Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Nov. 03, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | CPRX | |
Entity Registrant Name | CATALYST PHARMACEUTICALS, INC. | |
Entity Central Index Key | 1,369,568 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 85,234,979 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Current Assets: | ||
Cash and cash equivalents | $ 7,328,984 | $ 13,893,064 |
Short-term investments | 26,577,501 | 26,512,753 |
Prepaid expenses and other current assets | 510,492 | 1,047,944 |
Total current assets | 34,416,977 | 41,453,761 |
Property and equipment, net | 205,450 | 244,204 |
Deposits | 8,888 | 8,888 |
Total assets | 34,631,315 | 41,706,853 |
Current Liabilities: | ||
Accounts payable | 1,081,608 | 933,176 |
Accrued expenses and other liabilities | 1,655,986 | 1,161,359 |
Total current liabilities | 2,737,594 | 2,094,535 |
Accrued expenses and other liabilities, non-current | 164,516 | 181,162 |
Warrants liability, at fair value | 122,226 | |
Total liabilities | 2,902,110 | 2,397,923 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred stock, $0.001 par value, 5,000,000 shares authorized: none issued and outstanding at September 30, 2017 and December 31, 2016 | ||
Common stock, $0.001 par value, 150,000,000 shares authorized; 85,234,979 shares and 82,972,316 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively | 85,235 | 82,972 |
Additional paid-in capital | 152,816,719 | 147,374,028 |
Accumulated deficit | (121,172,749) | (108,148,070) |
Total stockholders' equity | 31,729,205 | 39,308,930 |
Total liabilities and stockholders' equity | $ 34,631,315 | $ 41,706,853 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 85,234,979 | 82,972,316 |
Common stock, shares outstanding | 85,234,979 | 82,972,316 |
Consolidated Statements of Oper
Consolidated Statements of Operations (unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Operating costs and expenses: | ||||
Research and development | $ 2,704,923 | $ 2,493,999 | $ 7,970,603 | $ 8,549,287 |
General and administrative | 1,601,785 | 1,420,015 | 5,197,247 | 6,416,715 |
Total operating costs and expenses | 4,306,708 | 3,914,014 | 13,167,850 | 14,966,002 |
Loss from operations | (4,306,708) | (3,914,014) | (13,167,850) | (14,966,002) |
Other income, net | 129,059 | 66,981 | 330,075 | 277,679 |
Change in fair value of warrants liability | (106,948) | (186,904) | 779,191 | |
Loss before income taxes | (4,177,649) | (3,953,981) | (13,024,679) | (13,909,132) |
Provision for income taxes | 0 | 0 | 0 | 0 |
Net loss | $ (4,177,649) | $ (3,953,981) | $ (13,024,679) | $ (13,909,132) |
Net loss per share - basic and diluted | $ (0.05) | $ (0.05) | $ (0.16) | $ (0.17) |
Weighted average shares outstanding - basic and diluted | 84,797,969 | 82,870,649 | 83,898,724 | 82,867,140 |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Equity (unaudited) - 9 months ended Sep. 30, 2017 - USD ($) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] |
Beginning Balance at Dec. 31, 2016 | $ 39,308,930 | $ 82,972 | $ 147,374,028 | $ (108,148,070) |
Issuance of common stock, net | 3,950 | 5 | 3,945 | |
Issuance of stock options for services | 1,866,005 | 1,866,005 | ||
Amortization of restricted stock for services | 56,446 | 56,446 | ||
Exercise of warrants for common stock | 3,518,553 | 2,258 | 3,516,295 | |
Net loss | (13,024,679) | (13,024,679) | ||
Ending Balance at Sep. 30, 2017 | $ 31,729,205 | $ 85,235 | $ 152,816,719 | $ (121,172,749) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Operating Activities: | ||
Net loss | $ (13,024,679) | $ (13,909,132) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 38,754 | 31,442 |
Stock-based compensation | 1,922,451 | 1,347,440 |
Change in fair value of warrants liability | 186,904 | (779,191) |
(Increase) decrease in: | ||
Prepaid expenses and other current assets and deposits | 537,452 | 1,193,883 |
Increase (decrease) in: | ||
Accounts payable | 148,432 | (738,803) |
Accrued expenses and other liabilities | 477,981 | (697,403) |
Net cash used in operating activities | (9,712,705) | (13,551,764) |
Investing Activities: | ||
Capital expenditures | (88,931) | |
Purchase of short-term investments | (64,748) | (94,154) |
Proceeds (purchase) of certificates of deposit | 3,149,198 | |
Net cash provided by (used in) investing activities | (64,748) | 2,966,113 |
Financing Activities: | ||
Payment of employee withholding tax related to stock-based compensation | (11,265) | |
Proceeds from exercise of warrants | 3,209,423 | |
Proceeds from exercise of stock options | 3,950 | |
Net cash provided by (used in) financing activities | 3,213,373 | (11,265) |
Net increase (decrease) in cash and cash equivalents | (6,564,080) | (10,596,916) |
Cash and cash equivalents - beginning of period | 13,893,064 | 28,235,016 |
Cash and cash equivalents - end of period | 7,328,984 | $ 17,638,100 |
Supplemental disclosures of non-cash investing and financing activity | ||
Exercise of liability classified warrants for common stock | $ 309,130 |
Organization and Description of
Organization and Description of Business | 9 Months Ended |
Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | 1. Organization and Description of Business. Catalyst Pharmaceuticals, Inc. (the Company) is a development-stage biopharmaceutical company focused on developing and commercializing innovating therapies for people with rare debilitating, chronic neuromuscular and neurological diseases, including Lambert-Eaton Myasthenic Syndrome (LEMS), Congenital Myasthenic Syndromes (CMS), MuSK antibody positive myasthenia gravis, and infantile spasms. Since inception, the Company has devoted substantially all of its efforts to business planning, research and development, recruiting management and technical staff, acquiring operating assets and raising capital. The Company’s primary focus is on the development and commercialization of its drug candidates. The Company has incurred operating losses in each period from inception through September 30, 2017. The Company has been able to fund its cash needs to date through several public and private offerings of its common stock and warrants, through government grants, and through an investment by a strategic purchaser. See Note 9. Capital Resources While there can be no assurance, based on currently available information, the Company estimates that it has sufficient resources to support its operations for at least the next 12 months. The Company may raise required funds through public or private equity offerings, debt financings, corporate collaborations, governmental research grants or other means. The Company may also seek to raise new capital to fund additional product development efforts, even if it has sufficient funds for its planned operations. Any sale by the Company of additional equity or convertible debt securities could result in dilution to the Company’s current stockholders. There can be no assurance that any such required additional funding will be available to the Company at all or available on terms acceptable to the Company. Further, to the extent that the Company raises additional funds through collaborative arrangements, it may be necessary to relinquish some rights to the Company’s drug candidates or grant sublicenses on terms that are not favorable to the Company. If the Company is not able to secure additional funding when needed, the Company may have to delay, reduce the scope of, or eliminate one or more research and development programs, which could have an adverse effect on the Company’s business. |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies | 2. Basis of Presentation and Significant Accounting Policies. a. INTERIM FINANCIAL STATEMENTS. 10-Q In the opinion of management, the accompanying unaudited interim consolidated financial statements of the Company contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly the financial position of the Company as of the dates and for the periods presented. Accordingly, these consolidated statements should be read in conjunction with the financial statements and notes thereto for the year ended December 31, 2016 included in the 2016 Annual Report on Form 10-K b. PRINCIPLES OF CONSOLIDATION . c. USE OF ESTIMATES. d. CASH AND CASH EQUIVALENTS. e. SHORT-TERM INVESTMENTS. f. PREPAID EXPENSES AND OTHER CURRENT ASSETS . pre-commercialization pre-clinical g. FAIR VALUE OF FINANCIAL INSTRUMENTS. h. FAIR VALUE MEASUREMENTS. Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, which are typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. Fair Value Measurements at Reporting Date Using Balances as of Quoted Prices in Significant Significant (Level 3) Money market funds $ 6,646,164 $ 6,646,164 $ — $ — Short-term investments $ 26,577,501 $ 26,577,501 $ — $ — Fair Value Measurements at Reporting Date Using Balances as of Quoted Prices in Significant Significant (Level 3) Money market funds $ 13,395,759 $ 13,395,759 $ — $ — Short-term investments $ 26,512,753 $ 26,512,753 $ — $ — Warrants liability $ 122,226 $ — $ — $ 122,226 i. WARRANTS LIABILITY. j. STOCK-BASED COMPENSATION. As of September 30, 2017, there were outstanding stock options to purchase 6,085,000 shares of common stock, of which stock options to purchase 3,501,664 shares of common stock were exercisable as of September 30, 2017. For the three and nine-month periods ended September 30, 2017 and 2016, the Company recorded stock-based compensation expense as follows: Three months ended September 30, Nine months ended September 30, 2017 2016 2017 2016 Research and development $ 192,796 $ 185,122 $ 622,700 $ 443,297 General and administrative 336,942 347,080 1,299,751 904,143 Total stock-based compensation $ 529,738 $ 532,202 $ 1,922,451 $ 1,347,440 k. COMPREHENSIVE INCOME (LOSS). l. NET LOSS PER SHARE. September 30, 2017 2016 Options to purchase common stock 6,085,000 5,150,000 Warrants to purchase common stock — 2,407,663 Unvested restricted stock 26,667 53,334 Potential equivalent common stock excluded 6,111,667 7,610,997 Potentially dilutive options to purchase common stock as of both September 30, 2017 and 2016 have exercise prices ranging from $0.47 to $4.64. Potentially dilutive warrants to purchase common stock as of September 30, 2016 had exercise prices ranging from $1.04 to $2.08. m. RECENTLY ISSUED ACCOUNTING STANDARDS. No. 2016-02, Leases (Topic 842) 2016-02 On March 30, 2016, the FASB issued ASU No. 2016-09, Compensation—Stock Compensation Improvements to Employee Share-Based Payment Accounting In May 2017, the FASB issued ASU No. 2017-09, Compensation – Stock Compensation (Topic 718): Scope of Modification Accounting 2017-09 |
Warrants Liability, at Fair Val
Warrants Liability, at Fair Value | 9 Months Ended |
Sep. 30, 2017 | |
Text Block [Abstract] | |
