View Filing Data

Print Document View Excel Document

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2014	Aug. 05, 2014
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2014
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	Q2
Trading Symbol	CARA
Entity Registrant Name	Cara Therapeutics, Inc.
Entity Central Index Key	0001346830
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		22,644,797

Condensed Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2014	Dec. 31, 2013
Current assets:
Cash and cash equivalents	$ 62,812	$ 12,357
Other receivable	480
Income tax receivable	57	61
Prepaid expenses & other current assets	1,706	2,140
Total current assets	65,055	14,558
Property and equipment, net	2,439	2,825
Restricted cash	700	700
Total assets	68,194	18,083
Current liabilities:
Accounts payable and accrued expenses	2,548	1,958
Deferred revenue	3,069	3,475
Total current liabilities	5,617	5,433
Deferred lease obligation	1,009	1,139
Commitments and contingencies (Note 13)
Convertible Preferred stock; $0.001 par value; zero shares and 29,402,200 shares authorized at June 30, 2014 and December 31, 2013, respectively; zero shares and 29,186,929 shares issued and outstanding at June 30, 2014 and December 31, 2013, respectively; aggregate liquidation preference of zero and $65,969 at June 30, 2014 and December 31, 2013, respectively	0	65,586
Stockholders' (deficit) equity:
Preferred stock; $0.001 par value; 5,000,000 shares and zero shares authorized at June 30, 2014 and December 31, 2013, respectively, zero shares issued and outstanding at June 30, 2014 and December 31, 2013	0	0
Common stock; $0.001 par value; 100,000,000 shares and 50,000,000 shares authorized at June 30, 2014 and December 31, 2013, respectively, 22,638,414 shares and 4,288,243 shares issued and outstanding at June 30, 2014 and December 31, 2013, respectively	23	4
Additional paid-in capital	131,029	8,377
Accumulated deficit	(69,484)	(62,456)
Total stockholders' (deficit) equity	61,568	(54,075)
Total liabilities, convertible preferred stock and stockholders' (deficit) equity	$ 68,194	$ 18,083

Condensed Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2014	Dec. 31, 2013
Statement Of Financial Position [Abstract]
Convertible Preferred stock, par value	$ 0.001	$ 0.001
Convertible Preferred stock, shares authorized	0	29,402,200
Convertible Preferred stock, shares issued	0	29,186,929
Convertible Preferred stock, shares outstanding	0	29,186,929
Convertible Preferred stock, aggregate liquidation preference	$ 0	$ 65,969
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	0
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	50,000,000
Common stock, shares issued	22,638,414	4,288,243
Common stock, shares outstanding	22,638,414	4,288,243

Condensed Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Condensed Statements of Operations - USD ($) $ in Thousands	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Revenue:
License fees	$ 302	$ 9,637	$ 302	$ 9,637
Collaborative revenue	658	336	836	336
Total revenue	960	9,973	1,138	9,973
Operating expenses:
Research and development	3,200	2,021	5,401	2,943
General and administrative	1,472	1,033	2,870	1,621
Total operating expenses	4,672	3,054	8,271	4,564
Operating (loss) income	(3,712)	6,919	(7,133)	5,409
Interest income (expense), net	56	(1,602)	78	(2,731)
(Loss) income before benefit from income taxes	(3,656)	5,317	(7,055)	2,678
Benefit from income taxes	11	20	27	27
Net (loss) income	(3,645)	5,337	(7,028)	2,705
Net (loss) income available to common stockholders - Basic	(3,645)	1,468	(7,028)	940
Net (loss) income available to common stockholders - Diluted	$ (3,645)	$ 5,337	$ (7,028)	$ 3,596
(Loss) income per share available to common stockholders - Basic	$ (0.16)	$ 0.34	$ (0.37)	$ 0.24
(Loss) income per share available to common stockholders - Diluted	$ (0.16)	$ 0.33	$ (0.37)	$ 0.23
Weighted average shares:
Basic	22,608,324	4,288,243	19,150,412	3,975,463
Diluted	22,608,324	15,972,449	19,150,412	15,668,778

Condensed Statements of Convertible Preferred Stock and Stockholders' (Deficit) Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Convertible Preferred Stock [Member]	Beneficial Conversion Feature on Convertible Promissory Notes [Member]
Balance, Value at Dec. 31, 2012	$ (58,133)	$ 3	$ 1,248	$ (59,384)
Balance, Value at Dec. 31, 2012					$ 58,522	$ 2,050
Balance, Shares at Dec. 31, 2012		3,328,698
Balance, Shares at Dec. 31, 2012					26,636,118
Issuance of Junior A convertible preferred stock, net, Value					$ 7,642
Issuance of Junior A convertible preferred stock, net, Shares					2,105,263
Preferred stock converted to common shares, Value	4,466	$ 1	3,574	891	$ (4,466)
Preferred stock converted to common shares, Shares		959,545			(2,246,743)
Beneficial conversion feature on convertible promissory notes						1,382
Reclassification of beneficial conversion feature	2,483		2,483			(2,483)
Balance, Value at Jun. 30, 2013					$ 61,698	949
Balance, Shares at Jun. 30, 2013					26,494,638
Stock-based compensation expense	51		51
Net (loss) income	2,705			2,705
Balance, Value at Jun. 30, 2013	(48,428)	$ 4	7,356	(55,788)
Balance, Shares at Jun. 30, 2013		4,288,243
Balance, Value at Dec. 31, 2013	(54,075)	$ 4	8,377	(62,456)
Balance, Value at Dec. 31, 2013	$ 65,586				$ 65,586
Balance, Shares at Dec. 31, 2013		4,288,243
Balance, Shares at Dec. 31, 2013	29,186,929				29,186,929
Preferred stock converted to common shares, Value	$ 65,586	$ 13	65,573		$ (65,586)
Preferred stock converted to common shares, Shares		12,554,171			(29,186,929)
Sale of common stock in initial public offering, net of underwriting discounts and commissions and offering expenses, Value	56,247	$ 6	56,241
Sale of common stock in initial public offering, net of underwriting discounts and commissions and offering expenses, Shares		5,750,000
Balance, Value at Jun. 30, 2014	$ 0				$ 0	$ 0
Balance, Shares at Jun. 30, 2014	0				0
Stock-based compensation expense	$ 809		809
Shares issued upon exercise of stock options, Value	$ 29		29
Shares issued upon exercise of stock options, Shares	46,000	46,000
Net (loss) income	$ (7,028)			(7,028)
Balance, Value at Jun. 30, 2014	$ 61,568	$ 23	$ 131,029	$ (69,484)
Balance, Shares at Jun. 30, 2014		22,638,414

Condensed Statements of Convertible Preferred Stock and Stockholders' (Deficit) Equity (Parenthetical) $ in Thousands	6 Months Ended
	Jun. 30, 2014 USD ($) $ / shares
Statement Of Stockholders Equity [Abstract]
Sale of common stock in initial public offering, per share \| $ / shares	$ 11.00
Underwriting discounts and commissions and offering expenses \| $	$ 7,003

