MetaVia (MTVA) 10-Q 8 Nov 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2019	Nov. 06, 2019
Document and Entity Information [Abstract]
Entity Registrant Name	Gemphire Therapeutics Inc.
Entity Central Index Key	0001638287
Document Type	10-Q
Document Period End Date	Sep. 30, 2019
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		14,872,411
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true

Condensed Balance Sheets

Condensed Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 1,855	$ 18,954
Restricted cash	15
Prepaid expenses	140	715
Other assets	38	17
Total current assets	2,048	19,686
Deposits		8
Total assets	2,048	19,694
Current liabilities:
Accounts payable	2,677	2,044
Accrued liabilities	396	438
Term loan - current portion		9,437
Total current liabilities	3,073	11,919
Long-term liabilities:
Other liabilities		1
Total liabilities	3,073	11,920
Commitments and contingencies (Note 6)
Stockholders’ (deficit) equity:
Preferred stock, $0.001 par value; 10,000,000 shares authorized as of September 30, 2019 and December 31, 2018, no shares issued or outstanding as of September 30, 2019 and December 31, 2018.
Common stock, $0.001 par value; 100,000,000 shares authorized as of September 30, 2019 and December 31, 2018, 14,872,411 and 14,265,411 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively.	23	22
Additional paid–in capital	93,214	91,863
Accumulated deficit	(94,262)	(84,111)
Total stockholders’ (deficit) equity	(1,025)	7,774
Total liabilities and stockholders’ (deficit) equity	$ 2,048	$ 19,694

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2019	Dec. 31, 2018
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, shares authorized	100,000,000	100,000,000
Common stock, shares issued	14,872,411	14,265,411
Common stock, shares outstanding	14,872,411	14,265,411

Condensed Statements of Compreh

Condensed Statements of Comprehensive Loss - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Operating expenses:
General and administrative	$ 1,250,000	$ 2,364,000	$ 3,772,000	$ 7,025,000
Research and development	1,068,000	3,542,000	3,695,000	12,479,000
Total operating expenses	2,318,000	5,906,000	7,467,000	19,504,000
Loss from operations	(2,318,000)	(5,906,000)	(7,467,000)	(19,504,000)
Interest income (expense), net	4,000	(172,000)	(816,000)	(476,000)
Other expense, net	(1,116,000)	(1,000)	(1,868,000)	(1,000)
Loss before income taxes	(3,430,000)	(6,079,000)	(10,151,000)	(19,981,000)
Provision (benefit) for income taxes	0	0	0	0
Net loss	(3,430,000)	(6,079,000)	(10,151,000)	(19,981,000)
Other comprehensive loss, net of tax	0	0	0	0
Comprehensive loss	$ (3,430,000)	$ (6,079,000)	$ (10,151,000)	$ (19,981,000)
Net loss per share:
Basic and diluted (Note 10)	$ (0.24)	$ (0.43)	$ (0.71)	$ (1.46)
Number of shares used in per share calculations:
Basic and diluted	14,265,411	14,259,691	14,265,411	13,650,556

Condensed Statements of Changes

Condensed Statements of Changes in Stockholders’ Equity (Deficit) - USD ($)	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Total
Balance at beginning of period at Dec. 31, 2017	$ 18,000	$ 64,397,000	$ (60,474,000)	$ 3,941,000
Balance at beginning of period (shares) at Dec. 31, 2017	10,633,042
Increase (Decrease) in Stockholders' Equity
Issuance of common stock	$ 4,000	25,146,000		$ 25,150,000
Issuance of common stock (in shares)	3,592,858			3,592,858
Issuance costs		(2,093,000)		$ (2,093,000)
Exercise of stock options		23,000		23,000
Exercise of stock options (in shares)	6,413
Share-based compensation - employee		1,019,000		1,019,000
Share-based compensation - non-employee		1,000		1,000
Net loss			(7,224,000)	(7,224,000)
Balance at end of period at Mar. 31, 2018	$ 22,000	88,493,000	(67,698,000)	20,817,000
Balance at end of period (shares) at Mar. 31, 2018	14,232,313
Balance at beginning of period at Dec. 31, 2017	$ 18,000	64,397,000	(60,474,000)	3,941,000
Balance at beginning of period (shares) at Dec. 31, 2017	10,633,042
Increase (Decrease) in Stockholders' Equity
Exercise of warrants				0
Net loss				(19,981,000)
Balance at end of period at Sep. 30, 2018	$ 22,000	91,286,000	(80,455,000)	10,853,000
Balance at end of period (shares) at Sep. 30, 2018	14,265,411
Balance at beginning of period at Mar. 31, 2018	$ 22,000	88,493,000	(67,698,000)	20,817,000
Balance at beginning of period (shares) at Mar. 31, 2018	14,232,313
Increase (Decrease) in Stockholders' Equity
Share-based compensation - employee		908,000		908,000
Share-based compensation - non-employee		1,000		1,000
Net loss			(6,678,000)	(6,678,000)
Balance at end of period at Jun. 30, 2018	$ 22,000	89,402,000	(74,376,000)	15,048,000
Balance at end of period (shares) at Jun. 30, 2018	14,232,313
Increase (Decrease) in Stockholders' Equity
Warrant issuance		196,000		196,000
Exercise of stock options		61,000		61,000
Exercise of stock options (in shares)	33,098
Exercise of warrants				0
Share-based compensation - employee		1,626,000		1,626,000
Share-based compensation - non-employee		1,000		1,000
Net loss			(6,079,000)	(6,079,000)
Balance at end of period at Sep. 30, 2018	$ 22,000	91,286,000	(80,455,000)	10,853,000
Balance at end of period (shares) at Sep. 30, 2018	14,265,411
Balance at beginning of period at Dec. 31, 2018	$ 22,000	91,863,000	(84,111,000)	7,774,000
Balance at beginning of period (shares) at Dec. 31, 2018	14,265,411
Increase (Decrease) in Stockholders' Equity
Share-based compensation - employee		473,000		473,000
Net loss			(3,801,000)	(3,801,000)
Balance at end of period at Mar. 31, 2019	$ 22,000	92,336,000	(87,912,000)	4,446,000
Balance at end of period (shares) at Mar. 31, 2019	14,265,411
Balance at beginning of period at Dec. 31, 2018	$ 22,000	91,863,000	(84,111,000)	7,774,000
Balance at beginning of period (shares) at Dec. 31, 2018	14,265,411
Increase (Decrease) in Stockholders' Equity
Exercise of warrants				0
Net loss				(10,151,000)
Balance at end of period at Sep. 30, 2019	$ 23,000	93,214,000	(94,262,000)	(1,025,000)
Balance at end of period (shares) at Sep. 30, 2019	14,872,411
Balance at beginning of period at Mar. 31, 2019	$ 22,000	92,336,000	(87,912,000)	4,446,000
Balance at beginning of period (shares) at Mar. 31, 2019	14,265,411
Increase (Decrease) in Stockholders' Equity
Share-based compensation - employee		438,000		438,000
Net loss			(2,920,000)	(2,920,000)
Balance at end of period at Jun. 30, 2019	$ 22,000	92,774,000	(90,832,000)	1,964,000
Balance at end of period (shares) at Jun. 30, 2019	14,265,411
Increase (Decrease) in Stockholders' Equity
Exercise of warrants				0
Share-based compensation - employee		441,000		441,000
Restricted stock issuance	$ 1,000	(1,000)
Restricted stock issuance (in shares)	607,000
Net loss			(3,430,000)	(3,430,000)
Balance at end of period at Sep. 30, 2019	$ 23,000	$ 93,214,000	$ (94,262,000)	$ (1,025,000)
Balance at end of period (shares) at Sep. 30, 2019	14,872,411

Statements of Cash Flows

Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019
Operating activities
Net loss	$ (3,430)	$ (3,801)	$ (6,079)	$ (7,224)	$ (10,151)	$ (19,981)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation					1,352	3,556
Non-cash discount amortization on term loan					822	247
Change in assets and liabilities:
Prepaid expenses and other assets					562	(520)
Accounts payable					633	(1,674)
Accrued and other liabilities					(43)	574
Net cash used in operating activities					(6,825)	(17,798)
Financing activities
Repayment of principal					(10,259)	(10)
Exercise of stock options						84
Proceeds from sale of common stock						25,150
Offering costs						(2,093)
Net cash (used in) provided by financing activities					(10,259)	23,131
Net (decrease) increase in cash, cash equivalents and restricted cash					(17,084)	5,333
Cash, cash equivalents and restricted cash at beginning of period		18,954		18,473	18,954	18,473
Cash, cash equivalents and restricted cash at end of period	1,870		23,806		1,870	23,806
Supplemental disclosure of cash flow information:
Cash paid for interest					75	358
Supplemental non-cash financing transactions:
Issuance of warrants in connection with term loan						196
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents							$ 1,855
Restricted cash							15
Total cash, cash equivalents and restricted cash	$ 1,870	$ 18,954	$ 23,806	$ 18,473	$ 18,954	$ 18,473	$ 1,870

