Aceragen (ACGN) 10-Q 6 Nov 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2019	Oct. 31, 2019
Document and Entity Information
Entity Registrant Name	IDERA PHARMACEUTICALS, INC.
Entity Central Index Key	0000861838
Document Type	10-Q
Document Period End Date	Sep. 30, 2019
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		28,872,026
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3

CONDENSED BALANCE SHEETS

CONDENSED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 32,611	$ 71,431
Short-term investments	8,975
Prepaid expenses and other current assets	3,488	1,376
Total current assets	45,074	72,807
Property and equipment, net	123	207
Operating lease right-of-use asset	125
Other assets	70	9
Total assets	45,392	73,023
Current liabilities:
Accounts payable	321	1,134
Accrued expenses	7,307	7,884
Operating lease liability	138
Total current liabilities	7,766	9,018
Other liabilities		11
Total liabilities	7,766	9,029
Commitments and contingencies
Stockholders' equity:
Common stock, $0.001 par value, Authorized — 70,000 shares; Issued and outstanding — 28,858 and 27,188 shares at September 30, 2019 and December 31, 2018, respectively	29	27
Additional paid-in capital	735,254	728,342
Accumulated deficit	(697,658)	(664,375)
Accumulated other comprehensive income	1
Total stockholders' equity	37,626	63,994
Total liabilities and stockholders' equity	45,392	73,023
Series A Preferred Stock
Stockholders' equity:
Preferred stock, $0.01 par value, Authorized — 5,000 shares: Series A convertible preferred stock; Designated — 1,500 shares, Issued and outstanding — 1 share

CONDENSED BALANCE SHEETS (Paren

CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2019	Dec. 31, 2018
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	5,000,000	5,000,000
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	70,000,000	70,000,000
Common stock, shares issued	28,858,000	27,188,000
Common stock, shares outstanding	28,858,000	27,188,000
Series A Preferred Stock
Preferred stock, shares designated	1,500,000	1,500,000
Preferred stock, shares issued	1,000	1,000
Preferred stock, shares outstanding	1,000	1,000

CONDENSED STATEMENTS OF OPERATI

CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
Alliance revenue		$ 145	$ 1,448	$ 563
Revenue, Product and Service [Extensible List]	us_gaap:RevenueFromContractWithCustomerIncludingAssessedTax	us_gaap:RevenueFromContractWithCustomerIncludingAssessedTax	us_gaap:RevenueFromContractWithCustomerIncludingAssessedTax	us_gaap:RevenueFromContractWithCustomerIncludingAssessedTax
Operating expenses:
Research and development	$ 8,359	$ 8,860	$ 26,485	$ 32,912
General and administrative	3,023	3,984	9,061	11,849
Merger-related costs, net		(3,836)		1,245
Restructuring costs	5	3,017	181	3,017
Total operating expenses	11,387	12,025	35,727	49,023
Loss from operations	(11,387)	(11,880)	(34,279)	(48,460)
Other income (expense):
Interest income	249	277	992	759
Interest expense				(11)
Foreign currency exchange gain (loss)	5	(2)	4	(19)
Net loss	$ (11,133)	$ (11,605)	$ (33,283)	$ (47,731)
Net loss per share applicable to common stockholders - basic and diluted (Note 13)	$ (0.39)	$ (0.43)	$ (1.17)	$ (1.81)
Weighted-average number of common shares used in computing net loss per share applicable to common stockholders - basic and diluted	28,847	27,175	28,332	26,404
Comprehensive loss:
Net loss	$ (11,133)	$ (11,605)	$ (33,283)	$ (47,731)
Unrealized (loss) gain on available-for-sale securities	(1)		1
Total other comprehensive (loss) income	(1)		1
Comprehensive loss	$ (11,134)	$ (11,605)	$ (33,282)	$ (47,731)

CONDENSED STATEMENTS OF CASH FL

CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash Flows from Operating Activities:
Net loss	$ (33,283)	$ (47,731)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	2,868	4,454
Issuance of common stock for services rendered	92	77
Accretion of discounts on short-term investments	(377)
Depreciation and amortization expense	94	395
Loss on disposal of property and equipment	(10)	497
Changes in operating assets and liabilities:
Prepaid expenses and other assets	(2,298)	1,881
Accounts payable, accrued expenses, and other liabilities	(1,257)	455
Deferred revenue		(472)
Net cash used in operating activities	(34,171)	(40,444)
Cash Flows from Investing Activities:
Purchases of available-for-sale securities	(44,447)
Proceeds from maturity of available-for-sale securities	35,850
Proceeds from the sale of property and equipment	11	193
Purchases of property and equipment	(11)	(71)
Net cash (used in) provided by investing activities	(8,597)	122
Cash Flows from Financing Activities:
Proceeds from equity financings, net of issuance costs	3,857
Proceeds from employee stock purchases	97	205
Proceeds from exercise of common stock options and warrants		10,166
Payments on note payable		(209)
Other	(6)	(7)
Net cash provided by financing activities	3,948	10,155
Net decrease in cash and cash equivalents	(38,820)	(30,167)
Cash, cash equivalents and restricted cash, beginning of period	71,431	112,940
Cash, cash equivalents and restricted cash, end of period	$ 32,611	$ 82,773

CONDENSED STATEMENTS OF STOCKHO

CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income	Total
Beginning balance at Dec. 31, 2017	$ 24	$ 712,165	$ (604,494)		$ 107,695
Beginning balance (in shares) at Dec. 31, 2017	24,453
Issuance of common stock under employee stock purchase plan		81			81
Issuance of common stock under employee stock purchase plan (in shares)	7
Issuance of common stock upon exercise of common stock options and warrants	$ 3	9,588			9,591
Issuance of common stock upon exercise of common stock options and warrants (in shares)	2,551
Issuance of common stock for services rendered		23			23
Issuance of common stock for services rendered (in shares)	1
Stock-based compensation		1,589			1,589
Net loss			(20,095)		(20,095)
Ending balance at Mar. 31, 2018	$ 27	723,446	(624,589)		98,884
Ending balance (in shares) at Mar. 31, 2018	27,012
Beginning balance at Dec. 31, 2017	$ 24	712,165	(604,494)		107,695
Beginning balance (in shares) at Dec. 31, 2017	24,453
Net loss					(47,731)
Ending balance at Sep. 30, 2018	$ 27	727,064	(652,225)		74,866
Ending balance (in shares) at Sep. 30, 2018	27,179
Beginning balance at Mar. 31, 2018	$ 27	723,446	(624,589)		98,884
Beginning balance (in shares) at Mar. 31, 2018	27,012
Issuance of common stock under employee stock purchase plan		78			78
Issuance of common stock under employee stock purchase plan (in shares)	6
Issuance of common stock upon exercise of common stock options and warrants		575			575
Issuance of common stock upon exercise of common stock options and warrants (in shares)	151
Issuance of common stock for services rendered		22			22
Issuance of common stock for services rendered (in shares)	2
Stock-based compensation		1,538			1,538
Net loss			(16,031)		(16,031)
Ending balance at Jun. 30, 2018	$ 27	725,659	(640,620)		85,066
Ending balance (in shares) at Jun. 30, 2018	27,171
Issuance of common stock under employee stock purchase plan		46			46
Issuance of common stock under employee stock purchase plan (in shares)	5
Issuance of common stock for services rendered		32			32
Issuance of common stock for services rendered (in shares)	3
Stock-based compensation		1,327			1,327
Net loss			(11,605)		(11,605)
Ending balance at Sep. 30, 2018	$ 27	727,064	(652,225)		74,866
Ending balance (in shares) at Sep. 30, 2018	27,179
Beginning balance at Dec. 31, 2018	$ 27	728,342	(664,375)		$ 63,994
Beginning balance (in shares) at Dec. 31, 2018	27,188,000				27,188,000
Sale of common stock, net of issuance costs	$ 1	1,584			$ 1,585
Sale of common stock, net of issuance costs (in shares)	533,000
Issuance of commitment shares (in shares)	270,000
Issuance of common stock under employee stock purchase plan		26			26
Issuance of common stock under employee stock purchase plan (in shares)	11,000
Issuance of common stock for services rendered		23			23
Issuance of common stock for services rendered (in shares)	6,000
Stock-based compensation		1,016			1,016
Unrealized gain on marketable securities				$ 2	2
Net loss			(10,974)		(10,974)
Ending balance at Mar. 31, 2019	$ 28	730,991	(675,349)	2	55,672
Ending balance (in shares) at Mar. 31, 2019	28,008,000
Beginning balance at Dec. 31, 2018	$ 27	728,342	(664,375)		$ 63,994
Beginning balance (in shares) at Dec. 31, 2018	27,188,000				27,188,000
Sale of common stock, net of issuance costs (in shares)					785,848
Net loss					$ (33,283)
Ending balance at Sep. 30, 2019	$ 29	735,254	(697,658)	1	$ 37,626
Ending balance (in shares) at Sep. 30, 2019	28,858,000				28,858,000
Beginning balance at Mar. 31, 2019	$ 28	730,991	(675,349)	2	$ 55,672
Beginning balance (in shares) at Mar. 31, 2019	28,008,000
Sale of common stock, net of issuance costs	$ 1	2,271			2,272
Sale of common stock, net of issuance costs (in shares)	786,000
Issuance of common stock under employee stock purchase plan		42			42
Issuance of common stock under employee stock purchase plan (in shares)	19,000
Issuance of common stock for services rendered		36			36
Issuance of common stock for services rendered (in shares)	14,000
Stock-based compensation		889			889
Net loss			(11,176)		(11,176)
Ending balance at Jun. 30, 2019	$ 29	734,229	(686,525)	2	47,735
Ending balance (in shares) at Jun. 30, 2019	28,827,000
Issuance of common stock under employee stock purchase plan		29			29
Issuance of common stock under employee stock purchase plan (in shares)	15,000
Issuance of common stock upon exercise of warrants (in shares)	4,000
Issuance of common stock for services rendered		33			33
Issuance of common stock for services rendered (in shares)	12,000
Stock-based compensation		963			963
Unrealized gain on marketable securities				(1)	(1)
Net loss			(11,133)		(11,133)
Ending balance at Sep. 30, 2019	$ 29	$ 735,254	$ (697,658)	$ 1	$ 37,626
Ending balance (in shares) at Sep. 30, 2019	28,858,000				28,858,000