Condensed Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
Condensed Statements of Cash Flows - USD ($) $ in Thousands	Jun. 30, 2014	Jun. 30, 2013
Operating activities
Net (loss) income	$ (7,028)	$ 2,705
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Non-cash compensation expense	809	51
Change in fair value of liability under license agreement		(35)
Accrued interest and amortization of beneficial conversion feature on promissory notes		2,604
Depreciation and amortization	393	395
Deferred rent costs	(130)	(117)
Amortization of financing costs		78
Changes in operating assets and liabilities:
Other receivables	(480)	(31)
Income tax receivable	4	(27)
Prepaid expenses and other current assets	(561)	(22)
Accounts payable and accrued expenses	69	339
Deferred revenue	(406)	5,394
Net cash (used in) provided by operating activities	(7,330)	11,334
Investing activities
Purchases of property and equipment	(6)
Net cash (used in) investing activities	(6)
Financing activities
Proceeds from convertible promissory notes		1,462
Financing costs on convertible promissory notes		(70)
Repayment of long-term debt		(307)
Proceeds from sale of Junior A convertible preferred stock, net		7,642
Proceeds from initial public offering, net of issuance costs	57,762
Proceeds from the exercise of stock options	29
Net cash provided by financing activities	57,791	8,727
Net cash increase for the period	50,455	20,061
Cash and cash equivalents at beginning of period	12,357	1,117
Cash and cash equivalents at end of period	62,812	21,178
Supplemental disclosure of cash flow information
Cash paid for interest		$ 24
Noncash financing activities
Conversion of convertible preferred stock to common stock	65,586
Reclassification of prepaid IPO costs paid in 2013	1,465
Unpaid IPO issuance costs	$ 50

Business	6 Months Ended
Business	Jun. 30, 2014
Accounting Policies [Abstract]
Business	1. Business Cara Therapeutics, Inc. (the “Company”, “we”, “our” or “us”) is a clinical-stage biopharmaceutical corporation formed on July 2, 2004. The Company is focused on developing and commercializing new chemical entities designed to alleviate pain by selectively targeting kappa opioid receptors. Our primary activities to date have been organizing and staffing our company, developing our product candidates, including conducting preclinical studies and clinical trials of CR845-based product candidates and raising capital. On January 30, 2014, the Company’s registration statement on Form S-1 (File No 333-192230) was declared effective by the Securities and Exchange Commission (“SEC”) for its initial public offering (“IPO”), pursuant to which the Company registered the offering and sale of 5,750,000 shares of its common stock (including 750,000 shares upon exercise of an option by the underwriters) at a public offering price of $11.00 per share for aggregate gross offering proceeds of $63,250. As a result of the IPO, the Company received net proceeds of approximately $56,247 from the sale of 5,750,000 shares of its common stock, after deducting $4,427 of underwriting discounts and commissions and $2,576 of offering expenses, which had been paid or accrued as of June 30, 2014. Prior to the IPO, the Company raised several rounds of equity financing and issued debt, resulting in aggregate net proceeds of approximately $73,309 through December 31, 2013. Upon closing of the IPO, all outstanding shares of the Company’s convertible preferred stock were automatically converted to shares of the Company’s common stock (see Note 8). The Company has incurred substantial losses and negative cash flows from operating activities in nearly every fiscal period since inception, and expects operating losses and negative cash flows to continue into the foreseeable future. As of June 30, 2014, the Company has unrestricted cash and cash equivalents of $62,812 and an accumulated deficit of $(69,484). The Company had net cash (used in) provided by operating activities of $(7,330) and $11,334 for the six months ended June 30, 2014 and 2013, respectively. The Company expects that cash and cash equivalents at June 30, 2014 will be sufficient to fund its operations beyond one year. The Company recognized net (loss) income of $(3,645) and $5,337 for the three months ended June 30, 2014 and 2013, respectively, and $(7,028) and $2,705 for the six months ended June 30, 2014 and 2013, respectively, and expects to incur additional losses for the full year ending December 31, 2014. The Company is subject to risks common to other life science companies including, but not limited to, uncertainty of product development and commercialization, lack of marketing and sales history, development by its competitors of new technological innovations, dependence on key personnel, market acceptance of products, product liability protection of proprietary technology, ability to raise additional financing, and compliance with Food and Drug Administration (“FDA”) and other government regulations. If the Company does not successfully commercialize any of its product candidates, it will be unable to generate recurring product revenue or achieve profitability.

Basis of Presentation	6 Months Ended
Basis of Presentation	Jun. 30, 2014
Accounting Policies [Abstract]
Basis of Presentation	2. Basis of Presentation The unaudited interim condensed financial statements included herein have been prepared pursuant to the rules and regulations of the SEC. Accordingly, they do not include all information and disclosures necessary for a presentation of the Company’s financial position, results of operations and cash flows in conformity with generally accepted accounting principles in the United States of America (“GAAP”). In the opinion of management, these unaudited interim financial statements reflect all adjustments, consisting primarily of normal recurring accruals, necessary for a fair presentation of results for the periods presented. The results of operations for interim periods are not necessarily indicative of the results for the full year. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted from this report, as is permitted by SEC rules and regulations; however, the Company believes that the disclosures are adequate to make the information presented not misleading. The condensed balance sheet data for the year ended December 31, 2013 were derived from audited financial statements, but do not include all disclosures required by GAAP. These unaudited interim condensed financial statements should be read in conjunction with the audited financial statements and accompanying notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. Use of Estimates The preparation of financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, as of the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from the Company’s estimates and assumptions. Significant estimates include useful lives of fixed assets, the periods over which certain revenues will be recognized, including licensing and collaborative revenue recognized from non-refundable up-front payments, the amount of non-cash compensation costs related to share-based payments to employees and non-employees and the periods over which those costs are expensed and the likelihood of realization of deferred tax assets. There have been no material changes to the significant accounting policies previously disclosed in Note 2 to the Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. Recent Accounting Pronouncement In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”). ASU 2014-09 provides a single authoritative source of guidance and, thereby, is meant to significantly enhance comparability of revenue recognition practices across entities, industries, jurisdictions, and capital markets. ASU 2014-09 changes the principle under which the Company will recognize revenue from contracts with customers from one which requires the Company to satisfy specific criteria before recognizing revenue to one which requires the Company to recognize revenue in an amount that reflects the consideration to which it expects to be entitled in exchange for the transfer of promised goods or services to customers. The amount of revenue to be recognized in any reporting period is determined by applying the following steps: (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract and (5) recognize revenue when (or as) the entity satisfies a performance obligation. ASU 2014-09 is effective for the Company for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period (i.e., January 1, 2017). Early application is not permitted. The Company is allowed to adopt ASU 2014-09 either (1) retrospectively to each prior reporting period presented using several practical expedients related to completed contracts and required disclosures, or (2) retrospectively with the cumulative effect of initially applying ASU 2014-09 recognized at the date of initial application, including disclosure of the effect of using this method of adoption on the financial statement line items. The Company is currently in the process of deciding which method of adoption it will use and the effect of adoption of ASU 2014-09 on its results of operations, financial position and cash flows.

