MetaVia (MTVA) 10-Q 10 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	May 01, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	Gemphire Therapeutics Inc.
Entity Central Index Key	1,638,287
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	No
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		10,600,045
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1

Condensed Balance Sheets

Condensed Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 29,282	$ 24,033
Prepaid expenses	552	713
Total current assets	29,834	24,746
Deposits	8	8
Total assets	29,842	24,754
Current liabilities:
Accounts payable	3,541	2,008
Accrued liabilities	1,002	2,113
Total current liabilities	4,543	4,121
Other liabilities	2	1
Total liabilities	4,545	4,122
Stockholders’ equity (deficit):
Common stock, $0.001 par value; 100,000,000 shares authorized as of March 31, 2017 and December 31, 2016, 10,596,838 and 9,270,255 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively	18	17
Additional paid in capital	59,834	47,674
Accumulated deficit	(34,555)	(27,059)
Total stockholders’ equity (deficit)	25,297	20,632
Total liabilities and stockholders’ equity (deficit)	$ 29,842	$ 24,754

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2017	Dec. 31, 2016
Condensed Balance Sheets
Preferred Stock, Par Value (in dollar per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred Stock, shares issued	0	0
Preferred Stock, shares outstanding	0	0
Common Stock, Par Value (in dollar per share)	$ 0.001	$ 0.001
Common Stock, share authorized	100,000,000	100,000,000
Common Stock, share issued	10,596,838	9,270,255
Common Stock, share outstanding	10,596,838	9,270,255

Condensed Statements of Compreh

Condensed Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Operating expenses:
General and administrative	$ 2,223	$ 1,050
Research and development	5,280	1,176
Total operating expenses	7,503	2,226
Loss from operations	(7,503)	(2,226)
Interest income	12	127
Other expense	(5)	(4)
Loss before income taxes	(7,496)	(2,103)
Provision (benefit) for income taxes	0	0
Net loss	(7,496)	(2,103)
Comprehensive loss	(7,496)	(2,103)
Net loss	(7,496)	(2,103)
Adjustment to redemption value on Series A convertible preferred stock		(149)
Net loss attributable to common stockholders	$ (7,496)	$ (2,252)
Net loss per share:
Basic and diluted (Note 10)	$ (0.79)	$ (0.65)
Number of shares used in per share calculations:
Basic and diluted	9,521,224	3,468,764

Condensed Statements of Changes

Condensed Statements of Changes in Convertible Preferred Stock and Stockholders’ Equity (Deficit) - USD ($) $ in Thousands	Common StockPrivate placement	Common Stock	Additional Paid-in CapitalPrivate placement	Additional Paid-in Capital	Accumulated Deficit	Private placement	Total
Balance at beginning of period at Dec. 31, 2015		$ 12			$ (12,392)		$ (12,380)
Balance at beginning of period (shares) at Dec. 31, 2015		3,758,488
Increase (Decrease) in Stockholders' Equity
Redemption value adjustment - Series A preferred stock				$ (123)	(26)		(149)
Share-based compensation - employee				46			46
Share-based compensation - non-employee				77			77
Net loss					(2,103)		(2,103)
Balance at end of period at Mar. 31, 2016		$ 12			(14,521)		(14,509)
Balance at end of period (shares) at Mar. 31, 2016		3,758,488
Balance at beginning of period at Dec. 31, 2016		$ 17		47,674	(27,059)		20,632
Balance at beginning of period (shares) at Dec. 31, 2016		9,270,255
Increase (Decrease) in Stockholders' Equity
Issuance of common stock	$ 1		$ 8,978			$ 8,979
Issuance of common stock (shares)	1,324,256
Issuance of detachable stock warrants in connection with private placement offering			3,562			3,562
Issuance costs of offering			$ (1,219)			$ (1,219)
Exercise of stock options				3			3
Exercise of stock options (in shares)		2,327
Share-based compensation - employee				829			829
Share-based compensation - non-employee				7			7
Net loss					(7,496)		(7,496)
Balance at end of period at Mar. 31, 2017		$ 18		$ 59,834	$ (34,555)		$ 25,297
Balance at end of period (shares) at Mar. 31, 2017		10,596,838

Condensed Statements of Change6

Condensed Statements of Changes in Convertible Preferred Stock and Stockholders' Deficit - Temporary Equity - 3 months ended Mar. 31, 2016 $ in Thousands	Series A Convertible Preferred Stock.USD ($)shares
Temporary equity, balance at beginning of period (shares) at Dec. 31, 2015 | shares	745,637
Temporary equity, balance at beginning of period at Dec. 31, 2015	$ 7,953
Increase (Decrease) in Temporary Equity
Redemption value adjustment - Series A preferred stock	$ 149
Temporary equity, balance at end of period (shares) at Mar. 31, 2016 | shares	745,637
Temporary equity, balance at end of period at Mar. 31, 2016	$ 8,102

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Condensed Statements of Cash Flows
Net loss	$ (7,496)	$ (2,103)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation	836	123
Non-cash interest on convertible notes to related parties		31
Non-cash interest on convertible notes		78
Non-cash discount amortization on convertible notes to related parties		(55)
Non-cash discount amortization on convertible notes		(159)
Revaluation of premium conversion derivative		22
Change in assets and liabilities:
Prepaid expenses and other assets	161	(1)
Accounts payable	1,473	(242)
Accrued and other liabilities	(1,197)	294
Net cash used in operating activities	(6,223)	(2,056)
Financing activities
Proceeds from issuance of convertible notes		50
Proceeds from issuance of convertible notes to related parties		101
Exercise of stock options	3
Proceeds from offering	12,541
Offering costs	(1,072)	(86)
Net cash provided by financing activities	11,472	65
Net increase in cash and cash equivalents	5,249	(1,991)
Cash and cash equivalents at beginning of period	24,033	3,620
Cash and cash equivalents at end of period	29,282	1,629
Supplemental non-cash financing transactions:
Redemption value change of Series A preferred stock		149
Bifurcation of premium conversion derivative related to convertible notes		9
Offering costs	$ 147	$ 46