Business and Organization

Business and Organization	9 Months Ended
	Sep. 30, 2019
Business and Organization
Business and Organization	Note 1. Business and Organization Business Overview Idera Pharmaceuticals, Inc. (“Idera” or the “Company”), a Delaware corporation, is a clinical-stage biopharmaceutical company with a business strategy focused on the clinical development, and ultimately the commercialization, of drug candidates for both oncology and rare disease indications characterized by small, well defined patient populations with serious unmet medical needs. The Company’s current focus is on its Toll-like receptor, or TLR, agonist, tilsotolimod (IMO-2125), for oncology. The Company believes it can develop and commercialize targeted therapies on its own. To the extent the Company seeks to develop drug candidates for broader disease indications, it has entered into and may explore additional collaborative alliances to support development and commercialization. Liquidity and Financial Condition As of September 30, 2019, the Company had an accumulated deficit of $697.7 million and a cash, cash equivalents and short-term investments balance of $41.6 million. The Company expects to incur substantial operating losses in future periods and will require additional capital as it seeks to advance tilsotolimod and any future drug candidates through development to commercialization. The Company does not expect to generate product revenue, sales-based milestones or royalties until the Company successfully completes development of and obtains marketing approval for The Company believes, based on management’s current operating plan, that its balance of cash, cash equivalents and short-term investments on hand as of September 30, 2019 will be sufficient to fund operations into the third quarter of 2020. The C ompany follows the provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 205-40, Presentation of Financial Statements—Going Concern , which requires management to assess the Company’s ability to continue as a going concern for one year after the date the financial statements are issued. The Company’s balance of cash, cash equivalents and short-term investments on hand as of September 30, 2019 is not sufficient to fund operations past the third quarter of 2020. While there is substantial doubt about the Company’s ability to continue as a going concern through the one-year period from the date these financial statements are issued, management’s plans to mitigate this risk include raising additional capital through the Company’s Common Stock Purchase Agreement (Note 7), “At-The-Market” Equity Program (Note 7), or additional financing or strategic transactions. Management’s plans may also include the possible deferral of certain operating expenses unless additional capital is received. Reverse Stock Split On July 27, 2018, the Company effected a 1-for-8 reverse stock split of the Company's outstanding shares of common stock, as authorized at a special meeting of stockholders on June 20, 2018. All share and per share amounts of common stock, options and warrants in the accompanying financial statements and notes thereto have been retroactively adjusted for all periods presented to reflect the reverse stock split.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2019
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	Note 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited financial statements included herein have been prepared by the Company in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and pursuant to the rules and regulations of the SEC. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, all adjustments, consisting of normal recurring adjustments, and disclosures considered necessary for a fair presentation of interim period results have been included. Interim results for the three and nine months ended September 30, 2019 are not necessarily indicative of results that may be expected for the year ending December 31, 2019. For further information, refer to the financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018 (the “2018 Form 10-K”), which was filed with the SEC on March 6, 2019. Cash and Cash Equivalents The Company considers all highly liquid investments with maturities of 90 days or less when purchased to be “cash equivalents.” Cash and cash equivalents at September 30, 2019 and December 31, 2018 consisted of cash, commercial paper and money market funds. Financial Instruments The fair value of the Company’s financial instruments is determined and disclosed in accordance with the three-tier fair value hierarchy specified in Note 3. The Company is required to disclose the estimated fair values of its financial instruments. As of September 30, 2019 and December 31, 2018, the Company’s financial instruments consisted of cash, cash equivalents, investments and receivables and the estimated fair values of such financial instruments approximated their carrying values. As of September 30, 2019, the Company did not have any derivatives, hedging instruments or other similar financial instruments. Revenue Recognition In accordance with ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”), the Company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. The Company’s revenues have primarily been generated through collaborative research, development and/or commercialization agreements and other out-licensing arrangements. The terms of these agreements may include payment to the Company of one or more of the following: nonrefundable, up-front license fees; research, development and commercial milestone payments; and other contingent payments due based on the activities of the counterparty or the reimbursement by licensees of costs associated with patent maintenance. Each of these types of revenue are recorded as Alliance revenues in the Company’s statement of operations. See Note 9, “Collaboration and License Agreements” for additional details surrounding the Company’s collaboration arrangements. Note 2. Summary of Significant Accounting Policies (Continued) Income Taxes In accordance with ASC 270, Interim Reporting , and ASC 740, Income Taxes , the Company is required at the end of each interim period to determine the best estimate of its annual effective tax rate and then apply that rate in providing for income taxes on a current year-to-date (interim period) basis. For the three and nine months ended September 30, 2019 and 2018, the Company recorded no tax expense or benefit due to the expected current year loss and its historical losses. The Company has not recorded its net deferred tax asset as of either September 30, 2019 or December 31, 2018 because it maintained a full valuation allowance against all deferred tax assets as of these dates as management has determined that it is not more likely than not that the Company will realize these future tax benefits. As of September 30, 2019 and December 31, 2018, the Company had no uncertain tax positions. New Accounting Pronouncements From time to time, new accounting pronouncements are issued by the FASB and rules are issued by the SEC that the Company has or will adopt as of a specified date. Unless otherwise noted, management does not believe that any other recently issued accounting pronouncements issued by the FASB or guidance issued by the SEC had, or is expected to have, a material impact on the Company’s present or future financial statements. Recently Adopted Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”). ASU 2016-02 requires organizations that lease assets, with lease terms of more than 12 months, to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. Consistent with GAAP, the recognition, measurement and presentation of expenses and cash flows arising from a lease by a lessee will depend primarily on its classification as a finance or operating lease. However, unlike the previous standard, which required only capital leases to be recognized on the balance sheet, ASU 2016-02 requires both types of leases to be recognized on the balance sheet. This guidance was applicable to the Company's fiscal year beginning January 1, 2019, and the Company adopted ASU 2016-02 in the first quarter of 2019 using the alternative modified retrospective transition method, which allowed the Company to apply the new lease standard to the beginning of the 2019 period and did not require adjusting comparative period financial information. Additionally, the Company elected the package of practical expedients to not reassess prior conclusions related to contracts containing leases, lease classification and initial direct costs. As a result of adopting ASU 2016-02, the primary impact on the Company’s financial statements was the recognition of a right-of-use asset and corresponding liability of approximately $0.3 million on its balance sheet as of January 1, 2019 related to its existing Exton, PA facility operating lease. In June 2018, the FASB issued ASU No. 2018-07, Compensation – Stock Compensation (Topic 718) (“ASU 2018-07”). ASU 2018-07 simplifies the accounting for nonemployee share-based payment transactions and was adopted by the Company in the first quarter of 2019. The adoption of this ASU did not have a material impact on the Company’s financial statements.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2019
Fair Value Measurements
Fair Value Measurements	Note 3. Fair Value Measurements Assets and Liabilities Measured at Fair Value on a Recurring Basis The Company applies the guidance in ASC 820, Fair Value Measurement , to account for financial assets and liabilities measured on a recurring basis. Fair value is measured at the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset or liability. The Company uses a fair value hierarchy, which distinguishes between assumptions based on market data (observable inputs) and an entity's own assumptions (unobservable inputs). The guidance requires that fair value measurements be classified and disclosed in one of the following three categories: · Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; · Level 2: Quoted prices in markets that are not active or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; and · Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). Determining which category an asset or liability falls within the hierarchy requires significant judgment. The Company evaluates its hierarchy disclosures each reporting period. There were no transfers between Level 1, 2 and 3 during the nine months ended September 30, 2019. The table below presents the assets and liabilities measured and recorded in the financial statements at fair value on a recurring basis at September 30, 2019 and December 31, 2018 categorized by the level of inputs used in the valuation of each asset and liability: September 30, 2019 (In thousands) Total Level 1 Level 2 Level 3 Assets Cash $ 250 $ 250 $ — $ — Money market funds 25,635 25,635 — — Other cash equivalents – commercial paper 6,726 — 6,726 — Short-term investments – commercial paper 4,257 — 4,257 — Short-term investments – U.S. treasury bills 4,718 4,718 — — Total assets $ 41,586 $ 30,603 $ 10,983 $ — Total liabilities $ — $ — $ — $ — December 31, 2018 (In thousands) Total Level 1 Level 2 Level 3 Assets Cash $ 8,446 $ 8,446 $ — $ — Money market funds 61,177 61,177 — — Other cash equivalents – commercial paper 1,808 — 1,808 — Total assets $ 71,431 $ 69,623 $ 1,808 $ — Total liabilities $ — $ — $ — $ — The Level 1 assets include money market funds, which are actively traded daily.