Fair Value Measurements

6 Months Ended

Jun. 30, 2014

Fair Value Disclosures [Abstract]

Fair Value Measurements

3. Fair Value Measurements

As of June 30, 2014 and December 31, 2013, the Company’s financial instruments consist of cash and cash equivalents, restricted cash, accounts payable and accrued liabilities. The carrying amount of each of those financial instruments is generally considered to be representative of their respective fair values because of the short-term nature of those instruments.

Current accounting guidance defines fair value, establishes a framework for measuring fair value in accordance with Accounting Standards Codification (“ASC”) section 820, and requires certain disclosures about fair value measurements.

The valuation techniques included in the guidance are based on observable and unobservable inputs. Observable inputs reflect readily obtainable data from independent sources, while unobservable inputs reflect market assumptions and are classified into the following fair value hierarchy:

•

Level 1 – Observable inputs – quoted prices in active markets for identical assets and liabilities.

•

Level 2 – Observable inputs other than the quoted prices in active markets for identical assets and liabilities – such as quoted prices for similar instruments, quoted prices for identical or similar instruments in inactive markets, or other inputs that are observable or can be corroborated by observable market data.

•

Level 3 – Unobservable inputs – includes amounts derived from valuation models where one or more significant inputs are unobservable and require the company to develop relevant assumptions.

The following table summarizes the financial assets measured at fair value on a recurring basis as of June 30, 2014 and December 31, 2013.


	June 30, 2014		December 31, 2013
	Level 1		Level 1
Financial assets
Cash equivalents:
Money market funds	$	62,812	$	12,357
Restricted cash:
Bank certificate of deposit		700		700

Total	$	63,512	$	13,057

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Prepaid Expenses and Other Current Assets	6 Months Ended
Prepaid Expenses and Other Current Assets	Jun. 30, 2014
Text Block [Abstract]
Prepaid Expenses and Other Current Assets	4. Prepaid expenses and other current assets As of June 30, 2014, prepaid expenses and other current assets was $1,706, consisting of $399 of prepaid insurance, $1,298 of research and development (“R&D”) clinical costs and $9 of other costs. As of December 31, 2013, prepaid expenses and other current assets was $2,140, consisting of $1,833 of IPO costs, $262 of R&D clinical costs, $34 of prepaid insurance and $11 of other costs.

Revenue Recognition	6 Months Ended
Revenue Recognition	Jun. 30, 2014
Text Block [Abstract]
Revenue Recognition	5. Revenue Recognition In general, the Company recognizes revenue when all of the following criteria are met: persuasive evidence of an arrangement exists; delivery has occurred or services have been rendered; the Company’s price to the customer is fixed or determinable and collectability is reasonably assured. The Company has entered into license agreements to develop, manufacture and commercialize drug products. The terms of these agreements typically contain multiple elements, including licenses and research and development services. Payments to the Company under these agreements may include nonrefundable license fees, payments for research activities, payments based upon the achievement of certain milestones and royalties on any resulting net product sales. There are no performance, cancellation, termination or refund provisions in any of the arrangements that contain material financial consequences to the Company. The Company records revenue related to these agreements in accordance with ASC 605-25, Revenue Recognition Multiple-Element Arrangements. In order to account for these agreements, the Company identifies the deliverables included within the arrangement and evaluates which deliverables represent separate units of accounting based on whether certain criteria are met, including whether the delivered element has stand-alone value to the counterparty. The consideration received is then allocated among the separate units of accounting based on each unit’s relative selling price. The identification of individual elements in a multiple-element arrangement and the estimation of the selling price of each element involve significant judgment, including consideration as to whether each delivered element has standalone value. Arrangement consideration allocated to license deliverables that represent separate units of accounting are recognized as revenue at the outset of the agreement assuming the general criteria for revenue recognition noted above have been met. Arrangement consideration allocated to license deliverables that do not represent separate units of accounting are deferred. The Company has determined that its license deliverables represent separate units of accounting. Arrangement consideration allocated to research and development services that represent separate units of accounting are recognized as the services are performed, assuming the general criteria for revenue recognition noted above have been met. The Company has determined that its research and developments services deliverables, as applicable, represent separate units of accounting. The Company’s license agreements include contingent milestone payments related to specified clinical development milestones and regulatory milestones. The Company generally considers non-refundable development and regulatory milestones that the Company expects to be achieved as a result of the Company’s efforts during the period of the Company’s performance obligations under the license and research agreements to be substantive and recognizes them as revenue upon the achievement of the milestone, assuming all other revenue recognition criteria are met. If such milestones are not considered to be substantive because the Company does not contribute effort to their achievement, the Company initially defers those milestone payments, allocates them to the units of accounting and recognizes them as revenue over the remaining term of those performance obligations. If no such performance obligation exists, milestone payments that are not considered substantive are generally recognized as revenue upon achievement, assuming all other revenue recognition criteria are met. Maruishi Pharmaceutical Co., Ltd. In April 2013, the Company entered into a license agreement with Maruishi Pharmaceutical Co., Ltd. (“Maruishi”) under which the Company granted Maruishi an exclusive license to develop, manufacture, and commercialize drug products containing CR845 for acute pain and uremic pruritus in Japan. The Company and Maruishi are responsible to use commercially reasonable efforts, at their own expense, to develop, obtain regulatory approval for and commercialize CR845 in the United States and Japan, respectively. In addition, the Company will provide Maruishi specific clinical development services for CR845 used in Maruishi’s field of use. Under the terms of this license agreement, the Company received an upfront non-refundable, non-creditable license fee of $15,000. Also, in conjunction with this arrangement Maruishi purchased 2,105,263 shares of Junior A convertible preferred stock of the Company pursuant to a stock purchase agreement for a purchase price of $8,000. These shares were recorded at their fair value of $7,663. As a result, the premium of $337 was allocated to the arrangement consideration. The Company has identified two deliverables under ASC 605-25: (1) the license; and (2) the R&D services specific to the uremic pruritus field of use. The Company has determined that the license has standalone value because Maruishi has the right to sublicense and manufacture CR845 in Japan. The second deliverable is the R&D services, which also have standalone value as similar services are sold separately by other vendors. Since both the license and the R&D services separability criteria have been met, they are being accounted for as separate units of accounting at the outset of the arrangement. Along with the R&D services performed by the Company for Maruishi, the Company supplies Maruishi with CR845 clinical material as an accommodation. The Company has entered into manufacturing and service agreements with third parties to manufacture CR845. Payments made by the Company to third parties based on firm and fixed commitments by Maruishi to purchase CR845 from the Company are capitalized as prepaid expense. During the manufacturing process, title and risk of loss remains with the third party until the Company has paid in full for the material. Once the Company has title to the CR845 and has delivered it to Maruishi, prepaid expense related to that CR845 is reduced with an offset to R&D expense. At that time, Maruishi reimburses the Company for its external and internal costs for purchasing CR845 and processing the sale to Maruishi and the Company recognizes collaborative revenue for the reimbursement amount. Deposits received from Maruishi prior to delivery of CR845 are recorded as deferred revenue. Under the terms of the license agreement, the Company is also entitled to receive aggregate milestone payments of $8,000 for events performed by Maruishi in Japan and $2,500 for events performed by the Company in the U.S. At the time of execution of this license agreement, there was significant uncertainty as to whether the stated milestones would be achieved. In conjunction with this uncertainty, the Company has determined that the milestones achieved in the U.S. are substantive in nature as they are commensurate with the enhancement of value of the delivered license as they relate to clinical success and advancement within the FDA drug development platform. The Company will account for those milestone payments under ASC 605 Revenue Recognition – Milestone Method. However, the milestones achieved by Maruishi in Japan are not substantive and will be accounted for as contingent consideration. During June 2014, Maruishi completed a Phase 1 clinical trial in Japan related to CR845 in acute post-operative pain, which constituted achievement of one of the milestones specified in the license agreement. As the milestone was considered not to be substantive, the payment was accounted for as contingent consideration. Accordingly, the Company allocated the non-refundable contingent payment of $480, net of a contractual foreign currency exchange adjustment, to the two deliverables in the same proportion as the initial upfront payment had been allocated. The portion of the contingent payment allocated to the previously delivered license deliverable was recognized as license revenue entirely during the three months ended June 30, 2014. The portion of the contingent payment allocated to the R&D services deliverable was recognized as collaborative revenue during the three months ended June 30, 2014 to the extent of R&D services previously provided and the remainder was deferred. The payment due from Maruishi was recorded as Other receivable. As of June 30, 2014 and December 31, 2013, the Company had $3,069 and $3,475, respectively, of deferred revenue pursuant to the R&D services deliverable under the license agreement with Maruishi. During the three months ended June 30, 2014 and 2013, the Company recognized $302 and $9,637, respectively, of license fee revenue and $658 and $336, respectively, of collaborative revenue, including $526 and $306, respectively, of amortization of deferred revenue from the portion of the upfront payment received pursuant to the license agreement with Maruishi that was allocated to the R&D services deliverable and $132 and $30, respectively, from the sale of CR845 clinical compound. During the six months ended June 30, 2014 and 2013, the Company recognized $302 and $9,637, respectively, of license fee revenue and $836 and $336, respectively, of collaborative revenue, including $677 and $306, respectively, of amortization of deferred revenue from the portion of the upfront payment received pursuant to the license agreement with Maruishi that was allocated to the R&D services deliverable and $159 and $30, respectively, from the sale of CR845 clinical compound. The Company incurred R&D expense related to the Maruishi license agreement of $714 and $1,112 during the three and six months ended June 30, 2014, respectively, and $352 during both the three and six months ended June 30, 2013.

