Outlook Therapeutics (OTLK) 10-Q 27 Jun 16 2016 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Mar. 31, 2016	Jun. 23, 2016
Document And Entity Information [Abstract]
Entity Registrant Name	Oncobiologics, Inc.
Entity Central Index Key	1,649,989
Trading Symbol	ons
Current Fiscal Year End Date	--09-30
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		22,802,778
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Amendment Flag	false
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Mar. 31, 2016	Sep. 30, 2015
Current assets:
Cash	$ 2,842,194	$ 9,070,975
Accounts receivable	$ 504,857	20,000
Stock subscription receivable		4,280,149
Related party receivable	$ 43,187
Prepaid and other current assets	712,767	1,793,109
Total current assets	4,103,005	15,164,233
Property and equipment, net	17,358,388	17,759,938
Restricted cash	214,773	213,663
Deferred offering costs	2,272,408	960,563
Other assets	882,877	910,224
Total assets	24,831,451	35,008,621
Current liabilities:
Current portion of debt	760,013	742,646
Current portion of capital lease obligations	907,274	862,849
Current portion of stockholder notes	9,653,401	14,214,196
Accounts payable	14,416,288	11,563,055
Accrued expenses	6,403,971	5,924,648
Income taxes payable	1,854,629	1,754,629
Deferred revenue	1,979,576	1,979,576
Total current liabilities	35,975,152	37,041,599
Long-term debt	2,547,139	2,922,764
Capital lease obligations	810,122	1,219,373
Stockholder notes		2,000,000
Deferred revenue	5,376,157	6,365,945
Stock-based compensation liability		12,726,722
Other liabilities	591,128	284,710
Total liabilities	45,299,698	62,561,113
Redeemable preferred stock, common stock and noncontrolling interests:
Redeemable common stock -1,739,130 shares issued and outstanding	17,396,626	15,426,673
Redeemable noncontrolling interests		1,703,777
Total redeemable preferred stock, common stock and noncontrolling interests	17,396,626	27,321,311
Stockholders' equity (deficit):
Series A preferred stock, par value $0.01 per share: 10,000,000 shares authorized, 11,819 shares issued and outstanding at March 31, 2016 (liquidation preference of $11,819,000 at March 31, 2016); No shares authorized, issued and outstanding at September 30, 2015	$ 118
Common stock value		39,844,900
Additional paid-in capital	$ 76,481,615
Accumulated deficit	(114,470,878)	(94,064,286)
Total Oncobiologics, Inc. stockholders' equity (deficit)	(37,864,873)	(54,219,386)
Non controlling interests		(654,417)
Total stockholders' equity (deficit)	(37,864,873)	(54,873,803)
Total liabilities, redeemable preferred stock, common stock, noncontrolling interests and stockholders' equity (deficit)	$ 24,831,451	35,008,621
Series A redeemable preferred stock
Redeemable preferred stock, common stock and noncontrolling interests:
Redeemable preferred stock		5,072,653
Series B redeemable preferred stock
Redeemable preferred stock, common stock and noncontrolling interests:
Redeemable preferred stock		$ 5,118,208
Common Stock
Stockholders' equity (deficit):
Common stock value	$ 124,272

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($)	Mar. 31, 2016	Sep. 30, 2015
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized	10,000,000	0
Preferred Stock, Shares Issued	11,819	0
Preferred Stock, Shares Outstanding	11,819	0
Preferred Stock, Liquidation Preference, Value	$ 11,819,000
Common Stock, No Par Value	$ 0	$ 0
Common Stock, Shares Authorized	0	100,000,000
Common Stock, Shares, Issued	0	9,436,294
Common Stock, Shares, Outstanding	0	9,436,294
Redeemable common stock, Shares Issued	1,739,130	1,739,130
Redeemable common stock, Shares Outstanding	1,739,130	1,739,130
Series A redeemable preferred stock
Preferred Stock, Par or Stated Value Per Share	$ 0	$ 0
Preferred Stock, Shares Authorized	0	8,000
Preferred Stock, Shares Issued	0	3,568
Preferred Stock, Shares Outstanding	0	3,568
Series B redeemable preferred stock
Preferred Stock, Par or Stated Value Per Share	$ 0	$ 0
Preferred Stock, Shares Authorized	0	4,000
Preferred Stock, Shares Issued	0	4,000
Preferred Stock, Shares Outstanding	0	4,000
Common stock
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	100,000,000	0
Common Stock, Shares, Issued	12,427,164	0
Common Stock, Shares, Outstanding	12,427,164	0

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Income Statement [Abstract]
Collaboration revenues	$ 994,894	$ 494,894	$ 1,989,788	$ 3,429,449
Operating expenses:
Research and development	4,138,277	10,154,469	16,872,253	15,994,499
General and administrative	(189,438)	4,342,090	4,484,717	5,579,929
Operating expenses total	3,948,839	14,496,559	21,356,970	21,574,428
Loss from operations	(2,953,945)	(14,001,665)	(19,367,182)	(18,144,979)
Interest expense, net	537,935	705,929	936,910	1,063,509
Loss before income taxes	(3,491,880)	(14,707,594)	(20,304,092)	(19,208,488)
Income tax expense (benefit)	50,500	(726,218)	102,500	(319,855)
Net loss	(3,542,380)	(13,981,376)	(20,406,592)	(18,888,633)
Accretion of redeemable preferred stock and noncontrolling interests	(1,030,414)	(1,034,529)	(1,969,953)	(2,105,693)
Deemed dividends upon the repurchase of Series A redeemable preferred stock and redeemable noncontrolling interests		(67,633)		(1,298,631)
Net loss attributable to common stockholders of Oncobiologics, Inc.	$ (4,572,794)	$ (15,083,538)	$ (22,376,545)	$ (22,292,957)
Per share information:
Net loss per share of common stock, basic and diluted (in dollars per share)	$ (0.32)	$ (1.61)	$ (1.64)	$ (2.38)
Weighted average shares outstanding, basic and diluted (in shares)	14,155,081	9,377,450	13,605,331	9,377,450

