Outlook Therapeutics (OTLK) 10-Q 14 Feb 17 2017 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Dec. 31, 2016	Feb. 10, 2017
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	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		23,631,448
Document Type	10-Q
Document Period End Date	Dec. 31, 2016
Amendment Flag	false
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2016	Sep. 30, 2016
Current assets:
Cash	$ 2,078,535	$ 2,351,887
Prepaid and other current assets	1,095,976	3,326,607
Total current assets	3,174,511	5,678,494
Property and equipment, net	16,440,919	16,958,553
Restricted cash		216,086
Other assets	830,887	852,801
Total assets	20,446,317	23,705,934
Current liabilities:
Senior secured notes	4,933,661
Current portion of debt	110,394	586,454
Current portion of capital lease obligations	1,014,563	977,248
Current portion of stockholder notes	4,612,500	4,612,500
Accounts payable	11,049,027	5,071,520
Accrued expenses	7,342,102	6,121,942
Income taxes payable	1,854,629	1,854,629
Deferred revenue	1,212,561	1,212,561
Total current liabilities	32,129,437	20,436,854
Long-term debt	191,236	2,233,803
Capital lease obligations	113,082	320,737
Warrant liability	4,128,727
Deferred revenue	4,850,244	5,153,384
Other liabilities	865,526	761,334
Total liabilities	42,278,252	28,906,112
Stockholders' equity (deficit):
Series A preferred stock, par value $0.01 per share: 10,000,000 shares authorized, no shares issued and outstanding
Common stock, par value $0.01 per share; 200,000,000 shares authorized; 23,588,031 and 22,802,778 shares issued and outstanding at December 31, 2016 and September 30, 2016, respectively	235,881	228,028
Additional paid-in capital	144,424,554	141,965,342
Accumulated deficit	(166,492,370)	(147,393,548)
Total stockholders' equity (deficit)	(21,831,935)	(5,200,178)
Total liabilities and stockholders' equity (deficit)	$ 20,446,317	$ 23,705,934

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares	Dec. 31, 2016	Sep. 30, 2016
Statement of Financial Position [Abstract]
Preferred stock, par value per share (in dollars per share)	$ 0.01	$ 0.01
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 per share (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares, issued	23,588,031	22,802,778
Common stock, shares, outstanding	23,588,031	22,802,778

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Income Statement [Abstract]
Collaboration revenues	$ 303,140	$ 994,894
Operating expenses:
Research and development	13,312,306	12,733,976
General and administrative	4,888,860	4,674,155
Operating expenses total	18,201,166	17,408,131
Loss from operations	(17,898,026)	(16,413,237)
Interest expense, net	386,713	398,975
Change in fair value of warrant liability	810,083
Loss before income taxes	(19,094,822)	(16,812,212)
Income tax expense	4,000	52,000
Net loss	(19,098,822)	(16,864,212)
Accretion of redeemable common stock		(939,539)
Net loss attributable to common stockholders	$ (19,098,822)	$ (17,803,751)
Per share information:
Net loss per share of common stock, basic and diluted (in dollars per share)	$ (0.82)	$ (1.36)
Weighted average shares outstanding, basic and diluted (in shares)	23,196,959	13,061,557

Consolidated Statement of Stock

Consolidated Statement of Stockholders' Equity (Deficit) - 3 months ended Dec. 31, 2016 - USD ($)	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Total
Balance at Sep. 30, 2016	$ 228,028	$ 141,965,342	$ (147,393,548)	$ (5,200,178)
Balance (in shares) at Sep. 30, 2016	22,802,778
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Proceeds from exercise of common stock warrants	$ 3,013			3,013
Proceeds from exercise of common stock warrants (in shares)	301,340
Issuance of vested restricted stock units	$ 4,840	(4,840)
Issuance of vested restricted stock units (in shares)	483,913
Stock-based compensation expense		2,464,052		2,464,052
Net loss			(19,098,822)	(19,098,822)
Balance at Dec. 31, 2016	$ 235,881	$ 144,424,554	$ (166,492,370)	$ (21,831,935)
Balance (in shares) at Dec. 31, 2016	23,588,031

