Ovid Therapeutics (OVID) 10-K 11 Mar 20 2019 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Mar. 04, 2020	Jun. 28, 2019
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Entity Registrant Name	Ovid Therapeutics Inc.
Entity Central Index Key	0001636651
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Accelerated Filer
Entity Interactive Data Current	Yes
Entity Ex Transition Period	true
Entity Common Stock, Shares Outstanding		54,710,322
Entity Public Float			$ 25.5
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	true
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	OVID
Security Exchange Name	NASDAQ
Entity File Number	001-38085
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-5270895
Entity Address, Address Line One	1460 Broadway
Entity Address, Address Line Two	Suite 15044
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10036
City Area Code	646
Local Phone Number	661-7661
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement for its 2020 Annual Meeting of Stockholders, which the registrant intends to file pursuant to Regulation 14A with the Securities and Exchange Commission not later than 120 days after the registrant’s fiscal year ended December 31, 2019, are incorporated by reference into Part III of this Annual Report on Form 10-K.
Document Annual Report	true
Document Transition Report	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 41,897,144	$ 36,489,618
Short-term investments	34,841,969	5,011,034
Related party receivable	1,131,146	600,104
Prepaid expenses and other current assets	1,942,933	2,167,391
Total current assets	79,813,192	44,268,147
Long-term prepaid expenses	359,539	2,797,561
Security deposit	135,390	122,155
Property and equipment, net	68,363	69,867
Other assets	467,247	391,872
Total assets	80,843,731	47,649,602
Current liabilities:
Accounts payable	3,256,098	3,755,595
Accrued expenses	7,266,706	5,088,862
Related party payable	10,804
Total current liabilities	10,533,608	8,844,457
Related party payable - noncurrent	286,562
Total liabilities	10,820,170	8,844,457
Stockholders' equity:
Preferred stock, $0.001 par value; 10,000,000 shares authorized; Series A convertible preferred stock, 10,000 and zero shares designated, 7,762 and zero shares issued and outstanding at December 31, 2019 and 2018, respectively	8
Common stock, $0.001 par value; 125,000,000 shares authorized; 54,710,322 and 24,654,114 shares issued and outstanding at December 31, 2019 and 2018, respectively	54,711	24,654
Additional paid-in-capital	283,122,894	191,477,598
Accumulated other comprehensive income (loss)	2,469	(1,829)
Accumulated deficit	(213,156,521)	(152,695,278)
Total stockholders' equity	70,023,561	38,805,145
Total liabilities and stockholders' equity	$ 80,843,731	$ 47,649,602

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2019	Dec. 31, 2018
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued		0
Preferred stock, shares outstanding		0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	125,000,000	125,000,000
Common stock, shares issued	54,710,322	24,654,114
Common stock, shares outstanding	54,710,322	24,654,114
Series A Convertible Preferred Stock
Preferred stock, share designated	10,000	0
Preferred stock, shares issued	7,762	0
Preferred stock, shares outstanding	7,762	0

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Operating expenses:
Research and development	$ 42,157,641	$ 33,790,031
General and administrative	19,251,826	19,141,652
Total operating expenses	61,409,467	52,931,683
Loss from operations	(61,409,467)	(52,931,683)
Interest income	948,224	952,073
Net loss	(60,461,243)	(51,979,610)
Net loss attributable to common stockholders	$ (60,461,243)	$ (51,979,610)
Common Stock [Member]
Operating expenses:
Net loss per share, basic and diluted	$ (1.54)	$ (2.11)
Weighted-average shares outstanding basic and diluted	39,217,223	24,631,011

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Statement Of Income And Comprehensive Income [Abstract]
Net loss	$ (60,461,243)	$ (51,979,610)
Other comprehensive income (loss):
Unrealized income (loss) on available-for-sale securities	4,298	(1,829)
Comprehensive loss	$ (60,456,945)	$ (51,981,439)

Consolidated Statement of Chang

Consolidated Statement of Changes in Stockholders' Equity - USD ($)	Total	February Offering [Member]	October Offering [Member]	ATM Transaction [Member]	Common Stock [Member]	Common Stock [Member]February Offering [Member]	Common Stock [Member]October Offering [Member]	Common Stock [Member]ATM Transaction [Member]	Additional Paid-In Capital [Member]	Additional Paid-In Capital [Member]February Offering [Member]	Additional Paid-In Capital [Member]October Offering [Member]	Additional Paid-In Capital [Member]ATM Transaction [Member]	Accumulated Other Comprehensive Loss [Member]	Accumulated Deficit [Member]	Convertible Preferred Stock [Member]	Convertible Preferred Stock [Member]February Offering [Member]	Convertible Preferred Stock [Member]October Offering [Member]
Balance at Dec. 31, 2017	$ 83,436,503				$ 24,606				$ 184,127,565					$ (100,715,668)
Balance, Shares at Dec. 31, 2017					24,606,256
Issuance of common stock from exercise of stock options	$ 111,378				$ 16				111,362
Issuance of common stock from exercise of stock options, Shares	15,744				15,744
Issuance of common stock from employee stock purchase plan	$ 174,762				$ 32				174,730
Issuance of common stock from employee stock purchase plan, Shares					32,114
Stock-based compensation expense	7,063,941								7,063,941
Other comprehensive income (loss)	(1,829)												$ (1,829)
Net loss	(51,979,610)													(51,979,610)
Balance at Dec. 31, 2018	$ 38,805,145				$ 24,654				191,477,598				(1,829)	(152,695,278)
Balance, Shares at Dec. 31, 2018					24,654,114
Proceeds from Offering, net of underwriting costs and commissions		$ 30,520,835	$ 33,530,273	$ 22,286,566		$ 13,994	$ 10,350	$ 6,894		$ 30,506,838	$ 33,519,919	$ 22,279,672				$ 3	$ 4
Proceeds from Offering, net of underwriting costs and commissions, Shares						13,993,778	10,350,000	6,893,888								2,500	4,000
Issuance of common stock from exercise of stock options, Shares	0
Issuance of common stock from employee stock purchase plan	$ 131,895				$ 81				131,814
Issuance of common stock from employee stock purchase plan, Shares					80,542
Conversion of common stock to series A convertible preferred stock					$ (1,262)				1,261						$ 1
Conversion of common stock to series A convertible preferred stock, Shares					(1,262,000)										1,262
Stock-based compensation expense	5,205,792								5,205,792
Other comprehensive income (loss)	4,298												4,298
Net loss	(60,461,243)													(60,461,243)
Balance at Dec. 31, 2019	$ 70,023,561				$ 54,711				$ 283,122,894				$ 2,469	$ (213,156,521)	$ 8
Balance, Shares at Dec. 31, 2019					54,710,322										7,762

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities:
Net loss	$ (60,461,243)	$ (51,979,610)
Adjustments to reconcile net loss to cash used in operating activities:
Stock-based compensation expense	5,205,792	7,063,941
Depreciation and amortization	255,002	141,733
Loss on disposal of intangible assets		4,610
Change in accrued interest and accretion of discount on short-term investments	(29,633)	(1,240)
Change in operating assets and liabilities:
Prepaid expenses and other current assets	224,458	(1,305,047)
Security deposit	(13,235)	(33,215)
Related party receivable	(531,042)
Long-term prepaid expenses	2,438,022	(2,192,915)
Accounts payable	(653,953)	1,649,735
Accrued expenses	2,177,844	1,093,528
Related party payable	297,366
Net cash used in operating activities	(51,090,622)	(45,558,480)
Cash flows from investing activities:
Purchases of short-term investments	(34,797,004)	(50,011,623)
Proceeds from maturities of short-term investments	5,000,000	45,000,000
Purchases of property and equipment	(57,156)	(33,871)
Software development and other assets	(186,889)	(318,148)
Net cash used in investing activities	(30,041,049)	(5,363,642)
Cash flows from financing activities:
Proceeds from February and October Offerings, net of offering expenses	64,120,736
Proceeds from employee stock purchase plan	131,895	174,762
Proceeds from exercise of options		111,378
Net cash provided by financing activities	86,539,197	286,140
Net increase (decrease) in cash and cash equivalents	5,407,526	(50,635,982)
Cash and cash equivalents, at beginning of period	36,489,618	87,125,600
Cash and cash equivalents, at end of period	41,897,144	36,489,618
Non-cash investing and financing activities:
Offering costs in accrued expenses	69,628
Software development and other costs in accounts payable and accrued expenses	164,922	60,624
Purchase of property and equipment in accounts payable		$ 19,470
ATM [Member]
Cash flows from financing activities:
Proceeds from February and October Offerings, net of offering expenses	$ 22,286,566