The Company and Basis of Presen

The Company and Basis of Presentation	3 Months Ended
	Mar. 31, 2017
The Company and Basis of Presentation
The Company and Basis of Presentation	1. The Company and Basis of Presentation On November 10, 2008, Michigan Life Therapeutics, LLC (MLT) was organized as a limited liability company (LLC) in Michigan. On October 30, 2014, Gemphire Therapeutics Inc. (Gemphire or the Company) was incorporated as a C corporation in the state of Delaware. On November 1, 2014, MLT entered into a merger agreement with Gemphire whereby MLT was merged with and into Gemphire with Gemphire as the surviving entity; all outstanding membership interests of MLT were exchanged for shares of Gemphire’s common stock. The purpose of the merger was to change the jurisdiction of MLT from Michigan to Delaware and to convert from an LLC to a corporation. The Company’s headquarters are located in Livonia, Michigan. The Company is a clinical‑stage biopharmaceutical entity focused on developing and commercializing therapies for the treatment of dyslipidemia, a serious medical condition that increases the risk of life threatening cardiovascular disease, and NAFLD/NASH (nonalcoholic fatty liver disease). The Company’s primary activities have been conducting research and development activities, planning clinical trials, performing business and financial planning, recruiting personnel and raising capital. The Company is subject to certain risks, which include the need to research, develop, and clinically test potentially therapeutic products, initially one product candidate gemcabene (also known as CI‑1027); obtain regulatory approval for its products and commercialize them around the world; expand its management scientific staff; finance its operations; and, find collaboration partners to further advance development and commercial efforts. Initial Public Offering On August 4, 2016, the Company’s Registration Statement on Form S-1 (File No 333-210815) relating to its initial public offering (IPO) of its common stock was declared effective by the Securities and Exchange Commission (SEC). Pursuant to such Registration Statement, on August 10, 2016, the Company closed its IPO whereby 3,000,000 shares of its common stock were issued and sold at a public offering price of $10.00 per share. On September 8, 2016, the Company closed the sale of 27,755 shares of its common stock at the public offering price of $10.00 per share, representing a partial exercise of the underwriters’ over-allotment option, following which, the IPO terminated. The Company received net proceeds of approximately $26.1 million after deducting underwriting discounts and commissions of $2.1 million and other offering expenses of $2.1 million. Immediately prior to the IPO, the Company amended and restated its certificate of incorporation and bylaws to, among other things, change its authorized capital stock to consist of (i) 100,000,000 shares of common stock and (ii) 10,000,000 shares of undesignated preferred stock. Both the common stock and the preferred stock have a par value of $0.001 per share. Private Placement Offering On March 10, 2017, the Company entered into a securities purchase agreement for a private placement (the Private Placement) with a select group of accredited investors whereby, on March 15, 2017 the Company issued and sold 1,324,256 units at a price of $9.47 per unit for gross proceeds of approximately $12.5 million. Each unit consists of one share of the Company’s common stock and a warrant to purchase 0.75 shares of common stock. The warrants have an exercise price of $10.40 per share and are exercisable for a period of five years from the date of issuance. The resale of the shares of common stock issued in the Private Placement and the shares of common stock to be issued upon exercise of the warrants issued in the Private Placement was subsequently registered in April 2017 under the Securities Act of 1933, as amended. Basis of Presentation The accompanying condensed financial statements have been prepared by the Company, without audit, pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP) have been condensed or omitted pursuant to such rules and regulations. The condensed financial statements may not include all disclosures required by U.S. GAAP; however, the Company believes that the disclosures are adequate to make the information presented not misleading. These unaudited condensed financial statements should be read in conjunction with the audited financial statements and the notes thereto for the fiscal year ended December 31, 2016 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 21, 2017 . The condensed balance sheet at December 31, 2016 was derived from the audited financial statements. In the opinion of management, all adjustments, consisting of only normal recurring adjustments that are necessary to present fairly the financial position, results of operations, and cash flows for the interim periods, have been made. The results of operations for the interim periods are not necessarily indicative of the operating results for the full fiscal year or any future periods. Reverse Stock Split In April 2016, the board of directors approved an amendment to the Company’s certificate of incorporation to effect a 1-for-3.119 reverse stock split (the Reverse Stock Split) for all common and Series A preferred stock. The Reverse Stock Split became effective on April 27, 2016 upon the filing of the amendment to the certificate of incorporation. The authorized shares and par value of the common stock and Series A preferred stock were not adjusted as a result of the Reverse Stock Split. All issued and outstanding common and Series A preferred stock, options for common stock and per share amounts contained in the financial statements have been retroactively adjusted to reflect this Reverse Stock Split for all periods presented.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2017
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Use of Estimates The preparation of condensed financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed financial statements and accompanying notes. Actual results could differ from those estimates. Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of 90 days or less at the time of deposit to be cash equivalents. The Company invests excess cash in readily available checking and savings accounts and highly liquid investments in money market accounts. Fair Value of Financial Instruments The Company’s condensed financial instruments include principally cash and cash equivalents, other current assets, accounts payable, accrued liabilities and debt. The carrying amounts for these condensed financial instruments reported in the balance sheets approximate their fair values. See Note 11 — Fair Value Measurements, for further discussion of fair value. General and Administrative Expenses General and administrative expenses consist primarily of personnel‑related costs, including salaries and share‑based compensation costs, for personnel in functions not directly associated with research and development activities. Other significant costs include legal fees related to intellectual property and corporate matters and professional fees for accounting and other services. Research and Development Expenses Research and development expenses consist of costs incurred in performing research and development activities, including compensation for research and development employees, costs associated with preclinical studies and trials, regulatory activities, manufacturing activities to support clinical activities, license fees, non‑legal patent costs, fees paid to external service providers that conduct certain research and development, clinical costs and an allocation of overhead expenses. Research and development costs are expensed as incurred. Income Taxes The Company utilizes the liability method of accounting for income taxes as required by Accounting Standards Codification (ASC) 740, Income Taxes . Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and the tax basis of assets and liabilities and are measured using enacted tax rates and laws that will be in effect when the differences are expected to reverse. Currently, there is no provision for income taxes, as the Company has incurred operating losses to date, and a full valuation allowance has been provided on the net deferred tax assets. MLT was treated as a partnership for federal and state income tax purposes. Accordingly, no provision was made for income taxes for periods prior to November 1, 2014, since the Company’s net loss (subject to certain limitations) was passed through to the income tax returns of its members. Upon incorporation on October 30, 2014, the Company became taxed as a corporation. Share‑Based Compensation The Company accounts for share‑based compensation in accordance with the provisions of ASC 718, Compensation — Stock Compensation (ASC 718). Accordingly, compensation costs related to equity instruments granted are recognized at the grant‑date fair value. Additionally, as a result of the early adoption of ASU 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting , the Company has made an accounting policy election to record forfeitures when they occur. Share‑based compensation arrangements to non‑employees are accounted for in accordance with the applicable provisions of ASC 718 and ASC 505, Equity , using a fair value approach. The compensation costs of these arrangements are subject to re‑measurement as the equity instruments vest and are recognized as expense over the related service period (typically the vesting period of the awards). Common Stock Valuation Due to the absence of an active market for the Company’s common stock prior to the close of the IPO, the Company utilized methodologies in accordance with the framework of the American Institute of Certified Public Accountants’ Technical Practice Aid, Valuation of Privately‑Held Company Equity Securities Issued as Compensation , to estimate the fair value of its common stock. The valuation methodology includes estimates and assumptions that require the Company’s judgment. These estimates and assumptions included a number of objective and subjective factors, including external market conditions affecting the biopharmaceutical industry sector, and the likelihood of achieving a liquidity event, such as an IPO or sale. Significant changes to the key assumptions used in the valuations have resulted in different fair values of common stock at each valuation date. Convertible Preferred Stock On March 31, 2015, the Company issued 745,637 shares of Series A convertible preferred stock (the Series A preferred stock). On August 10, 2016, immediately prior to the closing of the IPO, the Company’s Series A preferred stock, together with accrued dividends thereon, converted into 827,205 shares of common stock. The Series A preferred stock prior to conversion was classified outside of permanent equity, in mezzanine equity, on the Company’s condensed balance sheet. The Company initially recorded preferred stock that may be redeemed at the option of the holder, or based on the occurrence of events outside of the Company’s control, at the value of the proceeds received. Subsequently, if it was probable that the preferred stock would become redeemable, the Company recognized changes in the redemption value immediately as they occurred and adjusted the carrying amount of the instrument to equal the redemption value at the end of each reporting period. If it was not probable that the preferred stock would become redeemable, the Company did not adjust the carrying value. In the absence of retained earnings, these charges were recorded against additional paid‑in‑capital, if any, and then to accumulated deficit. See Note 7 — Convertible Series A Preferred Stock for further discussion. As a result of their conversion to common stock on August 10, 2016 as described above, no shares of Series A preferred stock were outstanding as of March 31, 2017 and December 31, 2016. Segment Information Operating segments are components of an enterprise for which separate financial information is available and is evaluated regularly by the Company’s chief operating decision maker in deciding how to allocate resources and assessing performance. The Company’s chief operating decision maker is its Chief Executive Officer. The Company’s Chief Executive Officer views the Company’s operations and manages its business in one operating segment, which is the business of development and commercialization of therapeutics for the treatment of dyslipidemia, a serious medical condition that increases the risk of life threatening cardiovascular disease and NAFLD/NASH. Accordingly, the Company has a single reporting segment. Jumpstart Our Business Startups Act Accounting Election As an emerging growth company under the Jumpstart Our Business Startups Act (JOBS Act), the Company is eligible to take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies. The Company has irrevocably elected not to avail itself of this exemption and, therefore, will be subject to the same new or revised accounting standards as other public companies that are not emerging growth companies. Recent Accounting Pronouncements In January 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016‑01, Financial Instruments — Overall: Recognition and Measurement of Financial Assets and Financial Liabilities. The guidance affects the accounting for equity investments, financial liabilities under the fair value option and the presentation and disclosure requirements of financial instruments. The guidance is effective in the first quarter of fiscal 2019. Early adoption is permitted for the accounting guidance on financial liabilities under the fair value option. The Company is currently evaluating the impact of the new guidance on its financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) and subsequently amended the guidance relating largely to transition considerations under the standard in January 2017. The objective of this update is to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. This ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those annual periods and is to be applied utilizing a modified retrospective approach. The Company is currently evaluating the new guidance to determine the impact it may have on its financial statements. In March 2016, the FASB issued ASU 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting . This ASU simplifies the accounting for share-based payment award transactions including: income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. This ASU is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted. The Company adopted this standard effective July 1, 2016 on a retrospective basis for each period presented. The adoption of this standard did not have a material impact on the Company’s financial statements. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash . The objective of this ASU is to eliminate the diversity in practice related to the classification of restricted cash or restricted cash equivalents in the statement of cash flows. For public business entities, this ASU is effective for annual and interim reporting periods beginning after December 15, 2017, with early adoption permitted. The amendments in this update should be applied retrospectively to all periods presented. The Company is currently evaluating the requirements of this new guidance and has not yet determined its impact on the Company’s financial statements. In January 2017, the FASB issued several amendments to ASU 2014‑09, Revenue from Contracts with Customers — Topic 606 (ASU 2014-09), including clarification on accounting for principal versus agent considerations (i.e., reporting gross versus net), licenses of intellectual property and identifying performance obligations. These amendments do not change the core principle of the standard, but provide clarity and implementation guidance. ASU 2014-09, which supersedes the revenue recognition requirements in FASB ASC 605, primarily states that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. In 2015, the FASB agreed to allow companies to delay the implementation of this standard for one year effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Early application is permitted only for periods beginning after December 15, 2016. The Company plans to adopt this standard on January 1, 2018 and to select the modified retrospective transition method. The Company plans to modify its accounting policies to reflect the requirements of this standard however, the planned adoption will not affect the Company’s financial statements and related disclosures for these periods or future periods until the Company generates revenues.

Accrued Liabilities

Accrued Liabilities	3 Months Ended
	Mar. 31, 2017
Accrued Liabilities
Accrued Liabilities	3. Accrued Liabilities Accrued liabilities consist of the following (in thousands): As of March 31, As of December 31, 2017 2016 Accrued offering costs $ 60 $ — Legal costs 166 54 Accrued compensation costs 303 706 Other research and development expenses 339 1,259 Other general and administrative expenses 134 94 Total $ 1,002 $ 2,113