The Company and Basis of Presen

The Company and Basis of Presentation	9 Months Ended
	Sep. 30, 2019
The Company and Basis of Presentation
The Company and Basis of Presentation	1. The Company and Basis of Presentation The Company, headquartered in Ann Arbor, Michigan, 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, particularly orphan indications as well as NAFLD/NASH (nonalcoholic fatty liver disease/non-alcoholic steatohepatitis). The Company’s primary activities to date have been conducting research and development activities, planning and conducting clinical trials, performing business and financial planning, recruiting personnel and raising capital. On July 24, 2019, the Company entered into a definitive agreement (the “Original Merger Agreement” and, as amended on October 29, 2019, the “Merger Agreement”) with GR Merger Sub Inc., a Delaware corporation and the Company’s wholly owned subsidiary (“Merger Sub”), and NeuroBo Pharmaceuticals, Inc., a Delaware corporation (“NeuroBo”), pursuant to which Merger Sub will merge with and into NeuroBo, with NeuroBo surviving as a wholly owned subsidiary of the Company in an all-stock transaction (the “Merger”) See Note 3– Merger Agreement for further information. The Company is subject to certain risks, which include risks related to the proposed Merger and 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, if approved; expand its management scientific staff; finance its operations; and find collaboration partners to further advance development and commercial efforts. Follow-On Public Offering On February 12, 2018, the Company completed an underwritten public offering (the Follow-On Offering) of 3,142,858 shares of common stock at the public offering price of $7.00 per share. As part of such offering, the Company issued 450,000 additional shares of common stock representing partial exercise of the underwriters’ overallotment option. The Company received net proceeds of approximately $23.1 million after deducting underwriting discounts and commissions and offering expenses. Capital Requirements The Company has sustained operating losses since inception and expects such losses to continue over the next several years. Management plans to continue financing the Company’s operations with equity and/or debt issuances. The Company’s management believes the Company’s cash and cash equivalents on hand are not adequate to fund the Company’s operations for at least the next 12 months (see Going Concern section below). If adequate funds are not available, the Company may be required to delay, reduce the scope of, or eliminate part or all of its research and development programs or discontinue its operations. 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 annual 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, 2018 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 18, 2019 . The condensed balance sheet at December 31, 2018 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. Going Concern The accompanying condensed financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. In accordance with Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) No. 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40), the Company has disclosed its conclusions regarding whether there is substantial doubt about the entity’s ability to continue as a going concern within one year from the date of the issuance of these financial statements. In the course of its activities, the Company has incurred losses and negative cash flows from operations since its inception. As of September 30, 2019, the Company had an accumulated deficit of $94.3 million and a total stockholders’ deficit of $1 million. The Company expects to incur losses for the foreseeable future. The Company believes that its cash and cash equivalents of $1.9 million at September 30, 2019 are not sufficient to fund the Company's current operating plan for at least twelve months after the date the condensed financial statements are issued. The Company has no current source of revenue to sustain its present activities and does not expect to generate revenue until, and unless, the Food and Drug Administration (FDA) or other regulatory authorities approve, and the Company successfully commercializes, gemcabene or any other product candidate it may pursue in the future or unless certain development and commercialization milestones are met under the Beijing SL Agreement (See Note 7 – License Agreements ). Until such time, if ever, the Company expects to finance its cash needs through a combination of equity and debt financings as well as collaborations, strategic alliances and licensing arrangements. The Company does not have any committed external source of funds beyond the non-refundable upfront gross payment under the Beijing SL Agreement, which was received in October 2019, and there can be no assurance that the Company will be successful in acquiring additional funding at levels sufficient to fund its operations. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. If the Company is unable to raise additional capital in sufficient amounts or on terms acceptable to it, or the proposed Merger is not consummated, the Company may have to significantly reduce or terminate its operations or delay, further scale back or discontinue the development of gemcabene or the board of directors may elect to dissolve and liquidate the Company’s assets. The condensed financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2019
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 invests in highly liquid investments in money market accounts. Restricted Cash The Company considers the cash security requirement related to a commercial credit card arrangement with Silicon Valley Bank as restricted cash (See Note 5 – Debt ). Fair Value of Financial Instruments The Company’s financial instruments include principally cash and cash equivalents, other assets, accounts payable, accrued liabilities and debt. The carrying amounts for these financial instruments reported in the balance sheets approximate their fair values. See Note 11 — Fair Value Measurements , for further discussion of fair values. 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 activities, clinical costs and an allocation of overhead expenses. Research and development costs are expensed as incurred. Revenue Recognition Beginning January 1, 2018, the Company has followed the provisions of Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts with Customers. The guidance provides a unified model to determine how revenue is recognized. The Company to date has not recognized any revenue, but has entered into a license transfer and collaboration agreement in July 2019 that will have revenue recognition implications in future reporting periods. See Note 7 – License Agreements . In determining the appropriate amount of revenue to be recognized as it fulfills its obligations under its agreements, the Company performs the following steps: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations based on estimated selling prices; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account in ASC Topic 606. Performance obligations may include license rights, development services, and services associated with regulatory submission and approval processes. Significant management judgment is required to determine the level of effort required under an arrangement and the period over which the Company expects to complete its performance obligations under the arrangement. If the Company cannot reasonably estimate when its performance obligations are either completed or become inconsequential, then revenue recognition is deferred until the Company can reasonably make such estimates. Revenue is then recognized over the remaining estimated period of performance using the cumulative catch-up method. As part of the accounting for these arrangements, the Company must develop assumptions that require judgment to determine the stand-alone selling price of each performance obligation identified in the contract. The Company uses key assumptions to determine the stand-alone selling price, which may include forecasted revenues, development timelines, reimbursement rates for personnel costs, discount rates and probabilities of technical and regulatory success. The Company allocates the total transaction price to each performance obligation based on the estimated relative standalone selling prices of the promised goods or service underlying each performance obligation. Licenses of intellectual property : If the license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenues from non-refundable, up-front fees allocated to the license when the license is transferred to the customer, and the customer can use and benefit from the license. For licenses that are bundled with other promises, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from non-refundable, up-front fees. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. Milestone payments : At the inception of each arrangement that includes milestone payments, the Company evaluates whether the milestones are considered probable of being achieved and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the value of the associated milestone (such as a regulatory submission) is included in the transaction price. Milestone payments that are not within the control of the Company, such as approvals from regulators, are not considered probable of being achieved until those approvals are received. When our assessment of probability of achievement changes and variable consideration becomes probable, any additional estimated consideration is allocated to each performance obligation based on the estimated relative standalone selling prices of the promised goods or service underlying each performance obligation and recorded in license, collaboration, and other revenues based upon when the customer obtains control of each element. Royalties: For arrangements that include sales-based royalties, including milestone payments based on the level of sales, and the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (a) when the related sales occur, or (b) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). Income Taxes The Company utilizes the liability method of accounting for income taxes as required by 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. 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. The Company records 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. 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 particularly orphan indications. Accordingly, the Company has a single reportable 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 Recent Accounting Pronouncements Adopted In January 2016, the FASB issued 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. This pronouncement is effective for annual and interim reporting periods beginning after December 15, 2018, with early adoption permitted for the accounting guidance on financial liabilities under the fair value option. The Company adopted this standard on January 1, 2019 and it did not have a material impact on the Company’s 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, July 2018 and March 2019. 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. The Company adopted the standard on January 1, 2019, and applied the modified retrospective approach to each lease in existence at the adoption date. As such, the Company did not restate comparative periods and did not recognize any cumulative adjustment to retained earnings on the date of the adoption given that no difference in operating expense resulted upon adoption. The Company elected the package of practical expedients provided under the standard. The Company recognized approximately $0.1 million of lease assets and liabilities on the balance sheet as of January 1, 2019. The new standard did not have an impact on the Company’s statements of comprehensive loss or statements of cash flows. 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 adopted this standard on January 1, 2018 and it did not have a material impact on the Company’s financial statements. In May 2017, the FASB issued ASU 2017-09, Compensation – Stock Compensation (Topic 718 ) : Scope of Modification Accounting (ASU 2016-09), which provides guidance about which changes to the terms or conditions of a share-based payment awards require an entity to apply modification accounting in Topic 718. This pronouncement is effective for annual reporting periods beginning after December 15, 2017, with early adoption permitted. The Company adopted this standard on January 1, 2018 and it did not have a material impact on the Company’s financial statements. In June 2018, the FASB issued ASU 2018-07, Compensation – Stock Compensation (Topic 718 ) : Improvements to Nonemployee Share-Based Payment Accounting (ASU 2018-07) , which expands the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. An entity should generally apply the requirements of Topic 718 to nonemployee awards except in circumstances where there is specific guidance on inputs to an option pricing model and the attribution of cost. ASU 2018-07 specifies that Topic 718 applies to all share-based payment transactions in which a grantor acquires goods or services to be used or consumed in a grantor’s own operations by issuing share-based payment awards. The guidance also clarifies that Topic 718 does not apply to share-based payments used to effectively provide (1) financing to the issuer or (2) awards granted in conjunction with selling goods or services to customers as part of a contract accounted for under Topic 606. This guidance is effective for annual reporting periods beginning after December 15, 2018, with early adoption permitted, but no earlier than an entity’s adoption date of Topic 606. The Company adopted this standard on January 1, 2019 and it did not have an impact on the Company’s financial statements. Recent Accounting Pronouncements Not Yet Adopted In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement (ASU 2018-13). The new guidance modifies the disclosure requirements in Topic 820 as follows: · Removals: the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy; the policy for timing of transfers between levels; and the valuation processes for Level 3 fair value measurements. · Modifications: for investments in certain entities that calculate net asset value, an entity is required to disclose the timing of liquidation of an investee’s assets and the date when restrictions from redemption might lapse only if the investee has communicated the timing to the entity or announced the timing publicly; and the amendments clarify that the measurement uncertainty disclosure is to communicate information about the uncertainty in measurement as of the reporting date. · Additions: the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period; and the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. This guidance is effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should all be applied prospectively for only the most recent interim or annual period presented in the initial year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. Early adoption is permitted. An entity is permitted to early adopt any removed or modified disclosures upon issuance of ASU 2018-13 and delay adoption of the additional disclosures until their effective date. The Company is currently evaluating the impact of the new guidance on its financial statements.