Warrants Liability, at Fair Value | 3. Warrants Liability, at Fair Value. 2011 Warrants The Company allocated approximately $1.3 million of proceeds from its October 2011 registered direct offering to the fair value of common stock purchase warrants issued in connection with the offering that were classified as a liability (the 2011 warrants). The 2011 warrants were classified as a liability because of provisions in such warrants that allowed for the net cash settlement of such warrants in the event of certain fundamental transactions (as defined in the warrant agreement). The valuation of the 2011 warrants was determined using the Black-Scholes Model. This model uses inputs such as the underlying price of the shares issued when the warrant is exercised, volatility, risk free interest rate and expected life of the instrument. The Company had determined that the 2011 warrants liability should be classified within Level 3 of the fair value hierarchy by evaluating each input for the Black-Scholes Model against the fair value hierarchy criteria and using the lowest level of input as the basis for the fair value classification. There are six inputs: closing price of the Company’s common stock on the day of evaluation; the exercise price of the warrants; the remaining term of the warrants; the volatility of the Company’s common stock; annual rate of dividends; and the risk-free rate of return. Of those inputs, the exercise price of the warrants and the remaining term were readily observable in the warrants agreement. The annual rate of dividends was based on the Company’s historical practice of not granting dividends. The closing price of the Company’s common stock would fall under Level 1 of the fair value hierarchy as it is a quoted price in an active market. The risk-free rate of return was a Level 2 input, while the historical volatility was a Level 3 input in accordance with the fair value accounting guidance. Since the lowest level input was a Level 3, the Company determined the 2011 warrants liability was most appropriately classified within Level 3 of the fair value hierarchy. This liability was subject to a fair value mark-to-market The calculated value of the 2011 warrants liability was determined using the Black-Scholes Model with the following assumptions: December 31, Risk free interest rate 0.85 % Expected term 0.33 years Expected volatility 100 % Expected dividend yield 0 % Expected forfeiture rate 0 % The following table rolls forward the fair value of the Company’s warrants liability activity for the three and nine-month periods ended September 30, 2017 and 2016: Three months ended September 30, Nine months ended September 30, 2017 2016 2017 2016 Fair value, beginning of period $ — $ 122,224 $ 122,226 $ 1,008,363 Issuance of warrants — — — — Exercise of warrants — — (309,130 ) — Change in fair value — 106,948 186,904 (779,191 ) Fair value, end of period $ — $ 229,172 $ — $ 229,172 On May 2, 2017, the outstanding and unexercised 2011 warrants expired. During the nine months ended September 30, 2017, 613,913 of the 2011 warrants were exercised, with proceeds of $798,087 to the Company. During the three and nine months ended September 30, 2016, none of the 2011 warrants were exercised. |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 9 Months Ended |
Sep. 30, 2017 | |
Text Block [Abstract] | |
Prepaid Expenses and Other Current Assets | 4. Prepaid Expenses and Other Current Assets. Prepaid expenses and other current assets consist of the following: September 30, December 31, Prepaid research fees $ 310,331 $ 334,565 Prepaid insurance 91,514 598,909 Prepaid pre-commercialization — 35,500 Prepaid subscription fees 37,816 22,770 Prepaid rent 20,550 19,756 Other 50,281 36,444 Total prepaid expenses and other current assets $ 510,492 $ 1,047,944 |
Property and Equipment, net
Property and Equipment, net | 9 Months Ended |
Sep. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, net | 5. Property and Equipment, net. Property and equipment, net consists of the following: September 30, December 31, Computer equipment $ 27,915 $ 27,915 Furniture and equipment 177,061 177,061 Leasehold improvements 152,708 152,708 357,684 357,684 Less: Accumulated depreciation (152,234 ) (113,480 ) Total property and equipment, net $ 205,450 $ 244,204 Depreciation expense was $12,839 and $38,754, respectively, for the three and nine-month periods ended September 30, 2017 and $9,482 and $31,442 for the three and nine-month periods ended September 30, 2016, respectively. |
Accrued Expenses and Other Liab
Accrued Expenses and Other Liabilities | 9 Months Ended |
Sep. 30, 2017 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Liabilities | 6. Accrued Expenses and Other Liabilities. Accrued expenses and other liabilities consist of the following: September 30, 2017 December 31, 2016 Accrued pre-clinical $ 1,143,942 $ 623,855 Accrued professional fees 110,812 102,673 Accrued compensation and benefits 139,999 264,237 Accrued license fees 226,250 152,500 Deferred rent and lease incentive 22,424 18,094 Other 12,559 — Current accrued expenses and other liabilities 1,655,986 1,161,359 Deferred rent and lease incentive—non-current 164,516 181,162 Non-current 164,516 181,162 Total accrued expenses and other liabilities $ 1,820,502 $ 1,342,521 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 7. Commitments and Contingencies. a. LICENSE AGREEMENT WITH NORTHWESTERN UNIVERSITY. CPP-115. Under the license agreement with Northwestern, the Company