Document and Entity Information	9 Months Ended
Document and Entity Information	Sep. 30, 2014	Nov. 11, 2014
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2014
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	Q3
Trading Symbol	ALDX
Entity Registrant Name	ALDEYRA THERAPEUTICS, INC.
Entity Central Index Key	0001341235
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		5,565,415

Balance Sheets (Unaudited) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Current assets:
Cash and cash equivalents	$ 10,142,137	$ 3,262,354
Prepaid expenses and other current assets	202,612	8,412
Total current assets	10,344,749	3,270,766
Deferred offering cost		472,467
Fixed Assets, net	5,768
Total assets	10,350,517	3,743,233
Current liabilities:
Accounts payable	482,470	341,853
Convertible notes payable - related parties		85,000
Accrued interest on convertible notes payable - related parties		2,125
Accrued expenses	363,661	117,873
Current portion of credit facility		58,160
Total current liabilities	846,131	605,011
Credit facility, net of current portion and debt discount	1,240,828	1,129,015
Accrued deferred offering costs		394,368
Convertible preferred stock warrant liability		253,247
Convertible preferred stock warrant liabilities - related parties		3,265,620
Total liabilities	2,086,959	5,647,261
Commitments and contingencies (Note 13)
Redeemable convertible preferred stock:
Redeemable convertible preferred stock		38,317,298
Stockholders' equity (deficit):
Preferred stock, value
Common stock, voting, $0.001 par value; 150,000,000 authorized and 5,565,415 shares issued and outstanding as of September 30, 2014; 65,000,000 shares authorized; 327,365 shares issued and outstanding as of December 31, 2013	5,565	327
Additional paid-in capital	52,324,911	1,102,685
Accumulated deficit	(44,066,918)	(41,324,338)
Total stockholders' equity (deficit)	8,263,558	(40,221,326)
Total liabilities, redeemable convertible preferred stock and stockholders' equity (deficit)	10,350,517	3,743,233
Series A Preferred Stock [Member]
Redeemable convertible preferred stock:
Redeemable convertible preferred stock		29,291,865
Stockholders' equity (deficit):
Total stockholders' equity (deficit)		29,291,865
Series B Preferred Stock [Member]
Redeemable convertible preferred stock:
Redeemable convertible preferred stock		9,025,433
Stockholders' equity (deficit):
Total stockholders' equity (deficit)		$ 9,025,433

Balance Sheets (Unaudited) (Parenthetical) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Preferred Stock, par value	$ 0.001	$ 0.001
Preferred Stock, shares authorized	15,000,000	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	150,000,000	65,000,000
Common stock, shares issued	5,565,415	327,365
Common stock, shares outstanding	5,565,415	327,365
Series A Preferred Stock [Member]
Preferred Stock, par value	$ 0.001	$ 0.001
Preferred Stock, shares authorized	0	24,000,000
Preferred Stock, shares issued	0	980,391
Preferred Stock, shares outstanding	0	980,391
Preferred Stock, Liquidation preference	$ 0	$ 36,000,000
Series B Preferred Stock [Member]
Preferred Stock, par value	$ 0.001	$ 0.001
Preferred Stock, shares authorized	0	38,000,000
Preferred Stock, shares issued	0	1,316,681
Preferred Stock, shares outstanding	0	1,316,681
Preferred Stock, Liquidation preference	$ 0	$ 20,377,506

Statements of Operations and Comprehensive Income (Loss) (Unaudited) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Operating expenses:
Research and development	$ 1,195,668	$ 666,040	$ 2,303,854	$ 1,141,323
General and administrative	772,467	500,416	2,555,692	1,302,361
Loss from operations	(1,968,135)	(1,166,456)	(4,859,546)	(2,443,684)
Other income (expense):
Change in fair value of preferred stock warrant liabilities		940,700	2,327,502	627,100
Change in fair value of convertible preferred stock rights and rights option liabilities		9,551,186		5,628,986
Interest income		7	3	23
Other expenses		(1,987)		(1,987)
Interest expense	(41,071)	(14,467)	(210,539)	(45,172)
Total other income (expense), net	(41,071)	10,475,439	2,116,966	6,208,950
Net income (loss) and comprehensive income (loss)	(2,009,206)	9,308,983	(2,742,580)	3,765,266
Accretion of preferred stock		(189,792)	(333,082)	(463,046)
Allocation of undistributed earnings to preferred stockholders		(8,241,671)		(2,986,631)
Deemed dividend			(4,053,570)
Net income (loss) attributable to common stockholders	$ (2,009,206)	$ 877,520	$ (7,129,232)	$ 315,589
Net income (loss) per share attributable to common stockholders:
Basic	$ (0.36)	$ 2.76	$ (2.21)	$ 1.00
Diluted	$ (0.36)	$ (9.81)	$ (2.89)	$ (5.37)
Weighted average common shares outstanding:
Basic	5,565,413	317,375	3,229,338	314,972
Diluted	5,565,413	979,837	3,272,730	1,106,031

Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) (Unaudited) (USD $)	Total	Series A Preferred Stock [Member]	Series B Preferred Stock [Member]	Redeemable Convertible Preferred Stock [Member]	Common Voting Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]
Beginning Balance at Dec. 31, 2013	$ (40,221,326)	$ 29,291,865	$ 9,025,433	$ 38,317,298	$ 327	$ 1,102,685	$ (41,324,338)
Beginning Balance, Shares at Dec. 31, 2013		980,391	1,316,681		327,365
Stock-based compensation expense	1,571,895					1,571,895
Accretion of discounts and issuance costs on preferred stock	(333,082)	78,037	255,045	333,082		(333,082)
Issuance of common stock, net of issuance costs	9,976,908				1,500	9,975,408
Issuance of common stock, net of issuance costs, Shares					1,500,000
Conversion of Preferred	38,650,379	(29,369,902)	(9,280,478)	(38,650,380)	3,643	38,646,736
Conversion of Preferred, Shares		(980,391)	(1,316,681)		3,642,799
Net exercise of warrants	1,191,364				74	1,191,290
Net exercise of warrants, Shares					74,001
Conversion feature on convertible promissory note	170,000				21	169,979
Conversion feature on convertible promissory note, Shares					21,250
Net loss	(2,742,580)						(2,742,580)
Ending Balance at Sep. 30, 2014	$ 8,263,558				$ 5,565	$ 52,324,911	$ (44,066,918)
Ending Balance, Shares at Sep. 30, 2014					5,565,415

Statements of Cash Flows (Unaudited) (USD $)	9 Months Ended
Statements of Cash Flows (Unaudited) (USD $)	Sep. 30, 2014	Sep. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ (2,742,580)	$ 3,765,266
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Stock-based compensation	1,571,895	1,328,474
President and CEO contributed services		32,221
Amortization of debt discount - non-cash interest expense	138,653	22,005
Change in fair value of warrant liability, purchase rights and warrant purchase rights	(2,327,502)	(6,256,086)
Depreciation	339
Change in assets and liabilities: (Increase) decrease
Prepaid expenses and other current assets	(194,200)	(1,548)
Deferred offering costs		(50,000)
Accounts payable	140,617	(7,241)
Security deposit
Accrued interest on convertible notes related parties	(2,125)
Accrued deferred offering costs		50,000
Accrued expenses	245,788	11,457
Net cash used in operating activities	(3,169,115)	(1,105,452)
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions of property and equipment	(6,107)
Net cash used in investing activities	(6,107)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock, net of issuance costs	10,055,005
Repayments of credit facility		(104,167)
Net proceeds from issuance of Series B redeemable convertible preferred stock		2,750,436
Net cash provided by financing activities	10,055,005	2,646,269
NET INCREASE IN CASH	6,879,783	1,540,817
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	3,262,354	1,223,638
CASH AND CASH EQUIVALENTS, END OF PERIOD	10,142,137	2,764,455
Cash paid during the period for:
Interest	77,606	23,581
Income taxes
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Accretion of redeemable convertible preferred stock	333,082	463,046
Conversion of notes payable	170,000
Net exercise of warrants into common stock	1,191,365
Allocation of fair value of investor purchase rights to redeemable convertible preferred stock		6,264,914
Warrants issued to underwriter in initial public offering	315,388
Offeratory costs in connection with Series B redeemable convertible preferred stock issuance in accrued expenses		17,200
Series A Preferred Stock [Member]
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Conversion of Series A and B preferred stock upon closing initial public offering	29,369,902
Series B Preferred Stock [Member]
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Conversion of Series A and B preferred stock upon closing initial public offering	$ 9,280,478

Nature of Business

9 Months Ended

Sep. 30, 2014

Accounting Policies [Abstract]

Nature of Business

1.	NATURE OF BUSINESS

Aldeyra Therapeutics, Inc. (the Company) was incorporated in the state of Delaware on August 13, 2004 as Neuron Systems, Inc. On December 20, 2012, the Company changed its name to Aldexa Therapeutics, Inc. and on March 17, 2014, the Company changed its name to Aldeyra Therapeutics, Inc. The Company is developing a treatment for diseases thought to be related to high levels of free aldehydes, naturally occurring pro-inflammatory toxins.