Debt

Debt	3 Months Ended
	Mar. 31, 2017
Debt
Debt	4. Debt Interim Notes On July 31, 2015, the Company entered into a convertible interim note financing (collectively with the notes issued in December 2015, February 2016 and April 2016, the Interim Notes), pursuant to which certain investors agreed to loan the Company approximately $2.8 million. On August 10, 2016, immediately prior to the closing of the IPO, the Company’s Interim Notes, together with accrued interest thereon, converted into 1,656,807 shares of common stock. The Interim Notes accrued interest at a rate of 8% per annum, compounded annually, and would automatically convert into shares issued to investors in the Company’s next equity financing round that results in gross proceeds of at least $5.0 million (a Qualified Financing). The conversion would be equal to unpaid principal at 115% plus any unpaid accrued interest. The investors would be paid out principal at 200% if a change of control occurred before the next financing round. In the event that a Qualified Financing, change of control, or an IPO did not occur before July 31, 2016, the parties would then negotiate a price for conversion into a new round of stock. In December 2015, the Company amended the Interim Notes and certain investors agreed to loan the Company an additional $2.7 million for a revised financing total of $5.5 million. The Interim Notes continued to accrue interest at an 8% rate per annum compounded annually, but were amended to automatically convert into shares of the same class of the Company’s next convertible preferred stock financing round (the Preferred Stock Financing). The conversion into shares issued in the Preferred Stock Financing would be equal to unpaid principal at 115% plus unpaid accrued interest. In the event that either a change of control occurred or the Company completed a public transaction which resulted in the Company’s stockholders holding securities listed on a national securities exchange, including an IPO, before the Preferred Stock Financing, the Interim Notes, as amended, would automatically convert into shares of the Company’s common stock at a conversion price of $6.70585 per share (which represents the original issue price of the Series A preferred stock) based on 100% of outstanding principal and unpaid accrued interest. Lastly, if a Preferred Stock Financing, change of control, or public transaction did not occur before December 31, 2016, the parties agreed to then negotiate a conversion price into a new round of stock. In February 2016, certain investors agreed to loan the Company an additional $0.2 million for a revised financing total of $5.6 million. The Interim Notes continued to accrue interest at an 8% rate per annum compounded annually, but were amended to automatically convert into shares of the same class of the Company’s next Preferred Stock Financing. The conversion into shares issued in the Preferred Stock Financing would be equal to unpaid principal at 115% plus unpaid accrued interest. In the event that either a change of control occurred or the Company completed a public transaction which resulted in the Company’s stockholders holding securities listed on a national securities exchange, including an IPO, before the Preferred Stock Financing, the Interim Notes, as amended, would automatically convert into shares of the Company’s common stock at a conversion price of $6.70585 per share (which represents the original issue price of the Series A preferred stock as adjusted for the Reverse Stock Split (as defined below)) based on 100% of outstanding principal and unpaid accrued interest. Lastly, if a Preferred Stock Financing, change of control, or public transaction did not occur before December 31, 2016, the parties agreed to then negotiate a conversion price into a new round of stock. In April 2016, the Company amended the Interim Notes and certain investors agreed to loan the Company an additional $5.0 million for a revised financing total, including Interim Notes previously issued, of $10.6 million. The Interim Notes continued to accrue interest at an 8% rate per annum compounded annually, but were amended so that 125% of the unpaid principal and accrued interest, would automatically convert into shares of the same class of the Company’s next convertible preferred stock financing round of at least $5.0 million (the Qualified Financing). In the event that either a change of control occurred or the Company completed a public transaction which resulted in the Company’s stockholders holding securities listed on a national securities exchange, including an IPO, before the Qualified Financing, 100% of outstanding principal and unpaid accrued interest on the Interim Notes, as amended, would automatically convert into shares of the Company’s common stock at a conversion price of $6.70585 per share, as adjusted for the Reverse Stock Split. Lastly, if a Qualified Financing, change of control, or public transaction did not occur, the Interim Notes would become payable on demand any time after December 31, 2016. The Company incurred issuance costs related to the April 2016 financing in the amount of $10,000. The Interim Notes were discounted for the issuance costs, and the discount was amortized to interest expense over their remaining term using the straight‑line method. On August 10, 2016, immediately prior to the closing of the IPO, the Company’s Interim Notes, together with accrued interest thereon, converted into 1,656,807 shares of common stock. At the time of their issuance, the Interim Notes contained a conversion premium with regard to the conversion into shares at the time of the next Qualified Financing. The Company determined that the redemption feature under the Interim Notes qualified as an embedded derivative and was separated from its debt host. The bifurcation of the embedded derivative from its debt host resulted in a discount to the Interim Notes. The discount was amortized to interest expense over the term of the Interim Notes using the straight‑line method. The embedded derivative was accounted for separately on a fair market value basis. As a result of the conversion of the Interim Notes, together with accrued interest thereon, into common stock immediately prior to the closing of the IPO, there was no premium conversion derivative outstanding as of March 31, 2017 and December 31, 2016. The Company recorded the fair value changes of the premium conversion derivative associated with the Interim Notes to interest income (expense) that amounted to zero and $(22,000) for the three months ended March 31, 2017 and 2016, respectively. As a result of their conversion to common stock on August 10, 2016 as described above, there were no Interim Notes outstanding as of March 31, 2017 and December 31, 2016.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2017
Commitments and Contingencies
Commitments and Contingencies	5. Commitments and Contingencies Pfizer License Agreement In April 2011, the Company and Pfizer Inc. (Pfizer) entered into an exclusive license agreement (the Pfizer Agreement) for the clinical product candidate gemcabene. In exchange for this worldwide exclusive right and license to certain patent rights to make, use, sell, offer for sale and import the clinical product gemcabene, the Company agreed to certain milestone and royalty payments on future sales (See Note 6 — License Agreement) . As of March 31, 2017, there was sufficient uncertainty with regard to both the outcome of the clinical trials and the ability to obtain sufficient funding to support any of the cash milestone payments under the license agreement, and as such, no liabilities were recorded related to the license agreement. Series A Preferred Stock Dividends Holders of the Series A preferred stock were entitled to cumulative accruing dividends at a simple rate of 8% per year on the original issue price of the preferred stock of $6.70585 per share, as adjusted for the Reverse Stock Split. The dividends effectively accrued daily on each share of preferred stock. The dividends were payable upon the earliest to occur of (1) the date determined by the Board, (2) the liquidation of the Company (including a deemed liquidation event) or (3) the conversion or redemption of at least a majority of the outstanding shares of Series A preferred stock. If the board reasonably believed that the Company was not legally able to pay the dividends in cash at the payment date, or if elected by the majority of the Series A preferred stockholders or if issued in connection with an IPO, the dividends were to be paid in shares of common stock at the conversion price for the Series A preferred stock in effect at that time, which was the original issue price of the Series A preferred stock as adjusted from time to time for any stock dividends, combinations, splits or recapitalizations. On August 10, 2016, immediately prior to the closing of the IPO, the Company’s Series A preferred stock, together with accrued dividends thereon, converted into 827,205 shares of common stock, and as such, there were no cumulative unpaid dividends for the Series A preferred stock as of March 31, 2017 and December 31, 2016. Other Agreements Both cancellable and non-cancellable facility agreements were in place that provided for fixed monthly rent for the quarters ended March 31, 2017 and 2016. The total rent expense was $26,000 and $8,000 for the three months ended March 31, 2017 and 2016, respectively. In May 2016, the Company entered into a new lease agreement for its headquarters location, commencing in August 2016. The initial term of the agreement is 3 years with an initial monthly base rent of approximately $8,400. In conjunction with entering into the new lease agreement for its headquarters location, the Company cancelled its original Northville, Michigan lease agreement, as amended, effective August 31, 2016 and renegotiated a new cancellable lease agreement for limited use of office space in the Northville location that expires in September 2017.

License Agreement

License Agreement	3 Months Ended
	Mar. 31, 2017
License Agreement
License Agreement	6. License Agreement In April 2011, the Company entered into the Pfizer Agreement for a worldwide exclusive license to certain patent rights to make, use, sell, offer for sale and import the clinical product candidate gemcabene. In exchange for this license, the Company agreed to issue shares of its common stock to Pfizer representing 15% of the Company’s fully diluted capital at the close of its first arms‑length Series A financing, which occurred on March 31, 2015. The Company agreed to make milestone payments totaling up to $37 million upon the achievement of certain milestones, including the first regulatory submission in any country, regulatory approval in each of the United States, Europe and Japan, the first anniversary of the first regulatory approval in any country, and upon achieving certain aggregate sales levels of gemcabene or any product containing gemcabene. Future milestone payments under the Pfizer Agreement, if any, are not expected to begin for at least several years and extend over a number of subsequent years. The Company also agreed to pay Pfizer tiered royalties on a country‑by‑country basis based upon the annual amount of net sales, as specified in the Pfizer Agreement until expiration of the last valid claim of the licensed patent rights including any patent term extensions or supplemental protection certificates. Under the Pfizer Agreement, the Company is obligated to use commercially reasonable efforts to develop and commercialize gemcabene. On March 31, 2015, upon the closing of the Series A preferred stock financing, the Company issued 675,250 shares of its common stock, at a fair market value of $0.9 million, to Pfizer in connection with the first equity payment, pursuant to which Pfizer became the owner of more than 5% of the Company’s capital stock. The transaction was recorded as acquired in‑process research and development expenses based on the fair market value of the common shares issued since no processes or activities that would constitute a “business” were acquired and none of the rights and underlying assets acquired had alternative future uses or reached a stage of technological feasibility. None of the other milestone or royalty payments were triggered as of March 31, 2017. The Pfizer Agreement will expire upon expiration of the last royalty term. Either party may terminate the Pfizer Agreement for the other party’s uncured material breach or upon specified bankruptcy events. Pfizer may terminate the Pfizer Agreement if the Company or any of its sublicenses challenge the validity, enforceability or ownership of the licensed patents. Upon termination of the license agreement for cause by Pfizer, the Company must grant Pfizer a non-exclusive license to use any intellectual property rights arising from the development or commercialization of gemcabene. Additionally, Pfizer may revoke the license if the Company is unable to adequately commercialize gemcabene by April 2021. Pfizer has a non-exclusive, sub licensable, royalty-free right and license for non-commercial research or development purposes to intellectual property rights relating to gemcabene that are developed by us after the effective date of the license with Pfizer.