Nature of Operations

Nature of Operations	12 Months Ended
	Dec. 31, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Nature of Operations	Ovid Therapeutics Inc. (the “Company”) was incorporated under the laws of the state of Delaware on April 1, 2014 and maintains its principal executive office in New York, New York. The Company commenced operations on April 1, 2014 (date of inception). The Company is a biopharmaceutical company focused exclusively on developing impactful medicines for patients and families living with rare neurological disorders. Since its inception, the Company has devoted substantially all of its efforts to business development, research and development, recruiting management and technical staff, and raising capital, and has financed its operations through issuance of convertible preferred stock (“Preferred Stock”), common stock and other equity instruments. The Company has not generated any revenue. The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including, but not limited to, development and regulatory success, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations, and ability to secure additional capital to fund operations. Historically, the Company’s major sources of cash have comprised of proceeds from various public and private offerings of its capital stock and interest income. As of December 31, 2019, the Company had approximately $76.7 million in cash, cash equivalents and short-term investments. The actual amount of cash that the Company will need to operate is subject to many factors. Management’s plans to mitigate any unexpected shortfall of capital, to support future operations, include raising additional funds. There is no assurance that additional financing will be available when needed or that management will be able to obtain financing on terms acceptable to the Company or whether the Company will become profitable and generate positive operating cash flow. The Company has not generated any revenue since inception. As a result, t he Company has incurred operating losses since inception and requires significant cash resources to continue to execute its business plan. The Company had an accumulated deficit of $213.2 million as of December 31, 2019 . The Company expects to continue to incur net losses for at least the next several years and is highly dependent on its ability to find additional sources of funding in the form of debt or equity financing to fund its operations. Management believes that the Company’s existing cash, cash equivalents and short-term investments as of December 31, 2019 will be sufficient to fund its current operating plans through at least the next 12 months from the date of filing of this Annual Report on Form 10-K. Management expects that future sources of funding may include new or expanded partnering arrangements and sales of equity or debt securities. Adequate additional funding may not be available to the Company on acceptable terms or at all. The failure to raise capital as and when needed could have a negative impact on the Company’s financial condition and ability to pursue business strategies. The Company may be required to delay, reduce the scope of or eliminate research and development programs, or obtain funds through arrangements with collaborators or others that may require the Company to relinquish rights to certain drug candidates that the Company might otherwise seek to develop or commercialize independently.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (A) Basis of Presentation and Consolidation The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of Ovid Therapeutics Inc. and its wholly-owned subsidiary, Ovid Therapeutics Hong Kong Limited. All intercompany transactions and balances have been eliminated in consolidation. (B) Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ materially from those estimates. (C) Risks and Uncertainties The Company is subject to risks common to companies in the development stage including, but not limited to, dependency on the clinical and commercial success of its drug candidates, ability to obtain regulatory approval of its drug candidates, the need for substantial additional financing to achieve its goals, uncertainty of broad adoption of its approved products, if any, by physicians and consumers, and significant competition and untested manufacturing capabilities (D) Deferred Transaction Costs Deferred transaction costs, primarily consisted of direct incremental legal, accounting, and other fees related to the Company’s offering of its capital stock are capitalized as incurred. The deferred transaction costs are offset against proceeds upon the consummation of an offering. (E) Comprehensive Loss Comprehensive loss includes net loss as well as other changes in stockholders’ equity that result from transactions and economic events other than those with stockholders. For the year ended December 31, 2019 the Company had other comprehensive income comprised of the gain on debt securities. (F) Collaboration Arrangement License and Collaboration Agreement with Takeda Pharmaceutical Company Limited The Company accounts for the license and collaboration agreement with Takeda Pharmaceutical Company Limited (“Takeda”) in accordance with Accounting Standard Codification (“ASC”) 808 – “Collaborative Arrangements.” As Ovid and Takeda are sharing 50/50 in the drug development and throughout the life of this compound, the Company records 50% of the development costs in research and development. When Ovid incurs the majority of the costs and Takeda transfers a payment to Ovid to equalize the costs, Ovid records the participation by Takeda as a reduction of its research and development expenses, as the parties under the collaboration are sharing in the costs and the payment represents reimbursement of costs by Takeda. When Takeda incurs the majority of the costs and Ovid transfers a payment to Takeda (to equalize the costs), Ovid records the participation in Takeda’s expenses as research and development costs in its statement of operations, as Ovid and Takeda are sharing in the research and development activities and this participation represents Ovid’s share of the research and development costs in the specific period. (G) Cash and Cash Equivalents The Company’s cash and cash equivalents consist of cash held in checking accounts and money market funds. The Company considers all highly liquid investments with an original maturity date of three months or less to be cash and cash equivalents. Accounts held at U.S. financial institutions are insured by the FDIC up to $250,000. Cash balances could exceed insured amounts at any given time. (H) Short-term Investments Short-term investments consist of debt securities with maturities greater than from the date of purchase. The Company all of its investments as available-for-sale securities. Debt securities are recorded at fair value with unrealized gains and losses included in other comprehensive income (loss) as a component of stockholders’ equity until realized. Realized gains and losses, amortization and accretion of premiums and discounts are included within net loss. (I) Property and Equipment Property and equipment are stated at cost and depreciated over their estimated useful lives of three years using the straight-line method. Repairs and maintenance costs are expensed. The Company reviews the recoverability of all long-lived assets, including the related useful life, whenever events or changes in circumstances indicate that the carrying amount of a long-lived asset might not be recoverable. (J) Research and Development Expenses The Company expenses the cost of research and development as incurred. Research and development expenses comprise costs incurred in performing research and development activities, including clinical trial costs, manufacturing costs for both clinical and pre-clinical materials as well as other contracted services, license fees, and other external costs. Nonrefundable advance payments for goods and services that will be used in future research and development activities are expensed when the activity is performed or when the goods have been received, rather than when the cost is incurred, in accordance with ASC 730, Research and Development. (K) Stock-Based Compensation The Company accounts for its stock-based compensation in accordance with ASC 718, Compensation—Stock Compensation, which establishes accounting for stock-based awards granted to employees for services and requires companies to expense the estimated fair value of these awards over the requisite service period. The Company estimates the fair value of all awards granted using the Black-Scholes valuation model. Key inputs and assumptions include the expected term of the option, stock price volatility, risk-free interest rate, dividend yield, stock price and exercise price. Many of the assumptions require significant judgment and any changes could have a material impact in the determination of stock-based compensation expense. The Company elected an accounting policy to record forfeitures as they occur. The Company recognizes employee stock-based compensation expense based on the fair value of the award on the date of the grant. The compensation expense is recognized over the vesting period under the straight-line method. The Company accounts for options awards granted to nonemployee consultants and directors in accordance with ASU 2018-07, Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. The fair value of the option issued or committed to be issued is used to measure the transaction, as this is more reliable than the fair value of the services received. The fair value is measured at the value of the Company’s common stock at the earlier of the date that the commitment for performance by the counterparty has been reached or the counterparty’s performance is complete. (L) Fair Value of Financial Instruments Financial Accounting Standards Board (“FASB”) guidance specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect market assumptions. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The three levels of the fair value hierarchy are as follows: • Level 1—Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 1 primarily consists of financial instruments whose value is based on quoted market prices such as exchange-traded instruments and listed equities. The Company’s Level 1 assets consisted of money market funds and short-term investments totaling $76.2 million and $40.5 million as of December 31, 2019 and 2018, respectively. • Level 2—Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly (e.g., quoted prices of similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active). Level 2 includes financial instruments that are valued using models or other valuation methodologies. The Company had no Level 2 assets or liabilities as of December 31, 2019 and 2018. • Level 3—Unobservable inputs for the asset or liability. Financial instruments are considered Level 3 when their fair values are determined using pricing models, discounted cash flows or similar techniques and at least one significant model assumption or input is unobservable. The Company had no Level 3 assets or liabilities as of December 31, 2019 and 2018. The carrying amounts reported in the balance sheets for cash and cash equivalents, related-party receivables, other current assets, accounts payable, accrued expenses, and current related-party payables approximate their fair value based on the short-term maturity of these instruments. (M) Income Taxes The Company accounts for income taxes under the asset and liability method, which requires deferred tax assets and liabilities to be recognized for the estimated future tax consequences attributable to differences between financial statement carrying amounts and respective tax bases of existing assets and liabilities, as well as for net operating loss carryforwards and research and development credit. Valuation allowances are provided if it is more likely than not that some portion or all of the deferred tax assets will not be realized. The impact of a change in the tax laws is recorded in the period in which the law is enacted. (N) Net Loss Per Common Share Basic and diluted net loss per common share is determined by dividing net loss attributable to common stockholders by the weighted-average common shares outstanding during the period. For all periods presented, stock options have been excluded from the calculation because their effect would be anti-dilutive. Therefore, the weighted-average shares outstanding used to calculate both basic and diluted loss per common share are the same. Under the terms of the Series A Preferred Stock issued in 2019, Preferred stockholders do not share in losses of the Company and have no obligation to fund losses or transfer assets. Since there is a loss, diluted EPS should be computed in the same manner as basic EPS and because no potential common shares shall be included in the computation of any diluted per-share amounts when a loss exists, the Series A Preferred Stock should be excluded from the computation of basic and diluted EPS. There was no Preferred Stock issued or outstanding in 2018. The following potentially dilutive securities have been excluded from the computations of diluted weighted-average shares outstanding as they would be anti-dilutive: For the Year Ended December 31, 2019 2018 Stock options to purchase common stock 7,405,295 4,714,383 Series A convertible preferred stock 7,762 - (O) Segment Data The Company manages its operations as a single segment for the purposes of assessing performance and making operating decisions. (P) Retirement Plan The Company maintains a 401(k)-retirement plan for its employees that is intended to qualify under Sections 401(a) and 501(a) of the U.S. Internal Revenue Code of 1986, as amended (“Code”). The Company provides all active employees with a 100% matching contribution equal to 3% of an employee’s eligible compensation deferred and 50% matching contributions on employee contributions that are between 3% and 5% of an employee’s eligible compensation deferred. These safe harbor contributions vest immediately. For the years ended December 31, 2019 and 2018 the Company contributed $285,000 and $210,034, respectively. (Q) Recent Accounting Pronouncements Recent accounting standards which have been adopted On June 20, 2018, the FASB issued ASU 2018-07, Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. This new standard simplifies the accounting for share-based payments granted to nonemployees for goods and services. The standard supersedes ASC 505-50 and expands the scope of ASC 718 to include all share-based payment arrangements related to the acquisition of goods and services from both nonemployees and employees. As such, among others, the measurement date for nonemployee awards would generally be the grant date same as the measurement date for employee equity awards and for performance-based awards, an entity is required to recognize any cost on the basis of the probable outcome of the performance conditions using the grant-date fair value of the award. ASU 2018-07 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Due to the immaterial volume of nonemployee equity-based awards as well as the immaterial fair value of such awards this standard did not have a material impact on the Company’s financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). This new standard was issued to increase transparency and comparability among entities by recognizing for all leases lease assets and lease liabilities on the balance sheet and disclosing key information about lease arrangements. effective for public companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The adoption of this standard did not have a material impact on the Company’s financial statements. New accounting standards which have not yet been adopted On November 5, 2018, the FASB issued ASU 2018-18, Collaborative Arrangements (Topic 808), - which amends ASC 808 to clarify when transactions between participants in a collaborative arrangement under ASC 808 are within the scope of the FASB’s new revenue standard, ASU 2014-09 (codified in ASC 606). The amendments require the application of ASC 606 existing guidance to determine the units of account that are distinct in a collaborative arrangement for purposes of identifying transactions with customers. If a unit of account within the collaborative arrangement is distinct and is with a customer, an entity shall apply the guidance in Topic 606 to that unit of account. In a transaction between collaborative participants, an entity is precluded by ASU 2018-18 from presenting a transaction together with “revenue from contracts with customers” unless the unit of account is within the scope of ASC 606 and the entity applies the guidance in ASC 606 to such unit of account. The amended guidance is effective for public business entities for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Company has a collaboration agreement with Takeda. However, the Company does not expect these amendments to have an impact on its financial statements, as Takeda does not meet the definition of a customer. On August 29, 2018, the FASB issued ASU No. 2018-15, Intangibles – Goodwill and Other - Internal-Use Software (Subtopic 350-40) - which amends ASC 350-40 to address a customer’s accounting for implementation costs incurred in a cloud computing arrangement (“CCA”) that is a service contract. ASU No. 2018-15 aligns the accounting for costs incurred to implement a CCA that is a service arrangement with the guidance on capitalizing costs associated with developing or obtaining internal-use software. Specifically, the ASU amends ASC 350 to include in its scope implementation costs of a CCA that is a service contract and clarifies that a customer should apply ASC 350-40 to determine which implementation costs should be capitalized in a CCA that is considered a service contract. According to the standard the balance sheet line item for the presentation of capitalized implementation costs should be the same as that for the prepayment of fees related to the hosting arrangement and the manner in which an entity classifies the cash flows related to capitalized implementation costs should be the same as that in which it classifies the cash flows for the fees related to the hosting arrangement. ASU 2018-15 is effective for the Company for fiscal years beginning after December 15, 2019, including interim periods therein. Entities are permitted to apply either a retrospective or prospective transition approach to adopt the guidance. When prospective transition is chosen, entities must apply the transition requirements to any eligible costs incurred after adoption. The Company is in the process of assessing the impact of this standard on its financial statements. On August 28, 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement. This standard changes the fair value measurement disclosure requirements of ASC 820. The new standard eliminated certain disclosures, added new disclosures with regard to unrealized gains or losses included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period and the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements, as well as modified certain disclosure. ASU 2018-13 is effective for all entities for fiscal years beginning after December 15, 2019, including interim periods therein. Early adoption is permitted. The ASU requires application of the prospective method of transition for the aforementioned new disclosure requirements and for modified disclosure with regard to measurement uncertainty while all other amendments made by the ASU must be applied retrospectively to all periods presented. The Company is in the process of assessing the impact of this standard on its financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This new standard requires the measurement and recognition of expected credit losses for financial assets held at amortized cost, including loans and trade and other receivables. ASU 2016-13 replaces the existing incurred loss impairment model with an expected loss methodology, which will result in more timely recognition of credit losses. The standard also amends the impairment model for available-for-sale debt securities and requires entities to determine whether all or a portion of the unrealized loss on an available-for-sale debt security is a credit loss. Under the new guidance, an entity will recognize an allowance for credit losses on available-for-sale debt securities as a contra-account to the amortized cost basis rather than as a direct reduction of the amortized cost basis of the investment, as is currently required. ASU 2016-13 is effective for annual reporting periods, and interim periods within those years, beginning after December 15, 2019. The Company does not expect the adoption of this standard to have a material impact on its financial statements due to the immaterial level of its unrealized losses on available-for-sale securities and its immaterial level of loans and receivables.

Cash Equivalents and Short-Term

Cash Equivalents and Short-Term Investments	12 Months Ended
	Dec. 31, 2019
Investments Debt And Equity Securities [Abstract]
Cash Equivalents and Short-Term Investments	N OTE 3 – CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS All short-term investments are classified as available-for-sale. The following tables summarize the fair value of cash, cash equivalents, and short-term investments, as well as gross unrealized holding gains and losses as of December 31, 2019 and December 31, 2018: December 31, 2019 Amortized Gross unrealized Gross unrealized Fair cost holding gains holding losses value Cash $ 501,537 $ - $ - $ 501,537 Money market funds (a) 41,395,607 - - 41,395,607 Total cash and cash equivalents $ 41,897,144 $ - $ - $ 41,897,144 U.S. treasury notes (a) $ 34,839,500 $ 2,469 $ - $ 34,841,969 Total short-term investments $ 34,839,500 $ 2,469 $ - $ 34,841,969 (a) As of December 31, 2019, the Company's Level 1 assets consisted of money market funds and U.S. treasury notes totaling $76.2 million. The Company had no level 2 or level 3 assets or liabilities as of December 31, 2019. December 31, 2018 Amortized Gross unrealized Gross unrealized Fair cost holding gains holding losses value Cash $ 927,354 $ - $ - $ 927,354 Money market funds (a) 35,562,264 - - 35,562,264 Total cash and cash equivalents $ 36,489,618 $ - $ - $ 36,489,618 U.S. treasury notes $ 5,012,863 $ - $ (1,829 ) $ 5,011,034 Total short-term investments $ 5,012,863 $ - $ (1,829 ) $ 5,011,034 (a) As of December 31, 2018, the Company's Level 1 assets consisted of money market funds and U.S. treasury notes totaling $40.5 million. The Company had no level 2 or level 3 assets or liabilities as of December 31, 2018. As of December 31, 2019, the aggregate fair value of securities that were in an unrealized gain position for less than 12 months was $34.8 million. As of December 31, 2018, the aggregate fair value of securities that were in an unrealized loss position for less than 12 months was $5.0 million. The Company did not hold any securities in an unrealized gain or loss position for more than 12 months as of December 31, 2019. There were no realized gains or losses on available-for-sale securities during the years ended December 31, 2019 and 2018.