is responsible for continued research and development of any resulting product candidates. As of September 30, 2017, the Company has paid $416,590 in connection with the license and has accrued license fees of $226,250 in the accompanying September 30, 2017 consolidated balance sheet for expenses, maintenance fees and milestones. In addition, the Company is obligated to pay certain milestone payments in future years relating to clinical development activities with respect to CPP-115, CPP-115 b. LICENSE AGREEMENT WITH NEW YORK UNIVERSITY AND THE FEINSTEIN INSTITUTE FOR MEDICAL RESEARCH. c. LICENSE AGREEMENT WITH BIOMARIN ® ® ® As part of the License Agreement, the Company has agreed to pay: (i) royalties to BioMarin for seven years from the first commercial sale of Firdapse ® ® Additionally, the Company has agreed to pay certain milestone payments that BioMarin is obligated to pay to both the third-party licensor and to the former stockholders of Huxley Pharmaceuticals (“Huxley”) under an earlier stock purchase agreement between BioMarin and the former Huxley stockholders. These milestones aggregate (i) up to approximately $2.6 million due upon acceptance by the U.S. Food & Drug Administration (FDA) of a filing of a new drug application (NDA) for Firdapse ® ® provided, however The Company also agreed to share in the cost of certain post-marketing studies being conducted by BioMarin, and, as of September 30, 2017, the Company had paid BioMarin $3.8 million related to expenses in connection with Firdapse ® d. AGREEMENTS FOR DRUG DEVELOPMENT, PRE-CLINICAL |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 8. Income Taxes. The Company is subject to income taxes in the U.S. federal jurisdiction and various states jurisdictions. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment to apply. The Company is not subject to U.S. federal, state and local tax examinations by tax authorities for any years before 2014. If the Company were to subsequently record an unrecognized tax benefit, associated penalties and tax related interest expense would be reported as a component of income tax expense. The Company’s net deferred tax asset has a 100% valuation allowance at September 30, 2017 and December 31, 2016 as the Company believes that it is more likely than not that the deferred tax asset will not be realized. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2017 | |
Equity [Abstract] | |
Stockholders' Equity | 9. Stockholders’ Equity. 2014 Shelf Registration Statement On January 31, 2014, the Company filed a shelf Registration Statement on Form S-3 No. 333-193699) (a) On April 3, 2014, the Company filed a prospectus supplement and offered for sale 13,023,750 shares of its common stock at a price of $2.21 per share in an underwritten public offering. The Company received gross proceeds in the public offering of approximately $28.8 million before underwriting commission and incurred expenses of approximately $2.1 million. (b) On February 4, 2015, the Company filed a prospectus supplement and offered for sale 11,500,000 shares of its common stock at a price of $3.25 per share in an underwritten public offering. The Company received gross proceeds in the public offering of approximately $37.4 million before underwriting commission and incurred expenses of approximately $2.5 million. 2016 Shelf Registration Statement On December 23, 2016, the Company filed a shelf Registration Statement on Form S-3 No. 333-215315) 2017 Shelf Registration Statement On July 12, 2017, the Company filed a universal shelf Registration Statement on Form S-3 Warrant Exercises During the three and nine months ended September 30, 2017, the Company issued an aggregate of 675,000 and 2,257,663 shares, respectively, of its authorized but unissued common stock upon the exercise of previously issued common stock purchase warrants, with net proceeds to the Company of $1,403,986 and $3,209,423, respectively. No warrants were exercised during the three and nine months ended September 30, 2016. |
Stock Compensation
Stock Compensation | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Compensation | 10. Stock Compensation. Stock Options During the three and nine-month periods ended September 30, 2017, the Company granted seven-year options to purchase an aggregate of 0 and 1,535,000 shares, respectively, of the Company’s common stock to employees and directors. The Company recorded stock-based compensation related to stock options totaling $510,715 and $1,866,005 respectively, during the three and nine-month periods ended September 30, 2017. During the three and nine-month periods ended September 30, 2017, respectively, 261,668 and 1,138,335 options vested. During the three and nine-month periods ended September 30, 2016, the Company granted seven-year options to purchase an aggregate of 15,000 and 1,260,000 shares, respectively, of the Company’s common stock to employees and directors. The Company recorded stock-based compensation related to stock options totaling $513,231 and $1,290,943 respectively, during the three and nine-month periods ended September 30, 2016. During the three and nine-month periods ended September 30, 2016, respectively, 256,668 and 488,333 options vested. During the three and nine months ended September 30, 2017, options to purchase 5,000 shares of the Company’s common stock were exercised, with proceeds of $3,950 to the Company. No options were exercised