Convertible Series A Preferred

Convertible Series A Preferred Stock	3 Months Ended
	Mar. 31, 2017
Convertible Series A Preferred Stock
Convertible Series A Preferred Stock	7. Convertible Series A Preferred Stock On March 31, 2015, the Company issued 745,637 shares of Series A preferred stock at a per share price of $6.70585, as adjusted for the Reverse Stock Split, or $5.0 million in the aggregate, consisting of $1.5 million in cash and $3.5 million representing 125% of the principal and accrued and unpaid interest on the Convertible Notes, all of which converted into shares of Series A preferred stock. On August 10, 2016, immediately prior to the closing of the IPO, the Company’s Series A preferred stock, together with accrued dividends thereon, converted into 827,205 shares of common stock. Prior to their conversion into shares of common stock, the Series A preferred stock had the following rights and preferences: Dividend Rights Dividends effectively accrued on a daily basis at a simple rate of 8% per annum on the sum of the original per share issue price. Dividends were effectively deemed declared daily and were payable upon the occurrence of certain events. In addition, the holders of the Series A preferred stock had rights to participate in common stock dividends, entitling holders of Series A preferred stock to a dividend payable at the same time as the dividend paid on common stock based on the number of shares of common stock each share of Series A preferred stock would convert into if such shares had converted on the record date. There were no dividends deemed payable and accrued as of March 31, 2017 or December 31, 2016 due to the conversion of the Series A preferred stock, together with accrued dividends thereon, on August 10, 2016 immediately prior to the closing of the IPO. Voting Rights Each share of Series A preferred stock was entitled to vote together with the common stock on all actions to be taken by the stockholders of the Company, based on the number of shares of common stock into which each share of Series A preferred stock could be converted. A separate vote of a majority of the outstanding shares of Series A preferred stock was required to (1) issue or authorize any class or series of equity securities or equivalents, (2) effect any transaction that results in a change in control, (3) change the principal business of the Company, enter new lines of business, or exit the current line of business, (4) issue convertible debt above a certain threshold, or (5) materially sell, transfer, license, pledge or encumber technology or intellectual property. A management stock option plan approved by the board of directors, however, was not subject to a separate vote of the Series A preferred stockholders, but any subsequent increases to the authorized option pool were subject to approval by the Series A preferred stock holders via a separate vote. Liquidation Rights In the event of any liquidation, dissolution, or winding‑up of the Company, whether voluntary or involuntary, merger, consolidation or transaction in which over 50% of the Company’s voting power was transferred, or a sale, lease, transfer, exclusive license or disposition of all or substantially all of the assets of the Company, the Series A preferred stock holders were entitled to the assets of the Company legally available for distribution before any distribution or payment was made to the holders of common stock. The distribution amount would have been equal the original issue price of the Series A preferred stock (as adjusted for any stock dividends, combinations, splits or other recapitalizations since issuance), plus any accrued or declared but unpaid dividends thereon. After payment of the full liquidation preference to the Series A preferred stock holders, the remaining assets legally available for distribution would have been distributed to the holders of common stock and holders of the Series A preferred stock pro rata based on the number of shares of common stock each share of Series A preferred stock would convert into if such shares had converted immediately prior to such liquidation, dissolution, or winding‑up. Conversion Rights Shares of Series A preferred stock, at the option of the holder, could have been converted at any time into shares of common stock. The conversion rate would have been obtained by dividing the Series A preferred stock original issue price of $6.70585 per share, as adjusted for the Reverse Stock Split, by the conversion price per share in effect at the time of conversion. The Series A conversion price was initially equal to the original issue price, but could be adjusted on a broad‑based weighted average basis in connection with certain dilutive events. The Series A holder was also entitled to receive additional shares of common stock for any unpaid Series A dividends (whether or not declared). Shares of Series A preferred stock would have automatically converted into common stock based upon the then‑effective Series A conversion price upon the affirmative vote or consent of the holders of at least a majority of the outstanding shares of the Series A preferred stock, or at the closing of a firmly underwritten public offering. The conversion price for the Series A preferred stock was $6.70585 per share (as adjusted for the Reverse Stock Split) at the time of the conversion of the Series A preferred stock, together with accrued dividends thereon, immediately prior to the closing of the IPO on August 10, 2016. Redemption Rights The holders of at least 80% of the outstanding shares of Series A preferred stock could have required the Company to redeem all outstanding shares of Series A preferred stock at any time on or after December 31, 2020 at a redemption price equal to the greater of 150% of the liquidation preference of the Series A preferred stock or the fair market value per share plus any unpaid declared dividends. The liquidation preference of the Series A preferred stock was defined as an amount per share equal to $6.70585, as adjusted from time to time for any stock dividends, combinations, splits or recapitalizations, plus any accrued or declared but unpaid dividends thereon. The redemption value for redeemable preferred stock could have at times been based on fair market value. The assumptions used in calculating the estimated fair market value at each reporting period represented the Company’s best estimate, however, inherent uncertainties were involved. As a result, if factors or assumptions changed, the estimated fair value could have been materially different. The Company recognized changes in the redemption value immediately as they occurred and adjusted the carrying amount of the instrument to equal the redemption value at the end of each reporting period since it was probable that the instruments would have become redeemable. In the absence of retained earnings, these charges were recorded against additional paid‑in‑capital, if any, and then to accumulated deficit. The Company evaluated the Series A preferred stock and determined that it was considered an equity host under ASC 815 , Derivatives and Hedging. In making this determination, the Company’s analysis followed the whole instrument approach that compared an individual feature against the entire Series A preferred stock instrument that included that feature. The Company’s analysis was based on a consideration of the economic characteristics and risks of the Series A preferred stock. More specifically, the Company evaluated all of the stated and implied substantive terms and features of the Series A preferred stock, including: (1) redemption features and their underlying exercisability, (2) existence of any protective covenants, (3) nature of dividends rights, (4) nature of voting rights, and (5) the existence and nature of any conversion rights. As a result of the above, the Company concluded that the Series A preferred stock represented an equity host, and as such, the redemption and/or conversion features of the Series A preferred stock were considered to be clearly and closely related to the associated Series A preferred stock host instrument. Accordingly, the redemption and/or conversion features of the Series A preferred stock were not considered an embedded derivative that required bifurcation.

Stockholders_ Equity (Deficit)

Stockholders’ Equity (Deficit)	3 Months Ended
	Mar. 31, 2017
Stockholders’ and Members’ Equity (Deficit)
Stockholders’ and Members’ Equity (Deficit)	8. Stockholders’ Equity Common Stock The Company had 10,596,838 and 9,270,255 shares of its common stock issued and outstanding as of March 31, 2017 and December 31, 2016, respectively. Voting, dividend and liquidation rights of the holders of the common stock are subject to the Company’s articles of incorporation, corporate bylaws and underlying shareholder agreements. On March 15, 2017, the Company issued and sold 1,324,256 units at a price of $9.47 per unit for gross proceeds of approximately $12.5 million in connection with the Private Placement. Each unit consisted of one share of the Company’s common stock and a warrant to purchase 0.75 shares of common stock. The issuance costs incurred through March 31, 2017 related to the Private Placement were $1.2 million. Warrants In connection with the Private Placement, the Company issued warrants to the investors participating in the financing to purchase an additional 993,204 shares of common stock. The warrants have a term of five years and were exercisable immediately upon issue with an exercise price equal to $10.40 per share. The warrants were classified as additional paid-in capital and recorded based on their relative fair value to the underlying common shares issued in the Private Placement. The fair market value of the warrants was approximately $4.9 million. The warrants were valued using the Black-Scholes method with the following assumptions: a risk-free interest rate of 2.0%, a contractual term of five years, zero dividend yield and a volatility factor of 65.1%. Dividend Rights Common stock holders are entitled to receive dividends at the sole discretion of the board of directors of the Company. There have been no dividends declared on common stock as of March 31, 2017. Voting Rights The holders of common stock are entitled to one vote for each share of common stock along with all other classes and series of stock of the Company on all actions to be taken by the stockholders of the Company, including actions that would amend the certificate of incorporation of the Company to increase the number of authorized shares of the common stock. Liquidation Rights In the event of any liquidation, dissolution, or winding‑up of the Company, the holders of common stock shall be entitled to share in the remaining assets of the Company available for distribution post preferential distributions made to the Series A preferred stockholders. Offering Costs IPO offering costs of $4.1 million, consisting of underwriting discounts and commissions, legal, accounting and other direct fees and costs, were initially capitalized and subsequently offset against the Company’s IPO proceeds upon the close of the offering in August 2016. In addition, costs incurred related to the Private Placement of $1.2 million through March 31, 2017 were offset against proceeds received from the Private Placement.