Consolidated Statements of Rede

Consolidated Statements of Redeemable Preferred Stock, Common Stock, Noncontrolling Interests and Stockholders' Equity (Deficit) - 6 months ended Mar. 31, 2016 - USD ($)	Redeemable Preferred Stock, Common Stock and Noncontrolling InterestsPreferred StockSeries A	Redeemable Preferred Stock, Common Stock and Noncontrolling InterestsPreferred StockSeries B	Redeemable Preferred Stock, Common Stock and Noncontrolling InterestsCommon Stock	Redeemable Preferred Stock, Common Stock and Noncontrolling InterestsNoncontrolling Interests	Preferred StockSeries A	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Noncontrolling Interests	Total
Balance at Sep. 30, 2015	$ 5,072,653	$ 5,118,208	$ 15,426,673	$ 1,703,777		$ 39,844,900		$ (94,064,286)	$ (654,417)	$ (54,873,803)
Balance (in shares) at Sep. 30, 2015	3,568	4,000	1,739,130			9,436,294
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Deconsolidation of Sonnet Biotherapeutics, Inc.									$ 654,417	654,417
Employee tax witholdings related to the vesting of restricted stock						$ (71,760)				(71,760)
Employee tax witholdings related to the vesting of restricted stock (in shares)						(2,782)
Reincorporation to a Delaware Corporation	$ (5,072,653)	$ (5,118,208)			$ 102	$ (39,656,869)	$ 49,847,628			10,190,861
Reincorporation to a Delaware Corporation (in shares)	(3,568)	(4,000)			10,193	2,193,601
Issuance of common stock upon the dissolution of Parilis				$ (1,703,777)	$ 16	$ 2,267	1,701,494			1,703,777
Issuance of common stock upon the dissolution of Parilis (in shares)					1,626	226,663
Sale of common stock, net of issuance costs						$ 5,734	16,132,179			16,137,913
Sale of common stock, net of issuance costs (in shares)						573,788
Reclassification of stock-based compensation liability							15,118,584			15,118,584
Stock-based compensation expense							(4,348,317)			(4,348,317)
Accretion of redeemable common stock			$ 1,969,953				(1,969,953)			(1,969,953)
Net loss								(20,406,592)		(20,406,592)
Balance at Mar. 31, 2016			$ 17,396,626		$ 118	$ 124,272	$ 76,481,615	$ (114,470,878)		$ (37,864,873)
Balance (in shares) at Mar. 31, 2016			1,739,130		11,819	12,427,164

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
OPERATING ACTIVITIES
Net loss	$ (20,406,592)	$ (18,888,633)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	1,192,074	441,071
Non-cash interest expense	6,090	6,105
Stock-based compensation	(1,956,455)	7,175,780
Loss on disposal of fixed assets	13,647
Changes in operating assets and liabilities:
Accounts receivable	(484,857)	(1,072,910)
Prepaid expenses and other current assets	1,080,342	263,667
Other assets	27,347	(100,000)
Accounts payable	1,878,794	3,344,446
Accrued expenses	156,677	732,247
Income taxes payable	100,000	151,113
Deferred revenue	(989,788)	1,520,551
Other liabilities	312,227
Net cash used in operating activities	(19,070,494)	(6,426,563)
INVESTING ACTIVITIES
Purchase of property and equipment	(317,293)	(2,020,557)
Net cash used in investing activities	(317,293)	(2,020,557)
FINANCING ACTIVITIES
Repurchase of Series A redeemable preferred stock		(226,001)
Proceeds from the sale of common stock	16,137,913
Proceeds from subscriptions receivable	4,280,149
Proceeds from stockholders notes		8,380,252
Payments of capital leases obligations	(443,326)	(254,869)
Repayment of debt	(364,348)	(375,754)
Payment of deferred offering costs	(200,000)
Repayment of stockholder notes	(6,560,795)	(1,000,000)
Change in restricted cash	(1,110)
Proceeds from related party receivable	783,374
Deconsolidation of Sonnet Biotherapeutics, Inc.	(401,091)
Payment of employee tax witholdings related to the vesting of restricted stock	(71,760)
Net cash provided by financing activities	13,159,006	6,523,628
Net decrease in cash	(6,228,781)	(1,923,492)
Cash at beginning of period	9,070,975	2,349,313
Cash at end of period	2,842,194	425,821
Supplemental disclosure of cash flow information
Cash paid for interest	794,663	855,446
Cash paid for taxes	2,500	2,250
Supplemental schedule of noncash investing activities:
Purchases of property and equipment in accounts payable and accrued expenses	635,341	2,769,817
Supplemental schedule of noncash financing activities:
Accretion of redeemable preferred stock, common stock and noncontrolling interests	1,969,953	2,105,693
Deemed dividend upon repurchase of Series A redeemable preferred stock in excess of carrying value		$ 1,215,000
Issuance of common and series A preferred stock to redeemable preferred stockholders and noncontrolling interests upon reincorporation	(11,894,638)
Reclassification of equity classified stock-based compensation	(15,118,584)
Issuance of capital lease obligations in connection with purchase of property and equipment	78,500
Deferred offering costs and common stock issuance costs in accounts payable and accrued expenses	$ (1,111,845)

Organization and Description of

Organization and Description of Business	6 Months Ended
	Mar. 31, 2016
Organization And Description Of Business [Abstract]
Organization and Description of Business	1. Organization and Description of Business Oncobiologics, Inc. (“Oncobiologics” or the “Company”) was incorporated in New Jersey on January 5, 2010 and started operations in July 2011. Oncobiologics is a clinical-stage biopharmaceutical company focused on identifying, developing, manufacturing and commercializing complex biosimilar therapeutics in the disease areas of immunology and oncology. The Company has established fully integrated in-house development and manufacturing capabilities that addresses the numerous complex technical and regulatory challenges in developing and commercializing mAb biosimilars. Since inception, the Company has advanced two product candidates into clinical trials: a Phase 3-ready biosimilar to adalimumab (Humira®) and a Phase 3-ready biosimilar to bevacizumab (Avastin®). Additionally, the Company has six preclinical biosimilar product candidates under active development. In October 2015, the Company reincorporated in Delaware through the merger with and into Oncobiologics, Inc., a newly formed Delaware corporation, with the Delaware corporation surviving the merger. As a result of the merger, each share of the Company’s previously issued and outstanding common stock converted into and became a share of common stock of the Delaware corporation on a 1-for-1 basis, each share of the Company’s previously issued and outstanding Series A redeemable preferred stock converted into 1,000 shares of common stock and approximately 1.4035 shares of Series A preferred stock of the Delaware corporation, and each share of the Company’s previously issued and outstanding Series B redeemable preferred stock converted into 1,000 shares of common stock and approximately 1.2867 shares of Series A preferred stock of the Delaware corporation. The holders of Series A and B also received an aggregate of 10,193 shares of Series A preferred stock of the Delaware corporation. Additionally, effective upon the reincorporation and in connection with the dissolution of the Company’s business development subsidiary, Parilis Biopharmaceuticals (“Parilis”), the Company issued 226,663 shares of common stock and 1,626 shares of Series A preferred stock to the holders of outstanding Parilis preferred member units in exchange for all such units. In May 2016, the Company completed the initial public offering (“IPO”) of its securities by offering units. Each unit consisted of one share of the Company’s common stock, one-half of a Series A warrant and one-half of a Series B warrant. Each whole Series A warrant entitles the holder to purchase one share of common stock at an initial exercise price of $6.60, subject to adjustment. Each whole Series B warrant entitles the holder to purchase one share of common stock at an initial exercise price of $8.50, subject to adjustment. The IPO price was $6.00 per unit. In addition, the Company also completed a concurrent private placement of an additional 833,332 shares of its common stock, 416,666 Series A warrants and 416,666 Series B warrants, for gross proceeds of approximately $5.0 million. On May 13, 2016, the units began trading on the NASDAQ Global Market. The units separated in accordance with their terms and ceased trading, and on June 13, 2016, the component securities (common stock, Series A warrants and Series B warrants) began trading on the NASDAQ Global Market. As a result of the IPO and the concurrent private placement, the Company received approximately $34.4 million in net proceeds, after deducting discounts and commissions of approximately $2.8 million and estimated offering expenses of approximately $2.8 million payable by the Company. The interim consolidated financial statements, do not give effect to the IPO and concurrent private placement.