Investments

Investments	9 Months Ended
	Sep. 30, 2019
Investments
Investments	Note 4. Investments The Company ’s available-for-sale investments at fair value consisted of the following at September 30, 2019: September 30, 2019 Gross Gross Estimated Unrealized Unrealized Fair (In thousands) Cost (Losses) Gains Value Short-term investments – commercial paper $ 4,256 $ — $ 1 $ 4,257 Short-term investments – U.S. treasury bills 4,718 — — 4,718 Total short-term investments $ 8,974 $ — $ 1 $ 8,975 Total investments $ 8,974 $ — $ 1 $ 8,975 The Company had no realized gains or losses from the sale of investments in available-for-sale securities in each of the nine months ended September 30, 2019 or 2018. There were no losses or other-than-temporary declines in value included in “Interest income” on the Company’s condensed statements of operations and comprehensive loss for any securities for the nine months ended September 30, 2019 or 2018.

Property and Equipment

Property and Equipment	9 Months Ended
	Sep. 30, 2019
Property and Equipment
Property and Equipment	Note 5. Property and Equipment At September 30, 2019 and December 31, 2018, property and equipment, net, consisted of the following: September 30, December 31, (In thousands) 2019 2018 Leasehold improvements $ 107 $ 104 Laboratory equipment and other 764 767 Total property and equipment, at cost 871 871 Less: Accumulated depreciation and amortization 748 664 Property and equipment, net $ 123 $ 207 Depreciation and amortization expense on property and equipment was less than $0.1 million for the three months ended September 30, 2019 and approximately $0.1 million for the three months ended September 30, 2018. Depreciation and amortization expense was approximately $0.1 million and $0.4 million for the nine months ended September 30, 2019 and 2018, respectively. There were no non-cash property additions during the nine months ended September 30, 2019 or 2018.

Accrued Expenses

Accrued Expenses	9 Months Ended
	Sep. 30, 2019
Accrued Expenses
Accrued Expenses	Note 6. Accrued Expenses At September 30, 2019 and December 31, 2018, accrued expenses consisted of the following: September 30, December 31, (In thousands) 2019 2018 Payroll and related costs $ 1,572 $ 1,962 Clinical and nonclinical trial expenses 4,968 3,958 Professional and consulting fees 412 605 Restructuring expenses 209 1,147 Other 146 212 Total accrued expenses $ 7,307 $ 7,884 Included in accrued Payroll and related costs as of September 30, 2019 and December 31, 2018 is less than $0.1 million and $0.7 million, respectively, of salary continuation severance benefits paid in equal installments through October 31, 2019 to former executives.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2019
Stockholders' Equity
Stockholders' Equity	Note 7. Stockholders’ Equity Equity Financings Common Stock Purchase Agreement On March 4, 2019, the Company entered into a Purchase Agreement with Lincoln Park Capital Fund, LLC (“Lincoln Park”), pursuant to which, upon the terms and subject to the conditions and limitations set forth therein, Lincoln Park has committed to purchase an aggregate of $35.0 million of shares of Company common stock from time to time at the Company’s sole discretion (the “Purchase Agreement”). As consideration for entering into the Purchase Agreement, the Company issued 269,749 shares of Company common stock to Lincoln Park as a commitment fee (the “Commitment Shares”). The closing price of the Company’s common stock on March 4, 2019 was $2.84 and the Company did not receive any cash proceeds from the issuance of the Commitment Shares. During the nine months ended September 30, 2019, the Company sold 785,848 shares pursuant to the Purchase Agreement, resulting in net proceeds of $2.3 million. "At-The-Market" Equity Program In November 2018, the Company entered into an Equity Distribution Agreement (the “ATM Agreement”) with JMP Securities LLC (“JMP”) pursuant to which the Company may issue and sell shares of its common stock having an aggregate offering price of up to $50.0 million (the “Shares”) through JMP as its agent. Subject to the terms and conditions of the Agreement, JMP will use its commercially reasonable efforts to sell the Shares from time to time, based upon the Company’s instructions, by methods deemed to be an “at the market offering” as defined in Rule 415(a)(4) promulgated under the Securities Act of 1933, as amended, or if specified by the Company, by any other method permitted by law, including but not limited to in negotiated transactions. The Company has no obligation to sell any of the Shares, and the Company or JMP may at any time suspend sales under the ATM Agreement or terminate the ATM Agreement. JMP is entitled to a fixed commission of 3.0% of the gross proceeds from Shares sold. During the nine months ended September 30, 2019, the Company sold 532,700 Shares pursuant to the ATM Agreement resulting in net proceeds, after deduction of commissions and other offering expenses, of $1.6 million. Common Stock Warrants In connection with various financing transactions, the Company has issued warrants to purchase shares of the Company’s common stock. The Company accounts for common stock warrants as equity instruments, derivative liabilities or liabilities, depending on the specific terms of the warrant agreement. As of September 30, 2019 and December 31, 2018, all of the Company’s outstanding common stock warrants were equity-classified. The following table summarizes outstanding warrants to purchase shares of the Company’s common stock as of September 30, 2019 and December 31, 2018: Number of Shares September 30, December 31, Weighted-Average Description 2019 2018 Exercise Price Expiration Date Issued in May 2013 financing (pre-funded) 1,977,041 1,977,041 $ 0.08 May 2020 Issued in September 2013 financing (pre-funded) 521,997 521,997 $ 0.08 Sep 2020 Issued in February 2014 financing (pre-funded) 266,006 269,844 $ 0.08 Feb 2021 Total 2,765,044 2,768,882 The table below is a summary of the Company's warrant activity for the nine months ended September 30, 2019: Number of Weighted-Average Warrants Exercise Price Outstanding at December 31, 2018 2,768,882 $ 0.08 Issued — — Exercised (3,838) 0.08 Expired — — Outstanding at September 30, 2019 2,765,044 $ 0.08

Alliance Revenue

Alliance Revenue	9 Months Ended
	Sep. 30, 2019
Alliance Revenue
Alliance Revenue	Note 8. Alliance Revenue Alliance revenue for the three and nine months ended September 30, 2019 and 2018 represents revenue from contracts with customers accounted for in accordance with ASC Topic 606. For the three and nine months ended September 30, 2019 and 2018, Alliance revenue in the accompanying statements of operations and comprehensive loss is comprised of the following: Three Months Ended Nine Months Ended September 30, September 30, (In thousands) 2019 2018 2019 2018 Out-license arrangement (1) $ — $ — $ 1,447 $ — GSK collaboration (2) — 141 — 424 Vivelix collaboration (3) — — — 56 Other (4) — 4 1 83 Total Alliance revenue $ — $ 145 $ 1,448 $ 563 (1) Revenue recognized in connection with the Licensee Agreement, as more fully described in Note 9. (2) Revenue recognized in connection with the GSK Agreement, as more fully described in Note 9. (3) Revenue recognized in connection with the Vivelix Agreement, as more fully described in Note 9. (4) For all periods presented, revenue recognized relates to collaborations which are not material to the Company’s current operations nor expected to be material in the future, including reimbursements by licensees of costs associated with patent maintenance.