Merger Agreement

Merger Agreement	9 Months Ended
	Sep. 30, 2019
Business Combinations [Abstract]
Merger Agreement	3. Merger Agreement Merger Agreement with NeuroBo On July 24, 2019, the Company entered into the Merger Agreement with NeuroBo pursuant to which, the Company’s wholly owned subsidiary, Merger Sub, will merge with and into NeuroBo, with NeuroBo surviving as a wholly owned subsidiary of the Company, in an all-stock transaction. Subject to the terms and conditions of the Merger Agreement, at the effective time of the Merger (the “Effective Time”), (a) each share of NeuroBo common stock outstanding immediately prior to the Effective Time (excluding shares held as treasury stock, held by NeuroBo and dissenting shares) will be converted into the right to receive shares of Gemphire common stock equal to the Exchange Ratio described below; and (b) each outstanding NeuroBo stock option that has not previously been exercised prior to the Effective Time will be assumed by the Company. For accounting purposes, NeuroBo is considered to be acquiring the Company even though the Company will be the issuer of the common stock in the merger due to various considerations, including the expected ownership positions of Gemphire and NeuroBo post-merger. Substantially all the fair value of the Company is concentrated in one asset, in-process research and development IP, and therefore the merger is expected to be accounted for as an asset acquisition by NeuroBo. Under the exchange ratio formula in the Merger Agreement (the “Exchange Ratio”), upon the closing of the Merger, on a pro forma basis and based upon the number of shares of common stock expected to be issued in the Merger, former Company security holders immediately prior to the Merger are expected to own, or hold rights to acquire, approximately 3.74% of the combined company and former NeuroBo security holders immediately prior to the Merger are expected to own, or hold rights to acquire, approximately 96.26% of the combined company, on a fully-diluted basis and assuming that the Company has a net cash amount of negative $3,400,000 at closing and that NeuroBo raises the minimum required amount of $24,240,000 in its Series B Preferred Stock financing described below. The ownership percentages are subject to adjustment to the extent that the Company’s net cash at the Effective Time is negative or to reflect aggregate gross proceeds received by NeuroBo in its financing before the closing of the Merger above the minimum required amount and up to and including $50 million. Consummation of the Merger is subject to certain closing conditions, including, among other things, approval by the Company’s stockholders and NeuroBo’s stockholders, the continued listing of the common stock on the Nasdaq Capital Market, the conversion of all NeuroBo preferred stock and NeuroBo convertible notes into NeuroBo common stock and satisfaction by the Company of a minimum parent cash amount of negative $3.75 million at closing. Prior to signing the Merger Agreement, NeuroBo entered into subscription agreements with investors for a Series B Preferred Stock financing for approximate gross proceeds of $24,240,000, the minimum required amount under the Merger Agreement, and may enter into additional subscription agreements and receive additional proceeds between signing and closing of the Merger. The Merger Agreement contains certain termination rights for both the Company and NeuroBo, and further provides that, upon termination of the Merger Agreement under specified circumstances, either party may be required to pay the other party a termination fee of $1,000,000, or in some circumstances reimburse the other party’s expenses up to a maximum of $500,000. Following the closing of the Merger, it is expected that NeuroBo’s Chief Executive Officer, John L. Brooks III, will serve as Chief Executive Officer of the Company and the board of directors of the Company will be comprised of ten directors, consisting of nine directors designated by NeuroBo and Steven Gullans, the Company’s current President and Chief Executive Officer. In addition, upon completion of the merger, Gemphire will change its name to NeuroBo Pharmaceuticals, Inc., and plans to change its ticker symbol on the Nasdaq Capital Market to “NRBO”. The merged company will focus on the development of NeuroBo’s clinical-stage drug candidates for the treatment of neurodegenerative diseases. The Merger is expected to close in the fourth quarter of 2019, subject to approval by the Company’s stockholders at an annual meeting to be held on December 6, 2019 and other closing conditions. Contingent Value Rights Agreement At the Effective Time, the Company will enter into a Contingent Value Rights Agreement (the “CVR Agreement”). Pursuant to the Merger Agreement and the CVR Agreement, for each share of the Company’s common stock held, stockholders of record as of immediately prior to the Effective Time will receive one contingent value right (“CVR”) entitling such holders to receive in the aggregate, 80% of the Gross Consideration (as defined in the CVR Agreement which contemplates the post-Merger combined company’s prior retention of an aggregate of $500,000) less other Permitted Deductions (each as defined in the CVR Agreement) received during the 15-year period after the closing of the Merger (the “CVR Term”) from the grant, sale or transfer of rights to the Company’s product candidate gemcabene (other than a grant, sale or transfer of rights involving a sale or disposition of the post-Merger combined company) that is entered into during the 10-year period after the closing of the Merger or pursuant to the Beijing SL Agreement, but not including the $2.5 million non-refundable upfront gross payment pursuant to the Beijing SL Agreement, which was paid in October 2019. Under the CVR Agreement, the combined company agreed to commit $1 million to support the further development of gemcabene through the quarter ending March 31, 2020, the funding of which was conditioned on receipt by the Company of the $2.5 million non-refundable upfront gross payment payable under the Beijing SL Agreement. The CVRs are not transferable, except in certain limited circumstances, will not be certificated or evidenced by any instrument, will not accrue interest and will not be registered with the SEC or listed for trading on any exchange. The CVR Agreement will be effective prior to the closing of the Merger and will continue in effect until the later of the end of the CVR Term and the payment of all amounts payable thereunder, unless and until earlier terminated upon termination of the Merger Agreement. Change in Control Payments and Severance Awards On July 24, 2019, the Company entered into amendments to the employment agreements (the “Amendments”) of Dr. Steven Gullans, Chief Executive Officer and President, Dr. Charles Bisgaier, Chief Scientific Officer and Chairman of the board of directors, and Seth Reno, Chief Commercial Officer (the “Executives”) to reduce the cash severance obligation owed to each Executive in connection with the termination of their employment upon the closing of the Merger. Pursuant to the Amendments, if the Merger is completed, each of Dr. Gullans, Dr. Bisgaier and Mr. Reno will receive a lump sum cash payment within thirty days after the effective date of the Merger in an amount equal to $75,000, $330,000 and $297,536, respectively, subject to a reduction for withholding tax, in lieu of the cash compensation such Executives would otherwise be entitled to receive in connection with a termination following a change in control pursuant to such Executives’ employment agreements. In connection with the Executives agreeing to the Amendments, on July 24, 2019, the Company issued each of Dr. Gullans, Dr. Bisgaier and Mr. Reno a restricted stock award representing 300,000, 100,000 and 100,000 shares, respectively, of common stock. The restricted stock awards were made pursuant to Restricted Stock Grant Notices and Restricted Stock Agreements (the “Award Agreements”). Such Award Agreements provide that such shares shall fully vest immediately prior to the Effective Time, provided that the Executive has executed and delivered to the Company a release and waiver of claims and such release is not subsequently revoked. The Company shall automatically reacquire for no consideration all unvested shares upon the earliest to occur of (i) the Executive’s termination of continuous service (unless such termination results from the completion of the Merger prior to March 31, 2020) or (ii) March 31, 2020 if the Merger has not been completed. The Award Agreements provide that the holders shall have all rights and privileges of a holder of common stock, including for purposes of voting and receiving dividends. Grants were also made to the Company’s non-employee directors (45,000 shares of restricted stock in the aggregate) and employees (62,000 shares of restricted stock in the aggregate) pursuant to Award Agreements on July 24, 2019. The non-employee director Award Agreements do not require the execution and delivery of a release and waiver of claims. On July 23, 2019, the Company’s non-employee directors agreed to waive payment of the cash retainer for the remainder of 2019 otherwise payable to such directors pursuant to the Company’s non-employee director compensation policy.

Accrued Liabilities

Accrued Liabilities	9 Months Ended
	Sep. 30, 2019
Accrued Liabilities
Accrued Liabilities	4. Accrued Liabilities Accrued liabilities consist of the following (in thousands): September 30, December 31, 2019 2018 Accrued compensation and other payroll liabilities $ 92 $ 137 Legal costs 52 106 Accrued interest — 43 Non-operating transactional costs 176 — Other research and development expenses 66 135 Other general and administrative expenses 10 17 Total $ 396 $ 438