Liquidity

Liquidity	6 Months Ended
	Mar. 31, 2016
Liquidity [Abstract]
Liquidity	2. Liquidity The Company has incurred substantial losses and negative cash flows from operations since its inception and has an accumulated deficit of $114.5 million and $94.1 million as of March 31, 2016 and September 30, 2015, respectively. In addition, the Company has $8.9 million and $14.2 million of indebtedness that is due on demand, as of March 31, 2016 and September 30, 2015, respectively. These factors raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying unaudited interim consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The unaudited interim consolidated financial statements do not include any adjustments related to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of this uncertainty. The Company has substantial indebtedness that includes $9.7 million in notes payable to stockholders that are payable on demand. There can be no assurance that note holders will not exercise their right to demand repayment. The Company anticipates incurring additional losses until such time, if ever, that it can generate significant sales of its products currently in development. Although the Company closed the IPO of its securities and the concurrent private placement on May 18, 2016 raising aggregate net proceeds of approximately $34.4 million, excluding any proceeds it may receive from the exercise of the Series A warrants and Series B warrants, which proceeds are expected to fund the Company’s operations through June 2017, substantial additional financing will be needed by the Company to fund its operations and to commercially develop its product candidates. Management is currently evaluating different strategies to obtain the required funding for future operations. These strategies may include, but are not limited to: private placements of equity and/or debt, payments from potential strategic research and development, licensing and/or marketing arrangements with pharmaceutical companies, and public offerings of equity and/or debt securities. There can be no assurance that these future funding efforts will be successful.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	3. Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited interim consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) for interim financial information. Any reference in these notes to applicable guidance is meant to refer to GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). In the opinion of management, the accompanying unaudited interim consolidated financial statements include all normal and recurring adjustments (which consist primarily of accruals, estimates and assumptions that impact the financial statements) considered necessary to present fairly the Company’s financial position as of March 31, 2016 and its results of operations for the three and six months ended March 31, 2016 and 2015 and cash flows for the six months ended March 31, 2016 and 2015. Operating results for the six months ended March 31, 2016 are not necessarily indicative of the results that may be expected for the full year ending September 30, 2016. The unaudited interim condensed consolidated financial statements, presented herein, do not contain the required disclosures under GAAP for annual consolidated financial statements. The accompanying unaudited interim consolidated financial statements should be read in conjunction with the annual audited consolidated financial statements and related notes as of and for the year ended September 30, 2015 included in the final prospectus dated May 12, 2016 filed with the Securities and Exchange Commission (‘SEC’). Recapitalization On April 26, 2016, the Company filed a certificate of amendment to amend its certificate of incorporation effecting a 1-for-3.45 reverse split of the Company’s common stock. All references in the unaudited interim consolidated financial statements to the number of shares and per-share amounts of common stock have been retroactively restated to reflect the reverse split. Use of estimates The preparation of the unaudited interim consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Due to the uncertainty of factors surrounding the estimates or judgments used in the preparation of the unaudited interim consolidated financial statements, actual results may materially vary from these estimates. Estimates and assumptions are periodically reviewed and the effects of revisions are reflected in the unaudited interim consolidated financial statements in the period they are determined to be necessary. Income taxes The Company recorded income tax expense (benefit) of $50,500 and $(726,218) for the three months ended March 31, 2016 and 2015, respectively, and $102,500 and $(319,855) for the six months ended March 31, 2016 and 2015, respectively, which is primarily attributable to the foreign withholding taxes in connection with the Company’s collaboration and licensing agreements and the sale of New Jersey net operating losses. Net loss per share Basic and diluted net loss per common share is determined by dividing net loss applicable to common stockholders by the weighted-average common shares outstanding during the period. For all periods presented, the outstanding shares of preferred stock have been excluded from the calculation because their effects would be anti-dilutive. Therefore, the weighted-average shares used to calculate both basic and diluted loss per share are the same. The following potentially dilutive securities have been excluded from the computation of diluted weighted-average shares outstanding as of March 31, 2016 and 2015, as they would be antidilutive: March 31, 2016 2015 Series A redeemable preferred stock - 1,059,710 Series B redeemable preferred stock - 1,159,418 Series A preferred stock 984,899 - Performance-based stock units 247,887 - Restricted stock units 1,066,039 - Unvested shares of restricted common stock - 32,463 Convertible stockholder note 96,618 96,618 Amounts in the table above reflect the common stock equivalents of the noted instruments. Recently Issued and Adopted Accounting Pronouncements In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern In May 2014, the FASB issued ASU, No. 2014-09, Revenue from Contracts with Customers Contracts with customers Significant judgments and changes in judgments Certain assets In July 2015, the FASB delayed the effective date of this guidance. As a result, this guidance will be effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. The Company is currently evaluating the impact that this guidance will have on its consolidated results of operations, financial position and cash flows. In March 2016, the FASB issued ASU 2016-02, Leases In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurements	4. Fair Value Measurements Certain assets and liabilities are carried at fair value under GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: ■ Level 1 — Quoted prices in active markets for identical assets or liabilities. ■ Level 2 — Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data. ■ Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques. The asset’s or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs. The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis: September 30, 2015 (Level 1) (Level 2) (Level 3) Liabilities Stock-based compensation liability $ - $ - $ 12,726,722 The table presented below is a summary of changes in the fair value of the Company’s Level 3 valuation for the stock-based compensation liability for the six months ended March 31, 2016: Balance at October 1, 2015 $ 12,726,722 Change in fair value 2,391,862 Reclassification to stockholders' equity (15,118,584 ) Balance at March 31, 2016 $ - As of March 31, 2016, the Company had no assets or liabilities that were measured at fair value. The Company has issued stock-based performance units (“PSUs”), which generally have a ten year life from the date of grant and vest 50% after the third anniversary from issuance and the remaining 50% on the fourth anniversary. In addition, the PSUs are exercisable upon the earlier of (i) a change in control, (ii) consummation of an IPO, or (iii) a corporate valuation in excess of $400 million and at the discretion by the Company’s Board of Directors. Upon exercise, the PSU holder received a cash payment for the difference between the current per share value of the Company and the base price of the PSU. Given the cash settlement, the PSUs were liability classified and re-measured at each reporting date with changes in fair value recorded within the Company’s consolidated statements of operations. In December 2015, the PSUs were modified to provide for settlement in common stock or cash, at the Company’s discretion. As a result of this modification, the carrying value of the PSUs was reclassified to stockholders’ equity (deficit). The PSUs contain a market condition as the exercisability of the awards are based on the Company achieving a market value of $400 million during the relevant performance period. The fair value of the market condition is valued using a Monte Carlo simulation model. The significant assumptions used in preparing the Monte Carlo simulation model include (i) volatility of the Company’s common stock, (ii) risk free interest rate, (iii) base price of the PSUs, (iv) fair value of the Company’s common stock and enterprise value of the Company, and (v) derived service period. The fair value of the PSUs of $22.22 per PSU at September 30, 2015 was derived using the following assumptions: September 30, 2015 Risk-free interest rate 1.4% Derived service period 5 years Expected volatility 60% Annual dividend yield 0% Fair value of common stock $25.79 per share