Accounts Payable and Accrued Expenses

6 Months Ended

Jun. 30, 2014

Payables And Accruals [Abstract]

Accounts Payable and Accrued Expenses

6. Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses consist of the following:


	June 30, 2014		December 31, 2013
Accounts payable	$	1,191	$	676
Accrued research projects		755		405
Accrued professional fees		227		739
Accrued compensation and benefits		239		83
Accrued other		136		55

Total	$	2,548	$	1,958

Net (Loss) Income Per Share

6 Months Ended

Jun. 30, 2014

Earnings Per Share [Abstract]

Net (Loss) Income Per Share

7. Net (Loss) Income Per Share

The Company computes basic net (loss) income per share using the “two-class” method, which includes the weighted-average number of common stock outstanding during the period and other securities that participate in dividends (a participating security). Prior to the closing of the IPO, the Company’s shares of convertible preferred stock were participating securities as defined by ASC 260-10, Earnings Per Share. Under the two-class method, basic net (loss) income per share applicable to common stockholders is computed by dividing the net (loss) income applicable to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted net (loss) income per share is computed using the more dilutive of (1) the two-class method, or (2) the “if-converted” method. The Company allocates net earnings on a pari passu (equal) basis to both common and preferred stockholders. Net losses are not allocated to preferred stockholders as they have no obligation to share in the Company’s net losses.

Diluted net (loss) income per share gives effect to all potentially dilutive securities, including convertible preferred stock, convertible promissory notes and shares issuable upon the exercise of outstanding stock options and warrants, using the treasury stock method. For the three and six months ended June 30, 2014 and 2013, the Company excluded the effects of potentially dilutive shares that were outstanding during those respective periods from the denominator when their inclusion would be ant-dilutive, including for periods during which the Company generated net losses.

The denominators used in the net (loss) income per share computations are as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
Basic:
Weighted average common shares outstanding		22,608,324		4,288,243		19,150,412		3,975,463

Diluted:
Weighted average common shares outstanding		22,608,324		4,288,243		19,150,412		3,975,463
Convertible preferred stock*		—		11,245,907		—		11,255,016
Common stock options*		—		438,299		—		438,299
Common stock warrants*		—		—		—		—
Convertible promissory notes (as if converted)*		—		—		—		—

Denominator for diluted net (loss) income per share available to common stockholders		22,608,324		15,972,449		19,150,412		15,668,778

*	No amounts were considered if their effects would be anti-dilutive.

Basic and diluted net (loss) income per share attributable to common stockholders are computed as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Net (loss) income	$	(3,645	)	$	5,337		$	(7,028	)	$	2,705
Add back: extinguishment of preferred shares		—			—			—			891
Less: net income attributable to participating securities		—			(3,869	)		—			(2,656	)

Net (loss) income attributable to common stockholders - Basic		(3,645	)		1,468			(7,028	)		940
Add: net income attributable to participating securities		—			3,869			—			2,656

Net (loss) income attributable to common stockholders - Diluted	$	(3,645	)	$	5,337		$	(7,028	)	$	3,596

Net (loss) income per share attributable to common stockholders
Basic	$	(0.16	)	$	0.34		$	(0.37	)	$	0.24

Diluted	$	(0.16	)	$	0.33		$	(0.37	)	$	0.23

Weighted-average common shares outstanding attributable to common stockholders:
Basic		22,608,324			4,288,243			19,150,412			3,975,463
Diluted		22,608,324			15,972,449			19,150,412			15,668,778

Securities outstanding at the end of the respective periods presented below, that could potentially dilute basic earnings per share in the future, that were not included in the computation of diluted net loss per share because to do so would have been antidilutive are as follows:


	June 30,
	2014		2013
Convertible preferred stock		—		—
Common stock options		1,058,160		—
Common stock warrants		19,851		19,851
Convertible promissory notes		—		1,126,517

Total		1,078,011		1,146,368

All shares of the Company’s convertible preferred stock were automatically converted to shares of the Company’s common stock upon the closing of the IPO on February 5, 2014 (see Note 8). All convertible promissory notes were either converted into shares of the Company’s Series D convertible preferred stock or repaid in cash by December 31, 2013.

Convertible Preferred Stock	6 Months Ended
Convertible Preferred Stock	Jun. 30, 2014
Text Block [Abstract]
Convertible Preferred Stock	8. Convertible Preferred Stock As of December 31, 2013, the Company had authorized an aggregate of 29,402,200 shares of convertible preferred stock, par value $0.001 per share. Upon the closing of the Company’s IPO on February 5, 2014, all 29,186,929 shares of the Company’s convertible preferred stock that were issued and outstanding on that date were automatically converted into an aggregate of 12,554,171 shares of its common stock. As of June 30, 2014, there were no shares of convertible preferred stock authorized or outstanding.