The Company’s principal activities to date include raising capital and research and development activities.

Basis of Presentation

9 Months Ended

Sep. 30, 2014

Accounting Policies [Abstract]

Basis of Presentation

2.	BASIS OF PRESENTATION

The accompanying interim unaudited financial statements and related disclosures are unaudited and have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the Company’s financial statements for the year ended December 31, 2013 included in the Company’s Registration Statement on Form S-1, as amended (File No. 333-193204) (Registration Statement), which was declared effective by the Securities and Exchange Commission (SEC) on May 1, 2014. The financial information as of September 30, 2014, the three and nine months ended September 30, 2014 and 2013 is unaudited, but in the opinion of management, all adjustments, consisting only of normal recurring accruals, considered necessary for a fair statement of the results of these interim periods have been included. The balance sheet data as of December 31, 2013 was derived from audited financial statements. The results of the Company’s operations for any interim period are not necessarily indicative of the results that may be expected for any other interim period or for a full fiscal year.

The Company’s initial public offering of common stock (Initial Public Offering) was completed on May 7, 2014.

Use of estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates that affect the reported amounts of assets and liabilities at the date of the financial statements, disclosure of contingent assets and liabilities, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

Reverse stock split

On January 23, 2014, the Company’s board of directors and stockholders approved an amendment to the restated certificate of incorporation to effect a one-for-twelve reverse stock split of the Company’s common stock, options for common stock, convertible preferred stock, and warrants for convertible preferred stock which became effective on May 1, 2014, prior to the effectiveness of the Registration Statement (the Reverse Stock Split). The par value and the authorized shares of the common and convertible preferred stock were not adjusted as a result of the Reverse Stock Split. All issued and outstanding common stock, options for common stock, convertible preferred stock, and rights and warrants for convertible preferred stock, as well as the exercise price of each option for common stock, each right and each warrant for convertible preferred stock, and each right for warrants for convertible preferred stock and the conversion price for convertible preferred stock, have been retroactively adjusted to reflect the Reverse Stock Split for all periods presented. All of the share and per share amounts have been adjusted, on a retroactive basis, to reflect the Reverse Stock Split.

New accounting pronouncements

Accounting Standards Update (ASU) No. 2014-10 – Development Stage Entities (Topic 915); Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities, Guidance in Topic 810, Consolidation (ASU 2014-10). In June 2014, the Financial Accounting Standards Board (FASB) amended its guidance on development stage entities. The amendment removed all incremental financial reporting requirements from GAAP for development stage entities. This guidance is effective for interim and annual periods beginning after December 15, 2014, with early adoption permitted. The Company adopted this guidance in the quarterly period ended June 30, 2014. Prior to the Company’s adoption of this guidance, the Company was a development stage entity because it devoted substantially all of its efforts to research and development of products to treat diseases for which planned principal operations have not commenced. The adoption of this guidance did not have a material impact on the Company’s financial position, results of operations or cash flows other than the removal of inception-to-date information about income statement line items, cash flows, and equity transactions.

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (ASU 2014-09). The amendments in ASU 2014-09 provide for a single, principles-based model for revenue recognition that replaces the existing revenue recognition guidance. ASU 2014-09 is effective for annual and interim periods beginning on or after December 15, 2016 and will replace most existing revenue recognition guidance under GAAP when it becomes effective. It permits the use of either a retrospective or cumulative effect transition method and early adoption is not permitted. As the Company has not generated revenues, the Company has not yet selected a transition method and is in the process of evaluating the effect this standard will have on its financial statements and related disclosures.