Property and Equipment

Property and Equipment	6 Months Ended
	Mar. 31, 2016
Property, Plant and Equipment [Abstract]
Property and Equipment	5. Property and Equipment Property and equipment, net, consists of: March 31, September 30, Laboratory equipment $ 10,840,204 $ 10,936,364 Leasehold improvements 9,927,614 9,889,521 Computer software and hardware 409,684 402,075 Construction in progress 940,621 175,425 22,118,123 21,403,385 Less: accumulated depreciation and amortization (4,759,735 ) (3,643,447 ) $ 17,358,388 $ 17,759,938 Depreciation and amortization expense was $598,097 and $218,996 for the three months ended March 31, 2016 and 2015, respectively, and $1,192,074 and $441,071 for the six months ended March 31, 2016 and 2015, respectively. At March 31, 2016 and September 30, 2015, $3,608,801 and $3,530,301 represents laboratory equipment under capital leases. The term of the leases are between 11 and 36 months and qualify as capital leases. The leases bear interest between 8.2% and 21.4%. At March 31, 2016 and September 30, 2015, $673,188 and $407,210, respectively, of accumulated depreciation related to this leased equipment has been recognized.

Accrued Expenses

Accrued Expenses	6 Months Ended
	Mar. 31, 2016
Accrued Expenses [Abstract]
Accrued Expenses	6. Accrued Expenses Accrued expenses consists of: March 31, September 30, Compensation $ 3,137,855 $ 2,321,508 Research and development 1,679,473 951,759 Interest payable 682,538 806,475 Deferred offering costs 450,648 657,892 Professional fees 280,333 594,572 Director fees - 414,421 Other accrued expenses 173,124 178,021 $ 6,403,971 $ 5,924,648