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2017
Share-Based Compensation
Share-Based Compensation	9. Share‑Based Compensation Share-based compensation expense was included in general and administrative and research and development costs as follows in the accompanying condensed statements of comprehensive loss (in thousands): Three Months Ended March 31, 2017 2016 General and administrative $ $ Research and development — Total share-based compensation $ $ Restricted Stock Awards During the three months ended March 31, 2017 and 2016, the Company did not grant any restricted stock awards (RSAs). The RSAs were subject to various vesting schedules and generally vested ratably over a six to 24 month period coinciding with their respective service periods. During the three months ended March 31, 2017 and 2016, 4,009 and 165,505 RSAs vested, respectively and no RSAs were forfeited during these periods. Stock Options In April 2015, the Company adopted a 2015 Equity Incentive Plan (the 2015 Plan) under which 320,615 shares of the Company’s common stock were reserved for issuance to employees, directors and consultants. The 2015 Plan permits the grant of incentive and non‑statutory stock options, appreciation rights, restricted stock, restricted stock units, performance stock and cash awards, and other stock‑based awards. Amendment and Restatement of 2015 Equity Incentive Plan In April 2016, the Company’s board of directors approved the Company’s amended and restated 2015 Plan (the A&R 2015 Plan). The Company’s stockholders also approved the A&R 2015 Plan in April 2016 and the A&R 2015 Plan became effective immediately upon the execution and delivery of the underwriting agreement related to the IPO. The A&R 2015 Plan provides for the grant of stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance-based stock awards and other forms of equity awards, as well as performance cash awards. The Company initially reserved 2,400,000 shares of common stock for issuance under the A&R 2015 Plan. Inducement Plan In September 2016, the Company’s board of directors approved the Company’s Inducement Plan (the Inducement Plan). The Company initially reserved 300,000 shares of its common stock to be used exclusively for grants of awards to individuals who were not previously employees or directors of the Company, as an inducement material to the individual’s entry into employment with the Company within the meaning of Rule 5635(c)(4) of the NASDAQ Listing Rules. The Plan was approved by the Company’s board of directors without stockholder approval pursuant to Rule 5635(c)(4), and the terms and conditions of the Plan are substantially similar to the Company’s stockholder-approved A&R 2015 Plan. Adoption of 2016 Employee Stock Purchase Plan In April 2016, the Company’s board of directors approved the 2016 Employee Stock Purchase Plan (the ESPP) in order to enable eligible employees to purchase shares of the Company’s common stock at a discount following the effective date of the IPO. The Company’s stockholders also approved the ESPP in April 2016 and the ESPP became effective immediately upon the execution and delivery of the underwriting agreement related to the IPO. The Company initially reserved 150,000 shares of common stock for issuance under the ESPP. As of March 31, 2017, no shares were purchased under the ESPP. During the three months ended March 31, 2017, the Company granted an aggregate of 123,500 stock options under the A&R 2015 Plan and the Inducement Plan to its officers, directors, employees and consultants, generally vesting over a four-year period with a weighted average grant date fair value of $6.32 per share. There were no options granted during the three month period ending March 31, 2016. The Company measures the fair value of stock options with service‑based and performance‑based vesting criteria to employees, consultants and directors on the date of grant using the Black‑Scholes option pricing model. The fair value of equity instruments issued to non‑employees is re‑measured as the award vests. The Company does not have history to support a calculation of volatility and expected term. As such, the Company has used a weighted‑average volatility considering the volatilities of several guideline companies. For purposes of identifying similar entities, the Company considered characteristics such as industry, length of trading history, and stage of life cycle. The assumed dividend yield was based on the Company’s expectation of not paying dividends in the foreseeable future. The average expected life of the options was determined based on the mid‑point between the vesting date and the end of the contractual term according to the “simplified method” as described in Staff Accounting Bulletin 110. The risk‑free interest rate is determined by reference to implied yields available from U.S. Treasury securities with a remaining term equal to the expected life assumed at the date of grant. As a result of the early adoption of ASU 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting , the Company has made an accounting policy election to record forfeitures when they occur. The weighted‑average assumptions used in the Black‑Scholes option‑pricing model are as follows: Three Months Ended March 31, 2017 2016 Expected stock price volatility — Expected life of options (years) — Expected dividend yield — Risk free interest rate — During the three months ended March 31, 2017 and 2016, 136,353 and 35,385 stock options vested, respectively, and 3,250 and zero stock options were forfeited, respectively. As of March 31, 2017, 336,950 shares were available for future issuance under the A&R 2015 and Inducement Plans. Unrecognized share‑based compensation cost stock options issued under the A&R 2015 Plan and the Inducement Plan was $11.2 million as of March 31, 2017. The non‑employee portion of the unrecognized compensation cost was estimated utilizing the Company’s fair market value for its common stock as of March 31, 2017. The unrecognized share‑based expense is expected to be recognized over a weighted average period of 3.1 years for the stock options. There was no remaining unrecognized stock-based compensation related to the RSAs as of March 31, 2017.

Net Loss Per Common Share

Net Loss Per Common Share	3 Months Ended
	Mar. 31, 2017
Net Loss Per Common Share
Net Loss Per Common Share	10. Net Loss Per Common Share Basic earnings or loss per share of common stock is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. The holders of the Series A preferred stock had rights to participate in common stock dividends, entitling the holders of Series A preferred stock to a dividend payable at the same time and rate per share as the dividend paid on common stock based the number of shares of common stock each share of Series A preferred stock would have converted into if such shares had converted on the record date. The Series A preferred stock, however, did not have a contractual obligation to share in the losses of the Company, and as such, no losses were allocated to the Series A preferred stock for the purposes of the basic loss per share calculation while they were outstanding. Diluted earnings or loss per share of common stock is computed similarly to basic earnings or loss per share except the weighted average shares outstanding are increased to include additional shares from the assumed exercise of any common stock equivalents, if dilutive. The Company’s RSAs, stock options, shares of Series A preferred stock, Convertible Notes and Interim Notes are considered common stock equivalents while outstanding for this purpose. Diluted earnings are computed utilizing the treasury method for the RSAs and stock options, and in the case of the Series A preferred stock, either the two‑class method or the if‑converted method, whichever was more dilutive. Diluted earnings with respect to the Convertible Notes and Interim Notes utilized the if‑converted method, but was not applicable during the three months ended March 31, 2017 and 2016 as no conditions required for conversion had occurred during these periods while the instruments were outstanding. No incremental common stock equivalents were included in calculating diluted loss per share because such inclusion would be anti‑dilutive given the net loss reported for the three months ended March 31, 2017 and 2016. The following table sets forth the computation of basic and diluted loss per share as of March 31, 2017 and 2016 (in thousands, except share and per share amounts): Three Months Ended March 31, 2017 2016 Numerator: Net loss $ (7,496) $ (2,103) Adjustment to redemption value on Series A convertible preferred stock Premium upon substantial modification of convertible notes with certain stockholders — (149) Net loss attributed to common stock holders $ (7,496) $ (2,252) Denominator: Basic and diluted weighted average common shares outstanding 9,521,224 3,468,764 Basic and diluted net loss per share $ (0.79) $ (0.65) The following potential common shares were not considered in the computation of diluted net loss per share as their effect would have been anti‑dilutive: Three Months Ended March 31, 2017 2016 Stock options 2,360,723 302,842 Warrants 993,204 — Restricted stock awards — 182,588 Convertible Notes — 867,498 Series A — 745,637

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2017
Fair Value Measurements
Fair Value Measurements	11. Fair Value Measurements The Company follows accounting guidance that emphasizes that fair value is a market‑based measurement, not an entity specific measurement. Fair value is defined as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.” Fair value measurements are defined on a three level hierarchy: Level 1 inputs: Unadjusted quoted prices for identical assets or liabilities in active markets; Level 2 inputs: Quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active, or inputs which are observable, weather directly or indirectly, for substantially the full term of the asset or liability; Level 3 inputs: Unobservable inputs that reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability in which there is little, if any, market activity for the asset or liability at the measurement date. As of March 31, 2017 and December 31, 2016, the fair values of cash and cash equivalents, other assets, accounts payable and accrued liabilities approximated their carrying values because of the short‑term nature of these assets or liabilities. The estimated fair value of the Company’s Interim Notes prior to conversion upon the close of the IPO was based on amortized cost which was deemed to approximate fair value. The derivative liability associated with the conversion premium on the Interim Notes was based on cash flow models discounted at current implied market rates evidenced in recent arms‑length transactions representing expected returns by market participants for similar instruments which were based on Level 3 inputs. There were no transfers between fair value hierarchy levels during the three months ended March 31, 2017 and 2016. The following table provides a roll‑forward of the Company’s premium conversion derivative liabilities measured at fair value on a recurring basis using unobservable level 3 inputs (in thousands): Three Months Ended March 31, 2017 2016 Balance as of beginning of period $ — $ 345 Issuance of underlying convertible notes — 8 Change in fair value of premium conversion derivative — (22) Reversal of premium conversion derivative associated with note extinguishment — — Redemption of underlying convertible notes — — Balance as of end of period $ — $ 331 There were no instruments measured on a recurring fair value basis as of March 31, 2017 and December 31, 2016. In addition, no financial instruments were measured on a non‑recurring basis for any of the periods presented.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2017
Income Taxes
Income Taxes	12. Income Taxes The effective tax rate for the three months ended March 31, 2017 and 2016 was zero percent. As a result of the analysis of all available evidence as of March 31, 2017 and December 31, 2016, the Company recorded a full valuation allowance on its net deferred tax assets. Consequently, the Company reported no income tax benefit for the three month period ended March 31, 2017, or for the comparable period in 2016. If the Company’s assumptions change and the Company believes that it will be able to realize these deferred tax assets, the tax benefits relating to any reversal of the valuation allowance on deferred tax assets will be recognized as a reduction of future income tax expense. If the assumptions do not change, each period the Company could record an additional valuation allowance on any increases in the deferred tax assets.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2017
Related Party Transactions
Related Party Transactions	13. Related Party Transactions The Company rented an office in Northville, Michigan from an LLC owned by one current and one former officer under short‑term agreements during the three month periods ended March 31, 2017 and 2016. The original facility lease, as amended, was cancelled and replaced with a cancellable lease agreement in August 2016 for limited use of office space in the same Northville location. The new lease agreement became effective in August 2016 and expires in September 2017 with a nominal base rent over its term. Rent expense under the related party agreements was zero and $8,000 during the three months ended March 31, 2017 and 2016, respectively. On March 31, 2015, 68,649 and 63,967 shares of Series A preferred stock were issued to two officers and to investors related to one board member and three officers of the Company, respectively. These issuances were the result of the conversion of a series of convertible note financings that were outstanding at the time. During the third quarter of 2015, the Company issued $2.8 million of Interim Notes as described in Note 4 — Debt . Such Interim Notes included five notes issued to two officers and three board members (or entities they control) in the amount of $0.5 million. In addition, such Interim Notes included four notes to investors who were related to three of the Company’s officers and to one of the Company’s key employees in the amount of $0.3 million. In December 2015, the Company issued an additional $2.7 million of Interim Notes, as described in Note 4 — Debt, which included six notes issued to two officers and four board members in the amount of $0.6 million. The December 2015 Interim Note issuances also included five notes to investors who were related to three of the Company’s officers in the amount of $0.2 million. In February 2016, the Company issued an additional $0.2 million of Interim Notes, as described in Note 4 — Debt, which included two notes issued to two board members (or entities they control) in the amount of $81,000. The February 2016 Interim Note issuances also included a $20,000 note to an investor who is related to an officer of the Company. In April 2016, the Company issued an additional $5.0 million of Interim Notes, as described in Note 4 — Debt, which included two notes to investors who were related to two of the Company’s officers in the aggregate amount of $0.2 million. The April 2016 Interim Notes issuances also included three notes to investors who were related to three of the Company’s directors in the aggregate amount of $2.3 million. The IPO included 154,450 shares sold to five officers and three board members, totaling $1.5 million. In addition, 500,000 shares were sold to one investor who is related to one of the Company’s directors, totaling $5.0 million, and 47,000 shares totaling $0.5 million were sold to 14 investors who are related to five officers of the Company. Lastly, the Private Placement included 56,678 units sold to three board members, for aggregate proceeds totaling approximately $0.5 million, and 52,798 units sold to one investor who is related to one board member, for proceeds totaling approximately $0.5 million.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2017
Subsequent Events
Subsequent Events	14. Subsequent Events On April 20, 2017, the registration statement on Form S-1 (File No 333-217296) for the resale of the shares of common stock issued in the Private Placement and the shares of common stock to be issued upon exercise of the warrants issued in the Private Placement was declared effective by the SEC.