Debt

Debt	9 Months Ended
	Sep. 30, 2019
Debt
Debt	5. Debt Term Loan On January 25, 2019, the Company agreed to prepay in full all outstanding indebtedness under the Loan and Security Agreement (the “Original Loan Agreement”) with Silicon Valley Bank (SVB) dated July 24, 2017 (the “Initial Effective Date”), as amended by the First Amendment, dated July 31, 2018 (the “First Amendment” and, the Original Loan Agreement, as amended by the First Amendment, the “Loan Agreement”). Effective January 28, 2019, the Company prepaid in full all outstanding indebtedness under the Term Loan. As of the date of repayment, the Company had approximately $8.9 million in principal and interest outstanding as well as a final payment fee due of $1.0 million. Upon repayment, approximately $0.8 million of unamortized note discounts were recognized as interest expense. The obligations, liabilities, covenants, and terms that are expressly specified in the Loan Agreement and any other related loan and collateral security documents issued by the Company to SVB in connection with the transaction evidenced by the Loan Agreement as surviving termination shall continue to survive notwithstanding the payment, including without limitation, the Company’s indemnity obligations and the Company’s obligation to pay to SVB a success fee of 3.5% of the funded principal amount of the Term Loan in the event any of the following occur on or before 5:00 PM, Eastern time, on July 24, 2024: (a) the Company receives FDA approval for any new drug application for gemcabene, (b) a sale or other transfer of all or substantially all of the assets of the Company occurs, (c) a merger or consolidation of the Company with or into another person or entity occurs where the holders of the Company’s outstanding voting equity securities immediately prior to such merger or consolidation hold less than a majority of the issued and outstanding voting equity securities of the successor immediately following such transaction or (d) any sale by the holders of the Company’s outstanding voting equity securities where such holders do not continue to hold at least a majority of the Company’s issued and outstanding voting equity securities immediately following the consummation of such transaction. The Merger, upon completion, will trigger a success fee of $350,000 (See Note 3 – Merger Agreement ). The Warrant to purchase 36,000 shares (subject to adjustment) of the Company’s common stock dated as of July 31, 2018 between the Company and SVB remains outstanding and exercisable in accordance with its terms. The Company was required to reserve $15,000 in cash related to a SVB commercial credit card arrangement in February 2019 upon the prepayment of the Term Loan. The cash reserve is reflected as restricted cash in the accompanying condensed balance sheets.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2019
Commitments and Contingencies
Commitments and Contingencies	6. Commitments and Contingencies Pfizer License Agreement In April 2011, the Company and Pfizer Inc. (Pfizer) entered into an exclusive license agreement for the clinical product candidate gemcabene, which was subsequently amended and restated in August 2018 (as so amended, the Pfizer Agreement). In exchange for this worldwide exclusive license to certain patent rights and a non-exclusive royalty bearing right and license to certain related data to make, use, develop, commercialize, import and otherwise exploit the clinical product candidate gemcabene, the Company agreed to certain milestone and royalty payments on future sales (See Note 7 — License Agreements) . As of September 30, 2019, 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 Pfizer Agreement, and as such, no liabilities were recorded related to the Pfizer Agreement. Other Agreements In May 2016, the Company entered into a non-cancellable lease agreement for its headquarters location, commencing in the third quarter of 2016. The initial term of the agreement was 3 years with an initial monthly base rent of approximately $8,400 and increasing to approximately $8,900 during the last year of the lease term. The total rent expense under this operating classified lease was $17,000 and $26,000 during the three month periods ended September 30, 2019 and 2018, respectively, and $69,000 and $78,000 during the nine month periods ended September 30, 2019 and 2018, respectively. The lease expired in August 2019, and no office space is currently being leased as of September 30, 2019. Supplemental cash flow information related to the operating lease was as follows (in thousands): Nine months ended Nine months ended September 30, 2019 September 30, 2018 Cash paid for amounts included in the measurement of lease liability: Operating cash flows from operating leases $ $ Right-of -use assets obtained in exchange for lease obligations: Operating leases $ $ — Supplemental balance sheet information related to the operating lease was as follows (in thousands, except weighted average data): As of As of September 30, 2019 December 31, 2018 Right-of-use assets $ — $ Lease liability $ — $ Weighted average remaining lease term — 0.7 years Weighted average discount rate — Other Commitments and Contingencies In the ordinary course of business, from time to time, the Company may be subject to a broad range of claims and legal proceedings that relate to contractual allegations, patent infringement, employment-related matters and other claims. The Company establishes accruals for matters which it believes that losses are probable and can be reasonably estimated. Although it is not possible to predict with certainty the outcome of these matters, the Company is of the opinion that the ultimate resolution of these matters will not have a material adverse effect on its results of operations or financial position.

License Agreement

License Agreement	9 Months Ended
	Sep. 30, 2019
License Agreement
License Agreement	7. License Agreements Pfizer The Company is party to the Pfizer Agreement, as amended on August 2, 2018, for a worldwide exclusive license to certain patent rights and a non-exclusive royalty bearing right and license to certain related data to make, use, develop, commercialize, import and otherwise exploit the clinical product candidate gemcabene. Pfizer retains the right to make, use and import gemcabene solely for internal research purposes. In partial exchange for the rights granted by Pfizer, 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 new drug application (or its foreign equivalent) 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. 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 the later of: (a) five (5) years after the first commercial sale in such country; (b) the expiration of all regulatory or data exclusivity for gemcabene in such country; and (c) the expiration or abandonment of the last valid claim of the licensed patents, including any patent term extensions or supplemental protection certificates in such country (collectively, the Royalty Term). 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 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 September 30, 2019. The Pfizer Agreement will expire upon expiration of the last Royalty Term. On expiration (but not earlier termination), the Company will have a perpetual, exclusive, fully paid-up, royalty-free license under the licensed patent rights and related data to make, use, develop, commercialize, import and otherwise exploit the clinical product candidate gemcabene. Either party may terminate the Pfizer Agreement for the other party’s material breach following a cure period or immediately upon certain insolvency events relating to the other party. Pfizer may immediately terminate the Pfizer Agreement in the event that (i) the Company or any of its affiliates or sublicenses contests or challenges, or supports or assists any third party to contest or challenge, Pfizer’s ownership of or rights in, or the validity, enforceability or scope of any of the patents licensed under the Pfizer Agreement or (ii) the Company or any of its affiliates or sublicensees fails to achieve the first commercial sale in at least one country by April 16, 2024. Furthermore, upon termination of the Pfizer Agreement by Pfizer for any of the foregoing reasons, the Company grants Pfizer a non-exclusive, fully paid-up, royalty free, worldwide, transferrable, perpetual and irrevocable license to use any intellectual property rights arising from the development or commercialization of gemcabene by the Company and any trademarks identifying gemcabene and agrees to transfer regulatory filings and approvals to Pfizer or permit Pfizer to cross-reference and rely on such regulatory filings and approvals for gemcabene. The Company may terminate the License Agreement for convenience upon 90 days’ written notice and payment of an early termination fee. Beijing SL License and Collaboration Agreement On July 23, 2019, the Company entered into a License and Collaboration Agreement (the “Beijing SL Agreement”) with Beijing SL Pharmaceutical Co., Ltd. (“Beijing SL”), pursuant to which the Company granted Beijing SL an exclusive royalty-bearing license to research, develop, manufacture and commercialize pharmaceutical products comprising, as an active ingredient, gemcabene in mainland China, Hong Kong, Macau and Taiwan (each, a “region,” and collectively, the “Territory”). The terms of the agreement include non-refundable upfront fees, payments based upon achievement of milestones and royalties on net product sales. Under the Beijing SL Agreement, the Company has both fixed and variable consideration. Non-refundable upfront fees are considered fixed, while milestone payments are identified as variable consideration. As of September 30, 2019, no revenue under the Beijing SL Agreement has been recognized as the performance obligation related to the non-refundable upfront fees was not satisfied . For additional detail on the Company’s accounting policy regarding revenue recognition, refer to Note 2 – Summary of Accounting Policies . Under the terms of the Beijing SL Agreement, Beijing SL will be responsible, at its expense, for developing and commercializing products containing gemcabene (each, a “Licensed Product”) in the Territory, with certain assistance from the Company. To the extent mutually agreed to in writing, the Company and Beijing SL will collaborate on the Phase 3 clinical trial for homozygous familial hypercholesterolemia or other clinical trials with the Company as the sponsor designed to enroll patients both inside and outside the Territory (a “Global Study”), but Beijing SL will be responsible, at its expense, for the conduct of any Global Study to the extent solely in the Territory, subject to the Company’s final decision making authority, and the Company will be responsible, at its expense, for the conduct of any Global Study to the extent solely outside of the Territory. Under a territory development plan, the parties shall develop Licensed Products with respect to the Territory. Beijing SL will be responsible for development activities, including non-clinical and clinical studies directed at obtaining regulatory approval of the Licensed Product in the Territory. Beijing SL has agreed to use commercially reasonable efforts to commercialize the Licensed Products for each indication that receives regulatory approval in the Territory and shall prepare and present a commercialization plan that shall be subject to approval by the joint steering committee. Pursuant to the Beijing SL Agreement, Beijing SL will make a non-refundable upfront gross payment of $2.5 million to the Company within 45 days of the effective date of the Beijing SL Agreement; the upfront payment was received in October 2019. Additionally, with respect to each Licensed Product, the Company will be eligible to receive (i) payments for specified developmental and regulatory milestones (including submission of a new drug application to China’s National Medical Product Administration, dosing of the first patient in a phase 3 clinical trial in mainland China and regulatory approval for the first and each additional indication of a Licensed Product in the Territory) totaling up to $6 million in the aggregate and (ii) payments for specified global net sales milestones of up to $20 million in the aggregate multiplied by the ratio of the net sales of a Licensed Product sold by Beijing SL in the Territory divided by the global net sales of a Licensed Product, which net sales milestone payments are payable once, upon the first achievement of such milestone. Beijing SL will also be obligated to pay the Company tiered royalties ranging from the mid-teens to twenty percent on the net sales of all Licensed Products in the Territory until the latest of (a) the date on which any applicable regulatory exclusivity with respect to such Licensed Product expires in such region, (b) the expiration or abandonment of the last valid patent claim or joint patent claim covering such Licensed Product in each region and (c) the fifth anniversary of the first commercial sale of such Licensed Product in such region (the “Royalty Term”). Future milestone payments under the Beijing SL Agreement, if any, are not expected to begin for at least one year and will extend over a number of subsequent years. The Company cannot determine the date on which Beijing SL’s potential royalty payment obligations to the Company would expire because Beijing SL has not yet developed any Licensed Products under the Beijing SL Agreement and therefore the Company cannot at this time identify the date of the first commercial sale or the periods of any regulatory exclusivity or patent claims with respect to any Licensed Product. On a Licensed Product-by-Licensed Product and region-by-region basis upon the expiration of the Royalty Term, the license granted to Beijing SL shall be deemed perpetual, fully paid-up and royalty free with respect to such Licensed Product in such region. Either party may terminate the Agreement (x) with written notice for the other party’s material breach following a cure period or (y) if the other party becomes subject to certain insolvency proceedings. In addition, the Company may terminate the agreement in its entirety if Beijing SL or its affiliates or sublicensees commence a proceeding challenging the validity, enforceability or scope of any of the Company’s patents. To the extent rights granted to Beijing SL under the Beijing SL Agreement are controlled by the Company pursuant to the Pfizer Agreement between Gemphire and Pfizer, such rights are subject to the terms and conditions of such agreement with Pfizer, and Beijing SL has agreed to comply with such terms and conditions. The Beijing SL Agreement contemplates that Beijing SL and the Company shall, no later than 60 days following the effective date of the Beijing SL Agreement, negotiate in good faith and execute a clinical supply agreement and, no later than twelve months prior to the anticipated date of the first commercial sale of a Licensed Product, if any, negotiate in good faith and execute a commercial supply agreement, pursuant to which Beijing SL shall purchase from the Company, and the Company shall use commercially reasonable efforts to supply, gemcabene or Licensed Product for clinical or commercial purposes, as applicable, until manufacturing and regulatory transfers are complete. Each of the Company and Beijing SL has agreed to indemnify the other party against certain losses and expenses relating to the development or commercialization of a Licensed Product by the indemnifying party, the negligence or willful misconduct of the indemnifying party or its directors, officers, employees or agents or a breach of the indemnifying party’s representations, warranties or covenants.