Property and Equipment and Inta

Property and Equipment and Intangible Assets	12 Months Ended
	Dec. 31, 2019
Property Plant And Equipment [Abstract]
Property and Equipment and Intangible Assets	NOTE 4 – PROPERTY AND EQUIPMENT AND INTANGIBLE ASSETS Property and equipment is summarized as follows: December 31, December 31, 2019 2018 Furniture and equipment $ 193,717 $ 156,031 Less accumulated depreciation (125,354 ) (86,164 ) Total property, plant and equipment, net $ 68,363 $ 69,867 Depreciation expense was $39,000 and $35,000 for the years ended December 31, 2019 and 2018 respectively. Intangible assets, net of accumulated amortization, were $467,000 and $392,000 as of December 31, 2019 and December 31, 2018, respectively, and are included in other assets. Amortization expense was $216,000 and $106,000 for the years ended December 31, 2019 and 2018, respectively.

Accrued Expenses

Accrued Expenses	12 Months Ended
	Dec. 31, 2019
Payables And Accruals [Abstract]
Accrued Expenses	NOTE 5 – ACCRUED EXPENSES Accrued expenses consist of the following: December 31, December 31, 2019 2018 Clinical trials accrual $ 3,235,527 $ 1,352,133 Payroll and bonus accrual 2,728,495 2,779,021 Professional fees accrual 1,070,589 772,785 Other 232,095 184,923 Total $ 7,266,706 $ 5,088,862

Stockholders' Equity and Prefer

Stockholders' Equity and Preferred Stock	12 Months Ended
	Dec. 31, 2019
Equity [Abstract]
Stockholders' Equity and Preferred Stock	NOTE 6 – STOCKHOLDERS’ EQUITY AND PREFERRED STOCK The Company’s capital structure consists of common stock and Preferred Stock. Pursuant to the Company’s amended and restated certificate of incorporation, as amended, the Company is authorized to issue up to 125,000,000 shares of common stock and 10,000,000 shares of Preferred Stock. The Company has designated 10,000 of the 10,000,000 authorized shares of Preferred Stock as non-voting Series A Convertible Preferred Stock (“Series A Preferred Stock”). The holders of common stock are entitled to one vote for each share held. The holders of common stock have no preemptive or other subscription rights, and there are no redemption or sinking fund provisions with respect to such shares. Subject to preferences that may apply to any outstanding series of Preferred Stock, holders of the common stock are entitled to receive ratably any dividends declared on a non-cumulative basis. Shares of Series A Preferred Stock will be entitled to receive dividends at a rate equal to (on an as-if-converted-to-common stock basis), and in the same form and manner as, dividends actually paid on shares of common stock. In June 2018, the Company entered into a sales agreement (the “ATM agreement”) with Cowen and Company, LLC (“Cowen”) under which the Company may offer and sell in “at the market offerings,” from time to time at its sole discretion, shares of its common stock having an aggregate offering price of up to $50.0 million through Cowen acting as sales agent. During the year ended December 31, 2019, the Company sold 6,893,888 shares of its common stock under the ATM agreement for net proceeds of $22.3 million after deducting . There were 7,762 shares of Series A Preferred Stock outstanding as of December 31, 2019, issued pursuant to the February Offering, the October Offering and the Exchange Transaction (each as described below). Each share of Series A Preferred Stock is convertible into 1,000 shares of common stock at any time at the holder’s option. However, the holder will be prohibited, subject to certain exceptions, from converting shares of Series A Preferred Stock into shares of common stock if, as a result of such conversion, the holder, together with its affiliates, would own more than, at the written election of the holder, either 9.99% or 14.99% of the total number of shares of common stock then issued and outstanding, which percentage may be changed at the holder’s election to any other number less than or equal to 19.99% upon 61 days’ notice to the Company; provided, however, that effective 61 days after delivery of such notice, such beneficial ownership limitations shall not be applicable to any holder that beneficially owns either 10.0% or 15.0%, as applicable based on the holder’s initial written election noted above, of the total number of shares of common stock issued and outstanding immediately prior to delivery of such notice. In the event of a liquidation, dissolution, or winding up of the Company, holders of Series A Preferred Stock will receive a payment equal to $0.001 per share of Series A Preferred Stock before any proceeds are distributed to the holders of common stock. In October and November 2019, the Company sold 10,350,000 shares of its common stock, which included the full exercise of the underwriters’ option to purchase additional shares, and 4,000 shares of Series A Preferred Stock at a public offering price of $2.50 and $2,500 per share, respectively, for net proceeds of $33.5 million after deducting underwriting discounts and commissions and other offering expenses payable by the Company (the “October Offering”). In February 2019, the Company sold 13,993,778 shares of its common stock and 2,500 shares of Series A Preferred Stock at a public offering price of $2.00 and $2,000 per share, respectively, for net proceeds of $30.5 million after deducting underwriting discounts and commission and other offering expenses payable by the Company (the “February Offering”). In September 2019, the Company entered into an exchange agreement with entities affiliated with Biotechnology Value Fund, L.P. (the “Exchanging Stockholders”), pursuant to which the Company exchanged an aggregate of 1,262,000 shares of the Company’s common stock owned by the Exchanging Stockholders for an aggregate of 1,262 shares of the Company’s Series A Preferred Stock (the “Exchange Shares”). The Exchange Shares were issued without registration under the Securities Act of 1933, as amended, in reliance on the exemption from registration contained in Section 3(a)(9) of the Securities Act. Dividends No dividends on the common stock shall be declared and paid unless dividends on the Preferred Stock have been declared and paid. Through December 31, 2019, the Company has not declared any dividends.

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based Compensation	NOTE 7 – STOCK-BASED COMPENSATION On August 29, 2014, the Company’s Board of Directors adopted and approved the 2014 Equity Incentive Plan (the “2014 Plan”), which authorized the Company to grant shares of common stock in the form of incentive stock options, nonstatutory stock options, stock appreciation rights, restricted stock and restricted stock units. The types of stock-based awards, including share purchase rights amount, terms, and exercisability provisions of grants are determined by the Company’s Board of Directors. The Company's Board of Directors adopted, and the Company's stockholders approved the 2017 equity incentive plan (“2017 Plan”), which became effective immediately prior to the execution of the underwriting agreement related to the IPO on May 4, 2017. The initial reserve of shares of common stock that may be issued under the 2017 Plan was 3,052,059 shares. The 2017 Plan provides for the grant of incentive stock options, non-statutory stock options, restricted stock awards, restricted stock unit awards, stock appreciation rights, performance-based stock awards, and other forms of stock-based awards. Additionally, the 2017 Plan provides for the grant of performance cash awards. The Company's employees, officers, directors and consultants and advisors are eligible to receive awards under the 2017 Plan. Upon the adoption of the 2017 Plan, no further awards will be granted under the 2014 Plan. Pursuant to the terms of the 2017 Plan, on each January 1st, the plan limit shall be increased by the lesser of (x) 5% of the number of shares of common stock outstanding as of the immediately preceding December 31 and (y) such lesser number as the Board of Directors may determine in its discretion. On January 1, 2019, an additional 1,232,705 shares were reserved for issuance under the 2017 Plan. As of December 31, 2019, there were 2,199,765 shares of the Company’s common stock reserved for issuance under the 2017 Plan. The Company's Board of Directors adopted, and the Company's stockholders approved the 2017 employee stock purchase plan (the “2017 ESPP”), which became effective immediately prior to the execution of the underwriting agreement related to the IPO on May 4, 2017. The initial reserve of shares of common stock that may be issued under the 2017 ESPP was 279,069 shares. On September 20, 2017, the Company’s Compensation Committee approved an offering period under the 2017 ESPP, which began on October 20, 2017. The ESPP allows employees to purchase common stock of the Company at a 15% discount to the market price on designated purchase dates. During the years ended December 31, 2019 and 2018, 80,542 and 32,114 shares were purchased under the ESPP and the Company recorded expense of $109,319 and $106,004, respectively. The number of shares of common stock reserved for issuance under the 2017 ESPP will automatically increase on January 1 of each year, beginning on January 1, 2018 and continuing through and including January 1, 2027, by the lesser of (i) 1% of the total number of shares of the Company’s capital stock outstanding on December 31 of the preceding calendar year, (ii) 550,000 shares or (iii) such lesser number of shares determined by our Board. On January 1, 2019, an additional 246,541 shares were reserved for issuance under the 2017 ESPP. As of December 31, 2019, there were 659,016 shares of the Company’s common stock reserved for issuance under the 2017 ESPP. Unless specified otherwise in an individual option agreement, stock options granted under the 2014 Plan and 2017 Plan generally have a ten-year term and a four-year graded vesting period. The vesting requirement is generally conditioned upon the grantee’s continued service with the Company during the vesting period. Once vested, all awards are exercisable from the date of grant until they expire. The option grants are non-transferable. Vested options generally remain exercisable for 90 days subsequent to the termination of the option holder’s service with the Company. In the event of option holder’s death or disability while employed by or providing service to the Company, the exercisable period extends to 12 months. Performance-based option awards generally have similar vesting terms, with vesting occurring on the date the performance condition is achieved and expire in accordance to the specific terms of the agreement. At December 31, 2019, there were 635,125 performance-based options outstanding and unvested that include options to vest upon the achievement of certain research and development milestones. The fair value of options granted during the years ended December 31, 2019 and 2018 was estimated using the Black-Scholes option valuation model. The inputs for the Black-Scholes option valuation model require management’s significant assumptions and are detailed in the table below. The risk-free interest rates were based on the rate for U.S. Treasury securities at the date of grant with maturity dates approximately equal to the expected life at the grant date. The expected life was based on the simplified method in accordance with the SEC Staff Accounting Bulletin No. Topic 14D. The expected volatility was estimated based on historical volatility information of peer companies that is publicly available. All assumptions used to calculate the grant date fair value of nonemployee options are generally consistent with the assumptions used for options granted to employees. In the event the Company terminates any of its consulting agreements, the unvested options underlying the agreements would also be cancelled. The Company granted 175,000 and zero stock options to nonemployee consultants for services rendered during the years ended December 31, 2019 and 2018, respectively. There were 145,204 and 10,175 unvested nonemployee options outstanding as of December 31, 2019 and 2018, respectively. Total expense recognized related to the nonemployee stock options for the years ended December 31, 2019 and 2018 was $51,666 and $136,639 respectively. Total unrecognized compensation expenses related to the nonemployee stock options was $304,468 as of December 31, 2019. During the years ended December 31, 2019, and 2018, the Company recognized zero in expenses in both years for nonemployee performance-based option awards. The Company granted 3,372,513 and 1,440,578 stock options to employees during the years ended December 31, 2019, and 2018, respectively. There were 3,963,544 and 2,366,277 unvested employee options outstanding as of December 31, 2019, and 2018, respectively. Total expense recognized related to the employee stock options for the years ended December 31, 2019, and 2018 was $5,044,807 and $6,821,298, respectively. Total unrecognized compensation expense related to employee stock options was $9,533,344 as of December 31, 2019. During the years ended December 31, 2019 and 2018, the Company recognized $9,391 and zero in expenses for employee performance-based option awards. The Company’s stock-based compensation expense was recognized in operating expenses as follows: For the Year Ended December 31, 2019 2018 Research and development $ 2,391,909 $ 3,134,395 General and administrative 2,813,883 3,929,546 Total $ 5,205,792 $ 7,063,941 For the Year Ended December 31, 2019 2018 Stock options $ 5,096,473 $ 6,957,937 Employee Stock Purchase Plan 109,319 106,004 Total $ 5,205,792 $ 7,063,941 The fair value of employee options granted during the years ended December 31, 2019 and 2018, respectively, was estimated by utilizing the following assumptions: For the Year Ended December 31, 2019 2018 Weighted Average Weighted Average Volatility 81.87 % 84.40 % Expected term in years 6.07 6.01 Dividend rate 0.00 % 0.00 % Risk-free interest rate 2.04 % 2.62 % Fair value of option on grant date $ 2.26 $ 5.93 The fair value of nonemployee options granted and remeasured during the years ended December 31, 2019 and 2018, respectively, was estimated by utilizing the following assumptions: For the Year Ended December 31, 2019 2018 Weighted Average Weighted Average Volatility 74.56 % 79.40 % Expected term in years 5.30 3.23 Dividend rate 0.00 % 0.00 % Risk-free interest rate 2.37 % 2.46 % Fair value of option on grant date $ 1.07 $ 0.62 The following table summarizes the number of options outstanding and the weighted average exercise price: Weighted Weighted Average Average Remaining Aggregate Number of Exercise Contractual Intrinsic Shares Price Life in Years Value Options Outstanding at December 31, 2017 4,298,802 $ 8.07 8.32 $ 8,174,686 Vested and exercisable at December 31, 2017 1,733,673 $ 7.65 7.92 $ 3,865,036 Granted 1,440,578 8.23 9.26 Exercised (15,744 ) 7.07 Forfeited (1,009,253 ) 8.16 Options Outstanding December 31, 2018 4,714,383 $ 8.10 7.89 $ 153,485 Vested and exercisable at December 31, 2018 2,337,931 $ 7.88 7.20 $ 153,485 Granted 3,547,513 2.93 9.56 Exercised - - Forfeited (856,601 ) 6.43 Options Outstanding December 31, 2019 7,405,295 $ 5.82 8.01 $ 4,488,930 Vested and exercisable at December 31, 2019 3,296,547 $ 7.93 6.53 $ 356,443 At December 31, 2019 there was $9,837,812 of unamortized share–based compensation expense, which is expected to be recognized over a remaining average vesting period of 2.59 years.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 8 – INCOME TAXES At December 31, 2019, the Company has available approximately $ 163,600,000 163,000,000 The Company may be subject to the NOL utilization provisions of Section 382 of the Code. The effect of an ownership change would be the imposition of an annual limitation on the use of NOL carryforwards attributable to periods before the change. The amount of the annual limitation depends upon the value of the Company immediately before the change, changes to the Company’s capital during a specified period prior to the change, and the federal published interest rate. The Company has not completed a Section 382 analysis to determine if a change in ownership has occurred. Until an analysis is completed, there can be no assurance that the existing net operating loss carry-forwards or credits are not subject to significant limitation. The Company’s reserves related to taxes are based on a determination of whether and how much of a tax benefit taken by the Company in its tax filings or positions is more likely than not to be realized following resolution of any potential contingencies related to the tax benefit. For the years ended December 31, 2019 and 2018, the Company had no unrecognized tax benefits or related interest and penalties accrued. The Company has not yet conducted a study of research and development credit carryforwards. This study may result in an adjustment to the Company’s research and development credit carryforwards; however, until a study is completed, and any adjustment is known, no amounts are being presented as an uncertain tax position. A full valuation allowance has been provided against the Company’s research and development credits and, if an adjustment is required, this adjustment would be offset by an adjustment to the valuation allowance. Thus, there would be no impact to the balance sheet or statement of operations if an adjustment were required. The Company would recognize both accrued interest and penalties related to unrecognized benefits in income tax expense. The Company’s uncertain tax positions yet to be determined would be related to years that remain subject to examination by relevant tax authorities. Since the Company is in a loss carryforward position, the Company is generally subject to examination by the U.S. federal, state and local income tax authorities for all tax years in which a loss carryforward is available. The Company currently has a federal income tax audit in progress for the tax year 2017. The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and liabilities were as follows: December 31, 2019 2018 Deferred tax assets/liabilities: Net operating loss carryovers $ 57,288,334 $ 37,195,164 Research and development tax credits 3,351,315 1,737,870 Share-based compensation 6,606,889 5,333,006 Accrued compensation 898,067 869,446 Depreciation (22,026 ) (19,949 ) Charitable contributions 132,072 88,353 Intangible assets 8,208,519 8,828,914 Total gross deferred tax assets/liabilities 76,463,170 54,032,804 Valuation allowance (76,463,170 ) (54,032,804 ) Net deferred tax assets (liabilities) $ - $ - A reconciliation of the statutory U.S. Federal rate to the Company’s effective tax rate is as follows: December 31, 2019 2018 Federal income tax benefit at statutory rate (21.00 ) (21.00 ) State income tax, net of federal benefit (13.80 ) (13.62 ) Permanent items 0.50 0.61 Change in valuation allowance 37.14 36.02 Research and development tax credits (2.67 ) (1.97 ) Other (0.17 ) (0.04 ) Effective income tax (benefit) expense rate 0 % 0 %