Summary of Significant Accoun22

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2017
Summary of Significant Accounting Policies
Use of Estimates	Use of Estimates The preparation of condensed financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed financial statements and accompanying notes. Actual results could differ from those estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of 90 days or less at the time of deposit to be cash equivalents. The Company invests excess cash in readily available checking and savings accounts and highly liquid investments in money market accounts.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company’s condensed financial instruments include principally cash and cash equivalents, other current assets, accounts payable, accrued liabilities and debt. The carrying amounts for these condensed financial instruments reported in the balance sheets approximate their fair values. See Note 11 — Fair Value Measurements, for further discussion of fair value.
General and Administrative Expenses	General and Administrative Expenses General and administrative expenses consist primarily of personnel‑related costs, including salaries and share‑based compensation costs, for personnel in functions not directly associated with research and development activities. Other significant costs include legal fees related to intellectual property and corporate matters and professional fees for accounting and other services.
Research and Development Expenses	Research and Development Expenses Research and development expenses consist of costs incurred in performing research and development activities, including compensation for research and development employees, costs associated with preclinical studies and trials, regulatory activities, manufacturing activities to support clinical activities, license fees, non‑legal patent costs, fees paid to external service providers that conduct certain research and development, clinical costs and an allocation of overhead expenses. Research and development costs are expensed as incurred.
Income Taxes	Income Taxes The Company utilizes the liability method of accounting for income taxes as required by Accounting Standards Codification (ASC) 740, Income Taxes . Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and the tax basis of assets and liabilities and are measured using enacted tax rates and laws that will be in effect when the differences are expected to reverse. Currently, there is no provision for income taxes, as the Company has incurred operating losses to date, and a full valuation allowance has been provided on the net deferred tax assets. MLT was treated as a partnership for federal and state income tax purposes. Accordingly, no provision was made for income taxes for periods prior to November 1, 2014, since the Company’s net loss (subject to certain limitations) was passed through to the income tax returns of its members. Upon incorporation on October 30, 2014, the Company became taxed as a corporation.
Share-Based Compensation	Share‑Based Compensation The Company accounts for share‑based compensation in accordance with the provisions of ASC 718, Compensation — Stock Compensation (ASC 718). Accordingly, compensation costs related to equity instruments granted are recognized at the grant‑date fair value. Additionally, as a result of the early adoption of ASU 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting , the Company has made an accounting policy election to record forfeitures when they occur. Share‑based compensation arrangements to non‑employees are accounted for in accordance with the applicable provisions of ASC 718 and ASC 505, Equity , using a fair value approach. The compensation costs of these arrangements are subject to re‑measurement as the equity instruments vest and are recognized as expense over the related service period (typically the vesting period of the awards).
Common Stock Valuation	Common Stock Valuation Due to the absence of an active market for the Company’s common stock prior to the close of the IPO, the Company utilized methodologies in accordance with the framework of the American Institute of Certified Public Accountants’ Technical Practice Aid, Valuation of Privately‑Held Company Equity Securities Issued as Compensation , to estimate the fair value of its common stock. The valuation methodology includes estimates and assumptions that require the Company’s judgment. These estimates and assumptions included a number of objective and subjective factors, including external market conditions affecting the biopharmaceutical industry sector, and the likelihood of achieving a liquidity event, such as an IPO or sale. Significant changes to the key assumptions used in the valuations have resulted in different fair values of common stock at each valuation date.
Convertible Preferred Stock	Convertible Preferred Stock On March 31, 2015, the Company issued 745,637 shares of Series A convertible preferred stock (the Series A preferred stock). On August 10, 2016, immediately prior to the closing of the IPO, the Company’s Series A preferred stock, together with accrued dividends thereon, converted into 827,205 shares of common stock. The Series A preferred stock prior to conversion was classified outside of permanent equity, in mezzanine equity, on the Company’s condensed balance sheet. The Company initially recorded preferred stock that may be redeemed at the option of the holder, or based on the occurrence of events outside of the Company’s control, at the value of the proceeds received. Subsequently, if it was probable that the preferred stock would become redeemable, the Company recognized changes in the redemption value immediately as they occurred and adjusted the carrying amount of the instrument to equal the redemption value at the end of each reporting period. If it was not probable that the preferred stock would become redeemable, the Company did not adjust the carrying value. In the absence of retained earnings, these charges were recorded against additional paid‑in‑capital, if any, and then to accumulated deficit. See Note 7 — Convertible Series A Preferred Stock for further discussion. As a result of their conversion to common stock on August 10, 2016 as described above, no shares of Series A preferred stock were outstanding as of March 31, 2017 and December 31, 2016.
Segment Information	Segment Information Operating segments are components of an enterprise for which separate financial information is available and is evaluated regularly by the Company’s chief operating decision maker in deciding how to allocate resources and assessing performance. The Company’s chief operating decision maker is its Chief Executive Officer. The Company’s Chief Executive Officer views the Company’s operations and manages its business in one operating segment, which is the business of development and commercialization of therapeutics for the treatment of dyslipidemia, a serious medical condition that increases the risk of life threatening cardiovascular disease and NAFLD/NASH. Accordingly, the Company has a single reporting segment.
Jumpstart Our Business Startups Act Accounting Election	Jumpstart Our Business Startups Act Accounting Election As an emerging growth company under the Jumpstart Our Business Startups Act (JOBS Act), the Company is eligible to take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies. The Company has irrevocably elected not to avail itself of this exemption and, therefore, will be subject to the same new or revised accounting standards as other public companies that are not emerging growth companies.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In January 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016‑01, Financial Instruments — Overall: Recognition and Measurement of Financial Assets and Financial Liabilities. The guidance affects the accounting for equity investments, financial liabilities under the fair value option and the presentation and disclosure requirements of financial instruments. The guidance is effective in the first quarter of fiscal 2019. Early adoption is permitted for the accounting guidance on financial liabilities under the fair value option. The Company is currently evaluating the impact of the new guidance on its financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) and subsequently amended the guidance relating largely to transition considerations under the standard in January 2017. The objective of this update is to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. This ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those annual periods and is to be applied utilizing a modified retrospective approach. The Company is currently evaluating the new guidance to determine the impact it may have on its financial statements. In March 2016, the FASB issued ASU 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting . This ASU simplifies the accounting for share-based payment award transactions including: income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. This ASU is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted. The Company adopted this standard effective July 1, 2016 on a retrospective basis for each period presented. The adoption of this standard did not have a material impact on the Company’s financial statements. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash . The objective of this ASU is to eliminate the diversity in practice related to the classification of restricted cash or restricted cash equivalents in the statement of cash flows. For public business entities, this ASU is effective for annual and interim reporting periods beginning after December 15, 2017, with early adoption permitted. The amendments in this update should be applied retrospectively to all periods presented. The Company is currently evaluating the requirements of this new guidance and has not yet determined its impact on the Company’s financial statements. In January 2017, the FASB issued several amendments to ASU 2014‑09, Revenue from Contracts with Customers — Topic 606 (ASU 2014-09), including clarification on accounting for principal versus agent considerations (i.e., reporting gross versus net), licenses of intellectual property and identifying performance obligations. These amendments do not change the core principle of the standard, but provide clarity and implementation guidance. ASU 2014-09, which supersedes the revenue recognition requirements in FASB ASC 605, primarily states that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. In 2015, the FASB agreed to allow companies to delay the implementation of this standard for one year effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Early application is permitted only for periods beginning after December 15, 2016. The Company plans to adopt this standard on January 1, 2018 and to select the modified retrospective transition method. The Company plans to modify its accounting policies to reflect the requirements of this standard however, the planned adoption will not affect the Company’s financial statements and related disclosures for these periods or future periods until the Company generates revenues.