Reverse Stock Split	6 Months Ended
Reverse Stock Split	Jun. 30, 2014
Text Block [Abstract]
Reverse Stock Split	9. Reverse Stock Split The Company’s Board of Directors and stockholders approved a 1-for-2.5 reverse stock split of the Company’s common stock effective on January 16, 2014, which resulted in an adjustment to the preferred stock conversion price to reflect a proportional decrease in the number of shares of common stock to be issued upon conversion. All share and per share data in the unaudited interim condensed financial statements and accompanying notes thereto included in this Quarterly Report on Form 10-Q have been retroactively adjusted for all periods presented to give effect to this reverse stock split.

Stockholders' (Deficit) Equity	6 Months Ended
Stockholders' (Deficit) Equity	Jun. 30, 2014
Equity [Abstract]
Stockholders' (Deficit) Equity	10. Stockholders’ (Deficit) Equity On January 16, 2014, the Company’s Board of Directors approved an Amended and Restated Certificate of Incorporation, which, among other things, increased the authorized number of shares of the Company’s common stock, par value $0.001 per share, from 50,000,000 to 100,000,000 and authorized 5,000,000 shares of undesignated preferred stock, par value $0.001 per share, that may be issued from time to time by the Board of Directors of the Company in one or more series. As of June 30, 2014, there were 22,638,414 shares of common stock and no shares of preferred stock issued and outstanding.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(d),(e))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB TOPIC 4.E)
-URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74512-122707

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.29-31)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB TOPIC 4.C)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph d
-Article 4

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29, 30, 31
-Article 5

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E

Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Article 4

Reference 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section C

Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3

+ Details

Stock-Based Compensation

6 Months Ended

Jun. 30, 2014

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-Based Compensation

11. Stock-Based Compensation

2014 Equity Incentive Plan

The Company’s Board of Directors adopted, and its stockholders subsequently approved, its 2014 Equity Incentive Plan (the “2014 Plan”) in January 2014. The 2014 Plan became effective immediately upon the signing of the underwriting agreement for the Company’s initial public offering. The 2014 Plan is administered by the Company’s Board of Directors or a duly authorized committee thereof (the “Plan administrator”). The 2014 Plan provides for the grant of incentive stock options, non-statutory stock options, restricted stock awards, restricted stock unit awards, stock appreciation rights, performance stock awards and other forms of equity compensation (collectively, “Stock Awards”). Additionally, the 2014 Plan provides for the grant of performance cash awards. Incentive stock options may be granted only to employees. All other awards may be granted to employees, including officers, non-employee directors, and consultants. No incentive stock options may be granted under the 2014 Plan after the tenth anniversary of the effective date of the 2014 Plan. Stock Awards granted under the 2014 Plan vest at the rate specified by the Plan administrator. The Plan administrator determines the term of Stock Awards granted under the 2014 Plan up to a maximum of ten years.

Initially, the aggregate number of shares of the Company’s common stock that may be issued pursuant to Stock Awards under the 2014 Plan is 1,600,000 shares. Additionally, the number of shares of the Company’s common stock reserved for issuance under the 2014 Plan will automatically increase on January 1 of each year, beginning on January 1, 2015 and continuing through and including January 1, 2024, by 3% of the total number of shares of the Company’s capital stock outstanding on December 31 of the preceding calendar year, or a lesser number of shares determined by the Company’s Board of Directors. The maximum number of shares that may be issued pursuant to the exercise of incentive stock options under the 2014 Plan is 30,000,000 shares.

2004 Stock Incentive Plan

Under the 2004 Stock Incentive Plan (“2004 Plan”), the Company has granted stock options to selected officers, employees and consultants of the Company. As of December 31 2013, options to purchase 490,160 shares of common stock were outstanding under the 2004 Plan, with a weighted average exercise price per share of $1.34. Although as of December 31 2013, 757,799 shares remained available for future issuance pursuant to the grant of options or restricted share awards under the 2004 Plan, following the effectiveness of the 2014 Plan in January 2014, no additional options or restricted share awards have been or will be granted under the 2004 Plan. The 2014 Plan and 2004 Plan are referred to collectively as the Stock Incentive Plans.

Under the Stock Incentive Plans, the Company granted 227,000 and 614,000 stock options during the three and six months ended June 30, 2014, respectively, and no stock options during the three and six months ended June 30, 2013. The fair values of stock options granted during the three and six months ended June 30, 2014 were estimated as of the dates of grant using the Black-Scholes option pricing model with the following assumptions:


	Three Months Ended June 30, 2014	Six Months Ended June 30, 2014
Risk-free interest rate	1.80% - 1.99%	1.80% - 2.72%
Expected volatility	65%	65% - 71%
Expected dividend yield	0%	0%
Expected life of employee options (in years)	6.25	6.25
Expected life of nonemployee options (in years)	10	10

The weighted average grant date fair value of options granted to employees and members of the Board of Directors for their Board service during the three and six months ended June 30, 2014 was $8.53 and $7.55, respectively. The fair value of options granted to nonemployee consultants, which is marked to market at each reporting date in accordance with ASC 505-50, was $13.70 at June 30, 2014.

During the three and six months ended June 30, 2014 and 2013, the Company recognized compensation expense relating to stock options, as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
Research and development	$	159	$	23	$	231	$	31
General and administrative		297		17		578		20

Total stock option expense	$	456	$	40	$	809	$	51

A summary of stock option award activity under the Company’s Stock Incentive Plans as of and for the six months ended June 30, 2014 is presented below:


	Number of Shares			Weighted Average Exercise Price
Outstanding, December 31, 2013		490,160		$	1.34
Granted		614,000			12.11
Exercised		(46,000	)		0.64

Outstanding, June 30, 2014		1,058,160			7.62

Options exercisable, June 30, 2014		476,451		$	2.43

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2014
Income Tax Disclosure [Abstract]
Income Taxes	12. Income Taxes For the three months ended June 30, 2014 and 2013, pre-tax (loss) income was $(3,656) and $5,317, respectively, and for the six months ended June 30, 2014 and 2013, pre-tax (loss) income was $(7,055) and $2,678, respectively. The Company recognized a full tax valuation allowance against net deferred tax assets at June 30, 2014 and December 31, 2013. The benefit from income taxes of $11 and $20 for the three months ended June 30, 2014 and 2013, respectively, and $27 and $27 for the six months ended June 30, 2014 and 2013, respectively, relates to state research and development tax credits exchanged for cash pursuant to the Connecticut Research and Development Tax Credit Exchange Program, which permits qualified small businesses engaged in research and development activities within Connecticut to exchange their unused research and development tax credits for a cash amount equal to 65% of the value of the exchanged credits.

Commitments and Contingencies

6 Months Ended

Jun. 30, 2014

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

13. Commitments and Contingencies

Contractual obligations and commitments as of June 30, 2014 were as follows:


	Payment Due for the Year Ending December 31,
	2014		2015		2016		2017		2018		Thereafter		Total
Operating lease (1)	$	430	$	886	$	913	$	740	$	—	$	—	$	2,969
Employment agreements (2)		476		952		952		952		952		—		4,284

Total	$	906	$	1,838	$	1,865	$	1,692	$	952	$	—	$	7,253

(1)	The Company leases its operating facility located in Shelton, Connecticut.

