note | Cosmederm
Temporary Equity [Line Items]
Number of converted shares (in shares) | shares					10
Outstanding debt					$ 10,000
Converted debt					5,000
Canceled convertible debt					$ 5,000
Cash | Series D
Temporary Equity [Line Items]
Proceeds, net of issuance costs								35,000
Cosmederm Biosciences Inc | Series D
Temporary Equity [Line Items]
Issuance costs								300
Cosmederm Biosciences Inc | Conversion Of Notes | Series D
Temporary Equity [Line Items]
Proceeds, net of issuance costs								5,000
Cosmederm Biosciences Inc | Notes Payable To Related Party | Series D
Temporary Equity [Line Items]
Loss on extinguishment of related-party note payable								$ 6,700

Public Offering - Additional In

Public Offering - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Jun. 26, 2018	May 24, 2018	Jun. 30, 2018	Jun. 30, 2017	Jan. 17, 2018
Subsidiary, Sale of Stock [Line Items]
Common stock issued upon the exercise of common stock warrants (in shares)			2,000,000		11,875
Stock option warrant to purchase, exercise price per share			$ 6.30
Warrants issued in connection with Public Offering (in shares)		8,500,000
Proceeds from issuance of common stock, pre-funded warrants and common warrants in connection with the Offering, net of underwriting discounts and commissions			$ 37,542	$ 0
Issuance costs		$ 1,400	$ 611	$ 648
Pre-funded warrants
Subsidiary, Sale of Stock [Line Items]
Common stock issued upon the exercise of common stock warrants (in shares)		1,063,829
Offering price of warrants (in usd per share)		$ 4.68
Stock option warrant to purchase, exercise price per share		$ 0.01
Common warrants
Subsidiary, Sale of Stock [Line Items]
Common stock issued upon the exercise of common stock warrants (in shares)		1,700,000
Offering price of warrants (in usd per share)		$ 0.01
Stock option warrant to purchase, exercise price per share		7.50
Public Offering
Subsidiary, Sale of Stock [Line Items]
Common stock issued upon the exercise of common stock warrants (in shares)			4,775,886
Price per share (in usd per share)		$ 4.69
Proceeds from issuance of common stock, pre-funded warrants and common warrants in connection with the Offering, net of underwriting discounts and commissions		$ 37,500	$ 37,500
Over-allotment option | Common warrants
Subsidiary, Sale of Stock [Line Items]
Number of shares issued (in shares)	912
Common stock issued upon the exercise of common stock warrants (in shares)	182
Common Stock | Public Offering
Subsidiary, Sale of Stock [Line Items]
Number of shares issued (in shares)		7,436,171