Stockholders_ Equity

Stockholders’ Equity	9 Months Ended
	Sep. 30, 2019
Stockholders’ Equity (Deficit)
Stockholders’ Equity (Deficit)	8. Stockholders’ (Deficit) Equity Common Stock The Company had 14,872,411 and 14,265,411 shares of its common stock issued and outstanding as of September 30, 2019 and December 31, 2018, 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. In the first quarter of 2018, the Company completed the Follow-On Offering of 3,592,858 shares of common stock which includes 450,000 shares of common stock purchased by the underwriters upon the partial exercise of their overallotment option, at the public offering price of $7.00 per share. The Company received net proceeds of approximately $23.1 million after deducting underwriting discounts and commissions and offering expenses. The costs incurred related to the Follow-On Offering were $2.1 million. Warrants During the three and nine month periods ending September 30, 2019 and 2018, no warrants were exercised. As of September 30, 2019 and December 31, 2018, warrants to purchase 1,014,204 shares of common stock were outstanding. Dividend Rights Common stockholders 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 September 30, 2019. 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 preferred stockholders, if any.

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Sep. 30, 2019
Share-Based Compensation
Share-Based Compensation	9. Share‑Based Compensation Share-based compensation expense was included in general and administrative and research and development expenses as follows in the accompanying condensed statements of comprehensive loss (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 General and administrative $ $ 861 $ $ 2,008 Research and development 766 1,548 Total share-based compensation $ $ 1,627 $ 1,352 $ 3,556 In April 2015, the Company adopted the 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. Amended and Restated 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. Under the A&R 2015 Plan, the number of shares of common stock reserved for issuance thereunder automatically increases on January 1st of each year, for a period of 10 years commencing on January 1, 2017 and ending on (and including) January 1, 2026, to an amount equal to 20% of the Company’s fully-diluted shares as of December 31st of the preceding calendar year. Notwithstanding the foregoing, the Company’s board of directors may act prior to January 1st of a given year to provide that there will be no January 1st increase in the shares reserved for such year, or that the increase in shares reserved for such year will be less than would have otherwise been allowed under the provision. Effective January 1, 2019, 501,001 shares were added to the A&R 2015 Plan under the share reserve provision. As a result, the t otal shares available under the A&R 2015 Plan for future issuance was 581,100 shares as of September 30, 2019. 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. The total shares available under the Inducement Plan for future issuance was 268,667 shares as of September 30, 2019. 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 September 30, 2019, no shares have been purchased under the ESPP. Restricted Stock Awards During the three and nine months ended September 30, 2019, the Company granted 607,000 restricted stock awards (RSAs) to officers, directors and employees. The RSAs vest immediately upon the close of that merger (See Note 3 – Merger Agreement ). The grant date fair value of the RSAs was $0.72 per share. As of September 30, 2019, all 607,000 RSAs remain unvested and none were forfeited. The Company did not grant any RSAs during the comparable periods in the prior year. Stock Options During the three months ended September 30, 2019 and 2018, the Company did not grant any stock options. During the nine months ended September 30, 2019 and 2018, zero and 822,000 stock options were granted, respectively, under the A&R 2015 Plan and the Inducement Plan to its officers, directors, employees and consultants, generally vesting over a four-year period. The weighted average grant date fair value for option shares granted during the three and nine months ended September 30, 2018 was zero and $5.07 per share, respectively. The Company measures the fair value of stock options to employees, consultants and directors on the date of grant with service‑based and performance‑based vesting criteria using the Black‑Scholes option pricing model and market-based vesting criteria using a Monte Carlo simulation model. The Company does not have sufficient 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. The Company records forfeitures when they occur. The weighted‑average assumptions used in the Black‑Scholes option‑pricing and Monte Carlo simulation models are as follows: Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Expected stock price volatility — — — Expected life of options (years) — — — Expected dividend yield — — — Risk free interest rate — — — During the three months ended September 30, 2019 and 2018, 76,818 and 279,924 stock options vested, respectively, and 242,952 and 587,334 stock options vested during the nine months ended September 30, 2019 and 2018, respectively. During the three months ended September 30, 2019 and 2018, 176,705 and 307,121 stock options were forfeited, respectively, and 254,505 and 422,010 stock options were forfeited during the nine months ended September 30, 2019 and 2018, respectively. As of September 30, 2019, 2,546,268 stock options were outstanding, 1,994,357 stock options were vested and 849,767 shares in the aggregate were available for future issuance under the A&R 2015 and Inducement Plans. Unrecognized share‑based compensation cost for stock options issued under the A&R 2015 Plan and the Inducement Plan was $2.3 million for the stock options and $0.4 million for the RSAs as of September 30, 2019. The unrecognized share‑based expense is expected to be recognized over a weighted average period of 0.2 years for both the stock options and RSAs taking into account the anticipated accounting treatment of such awards upon the closing of the Merger.

Net Loss Per Common Share

Net Loss Per Common Share	9 Months Ended
	Sep. 30, 2019
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. 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 stock options, restricted stock awards and warrants are considered common stock equivalents while outstanding for this purpose. Diluted earnings are computed utilizing the treasury method for stock options, restricted stock awards and warrants. 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 and nine months ended September 30, 2019 and 2018. The following table sets forth the computation of basic and diluted loss per share for the three and nine months ended September 30, 2019 and 2018 (in thousands, except share and per share amounts): Three Months Ended Nine Months Ended 2019 2018 2019 2018 Numerator: Net loss attributed to common stockholders $ (3,430) $ (6,079) $ (10,151) $ (19,981) Denominator: Basic and diluted weighted average common shares outstanding 14,265,411 14,259,691 14,265,411 13,650,556 Basic and diluted net loss per share $ (0.24) $ (0.43) $ (0.71) $ (1.46) 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 during the three and nine months ended September 30, 2019 and 2018: Three Months Ended Nine Months Ended 2019 2018 2019 2018 Stock options 2,546,268 2,823,732 2,546,268 2,823,732 Warrants 1,014,204 1,014,204 1,014,204 1,014,204 Restricted stock awards 607,000 — 607,000 —

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2019
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 September 30, 2019 and December 31, 2018, the fair values of cash and cash equivalents, restricted cash, other assets, accounts payable, accrued liabilities and other liabilities approximated their carrying values because of the short‑term nature of these assets or liabilities. The estimated fair value of the Company’s Term Loan while outstanding was based on amortized cost which was deemed to approximate fair value. There were no transfers between fair value hierarchy levels during the three and nine months ended September 30, 2019 and 2018. There were no instruments measured on a recurring fair value basis as of September 30, 2019 and December 31, 2018. In addition, no financial instruments were measured on a non‑recurring basis for any of the periods presented.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2019
Income Taxes
Income Taxes	12. Income Taxes The effective tax rate for the three and nine month periods ended September 30, 2019 and 2018 was zero percent. As a result of the analysis of all available evidence as of September 30, 2019 and December 31, 2018, the Company recorded a full valuation allowance on its net deferred tax assets. Consequently, the Company reported no income tax benefit for the three and nine month periods ended September 30, 2019 and 2018. 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.