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2019
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 9 – License Agreements On March 26, 2015, the Company entered into an exclusive agreement with H. Lundbeck A/S (“Lundbeck”) for a worldwide perpetual licensing right related the research, development and commercialization of OV101. Pursuant to the Lundbeck license agreement, as amended, the Company agreed to make milestone payments totaling up to $189.0 million upon the achievement of certain development, regulatory and sales milestones. The first payment of $1.0 million is due upon the successful completion of the first Phase 3 trial for a product in which OV101 is an active ingredient. In addition, the agreement calls for the Company to pay royalties for an initial term based on a low double-digit percentage of sales and provides for the reduction of royalties in certain limited circumstances. As of December 31, 2019, none of these contingent payments were considered probable. In December 2016, the Company entered into a license agreement with Northwestern University, or Northwestern, pursuant to which Northwestern granted us an exclusive, worldwide license to patent rights in certain inventions, or the Northwestern Patent Rights, which relate to a specific compound and related methods of use for such compound, along with certain Know-How related to the practice of the inventions claimed in the Northwestern Patents. Under the Northwestern agreement, the Company was granted exclusive rights to research, develop, manufacture and commercialize products utilizing the Northwestern Patent Rights for all uses. The Company has agreed that it will not use the Northwestern Patent Rights to develop any products for the treatment of cancer, but Northwestern may not grant rights in the technology to others for use in cancer. The Company also has an option, exercisable during the term of the agreement to an exclusive license under certain intellectual property rights covering novel compounds with the same or similar mechanism of action as the primary compound that is the subject of the license agreement. Northwestern has retained the right, on behalf of itself and other non-profit institutions, to use the Northwestern Patent Rights and practice the inventions claimed therein for educational and research purposes and to publish information about the inventions covered by the Northwestern Patent Rights. Upon entry into the Northwestern agreement, the Company paid an upfront non-creditable one-time license issuance fee of $75,000, and is required to pay an annual license maintenance fee of $20,000, which will be creditable against any royalties payable to Northwestern following first commercial sale of licensed products under the agreement. The Company is responsible for all ongoing costs of filing, prosecuting and maintaining the Northwestern Patents, but also has the right to control such activities using its own patent counsel. In consideration for the rights granted to the Company under the Northwestern agreement, the Company is required to pay to Northwestern up to an aggregate of $5.3 million upon the achievement of certain development and regulatory milestones for the first product covered by the Northwestern Patents, and, upon commercialization of any such products, will be required to pay to Northwestern a tiered royalty on net sales of such products by the Company, its affiliates or sublicensees, at percentages in the low to mid single-digits, subject to standard reductions and offsets. The Company’s royalty obligations continue on a product-by-product and country-by-country basis until the later of the expiration of the last-to-expire valid claim in a licensed patent covering the applicable product in such country and 10 years following the first commercial sale of such product in such country. If the Company sublicenses a Northwestern Patent Right, it will be obligated to pay to Northwestern a specified percentage of sublicense revenue received by the Company, ranging from the high single digits to the low-teens. The Northwestern agreement requires that the Company use commercially reasonable efforts to develop and commercialize at least one product that is covered by the Northwestern Patent Rights. Unless earlier terminated, the Northwestern agreement will remain in force until the expiration of the Company’s payment obligations thereunder. The Company has the right to terminate the agreement for any reason upon prior written notice or for an uncured material breach by Northwestern. Northwestern may terminate the agreement for the Company’s uncured material breach or insolvency. As of December 31, 2019, none of these contingent payments were considered probable. Contingencies Liabilities for loss contingencies arising from claims, assessments, litigation, fines, and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred. The Company is not currently involved in any legal matters arising in the normal course of business. Under the terms of their respective employment agreements, each of our named executive officers is eligible to receive severance payments and benefits upon a termination without “cause” or due to “permanent disability,” or upon “resignation for good reason,” contingent upon the named executive officer’s delivery to the Company of a satisfactory release of claims, and subject to the named executive officer’s compliance with non-competition and non-solicitation restrictive covenants for two years following the termination date. Pursuant to the Northwestern agreement, Northwestern granted the Company an exclusive license to certain patent rights and know-how, including a patent application covering a specified composition of matter (the “Patent Application”). Northwestern previously entered into a license agreement with Catalyst Pharmaceuticals, Inc. (“Catalyst”), dated August 27, 2009, pursuant to which Northwestern granted Catalyst rights under certain intellectual property rights covering a different composition of matter (the “Catalyst License”). In addition, the Company is a party to a confidential disclosure agreement with Catalyst, dated September 16, 2016 (the “CDA”). On June 25, 2018, Catalyst sent a letter to Northwestern and the Company alleging, among other things, that Northwestern breached the Catalyst License by licensing the Patent Application to the Company. Catalyst’s letter also asserted that the Company had breached its obligations under the CDA by allegedly failing to disclose that the Company had a license to the Patent Application, and that a further breach would occur if the Company makes any use of information obtained under the CDA in connection with its development program arising from the rights granted under the license agreement. Catalyst has asserted that the combined conduct of Northwestern and the Company gives rise to various claims, including breach of contract, fraud, and tortious interference. The Company believes that Catalyst’s claims are without merit and responded by letter dated June 28, 2018, which denies any and all liability to Catalyst, and further denies that Catalyst has been damaged in any way. On May 20, 2019, the Company entered into a Settlement Agreement with Catalyst (the “Settlement Agreement”), pursuant to which Catalyst released the Company from any and all claims, known or unknown, arising from or related to the dispute between Catalyst and Northwestern, the license agreement, and/or the claims that Catalyst asserted against the Company in the June 25, 2018 letter. Under the Settlement Agreement the Company retains all rights and privileges previously granted to the Company under the Northwestern license agreement.

Collaboration Agreement

Collaboration Agreement	12 Months Ended
	Dec. 31, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Collaboration Agreement	NOTE 10 – COLLABORATION AGREEMENT Takeda Collaboration On January 6, 2017, the Company entered into a license and collaboration agreement with Takeda, pursuant to which Takeda granted the Company an exclusive license to commercialize the compound TAK-935, which the Company refers to as OV935, in certain territories, and a co-exclusive worldwide license, together with Takeda, to develop OV935. In consideration of certain license rights granted to the Company pursuant to the Takeda collaboration, the Company issued 1,781,996 shares of its Series B-1 Preferred Stock, pursuant to a Series B-1 preferred stock purchase agreement entered into on January 6, 2017, at an ascribed price per share of $14.513 on January 6, 2017 for an aggregate fair value of $25,861,228, which was recorded as research and development expense at the date of the transaction. The 1,781,996 shares of Series B-1 Preferred Stock held by Takeda automatically converted into 1,781,996 shares of the Company’s common stock upon the completion of its IPO in 2017. Under the Takeda collaboration, the Company is obligated to pay Takeda future payments if and when certain milestones are achieved. Upon the first patient enrollment in the first Phase 3 trial for the first of the initial indications the Company and Takeda are focusing on in the Takeda collaboration, the Company is obligated to issue to Takeda the number of unregistered shares of the Company’s common stock equal to the lesser of (a) 8% of the Company outstanding capital stock on the issuance date or (b) $50.0 million divided by the applicable share price, unless certain events occur. In the event such payment would cause Takeda to own over 19.99% of our outstanding capital stock or other events occur, such payment must be paid in cash As of December 31, 2019, none of these contingent payments were considered probable. representing costs reimbursed to the Company from Takeda, which $600,104 was included in related party receivable as of December 31, 2018 The Takeda collaboration will expire upon the cessation of commercialization of the products by both the Company and Takeda. Either party may terminate the Takeda collaboration because of the other party’s uncured material breach or insolvency, for safety reasons, or, after completion of the first proof of mechanism clinical trial, for convenience. Takeda may terminate the Takeda collaboration for the Company’s (or the Company’s sublicensee’s) challenge to the patents licensed under the Takeda collaboration. If the collaboration is terminated by Takeda for material breach by the Company, bankruptcy or patent challenge or by the Company for convenience or safety reasons, the Company’s rights to the products will cease, the Company will transition all activities related to the products to Takeda, and the Company will grant Takeda an exclusive, royalty-bearing license under certain patents and other intellectual property controlled by the Company to commercialize OV935 and products containing OV935 for the treatment of certain rare neurological disorders. If the collaboration is terminated by the Company for Takeda’s material breach or bankruptcy or by Takeda for convenience or safety reasons, Takeda’s rights to the products will cease, Takeda will transition all activities related to the products to us, and Takeda will grant us an exclusive, royalty-bearing license under certain patents and other intellectual property controlled by Takeda to commercialize OV935 and products containing OV935 for the treatment of certain rare neurological disorders.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2019
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 11 – RELATED PARTY TRANSACTIONS As part of the Company’s collaboration agreement with Takeda the Company recognized a long-term liability representing long-term prepaid expenses to be reimbursed to Takeda. On March 24, 2019, the Company entered into a separation and consulting agreement with Dr. Matthew During in connection with Dr. During’s resignation as President and Chief Scientific Officer with the Company effective as of April 1, 2019. Pursuant to the separation and consulting agreement, Dr. During agreed to non-solicit and non-compete covenants through such time as he remains a consultant to the Company, as well as a general release of claims in connection therewith. Dr. During agreed to a three-year consulting arrangement, pursuant to which he will be paid, amongst other specific milestone and meeting related fees, $150,000 per year for his role as the Chairman of the Company’s Scientific Advisory Board and $150,000 per year for other advisory and consulting services. Further, Dr. During was granted options to acquire 100,000 shares of common stock at an exercise price of $1.76 per share, the fair market value on April 1, 2019, which options shall vest in full upon completion of a specific clinical milestone, subject to Dr. During’s continued service through such vesting date. In the event such option does not vest by December 31, 2020, the stock option will expire. Provided further, in recognition of Dr. During’s service on the Scientific Advisory Board, Dr. During was granted options to acquire 75,000 shares of common stock at an exercise price equal to $1.76 per share, the fair market value on April 1, 2019. Either Dr. During or the Company may terminate the consulting arrangements pursuant to the Consulting Agreement in accordance with its terms, at any time and for any reason, upon thirty (30) days written notice to the other party. Upon such termination, the Company will have no further obligations to Dr. During, including any obligation to pay further consulting fees. In the February Offering, the Company issued and sold an aggregate of 6,325,000 shares of common stock and 2,500 shares of Series A Preferred Stock to entities affiliated with Takeda, its collaboration partner and an existing stockholder, entities affiliated with Biotechnology Value Fund, L.P., an existing stockholder, and Dr. Jeremy M. Levin, its Chief Executive Officer and Chairman, for aggregate gross proceeds of $17.7 million. In the October Offering, the Company issued and sold an aggregate of 4,058,000 shares of common stock and 2,000 shares of Series A Preferred Stock to entities affiliated with Takeda, its collaboration partner and an existing stockholder, entities affiliated with Biotechnology Value Fund, L.P., an existing stockholder, and Dr. Jeremy M. Levin, its Chief Executive Officer and Chairman, for aggregate gross proceeds of $10.2 million. In September 2019, the Company entered into an exchange agreement with the Exchanging Stockholders pursuant to which the Company exchanged an aggregate of 1,262,000 shares of the Company’s common stock owned by the Exchanging Stockholders for an aggregate of 1,262 shares of the Company’s Series A Preferred Stock.