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
OPERATING ACTIVITIES
Net loss	$ (19,098,822)	$ (16,864,212)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	669,780	593,977
Non-cash interest expense	140,820	3,065
Stock-based compensation	2,464,052	2,490,034
Change in fair value of warrant liability	810,083
Changes in operating assets and liabilities:
Accounts receivable		(83,090)
Prepaid expenses and other current assets	2,230,631	142,073
Other assets	21,914	5,433
Accounts payable	5,898,662	(233,942)
Accrued expenses	1,220,160	2,203,188
Income taxes payable		50,000
Deferred revenue	(303,140)	(494,894)
Other liabilities	104,192	176,087
Net cash used in operating activities	(5,841,668)	(12,012,281)
INVESTING ACTIVITIES
Purchase of property and equipment	(148,362)	(364,242)
Net cash used in investing activities	(148,362)	(364,242)
FINANCING ACTIVITIES
Proceeds from the sale of common stock, net of offering costs		11,318,690
Payment of debt issuance costs	(40,000)
Proceeds from subscriptions receivable		4,280,149
Proceeds from future stock issuance		50,520
Proceeds from exercise of common stock warrants	3,013
Proceeds from the sale of senior secured notes and detachable warrants	8,350,000
Payments of capital leases obligations	(232,570)	(222,652)
Repayment of debt	(2,579,851)	(180,058)
Repayment of stockholder notes		(6,073,383)
Change in restricted cash	216,086
Proceeds from related party receivable		187,388
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	5,716,678	8,887,803
Net decrease in cash	(273,352)	(3,488,720)
Cash at beginning of period	2,351,887	9,070,975
Cash at end of period	2,078,535	5,582,255
Supplemental disclosure of cash flow information
Cash paid for interest	221,266	407,403
Cash paid for income taxes		2,000
Supplemental schedule of noncash investing activities:
Purchases of property and equipment in accounts payable and accrued expenses	(20,711)	(200,780)
Supplemental schedule of noncash financing activities:
Accretion of redeemable common stock		939,539
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 subscription receivable upon sale of common stock		(2,749,997)
Deferred offering costs and common stock issuance costs in accounts payable and accrued expenses	$ (137,291)	$ (1,014,281)

Organization and Description of

Organization and Description of Business	3 Months Ended
	Dec. 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. 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. 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 May 2016, the Company completed the initial public offering (“IPO”) of its securities by offering 5,833,334 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 $33.8 million in net proceeds, after deducting discounts and commissions of approximately $2.9 million and offering expenses of approximately $3.3 million payable by the Company.

Liquidity

Liquidity	3 Months Ended
	Dec. 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 $166.5 million as of December 31, 2016. The Company has substantial indebtedness that includes $10.0 million of senior secured notes due in December 2017 and $4.6 million in notes payable to stockholders that are payable on demand. There can be no assurance that the holders of the stockholder notes will not exercise their right to demand repayment. 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 anticipates incurring additional losses until such time, if ever, that it can generate significant sales of its products currently in development. Management believes that the Company’s existing cash as of December 31, 2016 and $1.65 million in cash proceeds in January 2017 from the issuance of the notes and warrants will be sufficient to fund its operations through February 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. The Company’s future operations are highly dependent on a combination of factors, including (i) the timely and successful completion of additional financing discussed above; (ii) the Company’s ability to complete revenue-generating partnerships with pharmaceutical companies; (iii) the success of its research and development; (iv) the development of competitive therapies by other biotechnology and pharmaceutical companies, and, ultimately; (v) regulatory approval and market acceptance of the Company’s proposed future products.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Dec. 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 December 31, 2016 and its results of operations and cash flows for the three months ended December 31, 2016 and 2015. Operating results for the three months ended December 31, 2016 are not necessarily indicative of the results that may be expected for the full year ending September 30, 2017. The unaudited interim 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, 2016 included on Form 10-K dated December 29, 2016 filed with the Securities and Exchange Commission (“SEC”), as amended to date. 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 of $4,000 and $52,000 for the three months ended December 31, 2016 and 2015 which is primarily attributable to the foreign withholding taxes in connection with the Company’s collaboration and licensing agreements. 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 Company’s previously outstanding shares of preferred stock and other potentially dilutive securities 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 December 31, 2016 and 2015, as they would be antidilutive: December 31, 2016 2015 Series A preferred stock - 1,969,818 Performance-based stock units 243,774 249,510 Restricted stock units 1,224,957 1,066,193 Convertible stockholder note - 96,618 Common stock warrants 9,806,028 - 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 February 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	3 Months Ended
	Dec. 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: December 31, 2016 (Level 1) (Level 2) (Level 3) Liabilities Warrant liability $ - $ - $ 4,128,727 The table presented below is a summary of changes in the fair value of the Company’s Level 3 valuation for the warrant liability for the three months ended December 31, 2016: Balance at October 1, 2016 $ - Issuance of warrants 3,318,644 Change in fair value 810,083 Balance at December 31, 2016 $ 4,128,727 The warrants issued in connection with senior secured notes are classified as liabilities on the accompanying consolidated balance sheet as the warrants include cash settlement features at the option of the holders under certain circumstances. The warrant liability is revalued each reporting period with the change in fair value recorded in the accompanying consolidated statements of operations until the warrants are exercised or expire. The fair value of the warrant liability is estimated using the Black-Scholes option pricing model using the following assumptions: December 31, 2016 Risk-free interest rate 1.93% Remaining contractual life of warrant 5 years Expected volatility 93% Annual dividend yield 0% Fair value of common stock $3.01 per share