Stockholders' Equity (Deficit49

Stockholders' Equity (Deficit) - Additional Information (Detail) $ / shares in Units, $ in Millions	Jun. 26, 2018shares	May 24, 2018$ / sharesshares	Jan. 17, 2018USD ($)$ / sharesshares	Jun. 30, 2018$ / sharesshares	Jan. 18, 2018USD ($)	Dec. 31, 2017$ / sharesshares	Dec. 01, 2015USD ($)$ / shares
Class Of Stock [Line Items]
Warrants outstanding (in shares)				4,775,886
Stock option warrant to purchase, exercise price per share | $ / shares				$ 6.30
Common stock issued upon the exercise of common stock warrants (in shares)			11,875	2,000,000
Common stock, shares authorized			300,000,000	300,000,000		4,051,137
Common stock, par value (in dollars per share) | $ / shares			$ 0.0001	$ 0.0001		$ 0.0001
Common stock, shares issued				25,199,511		2,082,053
Warrants fair value | $					$ 14.1
Public Offering
Class Of Stock [Line Items]
Common stock issued upon the exercise of common stock warrants (in shares)				4,775,886
Controlled Equity Offering Sales Agreement
Class Of Stock [Line Items]
Common stock, par value (in dollars per share) | $ / shares							$ 0.0001
Offering price of shares | $							$ 20
Convertible Preferred Stock
Class Of Stock [Line Items]
Issuance and sale of an aggregate shares (in shares)			5,000,000
Preferred stock par value (in dollars per share) | $ / shares			$ 0.0001
Common Stock
Class Of Stock [Line Items]
Exchange of shares			1
Number of shares issued (in shares)			1,614,289
Number of converted shares (in shares)			40,016,067
Invesco Asset Management
Class Of Stock [Line Items]
Warrants fair value | $			$ 47.9
Invesco Asset Management | Common Stock
Class Of Stock [Line Items]
Common stock issued upon the exercise of common stock warrants (in shares)			155,081,982
Common stock, par value (in dollars per share) | $ / shares			$ 0.001
Common stock, shares issued			154,593,455
Neothetics
Class Of Stock [Line Items]
Number of converted shares (in shares)				41,273,941
Neothetics | Common Stock
Class Of Stock [Line Items]
Warrants outstanding (in shares)			2,000,000
Stock option warrant to purchase, exercise price per share | $ / shares				$ 8.35
Common stock issued upon the exercise of common stock warrants (in shares)				2,000,000
Exchange of shares			0.1540	0.1540
Number of converted shares (in shares)				515,924
Pre-funded warrants
Class Of Stock [Line Items]
Stock option warrant to purchase, exercise price per share | $ / shares		$ 0.01
Common stock issued upon the exercise of common stock warrants (in shares)		1,063,829
Common warrants
Class Of Stock [Line Items]
Stock option warrant to purchase, exercise price per share | $ / shares		$ 7.50
Common stock issued upon the exercise of common stock warrants (in shares)		1,700,000
Term of warrants				7 years
Common warrants | Over-allotment option
Class Of Stock [Line Items]
Common stock issued upon the exercise of common stock warrants (in shares)	182
Term of warrants				7 years
Number of shares issued (in shares)	912
Common Stock
Class Of Stock [Line Items]
Preferred stock par value (in dollars per share) | $ / shares			$ 0.001
Common Stock | Public Offering
Class Of Stock [Line Items]
Number of shares issued (in shares)		7,436,171
Common Stock | Invesco Asset Management
Class Of Stock [Line Items]
Common stock, par value (in dollars per share) | $ / shares			$ 0.001
Common Stock | Neothetics
Class Of Stock [Line Items]
Number of converted shares (in shares)				6,955,456

Stockholders' Equity (Deficit50

Stockholders' Equity (Deficit) - Summary of Common Stock Reserved for Future Issuance (Detail) - shares	Jun. 30, 2018	Jan. 17, 2018
Class Of Stock [Line Items]
Common stock issued upon the exercise of common stock warrants (in shares)	2,000,000	11,875
Common stock available for future issuance under the 2014 Plan (in shares)	1,833,192
Total common stock reserved for future issuance (in shares)	10,301,543
Convertible Preferred Stock
Class Of Stock [Line Items]
Number of converted shares (in shares)	3,573,640
IPO
Class Of Stock [Line Items]
Common stock issued upon the exercise of common stock warrants (in shares)	4,775,886
Stock options issued and outstanding
Class Of Stock [Line Items]
Common stock available for future issuance under the 2014 ESPP (in shares)	118,825
Common stock available for future issuance under the 2014 Plan (in shares)	1,833,192

Stock-based Compensation - Addi

Stock-based Compensation - Additional Information (Detail) - USD ($)

Jan. 17, 2018

Mar. 31, 2018

Oct. 31, 2016

Sep. 30, 2016

Nov. 30, 2014

Sep. 30, 2012

Jun. 30, 2018

Jun. 30, 2017

Jun. 30, 2018

Jun. 30, 2017

Mar. 09, 2018

Sep. 15, 2014

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Shares remain available for future grant (in shares)

1,833,192

1,833,192

Number of shares authorized (in shares)

28,333

5,300,000

749,305

Options granted (in shares)