Net Income (Loss) Attributable to Common Stockholders

9 Months Ended

Sep. 30, 2014

Earnings Per Share [Abstract]

Net Income (Loss) Attributable to Common Stockholders

3.	NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS

Net Income (loss) attributable to common stockholders

The following table summarizes the computation of basic and diluted net income (loss) per share attributable to common stockholders of the Company:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
	(unaudited)			(unaudited)			(unaudited)			(unaudited)
Numerator:
Basic
Net income (loss) and comprehensive income (loss)	$	(2,009,206	)	$	9,308,983		$	(2,742,580	)	$	3,765,266
Accretion of preferred stock		—			(189,792	)		(333,082	)		(463,046	)
Allocation of undistributed earnings to preferred stockholders		—			(8,241,671	)		—			(2,986,631	)
Deemed dividend		—			—			(4,053,570	)		—

Net income (loss) attributable to common stockholders – basic	$	(2,009,206	)	$	877,520		$	(7,129,232	)	$	315,589

Diluted
Net income (loss) attributable to common stockholders – basic		(2,009,206	)		877,520			(7,129,232	)		315,589
Add back: accretion of preferred stock		—			—			—			—
Add back: allocation of undistributed earnings to preferred stockholders		—			—			—			—
Less: change in fair value of derivative liabilities		—			(10,491,886	)		(2,327,502	)		(6,256,086	)

Net income (loss) available to common stockholders – diluted	$	(2,009,206	)	$	(9,614,366	)	$	(9,456,734	)	$	(5,940,497	)

Denominator:
Basic
Weighted-average number of common shares – basic		5,565,413			317,375			3,229,338			314,972

Diluted
Weighted-average number of common shares – basic		5,565,413			317,375			3,229,338			314,972
Rights (treasury stock)		—			456,232			—			572,885
Warrants (treasury stock)		—			92,170			43,392			74,952
Warrants purchase rights (treasury stock)		—			114,060			—			143,222

Total weighted average number of common shares – diluted		5,565,413			979,837			3,272,730			1,106,031


Net income (loss) per share:
Basic	$	(0.36	)	$	2.76		$	(2.21	)	$	1.00

Diluted	$	(0.36	)	$	(9.81	)	$	(2.89	)	$	(5.37	)

For the nine months ended September 30, 2013, the Company corrected on a prospective basis its calculation of weighted average common shares on a diluted basis from what the Company had disclosed previously for the same period which primarily consisted of the change in fair market value of warrants and derivative liabilities to purchase preferred stock, which were converted to common stock in connection with its Initial Public Offering. The prospective modification reflects changes to the calculation of diluted net loss available to common stockholders from $2,490,820 or $(0.16) per diluted share to $5,940,497. The modification also resulted in a change to the weighted average number of common shares – diluted from 340,529 on a reverse split adjusted basis to 1,106,031.

The following potentially dilutive securities outstanding, prior to use of the treasury stock method or if-converted method, have been excluded from the computation of diluted weighted-average shares outstanding, because such securities had an antidilutive impact.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013

Options to purchase common stock		62,409		67,232		110,538		513,807
Warrants to purchase Preferred Stock		—		—		—		—
Preferred Stock		—		2,980,797		1,614,577		2,497,788
Convertible note payable-related parties		—		—		9,885		—
Rights to receive warrants for Preferred Stock		—		—		—		—
Investor rights to purchase Preferred Stock		—		—		—		—

Total of common stock equivalents		62,409		3,048,029		1,735,000		3,011,595

- Definition

The entire disclosure for earnings per share.

+ References+ Details

Fair Value Measurements

9 Months Ended

Sep. 30, 2014

Fair Value Disclosures [Abstract]

Fair Value Measurements

4.	FAIR VALUE MEASUREMENTS

As of September 30, 2014 and December 31, 2013, the carrying amounts of cash and cash equivalents, prepaid expenses and other current assets, and accounts payable approximated their estimated fair values because of the short term nature of these financial instruments. The carrying value of the Company’s credit facility and convertible notes – related parties in current and long-term liabilities approximates fair value because the Company’s interest rate yield is near current market rates available to the Company.

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value are performed in a manner to maximize the use of observable inputs and minimize the use of unobservable inputs. ASC 820, Fair Value Measurements, establishes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value, which are the following:

Level 1 – Quoted prices in active markets that are accessible at the market date for identical unrestricted assets or liabilities.