Collaboration and License Agree

Collaboration and License Agreements	9 Months Ended
	Sep. 30, 2019
Collaboration and License Agreements
Collaboration and License Agreements	Note 9. Collaboration and License Agreements Option and License Agreement with Licensee In April 2019, the Company entered into an amended and restated option and license agreement with a privately-held biopharmaceutical company (“Licensee”), pursuant to which the Company granted Licensee (i) exclusive worldwide rights to develop and market IMO-8400 for the treatment, palliation and diagnosis of all diseases, conditions or indications in humans (the “IMO-8400 License”), (ii) an exclusive right and license to develop IMO-9200 in accordance with certain IMO-9200 pre-option exercise protocols (the “IMO-9200 Option Period License”), and (iii) an exclusive option, exercisable at Licensee’s discretion, to obtain the exclusive worldwide rights to develop and market IMO-9200 for the treatment, palliation and diagnosis of all diseases, conditions or indications in humans (the “IMO-9200 Option”) (collectively, the “Licensee Agreement”). In connection with the Licensee Agreement, the Company transferred certain drug material to Licensee for Licensee’s use in development activities. Licensee is solely responsible for the development and commercialization of IMO-8400 and, if Licensee exercises the IMO-9200 Option, Licensee would be solely responsible for the development and commercialization of IMO-9200. Under the terms of the Licensee Agreement, the Company received upfront, non-refundable fees totaling approximately $1.4 million and ownership of 10% of Licensee’s outstanding common stock, subject to future adjustment, for granting Licensee the IMO-8400 License, the IMO-9200 Option Period License and transfer of related drug materials. In addition, the Company is eligible to receive a $1 million non-refundable fee upon Licensee exercising the IMO-9200 Option (“Option Fee”) and is entitled to certain sub-licensing payments on sublicense revenue received by Licensee, if any. The Company may also be eligible for certain development and sales-based milestone payments and royalties on global net sales for any future products. The Company does not anticipate the receipt of any of the future milestones or royalties in the short term, if ever. Note 9. Collaboration and License Agreements (Continued) The Company concluded that the contract counterparty, Licensee, is a customer and accounted for the Licensee Agreement in accordance with ASC 606. As of September 30, 2019, the total transaction price of the contract was $1.4 million, which excluded the Option Fee and all development and sales milestones as all such payments were fully constrained. Additionally, as of September 30, 2019, there were no remaining performance obligations under the Licensee Agreement. The Company re-evaluates its performance obligations and transaction price in each reporting period and as uncertain events are resolved or other changes in circumstances occur. As disclosed above, in connection with the Licensee Agreement, the Company owns 10% of Licensee’s outstanding common stock, subject to future adjustment. The Company evaluated the guidance in ASC Topic 321, Investments-Equity Securities , and elected to account for the investment using the measurement alternative as the equity securities are without a readily determinable fair value, and the arrangement does not result in Idera having control or significant influence over Licensee. Accordingly, the securities are measured at cost, less any impairment, plus or minus changes resulting from observable price changes and are recorded in Other assets at a value of less than $0.1 million in the accompanying balance sheets. As of September 30, 2019, the Company considered the cost of the investment to not exceed the fair value of the investment and did not identify any observable price changes. For the nine months ended September 30, 2019, the Company recognized Alliance revenues of $1.4 million under the Licensee Agreement, primarily related to the transfer of the IMO-8400 License and IMO-8400 drug product. Collaboration with Vivelix In November 2016, the Company entered into an exclusive license and collaboration agreement with Vivelix Pharmaceuticals, Ltd. (“Vivelix”) pursuant to which the Company granted Vivelix worldwide rights to develop and market IMO-9200 for non-malignant gastrointestinal disorders, and certain back-up compounds to IMO-9200 (the “Vivelix Agreement”). The Company was previously developing IMO-9200 for potential use in selected autoimmune disease indications. However, the Company determined not to proceed with internal development of IMO-9200 because the large autoimmune disease indications for which IMO-9200 had been developed did not fit within the strategic focus of the Company. Under the terms of the Vivelix Agreement, Vivelix was solely responsible for the development and commercialization of IMO-9200 and any designated back-up compounds. In connection with the Vivelix Agreement, Idera also transferred certain drug material to Vivelix for Vivelix’s use in its development activities. Under the terms of the Vivelix Agreement, the Company received an upfront, non-refundable fee of $15 million and was eligible for future IMO-9200 related development, regulatory and sales milestone payments and sales-based royalties. However, on March 4, 2019, the Company and Vivelix mutually agreed to terminate the Vivelix Agreement. Accordingly, the Company is no longer eligible to receive any future milestone or royalty-based payments and all rights previously granted to Vivelix with respect to IMO-9200 and certain back-up compounds to IMO-9200 reverted back to the Company. For the nine months ended September 30, 2018, the Company recognized Alliance revenues of less than $0.1 million related to certain research activities performed by the Company at Vivelix’s request, pursuant to the Vivelix Agreement. No such services were performed during the nine months ended September 30, 2019. Note 9. Collaboration and License Agreements (Continued) Collaboration with GSK In November 2015, the Company entered into a collaboration and license agreement with GlaxoSmithKline Intellectual Property Development Limited (“GSK”) to license, research, develop and commercialize pharmaceutical compounds from the Company’s nucleic acid chemistry technology for the treatment of selected targets in renal disease (the “GSK Agreement”). In connection with the GSK Agreement, GSK identified an initial target for the Company to attempt to identify a potential population of development candidates to address such target under a mutually agreed upon research plan. From the population of identified development candidates, GSK may designate one development candidate, in its sole discretion, to move forward into clinical development. Once GSK designates a development candidate, GSK would be solely responsible for the development and commercialization activities for that designated development candidate. The GSK Agreement also provided GSK with the option to select up to two additional targets at any time during the first two years of the GSK Agreement for further research under mutually agreed upon research plans. Upon selecting additional targets, GSK then had the option to designate one development candidate for each additional target, at which time GSK would have sole responsibility to develop and commercialize each such designated development candidate. GSK did not select any additional targets for research through expiry of the option period. Under the terms of the GSK Agreement, the Company received a $2.5 million upfront, non-refundable, non-creditable cash payment upon the execution of the GSK Agreement. Additionally, the Company is eligible to receive an additional $18 million in license, research, clinical development and commercialization milestone payments, of which $1 million would be payable by GSK upon the designation of a development candidate from the initial target and $17 million would be payable by GSK upon the achievement of clinical milestones and commercial milestones. In addition, the Company is eligible to receive royalty payments on sales of licensed products following commercialization at varying rates of up to 5% on annual net sales, as defined in the GSK Agreement. For the three and nine months ended September 30, 2018, the Company recognized Alliance revenues of $0.1 million and $0.4 million, respectively, related to the amortization of the deferred up-front payment received at inception of the GSK Agreement, over the 36-month anticipated performance period, which concluded in the fourth quarter of 2018. Accordingly, no such revenues were recognized during the three and nine months ended September 30, 2019.