3,136,030

134,375

1,283

3,270,405

7,928

Incremental value of modification

$ 200,000

Unrecognized stock-based compensation expense for employee stock options

$ 6,400,000

$ 6,400,000

Weighted-average remaining period

1 year 3 months 14 days

Percent of eligible compensation

15.00%

Percent of issued and outstanding shares

1.00%

Shares of common stock purchased under the ESPP (in shares)

0

0

Unvested Restricted Stock Units (RSUs)

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Unvested shares canceled (in shares)

100,000

Issued RSU for the right to shares common stock

100,000

Two Thousand Twelve Equity Incentive Plan

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Expiration period

10 years

Two Thousand Twelve Equity Incentive Plan | Unvested Restricted Common Stock

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Unvested shares canceled (in shares)

4,759,091

Issued RSU for the right to shares common stock

4,759,091

Two Thousand Twelve Equity Incentive Plan | Unvested Restricted Stock Units (RSUs)

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Unrecognized stock-based compensation expense for employee stock options

$ 0

$ 0

Unvested shares canceled (in shares)

4,759,091

Vesting period one | Two Thousand Twelve Equity Incentive Plan

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Vesting period

4 years

Percent exercisable

25.00%

Vesting period two | Two Thousand Twelve Equity Incentive Plan

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Vesting period

3 years

Percent exercisable

25.00%

Stock-based Compensation - Summ

Stock-based Compensation - Summary of Stock-based Compensation Expense Related to Stock Options (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total	$ 10,663	$ 212	$ 11,351	$ 431
Research and development costs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total	2,365	43	2,595	90
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total	$ 8,298	$ 169	$ 8,756	$ 341

Stock-based Compensation - Sche

Stock-based Compensation - Schedule of Estimated Fair Value of Option Award Granted Determined Using Black-Scholes Option-Pricing Valuation Model (Detail)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Expected volatility	86.80%	90.60%	85.90%	90.90%
Risk-free interest rate	2.80%	1.90%	2.80%	2.20%
Expected dividend yield	0.00%	0.00%	0.00%	0.00%
Expected term (years)	5 years 9 months 18 days	6 years	5 years 4 months 24 days	5 years 8 months 12 days

Subsequent Events - Additional

Subsequent Events - Additional Information (Details)	Jul. 31, 2018USD ($)shares	Jul. 02, 2018installmentshares	Jul. 24, 2018shares	Mar. 09, 2018shares	Nov. 30, 2014shares	Sep. 15, 2014shares
Subsequent Event [Line Items]
Shares reserved for future issuance (in shares)				5,300,000	28,333	749,305
Executive management team | Subsequent Event
Subsequent Event [Line Items]
Restricted stock issued during period (in shares)		1,230,399
President and CEO | Subsequent Event
Subsequent Event [Line Items]
Discretionary cash bonuses | $	$ 50,000
CFO | Subsequent Event
Subsequent Event [Line Items]
Discretionary cash bonuses | $	20,000
CMO | Subsequent Event
Subsequent Event [Line Items]
Discretionary cash bonuses | $	20,000
Chief Commercial Officer [Member] | Subsequent Event
Subsequent Event [Line Items]
Discretionary cash bonuses | $	$ 20,000
Vested based on certain performance obligations | Executive management team | Subsequent Event
Subsequent Event [Line Items]
Restricted stock issued during period (in shares)		10,000
Vested based on installments | Executive management team | Subsequent Event
Subsequent Event [Line Items]
Restricted stock issued during period (in shares)		70,000
Vesting installments | installment		2
RSUs | Chairman | Subsequent Event
Subsequent Event [Line Items]
Restricted stock issued during period (in shares)		75,000
2018 Inducement Equity Incentive Plan | Subsequent Event
Subsequent Event [Line Items]
Shares reserved for future issuance (in shares)			250,000
Amended And Restated 2014 Plan | Subsequent Event
Subsequent Event [Line Items]
Shares reserved for future issuance (in shares)	1,135,020