Level 2 – Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs for which all significant inputs are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

There were no assets or liabilities measured at fair value at September 30, 2014. Liabilities measured at fair value on a recurring basis as of December 31, 2013 are as follows:


	Level 1		Level 2		Level 3		Total
December 31, 2013:
Liabilities:
Preferred Stock Warrant Liability – Series B Preferred Stock	$	—	$	—	$	3,439,059	$	3,439,059
Preferred Stock Warrant Liability – Series A Preferred Stock		—		—		79,808		79,808

Total	$	—	$	—	$	3,518,867	$	3,518,867

The reconciliation of the Company’s liabilities measured at fair value on a recurring basis using unobservable inputs (Level 3) is as follows:

Preferred stock warrant liability – Series A Preferred Stock:


	Nine-months Ended September 30, 2014			Year Ended December 31, 2013
Balance at beginning of period	$	79,808		$	87,600
Net exercise of Series A Warrants		(29,247	)		—
Change in fair value		(50,561	)		(7,792	)

Balance at end of period	$	—		$	79,808

Preferred stock warrant liability – Series B Preferred Stock:


	Nine-months Ended September 30, 2014			Year Ended December 31, 2013
Balance at beginning of period	$	3,439,059		$	2,180,500
Net exercise of Series B Warrants		(1,162,118	)		—
Exercise of warrants purchase rights into Series B Warrants		—			1,793,600
Warrant liability – Series B		—			177,952
Change in fair value		(2,276,941	)		(712,993	)

Balance at end of period	$	—		$	3,439,059

The Company’s preferred stock warrant liabilities were classified as level 3 and valued using the Black-Scholes-Merton (Black-Scholes) model. The fair values were derived by applying the assumptions described below. These liabilities increased or decreased each period based on the fluctuations of the fair value of the underlying preferred security.

The table below shows the inputs used by instrument to determine the fair value measurements at December 31, 2013:


		December 31, 2013
*Preferred stock warrant liability – Series A*
Expected dividend yield		0%
Anticipated volatility		88.57%
Estimated stock price		$45.20
Exercise price		$12.24
Expected life (years)		5.28
Risk free interest rate		1.75%
*Preferred stock warrant liabilities – Series B*
Expected dividend yield		0%
Anticipated volatility		88.57%
Estimated stock price		$19.92
Exercise price		$5.16
Expected life (years)		3.97 – 6.89
Risk free interest rate		0.78% – 2.45%

- 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

Convertible Notes Payable - Related Parties

9 Months Ended

Sep. 30, 2014

Text Block [Abstract]

Convertible Notes Payable - Related Parties

5.	CONVERTIBLE NOTES PAYABLE – RELATED PARTIES

In October 2013, the Company issued a convertible promissory note to Domain Partners VI, L.P., a related party, in a principal amount of $170,000, which was amended in February 2014 to extend its maturity date. The amendment to the note was determined to be a modification in accordance with ASC 470, Debt, and did not result in extinguishment. The note accrued interest at a rate of 6% per annum, and was to become due and payable in June 2014 unless converted into shares of the Company’s capital stock prior to such time pursuant to its terms.

The Company recorded the difference between the current Series B Preferred Stock Conversion price and the fair value of the Series B Preferred Stock at the date of issuance, limited to the face amount of the convertible promissory note of $170,000, as a beneficial conversion feature. This is reflected as a debt discount and is being amortized to interest expense through the note’s maturity date.

Upon the Company’s Initial Public Offering in May 2014, the note automatically converted into 21,250 shares of the Company’s common stock.

Credit Facility

9 Months Ended

Sep. 30, 2014

Debt Disclosure [Abstract]

Credit Facility

6.	CREDIT FACILITY

On April 12, 2012, the Company entered into a loan and security agreement (Credit Facility) with Square 1 Bank with availability in the amount of $500,000, to provide additional capital for general working capital purposes and for capital expenditures.

During 2012, the Company received two advance payments totaling $500,000, the maximum borrowings under the Credit Facility. In accordance with this agreement, the Company was only required to make monthly interest payments until April 12, 2013, at which time the Company was to begin making monthly principal payments in a fixed amount of $20,833 plus interest.

On November 20, 2013, the Company amended its Credit Facility with Square 1. The amendment provided an additional $1.0 million of available funds under the facility. The Company received an advance payment of $1.0 million in November 2013 through a term loan. The amended Credit Facility calls for interest only payments at a 6.50% interest rate per annum from November 2013 through November 2014 for all amounts outstanding, inclusive of those amounts originally drawn during 2012 prior to the amendment.

The Credit Facility is secured by all the property of the Company, including its intellectual property.