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	3 Months Ended
	Mar. 31, 2017
Accrued Liabilities
Schedule of accrued liabilities	Accrued liabilities consist of the following (in thousands): As of March 31, As of December 31, 2017 2016 Accrued offering costs $ 60 $ — Legal costs 166 54 Accrued compensation costs 303 706 Other research and development expenses 339 1,259 Other general and administrative expenses 134 94 Total $ 1,002 $ 2,113

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2017
Share-Based Compensation
Schedule of share-based compensation expense	Share-based compensation expense was included in general and administrative and research and development costs as follows in the accompanying condensed statements of comprehensive loss (in thousands): Three Months Ended March 31, 2017 2016 General and administrative $ $ Research and development — Total share-based compensation $ $
Schedule of weighted-average assumptions, option-pricing model	The weighted‑average assumptions used in the Black‑Scholes option‑pricing model are as follows: Three Months Ended March 31, 2017 2016 Expected stock price volatility — Expected life of options (years) — Expected dividend yield — Risk free interest rate —

Net Loss Per Common Share (Tabl

Net Loss Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2017
Net Loss Per Common Share
Schedule of computation of basic and diluted loss per share	The following table sets forth the computation of basic and diluted loss per share as of March 31, 2017 and 2016 (in thousands, except share and per share amounts): Three Months Ended March 31, 2017 2016 Numerator: Net loss $ (7,496) $ (2,103) Adjustment to redemption value on Series A convertible preferred stock Premium upon substantial modification of convertible notes with certain stockholders — (149) Net loss attributed to common stock holders $ (7,496) $ (2,252) Denominator: Basic and diluted weighted average common shares outstanding 9,521,224 3,468,764 Basic and diluted net loss per share $ (0.79) $ (0.65)
Schedule of potential common shares not considered in computation of diluted net loss per share	Three Months Ended March 31, 2017 2016 Stock options 2,360,723 302,842 Warrants 993,204 — Restricted stock awards — 182,588 Convertible Notes — 867,498 Series A — 745,637

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2017
Fair Value Measurements
Schedule of premium conversion derivative liabilities measured at fair value on recurring basis using unobservable level 3 inputs	The following table provides a roll‑forward of the Company’s premium conversion derivative liabilities measured at fair value on a recurring basis using unobservable level 3 inputs (in thousands): Three Months Ended March 31, 2017 2016 Balance as of beginning of period $ — $ 345 Issuance of underlying convertible notes — 8 Change in fair value of premium conversion derivative — (22) Reversal of premium conversion derivative associated with note extinguishment — — Redemption of underlying convertible notes — — Balance as of end of period $ — $ 331

The Company and Basis of Pres27

The Company and Basis of Presentation (IPO and Capital Requirements) (Details) - USD ($) $ / shares in Units, $ in Thousands	Sep. 08, 2016	Aug. 10, 2016	Aug. 04, 2016	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016	Aug. 03, 2016
Sale of Stock
Other offering expenses				$ 1,072	$ 86
Common stock, shares authorized				100,000,000		100,000,000	100,000,000
Preferred stock, shares authorized				10,000,000		10,000,000	10,000,000
Common Stock, Par Value (in dollar per share)			$ 0.001	$ 0.001		$ 0.001
Preferred Stock, Par Value (in dollar per share)			$ 0.001	$ 0.001		$ 0.001
IPO
Sale of Stock
Issuance of stock (in shares)			3,000,000
Share price (in dollars per share)			$ 10
Net proceeds			$ 26,100
Underwriting discounts and commissions	$ 2,100
Other offering expenses	$ 2,100	$ 4,100
Overallotment
Sale of Stock
Issuance of stock (in shares)	27,755
Share price (in dollars per share)	$ 10

The Company and Basis of Pres28

The Company and Basis of Presentation (Private Placement Offering) (Details) $ / shares in Units, $ in Thousands	Mar. 15, 2017USD ($)$ / sharesshares	Apr. 30, 2016	Mar. 31, 2017USD ($)$ / shares
Exercise price of warrant | $ / shares			$ 10.40
Class of Warrant or Right, Warrant Term			5 years
Reverse stock split
Reverse stock split, ratio		0.320615582
Private placement
Issuance of stock (in shares) | shares	1,324,256
Price per issue and sold units | $ / shares	$ 9.47
Gross proceeds | $	$ 12,500		$ 8,979
Number of shares per unit | shares	1
Number of warrants per unit | shares	0.75
Exercise price of warrant | $ / shares	$ 10.40
Class of Warrant or Right, Warrant Term	5 years

Summary of Significant Accoun29

Summary of Significant Accounting Policies (Details) $ in Thousands	Aug. 10, 2016shares	Oct. 31, 2014USD ($)	Mar. 31, 2017USD ($)segmentshares	Mar. 31, 2016USD ($)	Dec. 31, 2016shares	Mar. 31, 2015shares
Income Taxes
Provision (benefit) for income taxes | $			$ 0	$ 0
Segment Information
Number of operating segment | segment			1
Series A
Convertible Preferred Stock
Convertible Preferred stock, share issued						745,637
Shares converted	827,205
Convertible Preferred stock, share outstanding			0		0
MLT
Income Taxes
Provision (benefit) for income taxes | $		$ 0

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Accrued Liabilities
Accrued offering costs	$ 60
Legal costs	166	$ 54
Accrued compensation costs	303	706
Other research and development expenses	339	1,259
Other general and administrative expenses	134	94
Total	$ 1,002	$ 2,113

Debt (Details)

Debt (Details) - USD ($)	Aug. 10, 2016	Jul. 31, 2015	Apr. 30, 2016	Feb. 29, 2016	Dec. 31, 2015	Mar. 31, 2017	Mar. 31, 2016	Sep. 30, 2015	Dec. 31, 2016
Debt
Proceeds from issuance of convertible notes							$ 50,000
Interim Notes
Debt
Proceeds from issuance of convertible notes		$ 2,800,000	$ 5,000,000	$ 200,000	$ 2,700,000			$ 2,800,000
Shares converted	1,656,807
Convertible debt, interest rate		8.00%
Qualified Financing threshold for debt conversion		$ 5,000,000
Conversion ratio		115
Debt redemption price		200.00%	125.00%
Financing total			$ 10,600,000	$ 5,600,000	$ 5,500,000	$ 0			$ 0
Conversion price					$ 6.70585
Change in fair value of embedded derivative						$ 0	$ (22,000)
Conversion price percentage of principal and unpaid accrued interest						100.00%
Conversion of convertible notes to common stock, shares	1,656,807
Interim Notes | Interest income (expense)
Debt
Debt Issuance Costs, Gross			$ 10,000

Commitments and Contigencies -

Commitments and Contigencies - Pfizer License Agreement (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Commitments and Contingencies
No liabilities were recorded related to the license agreement	$ 4,545	$ 4,122
Pfizer, Inc. | License Agreement
Commitments and Contingencies
No liabilities were recorded related to the license agreement	$ 0

Commitments and Contigencies 33

Commitments and Contigencies - Preferred Stock Dividends (Details) - Series A Convertible Preferred Stock. - USD ($)	Aug. 10, 2016	Mar. 31, 2017	Mar. 31, 2015
Convertible Series A Preferred Stock
Dividend rate		8.00%
Original issue price, per share			$ 6.70585
Cumulative unpaid dividends		$ 0
Shares converted	827,205

Commitments and Contigencies 34

Commitments and Contigencies - Other Agreements (Details) - USD ($)	1 Months Ended	3 Months Ended
	May 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Related Party Transactions
Agreement Term	3 years
Monthly base rent	$ 8,400
Office Rental
Related Party Transactions
Rent expense		$ 26,000	$ 8,000

License Agreement (Details)

License Agreement (Details) - Pfizer, Inc. - License Agreement $ in Millions	Mar. 31, 2015USD ($)shares
License Agreements
Percentage of shares of common stock offering issued to Pfizer	15.00%
Common Stock
License Agreements
Issuance of stock (in shares) | shares	675,250
Issuance of common stock	$ 0.9
Common Stock | Minimum
License Agreements
Ownership by Pfizer	5.00%
Milestone Payments | Maximum
License Agreements
Potential payments upon achievement of certain milestones	$ 37

Convertible Series A Preferre36

Convertible Series A Preferred Stock (Details) - USD ($)	Aug. 10, 2016	Mar. 31, 2015	Mar. 31, 2017	Dec. 31, 2016
Convertible Series A Preferred Stock
Dividends deemed payable and accrued			$ 0	$ 0
Series A Convertible Preferred Stock.
Convertible Series A Preferred Stock
Issuance of convertible Series A preferred stock (shares)		745,637
Original issue price, per share		$ 6.70585
Aggregate consideration, cash and noncash		$ 5,000,000
Cash proceeds from issuance of Series A preferred		1,500,000
Shares converted	827,205
Dividend rate			8.00%
Liquidation preference, per share			$ 6.70585
Series A Convertible Preferred Stock. | Minimum
Convertible Series A Preferred Stock
Liquidation preference upon transfer of voting power, percentage			50.00%
Percentage of outstanding shares which may require the Company to redeem shares			80.00%
Redemption price, as a percent of liquidation preference			150.00%
Series A Convertible Preferred Stock. | Convertible Notes
Convertible Series A Preferred Stock
Noncash consideration received, debt converted into stock		$ 3,500,000
Conversion price percentage of principal and unpaid accrued interest		125.00%

Stockholders_ Equity (Deficit)

Stockholders’ Equity (Deficit) (Details)	Mar. 15, 2017USD ($)$ / sharesshares	Sep. 08, 2016USD ($)	Aug. 10, 2016USD ($)	Aug. 04, 2016shares	Mar. 31, 2017USD ($)Vote / shares$ / sharesshares	Mar. 31, 2016USD ($)	Dec. 31, 2016shares
Common Stock
Common stock shares issued | shares					10,596,838		9,270,255
Common stock shares outstanding | shares					10,596,838		9,270,255
Warrants
Purchase of additional common stock through warrants | shares					993,204
Term of warrants					5 years
Exercise price of warrant | $ / shares					$ 10.40
Fair market value of warrant | $					$ 4,900,000
Risk-free interest rate					2.00%
Contractual term					5 years
Dividend yield					0.00%
Volatility factor					65.10%
Offering Costs
Offering costs | $					$ 1,072,000	$ 86,000
Common Stock
Dividends Rights
No dividends declared | $					$ 0
Voting Rights
Common stock, vote per share | Vote / shares					1
Private placement
Common Stock
Issuance of stock (in shares) | shares	1,324,256
Price per issue and sold units | $ / shares	$ 9.47
Gross proceeds | $	$ 12,500,000				$ 8,979,000
Number of shares per unit | shares	1
Number of warrants per unit | shares	0.75
Issuance costs of offering | $	$ 1,200,000				1,219,000
Warrants
Term of warrants	5 years
Exercise price of warrant | $ / shares	$ 10.40
Offering Costs
Offering costs | $					$ 1,200,000
Private placement | Common Stock
Common Stock
Issuance of stock (in shares) | shares					1,324,256
Gross proceeds | $					$ 1,000
IPO
Common Stock
Issuance of stock (in shares) | shares				3,000,000
Offering Costs
Offering costs | $		$ 2,100,000	$ 4,100,000