Defined Contribution Plan

Defined Contribution Plan	9 Months Ended
	Sep. 30, 2019
Defined Contribution Plan
Defined Contribution Plan	13. Defined Contribution Plan The Company adopted a 401(k) defined contribution plan on September 5, 2017, effective as of January 1, 2017, for all employees over age 21. Employees can defer up to 100% of their compensation through payroll withholdings into the plan subject to federal law limits. Effective January 1, 2018, the Company began matching contributions on deferrals at 100% of deferrals up to 3% of one’s contributions and 50% on deferrals over 3%, but not exceeding 5% of one’s contributions in order to satisfy certain non-discrimination tests required by the Internal Revenue Code. Employee contributions and any employer matching contributions made to satisfy certain non-discrimination tests required by the Internal Revenue Code are 100% vested upon contribution. Discretionary employer matches vest over a nine-year period beginning on the second anniversary of an employee’s date of hire. The amount of matching contributions made during the three month periods ended September 30, 2019 and 2018 was $13,000 and $30,000, respectively, and $60,000 and $84,000 during the nine month periods ended September 30, 2019 and 2018, respectively.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2019
Related Party Transactions
Related Party Transactions	14. Related Party Transactions In the first quarter of 2018, in connection with an underwritten public offering of 3,592,858 shares of common stock, the offering included 14,286 shares sold to 1 officer, for aggregate proceeds totaling approximately $0.1 million and 71,429 shares sold to 1 investor who is an affiliate of 1 officer and board member, for proceeds totaling approximately $0.5 million.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2019
Subsequent Events
Subsequent Events	15. Subsequent Events The Company has evaluated all events or transactions that occurred after September 30, 2019 up through the date the condensed financial statements were issued. Other than as set forth below, there were no material recognizable or nonrecognizable subsequent events during the period evaluated. The Merger On October 29, 2019, the Company entered into an amendment to the Original Merger Agreement with NeuroBo and Merger Sub. See Note 3– Merger Agreement . The amendment amended certain of the terms of the Original Merger Agreement by , among other things, (i) reducing the minimum net cash amount the Company is required to have at the closing of the Merger (the “Parent Cash Amount”) from negative $3,000,000 to negative $3,750,000; (ii) clarifying that the Parent Cash Amount will not be reduced for pre-closing payments by the Company of certain amounts related to the development of gemcabene that the parties previously expected would be incurred post-closing pursuant to the CVR Agreement; (iii) providing for an increase in the size of the combined company’s board of directors to ten; and (iv) extending the date after which either the Company or NeuroBo may terminate the Merger Agreement from December 24, 2019 to February 22, 2020. The annual meeting of stockholders of the Company, where stockholders will be asked to vote, among other things, on the issuance of the Company’s common stock to NeuroBo's stockholders pursuant to the Merger Agreement and the change of control of the Company resulting from the Merger, has been scheduled for December 6, 2019 pursuant to a notice of annual meeting dated November 6, 2019. Beijing SL Agreement A non-refundable upfront payment of $2.5 million was received by the Company in October 2019 under the Beijing SL Agreement. The Company has not yet met its performance obligations related to this payment. As such, the upfront non-refundable payment collected was recorded as a deferred revenue liability upon receipt. Nasdaq Compliance As previously disclosed, on August 12, 2019, the Company received written notice from Nasdaq stating that the Company no longer complied with the minimum stockholders’ equity requirement under Nasdaq Listing Rule 5550(b)(1) for continued listing on The Nasdaq Capital Market because the Company’s stockholders’ equity, as reported in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2019, had fallen below $2.5 million. On September 26, 2019, the Company submitted its compliance plan to Nasdaq, explaining how the Company believes that the completion of its proposed merger with NeuroBo will address the stockholders’ equity deficiency. On October 4, 2019, Nasdaq notified the Company that it had determined to grant the Company an extension until February 10, 2020 to regain compliance. Under the terms of the extension, NeuroBo must receive approval of its initial listing application and the Company must consummate the Merger on or before February 10, 2020. If NeuroBo fails to receive approval of its initial listing application or the Company fails to consummate the Merger prior to February 10, 2020, Nasdaq will provide written notification to the Company that its securities will be delisted. At that time, the Company may appeal the Staff’s determination to a Listing Qualifications Panel. There can be no assurance that the Company will be successful in implementing its plan to regain compliance with the minimum stockholders’ equity requirement, will regain compliance with the Minimum Bid Price Rule, or will otherwise be in compliance with other Nasdaq Listing Rules. See Part II “Other Information,” Item 1A “Risk Factors” of this Quarterly Report on Form 10-Q.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2019
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 invests in highly liquid investments in money market accounts. R
Restricted Cash	Restricted Cash The Company considers the cash security requirement related to a commercial credit card arrangement with Silicon Valley Bank as restricted cash (See Note 5 – Debt ).
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company’s financial instruments include principally cash and cash equivalents, other assets, accounts payable, accrued liabilities and debt. The carrying amounts for these financial instruments reported in the balance sheets approximate their fair values. See Note 11 — Fair Value Measurements , for further discussion of fair values.
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 activities, clinical costs and an allocation of overhead expenses. Research and development costs are expensed as incurred.
Revenue Recognition	Revenue Recognition Beginning January 1, 2018, the Company has followed the provisions of Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts with Customers. The guidance provides a unified model to determine how revenue is recognized. The Company to date has not recognized any revenue, but has entered into a license transfer and collaboration agreement in July 2019 that will have revenue recognition implications in future reporting periods. See Note 7 – License Agreements . In determining the appropriate amount of revenue to be recognized as it fulfills its obligations under its agreements, the Company performs the following steps: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations based on estimated selling prices; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account in ASC Topic 606. Performance obligations may include license rights, development services, and services associated with regulatory submission and approval processes. Significant management judgment is required to determine the level of effort required under an arrangement and the period over which the Company expects to complete its performance obligations under the arrangement. If the Company cannot reasonably estimate when its performance obligations are either completed or become inconsequential, then revenue recognition is deferred until the Company can reasonably make such estimates. Revenue is then recognized over the remaining estimated period of performance using the cumulative catch-up method. As part of the accounting for these arrangements, the Company must develop assumptions that require judgment to determine the stand-alone selling price of each performance obligation identified in the contract. The Company uses key assumptions to determine the stand-alone selling price, which may include forecasted revenues, development timelines, reimbursement rates for personnel costs, discount rates and probabilities of technical and regulatory success. The Company allocates the total transaction price to each performance obligation based on the estimated relative standalone selling prices of the promised goods or service underlying each performance obligation. Licenses of intellectual property : If the license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenues from non-refundable, up-front fees allocated to the license when the license is transferred to the customer, and the customer can use and benefit from the license. For licenses that are bundled with other promises, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from non-refundable, up-front fees. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. Milestone payments : At the inception of each arrangement that includes milestone payments, the Company evaluates whether the milestones are considered probable of being achieved and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the value of the associated milestone (such as a regulatory submission) is included in the transaction price. Milestone payments that are not within the control of the Company, such as approvals from regulators, are not considered probable of being achieved until those approvals are received. When our assessment of probability of achievement changes and variable consideration becomes probable, any additional estimated consideration is allocated to each performance obligation based on the estimated relative standalone selling prices of the promised goods or service underlying each performance obligation and recorded in license, collaboration, and other revenues based upon when the customer obtains control of each element. Royalties: For arrangements that include sales-based royalties, including milestone payments based on the level of sales, and the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (a) when the related sales occur, or (b) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied).
Income Taxes	Income Taxes The Company utilizes the liability method of accounting for income taxes as required by 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.
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. The Company records 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.
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 particularly orphan indications. Accordingly, the Company has a single reportable 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 Recent Accounting Pronouncements Adopted In January 2016, the FASB issued 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. This pronouncement is effective for annual and interim reporting periods beginning after December 15, 2018, with early adoption permitted for the accounting guidance on financial liabilities under the fair value option. The Company adopted this standard on January 1, 2019 and it did not have a material impact on the Company’s 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, July 2018 and March 2019. 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. The Company adopted the standard on January 1, 2019, and applied the modified retrospective approach to each lease in existence at the adoption date. As such, the Company did not restate comparative periods and did not recognize any cumulative adjustment to retained earnings on the date of the adoption given that no difference in operating expense resulted upon adoption. The Company elected the package of practical expedients provided under the standard. The Company recognized approximately $0.1 million of lease assets and liabilities on the balance sheet as of January 1, 2019. The new standard did not have an impact on the Company’s statements of comprehensive loss or statements of cash flows. 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 adopted this standard on January 1, 2018 and it did not have a material impact on the Company’s financial statements. In May 2017, the FASB issued ASU 2017-09, Compensation – Stock Compensation (Topic 718 ) : Scope of Modification Accounting (ASU 2016-09), which provides guidance about which changes to the terms or conditions of a share-based payment awards require an entity to apply modification accounting in Topic 718. This pronouncement is effective for annual reporting periods beginning after December 15, 2017, with early adoption permitted. The Company adopted this standard on January 1, 2018 and it did not have a material impact on the Company’s financial statements. In June 2018, the FASB issued ASU 2018-07, Compensation – Stock Compensation (Topic 718 ) : Improvements to Nonemployee Share-Based Payment Accounting (ASU 2018-07) , which expands the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. An entity should generally apply the requirements of Topic 718 to nonemployee awards except in circumstances where there is specific guidance on inputs to an option pricing model and the attribution of cost. ASU 2018-07 specifies that Topic 718 applies to all share-based payment transactions in which a grantor acquires goods or services to be used or consumed in a grantor’s own operations by issuing share-based payment awards. The guidance also clarifies that Topic 718 does not apply to share-based payments used to effectively provide (1) financing to the issuer or (2) awards granted in conjunction with selling goods or services to customers as part of a contract accounted for under Topic 606. This guidance is effective for annual reporting periods beginning after December 15, 2018, with early adoption permitted, but no earlier than an entity’s adoption date of Topic 606. The Company adopted this standard on January 1, 2019 and it did not have an impact on the Company’s financial statements. Recent Accounting Pronouncements Not Yet Adopted In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement (ASU 2018-13). The new guidance modifies the disclosure requirements in Topic 820 as follows: · Removals: the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy; the policy for timing of transfers between levels; and the valuation processes for Level 3 fair value measurements. · Modifications: for investments in certain entities that calculate net asset value, an entity is required to disclose the timing of liquidation of an investee’s assets and the date when restrictions from redemption might lapse only if the investee has communicated the timing to the entity or announced the timing publicly; and the amendments clarify that the measurement uncertainty disclosure is to communicate information about the uncertainty in measurement as of the reporting date. · Additions: the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period; and the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. This guidance is effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should all be applied prospectively for only the most recent interim or annual period presented in the initial year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. Early adoption is permitted. An entity is permitted to early adopt any removed or modified disclosures upon issuance of ASU 2018-13 and delay adoption of the additional disclosures until their effective date. The Company is currently evaluating the impact of the new guidance on its financial statements.