Property and Equipment

Property and Equipment	3 Months Ended
	Dec. 31, 2016
Property, Plant and Equipment [Abstract]
Property and Equipment	5. Property and Equipment Property and equipment, net, consists of: December 31, September 30, 2016 2016 Laboratory equipment $ 11,486,716 $ 11,452,858 Leasehold improvements 10,031,739 10,031,739 Computer software and hardware 471,152 421,206 Construction in progress 1,083,032 1,014,690 23,072,639 22,920,493 Less: accumulated depreciation and amortization (6,631,720 ) (5,961,940 ) $ 16,440,919 $ 16,958,553 Depreciation and amortization expense was $669,780 and $593,977 for the three months ended December 31, 2016 and 2015, respectively. At December 31, 2016 and September 30, 2016, $3,692,913 and $3,630,683 represents laboratory equipment under capital leases. The term of the leases are between 22 and 36 months and qualify as capital leases. The leases bear interest between 5.0% and 19.4%. At December 31, 2016 and September 30, 2016, $813,200 and $732,002, respectively, of accumulated amortization related to this leased equipment has been recognized.

Accrued Expenses

Accrued Expenses	3 Months Ended
	Dec. 31, 2016
Accrued Expenses [Abstract]
Accrued Expenses	6. Accrued Expenses Accrued expenses consists of: December 31, September 30, 2016 2016 Compensation $ 3,786,902 $ 3,884,386 Research and development 1,991,612 1,343,910 Interest payable 345,087 234,754 Deferred offering costs - 26,028 Professional fees 582,731 486,705 Director fees 146,250 73,125 Other accrued expenses 489,520 73,034 $ 7,342,102 $ 6,121,942