Share-Based Compensation (Detai

Share-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation	$ 836	$ 123
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation	569	$ 123
Research and development
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation	$ 267

Share-Based Compensation (Restr

Share-Based Compensation (Restricted Stock) (Details) - shares	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Restricted Stock Awards
Vesting period	4 years
Restricted stock awards
Restricted Stock Awards
Forfeited (in shares)	0	0
Vested (in shares)	(4,009)	(165,505)
Minimum | Restricted stock awards
Restricted Stock Awards
Vesting period	6 years
Maximum | Restricted stock awards
Restricted Stock Awards
Vesting period	24 years

Share-Based Compensation (Stock

Share-Based Compensation (Stock Options) (Details) - $ / shares	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Sep. 30, 2016	Apr. 30, 2016	Apr. 30, 2015
Stock Options, Additional Disclosures
Vesting period	4 years
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Expected stock price volatility	65.10%
Expected life of options (years)	6 years 1 month 6 days
Expected dividend yield	0.00%
Risk free interest rate	2.10%
ESPP
Stock Options, Additional Disclosures
Common stock reserved for issuance (in shares)				150,000
Granted (in shares)	0
2015 Plan | Employees, directors and consultants
Stock Options, Additional Disclosures
Common stock reserved for issuance (in shares)					320,615
Number of Options
Vested	136,353	35,385
Available for future issuance	336,950
2015 Plan | Employees, Directors, Officers, and Consultants
Number of Options
Forfeited	3,250	0
A & R 2015 Plan | Employees, directors and consultants
Stock Options, Additional Disclosures
Common stock reserved for issuance (in shares)				2,400,000
A & R 2015 Plan | Employees, Directors, Officers, and Consultants
Stock Options, Additional Disclosures
Granted (in shares)	123,500	0
Weighted average fair value per share of options granted	$ 6.32
Inducement Plan
Stock Options, Additional Disclosures
Common stock reserved for issuance (in shares)			300,000

Share-Based Compensation (Unrec

Share-Based Compensation (Unrecognized) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)
Unrecognized share-based compensation
Unrecognized share-based compensation cost	$ 11.2
Stock options
Unrecognized share-based compensation
Unrecognized share-based compensation - Weighted average period	3 years 1 month 6 days

Net Loss Per Common Share (Deta

Net Loss Per Common Share (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Net Loss Per Common Share
Loss allocated to preferred stock	$ 0
Common Stock, share outstanding	10,596,838	9,270,255
Incremental common stock equivalents	0

Net Loss Per Common Share - Ear

Net Loss Per Common Share - Earning Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Numerator:
Net loss	$ (7,496)	$ (2,103)
Premium upon substantial modification of convertible notes with certain stockholders		(149)
Net loss attributable to common stockholders	$ (7,496)	$ (2,252)
Denominator:
Basic and diluted weighted average common shares outstanding	9,521,224	3,468,764
Basic and diluted net loss per share	$ (0.79)	$ (0.65)

Net Loss Per Common Share - Ant

Net Loss Per Common Share - Antidilutive Securities (Details) - shares	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Stock options
Potential common shares
Potential common shares	2,360,723	302,842
Warrants
Potential common shares
Potential common shares	993,204
Restricted stock awards
Potential common shares
Potential common shares		182,588
Convertible notes
Potential common shares
Potential common shares		867,498
Series A
Potential common shares
Potential common shares		745,637

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016
Fair value measurements
Transfers between levels	$ 0		$ 0
Recurring
Fair value measurements
Total liabilities at Fair Value	0	$ 0
Nonrecurring
Fair value measurements
Total liabilities at Fair Value	$ 0	$ 0

Fair Value Measurements - Roll-

Fair Value Measurements - Roll-Forward of Premium conversion Derivative Liabilities (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)
Roll-forward of the company's premium conversion derivative liabilities
Balance as of beginning of period	$ 345
Issuance of underlying convertible notes	8
Change in fair value of premium conversion derivative	(22)
Balance as of end of period	$ 331

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Taxes
Effective tax rate	0.00%	0.00%
Provision (benefit) for income taxes	$ 0	$ 0

Related Party Transactions - Re

Related Party Transactions - Rental agreement (Details) - Office Rental	3 Months Ended
	Mar. 31, 2017USD ($)item	Mar. 31, 2016USD ($)item
Related Party Transactions
Rent expense | $	$ 26,000	$ 8,000
LLC owned by two officers
Related Party Transactions
Number of officers | item	1	1
Number of former officers | item	1	1
Rent expense | $	$ 0	$ 8,000

Related Party Transactions - Co

Related Party Transactions - Convertible Notes (Details) - Convertible Notes - Series A Convertible Preferred Stock.	3 Months Ended
	Mar. 31, 2015itemshares
Two Officers
Related Party Transactions
Amount of shares issued in conversion | shares	68,649
Two Officers | Debt Issued To Related Parties
Related Party Transactions
Number of officers	2
Investors Related To Board Member And Officers
Related Party Transactions
Amount of shares issued in conversion | shares	63,967
Investors Related To Board Member And Officers | Debt Issued To Related Parties
Related Party Transactions
Number of officers	3
Number of board members related to investors	1

Related Party Transactions - In

Related Party Transactions - Interim Notes (Details)	Jul. 31, 2015USD ($)	Apr. 30, 2016USD ($)item	Feb. 29, 2016USD ($)item	Dec. 31, 2015USD ($)item	Mar. 31, 2016USD ($)	Sep. 30, 2015USD ($)item
Related Party Transaction [Line Items]
Proceeds from issuance of convertible notes | $					$ 50,000
Interim Notes
Related Party Transaction [Line Items]
Proceeds from issuance of convertible notes | $	$ 2,800,000	$ 5,000,000	$ 200,000	$ 2,700,000		$ 2,800,000
Debt Issued To Related Parties | Interim Notes
Related Party Transaction [Line Items]
Proceeds from issuance of convertible notes | $		5,000,000
Investors - 2 officers and 3 Board members | Debt Issued To Related Parties | Interim Notes
Related Party Transaction [Line Items]
Proceeds from issuance of convertible notes | $						$ 500,000
Number of notes issued to related party						5
Number of board members related to investors						3
Number of officers						2
Investors - 3 officers and 1 employee | Debt Issued To Related Parties | Interim Notes
Related Party Transaction [Line Items]
Proceeds from issuance of convertible notes | $						$ 300,000
Number of notes issued to related party						4
Number of officers						3
Number of employees						1
Investors - 2 officers and 4 Board members | Debt Issued To Related Parties | Interim Notes
Related Party Transaction [Line Items]
Proceeds from issuance of convertible notes | $				$ 600,000
Number of notes issued to related party				6
Number of board members related to investors				4
Number of officers				2
Investors related to 3 officers | Debt Issued To Related Parties | Interim Notes
Related Party Transaction [Line Items]
Proceeds from issuance of convertible notes | $				$ 200,000
Number of notes issued to related party				5
Number of officers				3
Investor - 2 Board members | Debt Issued To Related Parties | Interim Notes
Related Party Transaction [Line Items]
Proceeds from issuance of convertible notes | $			$ 81,000
Number of notes issued to related party			2
Number of board members related to investors			2
Investor related to an officer | Debt Issued To Related Parties | Interim Notes
Related Party Transaction [Line Items]
Proceeds from issuance of convertible notes | $			$ 20,000
Investors related to 2 officers | Debt Issued To Related Parties | Interim Notes
Related Party Transaction [Line Items]
Proceeds from issuance of convertible notes | $		$ 200,000
Number of notes issued to related party		2
Number of officers		2
Investors related to three directors | Debt Issued To Related Parties | Interim Notes
Related Party Transaction [Line Items]
Proceeds from issuance of convertible notes | $		$ 2,300,000
Number of notes issued to related party		3
Number of board members related to investors		3

Related Party Transactions - IP

Related Party Transactions - IPO and Private Placement (Details) $ in Thousands	Mar. 15, 2017USD ($)persondirectorshares	Aug. 04, 2016USD ($)persondirectorshares	Mar. 31, 2017USD ($)
IPO
Related Party Transaction [Line Items]
Number of shares sold to 5 officers and 3 board members		154,450
Number of board members | director		3
Proceeds from issuance of shares to 5 officers and 3 board members | $		$ 1,500
Number of shares sold to 1 investor related to 1 of the Company's directors		500,000
Number of investor related to 1 of the Company’s directors | person		1
Proceeds from issuance of shares to 1 investor related to 1 of the Company's directors | $		$ 5,000
Number of shares sold to 14 investors who are related to 5 officers of the Company		47,000
Proceeds from issuance of shares to 14 investors who are related to 5 officers of the Company | $		$ 500
Number of investors related to 5 officers of the company | person		14
Issuance of stock (in shares)		3,000,000
Private placement
Related Party Transaction [Line Items]
Issuance of stock (in shares)	1,324,256
Gross proceeds | $	$ 12,500		$ 8,979
Three Board Members | Private placement
Related Party Transaction [Line Items]
Number of board members | director	3
Issuance of stock (in shares)	56,678
Gross proceeds | $	$ 500
One Board Member | Private placement
Related Party Transaction [Line Items]
Number of board members | director	1
Issuance of stock (in shares)	52,798
Gross proceeds | $	$ 500
Number of investor | person	1