Redeemable Preferred Stock, Com

Redeemable Preferred Stock, Common Stock, Noncontrolling Interests and Stockholders' Equity (Deficit)	6 Months Ended
	Mar. 31, 2016
Equity [Abstract]
Redeemable Preferred Stock, Common Stock, Noncontrolling Interests and Stockholders' Equity (Deficit)	7. Redeemable Preferred Stock, Common Stock, Noncontrolling Interests and Stockholders’ Equity (Deficit) Common stock During the six months ended March 31, 2016, the Company sold 573,788 shares of its common stock at $29.05 per share raising $16,137,913 in net proceeds. Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders. Subject to preferences that may apply to any outstanding preferred stock, holders of common stock are entitled to receive ratably any dividends that the Company’s board of directors may declare out of funds legally available for that purpose on a non-cumulative basis. No dividends had been declared through March 31, 2016. Series A preferred stock In the event of a liquidation, dissolution or winding up of the Company, either voluntary or involuntary, or in the event of a Deemed Liquidation Event, as defined in the Certificate of Incorporation, holders of Series A preferred stock are entitled to receive, in preference to all other stockholders, an amount equal to the original issue price, as defined in the Certificate of Incorporation, plus any unpaid accrued dividends. If upon the occurrence of such event, the assets and funds thus distributed among the holders of the Series A preferred stock shall be insufficient to pay such holders, then the entire assets and funds of the Company legally available for distribution shall be distributed ratably among the holders of the Series A preferred stock in proportion to the respective amount of such stock owned by each such holder. The Company may redeem the Series A preferred stock, in whole at any time and from time to time in part, at the option of the Company, for cash, at a redemption price equal to the Original Issuance Price (as defined in the Certificate of Incorporation) plus any unpaid accrued dividends. The holders of the Series A preferred stock have no voting rights outside of matters directly related to the Series A preferred stock. Upon the closing of the Company’s IPO, all then outstanding shares of Series A preferred stock will automatically convert into shares of the Company’s common stock at a conversion rate equal to the IPO price per share of common stock divided by the liquidation preference of the Series A preferred stock. In connection with the closing of the Company’s IPO, the Series A converted into 1,969,818 shares of common stock. Deconsolidation of noncontrolling interests Through September 30, 2015, the Company consolidated the operations of Sonnet Biotherapeutics, Inc. (“Sonnet”), which was spun-off to the Company’s stockholders in April 2015, because the Company was the primary funding source to Sonnet through September 2015. Effective October 1, 2015, additional capital was contributed to Sonnet by third-party investors triggering a reconsideration event, which resulted in the Company no longer being considered the primary beneficiary and as a result, the Company has deconsolidated Sonnet. Sonnet issued the Company an $826,561 promissory note which reflects the funding the Company provided Sonnet through September 30, 2015. The note bears interest at 3.0% and matures September 30, 2016. There were no gains or losses recognized upon deconsolidation since no equity interest was owned by the Company. As of March 31, 2016, the balance of the note is $33,396 plus accrued interest of $9,791.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	8. Stock-Based Compensation 2011 Equity Incentive Plan The Company’s 2011 Equity Compensation Plan (the “2011 Plan”) provided for the Company to sell or issue restricted common stock, restricted stock units (“RSUs”), performance-based awards, cash-based awards or to grant stock options for the purchase of common stock to officers, employees, consultants and directors of the Company. The 2011 Plan was administered by the board of directors or, at the discretion of the board of directors, by a committee of the board. The number of shares of common stock reserved for issuance under the 2011 Plan is 1,159,420. As of March 31, 2016, performance-based stock units (“PSUs”) representing 247,887 shares of the Company’s common stock were outstanding under the 2011 Plan. In light of the December 2015 adoption of the 2015 Equity Incentive Plan, no future awards under the 2011 Plan will be granted. 2015 Equity Incentive Plan In December 2015, the Company adopted the 2015 Equity Incentive Plan (the “2015 Plan”). The 2015 Plan provides for the grant of stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance stock awards and other forms of equity compensation to Company employees, directors and consultants. The maximum number of shares of common stock that may be issued under the 2015 Plan is 1,246,377 shares. As of March 31, 2016, RSUs representing 1,066,039 shares of the Company’s common stock were outstanding under the 2015 Plan and 180,338 shares remained available for grant under the 2015 Plan. The Company recorded stock-based compensation (income) expense in the following expense categories of its statements of operations for the three and six months ended March 31, 2016 and 2015: Three Months ended March 31, Six Months ended March 31, 2016 2015 2016 2015 Research and development $ (3,281,214 ) $ 3,650,718 $ (1,924,806 ) $ 3,734,993 General and administrative (1,165,275 ) 3,379,388 (31,649 ) 3,440,787 $ (4,446,489 ) $ 7,030,106 $ (1,956,455 ) $ 7,175,780 Three Months ended March 31, Six Months ended March 31, 2016 2015 2016 2015 Equity-classified compensation $ (4,446,489 ) $ 2,231 $ (4,348,317 ) $ 4,462 Liability-classified compensation - 7,027,875 2,391,862 7,171,318 $ (4,446,489 ) $ 7,030,106 $ (1,956,455 ) $ 7,175,780 Performance-based stock units The Company has issued PSUs, which generally have a ten year life from the date of grant and vest 50% after the third anniversary from issuance and the remaining 50% on the fourth anniversary. The PSUs are exercisable upon the earlier of (i) a change in control, (ii) consummation of an initial public offering, or (iii) a corporate valuation in excess of $400 million and at the discretion by the Company’s board of directors. Upon exercise, the PSU holder receives common stock or cash, at the Company’s discretion. See note 4 for discussion of fair value of the PSUs. The following table summarizes the PSU activity for the six months ended March 31, 2016: Number Base of Price PSUs Per PSU Balance at October 1, 2015 687,013 $ 3.45 Forfeitures (4,346 ) 3.45 Exchanged for restricted stock units (434,780 ) 3.45 Balance at March 31, 2016 247,887 $ 6.33 In December 2015, the Company completed a tender-offer to holders of outstanding PSUs to amend the terms of such outstanding awards to increase the base price to an amount equal to the fair market value of a share of the Company’s common stock on the date of grant of the PSU, remove the right to be paid dividend equivalents and provide for settlement in shares of the Company’s common stock or cash, at the Company’s discretion. Upon amending the settlement terms of the PSUs, the Company reclassified the stock-based compensation liability to additional paid-in capital. The PSUs continue to be re-measured at each reporting period until the earlier of (i) an IPO, (ii) change in control, or (iii) action taken by the Board of directors to confirm the vesting criteria has been achieved. Concurrent with the tender-offer, several PSU holders cancelled an aggregate of 434,780 PSUs in exchange for 391,303 restricted stock units (“RSUs”). The Company accounted for the exchange as a modification, and, as a result, recognized $98,172 of additional stock-based compensation during the six months ended March 31, 2016 based on the fair value of the RSUs in excess of the fair value of the PSUs exchanged. As of March 31, 2016, there was $300,000 of unamortized expense that will be recognized in future periods. Restricted stock units The following table summarizes the activity related to RSUs granted during the six months ended March 31, 2016: Number of Grant Date RSUs Fair Value Balance at October 1, 2015 - $ - Granted 674,890 29.05 Forfeitures (154 ) 29.05 Issued in connection with PSU exchange 391,303 29.05 Balance at March 31, 2016 1,066,039 $ 29.05 As of March 31, 2016, there were 387,868 RSUs that will vest upon the expiration of the 180-day lock up period following the Company’s IPO or a change in control. The remaining 678,171 RSUs will vest upon the expiration of the 180-day lock up period following the Company’s IPO or change in control and over the following time-based vesting periods: · 525,999 RSUs with 50% vesting on each of the first and second anniversaries of the recipient’s grant date · 21,738 RSUs with one-third vesting on each of the first, second, and third anniversaries of the recipient’s hire date · 130,434 RSUs with 50% vesting on each of the third and fourth anniversaries of the recipient’s hire date The expiration of the lock-up period following an IPO or a change in control are performance conditions that are outside the Company’s control. Therefore, the Company did not recognize any stock-based compensation until the consummation of the IPO in May 2016. As of March 31, 2016, there was $21,100,000 of unamortized expense.

Subsequent Events

Subsequent Events	6 Months Ended
	Mar. 31, 2016
Subsequent Events [Abstract]
Subsequent Events	9. Subsequent Events On May 18, 2016, the Company filed an amended and restated certificate of incorporation (the “Restated Certificate”) with the Secretary of State of the State of Delaware in connection with the closing of its IPO. As set forth in the Restated Certificate, the Company’s authorized capital stock now consists of 200,000,000 shares of common stock, par value $0.01 per share, and 10,000,000 shares of preferred stock, par value $0.01 per share. On May 18, 2016, upon the closing of the IPO, the Company issued warrants to acquire an aggregate of 1,520,269 shares of its common stock to certain of the investors party to that certain investors’ rights agreement dated March 10, 2014, as amended, pursuant to the terms of an amendment to such agreement dated April 26, 2016. The warrants issued to these investors are not exercisable until 180 days after May 12, 2016, and have an initial exercise price of $0.01 per share, which may increase to $1.00 per share under certain circumstances, and expire November 18, 2019.