(2)

Effective January 2014, the Company entered into employment agreements with three of its executive officers. Each such employment agreement has a term of four years and is renewable on the same terms for one additional year unless the executive officer party to such agreement notifies the Company in writing not to renew. Under these employment agreements, each executive officer is eligible for severance benefits in specified circumstances, including 6 to 12 months of salary.

Basis of Presentation (Policies)	6 Months Ended
Basis of Presentation (Policies)	Jun. 30, 2014
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The unaudited interim condensed financial statements included herein have been prepared pursuant to the rules and regulations of the SEC. Accordingly, they do not include all information and disclosures necessary for a presentation of the Company’s financial position, results of operations and cash flows in conformity with generally accepted accounting principles in the United States of America (“GAAP”). In the opinion of management, these unaudited interim financial statements reflect all adjustments, consisting primarily of normal recurring accruals, necessary for a fair presentation of results for the periods presented. The results of operations for interim periods are not necessarily indicative of the results for the full year. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted from this report, as is permitted by SEC rules and regulations; however, the Company believes that the disclosures are adequate to make the information presented not misleading. The condensed balance sheet data for the year ended December 31, 2013 were derived from audited financial statements, but do not include all disclosures required by GAAP. These unaudited interim condensed financial statements should be read in conjunction with the audited financial statements and accompanying notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, as of the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from the Company’s estimates and assumptions. Significant estimates include useful lives of fixed assets, the periods over which certain revenues will be recognized, including licensing and collaborative revenue recognized from non-refundable up-front payments, the amount of non-cash compensation costs related to share-based payments to employees and non-employees and the periods over which those costs are expensed and the likelihood of realization of deferred tax assets. There have been no material changes to the significant accounting policies previously disclosed in Note 2 to the Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013.
Recent Accounting Pronouncement	Recent Accounting Pronouncement In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”). ASU 2014-09 provides a single authoritative source of guidance and, thereby, is meant to significantly enhance comparability of revenue recognition practices across entities, industries, jurisdictions, and capital markets. ASU 2014-09 changes the principle under which the Company will recognize revenue from contracts with customers from one which requires the Company to satisfy specific criteria before recognizing revenue to one which requires the Company to recognize revenue in an amount that reflects the consideration to which it expects to be entitled in exchange for the transfer of promised goods or services to customers. The amount of revenue to be recognized in any reporting period is determined by applying the following steps: (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract and (5) recognize revenue when (or as) the entity satisfies a performance obligation. ASU 2014-09 is effective for the Company for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period (i.e., January 1, 2017). Early application is not permitted. The Company is allowed to adopt ASU 2014-09 either (1) retrospectively to each prior reporting period presented using several practical expedients related to completed contracts and required disclosures, or (2) retrospectively with the cumulative effect of initially applying ASU 2014-09 recognized at the date of initial application, including disclosure of the effect of using this method of adoption on the financial statement line items. The Company is currently in the process of deciding which method of adoption it will use and the effect of adoption of ASU 2014-09 on its results of operations, financial position and cash flows.
Revenue Recognition	The Company records revenue related to these agreements in accordance with ASC 605-25, Revenue Recognition Multiple-Element Arrangements. In order to account for these agreements, the Company identifies the deliverables included within the arrangement and evaluates which deliverables represent separate units of accounting based on whether certain criteria are met, including whether the delivered element has stand-alone value to the counterparty. The consideration received is then allocated among the separate units of accounting based on each unit’s relative selling price. The identification of individual elements in a multiple-element arrangement and the estimation of the selling price of each element involve significant judgment, including consideration as to whether each delivered element has standalone value.

- Definition

Disclosure of accounting policy for revenue recognition. If the entity has different policies for different types of revenue transactions, the policy for each material type of transaction is generally disclosed. If a sales transaction has multiple element arrangements (for example, delivery of multiple products, services or the rights to use assets) the disclosure may indicate the accounting policy for each unit of accounting as well as how units of accounting are determined and valued. The disclosure may encompass important judgment as to appropriateness of principles related to recognition of revenue. The disclosure also may indicate the entity's treatment of any unearned or deferred revenue that arises from the transaction.

+ References + Details

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2014

Fair Value Disclosures [Abstract]

Summary of Financial Assets Measured at Fair Value on Recurring Basis

The following table summarizes the financial assets measured at fair value on a recurring basis as of June 30, 2014 and December 31, 2013.


	June 30, 2014		December 31, 2013
	Level 1		Level 1
Financial assets
Cash equivalents:
Money market funds	$	62,812	$	12,357
Restricted cash:
Bank certificate of deposit		700		700

Total	$	63,512	$	13,057

Accounts Payable and Accrued Expenses (Tables)

6 Months Ended

Jun. 30, 2014

Payables And Accruals [Abstract]

Schedule of Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses consist of the following:


	June 30, 2014		December 31, 2013
Accounts payable	$	1,191	$	676
Accrued research projects		755		405
Accrued professional fees		227		739
Accrued compensation and benefits		239		83
Accrued other		136		55

Total	$	2,548	$	1,958

Net (Loss) Income Per Share (Tables)

6 Months Ended

Jun. 30, 2014

Earnings Per Share [Abstract]

Computation of Denominators Used in Net (Loss) Income Per Share

The denominators used in the net (loss) income per share computations are as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
Basic:
Weighted average common shares outstanding		22,608,324		4,288,243		19,150,412		3,975,463

Diluted:
Weighted average common shares outstanding		22,608,324		4,288,243		19,150,412		3,975,463
Convertible preferred stock*		—		11,245,907		—		11,255,016
Common stock options*		—		438,299		—		438,299
Common stock warrants*		—		—		—		—
Convertible promissory notes (as if converted)*		—		—		—		—

Denominator for diluted net (loss) income per share available to common stockholders		22,608,324		15,972,449		19,150,412		15,668,778

*	No amounts were considered if their effects would be anti-dilutive.

Computation of Basic and Diluted Net (Loss) Income Per Share Attributable to Common Stockholders

Basic and diluted net (loss) income per share attributable to common stockholders are computed as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Net (loss) income	$	(3,645	)	$	5,337		$	(7,028	)	$	2,705
Add back: extinguishment of preferred shares		—			—			—			891
Less: net income attributable to participating securities		—			(3,869	)		—			(2,656	)

Net (loss) income attributable to common stockholders - Basic		(3,645	)		1,468			(7,028	)		940
Add: net income attributable to participating securities		—			3,869			—			2,656

Net (loss) income attributable to common stockholders - Diluted	$	(3,645	)	$	5,337		$	(7,028	)	$	3,596

Net (loss) income per share attributable to common stockholders
Basic	$	(0.16	)	$	0.34		$	(0.37	)	$	0.24

Diluted	$	(0.16	)	$	0.33		$	(0.37	)	$	0.23

Weighted-average common shares outstanding attributable to common stockholders:
Basic		22,608,324			4,288,243			19,150,412			3,975,463
Diluted		22,608,324			15,972,449			19,150,412			15,668,778

Schedule of Anti-Dilutive Common Stock Equivalents Excluded from Calculations of Diluted Net Loss Per Share