Selected Quarterly Financial Da

Selected Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]
Selected Quarterly Financial Data (Unaudited)	NOTE 12 – SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) The following tables contain selected quarterly financial information from 2019 and 2018. The Company believes that the following information reflects all normal recurring adjustments necessary for a fair statement of the information for the periods presented. The operating results for any quarter are not necessarily indicative of results for any future period. Three Months Ended (in thousands, except per share data) March 31, June 30, September 30, December 31, 2019 2019 2019 2019 Total operating expenses $ 14,054 $ 13,322 $ 16,766 $ 17,267 Total interest income 253 265 131 299 Net loss $ (13,801 ) $ (13,057 ) $ (16,635 ) $ (16,968 ) Net loss applicable to common stockholders $ (13,801 ) $ (13,057 ) $ (16,635 ) $ (16,968 ) Net loss per share applicable to common stockholders - basic and diluted $ (0.46 ) $ (0.34 ) $ (0.43 ) $ (0.35 ) Three Months Ended (in thousands, except per share data) March 31, June 30, September 30, December 31, 2018 2018 2018 2018 Total operating expenses $ 13,430 $ 13,210 $ 13,176 $ 13,116 Total interest income 247 275 214 216 Net loss $ (13,183 ) $ (12,935 ) $ (12,962 ) $ (12,900 ) Net loss applicable to common stockholders $ (13,183 ) $ (12,935 ) $ (12,962 ) $ (12,900 ) Net loss per share applicable to common stockholders - basic and diluted $ (0.54 ) $ (0.53 ) $ (0.53 ) $ (0.52 )

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	NOTE 13 – SUBSEQUENT EVENTS Equity Awards From January 1, 2020 t hrough the date of the filing of this Form 10-K, the Company has granted option awards for an aggregate of 520,300 shares of common stock to employees with a weighted average exercise price of $3.69.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Basis of Presentation and Consolidation	(A) Basis of Presentation and Consolidation The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of Ovid Therapeutics Inc. and its wholly-owned subsidiary, Ovid Therapeutics Hong Kong Limited. All intercompany transactions and balances have been eliminated in consolidation.
Use of Estimates	(B) Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ materially from those estimates.
Risks and Uncertainties	(C) Risks and Uncertainties The Company is subject to risks common to companies in the development stage including, but not limited to, dependency on the clinical and commercial success of its drug candidates, ability to obtain regulatory approval of its drug candidates, the need for substantial additional financing to achieve its goals, uncertainty of broad adoption of its approved products, if any, by physicians and consumers, and significant competition and untested manufacturing capabilities
Deferred Transaction Costs	(D) Deferred Transaction Costs Deferred transaction costs, primarily consisted of direct incremental legal, accounting, and other fees related to the Company’s offering of its capital stock are capitalized as incurred. The deferred transaction costs are offset against proceeds upon the consummation of an offering.
Comprehensive Loss	(E) Comprehensive Loss Comprehensive loss includes net loss as well as other changes in stockholders’ equity that result from transactions and economic events other than those with stockholders. For the year ended December 31, 2019 the Company had other comprehensive income comprised of the gain on debt securities.
Collaboration Arrangement	(F) Collaboration Arrangement License and Collaboration Agreement with Takeda Pharmaceutical Company Limited The Company accounts for the license and collaboration agreement with Takeda Pharmaceutical Company Limited (“Takeda”) in accordance with Accounting Standard Codification (“ASC”) 808 – “Collaborative Arrangements.” As Ovid and Takeda are sharing 50/50 in the drug development and throughout the life of this compound, the Company records 50% of the development costs in research and development. When Ovid incurs the majority of the costs and Takeda transfers a payment to Ovid to equalize the costs, Ovid records the participation by Takeda as a reduction of its research and development expenses, as the parties under the collaboration are sharing in the costs and the payment represents reimbursement of costs by Takeda. When Takeda incurs the majority of the costs and Ovid transfers a payment to Takeda (to equalize the costs), Ovid records the participation in Takeda’s expenses as research and development costs in its statement of operations, as Ovid and Takeda are sharing in the research and development activities and this participation represents Ovid’s share of the research and development costs in the specific period.
Cash and Cash Equivalents	(G) Cash and Cash Equivalents The Company’s cash and cash equivalents consist of cash held in checking accounts and money market funds. The Company considers all highly liquid investments with an original maturity date of three months or less to be cash and cash equivalents. Accounts held at U.S. financial institutions are insured by the FDIC up to $250,000. Cash balances could exceed insured amounts at any given time.
Short-term Investments	(H) Short-term Investments Short-term investments consist of debt securities with maturities greater than from the date of purchase. The Company all of its investments as available-for-sale securities. Debt securities are recorded at fair value with unrealized gains and losses included in other comprehensive income (loss) as a component of stockholders’ equity until realized. Realized gains and losses, amortization and accretion of premiums and discounts are included within net loss.
Property and Equipment	(I) Property and Equipment Property and equipment are stated at cost and depreciated over their estimated useful lives of three years using the straight-line method. Repairs and maintenance costs are expensed. The Company reviews the recoverability of all long-lived assets, including the related useful life, whenever events or changes in circumstances indicate that the carrying amount of a long-lived asset might not be recoverable.
Research and Development Expenses	(J) Research and Development Expenses The Company expenses the cost of research and development as incurred. Research and development expenses comprise costs incurred in performing research and development activities, including clinical trial costs, manufacturing costs for both clinical and pre-clinical materials as well as other contracted services, license fees, and other external costs. Nonrefundable advance payments for goods and services that will be used in future research and development activities are expensed when the activity is performed or when the goods have been received, rather than when the cost is incurred, in accordance with ASC 730, Research and Development.
Stock-Based Compensation	(K) Stock-Based Compensation The Company accounts for its stock-based compensation in accordance with ASC 718, Compensation—Stock Compensation, which establishes accounting for stock-based awards granted to employees for services and requires companies to expense the estimated fair value of these awards over the requisite service period. The Company estimates the fair value of all awards granted using the Black-Scholes valuation model. Key inputs and assumptions include the expected term of the option, stock price volatility, risk-free interest rate, dividend yield, stock price and exercise price. Many of the assumptions require significant judgment and any changes could have a material impact in the determination of stock-based compensation expense. The Company elected an accounting policy to record forfeitures as they occur. The Company recognizes employee stock-based compensation expense based on the fair value of the award on the date of the grant. The compensation expense is recognized over the vesting period under the straight-line method. The Company accounts for options awards granted to nonemployee consultants and directors in accordance with ASU 2018-07, Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. The fair value of the option issued or committed to be issued is used to measure the transaction, as this is more reliable than the fair value of the services received. The fair value is measured at the value of the Company’s common stock at the earlier of the date that the commitment for performance by the counterparty has been reached or the counterparty’s performance is complete.
Fair Value of Financial Instruments	(L) Fair Value of Financial Instruments Financial Accounting Standards Board (“FASB”) guidance specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect market assumptions. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The three levels of the fair value hierarchy are as follows: • Level 1—Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 1 primarily consists of financial instruments whose value is based on quoted market prices such as exchange-traded instruments and listed equities. The Company’s Level 1 assets consisted of money market funds and short-term investments totaling $76.2 million and $40.5 million as of December 31, 2019 and 2018, respectively. • Level 2—Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly (e.g., quoted prices of similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active). Level 2 includes financial instruments that are valued using models or other valuation methodologies. The Company had no Level 2 assets or liabilities as of December 31, 2019 and 2018. • Level 3—Unobservable inputs for the asset or liability. Financial instruments are considered Level 3 when their fair values are determined using pricing models, discounted cash flows or similar techniques and at least one significant model assumption or input is unobservable. The Company had no Level 3 assets or liabilities as of December 31, 2019 and 2018. The carrying amounts reported in the balance sheets for cash and cash equivalents, related-party receivables, other current assets, accounts payable, accrued expenses, and current related-party payables approximate their fair value based on the short-term maturity of these instruments.
Income Taxes	(M) Income Taxes The Company accounts for income taxes under the asset and liability method, which requires deferred tax assets and liabilities to be recognized for the estimated future tax consequences attributable to differences between financial statement carrying amounts and respective tax bases of existing assets and liabilities, as well as for net operating loss carryforwards and research and development credit. Valuation allowances are provided if it is more likely than not that some portion or all of the deferred tax assets will not be realized. The impact of a change in the tax laws is recorded in the period in which the law is enacted.
Net Loss Per Common Share	(N) Net Loss Per Common Share Basic and diluted net loss per common share is determined by dividing net loss attributable to common stockholders by the weighted-average common shares outstanding during the period. For all periods presented, stock options have been excluded from the calculation because their effect would be anti-dilutive. Therefore, the weighted-average shares outstanding used to calculate both basic and diluted loss per common share are the same. Under the terms of the Series A Preferred Stock issued in 2019, Preferred stockholders do not share in losses of the Company and have no obligation to fund losses or transfer assets. Since there is a loss, diluted EPS should be computed in the same manner as basic EPS and because no potential common shares shall be included in the computation of any diluted per-share amounts when a loss exists, the Series A Preferred Stock should be excluded from the computation of basic and diluted EPS. There was no Preferred Stock issued or outstanding in 2018. The following potentially dilutive securities have been excluded from the computations of diluted weighted-average shares outstanding as they would be anti-dilutive: For the Year Ended December 31, 2019 2018 Stock options to purchase common stock 7,405,295 4,714,383 Series A convertible preferred stock 7,762 -
Segment Data	(O) Segment Data The Company manages its operations as a single segment for the purposes of assessing performance and making operating decisions.
Retirement Plan	(P) Retirement Plan The Company maintains a 401(k)-retirement plan for its employees that is intended to qualify under Sections 401(a) and 501(a) of the U.S. Internal Revenue Code of 1986, as amended (“Code”). The Company provides all active employees with a 100% matching contribution equal to 3% of an employee’s eligible compensation deferred and 50% matching contributions on employee contributions that are between 3% and 5% of an employee’s eligible compensation deferred. These safe harbor contributions vest immediately. For the years ended December 31, 2019 and 2018 the Company contributed $285,000 and $210,034, respectively.
Recent Accounting Pronouncements	(Q) Recent Accounting Pronouncements Recent accounting standards which have been adopted On June 20, 2018, the FASB issued ASU 2018-07, Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. This new standard simplifies the accounting for share-based payments granted to nonemployees for goods and services. The standard supersedes ASC 505-50 and expands the scope of ASC 718 to include all share-based payment arrangements related to the acquisition of goods and services from both nonemployees and employees. As such, among others, the measurement date for nonemployee awards would generally be the grant date same as the measurement date for employee equity awards and for performance-based awards, an entity is required to recognize any cost on the basis of the probable outcome of the performance conditions using the grant-date fair value of the award. ASU 2018-07 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Due to the immaterial volume of nonemployee equity-based awards as well as the immaterial fair value of such awards this standard did not have a material impact on the Company’s financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). This new standard was issued to increase transparency and comparability among entities by recognizing for all leases lease assets and lease liabilities on the balance sheet and disclosing key information about lease arrangements. effective for public companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The adoption of this standard did not have a material impact on the Company’s financial statements. New accounting standards which have not yet been adopted On November 5, 2018, the FASB issued ASU 2018-18, Collaborative Arrangements (Topic 808), - which amends ASC 808 to clarify when transactions between participants in a collaborative arrangement under ASC 808 are within the scope of the FASB’s new revenue standard, ASU 2014-09 (codified in ASC 606). The amendments require the application of ASC 606 existing guidance to determine the units of account that are distinct in a collaborative arrangement for purposes of identifying transactions with customers. If a unit of account within the collaborative arrangement is distinct and is with a customer, an entity shall apply the guidance in Topic 606 to that unit of account. In a transaction between collaborative participants, an entity is precluded by ASU 2018-18 from presenting a transaction together with “revenue from contracts with customers” unless the unit of account is within the scope of ASC 606 and the entity applies the guidance in ASC 606 to such unit of account. The amended guidance is effective for public business entities for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Company has a collaboration agreement with Takeda. However, the Company does not expect these amendments to have an impact on its financial statements, as Takeda does not meet the definition of a customer. On August 29, 2018, the FASB issued ASU No. 2018-15, Intangibles – Goodwill and Other - Internal-Use Software (Subtopic 350-40) - which amends ASC 350-40 to address a customer’s accounting for implementation costs incurred in a cloud computing arrangement (“CCA”) that is a service contract. ASU No. 2018-15 aligns the accounting for costs incurred to implement a CCA that is a service arrangement with the guidance on capitalizing costs associated with developing or obtaining internal-use software. Specifically, the ASU amends ASC 350 to include in its scope implementation costs of a CCA that is a service contract and clarifies that a customer should apply ASC 350-40 to determine which implementation costs should be capitalized in a CCA that is considered a service contract. According to the standard the balance sheet line item for the presentation of capitalized implementation costs should be the same as that for the prepayment of fees related to the hosting arrangement and the manner in which an entity classifies the cash flows related to capitalized implementation costs should be the same as that in which it classifies the cash flows for the fees related to the hosting arrangement. ASU 2018-15 is effective for the Company for fiscal years beginning after December 15, 2019, including interim periods therein. Entities are permitted to apply either a retrospective or prospective transition approach to adopt the guidance. When prospective transition is chosen, entities must apply the transition requirements to any eligible costs incurred after adoption. The Company is in the process of assessing the impact of this standard on its financial statements. On August 28, 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement. This standard changes the fair value measurement disclosure requirements of ASC 820. The new standard eliminated certain disclosures, added new disclosures with regard to unrealized gains or losses included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period and the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements, as well as modified certain disclosure. ASU 2018-13 is effective for all entities for fiscal years beginning after December 15, 2019, including interim periods therein. Early adoption is permitted. The ASU requires application of the prospective method of transition for the aforementioned new disclosure requirements and for modified disclosure with regard to measurement uncertainty while all other amendments made by the ASU must be applied retrospectively to all periods presented. The Company is in the process of assessing the impact of this standard on its financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This new standard requires the measurement and recognition of expected credit losses for financial assets held at amortized cost, including loans and trade and other receivables. ASU 2016-13 replaces the existing incurred loss impairment model with an expected loss methodology, which will result in more timely recognition of credit losses. The standard also amends the impairment model for available-for-sale debt securities and requires entities to determine whether all or a portion of the unrealized loss on an available-for-sale debt security is a credit loss. Under the new guidance, an entity will recognize an allowance for credit losses on available-for-sale debt securities as a contra-account to the amortized cost basis rather than as a direct reduction of the amortized cost basis of the investment, as is currently required. ASU 2016-13 is effective for annual reporting periods, and interim periods within those years, beginning after December 15, 2019. The Company does not expect the adoption of this standard to have a material impact on its financial statements due to the immaterial level of its unrealized losses on available-for-sale securities and its immaterial level of loans and receivables.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Schedule of Potentially Dilutive Securities Excluded from Computations of Diluted Weighted Average Shares Outstanding	The following potentially dilutive securities have been excluded from the computations of diluted weighted-average shares outstanding as they would be anti-dilutive: For the Year Ended December 31, 2019 2018 Stock options to purchase common stock 7,405,295 4,714,383 Series A convertible preferred stock 7,762 -