Basis of Presentation and Sum16

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited interim consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) for interim financial information. Any reference in these notes to applicable guidance is meant to refer to GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). In the opinion of management, the accompanying unaudited interim consolidated financial statements include all normal and recurring adjustments (which consist primarily of accruals, estimates and assumptions that impact the financial statements) considered necessary to present fairly the Company’s financial position as of March 31, 2016 and its results of operations for the three and six months ended March 31, 2016 and 2015 and cash flows for the six months ended March 31, 2016 and 2015. Operating results for the six months ended March 31, 2016 are not necessarily indicative of the results that may be expected for the full year ending September 30, 2016. The unaudited interim condensed consolidated financial statements, presented herein, do not contain the required disclosures under GAAP for annual consolidated financial statements. The accompanying unaudited interim consolidated financial statements should be read in conjunction with the annual audited consolidated financial statements and related notes as of and for the year ended September 30, 2015 included in the final prospectus dated May 12, 2016 filed with the Securities and Exchange Commission (‘SEC’).
Recapitalization	Recapitalization On April 26, 2016, the Company filed a certificate of amendment to amend its certificate of incorporation effecting a 1-for-3.45 reverse split of the Company’s common stock. All references in the unaudited interim consolidated financial statements to the number of shares and per-share amounts of common stock have been retroactively restated to reflect the reverse split.
Use of estimates	Use of estimates The preparation of the unaudited interim consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Due to the uncertainty of factors surrounding the estimates or judgments used in the preparation of the unaudited interim consolidated financial statements, actual results may materially vary from these estimates. Estimates and assumptions are periodically reviewed and the effects of revisions are reflected in the unaudited interim consolidated financial statements in the period they are determined to be necessary.
Income taxes	Income taxes The Company recorded income tax expense (benefit) of $50,500 and $(726,218) for the three months ended March 31, 2016 and 2015, respectively, and $102,500 and $(319,855) for the six months ended March 31, 2016 and 2015, respectively, which is primarily attributable to the foreign withholding taxes in connection with the Company’s collaboration and licensing agreements and the sale of New Jersey net operating losses.
Net loss per share	Net loss per share Basic and diluted net loss per common share is determined by dividing net loss applicable to common stockholders by the weighted-average common shares outstanding during the period. For all periods presented, the outstanding shares of preferred stock have been excluded from the calculation because their effects would be anti-dilutive. Therefore, the weighted-average shares used to calculate both basic and diluted loss per share are the same. The following potentially dilutive securities have been excluded from the computation of diluted weighted-average shares outstanding as of March 31, 2016 and 2015, as they would be antidilutive: March 31, 2016 2015 Series A redeemable preferred stock - 1,059,710 Series B redeemable preferred stock - 1,159,418 Series A preferred stock 984,899 - Performance-based stock units 247,887 - Restricted stock units 1,066,039 - Unvested shares of restricted common stock - 32,463 Convertible stockholder note 96,618 96,618 Amounts in the table above reflect the common stock equivalents of the noted instruments.
Recently Issued and Adopted Accounting Pronouncements	Recently Issued and Adopted Accounting Pronouncements In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern In May 2014, the FASB issued ASU, No. 2014-09, Revenue from Contracts with Customers Contracts with customers Significant judgments and changes in judgments Certain assets In July 2015, the FASB delayed the effective date of this guidance. As a result, this guidance will be effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. The Company is currently evaluating the impact that this guidance will have on its consolidated results of operations, financial position and cash flows. In March 2016, the FASB issued ASU 2016-02, Leases In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting

Basis of Presentation and Sum17

Basis of Presentation and Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Schedule of dilutive securities excluded from the computation weighted-average shares	March 31, 2016 2015 Series A redeemable preferred stock - 1,059,710 Series B redeemable preferred stock - 1,159,418 Series A preferred stock 984,899 - Performance-based stock units 247,887 - Restricted stock units 1,066,039 - Unvested shares of restricted common stock - 32,463 Convertible stockholder note 96,618 96,618

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Schedule of assets and liabilities measured at fair value on a recurring basis	September 30, 2015 (Level 1) (Level 2) (Level 3) Liabilities Stock-based compensation liability $ - $ - $ 12,726,722
Schedule of changes in the fair value of the Company's Level 3 valuation for the stock-based compensation	Balance at October 1, 2015 $ 12,726,722 Change in fair value 2,391,862 Reclassification to stockholders' equity (15,118,584 ) Balance at March 31, 2016 $ -
Schedule of fair value of the performance-based stock units (PSUs)	September 30, 2015 Risk-free interest rate 1.4% Derived service period 5 years Expected volatility 60% Annual dividend yield 0% Fair value of common stock $25.79 per share

Property and Equipment (Tables)

Property and Equipment (Tables)	6 Months Ended
	Mar. 31, 2016
Property, Plant and Equipment [Abstract]
Schedule of property and equipment	March 31, September 30, Laboratory equipment $ 10,840,204 $ 10,936,364 Leasehold improvements 9,927,614 9,889,521 Computer software and hardware 409,684 402,075 Construction in progress 940,621 175,425 22,118,123 21,403,385 Less: accumulated depreciation and amortization (4,759,735 ) (3,643,447 ) $ 17,358,388 $ 17,759,938

Accrued Expenses (Tables)

Accrued Expenses (Tables)	6 Months Ended
	Mar. 31, 2016
Accrued Expenses [Abstract]
Schedule of accrued liabilities	March 31, September 30, Compensation $ 3,137,855 $ 2,321,508 Research and development 1,679,473 951,759 Interest payable 682,538 806,475 Deferred offering costs 450,648 657,892 Professional fees 280,333 594,572 Director fees - 414,421 Other accrued expenses 173,124 178,021 $ 6,403,971 $ 5,924,648

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of stock-based compensation expense	Three Months ended March 31, Six Months ended March 31, 2016 2015 2016 2015 Research and development $ (3,281,214 ) $ 3,650,718 $ (1,924,806 ) $ 3,734,993 General and administrative (1,165,275 ) 3,379,388 (31,649 ) 3,440,787 $ (4,446,489 ) $ 7,030,106 $ (1,956,455 ) $ 7,175,780 Three Months ended March 31, Six Months ended March 31, 2016 2015 2016 2015 Equity-classified compensation $ (4,446,489 ) $ 2,231 $ (4,348,317 ) $ 4,462 Liability-classified compensation - 7,027,875 2,391,862 7,171,318 $ (4,446,489 ) $ 7,030,106 $ (1,956,455 ) $ 7,175,780
Schedule of performance-based stock units activity	Number Base of Price PSUs Per PSU Balance at October 1, 2015 687,013 $ 3.45 Forfeitures (4,346 ) 3.45 Exchanged for restricted stock units (434,780 ) 3.45 Balance at March 31, 2016 247,887 $ 6.33
Schedule of restricted stock units activity	Number of Grant Date RSUs Fair Value Balance at October 1, 2015 - $ - Granted 674,890 29.05 Forfeitures (154 ) 29.05 Issued in connection with PSU exchange 391,303 29.05 Balance at March 31, 2016 1,066,039 $ 29.05