Senior Secured Notes

Senior Secured Notes	3 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
Senior Secured Notes	7. Senior Secured Notes December 31, 2016 Senior secured notes $ 8,350,000 Unamortized debt discount (3,416,339 ) $ 4,933,661 In October, November and December 2016, the Company issued $1.85 million aggregate principal amount of unsecured bridge notes to accredited investors. These unsecured notes bore interest at a rate of 15% per year and had a one-year maturity date from the date of issuance. These unsecured notes were exchanged for senior secured promissory notes in December 2016 as described below. On December 22, 2016, the Company entered into a Note and Warrant Purchase Agreement with accredited investors providing for the issuance and sale of up to $10.0 million of senior secured promissory notes (the “Notes”), which bear interest at a rate of 5% per year and mature December 22, 2017 and warrants (the “Warrants”) to acquire an aggregate 2.3 million shares of the Company’s common stock at an exercise price of $3.00 per share, which have a five-year term. The Company closed the initial sale and purchase of the Notes and Warrants on December 22, 2016, issuing $8.35 million aggregate principal amount of Notes and Warrants to acquire up to 1,920,500 shares of the Company’s common stock in exchange for $6.5 million of cash and an aggregate of $1.85 million of existing unsecured bridge notes issued by the Company in October, November and December 2016. The proceeds were first allocated to the warrant liability and based on their initial fair value of $3.3 million with a corresponding amount recorded as a debt discount. In addition, the Company incurred $179,526 of debt issuance costs that have been recorded as a debt discount. The debt discount is being amortized into interest expense over the term of the Notes using the effective interest method. The Company used $2.4 million of the proceeds from the sale of the Notes to pay off its remaining senior secured bank loans, and will use the remainder for working capital purposes. In January 2017, the Company issued the remaining Notes and Warrants for $1.65 million of cash. Under the Note and Warrant Purchase Agreement, the Company agreed to customary negative covenants restricting its ability to repay indebtedness to officers, pay dividends to stockholders, repay or incur other indebtedness other than as permitted, grant or suffer to exist a security interest in any of the Company’s assets, other than as permitted, or enter into any transactions with affiliates. In addition to the negative covenants in the Note and Warrant Purchase Agreement, the Notes include customary events of default. In connection with the closing of the initial sale of the Notes and Warrants, the Company entered into a Security Agreement and an Intellectual Property Security Agreement, each dated December 22, 2016, granting the holders of the Notes a security interest in all of its assets. Interest expense on the Notes for the three months ended December 31, 2016 was $89,892.

Common Stock Warrants

Common Stock Warrants	3 Months Ended
	Dec. 31, 2016
Stockholders' Equity Note [Abstract]
Common Stock Warrants	8. Common Stock Warrants As of December 31, 2016, the Company had the following warrants outstanding to acquire shares of its common stock: Outstanding Exercise Expiration date Series A warrants 3,333,333 $ 6.60 February 18, 2018 Series B warrants 3,333,333 $ 8.50 May 18, 2018 Common stock warrants issued with IPO 1,218,862 $ 0.01 November 11, 2019 Common stock warrants issued with senior secured notes 1,920,500 $ 3.00 December 22, 2021 9,806,028

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	9. 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 units (“PSUs”), 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 December 31, 2016, PSUs representing 243,774 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 1,930,460 shares. As of December 31, 2016, RSUs representing 1,224,957 shares of the Company’s common stock were outstanding under the 2015 Plan and 221,590 shares remained available for grant under the 2015 Plan. The Company recorded stock-based compensation expense in the following expense categories of its statements of operations for the three months ended December 31, 2016 and 2015: Three months ended December 31, 2016 2015 Research and development $ 386,109 $ 1,356,408 General and administrative 2,077,943 1,133,626 $ 2,464,052 $ 2,490,034 Three months ended December 31, 2016 2015 Equity-classified compensation $ 2,464,052 $ 98,172 Liability-classified compensation - 2,391,862 $ 2,464,052 $ 2,490,034 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. Upon exercise, the PSU holder receives common stock or cash at the Company’s discretion. The following table summarizes the PSU activity for the three months ended December 31, 2016: Number Base of Price PSUs Per PSU Balance at October 1, 2016 247,309 $ 6.33 Forfeitures (3,535 ) 7.40 Balance at December 31, 2016 243,774 $ 6.35 As of December 31, 2016, there was $532,508 of unamortized expense that will be recognized over a weighted-average period of 1.46 years. Restricted stock units The following table summarizes the activity related to RSUs granted during the three months ended December 31, 2016: Weighted Number Average of Grant Date RSUs Fair Value Balance at October 1, 2016 1,094,351 $ 28.61 Granted 615,000 2.11 Vested and settled (483,913 ) 29.05 Forfeitures (481 ) 29.05 Balance at December 31, 2016 1,224,957 $ 15.13 The Company has granted RSUs that generally vest over a period of two to four years from the date of grant. In addition, vesting of the RSUs was also dependent upon the closing of the Company’s IPO, which is a performance condition that is 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 December 31, 2016, there was $11,402,327 of unamortized expense that will be recognized over a weighted-average period of 1.42 years.