during the three months ended September 30, 2016. During the nine months ended September 30, 2016, options to purchase 50,000 shares of the Company’s common stock were exercised on a “cashless” basis, resulting in the issuance of an aggregate 20,030 shares of the Company’s common stock. As of September 30, 2017, there was approximately $1,767,000 of unrecognized compensation expense related to non-vested Restricted Stock Units No restricted stock units were granted during the three and nine months ended September 30, 2017 and 2016. The Company recorded stock-based compensation related to restricted stock units totaling $19,023 and $56,446, respectively, during the three and nine-month periods ended September 30, 2017. The Company recorded stock-based compensation related to restricted stock units totaling $18,971 and $56,497, respectively, during the three and nine-month periods ended September 30, 2016. As of September 30, 2017, there was approximately $9,000 of total restricted stock unit compensation expense related to non-vested |
Basis of Presentation and Sig17
Basis of Presentation and Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
INTERIM FINANCIAL STATEMENTS | a. INTERIM FINANCIAL STATEMENTS. 10-Q In the opinion of management, the accompanying unaudited interim consolidated financial statements of the Company contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly the financial position of the Company as of the dates and for the periods presented. Accordingly, these consolidated statements should be read in conjunction with the financial statements and notes thereto for the year ended December 31, 2016 included in the 2016 Annual Report on Form 10-K |
PRINCIPLES OF CONSOLIDATION | b. PRINCIPLES OF CONSOLIDATION . |
USE OF ESTIMATES | c. USE OF ESTIMATES. |
CASH AND CASH EQUIVALENTS | d. CASH AND CASH EQUIVALENTS. |
SHORT-TERM INVESTMENTS | e. SHORT-TERM INVESTMENTS. |
PREPAID EXPENSES AND OTHER CURRENT ASSETS | f. PREPAID EXPENSES AND OTHER CURRENT ASSETS . pre-commercialization pre-clinical |
FAIR VALUE OF FINANCIAL INSTRUMENTS | g. FAIR VALUE OF FINANCIAL INSTRUMENTS. |
FAIR VALUE MEASUREMENTS | h. FAIR VALUE MEASUREMENTS. Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, which are typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. Fair Value Measurements at Reporting Date Using Balances as of Quoted Prices in Significant Significant (Level 3) Money market funds $ 6,646,164 $ 6,646,164 $ — $ — Short-term investments $ 26,577,501 $ 26,577,501 $ — $ — Fair Value Measurements at Reporting Date Using Balances as of Quoted Prices in Significant Significant (Level 3) Money market funds $ 13,395,759 $ 13,395,759 $ — $ — Short-term investments $ 26,512,753 $ 26,512,753 $ — $ — Warrants liability $ 122,226 $ — $ — $ 122,226 |
WARRANTS LIABILITY | i. WARRANTS LIABILITY. |
STOCK-BASED COMPENSATION | j. STOCK-BASED COMPENSATION. As of September 30, 2017, there were outstanding stock options to purchase 6,085,000 shares of common stock, of which stock options to purchase 3,501,664 shares of common stock were exercisable as of September 30, 2017. For the three and nine-month periods ended September 30, 2017 and 2016, the Company recorded stock-based compensation expense as follows: Three months ended September 30, Nine months ended September 30, 2017 2016 2017 2016 Research and development $ 192,796 $ 185,122 $ 622,700 $ 443,297 General and administrative 336,942 347,080 1,299,751 904,143 Total stock-based compensation $ 529,738 $ 532,202 $ 1,922,451 $ 1,347,440 |
COMPREHENSIVE INCOME (LOSS) | k. COMPREHENSIVE INCOME (LOSS). |
NET LOSS PER SHARE | l. NET LOSS PER SHARE. September 30, 2017 2016 Options to purchase common stock 6,085,000 5,150,000 Warrants to purchase common stock — 2,407,663 Unvested restricted stock 26,667 53,334 Potential equivalent common stock excluded 6,111,667 7,610,997 Potentially dilutive options to purchase common stock as of both September 30, 2017 and 2016 have exercise prices ranging from $0.47 to $4.64. Potentially dilutive warrants to purchase common stock as of September 30, 2016 had exercise prices ranging from $1.04 to $2.08. |
RECENTLY ISSUED ACCOUNTING STANDARDS | m. RECENTLY ISSUED ACCOUNTING STANDARDS. No. 2016-02, Leases (Topic 842) 2016-02 On March 30, 2016, the FASB issued ASU No. 2016-09, Compensation—Stock Compensation Improvements to Employee Share-Based Payment Accounting In May 2017, the FASB issued ASU No. 2017-09, Compensation – Stock Compensation (Topic 718): Scope of Modification Accounting 2017-09 |
Basis of Presentation and Sig18
Basis of Presentation and Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Fair Value Measurement Specific to Assets or Liability | The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. Fair Value Measurements at Reporting Date Using Balances as of Quoted Prices in Significant Significant (Level 3) Money market funds $ 6,646,164 $ 6,646,164 $ — $ — Short-term investments $ 26,577,501 $ 26,577,501 $ — $ — Fair Value Measurements at Reporting Date Using Balances as of Quoted Prices in Significant Significant (Level 3) Money market funds $ 13,395,759 $ 13,395,759 $ — $ — Short-term investments $ 26,512,753 $ 26,512,753 $ — $ — Warrants liability $ 122,226 $ — $ — $ 122,226 |