Restructuring Costs

Restructuring Costs	9 Months Ended
	Sep. 30, 2019
Restructuring Costs
Restructuring Costs	Note 10. Restructuring Costs In July 2018, the Company determined to wind-down its discovery operations, reduce the workforce in Cambridge, Massachusetts that supported such operations, and close its Cambridge facility. In connection with the reduction-in-workforce, 18 positions were eliminated, primarily in the area of discovery, which represented approximately 40% of the Company’s employees. Of the 18 positions eliminated, 15 were effective July 31, 2018 with the remaining effective during the first half of 2019. Total restructuring-related charges incurred through September 30, 2019 were $3.3 million and are comprised of (i) one-time termination costs in connection with the reduction in workforce, including severance, benefits and related costs, of approximately $2.8 million; (ii) contract termination costs of approximately $0.2 million in connection with the early lease termination for the Cambridge facility; and (iii) non-cash asset impairments of approximately $0.7 million, which includes $0.5 million of fixed asset impairments and $0.2 million in write-offs of facility-related prepaid expenses; offset by (iv) a non-cash gain of approximately $0.4 million related to the write-off of the remaining deferred rent liability associated with the Cambridge facility lease. Note 10. Restructuring Costs (Continued) The following summarizes restructuring-related activity for the nine months ended September 30, 2019: (in thousands) Employee Severance Contract Termination Costs Asset Impairments Total Accrued restructuring balance as of December 31, 2018 $ 1,147 $ — $ — $ 1,147 Charges incurred 181 — — 181 Cash payments (1,119) — — (1,119) Accrued restructuring balance as of September 30, 2019 $ 209 $ — $ — $ 209 As of September 30, 2019, the accrued restructuring balance of $0.2 million is included in “Accrued expenses” in the accompanying condensed balance sheets. See Note 6.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2019
Stock-Based Compensation
Stock-Based Compensation	Note 11. Stock-Based Compensation As of September 30, 2019, the only equity compensation plans from which the Company may currently issue new awards are the Company’s 2013 Stock Incentive Plan Equity Incentive and Employee Stock Purchase Plans 2013 Stock Incentive Plan The Company's board of dire As of September 30, 2019, options to purchase a total of 3,567,161 shares of common stock and 193,625 restricted stock units were outstanding and up to 2,141,103 shares of common stock remained available for grant under the 2013 Plan. The Company has not made any awards pursuant to other equity incentive plans, including the 2008 Plan, since the Company’s stockholders approved the 2013 Plan. As of September 30, 2019, options to purchase a total of 433,470 shares of common stock were outstanding under the 2008 Plan. In addition, as of September 30, 2019, non-statutory stock options to purchase an aggregate of 393,750 shares of common stock were outstanding. These options were issued outside of the 2013 Plan to certain newly-hired employees in 2017, 2015 and 2014 pursuant to the Nasdaq inducement grant exception as a material component of such new hires’ employment compensation. Note 11. Stock-Based Compensation (Continued) 2017 Employee Stock Purchase Plan The Company’s board of directors adopted the 2017 ESPP, which was approved by the Company’s stockholders and became effective on June 7, 2017. An amendment to the 2017 ESPP was approved by the Company’s stockholders in June 2019. The 2017 ESPP is intended to qualify as an "employee stock purchase plan" as defined in Section 423 of the Internal Revenue Code, and is intended to encourage our employees to become stockholders of ours, to stimulate increased interest in our affairs and success, to afford employees the opportunity to share in our earnings and growth and to promote systematic savings by them. The total number of shares of common stock authorized for issuance under the 2017 ESPP is 412,500 shares of common stock, subject to adjustment as described in the 2017 ESPP. Participation is limited to employees that would not own 5% or more of the total combined voting power or value of the stock of the Company after the grant. As of September 30, 2019, 337,053 shares remained available for issuance under the 2017 ESPP. For the nine months ended September 30, 2019 and 2018, the Company issued 45,241 and 18,355 shares of common stock, respectively, under the 2017 ESPP and received proceeds of $0.1 million and $0.2 million respectively, as a result of employee stock purchases. Accounting for Stock-based Compensation The Company recognizes non-cash compensation expense for stock-based awards under the Company’s equity incentive plans over an award’s requisite service period, or vesting period, using the straight-line attribution method, based on their grant date fair value determined using the Black-Scholes option-pricing model. The Company also recognizes non-cash compensation for stock purchases made under the 2017 ESPP. T he fair value of the discounted purchases made under the Company’s 2017 ESPP is calculated using the Black-Scholes option-pricing model. The fair value of the look-back provision plus the 15% discount is recognized as compensation expense over each plan period. Total stock-based compensation expense attributable to stock-based payments made to employees and directors and employee stock purchases included in operating expenses in the Company's statements of operations for the three and nine months ended September 30, 2019 and 2018 was as follows: Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2019 2018 2019 2018 Stock-based compensation: Research and development Employee Stock Purchase Plan $ 9 $ 11 $ 27 $ 62 Equity Incentive Plan 328 303 978 1,379 $ 337 $ 314 $ 1,005 $ 1,441 General and administrative Employee Stock Purchase Plan $ 4 $ 8 $ 18 $ 40 Equity Incentive Plan 622 981 1,845 2,949 $ 626 $ 989 $ 1,863 $ 2,989 Restructuring costs Equity Incentive Plans $ — $ 24 $ — $ 24 $ — $ 24 $ — $ 24 Total stock-based compensation expense $ 963 $ 1,327 $ 2,868 $ 4,454 During the nine months ended September 30, 2019 and 2018, the weighted average fair market value of stock options granted was $1.65 and $7.15, respectively. Note 11. Stock-Based Compensation (Continued) The following weighted average assumptions apply to the options to purchase 1,259,016 and 1,091,474 shares of common stock granted to employees and directors during the nine months ended September 30, 2019 and 2018, respectively: Nine Months Ended September 30, 2019 2018 Average risk-free interest rate Expected dividend yield — — Expected lives (years) 3.8 3.8 Expected volatility Weighted average exercise price (per share) $ 2.76 $ 12.91 All options granted during the nine months ended September 30, 2019 and 2018 were granted at exercise prices equal to the fair market value of the common stock on the dates of grant . Stock Option Activity The following table summarizes stock option activity for the nine months ended September 30, 2019: ($ in thousands, except per share data) Stock Weighted-Average Weighted-Average Aggregate Intrinsic Value Outstanding at December 31, 2018 3,304,531 $ 18.42 6.6 $ — Granted 1,259,016 2.76 Exercised — — Forfeited (60,595) 13.36 Expired (108,571) 27.48 Outstanding at September 30, 2019 (1) 4,394,381 $ 13.77 7.0 $ 279 Exercisable at September 30, 2019 2,311,989 $ 20.34 5.1 $ — (1) Includes both vested stock options as well as unvested stock options for which the requisite service period has not been rendered but that are expected to vest based on achievement of a service condition. The fair value of options that vested during the nine months ended September 30, 2019 was $3.7 million. As of September 30, 2019, there was $6.3 million of unrecognized compensation cost related to unvested options, which the Company expects to recognize over a weighted average period of 2.5 years. Restricted Stock Activity The following table summarizes restricted stock activity for the nine months ended September 30, 2019: ($ in thousands, except per share data) Number of Shares Weighted-Average Nonvested shares at December 31, 2018 — $ — Granted 194,550 3.14 Cancelled (925) 3.14 Vested — — Nonvested shares at September 30, 2019 193,625 $ 3.14 As of September 30, 2019, there was $0.5 million of unrecognized compensation expense related to the restricted stock units, which is expected to be recognized over a weighted-average period of 3.3 years.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2019
Related Party Transactions
Related Party Transactions	Note 12. Related Party Transactions Overview of Related Parties Julian C. Baker, a member of the Company’s Board until his resignation in September 2018, is a principal of Baker Bros. Advisors, LP. Additionally, Kelvin M. Neu, a member of Company’s Board until his resignation in June 2019, is an employee of Baker Bros. Advisors, LP. As of September 30, 2019, Baker Bros. Advisors, LP and certain of its affiliated funds (collectively, “Baker Brothers”) held sole voting power with respect to an aggregate of 4,606,786 shares of the Company’s common stock, representing approximately 16% of the Company's outstanding common stock. During the nine months ended September 30, 2019, Baker Brothers made an in-kind pro rata distribution of a total of 60,070 warrants to purchase shares of the Company’s common stock to Mr. Baker, Mr. Neu and other investors in Baker Brothers. During the nine months ended September 30, 2018, Baker Brothers exercised warrants to purchase 2,539,541 shares of the Company’s common stock at an exercise price of $3.76 per share for a total exercise price of approximately $9.5 million. As of September 30, 2019, Baker Brothers held pre-funded warrants to purchase up to 2,708,812 shares of the Company’s common stock at an exercise price of $0.08 per share. Board Fees Paid in Stock Pursuant to the Company’s director compensation program, in lieu of director board and committee fees incurred of $0.1 million during each of the nine months ended September 30, 2019 and 2018, the Company issued 40,158 and 7,067 shares of its common stock, respectively, to certain of its directors. Director board and committee fees are paid in arrears (including fees paid in stock) and the number of shares issued was calculated based on the market closing price of the Company’s common stock on the issuance date.

Net Loss per Common Share

Net Loss per Common Share	9 Months Ended
	Sep. 30, 2019
Net Loss per Common Share
Net Loss per Common Share	Note 13. Net Loss per Common Share Basic and diluted net loss per common share applicable to common stockholders is calculated by dividing net loss applicable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, without consideration of common stock equivalents. The Company’s potentially dilutive shares, which include outstanding stock option awards, common stock warrants and convertible preferred stock, are considered to be common stock equivalents and are only included in the calculation of diluted net loss per share when their effect is dilutive. For the three and nine months ended September 30, 2019 and 2018, diluted net loss per common share applicable to common stockholders was the same as basic net loss per common share applicable to common stockholders as the effects of the Company’s potential common stock equivalents are antidilutive. Total antidilutive securities excluded from the calculation of diluted net loss per share were 7,354,976 and 6,093,983 as of September 30, 2019 and 2018, respectively, and consisted of stock options, preferred stock and warrants.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2019
Subsequent Events.
Subsequent Events	Note 14. Subsequent Events The Company considers events or transactions that occur after the balance sheet date but prior to the issuance of the financial statements to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2019
Summary of Significant Accounting Policies
Basis of Presentation	Basis of Presentation The accompanying unaudited financial statements included herein have been prepared by the Company in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and pursuant to the rules and regulations of the SEC. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, all adjustments, consisting of normal recurring adjustments, and disclosures considered necessary for a fair presentation of interim period results have been included. Interim results for the three and nine months ended September 30, 2019 are not necessarily indicative of results that may be expected for the year ending December 31, 2019. For further information, refer to the financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018 (the “2018 Form 10-K”), which was filed with the SEC on March 6, 2019.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments with maturities of 90 days or less when purchased to be “cash equivalents.” Cash and cash equivalents at September 30, 2019 and December 31, 2018 consisted of cash, commercial paper and money market funds.
Financial Instruments	Financial Instruments The fair value of the Company’s financial instruments is determined and disclosed in accordance with the three-tier fair value hierarchy specified in Note 3. The Company is required to disclose the estimated fair values of its financial instruments. As of September 30, 2019 and December 31, 2018, the Company’s financial instruments consisted of cash, cash equivalents, investments and receivables and the estimated fair values of such financial instruments approximated their carrying values. As of September 30, 2019, the Company did not have any derivatives, hedging instruments or other similar financial instruments.
Revenue Recognition	Revenue Recognition In accordance with ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”), the Company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. The Company’s revenues have primarily been generated through collaborative research, development and/or commercialization agreements and other out-licensing arrangements. The terms of these agreements may include payment to the Company of one or more of the following: nonrefundable, up-front license fees; research, development and commercial milestone payments; and other contingent payments due based on the activities of the counterparty or the reimbursement by licensees of costs associated with patent maintenance. Each of these types of revenue are recorded as Alliance revenues in the Company’s statement of operations. See Note 9, “Collaboration and License Agreements” for additional details surrounding the Company’s collaboration arrangements.
Income Taxes	Income Taxes In accordance with ASC 270, Interim Reporting , and ASC 740, Income Taxes , the Company is required at the end of each interim period to determine the best estimate of its annual effective tax rate and then apply that rate in providing for income taxes on a current year-to-date (interim period) basis. For the three and nine months ended September 30, 2019 and 2018, the Company recorded no tax expense or benefit due to the expected current year loss and its historical losses. The Company has not recorded its net deferred tax asset as of either September 30, 2019 or December 31, 2018 because it maintained a full valuation allowance against all deferred tax assets as of these dates as management has determined that it is not more likely than not that the Company will realize these future tax benefits. As of September 30, 2019 and December 31, 2018, the Company had no uncertain tax positions.
New Accounting Pronouncements	New Accounting Pronouncements From time to time, new accounting pronouncements are issued by the FASB and rules are issued by the SEC that the Company has or will adopt as of a specified date. Unless otherwise noted, management does not believe that any other recently issued accounting pronouncements issued by the FASB or guidance issued by the SEC had, or is expected to have, a material impact on the Company’s present or future financial statements. Recently Adopted Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”). ASU 2016-02 requires organizations that lease assets, with lease terms of more than 12 months, to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. Consistent with GAAP, the recognition, measurement and presentation of expenses and cash flows arising from a lease by a lessee will depend primarily on its classification as a finance or operating lease. However, unlike the previous standard, which required only capital leases to be recognized on the balance sheet, ASU 2016-02 requires both types of leases to be recognized on the balance sheet. This guidance was applicable to the Company's fiscal year beginning January 1, 2019, and the Company adopted ASU 2016-02 in the first quarter of 2019 using the alternative modified retrospective transition method, which allowed the Company to apply the new lease standard to the beginning of the 2019 period and did not require adjusting comparative period financial information. Additionally, the Company elected the package of practical expedients to not reassess prior conclusions related to contracts containing leases, lease classification and initial direct costs. As a result of adopting ASU 2016-02, the primary impact on the Company’s financial statements was the recognition of a right-of-use asset and corresponding liability of approximately $0.3 million on its balance sheet as of January 1, 2019 related to its existing Exton, PA facility operating lease. In June 2018, the FASB issued ASU No. 2018-07, Compensation – Stock Compensation (Topic 718) (“ASU 2018-07”). ASU 2018-07 simplifies the accounting for nonemployee share-based payment transactions and was adopted by the Company in the first quarter of 2019. The adoption of this ASU did not have a material impact on the Company’s financial statements.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2019
Fair Value Measurements
Schedule of assets and liabilities measured and recorded in financial statements at fair value on a recurring basis	September 30, 2019 (In thousands) Total Level 1 Level 2 Level 3 Assets Cash $ 250 $ 250 $ — $ — Money market funds 25,635 25,635 — — Other cash equivalents – commercial paper 6,726 — 6,726 — Short-term investments – commercial paper 4,257 — 4,257 — Short-term investments – U.S. treasury bills 4,718 4,718 — — Total assets $ 41,586 $ 30,603 $ 10,983 $ — Total liabilities $ — $ — $ — $ — December 31, 2018 (In thousands) Total Level 1 Level 2 Level 3 Assets Cash $ 8,446 $ 8,446 $ — $ — Money market funds 61,177 61,177 — — Other cash equivalents – commercial paper 1,808 — 1,808 — Total assets $ 71,431 $ 69,623 $ 1,808 $ — Total liabilities $ — $ — $ — $ —