	June 30,
	2014		2013
Convertible preferred stock		—		—
Common stock options		1,058,160		—
Common stock warrants		19,851		19,851
Convertible promissory notes		—		1,126,517

Total		1,078,011		1,146,368

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2014

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Assumptions Used in Black-Scholes Option Pricing Model

The fair values of stock options granted during the three and six months ended June 30, 2014 were estimated as of the dates of grant using the Black-Scholes option pricing model with the following assumptions:


	Three Months Ended June 30, 2014	Six Months Ended June 30, 2014
Risk-free interest rate	1.80% - 1.99%	1.80% - 2.72%
Expected volatility	65%	65% - 71%
Expected dividend yield	0%	0%
Expected life of employee options (in years)	6.25	6.25
Expected life of nonemployee options (in years)	10	10

Summary of Compensation Expense Relating to Stock Options

During the three and six months ended June 30, 2014 and 2013, the Company recognized compensation expense relating to stock options, as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
Research and development	$	159	$	23	$	231	$	31
General and administrative		297		17		578		20

Total stock option expense	$	456	$	40	$	809	$	51

Summary of Stock Option Award Activity under Stock Incentive Plans

A summary of stock option award activity under the Company’s Stock Incentive Plans as of and for the six months ended June 30, 2014 is presented below:


	Number of Shares			Weighted Average Exercise Price
Outstanding, December 31, 2013		490,160		$	1.34
Granted		614,000			12.11
Exercised		(46,000	)		0.64

Outstanding, June 30, 2014		1,058,160			7.62

Options exercisable, June 30, 2014		476,451		$	2.43

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2014

Commitments And Contingencies Disclosure [Abstract]

Schedule of Contractual Obligations and Commitments

Contractual obligations and commitments as of June 30, 2014 were as follows:


	Payment Due for the Year Ending December 31,
	2014		2015		2016		2017		2018		Thereafter		Total
Operating lease (1)	$	430	$	886	$	913	$	740	$	—	$	—	$	2,969
Employment agreements (2)		476		952		952		952		952		—		4,284

Total	$	906	$	1,838	$	1,865	$	1,692	$	952	$	—	$	7,253

(1)	The Company leases its operating facility located in Shelton, Connecticut.

(2)

Business - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2014	Jan. 30, 2014	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013	Dec. 31, 2012
Accounting Policies [Abstract]
Date of formation	Jul. 02, 2004
Common stock, shares issued	22,638,414	5,750,000	22,638,414		22,638,414		4,288,243
Common stock, shares issued upon exercise by underwriters		750,000
Public offering price	$ 11.00	$ 11.00	$ 11.00		$ 11.00
Aggregate gross offering proceeds		$ 63,250
Net proceeds as a result of IPO		56,247			$ 57,762
Underwriting discounts and commissions		$ 4,427
Additional offering expenses paid or accrued	$ 2,576
Net proceeds from equity financing and issuance of debt prior to the IPO							$ 73,309
Unrestricted cash and cash equivalents	62,812		$ 62,812	$ 21,178	62,812	$ 21,178	12,357	$ 1,117
Accumulated deficit	$ (69,484)		(69,484)		(69,484)		$ (62,456)
Net cash (used in) provided by operating activities					(7,330)	11,334
Net (loss) income			$ (3,645)	$ 5,337	$ (7,028)	$ 2,705

Fair Value Measurements - Summary of Financial Assets Measured at Fair Value on Recurring Basis (Detail) - Recurring [Member] - Level 1 [Member] - USD ($) $ in Thousands	Jun. 30, 2014	Dec. 31, 2013
Financial assets
Total	$ 63,512	$ 13,057
Money Market Funds [Member]
Financial assets
Cash equivalents	62,812	12,357
Bank Certificate of Deposit [Member]
Financial assets
Restricted cash	$ 700	$ 700

Prepaid Expenses and Other Current Assets - Additional Information (Detail) - USD ($) $ in Thousands	Jun. 30, 2014	Dec. 31, 2013
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]
Prepaid expenses and other current assets	$ 1,706	$ 2,140
Prepaid insurance	399	34
Research and development clinical costs	1,298	262
Other costs	$ 9	11
IPO costs		$ 1,833

Revenue Recognition - Additional Information (Detail) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended		6 Months Ended
	Apr. 30, 2013	Jun. 30, 2014	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Upfront non-refundable, non-creditable license fee	$ 15,000
Issuance of convertible preferred stock	2,105,263
Stock purchase agreement, purchase price of preferred stock	$ 8,000
Stock purchase agreement, purchase price fair value of preferred stock	7,663
Stock purchase agreement, purchase price premium of preferred stock	$ 337
Revenue recognized from nonsubstantive milestones					$ 8,000
Revenue recognized from substantive milestones					2,500
Non-refundable contingent payment		$ 480
Deferred R&D service revenue		$ 3,069	$ 3,069		3,069		$ 3,475
License fee revenue			302	$ 9,637	302	$ 9,637
Collaborative revenue			658	336	836	336
Amortization of deferred revenue			526	306	677	306
Revenue recognized from sale of clinical compound			132	30	159	30
Research and development expense			3,200	2,021	5,401	2,943
Maruishi License Agreement [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Research and development expense			$ 714	$ 352	$ 1,112	$ 352

Accounts Payable and Accrued Expenses - Schedule of Accounts Payable and Accrued Expenses (Detail) - USD ($) $ in Thousands	Jun. 30, 2014	Dec. 31, 2013
Payables And Accruals [Abstract]
Accounts payable	$ 1,191	$ 676
Accrued research projects	755	405
Accrued professional fees	227	739
Accrued compensation and benefits	239	83
Accrued other	136	55
Total	$ 2,548	$ 1,958

Net (Loss) Income Per Share - Computation of Denominators Used in Net (Loss) Income Per Share (Detail) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Basic:
Weighted average common shares outstanding	22,608,324	4,288,243	19,150,412	3,975,463
Diluted:
Weighted average common shares outstanding	22,608,324	4,288,243	19,150,412	3,975,463
Convertible preferred stock		11,245,907		11,255,016
Common stock options		438,299		438,299
Common stock warrants	0	0	0	0
Convertible promissory notes (as if converted)	0	0	0	0
Denominator for diluted net (loss) income per share available to common stockholders	22,608,324	15,972,449	19,150,412	15,668,778

Net (Loss) Income Per Share - Computation of Basic and Diluted Net (Loss) Income Per Share Attributable to Common Stockholders (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Earnings Per Share [Abstract]
Net (loss) income	$ (3,645)	$ 5,337	$ (7,028)	$ 2,705
Add back: extinguishment of preferred shares				891
Less: net income attributable to participating securities		(3,869)		(2,656)
Net (loss) income attributable to common stockholders - Basic	(3,645)	1,468	(7,028)	940
Add: net income attributable to participating securities		3,869		2,656
Net (loss) income attributable to common stockholders - Diluted	(3,645)	5,337	(7,028)	3,596
Net (loss) income attributable to common stockholders - Basic	$ (3,645)	$ 1,468	$ (7,028)	$ 940
Net (loss) income per share attributable to common stockholders:
Basic	$ (0.16)	$ 0.34	$ (0.37)	$ 0.24
Diluted	$ (0.16)	$ 0.33	$ (0.37)	$ 0.23
Weighted-average common shares outstanding attributable to common stockholders:
Basic	22,608,324	4,288,243	19,150,412	3,975,463
Diluted	22,608,324	15,972,449	19,150,412	15,668,778