Subsequent events

Subsequent events	3 Months Ended
	Dec. 31, 2016
Subsequent Events [Abstract]
Subsequent events	10. Subsequent events On January 6, 2017, the Company raised an additional $1.65 million of cash proceeds from the issuance of Notes and the issuance of 379,500 Warrants pursuant to the December 2016 Note and Warrant Purchase Agreement. On February 3, 2017, the Company entered into a registration rights agreement with the investors party thereto, all of whom are purchasers of the Notes and Warrants issued pursuant to the December 2016 Note and Warrant Purchase Agreement. On February 6, 2017, the Company extended the expiration date of its outstanding Series A warrants to February 18, 2018 by entering into an amendment to the Warrant Agreement dated as of May 18, 2016 between the Company and the American Stock Transfer & Trust Company, LLC, as warrant agent.

Basis of Presentation and Sum17

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Dec. 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 December 31, 2016 and its results of operations and cash flows for the three months ended December 31, 2016 and 2015. Operating results for the three months ended December 31, 2016 are not necessarily indicative of the results that may be expected for the full year ending September 30, 2017. The unaudited interim 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, 2016 included on Form 10-K dated December 29, 2016 filed with the Securities and Exchange Commission (”SEC”), as amended to date.
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 of $4,000 and $52,000 for the three months ended December 31, 2016 and 2015 which is primarily attributable to the foreign withholding taxes in connection with the Company’s collaboration and licensing agreements.
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 Company’s previously outstanding shares of preferred stock and other potentially dilutive securities 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 December 31, 2016 and 2015, as they would be antidilutive: December 31, 2016 2015 Series A preferred stock - 1,969,818 Performance-based stock units 243,774 249,510 Restricted stock units 1,224,957 1,066,193 Convertible stockholder note - 96,618 Common stock warrants 9,806,028 - 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 February 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 Sum18

Basis of Presentation and Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Schedule of dilutive securities excluded from the computation weighted-average shares	December 31, 2016 2015 Series A preferred stock - 1,969,818 Performance-based stock units 243,774 249,510 Restricted stock units 1,224,957 1,066,193 Convertible stockholder note - 96,618 Common stock warrants 9,806,028 -

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Dec. 31, 2016
Fair Value Disclosures [Abstract]
Schedule of assets and liabilities measured at fair value on a recurring basis	December 31, 2016 (Level 1) (Level 2) (Level 3) Liabilities Warrant liability $ - $ - $ 4,128,727
Summary of changes in the fair value of the Company's Level 3 valuation for the warrant liability	Balance at October 1, 2016 $ - Issuance of warrants 3,318,644 Change in fair value 810,083 Balance at December 31, 2016 $ 4,128,727
Schedule of fair value of the performance-based stock units (PSUs)	December 31, 2016 Risk-free interest rate 1.93% Remaining contractual life of warrant 5 years Expected volatility 93% Annual dividend yield 0% Fair value of common stock $3.01 per share

Property and Equipment (Tables)

Property and Equipment (Tables)	3 Months Ended
	Dec. 31, 2016
Property, Plant and Equipment [Abstract]
Schedule of property and equipment	December 31, September 30, 2016 2016 Laboratory equipment $ 11,486,716 $ 11,452,858 Leasehold improvements 10,031,739 10,031,739 Computer software and hardware 471,152 421,206 Construction in progress 1,083,032 1,014,690 23,072,639 22,920,493 Less: accumulated depreciation and amortization (6,631,720 ) (5,961,940 ) $ 16,440,919 $ 16,958,553

Accrued Expenses (Tables)

Accrued Expenses (Tables)	3 Months Ended
	Dec. 31, 2016
Accrued Expenses [Abstract]
Schedule of accrued expenses	December 31, September 30, 2016 2016 Compensation $ 3,786,902 $ 3,884,386 Research and development 1,991,612 1,343,910 Interest payable 345,087 234,754 Deferred offering costs - 26,028 Professional fees 582,731 486,705 Director fees 146,250 73,125 Other accrued expenses 489,520 73,034 $ 7,342,102 $ 6,121,942

Senior Secured Notes (Tables)

Senior Secured Notes (Tables)	3 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
Schedule of senior secured note	December 31, 2016 Senior secured notes $ 8,350,000 Unamortized debt discount (3,416,339 ) $ 4,933,661

Common Stock Warrants (Tables)