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2019
Investments
Schedule of available-for-sale investments at fair value	September 30, 2019 Gross Gross Estimated Unrealized Unrealized Fair (In thousands) Cost (Losses) Gains Value Short-term investments – commercial paper $ 4,256 $ — $ 1 $ 4,257 Short-term investments – U.S. treasury bills 4,718 — — 4,718 Total short-term investments $ 8,974 $ — $ 1 $ 8,975 Total investments $ 8,974 $ — $ 1 $ 8,975

Property and Equipment (Tables)

Property and Equipment (Tables)	9 Months Ended
	Sep. 30, 2019
Property and Equipment
Schedule of net property and equipment at cost	September 30, December 31, (In thousands) 2019 2018 Leasehold improvements $ 107 $ 104 Laboratory equipment and other 764 767 Total property and equipment, at cost 871 871 Less: Accumulated depreciation and amortization 748 664 Property and equipment, net $ 123 $ 207

Accrued Expenses (Tables)

Accrued Expenses (Tables)	9 Months Ended
	Sep. 30, 2019
Accrued Expenses
Schedule of accrued expenses	September 30, December 31, (In thousands) 2019 2018 Payroll and related costs $ 1,572 $ 1,962 Clinical and nonclinical trial expenses 4,968 3,958 Professional and consulting fees 412 605 Restructuring expenses 209 1,147 Other 146 212 Total accrued expenses $ 7,307 $ 7,884

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2019
Stockholders' Equity
Schedule of warrants outstanding and exercisable for purchase of common stock	Number of Shares September 30, December 31, Weighted-Average Description 2019 2018 Exercise Price Expiration Date Issued in May 2013 financing (pre-funded) 1,977,041 1,977,041 $ 0.08 May 2020 Issued in September 2013 financing (pre-funded) 521,997 521,997 $ 0.08 Sep 2020 Issued in February 2014 financing (pre-funded) 266,006 269,844 $ 0.08 Feb 2021 Total 2,765,044 2,768,882
Summary of warrant activity	Number of Weighted-Average Warrants Exercise Price Outstanding at December 31, 2018 2,768,882 $ 0.08 Issued — — Exercised (3,838) 0.08 Expired — — Outstanding at September 30, 2019 2,765,044 $ 0.08

Alliance Revenue (Tables)

Alliance Revenue (Tables)	9 Months Ended
	Sep. 30, 2019
Alliance Revenue
Schedule of accompanying statements of operations and comprehensive loss	Three Months Ended Nine Months Ended September 30, September 30, (In thousands) 2019 2018 2019 2018 Out-license arrangement (1) $ — $ — $ 1,447 $ — GSK collaboration (2) — 141 — 424 Vivelix collaboration (3) — — — 56 Other (4) — 4 1 83 Total Alliance revenue $ — $ 145 $ 1,448 $ 563 (1) Revenue recognized in connection with the Licensee Agreement, as more fully described in Note 9. (2) Revenue recognized in connection with the GSK Agreement, as more fully described in Note 9. (3) Revenue recognized in connection with the Vivelix Agreement, as more fully described in Note 9. For all periods presented, revenue recognized relates to collaborations which are not material to the Company’s current operations nor expected to be material in the future, including reimbursements by licensees of costs associated with patent maintenance.

Restructuring Costs (Tables)

Restructuring Costs (Tables)	9 Months Ended
	Sep. 30, 2019
Restructuring Costs
Schedule of restructuring costs	(in thousands) Employee Severance Contract Termination Costs Asset Impairments Total Accrued restructuring balance as of December 31, 2018 $ 1,147 $ — $ — $ 1,147 Charges incurred 181 — — 181 Cash payments (1,119) — — (1,119) Accrued restructuring balance as of September 30, 2019 $ 209 $ — $ — $ 209

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2019
Stock-Based Compensation
Schedule of stock-based compensation expense attributable to share-based payments made to employees and directors and included in operating expenses	Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2019 2018 2019 2018 Stock-based compensation: Research and development Employee Stock Purchase Plan $ 9 $ 11 $ 27 $ 62 Equity Incentive Plan 328 303 978 1,379 $ 337 $ 314 $ 1,005 $ 1,441 General and administrative Employee Stock Purchase Plan $ 4 $ 8 $ 18 $ 40 Equity Incentive Plan 622 981 1,845 2,949 $ 626 $ 989 $ 1,863 $ 2,989 Restructuring costs Equity Incentive Plans $ — $ 24 $ — $ 24 $ — $ 24 $ — $ 24 Total stock-based compensation expense $ 963 $ 1,327 $ 2,868 $ 4,454
Schedule of weighted average assumptions applied to options	Nine Months Ended September 30, 2019 2018 Average risk-free interest rate Expected dividend yield — — Expected lives (years) 3.8 3.8 Expected volatility Weighted average exercise price (per share) $ 2.76 $ 12.91
Schedule of information related to outstanding and exercisable options	($ in thousands, except per share data) Stock Weighted-Average Weighted-Average Aggregate Intrinsic Value Outstanding at December 31, 2018 3,304,531 $ 18.42 6.6 $ — Granted 1,259,016 2.76 Exercised — — Forfeited (60,595) 13.36 Expired (108,571) 27.48 Outstanding at September 30, 2019 (1) 4,394,381 $ 13.77 7.0 $ 279 Exercisable at September 30, 2019 2,311,989 $ 20.34 5.1 $ — (1) Includes both vested stock options as well as unvested stock options for which the requisite service period has not been rendered but that are expected to vest based on achievement of a service condition.
Schedule of summary of restricted stock activity	($ in thousands, except per share data) Number of Shares Weighted-Average Nonvested shares at December 31, 2018 — $ — Granted 194,550 3.14 Cancelled (925) 3.14 Vested — — Nonvested shares at September 30, 2019 193,625 $ 3.14

Business and Organization (Deta

Business and Organization (Details) $ in Thousands	Jul. 27, 2018	Sep. 30, 2019USD ($)	Dec. 31, 2018USD ($)
Business and Organization
Accumulated deficit		$ 697,658	$ 664,375
Cash, cash equivalents and investments		$ 41,600
Reverse stock split conversion ratio	0.125

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Summary of Significant Accounting Policies
Tax expense (benefit)	$ 0	$ 0	$ 0	$ 0
Uncertain tax positions	$ 0		$ 0		$ 0

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - New Accounting Pronouncements (Details) - USD ($) $ in Thousands	Jan. 01, 2019	Feb. 29, 2016	Sep. 30, 2019
New Accounting Pronouncements or Change in Accounting Principle
Lease, Practical Expedients, Package [true false]	true
Operating lease right-of-use asset	$ 300		$ 125
Operating lease liability	$ 300
Minimum
New Accounting Pronouncements or Change in Accounting Principle
Lease term		12 months