Stock-Based Compensation Expense | For the three and nine-month periods ended September 30, 2017 and 2016, the Company recorded stock-based compensation expense as follows: Three months ended September 30, Nine months ended September 30, 2017 2016 2017 2016 Research and development $ 192,796 $ 185,122 $ 622,700 $ 443,297 General and administrative 336,942 347,080 1,299,751 904,143 Total stock-based compensation $ 529,738 $ 532,202 $ 1,922,451 $ 1,347,440 |
Potential Shares Excluded from Determination of Basic and Diluted Net Loss Per Share | Basic loss per share is computed by dividing net loss for the period by the weighted average number of common shares outstanding during the period. The calculation of basic and diluted net loss per share is the same for all periods presented, as the effect of potential common stock equivalents is anti-dilutive due to the Company’s net loss position for all periods presented. The potential shares, which are excluded from the determination of basic and diluted net loss per share as their effect is anti-dilutive, are as follows: September 30, 2017 2016 Options to purchase common stock 6,085,000 5,150,000 Warrants to purchase common stock — 2,407,663 Unvested restricted stock 26,667 53,334 Potential equivalent common stock excluded 6,111,667 7,610,997 |
Warrants Liability, at Fair V19
Warrants Liability, at Fair Value (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Summary of Company's Warrants Liability Activity | The following table rolls forward the fair value of the Company’s warrants liability activity for the three and nine-month periods ended September 30, 2017 and 2016: Three months ended September 30, Nine months ended September 30, 2017 2016 2017 2016 Fair value, beginning of period $ — $ 122,224 $ 122,226 $ 1,008,363 Issuance of warrants — — — — Exercise of warrants — — (309,130 ) — Change in fair value — 106,948 186,904 (779,191 ) Fair value, end of period $ — $ 229,172 $ — $ 229,172 |
Warrants Liability, at Fair Value [Member] | |
Summary of Assumptions Used in Black-Scholes Model to Calculate Fair Value of Warrants Liability | The calculated value of the 2011 warrants liability was determined using the Black-Scholes Model with the following assumptions: December 31, Risk free interest rate 0.85 % Expected term 0.33 years Expected volatility 100 % Expected dividend yield 0 % Expected forfeiture rate 0 % |
Prepaid Expenses and Other Cu20
Prepaid Expenses and Other Current Assets (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Text Block [Abstract] | |
Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consist of the following: September 30, December 31, Prepaid research fees $ 310,331 $ 334,565 Prepaid insurance 91,514 598,909 Prepaid pre-commercialization — 35,500 Prepaid subscription fees 37,816 22,770 Prepaid rent 20,550 19,756 Other 50,281 36,444 Total prepaid expenses and other current assets $ 510,492 $ 1,047,944 |
Property and Equipment, net (Ta
Property and Equipment, net (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, net | Property and equipment, net consists of the following: September 30, December 31, Computer equipment $ 27,915 $ 27,915 Furniture and equipment 177,061 177,061 Leasehold improvements 152,708 152,708 357,684 357,684 Less: Accumulated depreciation (152,234 ) (113,480 ) Total property and equipment, net $ 205,450 $ 244,204 |
Accrued Expenses and Other Li22
Accrued Expenses and Other Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses and Other Liabilities | Accrued expenses and other liabilities consist of the following: September 30, 2017 December 31, 2016 Accrued pre-clinical $ 1,143,942 $ 623,855 Accrued professional fees 110,812 102,673 Accrued compensation and benefits 139,999 264,237 Accrued license fees 226,250 152,500 Deferred rent and lease incentive 22,424 18,094 Other 12,559 — Current accrued expenses and other liabilities 1,655,986 1,161,359 Deferred rent and lease incentive—non-current 164,516 181,162 Non-current 164,516 181,162 Total accrued expenses and other liabilities $ 1,820,502 $ 1,342,521 |
Basis of Presentation and Sig23
Basis of Presentation and Significant Accounting Policies - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Oct. 31, 2011 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Summary Of Basis Of Presentation And Significant Accounting Policies [Line Items] | ||||||
Maximum maturity period of cash and cash equivalent | Three months | |||||
Number of options outstanding | 6,085,000 | 6,085,000 | ||||
Number of options exercisable | 3,501,664 | 3,501,664 | ||||
Stock option exercise price range, Minimum | $ 0.47 | $ 0.47 | ||||
Stock option exercise price range, Maximum | $ 4.64 | $ 4.64 | ||||
October 28, 2011 Warrants [Member] | ||||||
Summary Of Basis Of Presentation And Significant Accounting Policies [Line Items] | ||||||
Warrants issued in offering | 1,523,370 | |||||
Warrants outstanding | 0 | 0 | 763,913 | |||
Trading Securities [Member] | Other Income, Net [Member] | ||||||
Summary Of Basis Of Presentation And Significant Accounting Policies [Line Items] | ||||||
Unrealized gain | $ 29,431 | $ 0 | $ 58,861 | $ 88,291 | ||
Minimum [Member] | ||||||
Summary Of Basis Of Presentation And Significant Accounting Policies [Line Items] | ||||||
Minimum amortization period of compensation cost on straight line basis | 1 year | |||||
Potentially dilutive warrants to purchase common stock | $ 1.04 | $ 1.04 | ||||
Maximum [Member] | ||||||
Summary Of Basis Of Presentation And Significant Accounting Policies [Line Items] | ||||||
Minimum amortization period of compensation cost on straight line basis | 3 years | |||||