Common Stock Warrants (Tables)	3 Months Ended
	Dec. 31, 2016
Equity [Abstract]
Schedule of Common Stock Warrants	Outstanding Exercise Expiration date Series A warrants 3,333,333 $ 6.60 February 18, 2018 Series B warrants 3,333,333 $ 8.50 May 18, 2018 Common stock warrants issued with IPO 1,218,862 $ 0.01 November 11, 2019 Common stock warrants issued with senior secured notes 1,920,500 $ 3.00 December 22, 2021 9,806,028

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of stock-based compensation expense	Three months ended December 31, 2016 2015 Research and development $ 386,109 $ 1,356,408 General and administrative 2,077,943 1,133,626 $ 2,464,052 $ 2,490,034 Three months ended December 31, 2016 2015 Equity-classified compensation $ 2,464,052 $ 98,172 Liability-classified compensation - 2,391,862 $ 2,464,052 $ 2,490,034
Schedule of performance-based stock units activity	Number Base of Price PSUs Per PSU Balance at October 1, 2016 247,309 $ 6.33 Forfeitures (3,535 ) 7.40 Balance at December 31, 2016 243,774 $ 6.35
Schedule of restricted stock units activity	Weighted Number Average of Grant Date RSUs Fair Value Balance at October 1, 2016 1,094,351 $ 28.61 Granted 615,000 2.11 Vested and settled (483,913 ) 29.05 Forfeitures (481 ) 29.05 Balance at December 31, 2016 1,224,957 $ 15.13

Organization and Description 25

Organization and Description of Business (Detail Textuals) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended
	May 31, 2016	May 18, 2016	Dec. 31, 2016
Series A warrant
Organization And Description Of Business [Line Items]
Exercise price per share			$ 6.60
Series B warrant
Organization And Description Of Business [Line Items]
Exercise price per share			$ 8.50
IPO
Organization And Description Of Business [Line Items]
Description of IPO unit	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.
Number of unit issued	5,833,334
Initial public offering price per share	$ 6
Proceeds from sale of common stock units in connection with initial public offering and private placement		$ 33.8
Underwriting discounts and commissions		2.9
Estimated offering expenses		$ 3.3
IPO | Series A warrant
Organization And Description Of Business [Line Items]
Exercise price per share	6.60
IPO | Series B warrant
Organization And Description Of Business [Line Items]
Exercise price per share	$ 8.50
Private Placement
Organization And Description Of Business [Line Items]
Number of unit issued	833,332
Gross proceeds of private placement and warrants	$ 5
Private Placement | Series A warrant
Organization And Description Of Business [Line Items]
Number of unit issued	416,666
Private Placement | Series B warrant
Organization And Description Of Business [Line Items]
Number of unit issued	416,666

Liquidity (Detail Textuals)

Liquidity (Detail Textuals) - USD ($)	Jan. 06, 2017	Dec. 31, 2016	Sep. 30, 2016
Liquidity [Line Items]
Accumulated deficit		$ (166,492,370)	$ (147,393,548)
Aggregate indebtedness		10,000,000
Notes payable to stockholders		4,600,000
Proceeds from issuance of notes		$ 8,350,000
Subsequent Event
Liquidity [Line Items]
Proceeds from issuance of notes	$ 1,650,000

Basis of Presentation and Sum27

Basis of Presentation and Summary of Significant Accounting Policies (Details) - shares	3 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Series A preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share		1,969,818
Performance-based stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	243,774	249,510
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	1,224,957	1,066,193
Convertible stockholder note
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share		96,618
Common stock warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	9,806,028

Basis of Presentation and Sum28

Basis of Presentation and Summary of Significant Accounting Policies (Detail Textuals) - USD ($)	3 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Accounting Policies [Abstract]
Income tax expense (benefit) attributable to foreign withholding taxes in connection with collaboration and licensing agreements	$ 4,000	$ 52,000

Fair Value Measurements (Detail

Fair Value Measurements (Details)	Dec. 31, 2016USD ($)
Liabilities
Warrant liability	$ 4,128,727
Fair value measurements recurring basis | Level 1
Liabilities
Warrant liability
Fair value measurements recurring basis | Level 2
Liabilities
Warrant liability
Fair value measurements recurring basis | Level 3
Liabilities
Warrant liability	$ 4,128,727