Cash Equivalents and Short-Te_2

Cash Equivalents and Short-Term Investments (Tables)	12 Months Ended
	Dec. 31, 2019
Investments Debt And Equity Securities [Abstract]
Summary of Fair Value of Cash Equivalents, Short-Term Investments and Gross Unrealized Holding Gains and Losses	The following tables summarize the fair value of cash, cash equivalents, and short-term investments, as well as gross unrealized holding gains and losses as of December 31, 2019 and December 31, 2018: December 31, 2019 Amortized Gross unrealized Gross unrealized Fair cost holding gains holding losses value Cash $ 501,537 $ - $ - $ 501,537 Money market funds (a) 41,395,607 - - 41,395,607 Total cash and cash equivalents $ 41,897,144 $ - $ - $ 41,897,144 U.S. treasury notes (a) $ 34,839,500 $ 2,469 $ - $ 34,841,969 Total short-term investments $ 34,839,500 $ 2,469 $ - $ 34,841,969 (a) As of December 31, 2019, the Company's Level 1 assets consisted of money market funds and U.S. treasury notes totaling $76.2 million. The Company had no level 2 or level 3 assets or liabilities as of December 31, 2019. December 31, 2018 Amortized Gross unrealized Gross unrealized Fair cost holding gains holding losses value Cash $ 927,354 $ - $ - $ 927,354 Money market funds (a) 35,562,264 - - 35,562,264 Total cash and cash equivalents $ 36,489,618 $ - $ - $ 36,489,618 U.S. treasury notes $ 5,012,863 $ - $ (1,829 ) $ 5,011,034 Total short-term investments $ 5,012,863 $ - $ (1,829 ) $ 5,011,034 (a) As of December 31, 2018, the Company's Level 1 assets consisted of money market funds and U.S. treasury notes totaling $40.5 million. The Company had no level 2 or level 3 assets or liabilities as of December 31, 2018.

Property and Equipment and In_2

Property and Equipment and Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2019
Property Plant And Equipment [Abstract]
Summary of Property and Equipment	Property and equipment is summarized as follows: December 31, December 31, 2019 2018 Furniture and equipment $ 193,717 $ 156,031 Less accumulated depreciation (125,354 ) (86,164 ) Total property, plant and equipment, net $ 68,363 $ 69,867

Accrued Expenses (Tables)

Accrued Expenses (Tables)	12 Months Ended
	Dec. 31, 2019
Payables And Accruals [Abstract]
Schedule of Accrued Expenses	Accrued expenses consist of the following: December 31, December 31, 2019 2018 Clinical trials accrual $ 3,235,527 $ 1,352,133 Payroll and bonus accrual 2,728,495 2,779,021 Professional fees accrual 1,070,589 772,785 Other 232,095 184,923 Total $ 7,266,706 $ 5,088,862

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2019
Summary of Recognized Stock-Based Compensation Expense	The Company’s stock-based compensation expense was recognized in operating expenses as follows: For the Year Ended December 31, 2019 2018 Research and development $ 2,391,909 $ 3,134,395 General and administrative 2,813,883 3,929,546 Total $ 5,205,792 $ 7,063,941
Schedule of Allocation of Stock-based Compensation Expense by Plan	For the Year Ended December 31, 2019 2018 Stock options $ 5,096,473 $ 6,957,937 Employee Stock Purchase Plan 109,319 106,004 Total $ 5,205,792 $ 7,063,941
Summary of Options Outstanding and Weighted Average Exercise Price	The following table summarizes the number of options outstanding and the weighted average exercise price: Weighted Weighted Average Average Remaining Aggregate Number of Exercise Contractual Intrinsic Shares Price Life in Years Value Options Outstanding at December 31, 2017 4,298,802 $ 8.07 8.32 $ 8,174,686 Vested and exercisable at December 31, 2017 1,733,673 $ 7.65 7.92 $ 3,865,036 Granted 1,440,578 8.23 9.26 Exercised (15,744 ) 7.07 Forfeited (1,009,253 ) 8.16 Options Outstanding December 31, 2018 4,714,383 $ 8.10 7.89 $ 153,485 Vested and exercisable at December 31, 2018 2,337,931 $ 7.88 7.20 $ 153,485 Granted 3,547,513 2.93 9.56 Exercised - - Forfeited (856,601 ) 6.43 Options Outstanding December 31, 2019 7,405,295 $ 5.82 8.01 $ 4,488,930 Vested and exercisable at December 31, 2019 3,296,547 $ 7.93 6.53 $ 356,443
Employee Stock Option [Member]
Summary of Assumptions Used to Compute Fair Value of Employee Option Granted	The fair value of employee options granted during the years ended December 31, 2019 and 2018, respectively, was estimated by utilizing the following assumptions: For the Year Ended December 31, 2019 2018 Weighted Average Weighted Average Volatility 81.87 % 84.40 % Expected term in years 6.07 6.01 Dividend rate 0.00 % 0.00 % Risk-free interest rate 2.04 % 2.62 % Fair value of option on grant date $ 2.26 $ 5.93
Nonemployee Stock Options [Member]
Summary of Assumptions Used to Compute Fair Value of Employee Option Granted	The fair value of nonemployee options granted and remeasured during the years ended December 31, 2019 and 2018, respectively, was estimated by utilizing the following assumptions: For the Year Ended December 31, 2019 2018 Weighted Average Weighted Average Volatility 74.56 % 79.40 % Expected term in years 5.30 3.23 Dividend rate 0.00 % 0.00 % Risk-free interest rate 2.37 % 2.46 % Fair value of option on grant date $ 1.07 $ 0.62

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Schedule of Deferred Tax Assets and Liabilities	The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and liabilities were as follows: December 31, 2019 2018 Deferred tax assets/liabilities: Net operating loss carryovers $ 57,288,334 $ 37,195,164 Research and development tax credits 3,351,315 1,737,870 Share-based compensation 6,606,889 5,333,006 Accrued compensation 898,067 869,446 Depreciation (22,026 ) (19,949 ) Charitable contributions 132,072 88,353 Intangible assets 8,208,519 8,828,914 Total gross deferred tax assets/liabilities 76,463,170 54,032,804 Valuation allowance (76,463,170 ) (54,032,804 ) Net deferred tax assets (liabilities) $ - $ -
Reconciliation of Statutory U.S. Federal Rate to Effective Tax Rate	A reconciliation of the statutory U.S. Federal rate to the Company’s effective tax rate is as follows: December 31, 2019 2018 Federal income tax benefit at statutory rate (21.00 ) (21.00 ) State income tax, net of federal benefit (13.80 ) (13.62 ) Permanent items 0.50 0.61 Change in valuation allowance 37.14 36.02 Research and development tax credits (2.67 ) (1.97 ) Other (0.17 ) (0.04 ) Effective income tax (benefit) expense rate 0 % 0 %

Selected Quarterly Financial _2

Selected Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]
Schedule of Selected Quarterly Financial Information	The following tables contain selected quarterly financial information from 2019 and 2018. The Company believes that the following information reflects all normal recurring adjustments necessary for a fair statement of the information for the periods presented. The operating results for any quarter are not necessarily indicative of results for any future period. Three Months Ended (in thousands, except per share data) March 31, June 30, September 30, December 31, 2019 2019 2019 2019 Total operating expenses $ 14,054 $ 13,322 $ 16,766 $ 17,267 Total interest income 253 265 131 299 Net loss $ (13,801 ) $ (13,057 ) $ (16,635 ) $ (16,968 ) Net loss applicable to common stockholders $ (13,801 ) $ (13,057 ) $ (16,635 ) $ (16,968 ) Net loss per share applicable to common stockholders - basic and diluted $ (0.46 ) $ (0.34 ) $ (0.43 ) $ (0.35 ) Three Months Ended (in thousands, except per share data) March 31, June 30, September 30, December 31, 2018 2018 2018 2018 Total operating expenses $ 13,430 $ 13,210 $ 13,176 $ 13,116 Total interest income 247 275 214 216 Net loss $ (13,183 ) $ (12,935 ) $ (12,962 ) $ (12,900 ) Net loss applicable to common stockholders $ (13,183 ) $ (12,935 ) $ (12,962 ) $ (12,900 ) Net loss per share applicable to common stockholders - basic and diluted $ (0.54 ) $ (0.53 ) $ (0.53 ) $ (0.52 )

Nature of Operations - Addition

Nature of Operations - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Cash, cash equivalents and short-term investments	$ 76,700,000
Accumulated deficit	213,156,521	$ 152,695,278
Cash outflows from operating activities	$ (51,090,622)	$ (45,558,480)