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	9 Months Ended
	Sep. 30, 2019
Accrued Liabilities
Schedule of accrued liabilities	Accrued liabilities consist of the following (in thousands): September 30, December 31, 2019 2018 Accrued compensation and other payroll liabilities $ 92 $ 137 Legal costs 52 106 Accrued interest — 43 Non-operating transactional costs 176 — Other research and development expenses 66 135 Other general and administrative expenses 10 17 Total $ 396 $ 438

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2019
Commitments and Contingencies
Schedule of supplemental financial information related to operating leases	Supplemental cash flow information related to the operating lease was as follows (in thousands): Nine months ended Nine months ended September 30, 2019 September 30, 2018 Cash paid for amounts included in the measurement of lease liability: Operating cash flows from operating leases $ $ Right-of -use assets obtained in exchange for lease obligations: Operating leases $ $ — Supplemental balance sheet information related to the operating lease was as follows (in thousands, except weighted average data): As of As of September 30, 2019 December 31, 2018 Right-of-use assets $ — $ Lease liability $ — $ Weighted average remaining lease term — 0.7 years Weighted average discount rate —

Share-Based Compensation (Table

Share-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2019
Share-Based Compensation
Schedule of share-based compensation expense	Share-based compensation expense was included in general and administrative and research and development expenses as follows in the accompanying condensed statements of comprehensive loss (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 General and administrative $ $ 861 $ $ 2,008 Research and development 766 1,548 Total share-based compensation $ $ 1,627 $ 1,352 $ 3,556
Schedule of weighted-average assumptions, option-pricing model	The weighted‑average assumptions used in the Black‑Scholes option‑pricing and Monte Carlo simulation models are as follows: Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 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)	9 Months Ended
	Sep. 30, 2019
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 for the three and nine months ended September 30, 2019 and 2018 (in thousands, except share and per share amounts): Three Months Ended Nine Months Ended 2019 2018 2019 2018 Numerator: Net loss attributed to common stockholders $ (3,430) $ (6,079) $ (10,151) $ (19,981) Denominator: Basic and diluted weighted average common shares outstanding 14,265,411 14,259,691 14,265,411 13,650,556 Basic and diluted net loss per share $ (0.24) $ (0.43) $ (0.71) $ (1.46)
Schedule of potential common shares not considered in computation of diluted net loss per share	Three Months Ended Nine Months Ended 2019 2018 2019 2018 Stock options 2,546,268 2,823,732 2,546,268 2,823,732 Warrants 1,014,204 1,014,204 1,014,204 1,014,204 Restricted stock awards 607,000 — 607,000 —

The Company and Basis of Pres_2

The Company and Basis of Presentation (Details) - USD ($) $ / shares in Units, $ in Thousands	Feb. 12, 2018	Mar. 31, 2018	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Dec. 31, 2017
Sale of Stock
Issuance of stock (in shares)		3,592,858
Total stockholders’ (deficit) equity		$ 20,817	$ (1,025)	$ 1,964	$ 4,446	$ 7,774	$ 10,853	$ 15,048	$ 3,941
Accumulated deficit			(94,262)			(84,111)
Cash and cash equivalents			$ 1,855			$ 18,954	$ 23,806
Follow On Offering
Sale of Stock
Issuance of stock (in shares)	3,142,858
Share price (in dollars per share)	$ 7
Net proceeds	$ 23,100
Overallotment
Sale of Stock
Issuance of stock (in shares)	450,000

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)segment	Sep. 30, 2018USD ($)	Jan. 01, 2019USD ($)	Dec. 31, 2018USD ($)
Income Taxes
Provision (benefit) for income taxes	$ 0	$ 0	$ 0	$ 0
Segment Information
Number of operating segment | segment			1
Recent Accounting Pronouncements
Lease, Practical Expedients, Package [true false]			true
Right of use asset						$ 68,000
Lease asset liability						$ 70,000
ASU 2016-02 | Adjustment
Recent Accounting Pronouncements
Right of use asset					$ 100,000
Lease asset liability					$ 100,000

Merger Agreement (Details)

Merger Agreement (Details)	Jul. 24, 2019USD ($)directorshares	Jul. 23, 2019USD ($)	Sep. 30, 2019shares	Sep. 30, 2019shares	Oct. 31, 2019USD ($)	Oct. 29, 2019USD ($)	Oct. 28, 2019USD ($)
Merger Agreement
Number of contingent value right per share	1
Percentage of gross consideration	80.00%
Contingent Value Rights Term	15 years
Contingent value rights term incase of other than grant, sale or transfer	10 years
Commitment to support develop gemcabene	$ 1,000,000
Cash payment days	30 days
Restricted stock awards
Merger Agreement
Granted (in shares) | shares			607,000	607,000
Dr. Gullans
Merger Agreement
Employment Agreement, Severance Cash Lump Sum Payments	$ 75,000
Dr. Gullans | Restricted stock awards
Merger Agreement
Granted (in shares) | shares	300,000
Dr. Bisgaier
Merger Agreement
Employment Agreement, Severance Cash Lump Sum Payments	$ 330,000
Dr. Bisgaier | Restricted stock awards
Merger Agreement
Granted (in shares) | shares	100,000
Mr. Reno
Merger Agreement
Employment Agreement, Severance Cash Lump Sum Payments	$ 297,536
Mr. Reno | Restricted stock awards
Merger Agreement
Granted (in shares) | shares	100,000
Non-employee director | Restricted stock awards
Merger Agreement
Granted (in shares) | shares	45,000
Employees | Restricted stock awards
Merger Agreement
Granted (in shares) | shares	62,000
Merger Agreement with NeuroBo
Merger Agreement
Percentage of interest held by our exiting shareholders	96.26%	3.74%
Merger agreement, minimum parent cash amount	$ 3,400,000
Termination fee	$ 1,000,000
Total number of directors | director	10
Number of directors to be designated | director	9
Prior retention of gross consideration	$ 500,000
Merger Agreement with NeuroBo | Minimum
Merger Agreement
Merger agreement, minimum parent cash amount	3,750,000
Merger Agreement with NeuroBo | Maximum
Merger Agreement
Threshold Gross Proceeds to Adjust Ownership Percentage	50,000,000
Reimbursement of expenses	500,000
Merger Agreement with NeuroBo | Series B Preferred Stock
Merger Agreement
Minimum required amount from preferred stock financing	$ 24,240,000
License Agreement with Beijing SL
Merger Agreement
Upfront payment to be received		$ 2,500,000
Period from effective date within which upfront gross payment to be paid		45 days
Developmental and regulatory milestone payment eligible to be received		$ 6,000,000
Global net sales milestone payment to be received		$ 20,000,000
Subsequent Event | Merger Agreement with NeuroBo
Merger Agreement
Merger agreement, minimum parent cash amount						$ 3,750,000,000,000	$ 3,000,000,000,000
Subsequent Event | License Agreement with Beijing SL
Merger Agreement
Upfront payment to be received					$ 2,500,000

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Accrued Liabilities
Accrued compensation and other payroll liabilities	$ 92	$ 137
Legal costs	52	106
Accrued interest		43
Non-operating transactional costs	176
Other research and development expenses	66	135
Other general and administrative expenses	10	17
Total	$ 396	$ 438

Debt - Term Loan (Details)

Debt - Term Loan (Details) - Term Loan - SVB - USD ($)	Jan. 28, 2019	Feb. 28, 2019	Jul. 31, 2018
Debt
Debt issue costs	$ 1,000,000
Success fee (as a percentage)	3.50%
Cash security		$ 15,000
Purchase of additional common stock through warrants			36,000
Debt discount amortized as interest expenses	$ 800,000
Outstanding borrowings	$ 8,900,000

Commitments and Contingencies -

Commitments and Contingencies - Pfizer License Agreement (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Commitments and Contingencies
No liabilities were recorded related to the license agreement	$ 3,073,000	$ 11,920,000
Pfizer, Inc.
Commitments and Contingencies
No liabilities were recorded related to the license agreement	$ 0

Commitments and Contingencies_2

Commitments and Contingencies - Other Agreements (Details) - USD ($)	1 Months Ended		3 Months Ended		9 Months Ended
	May 31, 2019	May 31, 2016	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Other Agreements
Initial term of the agreement		3 years
Total rent expense under operating classified lease			$ 17,000	$ 26,000	$ 69,000	$ 78,000
Office Rental
Other Agreements
Total rent expense under operating classified lease	$ 8,900	$ 8,400