Organization and Description 22

Organization and Description of Business (Detail Textuals) - USD ($) $ / shares in Units, $ in Millions	May 13, 2016	May 31, 2016	Oct. 31, 2015	May 18, 2016
Organization And Description Of Business [Line Items]
Basis of conversion			1-for-1 basis
Subsequent event
Organization And Description Of Business [Line Items]
Exercise price per share				$ 0.01
Gross proceeds of private placement and warrants		$ 5
Subsequent event | Series A warrant
Organization And Description Of Business [Line Items]
Number of units issued		416,666
Subsequent event | Series B warrant
Organization And Description Of Business [Line Items]
Number of units issued		416,666
IPO | Subsequent event
Organization And Description Of Business [Line Items]
Description of IPO unit		Each unit consists of one share of the Company's common stock, one-half of a Series A warrant and one-half of a Series B warrant.
Initial public offering price per share		$ 6
Number of units issued		833,332
Unit price per share		$ 6
Net proceeds	$ 34.4			$ 34.4
Underwriting discounts and commissions	2.8
Estimated offering expenses	$ 2.8
IPO | Subsequent event | Series A warrant
Organization And Description Of Business [Line Items]
Exercise price per share		6.60
IPO | Subsequent event | Series B warrant
Organization And Description Of Business [Line Items]
Exercise price per share		$ 8.50
Holders of outstanding Parilis preferred stock members
Organization And Description Of Business [Line Items]
Conversion of stock number of common stock issued			226,663
Series A redeemable preferred stock
Organization And Description Of Business [Line Items]
Conversion of stock number of common stock issued			1,000
Conversion of stock shares, preferred stock shares issued			$ 1.4035
Series A redeemable preferred stock | Holders of Series A and B preferred stock
Organization And Description Of Business [Line Items]
Conversion of stock, number of preferred stock issued			10,193
Series A redeemable preferred stock | Holders of outstanding Parilis preferred stock members
Organization And Description Of Business [Line Items]
Conversion of stock, number of preferred stock issued			1,626
Series B redeemable preferred stock
Organization And Description Of Business [Line Items]
Conversion of stock number of common stock issued			1,000
Conversion of stock shares, preferred stock shares issued			$ 1.2867

Liquidity (Detail Textuals)

Liquidity (Detail Textuals) - USD ($)	May 13, 2016	May 18, 2016	Mar. 31, 2016	Sep. 30, 2015
Liquidity [Line Items]
Accumulated deficit			$ (114,470,878)	$ (94,064,286)
Aggregate indebtedness			8,900,000	$ 14,200,000
Notes payable to stockholders			$ 9,700,000
Subsequent event | IPO
Liquidity [Line Items]
Net proceeds initial public offering	$ 34,400,000	$ 34,400,000

Basis of Presentation and Sum24

Basis of Presentation and Summary of Significant Accounting Policies (Details) - shares	6 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Series A redeemable preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount		1,059,710
Series B redeemable preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount		1,159,418
Series A preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	984,899
Performance-based stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	247,887
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	1,066,039
Unvested shares of restricted common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount		32,463
Convertible stockholder note
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	96,618	96,618

Basis of Presentation and Sum25

Basis of Presentation and Summary of Significant Accounting Policies (Detail Textuals) - USD ($)	3 Months Ended		6 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Accounting Policies [Abstract]
Reverse split			1-for-3.45
Income tax expense attributable to foreign withholding taxes in connection with collaboration and licensing agreements	$ 50,500	$ (726,218)	$ 102,500	$ (319,855)

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Fiar value mesurements recurring basis	Sep. 30, 2015USD ($)
Level 1
Liabilities, Fair Value Disclosure [Abstract]
Stock based compensation liability
Level 2
Liabilities, Fair Value Disclosure [Abstract]
Stock based compensation liability
Level 3
Liabilities, Fair Value Disclosure [Abstract]
Stock based compensation liability	$ 12,726,722

Fair Value Measurements (Deta27

Fair Value Measurements (Detail 1)	6 Months Ended
	Mar. 31, 2016USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at October 1, 2015	$ 12,726,722
Change in fair value	2,391,862
Reclassification to stockholders' equity	$ (15,118,584)
Balance at March 31, 2016

Fair Value Measurements (Deta28

Fair Value Measurements (Detail 2) - Stock-based performance units ("PSUs"),	12 Months Ended
	Sep. 30, 2015$ / shares
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Risk-free interest rate	1.40%
Derived service period	5 years
Expected volatility	60.00%
Annual dividend yield	0.00%
Fair value of common stock	$ 25.79

Fair Value Measurements (Deta29

Fair Value Measurements (Detail Textuals) - Performance-based stock units - $ / shares	6 Months Ended	12 Months Ended
	Mar. 31, 2016	Sep. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term of PSUs	10 years
Condition for early excercise of stock based performance units	excess of $400 million
Method used for cost of award	Monte Carlo simulation model
Share price		$ 22.22
After third anniversary from issuance of stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	50.00%
Fourth anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	50.00%

Property and Equipment (Details

Property and Equipment (Details) - USD ($)	Mar. 31, 2016	Sep. 30, 2015
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 22,118,123	$ 21,403,385
Less: accumulated depreciation and amortization	(4,759,735)	(3,643,447)
Property and equipment, net	17,358,388	17,759,938
Laboratory equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	10,840,204	10,936,364
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	9,927,614	9,889,521
Computer software and hardware
Property, Plant and Equipment [Line Items]
Property and equipment, gross	409,684	402,075
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 940,621	$ 175,425

Property and Equipment (Detail

Property and Equipment (Detail Textuals) - USD ($)	3 Months Ended		6 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015	Sep. 30, 2015
Property, Plant and Equipment [Line Items]
Depreciation and amortization expense	$ 598,097	$ 218,996	$ 1,192,074	$ 441,071
Laboratory Equipment
Property, Plant and Equipment [Line Items]
Laboratory equipment under capital leases	3,608,801		3,608,801		$ 3,530,301
Accumulated depreciation related to leased equipment	$ 673,188		$ 673,188		$ 407,210
Laboratory Equipment | Minimum
Property, Plant and Equipment [Line Items]
Term of capital leases			11 months
Capital leases interest rate			8.20%
Laboratory Equipment | Maximum
Property, Plant and Equipment [Line Items]
Term of capital leases			36 months
Capital leases interest rate			21.40%