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Summary of Significant Accounting Policy [Line Items]
Ownership pattern	Ovid and Takeda are sharing 50/50 in the drug development and throughout the life of this compound
Percentage of net expenses of development costs recorded in research and development	50.00%
Property and equipment, estimated useful lives	Property and equipment are stated at cost and depreciated over their estimated useful lives of three years using the straight-line method.
Property and equipment, useful lives	3 years
Preferred stock, shares issued		0
Preferred stock, shares outstanding		0
Defined contribution plan name	401(k)-retirement plan
Company contributions to 401(k) retirement plan	$ 285,000	$ 210,034
Scenario One [Member]
Summary of Significant Accounting Policy [Line Items]
Percentage of company matching contribution to 401(k) retirement plan	100.00%
Company matching contributions to employee's eligible compensation deferred	3.00%
Scenario Two [Member]
Summary of Significant Accounting Policy [Line Items]
Percentage of company matching contribution to 401(k) retirement plan	50.00%
Fair Value Level 1 [Member] | Money Market Funds and Short-term Investments [Member]
Summary of Significant Accounting Policy [Line Items]
Fair value assets	$ 76,200,000	40,500,000
Fair Value Level 2 [Member]
Summary of Significant Accounting Policy [Line Items]
Fair value assets	0	0
Fair value liabilities	0	0
Fair Value Level 3 [Member]
Summary of Significant Accounting Policy [Line Items]
Fair value assets	0	0
Fair value liabilities	0	$ 0
Maximum [Member]
Summary of Significant Accounting Policy [Line Items]
FDIC insured amount	$ 250,000
Maximum [Member] | Scenario Two [Member]
Summary of Significant Accounting Policy [Line Items]
Company matching contributions to employee's eligible compensation deferred	5.00%
Minimum [Member]
Summary of Significant Accounting Policy [Line Items]
Short term investments, maturity period	3 months
Minimum [Member] | Scenario Two [Member]
Summary of Significant Accounting Policy [Line Items]
Company matching contributions to employee's eligible compensation deferred	3.00%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule Potentially Dilutive Securities Excluded from Computations of Diluted Weighted Average Shares Outstanding (Detail) - shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Stock options to purchase common stock [Member]
Dilutive Securities Included and Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive Securities Excluded from computations of Diluted Weighted Average shares outstanding	7,405,295	4,714,383
Series A Convertible Preferred Stock [Member]
Dilutive Securities Included and Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive Securities Excluded from computations of Diluted Weighted Average shares outstanding	7,762

Cash Equivalents and Short-Te_3

Cash Equivalents and Short-Term Investments - Summary of Fair Value of Cash Equivalents, Short-Term Investments and Gross Unrealized Holding Gains and Losses (Detail) - USD ($)		Dec. 31, 2019		Dec. 31, 2018
Schedule Of Available For Sale Securities [Line Items]
Total cash and cash equivalents, Amortized cost		$ 41,897,144		$ 36,489,618
Total cash and cash equivalents, Fair value		41,897,144		36,489,618
Total short-term investments, Amortized cost		34,839,500		5,012,863
Total short-term investments, Gross unrealized holding gains		2,469
Total short-term investments, Gross unrealized holding losses				(1,829)
Total short-term investments, Fair value		34,841,969		5,011,034
U.S. Treasury Notes [Member]
Schedule Of Available For Sale Securities [Line Items]
Total short-term investments, Amortized cost		34,839,500	[1]	5,012,863
Total short-term investments, Gross unrealized holding gains	[1]	2,469
Total short-term investments, Gross unrealized holding losses				(1,829)
Total short-term investments, Fair value		34,841,969	[1]	5,011,034
Cash [Member]
Schedule Of Available For Sale Securities [Line Items]
Total cash and cash equivalents, Amortized cost		501,537		927,354
Total cash and cash equivalents, Fair value		501,537		927,354
Money Market Funds [Member]
Schedule Of Available For Sale Securities [Line Items]
Total cash and cash equivalents, Amortized cost		41,395,607	[1]	35,562,264	[2]
Total cash and cash equivalents, Fair value		$ 41,395,607	[1]	$ 35,562,264	[2]
[1]	(a) As of December 31, 2019, the Company's Level 1 assets consisted of money market funds and U.S. treasury notes totaling $76.2 million. The Company had no level 2 or level 3 assets or liabilities as of December 31, 2019.
[2]	(a) As of December 31, 2018, the Company's Level 1 assets consisted of money market funds and U.S. treasury notes totaling $40.5 million. The Company had no level 2 or level 3 assets or liabilities as of December 31, 2018.

Cash Equivalents and Short-Te_4

Cash Equivalents and Short-Term Investments - Summary of Fair Value of Cash Equivalents, Short-Term Investments and Gross Unrealized Holding Gains and Losses (Parenthetical) (Detail) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Fair Value Level 1 [Member] | Money Market Funds US Treasury Notes [Member]
Schedule Of Available For Sale Securities [Line Items]
Fair value assets	$ 76,200,000	$ 40,500,000
Fair Value Level 2 [Member]
Schedule Of Available For Sale Securities [Line Items]
Fair value assets	0	0
Fair value liabilities	0	0
Fair Value Level 3 [Member]
Schedule Of Available For Sale Securities [Line Items]
Fair value assets	0	0
Fair value liabilities	$ 0	$ 0

Cash Equivalents and Short-Te_5

Cash Equivalents and Short-Term Investments - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2019USD ($)Investment	Dec. 31, 2018USD ($)
Investments Debt And Equity Securities [Abstract]
Aggregate fair value of securities that were in an unrealized loss position for less than 12 months		$ 5,000,000
Aggregate fair value of securities that were in an unrealized gain position for less than 12 months	$ 34,800,000
Number of securities in an unrealized loss position for more than 12 months | Investment	0
Number of securities in an unrealized gain position for more than 12 months | Investment	0
Gains or losses on available-for-sale securities	$ 0	$ 0

Property and Equipment and In_3

Property and Equipment and Intangible Assets - Summary of Property and Equipment (Detail) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Less accumulated depreciation	$ (125,354)	$ (86,164)
Total property, plant and equipment, net	68,363	69,867
Furniture and equipment [Member]
Property, Plant and Equipment [Line Items]
Furniture and equipment	$ 193,717	$ 156,031

Property and Equipment and In_4

Property and Equipment and Intangible Assets - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Property Plant And Equipment [Abstract]
Depreciation expense	$ 39,000	$ 35,000
Intangible assets, net of accumulated amortization	467,000	392,000
Amortization expense	$ 216,000	$ 106,000

Accrued Expenses - Schedule of

Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Payables And Accruals [Abstract]
Clinical trials accrual	$ 3,235,527	$ 1,352,133
Payroll and bonus accrual	2,728,495	2,779,021
Professional fees accrual	1,070,589	772,785
Other	232,095	184,923
Total	$ 7,266,706	$ 5,088,862

Stockholders' Equity and Pref_2

Stockholders' Equity and Preferred Stock - Additional Information (Detail) - USD ($)	1 Months Ended				12 Months Ended
	Nov. 30, 2019	Oct. 31, 2019	Sep. 30, 2019	Feb. 28, 2019	Dec. 31, 2019	Dec. 31, 2018	Jun. 30, 2018
Class Of Stock [Line Items]
Common stock, shares authorized					125,000,000	125,000,000
Preferred stock, shares authorized					10,000,000	10,000,000
Common stock voting rights					one vote for each share held
Net proceeds from issuance of stock	$ 33,500,000	$ 33,500,000		$ 30,500,000
Preferred stock, shares outstanding						0
Dividends declaration and payment terms					No dividends on the common stock shall be declared and paid unless dividends on the Preferred Stock have been declared and paid.
Dividends declared					$ 0
Series A Convertible Preferred Stock [Member]
Class Of Stock [Line Items]
Number of shares issued	4,000	4,000		2,500
Stock issued, price per share	$ 2,500	$ 2,500		$ 2,000
Common Stock [Member]
Class Of Stock [Line Items]
Number of shares issued	10,350,000	10,350,000		13,993,778
Stock issued, price per share	$ 2.50	$ 2.50		$ 2
Conversion of common stock to series A convertible preferred stock, Shares					(1,262,000)
Common Stock [Member] | Biotechnology Value Fund, L.P [Member]
Class Of Stock [Line Items]
Conversion of common stock to series A convertible preferred stock, Shares			1,262,000
ATM Agreement [Member] | Maximum [Member] | Cowen And Company, LLC [Member]
Class Of Stock [Line Items]
Net proceeds from offering, value							$ 50,000,000
Series A Convertible Preferred Stock
Class Of Stock [Line Items]
Preferred stock, share designated					10,000	0
Preferred stock, shares outstanding					7,762	0
Maximum allowable owning percentage of outstanding common stock by associates or affiliates					9.99%
Maximum allowable voting right percentage of outstanding common stock holders					14.99%
Convertible preferred stock, terms of conversion					percentage may be changed at the holder’s election to any other number less than or equal to 19.99% upon 61 days’ notice to the Company; provided, however, that effective 61 days after delivery of such notice, such beneficial ownership limitations shall not be applicable to any holder that beneficially owns either 10.0% or 15.0%
Preferred stock, liquidation preference per share					$ 0.001
Series A Convertible Preferred Stock | Series A Convertible Preferred Stock [Member]
Class Of Stock [Line Items]
Number of shares issued for each share of convertible preferred stock that is converted					1,000
Common Stock [Member] | ATM Agreement [Member] | Cowen And Company, LLC [Member]
Class Of Stock [Line Items]
Number of shares issued					6,893,888
Net proceeds from issuance of stock					$ 22,300,000
Convertible Preferred Stock [Member]
Class Of Stock [Line Items]
Conversion of common stock to series A convertible preferred stock, Shares					1,262
Convertible Preferred Stock [Member] | Biotechnology Value Fund, L.P [Member]
Class Of Stock [Line Items]
Conversion of common stock to series A convertible preferred stock, Shares			1,262

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - USD ($)	Jan. 01, 2019	Dec. 31, 2019	Dec. 31, 2018
Stock-Based Compensation [Line Items]
Share based compensation expense		$ 5,205,792	$ 7,063,941
Stock options, granted		3,547,513	1,440,578
Unrecognized compensation expenses		$ 9,837,812
Unrecognized compensation not yet recognized, period for recognition		2 years 7 months 2 days
Performance-based Option Awards [Member]
Stock-Based Compensation [Line Items]
Share based compensation expense		$ 0
Unvested stock options, outstanding		635,125
Nonemployee Stock Options [Member]
Stock-Based Compensation [Line Items]
Share based compensation expense		$ 51,666	$ 136,639
Unvested stock options, outstanding		145,204	10,175
Stock options, granted		175,000	0
Unrecognized compensation expenses		$ 304,468
Non-employee Performance Based Option Awards [Member]
Stock-Based Compensation [Line Items]
Share based compensation expense		0	$ 0
Employee Stock Option [Member]
Stock-Based Compensation [Line Items]
Share based compensation expense		$ 5,044,807	$ 6,821,298
Unvested stock options, outstanding		3,963,544	2,366,277
Stock options, granted		3,372,513	1,440,578
Unrecognized compensation expenses		$ 9,533,344
Employee Performance Based Option Awards [Member]
Stock-Based Compensation [Line Items]
Share based compensation expense		$ 9,391	$ 0
2017 Equity Incentive Plan [Member]
Stock-Based Compensation [Line Items]
Common stock, reserved for future issuance		3,052,059
Increase of equity incentive plan/ employee stock purchase plan limit description		Pursuant to the terms of the 2017 Plan, on each January 1st, the plan limit shall be increased by the lesser of (x) 5% of the number of shares of common stock outstanding as of the immediately preceding December 31 and (y) such lesser number as the Board of Directors may determine in its discretion.
Percentage of number of shares of common stock outstanding		5.00%
Number of additional shares reserved for issuance under the plan	1,232,705
Number of company's common stock reserved for issuance under the plan		2,199,765
Share based compensation, term of plan		10 years
Share based compensation, graded vesting period		4 years
Share based compensation, exercisable		90 days
2017 ESPP [Member]
Stock-Based Compensation [Line Items]
Common stock, reserved for future issuance		279,069
Increase of equity incentive plan/ employee stock purchase plan limit description		The number of shares of common stock reserved for issuance under the 2017 ESPP will automatically increase on January 1 of each year, beginning on January 1, 2018 and continuing through and including January 1, 2027, by the lesser of (i) 1% of the total number of shares of the Company’s capital stock outstanding on December 31 of the preceding calendar year, (ii) 550,000 shares or (iii) such lesser number of shares determined by our Board.
Percentage of number of shares of common stock outstanding		1.00%
Number of additional shares reserved for issuance under the plan	246,541
Number of company's common stock reserved for issuance under the plan		659,016
Offering period description		On September 20, 2017, the Company’s Compensation Committee approved an offering period under the 2017 ESPP, which began on October 20, 2017.
Share based compensation, percentage of discount from market price on purchase date		15.00%
Share based compensation, number of shares purchased		80,542	32,114
Share based compensation expense		$ 109,319	$ 106,004
Increase in number of shares each year under the plan		550,000
2014 Equity Incentive Plan [Member]
Stock-Based Compensation [Line Items]
Share based compensation, term of plan		10 years
Share based compensation, graded vesting period		4 years
Share based compensation, exercisable		90 days