Fair Value Measurements (Deta30

Fair Value Measurements (Details 1) - Warrant	3 Months Ended
	Dec. 31, 2016USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at October 1, 2016
Issuance of warrants	3,318,644
Change in fair value	810,083
Balance at December 31, 2016	$ 4,128,727

Fair Value Measurements (Deta31

Fair Value Measurements (Details 2) - Warrant	3 Months Ended
	Dec. 31, 2016$ / shares
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Risk-free interest rate	1.93%
Remaining contractual life of warrant	5 years
Expected volatility	93.00%
Annual dividend yield	0.00%
Fair value of common stock	$ 3.01

Property and Equipment (Details

Property and Equipment (Details) - USD ($)	Dec. 31, 2016	Sep. 30, 2016
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 23,072,639	$ 22,920,493
Less: accumulated depreciation and amortization	(6,631,720)	(5,961,940)
Property and equipment, net	16,440,919	16,958,553
Laboratory equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	11,486,716	11,452,858
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	10,031,739	10,031,739
Computer software and hardware
Property, Plant and Equipment [Line Items]
Property and equipment, gross	471,152	421,206
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 1,083,032	$ 1,014,690

Property and Equipment (Detail

Property and Equipment (Detail Textuals) - USD ($)	3 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Sep. 30, 2016
Property, Plant and Equipment [Line Items]
Depreciation and amortization expense	$ 669,780	$ 593,977
Laboratory Equipment
Property, Plant and Equipment [Line Items]
Laboratory equipment under capital leases	3,692,913		$ 3,630,683
Accumulated depreciation related to leased equipment	$ 813,200		$ 732,002
Laboratory Equipment | Minimum
Property, Plant and Equipment [Line Items]
Term of capital leases	22 months
Capital leases interest rate	5.00%
Laboratory Equipment | Maximum
Property, Plant and Equipment [Line Items]
Term of capital leases	36 months
Capital leases interest rate	19.40%

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($)	Dec. 31, 2016	Sep. 30, 2016
Accrued Liabilities, Current [Abstract]
Compensation	$ 3,786,902	$ 3,884,386
Research and development	1,991,612	1,343,910
Interest payable	345,087	234,754
Deferred offering costs		26,028
Professional fees	582,731	486,705
Director fees	146,250	73,125
Other accrued expenses	489,520	73,034
Accrued expenses	$ 7,342,102	$ 6,121,942

Senior Secured Notes (Details)

Senior Secured Notes (Details)	Dec. 31, 2016USD ($)
Debt Instrument [Line Items]
Senior secured notes	$ 4,933,661
Senior secured notes
Debt Instrument [Line Items]
Senior secured notes	8,350,000
Unamortized debt discount	(3,416,339)
Senior secured notes	$ 4,933,661

Senior Secured Notes (Detail Te

Senior Secured Notes (Detail Textuals) - USD ($)	Jan. 06, 2017	Dec. 22, 2016	Dec. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Aggregate principal amount of notes and warrants issued			$ 8,350,000
Repayment of senior secured bank loans			2,579,851	$ 180,058
Interest expense on the notes			89,892
Subsequent event
Debt Instrument [Line Items]
Aggregate principal amount of notes and warrants issued	$ 1,650,000
Bridge note
Debt Instrument [Line Items]
Unsecured bridge notes			$ 1,850,000
Interest rate			15.00%
Debt Instrument, term			1 year
Senior note
Debt Instrument [Line Items]
Interest rate		5.00%
Debt instrument, maturity date		Dec. 22, 2017
Warrants to acquire common stock		2,300,000
Exercise price per share		$ 3
Term of warrants		5 years
Aggregate principal amount of notes and warrants issued		$ 8,350,000
Maximum number of shares called by warrants		1,920,500
Proceeds from issuance of secured debt		$ 6,500,000
Repayment of senior secured bank loans			$ 2,400,000
Intial fair value of warrant liability		3,300,000
Debt issuance costs		179,526
Senior note | Maximum
Debt Instrument [Line Items]
Senior secured promissory note		$ 10,000,000

Common Stock Warrants (Details)