Potentially dilutive warrants to purchase common stock | $ 2.08 | $ 2.08 |
Basis of Presentation and Sig24
Basis of Presentation and Significant Accounting Policies - Fair Value Measurement Specific to Assets or Liability (Detail) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | $ 26,577,501 | $ 26,512,753 |
Warrants liability | 122,226 | |
Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds | 6,646,164 | 13,395,759 |
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 26,577,501 | 26,512,753 |
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) [Member] | Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds | $ 6,646,164 | 13,395,759 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Warrants liability | $ 122,226 |
Basis of Presentation and Sig25
Basis of Presentation and Significant Accounting Policies - Stock-Based Compensation Expense (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation | $ 529,738 | $ 532,202 | $ 1,922,451 | $ 1,347,440 |
Research and Development [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation | 192,796 | 185,122 | 622,700 | 443,297 |
General and Administrative [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation | $ 336,942 | $ 347,080 | $ 1,299,751 | $ 904,143 |
Basis of Presentation and Sig26
Basis of Presentation and Significant Accounting Policies - Potential Shares Excluded from Determination of Basic and Diluted Net Loss Per Share (Detail) - shares | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potential equivalent common stock excluded | 6,111,667 | 7,610,997 |
Options to Purchase Common Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potential equivalent common stock excluded | 6,085,000 | 5,150,000 |
Warrants Liability, at Fair Value [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potential equivalent common stock excluded | 2,407,663 | |
Unvested Restricted Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potential equivalent common stock excluded | 26,667 | 53,334 |
Warrants Liability, at Fair V27
Warrants Liability, at Fair Value - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2011 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Class of Warrant or Right [Line Items] | |||||
Recognition of warrants fair value at date of issuance | $ 0 | $ 0 | $ 0 | $ 0 | |
Number of warrants exercised during the period | 675,000 | 0 | 2,257,663 | 0 | |
Proceeds of Warrants | $ 1,403,986 | $ 3,209,423 | |||
October 28, 2011 Warrants [Member] | Warrants Liability, at Fair Value [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Recognition of warrants fair value at date of issuance | $ 1,300,000 | ||||
Number of warrants exercised during the period | 0 | 613,913 | 0 | ||
Proceeds of Warrants | $ 798,087 | ||||
Warrants expiration date | May 2, 2017 |
Warrants Liability, at Fair V28
Warrants Liability, at Fair Value - Summary of Assumptions Used in Black-Scholes Model to Calculate Fair Value of Warrants Liability (Detail) - Warrants Liability, at Fair Value [Member] | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | |
Risk free interest rate | 0.85% |
Expected term | 3 months 29 days |
Expected volatility | 100.00% |
Expected dividend yield | 0.00% |
Expected forfeiture rate | 0.00% |
Warrants Liability, at Fair V29
Warrants Liability, at Fair Value - Summary of Company's Warrants Liability Activity (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | ||||
Fair value, beginning of period | $ 122,224 | $ 122,226 | $ 1,008,363 | |
Issuance of warrants | $ 0 | 0 | 0 | 0 |
Exercise of warrants | (309,130) | |||
Change in fair value | 106,948 | $ 186,904 | (779,191) | |
Fair value, end of period | $ 229,172 | $ 229,172 |
Prepaid Expenses and Other Cu30
Prepaid Expenses and Other Current Assets - Prepaid Expenses and Other Current Assets (Detail) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Prepaid research fees | $ 310,331 | $ 334,565 |
Prepaid insurance | 91,514 | 598,909 |
Prepaid pre-commercialization fees | 35,500 | |
Prepaid subscription fees | 37,816 | 22,770 |
Prepaid rent | 20,550 | 19,756 |
Other | 50,281 | 36,444 |
Total prepaid expenses and other current assets | $ 510,492 | $ 1,047,944 |
Property and Equipment, net - P
Property and Equipment, net - Property and Equipment, net (Detail) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 357,684 | $ 357,684 |
Less: Accumulated depreciation | (152,234) | (113,480) |
Total property and equipment, net | 205,450 | 244,204 |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 27,915 | 27,915 |
Furniture and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 177,061 | 177,061 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 152,708 | $ 152,708 |
Property and Equipment, net - A
Property and Equipment, net - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expenses | $ 12,839 | $ 9,482 | $ 38,754 | $ 31,442 |
Accrued Expenses and Other Li33
Accrued Expenses and Other Liabilities - Schedule of Accrued Expenses and Other Liabilities (Detail) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Payables and Accruals [Abstract] | ||
Accrued pre-clinical and clinical trial expenses | $ 1,143,942 | $ 623,855 |
Accrued professional fees | 110,812 | 102,673 |
Accrued compensation and benefits | 139,999 | 264,237 |
Accrued license fees | 226,250 | 152,500 |
Deferred rent and lease incentive | 22,424 | 18,094 |
Other | 12,559 | |
Current accrued expenses and other liabilities | 1,655,986 | 1,161,359 |