Net (Loss) Income Per Share - Schedule of Anti-Dilutive Common Stock Equivalents Excluded from Calculations of Diluted Net Loss Per Share (Detail) - shares	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive common stock equivalents	1,078,011	1,146,368
Common Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive common stock equivalents	1,058,160
Common Stock Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive common stock equivalents	19,851	19,851
Convertible Promissory Notes [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive common stock equivalents		1,126,517

Convertible Preferred Stock - Additional Information (Detail) - $ / shares		6 Months Ended
	Feb. 05, 2014	Jun. 30, 2014	Dec. 31, 2013
Equity [Abstract]
Convertible Preferred stock, shares authorized		0	29,402,200
Convertible Preferred stock, par value		$ 0.001	$ 0.001
Convertible Preferred stock, shares issued	29,186,929	0	29,186,929
Convertible Preferred stock, shares outstanding	29,186,929	0	29,186,929
Conversion of stock, shares issued	12,554,171
Closing date of IPO		Feb. 05, 2014

Reverse Stock Split - Additional Information (Detail)	6 Months Ended
Reverse Stock Split - Additional Information (Detail)	Jun. 30, 2014
Equity [Abstract]
Reverse stock split, description	The Company's Board of Directors and stockholders approved a 1-for-2.5 reverse stock split of the Company's common stock effective on January 16, 2014, which resulted in an adjustment to the preferred stock conversion price to reflect a proportional decrease in the number of shares of common stock to be issued upon conversion
Reverse stock split, ratio	2.5
Reverse stock split, effective date	Jan. 16, 2014

Stockholders' (Deficit) Equity - Additional Information (Detail) - $ / shares	Jun. 30, 2014	Jan. 16, 2014	Dec. 31, 2013
Equity [Abstract]
Common stock, shares authorized	100,000,000	100,000,000	50,000,000
Common stock, par value	$ 0.001	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000	0
Preferred stock, par value	$ 0.001	$ 0.001	$ 0.001
Common stock, shares outstanding	22,638,414		4,288,243
Preferred stock, shares issued	0		0
Preferred stock, shares outstanding	0		0

Stock-Based Compensation - Additional Information (Detail) - $ / shares	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock options granted	227,000	0	614,000	0
Options outstanding	1,058,160		1,058,160		490,160
Weighted average exercise price of options	$ 7.62		$ 7.62		$ 1.34
Employees and Members of Board of Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of options granted	$ 8.53		7.55
Nonemployee Consultants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of options granted			$ 13.70
2014 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock options granted			0
Share-based compensation arrangement by share-based payment award, number of shares authorized	1,600,000		1,600,000
Annual increase in number of shares reserved for issuance as a percentage of shares of capital stock outstanding through January 1, 2024					3.00%
2014 Equity Incentive Plan [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term of stock options granted			10 years
Share-based compensation arrangement by share-based payment award, number of shares authorized	30,000,000		30,000,000
2004 Stock Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding					490,160
Weighted average exercise price of options					$ 1.34
Number of shares available for future issuance	0		0		757,799

Stock-Based Compensation - Summary of Assumptions Used in Black-Scholes Option Pricing Model (Detail)	3 Months Ended	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate, minimum	1.80%	1.80%
Risk-free interest rate, maximum	1.99%	2.72%
Expected volatility, minimum		65.00%
Expected volatility, maximum		71.00%
Expected volatility	65.00%
Expected dividend yield	0.00%	0.00%
Employee Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life of options (in years)	6 years 3 months	6 years 3 months
Nonemployee Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life of options (in years)	10 years	10 years

Stock-Based Compensation - Summary of Compensation Expense Relating to Stock Options (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock option expense	$ 456	$ 40	$ 809	$ 51
Research and Development [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock option expense	159	23	231	31
General and Administrative [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock option expense	$ 297	$ 17	$ 578	$ 20

Stock-Based Compensation - Summary of Stock Option Award Activity under Stock Incentive Plans (Detail) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Number of Shares, Outstanding, December 31, 2013			490,160
Number of Shares, Granted	227,000	0	614,000	0
Number of Shares, Exercised			(46,000)
Number of Shares, Outstanding, June 30, 2014	1,058,160		1,058,160
Number of Shares, Options exercisable, June 30, 2014	476,451		476,451
Weighted Average Exercise Price, Outstanding, December 31, 2013			$ 1.34
Weighted Average Exercise Price, Granted			12.11
Weighted Average Exercise Price, Exercised			0.64
Weighted Average Exercise Price, Outstanding, June 30, 2014	$ 7.62		7.62
Weighted Average Exercise Price, Options exercisable, June 30, 2014	$ 2.43		$ 2.43

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Income Tax Disclosure [Abstract]
Pre-tax (loss) income	$ (3,656)	$ 5,317	$ (7,055)	$ 2,678
Benefit from income taxes	$ 11	$ 20	$ 27	$ 27
Percentage of value of research and development tax credits exchanged for cash			65.00%

Commitments and Contingencies - Schedule of Contractual Obligations and Commitments (Detail) $ in Thousands	Jun. 30, 2014 USD ($)
Other Commitments [Line Items]
Contractual obligations and commitments, Payment Due, 2014	$ 906
Contractual obligations and commitments, Payment Due, 2015	1,838
Contractual obligations and commitments, Payment Due, 2016	1,865
Contractual obligations and commitments, Payment Due, 2017	1,692
Contractual obligations and commitments, Payment Due, 2018	952
Contractual obligations and commitments, Payment Due, Total	7,253
Operating Lease [Member]
Other Commitments [Line Items]
Contractual obligations and commitments, Payment Due, 2014	430
Contractual obligations and commitments, Payment Due, 2015	886
Contractual obligations and commitments, Payment Due, 2016	913
Contractual obligations and commitments, Payment Due, 2017	740
Contractual obligations and commitments, Payment Due, 2018	0
Contractual obligations and commitments, Payment Due, Total	2,969
Employment Agreements [Member]
Other Commitments [Line Items]
Contractual obligations and commitments, Payment Due, 2014	476
Contractual obligations and commitments, Payment Due, 2015	952
Contractual obligations and commitments, Payment Due, 2016	952
Contractual obligations and commitments, Payment Due, 2017	952
Contractual obligations and commitments, Payment Due, 2018	952
Contractual obligations and commitments, Payment Due, Total	$ 4,284

Commitments and Contingencies - Schedule of Contractual Obligations and Commitments (Parenthetical) (Detail)	6 Months Ended
	Jun. 30, 2014 Officers
Commitments And Contingencies Disclosure [Abstract]
Number of executive officers	3
Employment agreement term	4 years
Employment agreement renewable term	1 year
Employee agreements, severance description	Under these employment agreements, each executive officer is eligible for severance benefits in specified circumstances, including 6 to 12 months of salary.