Commitments and Contingencies_3

Commitments and Contingencies - Supplemental Cash Flow (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Supplemental cash flow information related to the operating lease was as follows (in thousands):
Operating cash flows from operating leases	$ 71	$ 78
Operating leases	$ 70
Right of use asset			$ 68
Lease liability			$ 70
Weighted average remaining lease term			8 months 12 days
Weighted average discount rate			5.50%
Maturity of the lease liability was as follows (in thousands):
Total			$ 70

License Agreement (Details)

License Agreement (Details) - USD ($)	1 Months Ended	3 Months Ended	9 Months Ended
	Mar. 31, 2015	Mar. 31, 2018	Sep. 30, 2019
License Agreements
Issuance of stock (in shares)		3,592,858
Issuance of common stock		$ 25,150,000
License Agreement | Pfizer, Inc.
License Agreements
Ownership by Pfizer	5.00%
Pfizer, Inc.
License Agreements
Milestones or royalty payments triggered			$ 0
Pfizer, Inc. | License Agreement
License Agreements
Percentage of shares of common stock offering issued to Pfizer	15.00%
Number of years after the first commercial sale	P5Y
Issuance of stock (in shares)	675,250
Issuance of common stock	$ 900,000
Notice period	90 days
Pfizer, Inc. | License Agreement | Milestone Payments | Maximum
License Agreements
Potential payments upon achievement of certain milestones	$ 37,000,000

License Agreement - Beijing (De

License Agreement - Beijing (Details) - License Agreement with Beijing SL $ in Millions	Jul. 23, 2019USD ($)
License Agreements
Upfront payment to be received	$ 2.5
Period from effective date within which upfront gross payment to be paid	45 days
Developmental and regulatory milestone payment eligible to be received	$ 6
Global net sales milestone payment to be received	$ 20

Stockholders_ Equity (Details)

Stockholders’ Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	Feb. 12, 2018	Mar. 31, 2018	Sep. 30, 2018	Sep. 30, 2019	Dec. 31, 2018
Common Stock
Common stock, shares issued				14,872,411	14,265,411
Issuance of common stock (in shares)		3,592,858
Offering costs			$ 2,093
Common Stock
Common Stock
Issuance of common stock (in shares)		3,592,858
Follow On Offering
Common Stock
Issuance of common stock (in shares)	3,142,858
Net proceeds	$ 23,100
Share price (in dollars per share)	$ 7
Follow On Offering | Common Stock
Common Stock
Issuance of common stock (in shares)		3,592,858
Net proceeds		$ 23,100
Offering costs		$ 2,100
Share price (in dollars per share)		$ 7
Overallotment
Common Stock
Issuance of common stock (in shares)	450,000
Overallotment | Common Stock
Common Stock
Issuance of common stock (in shares)		450,000

Stockholders_ Equity - Warrants

Stockholders’ Equity - Warrants (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Warrants
Exercise of warrants	$ 0	$ 0	$ 0	$ 0
Warrants to purchase	1,014,204		1,014,204		1,014,204

Stockholders_ Equity - Dividend

Stockholders’ Equity - Dividend Rights (Details) - Common Stock	9 Months Ended
	Sep. 30, 2019USD ($)Vote / shares
Dividends Rights
No dividends declared | $	$ 0
Voting Rights
Common stock, vote per share | Vote / shares	1

Share-Based Compensation (Detai

Share-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation	$ 441	$ 1,627	$ 1,352	$ 3,556
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation	276	861	835	2,008
Research and development
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation	$ 165	$ 766	$ 517	$ 1,548

Share-Based Compensation - Stoc

Share-Based Compensation - Stock Options (Details) - shares	9 Months Ended
	Sep. 30, 2019	Jan. 01, 2019	Sep. 30, 2016	Apr. 30, 2015
Stock Options, Additional Disclosures
Percentage of company's fully diluted shares	20.00%
A&R 2015 Plan
Stock Options, Additional Disclosures
Common stock reserved for issuance (in shares)	581,100	501,001
Number of years common shares automatically increase	10 years
Inducement Plan
Stock Options, Additional Disclosures
Common stock reserved for issuance (in shares)	268,667		300,000
Employees, Directors And Consultants | 2015 Plan
Stock Options, Additional Disclosures
Common stock reserved for issuance (in shares)				320,615

Share-Based Compensation - 2016

Share-Based Compensation - 2016 Employee Stock Purchase Plan (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Jan. 01, 2019	Apr. 30, 2016
2016 Employee Stock Purchase Plan
Expected stock price volatility				66.30%
Expected life of options (years)				5 years 9 months 18 days
Expected dividend yield				0.00%
Risk free interest rate				2.70%
Number of Options
Vested	76,818	279,924	242,952	587,334
Forfeited, nonvested	176,705	307,121	254,505	422,010
ESPP
2016 Employee Stock Purchase Plan
Granted (in shares)			0
Common stock reserved for issuance (in shares)						150,000
A&R 2015 Plan
2016 Employee Stock Purchase Plan
Common stock reserved for issuance (in shares)	581,100		581,100		501,001
Number of Options
Vested			1,994,357
Stock options outstanding	2,546,268		2,546,268
Available for future issuance	849,767		849,767
Unrecognized share-based compensation
Unrecognized share-based compensation cost	$ 2.3		$ 2.3
Unrecognized share-based compensation - Weighted average period			2 months 12 days
Unrecognized share-based compensation cost - RSA	$ 0.4		$ 0.4
A&R 2015 Plan | Employees Directors Officers And Consultants
2016 Employee Stock Purchase Plan
Granted (in shares)			0	822,000
Vesting period			4 years
Weighted average fair value per share of options granted		$ 0		$ 5.07

Share-Based Compensation - Rest

Share-Based Compensation - Restricted Stock Awards (Details) - Restricted stock awards	3 Months Ended	9 Months Ended
	Sep. 30, 2019shares	Sep. 30, 2019$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	607,000	607,000
Granted fair value (per share) | $ / shares		$ 0.72
Unvested (in shares)	607,000	607,000
Forfeited (in shares)		0

Net Loss Per Common Share (Deta

Net Loss Per Common Share (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Net Loss Per Common Share
Incremental common stock equivalents	0	0	0	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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Numerator:
Net loss attributed to common stockholders	$ (3,430)	$ (6,079)	$ (10,151)	$ (19,981)
Denominator:
Basic and diluted weighted average common shares outstanding	14,265,411	14,259,691	14,265,411	13,650,556
Basic and diluted	$ (0.24)	$ (0.43)	$ (0.71)	$ (1.46)

Net Loss Per Common Share - Ant

Net Loss Per Common Share - Antidilutive Securities (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Stock options
Potential common shares
Potential common shares	2,546,268	2,823,732	2,546,268	2,823,732
Restricted stock awards
Potential common shares
Potential common shares	607,000		607,000
Warrants
Potential common shares
Potential common shares	1,014,204	1,014,204	1,014,204	1,014,204

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2018
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

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Income Taxes
Effective tax rate	0.00%	0.00%	0.00%	0.00%
Income tax benefit (expense)	$ 0	$ 0	$ 0	$ 0

Defined Contribution Plan (Deta

Defined Contribution Plan (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)age	Sep. 30, 2018USD ($)
Defined Contribution Plan Disclosure [Line Items]
Minimum age of employee to cover under the plan | age			21
Employee compensation deferred percentage			100.00%
Employer match of employee contributions of eligible compensation			100.00%
Percentage of compensation matched by employer			3.00%
Employer match of over all employee contributions of eligible compensation			50.00%
Percentage of compensation matched by employer			3.00%
Percentage of employee contribution vested on their contribution			100.00%
Amount of discretionary matching contributions on employee deferrals | $	$ 13,000	$ 30,000	$ 60,000	$ 84,000
Maximum
Defined Contribution Plan Disclosure [Line Items]
Percentage of compensation matched by employer			5.00%

Related Party Transactions - IP

Related Party Transactions - IPO and Private Placement (Details) $ in Thousands	Feb. 12, 2018USD ($)shares	Mar. 31, 2018USD ($)employeeshares
Related Party Transaction [Line Items]
Issuance of stock (in shares) | shares		3,592,858
Gross proceeds | $		$ 25,150
Follow On Offering
Related Party Transaction [Line Items]
Net proceeds | $	$ 23,100
Issuance of stock (in shares) | shares	3,142,858
1 Officer
Related Party Transaction [Line Items]
Number of officers | employee		1
Net proceeds | $		$ 100
Issuance of stock (in shares) | shares		14,286
Investors Related To Board Member And Officers
Related Party Transaction [Line Items]
Net proceeds | $		$ 500
Issuance of stock (in shares) | shares		71,429
1 investor related to 1 board member
Related Party Transaction [Line Items]
Number of board members related to investors | employee		1

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	Oct. 31, 2019	Oct. 29, 2019	Oct. 28, 2019	Jul. 24, 2019	Jul. 23, 2019
Merger Agreement with NeuroBo
Subsequent Events
Merger agreement, minimum parent cash amount				$ 3,400,000
License Agreement with Beijing SL
Subsequent Events
Upfront payment to be received					$ 2,500,000
Subsequent Event | Merger Agreement with NeuroBo
Subsequent Events
Merger agreement, minimum parent cash amount		$ 3,750,000,000,000	$ 3,000,000,000,000
Subsequent Event | License Agreement with Beijing SL
Subsequent Events
Upfront payment to be received	$ 2,500,000