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Recognized Stock-Based Compensation Expense (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Stock-Based Compensation [Line Items]
Stock-based compensation expense, Total	$ 5,205,792	$ 7,063,941
Research and Development [Member]
Stock-Based Compensation [Line Items]
Stock-based compensation expense, Total	2,391,909	3,134,395
General and Administrative Expenses [Member]
Stock-Based Compensation [Line Items]
Stock-based compensation expense, Total	$ 2,813,883	$ 3,929,546

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Allocation of Stock-Based Compensation Expense by Plan (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Stock-Based Compensation [Line Items]
Share based compensation expense	$ 5,205,792	$ 7,063,941
Stock Options [Member]
Stock-Based Compensation [Line Items]
Share based compensation expense	5,096,473	6,957,937
Employee Stock Purchase Plan [Member]
Stock-Based Compensation [Line Items]
Share based compensation expense	$ 109,319	$ 106,004

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Assumptions Used to Compute Fair Value of Employee Option Granted (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Employee Stock Option [Member]
Stock-Based Compensation [Line Items]
Weighted Average, Volatility	81.87%	84.40%
Weighted Average, Expected term in years	6 years 25 days	6 years 3 days
Weighted Average, Dividend rate	0.00%	0.00%
Weighted Average, Risk-free interest rate	2.04%	2.62%
Weighted Average, Fair value of option on grant/measurement date	$ 2.26	$ 5.93
Nonemployee Stock Options [Member]
Stock-Based Compensation [Line Items]
Weighted Average, Volatility	74.56%	79.40%
Weighted Average, Expected term in years	5 years 3 months 18 days	3 years 2 months 23 days
Weighted Average, Dividend rate	0.00%	0.00%
Weighted Average, Risk-free interest rate	2.37%	2.46%
Weighted Average, Fair value of option on grant/measurement date	$ 1.07	$ 0.62

Stock-Based Compensation - Su_3

Stock-Based Compensation - Summary of Options Outstanding and Weighted Average Exercise Price (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Number of Shares, Options Outstanding, Beginning balance	4,714,383	4,298,802
Number of Shares, Vested and exercisable, Beginning balance	2,337,931	1,733,673
Number of Shares, Granted	3,547,513	1,440,578
Number of Shares, Exercised	0	(15,744)
Number of Shares, Forfeited	(856,601)	(1,009,253)
Number of Shares, Options Outstanding, Ending balance	7,405,295	4,714,383	4,298,802
Number of Shares, Vested and exercisable, Ending balance	3,296,547	2,337,931	1,733,673
Weighted Average Exercise Price, Options Outstanding	$ 8.10	$ 8.07
Weighted Average Exercise Price, Vested and exercisable	7.88	7.65
Weighted Average Exercise Price, Granted	2.93	8.23
Weighted Average Exercise Price, Exercised	0	7.07
Weighted Average Exercise Price, Forfeited	6.43	8.16
Weighted Average Exercise Price, Options Outstanding	5.82	8.10	$ 8.07
Weighted Average Exercise Price, Vested and exercisable	$ 7.93	$ 7.88	$ 7.65
Weighted Average Remaining Contractual Life, Options Outstanding	8 years 3 days	7 years 10 months 20 days	8 years 3 months 25 days
Weighted Average Remaining Contractual Life, Vested and exercisable	6 years 6 months 10 days	7 years 2 months 12 days	7 years 11 months 1 day
Weighted Average Remaining Contractual Life, Granted	9 years 6 months 21 days	9 years 3 months 3 days
Aggregate Intrinsic Value, Options Outstanding	$ 4,488,930	$ 153,485	$ 8,174,686
Aggregate Intrinsic Value, Vested and exercisable	$ 356,443	$ 153,485	$ 3,865,036

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Line Items]
Net operating loss carryforwards expiration year	2035
Provision for income taxes	$ 0
Increase in valuation allowance	22,467,000	$ 18,748,000
Valuation allowance	76,463,170	54,032,804
Unrecognized tax benefits or related interest and penalties accrued	0	0
Uncertain tax position	0	$ 0
New York State Division of Taxation and Finance Member [Member]
Income Tax Disclosure [Line Items]
Net operating loss carryforwards	163,000,000
Federal [Member]
Income Tax Disclosure [Line Items]
Net operating loss carryforwards	163,600,000
State [Member]
Income Tax Disclosure [Line Items]
Net operating loss carryforwards	$ 174,100,000

Income Taxes - Schedule of Defe

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Detail) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Deferred tax assets/liabilities:
Net operating loss carryovers	$ 57,288,334	$ 37,195,164
Research and development tax credits	3,351,315	1,737,870
Share-based compensation	6,606,889	5,333,006
Accrued compensation	898,067	869,446
Depreciation	(22,026)	(19,949)
Charitable contributions	132,072	88,353
Intangible assets	8,208,519	8,828,914
Total gross deferred tax assets/liabilities	76,463,170	54,032,804
Valuation allowance	$ (76,463,170)	$ (54,032,804)

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Statutory U.S. Federal Rate to Effective Tax Rate (Detail)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Federal income tax benefit at statutory rate	(21.00%)	(21.00%)
State income tax, net of federal benefit	(13.80%)	(13.62%)
Permanent items	0.50%	0.61%
Change in valuation allowance	37.14%	36.02%
Research and development tax credits	(2.67%)	(1.97%)
Other	(0.17%)	(0.04%)
Effective income tax (benefit) expense rate	0.00%	0.00%

Commitment and Contingencies -

Commitment and Contingencies - Additional Information (Detail) - License Agreement [Member]	Mar. 26, 2015USD ($)Trial	Dec. 31, 2016USD ($)Product	Dec. 31, 2019
Lundbeck [Member]
Loss Contingencies [Line Items]
License agreement entered date	Mar. 26, 2015
First payment due upon completion of first phase	$ 1,000,000
Number of trial | Trial	3
Lundbeck [Member] | Maximum [Member]
Loss Contingencies [Line Items]
License agreement milestone payments	$ 189,000,000
Northwestern University [Member]
Loss Contingencies [Line Items]
License agreement entered Period		2016-12
Upfront non-creditable one-time license issuance fee payment		$ 75,000
Annual license maintenance fee payable		$ 20,000
License agreement, description of rights and obligation			In consideration for the rights granted to the Company under the Northwestern agreement, the Company is required to pay to Northwestern up to an aggregate of $5.3 million upon the achievement of certain development and regulatory milestones for the first product covered by the Northwestern Patents, and, upon commercialization of any such products, will be required to pay to Northwestern a tiered royalty on net sales of such products by the Company, its affiliates or sublicensees, at percentages in the low to mid single-digits, subject to standard reductions and offsets. The Company’s royalty obligations continue on a product-by-product and country-by-country basis until the later of the expiration of the last-to-expire valid claim in a licensed patent covering the applicable product in such country and 10 years following the first commercial sale of such product in such country. If the Company sublicenses a Northwestern Patent Right, it will be obligated to pay to Northwestern a specified percentage of sublicense revenue received by the Company, ranging from the high single digits to the low-teens.
Minimum number of product covered under license agreement | Product		1
Northwestern University [Member] | Maximum [Member]
Loss Contingencies [Line Items]
Consideration payable for rights grant		$ 5,300,000

Collaboration Agreement - Addit

Collaboration Agreement - Additional Information (Detail) - USD ($)	Jan. 06, 2017	Dec. 31, 2019	Dec. 31, 2018
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Preferred stock, shares issued			0
Preferred stock, price per share		$ 0.001	$ 0.001
Research and development		$ 42,157,641	$ 33,790,031
Related party receivable		$ 1,131,146	600,104
Common Stock [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Conversion of convertible preferred stock into common stock		(1,262,000)
Takeda Pharmaceutical Company Limited [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Percentage of outstanding capital stock on the issuance date	8.00%
Value fixed on collaboration for share obligation terms	$ 50,000,000
Threshold percentage of outstanding capital stock to make cash payment	19.99%
Global commercial and regulatory milestone payments	$ 35,000,000
Takeda Pharmaceutical Company Limited [Member] | Collaborative Arrangement, Co-promotion [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Research and development		$ 4,707,940
Research and development expense reimbursement received			1,280,525
Related party receivable		$ 1,131,146	$ 600,104
Takeda Pharmaceutical Company Limited [Member] | Series B-1 Preferred Stock [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Preferred stock, shares issued	1,781,996
Preferred stock, price per share	$ 14.513
Fair value of Series B-1 Preferred Stock	$ 25,861,228
Takeda Pharmaceutical Company Limited [Member] | IPO [Member] | Common Stock [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Conversion of convertible preferred stock into common stock			1,781,996

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($)	Apr. 01, 2019	Oct. 31, 2019	Sep. 30, 2019	Feb. 28, 2019	Dec. 31, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Options granted to acquire shares					3,547,513	1,440,578
Exercise price per share					$ 2.93	$ 8.23
Consulting arrangement termination					any time and for any reason, upon thirty (30) days written notice to the other party.
Common stock, shares issued					54,710,322	24,654,114
Proceeds from February and October Offerings, net of offering expenses					$ 64,120,736
Affiliated with Takeda, Biotechnology Value Fund, L.P., and Shira Capital, LLC [Member]
Related Party Transaction [Line Items]
Common stock, shares issued		4,058,000		6,325,000
Series A Preferred Stock [Member] | Affiliated with Takeda, Biotechnology Value Fund, L.P., and Shira Capital, LLC [Member]
Related Party Transaction [Line Items]
Common stock, shares issued		2,000		2,500
Convertible Preferred Stock [Member]
Related Party Transaction [Line Items]
Conversion of common stock to series A convertible preferred stock, Shares					1,262
Convertible Preferred Stock [Member] | Biotechnology Value Fund, L.P [Member]
Related Party Transaction [Line Items]
Conversion of common stock to series A convertible preferred stock, Shares			1,262
Separation and Consulting Agreement [Member] | Dr. During [Member]
Related Party Transaction [Line Items]
Consulting arrangement period	3 years
Fees to be paid per year	$ 150,000
Other advisory and consulting services to be paid per year	$ 150,000
Chief Executive Officer And Chairman | Affiliated with Takeda, Biotechnology Value Fund, L.P., and Shira Capital, LLC [Member]
Related Party Transaction [Line Items]
Proceeds from February and October Offerings, net of offering expenses		$ 10,200,000		$ 17,700,000
Common Stock [Member]
Related Party Transaction [Line Items]
Conversion of common stock to series A convertible preferred stock, Shares					(1,262,000)
Common Stock [Member] | Biotechnology Value Fund, L.P [Member]
Related Party Transaction [Line Items]
Conversion of common stock to series A convertible preferred stock, Shares			1,262,000
Common Stock [Member] | Separation and Consulting Agreement [Member] | Dr. During [Member] | 75000 Shares Vest After December, 2020 [Member]
Related Party Transaction [Line Items]
Options granted to acquire shares	75,000
Exercise price per share	$ 1.76
Common Stock [Member] | Separation and Consulting Agreement [Member] | Dr. During [Member] | 100,000 Shares Vest Before December 31, 2020 [Member]
Related Party Transaction [Line Items]
Options granted to acquire shares	100,000
Exercise price per share	$ 1.76

Selected Quarterly Financial _3

Selected Quarterly Financial Data (Unaudited) - Schedule of Selected Quarterly Financial Information (Detail) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Quarterly Financial Data [Abstract]
Total operating expenses	$ 17,267,000	$ 16,766,000	$ 13,322,000	$ 14,054,000	$ 13,116,000	$ 13,176,000	$ 13,210,000	$ 13,430,000	$ 61,409,467	$ 52,931,683
Total interest income	299,000	131,000	265,000	253,000	216,000	214,000	275,000	247,000	948,224	952,073
Net loss	(16,968,000)	(16,635,000)	(13,057,000)	(13,801,000)	(12,900,000)	(12,962,000)	(12,935,000)	(13,183,000)	(60,461,243)	(51,979,610)
Net loss applicable to common stockholders	$ (16,968,000)	$ (16,635,000)	$ (13,057,000)	$ (13,801,000)	$ (12,900,000)	$ (12,962,000)	$ (12,935,000)	$ (13,183,000)	$ (60,461,243)	$ (51,979,610)
Net loss per share applicable to common stockholders - basic and diluted	$ (0.35)	$ (0.43)	$ (0.34)	$ (0.46)	$ (0.52)	$ (0.53)	$ (0.53)	$ (0.54)

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - $ / shares	2 Months Ended	12 Months Ended
	Mar. 11, 2020	Dec. 31, 2019	Dec. 31, 2018
Subsequent Event [Line Items]
Granted option awards		3,547,513	1,440,578
Exercise price per share		$ 2.93	$ 8.23
Subsequent Event [Member]
Subsequent Event [Line Items]
Granted option awards	520,300
Exercise price per share	$ 3.69