Fair Value Measurements - Trans

Fair Value Measurements - Transfers Between Levels (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2019USD ($)
Fair Value Measurements
Fair value of assets transfers from level 1 to level 2	$ 0
Fair value of assets transfers from level 2 to level 1	0
Fair value of liabilities transfers from level 1 to level 2	0
Fair value of liabilities transfers from level 2 to level 1	0
Fair value of assets transfers into level 3	0
Fair value of assets transfers out of level 3	0
Fair value of liabilities transfers into level 3	0
Fair value of liabilities transfers out of level 3	$ 0

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Fair Value of Assets and Liabilities Measured at Fair Value on a Recurring Basis
Other cash equivalents and Short-term investments	$ 8,975
Fair value on a recurring basis
Fair Value of Assets and Liabilities Measured at Fair Value on a Recurring Basis
Total Assets	41,586	$ 71,431
Fair value on a recurring basis | Cash
Fair Value of Assets and Liabilities Measured at Fair Value on a Recurring Basis
Cash and Money market funds	250
Other cash equivalents and Short-term investments		8,446
Fair value on a recurring basis | Money market funds
Fair Value of Assets and Liabilities Measured at Fair Value on a Recurring Basis
Cash and Money market funds	25,635	61,177
Fair value on a recurring basis | Other cash equivalents – commercial paper
Fair Value of Assets and Liabilities Measured at Fair Value on a Recurring Basis
Other cash equivalents and Short-term investments	6,726	1,808
Fair value on a recurring basis | Short-term investments – commercial paper
Fair Value of Assets and Liabilities Measured at Fair Value on a Recurring Basis
Other cash equivalents and Short-term investments	4,257
Fair value on a recurring basis | Short-term investments – U.S. treasury bills
Fair Value of Assets and Liabilities Measured at Fair Value on a Recurring Basis
Other cash equivalents and Short-term investments	4,718
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Fair value on a recurring basis
Fair Value of Assets and Liabilities Measured at Fair Value on a Recurring Basis
Total Assets	30,603	69,623
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Fair value on a recurring basis | Cash
Fair Value of Assets and Liabilities Measured at Fair Value on a Recurring Basis
Cash and Money market funds	250
Other cash equivalents and Short-term investments		8,446
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Fair value on a recurring basis | Money market funds
Fair Value of Assets and Liabilities Measured at Fair Value on a Recurring Basis
Cash and Money market funds	25,635	61,177
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Fair value on a recurring basis | Short-term investments – U.S. treasury bills
Fair Value of Assets and Liabilities Measured at Fair Value on a Recurring Basis
Other cash equivalents and Short-term investments	4,718
Significant Other Observable Inputs (Level 2) | Fair value on a recurring basis
Fair Value of Assets and Liabilities Measured at Fair Value on a Recurring Basis
Total Assets	10,983	1,808
Significant Other Observable Inputs (Level 2) | Fair value on a recurring basis | Other cash equivalents – commercial paper
Fair Value of Assets and Liabilities Measured at Fair Value on a Recurring Basis
Other cash equivalents and Short-term investments	6,726	$ 1,808
Significant Other Observable Inputs (Level 2) | Fair value on a recurring basis | Short-term investments – commercial paper
Fair Value of Assets and Liabilities Measured at Fair Value on a Recurring Basis
Other cash equivalents and Short-term investments	$ 4,257

Investments - Summary of Availa

Investments - Summary of Available-for-Sale Investments at Fair Value (Details) $ in Thousands	Sep. 30, 2019USD ($)
Schedule of Available-for-sale Securities
Cost	$ 8,974
Gross Unrealized Gains	1
Estimated Fair Value	8,975
Short-term investments
Schedule of Available-for-sale Securities
Cost	8,974
Gross Unrealized Gains	1
Estimated Fair Value	8,975
Short-term investments – commercial paper
Schedule of Available-for-sale Securities
Cost	4,256
Gross Unrealized Gains	1
Estimated Fair Value	4,257
Short-term investments – U.S. treasury bills
Schedule of Available-for-sale Securities
Cost	4,718
Estimated Fair Value	$ 4,718

Investments - Additional Inform

Investments - Additional Information (Details) - USD ($)	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Investments
Realized gains or losses	$ 0	$ 0
Losses or other-than-temporary declines	$ 0	$ 0

Property and Equipment - Net Pr

Property and Equipment - Net Property and Equipment at Cost (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Property, Plant and Equipment
Total property and equipment, at cost	$ 871	$ 871
Less: accumulated depreciation and amortization	748	664
Property and equipment, net	123	207
Leasehold improvements
Property, Plant and Equipment
Total property and equipment, at cost	107	104
Laboratory equipment and other
Property, Plant and Equipment
Total property and equipment, at cost	$ 764	$ 767

Property and Equipment - Deprec

Property and Equipment - Depreciation and Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Property and Equipment
Depreciation and amortization expense on property and equipment	$ 100	$ 100	$ 100	$ 400
Non-cash property additions			$ 0	$ 0

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Accrued Expenses
Payroll and related costs	$ 1,572	$ 1,962
Clinical and nonclinical trial expenses	4,968	3,958
Professional and consulting fees	412	605
Restructuring expenses	209	1,147
Other	146	212
Total accrued expenses	7,307	7,884
Salary continuation severance benefits	$ 100	$ 700

Stockholders' Equity - Common S

Stockholders' Equity - Common Stock (Details) - USD ($) $ / shares in Units, $ in Millions	Mar. 04, 2019	Nov. 30, 2018	Sep. 30, 2019	Dec. 31, 2018
Class of Stock
Stock issued (in shares)			785,848
Net proceeds from offering of common stock			$ 2.3
Common stock, par value			$ 0.001	$ 0.001
"At-The-Market" Equity Program
Class of Stock
Stock issued (in shares)			532,700
Net proceeds from offering of common stock			$ 1.6
Percentage of fixed commission expense of gross proceeds of shares sold in ATM agreement		3.00%
Lincoln Park Capital Fund, LLC (“Investor”)
Class of Stock
Value of shares investor has committed to purchase from time to time at Company’s sole discretion	$ 35
Stock issued (in shares)	269,749
Stock issued (per share)	$ 2.84
Common Stock | "At-The-Market" Equity Program
Class of Stock
Net proceeds from offering of common stock		$ 50

Stockholders' Equity - Common_2

Stockholders' Equity - Common Stock Warrants (Details) - $ / shares	Sep. 30, 2019	Dec. 31, 2018
Class of Warrant or Right
Number of Warrants	2,765,044	2,768,882
Warrant exercise price per share	$ 0.08	$ 0.08
Expiration Date - May 2020
Class of Warrant or Right
Number of Warrants	1,977,041	1,977,041
Warrant exercise price per share	$ 0.08
Expiration Date - September 2020
Class of Warrant or Right
Number of Warrants	521,997	521,997
Warrant exercise price per share	$ 0.08
Expiration Date - February 2021
Class of Warrant or Right
Number of Warrants	266,006	269,844
Warrant exercise price per share	$ 0.08

Stockholders' Equity - Common_3

Stockholders' Equity - Common Stock Warrant Activity (Details) - $ / shares	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Class of Warrant or Right
Outstanding warrants, beginning of period	2,768,882
Outstanding warrants, end of period	2,765,044
Warrant exercise price per share	$ 0.08	$ 0.08
Expiration Date - November 2017
Class of Warrant or Right
Exercised	(3,838)
Warrant exercise price per share	$ 0.08

Alliance Revenue (Details)

Alliance Revenue (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Alliance Revenue
Alliance revenue	$ 145	$ 1,448	$ 563
Out-license arrangement (1)
Alliance Revenue
Alliance revenue		1,447
Gsk Collaboration
Alliance Revenue
Alliance revenue	141		424
Vivelix Collaboration
Alliance Revenue
Alliance revenue			56
Other
Alliance Revenue
Alliance revenue	$ 4	$ 1	$ 83

Collaboration and License Agr_2

Collaboration and License Agreements (Details)	1 Months Ended			3 Months Ended		9 Months Ended
	Apr. 30, 2019USD ($)	Nov. 30, 2016USD ($)	Nov. 30, 2015USD ($)person	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)
Collaborative Arrangements and Non-collaborative Arrangement Transactions
Alliance revenue					$ 145,000	$ 1,448,000	$ 563,000
Option and License Agreement with Licensee
Collaborative Arrangements and Non-collaborative Arrangement Transactions
Alliance revenue						1,400,000
Transaction price						1,400,000
Performance obligation				$ 0		$ 0
Percentage of shares acquired	10.00%					10.00%
Option and License Agreement with Licensee | Other Assets
Collaborative Arrangements and Non-collaborative Arrangement Transactions
Equity Securities without Readily Determinable Fair Value, Amount				100,000		$ 100,000
Vivelix
Collaborative Arrangements and Non-collaborative Arrangement Transactions
Alliance revenue						0
Vivelix | Up-front Payment Arrangement
Collaborative Arrangements and Non-collaborative Arrangement Transactions
Upfront payment received under collaboration agreement		$ 15,000,000
Vivelix | Maximum
Collaborative Arrangements and Non-collaborative Arrangement Transactions
Alliance revenue							100,000
GSK Agreement
Collaborative Arrangements and Non-collaborative Arrangement Transactions
Number of development candidates | person			1
Number of optional additional targets | person			2
Deferred revenue recognized during the period				$ 0	$ 100,000	$ 0	$ 400,000
Research period			2 years			36 months
GSK Agreement | Up-front Payment Arrangement
Collaborative Arrangements and Non-collaborative Arrangement Transactions
Upfront payment received under collaboration agreement			$ 2,500,000
GSK Agreement | License, Research, Clinical Development and Commercialization
Collaborative Arrangements and Non-collaborative Arrangement Transactions
Milestone payments						$ 18,000,000
GSK Agreement | Research and Development Plans and Designation of Development Candidates
Collaborative Arrangements and Non-collaborative Arrangement Transactions
Milestone payments						1,000,000
GSK Agreement | Clinical and Commercial Milestones
Collaborative Arrangements and Non-collaborative Arrangement Transactions
Milestone payments						$ 17,000,000
GSK Agreement | Maximum
Collaborative Arrangements and Non-collaborative Arrangement Transactions
Maximum royalty percentage on net sales						5.00%
IMO-9200 License | Option and License Agreement with Licensee
Collaborative Arrangements and Non-collaborative Arrangement Transactions
Upfront payment received under collaboration agreement	$ 1,400,000
Non-refundable fee upon exercise of option	$ 1,000,000