Common Stock Warrants (Details)	3 Months Ended
	Dec. 31, 2016$ / sharesshares
Class of Warrant or Right [Line Items]
Outstanding	9,806,028
Series A warrant
Class of Warrant or Right [Line Items]
Outstanding	3,333,333
Exercise price per share | $ / shares	$ 6.60
Expiration date	Feb. 18, 2018
Series B warrant
Class of Warrant or Right [Line Items]
Outstanding	3,333,333
Exercise price per share | $ / shares	$ 8.50
Expiration date	May 18, 2018
Common stock warrants issued with IPO
Class of Warrant or Right [Line Items]
Outstanding	1,218,862
Exercise price per share | $ / shares	$ 0.01
Expiration date	Nov. 11, 2019
Common stock warrants issued with senior secured notes
Class of Warrant or Right [Line Items]
Outstanding	1,920,500
Exercise price per share | $ / shares	$ 3
Expiration date	Dec. 22, 2021

Stock Based Compensation (Detai

Stock Based Compensation (Details) - 2015 Equity Incentive Plan - USD ($)	3 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 2,464,052	$ 2,490,034
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	386,109	1,356,408
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 2,077,943	$ 1,133,626

Stock Based Compensation (Det39

Stock Based Compensation (Details 1) - 2015 Equity Incentive Plan - USD ($)	3 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 2,464,052	$ 2,490,034
Equity-classified compensation
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	2,464,052	98,172
Liability-classified compensation
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense		$ 2,391,862

Stock Based Compensation (Det40

Stock Based Compensation (Details 2) - Performance-based stock units	3 Months Ended
	Dec. 31, 2016$ / sharesshares
Number of PSUs
Balance at October 1, 2016 | shares	247,309
Forfeitures | shares	(3,535)
Balance at December 31, 2016 | shares	243,774
Base Price Per PSU
Balance at October 1, 2016 | $ / shares	$ 6.33
Forfeitures | $ / shares	7.40
Balance at December 31, 2016 | $ / shares	$ 6.35

Stock Based Compensation (Det41

Stock Based Compensation (Details 3) - Restricted stock units	3 Months Ended
	Dec. 31, 2016$ / sharesshares
Number of RSUs
Balance at October 1, 2016 | shares	1,094,351
Granted | shares	615,000
Vested and settled | shares	(483,913)
Forfeitures | shares	(481)
Balance at December 31, 2016 | shares	1,224,957
Weighted Average Grant Date Fair Value
Balance at October 1, 2016 | $ / shares	$ 28.61
Granted | $ / shares	2.11
Vested and settled | $ / shares	29.05
Forfeitures | $ / shares	29.05
Balance at December 31, 2016 | $ / shares	$ 15.13

Stock Based Compensation (Det42

Stock Based Compensation (Detail Textuals) - 2011 Equity Incentive Plan - Officers, Employees, Consultants and Directors	Dec. 31, 2016shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares of common stock reserved for issuance	1,159,420
Number of common stock outstanding under the Plan	243,774

Stock Based Compensation (Det43

Stock Based Compensation (Detail Textuals 1) - shares	Dec. 31, 2016	Sep. 30, 2016
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock shares outstanding under the Plan	1,224,957	1,094,351
2015 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares can be issued	1,930,460
2015 Equity Incentive Plan | Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant	221,590
Common stock shares outstanding under the Plan	1,224,957

Stock Based Compensation (Det44

Stock Based Compensation (Detail Textuals 2) - Performance-based stock units	3 Months Ended
	Dec. 31, 2016USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term of PSUs	10 years
Condition for early exercise of stock based performance units	Corporate valuation in excess of $400 million
Unamortized expense	$ 532,508
Period for recognition of unamortized expense	1 year 5 months 16 days
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%

Stock Based Compensation (Det45

Stock Based Compensation (Detail Textuals 3) - Restricted stock units	3 Months Ended
	Dec. 31, 2016USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized expense	$ 11,402,327
Period for recognition of unamortized expense	1 year 5 months 1 day
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period of RSUs	2 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period of RSUs	4 years

Subsequent events (Detail Textu

Subsequent events (Detail Textuals) - USD ($)	Jan. 06, 2017	Dec. 31, 2016
Subsequent Event [Line Items]
Proceeds from issuance of notes		$ 8,350,000
Warrants issued		9,806,028
Subsequent event
Subsequent Event [Line Items]
Proceeds from issuance of notes	$ 1,650,000
Warrants issued	379,500