Deferred rent and lease incentive-non-current | 164,516 | 181,162 |
Non-current accrued expenses and other liabilities | 164,516 | 181,162 |
Total accrued expenses and other liabilities | $ 1,820,502 | $ 1,342,521 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | Apr. 20, 2018 | Sep. 30, 2017 | Dec. 31, 2016 | Oct. 26, 2012 |
Commitments [Line Items] | ||||
Accrued license fees | $ 226,250 | $ 152,500 | ||
Northwestern License Agreement [Member] | ||||
Commitments [Line Items] | ||||
License fee paid | 416,590 | |||
Accrued license fees | 226,250 | |||
Future milestone payment | $ 300,000 | |||
License Agreement with BioMarin [Member] | ||||
Commitments [Line Items] | ||||
Date on which strategic collaboration is entered into | Oct. 26, 2012 | |||
Investment pursuant to strategic collaboration | $ 5,000,000 | |||
Royalty agreement period | 7 years | |||
Net sales royalty threshold | $ 100,000,000 | |||
Milestone payment due upon NDA acceptance | 2,600,000 | |||
Milestone payment due upon NDA approval | 7,200,000 | |||
Costs paid for Firdapse joint studies | $ 3,800,000 | |||
Milestone Payment Description | However that the total milestone payments that the Company will be obligated to pay if it meets milestone (i) and/or milestone (ii) above will be reduced to an aggregate of $150,000 and $3.0 million, respectively, if either of these respective milestones are satisfied after April 20, 2018 | |||
License Agreement with BioMarin [Member] | Minimum [Member] | ||||
Commitments [Line Items] | ||||
Percentage of royalty on net sales | 7.00% | |||
License Agreement with BioMarin [Member] | Maximum [Member] | ||||
Commitments [Line Items] | ||||
Percentage of royalty on net sales | 10.00% | |||
License Agreement with BioMarin [Member] | Scenario, Forecast [Member] | ||||
Commitments [Line Items] | ||||
Aggregate milestone payment reduction after certain period upon NDA acceptance | $ 150,000 | |||
Aggregate milestone payment reduction after certain period upon NDA approval | $ 3,000,000 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | ||
Valuation allowance | 100.00% | 100.00% |
Stockholders' Equity (2014 Shel
Stockholders' Equity (2014 Shelf Registration Statement) - Additional Information (Detail) - USD ($) | Feb. 04, 2015 | Apr. 03, 2014 | Sep. 30, 2017 | Jan. 31, 2014 |
2014 Shelf Registration Statement [Member] | ||||
Stockholders' Equity [Line Items] | ||||
Maximum dollar amount of common stock to be issued under shelf registration statement | $ 100,000,000 | |||
Expiry date of common stock remaining under the shelf registration statement | Mar. 19, 2017 | |||
Underwritten Public Offering [Member] | ||||
Stockholders' Equity [Line Items] | ||||
Number of common stock sold in offering | 11,500,000 | 13,023,750 | ||
Common stock issued, price per share | $ 3.25 | $ 2.21 | ||
Gross proceeds from issuance of common stock | $ 37,400,000 | $ 28,800,000 | ||
Offering expenses | $ 2,500,000 | $ 2,100,000 |
Stockholders' Equity (2016 Shel
Stockholders' Equity (2016 Shelf Registration Statement) - Additional Information (Detail) | Dec. 23, 2016USD ($) |
2016 Shelf Registration Statement [Member] | |
Stockholders' Equity [Line Items] | |
Maximum dollar amount of common stock to be issued under shelf registration statement | $ 33,800,000 |
Stockholders' Equity (2017 Shel
Stockholders' Equity (2017 Shelf Registration Statement) - Additional Information (Detail) | Jul. 12, 2017USD ($) |
2017 Shelf Registration Statement [Member] | |
Stockholders' Equity [Line Items] | |
Maximum dollar amount of securities to be issued under shelf registration statement | $ 150,000,000 |
Stockholders' Equity (Warrant E
Stockholders' Equity (Warrant Exercises) - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Equity [Abstract] | ||||
Issuance of common stock for warrant exercises | 675,000 | 2,257,663 | ||
Proceeds from exercise of warrants | $ 1,403,986 | $ 3,209,423 | ||
Number of warrants exercised during the period | 675,000 | 0 | 2,257,663 | 0 |
Stock Compensation - Additional
Stock Compensation - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Proceeds from exercise of stock options | $ 3,950 | |||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | $ 19,023 | $ 18,971 | $ 56,446 | $ 56,497 |
Expected remaining weighted average vesting period | 1 month 13 days | |||
Restricted stock unit granted | 0 | 0 | 0 | 0 |
Total compensation expenses related to non-vested awards not yet recognized | $ 9,000 | $ 9,000 | ||
Options to Purchase Common Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock option granted, contractual term | 7 years | 7 years | 7 years | 7 years |
Stock options granted | 0 | 15,000 | 1,535,000 | 1,260,000 |
Stock-based compensation | $ 510,715 | $ 513,231 | $ 1,866,005 | $ 1,290,943 |
Stock option vested during the period | 261,668 | 256,668 | 1,138,335 | 488,333 |
Number of stock options exercised | 5,000 | 0 | 5,000 | |
Proceeds from exercise of stock options | $ 3,950 | $ 3,950 | ||
Unrecognized compensation expense related to non-vested stock compensation awards granted under the Plan | $ 1,767,000 | $ 1,767,000 | ||
Expected remaining weighted average vesting period | 1 year 5 months 23 days | |||
Options to Purchase Common Stock [Member] | Cashless Basis [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of stock options exercised | 50,000 | |||
Shares issued for cashless option exercise | 20,030 |