Restructuring Costs (Details)

Restructuring Costs (Details) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended		15 Months Ended
	Jul. 31, 2018employee	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)	Dec. 31, 2018USD ($)
Restructuring costs
Restructuring costs		$ 5	$ 3,017	$ 181	$ 3,017
Long-term portion of restructuring accrual							$ 11
Cambridge, Massachusetts facility operations
Restructuring costs
Number of positions eliminated | employee	18
Percentage of positions eliminated	40.00%
Number of positions eliminated since inception | employee	15
Restructuring costs				$ 181		$ 3,300
Termination costs in connection with the reduction in workforce, including severance, benefits and related costs						2,800
Non-cash asset impairments						700
Non-cash gain due to write-off of remaining deferred rent liability						400
Expenses associated with lease termination or prepaid expenses						200
Fixed asset impairments						$ 500

Restructuring Costs - Accrual R

Restructuring Costs - Accrual Rollforward (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		15 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019
Restructuring costs
Charges incurred	$ 5	$ 3,017	$ 181	$ 3,017
Cambridge, Massachusetts facility operations
Restructuring costs
Accrued restructuring balance, beginning of period			1,147
Charges incurred			181		$ 3,300
Cash payments			(1,119)
Accrued restructuring balance, end of period	209		209		209
Cambridge, Massachusetts facility operations | Employee Severance and Benefits
Restructuring costs
Accrued restructuring balance, beginning of period			1,147
Charges incurred			181
Cash payments			(1,119)
Accrued restructuring balance, end of period	$ 209		$ 209		$ 209

Stock-Based Compensation - Equi

Stock-Based Compensation - Equity Incentive Plans (Details) - shares	Jul. 26, 2013	Sep. 30, 2019	Dec. 31, 2018
Class of Stock
Common stock options outstanding		4,394,381	3,304,531
Options outstanding under earlier plans		433,470
Grant of inducement stock option		393,750
2013 Stock Incentive Plan
Class of Stock
Common shares available for grant	5,653,057	2,141,103
Maximum number of additional common shares	868,372
Common stock options outstanding		3,567,161
Restricted stock units outstanding		193,625

Stock-Based Compensation - Empl

Stock-Based Compensation - Employee Stock Purchase Plans (Details) - USD ($) $ in Millions	Jun. 07, 2017	Sep. 30, 2019	Sep. 30, 2018
2017 Employee Stock Purchase Plan
Class of Stock
Maximum percentage of total combined voting power or value of the stock of the Company after the grant	5.00%
Common shares available for grant		337,053
2017 Employee Stock Purchase Plan | Maximum
Class of Stock
Common stock shares authorized for issuance under stock purchase plan	412,500
Employee Stock Purchase Plans
Class of Stock
Common stock share issued		45,241	18,355
Proceeds from employee stock purchase plan		$ 0.1	$ 0.2

Stock-Based Compensation - Acco

Stock-Based Compensation - Accounting for Stock-based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award
Percentage of share-based compensation expense			15.00%
Weighted average grant date fair value of options granted during the period (per share)			$ 1.65	$ 7.15
Stock-based compensation	$ 963	$ 1,327	$ 2,868	$ 4,454
Research and development
Share-based Compensation Arrangement by Share-based Payment Award
Stock-based compensation	337	314	1,005	1,441
Research and development | Employee Stock Purchase Plans
Share-based Compensation Arrangement by Share-based Payment Award
Stock-based compensation	9	11	27	62
Research and development | Equity Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award
Stock-based compensation	328	303	978	1,379
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award
Stock-based compensation	626	989	1,863	2,989
General and administrative | Employee Stock Purchase Plans
Share-based Compensation Arrangement by Share-based Payment Award
Stock-based compensation	4	8	18	40
General and administrative | Equity Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award
Stock-based compensation	$ 622	981	$ 1,845	2,949
Restructuring costs
Share-based Compensation Arrangement by Share-based Payment Award
Stock-based compensation		24		24
Restructuring costs | Employee Stock Purchase Plans
Share-based Compensation Arrangement by Share-based Payment Award
Stock-based compensation		$ 24		$ 24

Stock-Based Compensation - Assu

Stock-Based Compensation - Assumptions Used in Determining Fair Value of Stock Options (Details) - $ / shares	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Summary of Significant Accounting Policies
Options to purchase common stock granted to employees and directors	1,259,016	1,091,474
Average risk free interest rate	2.10%	2.50%
Dividend rate	0.00%	0.00%
Expected lives (years)	3 years 9 months 18 days	3 years 9 months 18 days
Expected volatility	83.70%	74.00%
Weighted average exercise price of options granted during the period (per share)	$ 2.76	$ 12.91

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Options, Outstanding, Beginning Balance	3,304,531
Granted	1,259,016
Forfeited	(60,595)
Expired	(108,571)
Options, Outstanding, Ending Balance	4,394,381		3,304,531
Exercisable, Ending Balance	2,311,989
Weighted Average Exercise Price, Beginning Balance	$ 18.42
Granted, Weighted Average Exercise Price	2.76	$ 12.91
Forfeited, Weighted Average Exercise Price	13.36
Expired, Weighted Average Exercise Price	27.48
Weighted Average Exercise Price, Ending Balance	13.77		$ 18.42
Exercisable, Weighted Average Exercise Price	$ 20.34
Outstanding, Ending balance, Weighted Average Remaining Contractual Term	7 years		6 years 7 months 6 days
Exercisable Ending Balance, Weighted Average Remaining Contractual Term	5 years 1 month 6 days
Outstanding, Intrinsic Value, Ending Balance	$ 279
Fair value of options, vested	3,700
Unrecognized compensation cost related to nonvested stock-based compensation	$ 6,300
Weighted average remaining period over which unrecognized compensation expense will be recognized	2 years 6 months
Restricted Stock Activity
Unrecognized compensation cost related to nonvested stock-based compensation	$ 500
Weighted average remaining period over which unrecognized compensation expense will be recognized	3 years 3 months 18 days

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock Activity (Details) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2019USD ($)$ / sharesshares
Restricted Stock Activity, Weighted-Average Grant Date Fair Value
Unrecognized compensation expense | $	$ 6.3
Weighted average remaining period over which unrecognized compensation expense will be recognized	2 years 6 months
Restricted Stock Activity
Restricted Stock Activity, Number of Shares
Granted | shares	194,550
Cancelled | shares	(925)
Nonvested shares, Ending Balance | shares	193,625
Restricted Stock Activity, Weighted-Average Grant Date Fair Value
Granted, Weighted-Average Grant Date Fair Value | $ / shares	$ 3.14
Cancelled, Weighted-Average Grant Date Fair Value | $ / shares	3.14
Nonvested shares, Weighted Average Grant Date Fair Value, Ending Balance | $ / shares	$ 3.14
Unrecognized compensation expense | $	$ 0.5
Weighted average remaining period over which unrecognized compensation expense will be recognized	3 years 3 months 18 days

Related Party Transactions - Ov

Related Party Transactions - Overview of Related Parties (Details) - USD ($) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Related Party Transactions
Exercise price of warrants	$ 0.08		$ 0.08
Number of Warrants	2,765,044		2,768,882
Common stock issued in lieu of board fees	40,158	7,067
Stock issued (in shares)	785,848
Maximum
Related Party Transactions
Proceeds from issuance of common stock in lieu of director board and committee fees	$ 0.1	$ 0.1
Board of Director
Related Party Transactions
Aggregate common shares	4,606,786
Common Stock | Board of Director
Related Party Transactions
Ownership percentage	16.00%
Baker Bros. Advisors LP
Related Party Transactions
Number of warrants exercised		2,539,541
Exercise price of warrants		$ 3.76
Proceeds from exercise of warrants		$ 9.5
Warrants Issued	60,070
Baker Bros. Advisors LP | Pre-funded Warrants
Related Party Transactions
Exercise price of warrants	$ 0.08
Number of Warrants	2,708,812

Net Loss per Common Share (Deta

Net Loss per Common Share (Details) - shares	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Net Loss per Common Share
Total antidilutive securities	7,354,976	6,093,983