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($)	Mar. 31, 2016	Sep. 30, 2015
Accrued Liabilities, Current [Abstract]
Compensation	$ 3,137,855	$ 2,321,508
Research and development	1,679,473	951,759
Interest payable	682,538	806,475
Deferred offering costs	450,648	657,892
Professional fees	$ 280,333	594,572
Director fees		414,421
Other accrued expenses	$ 173,124	178,021
Accrued expenses	$ 6,403,971	$ 5,924,648

Redeemable Preferred Stock, C33

Redeemable Preferred Stock, Common Stock, Noncontrolling Interests and Stockholders' Equity (Deficit) (Details)	6 Months Ended
	Mar. 31, 2016USD ($)$ / sharesshares
Stockholders Equity [Line Items]
Stock issued during period, value	$ 16,137,913
Sonnet
Stockholders Equity [Line Items]
Promissory note amount	$ 826,561
Interest rate	3.00%
Carring amount of promisorry note	$ 33,396
Accrued interest	$ 9,791
Series A preferred stock
Stockholders Equity [Line Items]
Series A converted in to common stock | shares	1,969,818
Common stock
Stockholders Equity [Line Items]
Shares issued during period | shares	573,788
Shares issued, price per share | $ / shares	$ 29.05
Stock issued during period, value	$ 5,734

Stock Based Compensation (Detai

Stock Based Compensation (Details) - 2015 Equity Incentive Plan - USD ($)	3 Months Ended		6 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation (income) expense	$ (4,446,489)	$ 7,030,106	$ (1,956,455)	$ 7,175,780
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation (income) expense	(3,281,214)	3,650,718	(1,924,806)	3,734,993
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation (income) expense	$ (1,165,275)	$ 3,379,388	$ (31,649)	$ 3,440,787

Stock Based Compensation (Det35

Stock Based Compensation (Detail 1) - 2015 Equity Incentive Plan - USD ($)	3 Months Ended		6 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation (income) expense	$ (4,446,489)	$ 7,030,106	$ (1,956,455)	$ 7,175,780
Equity-classified compensation
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation (income) expense	$ (4,446,489)	2,231	(4,348,317)	4,462
Liability-classified compensation
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation (income) expense		$ 7,027,875	$ 2,391,862	$ 7,171,318

Stock Based Compensation (Det36

Stock Based Compensation (Detail 2) - Performance-based stock units	6 Months Ended
	Mar. 31, 2016$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Balance at October 1, 2015 | shares	687,013
Forfeitures | shares	(4,346)
Exchanged for restricted stock units | shares	(434,780)
Balance at March 31, 2016 | shares	247,887
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Balance at October 1, 2015 | $ / shares	$ 3.45
Forfeitures | $ / shares	3.45
Exchanged for restricted stock units | $ / shares	3.45
Balance at March 31, 2016 | $ / shares	$ 6.33

Stock Based Compensation (Det37

Stock Based Compensation (Detail 3) - Restricted stock units	6 Months Ended
	Mar. 31, 2016$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Balance at October 1, 2015 | shares
Granted | shares	674,890
Forfeitures | shares	(154)
Issued in connection with PSU exchange | shares	391,303
Balance at March 31, 2016 | shares	1,066,039
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Balance at October 1, 2015 | $ / shares
Granted | $ / shares	$ 29.05
Forfeitures | $ / shares	29.05
Exchanged for restricted stock units | $ / shares	29.05
Balance at March 31, 2016 | $ / shares	$ 29.05

Stcok Based Compensation (Detai

Stcok Based Compensation (Detail Textuals) - shares	Mar. 31, 2016	Sep. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock outstanding	0	9,436,294
2011 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock outstanding	247,887
2011 Equity Incentive Plan | Officers, Employees, Consultants and Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares of common stock reserved for issuance	1,159,420

Stock Based Compensation (Det39

Stock Based Compensation (Detail Textuals 1) - shares	6 Months Ended
	Mar. 31, 2016	Sep. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common Stock, Shares, Outstanding	0	9,436,294
2015 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common Stock, Shares, Outstanding	1,066,039
Number of shares avaiable for grant	180,338
2015 Equity Incentive Plan | Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares can be issued	1,246,377

Stock Based Compensation (Det40

Stock Based Compensation (Detail Textuals 2) - USD ($)	6 Months Ended
	Mar. 31, 2016	Sep. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional stock-based compensation as result of modification	$ 98,172
Performance-based stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term of PSUs	10 years
Condition for early excercise of stock based performance units	excess of $400 million
Method used for cost of award	Monte Carlo simulation model
Number of PSU exchanged for RSU	434,780
Unamortized expense	$ 300,000
Performance-based stock units | After third anniversary from issuance of stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	50.00%
Performance-based stock units | Fourth anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	50.00%
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of RSU issued in connection with PSU	391,303
Unamortized expense		$ 21,100,000
Restricted stock units | After third anniversary from issuance of stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	50.00%

Stock Based Compensation (Det41

Stock Based Compensation (Detail Textuals 3) - Restricted stock units - USD ($)	6 Months Ended
	Mar. 31, 2016	Sep. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized expense		$ 21,100,000
IPO
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vested in period	387,868
Remaining number of shares vested in period	678,171
Vesting on each of first and second anniversaries of recipient's grant date
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vested in period	525,999
Vesting percentage	50.00%
One-third vesting on each of first, second, and third anniversaries of recipient's hire date
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vested in period	21,738
Description of vesting percentage	one-third vesting
Vesting on each of third and fourth anniversaries of recipient's hire date
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares vested in period	130,434
Vesting percentage	50.00%

Subsequent Events (Detail Textu

Subsequent Events (Detail Textuals) - $ / shares	1 Months Ended
	May 18, 2016	Mar. 31, 2016	Sep. 30, 2015
Subsequent Event [Line Items]
Common stock, shares authorized		0	100,000,000
Preferred stock, shares authorized		10,000,000	0
Preferred stock, par value per share		$ 0.01	$ 0.01
Subsequent event
Subsequent Event [Line Items]
Common stock, shares authorized	200,000,000
Common stock, par value per share	$ 0.01
Preferred stock, shares authorized	10,000,000
Preferred stock, par value per share	$ 0.01
Warrants issued	1,520,269
Exercise price per share	$ 0.01
Increase in exercise price per share	$ 1