At September 30, 2014, the Credit Facility is shown net of a remaining debt discount of $155,004 which is being amortized using the effective interest method through the current maturity date of the Credit Facility, November 2016.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References+ Details

Income Taxes

9 Months Ended

Sep. 30, 2014

Income Tax Disclosure [Abstract]

Income Taxes

7.	INCOME TAXES

No provision for federal taxes has been recorded as the Company has incurred losses since inception for tax purposes. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes.

In assessing the realizability of net deferred taxes in accordance with ASC 740, Income Taxes, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. Based on the weight of available evidence, primarily the incurrence of net losses since inception and anticipated net losses in the near future, the Company does not consider it more likely than not that some or all of the net deferred taxes will be realized. Accordingly, a 100% valuation allowance has been applied against net deferred taxes.

Under the provisions of the Internal Revenue Code, certain substantial changes in the Company’s ownership may result in a limitation on the amount of net operating loss carryforwards which can be used in future years.

All tax years are open for examination by the taxing authorities for both federal and state purposes.

The Company accounts for uncertain tax positions pursuant to ASC 740 which prescribes a recognition threshold and measurement process for financial statement recognition of uncertain tax positions taken or expected to be taken in a tax return. If the tax position meets this threshold, the benefit to be recognized is measured as the tax benefit having the highest likelihood of being realized upon ultimate settlement with the taxing authority. The Company recognizes interest accrued related to unrecognized tax benefits and penalties in the provision for income taxes. Management is not aware of any uncertain tax positions.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References+ Details

Stock Incentive Plan

9 Months Ended

Sep. 30, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock Incentive Plan

8.	STOCK INCENTIVE PLAN

The Company has three incentive plans. One was adopted in 2004 (2004 Plan) and provided for the granting of stock options and restricted stock awards and generally prescribed a contractual term of seven years. The 2004 Plan terminated in August 2010. However, grants made under the 2004 Plan are still governed by that plan. As of September 30, 2014, options to purchase 23,954 shares of common stock at an exercise price of $3.24 per share remained outstanding under the 2004 Plan.

The Company approved the 2010 Employee, Director and Consultant Equity Incentive Plan (2010 Plan) in September 2010 to replace the 2004 Plan. The 2010 Plan provided for the granting of stock options and restricted stock awards. The 2010 Plan terminated upon the Initial Public Offering. As of September 30, 2014, there were no shares available for issuance under the 2010 Plan. However, grants made under the 2010 Plan are still governed by that plan. As of September 30, 2014, the number of shares of common stock issued under the plan was 681,788.

The Company approved the 2013 Equity Incentive Plan (2013 Plan) in October 2013. The 2013 Plan became effective immediately on adoption although no awards were to be made under it until the effective date of the Registration Statement for the Initial Public Offering. The 2013 Plan provides for the granting of stock options, restricted stock, stock appreciation rights, stock units, and performance cash awards to certain employees, members of the board of directors and consultants of the Company. As of September 30, 2014, the number of shares of common stock authorized for issuance in connection with the 2013 Plan was 625,000. As of the first business day of each fiscal year of the Company during the term of the Plan, commencing on the first day of the Company’s 2015 fiscal year, the aggregate number of common shares that may be issued under the Plan shall automatically increase by a number equal to the least of (a) 4% of the total number of common shares outstanding on the last calendar day of the prior fiscal year, (b) subject to adjustment for certain corporate transactions, 333,333 common shares, or (c) a number of common shares determined by the Company’s board of directors. As of September 30, 2014, there were 360,810 shares available for issuance under the 2013 Plan.

Options granted for the year ended December 31, 2013 include two grants of options exercisable for a total of 32,014 common shares for which vesting is contingent on certain performance and market-based conditions. For options granted containing performance conditions, the fair value is determined on the date of grant. For the three months ended September 30, 2014, there was no expense recorded relating to the options as the market-based conditions were not satisfied. For the nine months ended September 30, 2014, there was $340,372 expense recorded relating to the options as the performance conditions were satisfied in May 2014 and the shares vested.

There were stock options outstanding to purchase an aggregate of 874,032 shares of common stock at September 30, 2014 with a weighted average exercise price per share of $2.99 and stock options to purchase an aggregate of 609,842 shares of common stock outstanding at December 31, 2013 with a weighted average exercise price per share of $1.48. There were stock options to purchase an aggregate of 109,042 shares of common stock granted during the three months ended September 30, 2014 with an average exercise price per share of $5.19. The following table summarizes information about stock options exercisable at September 30, 2014:

Period Ending

Number
Exercisable

Outstanding
Shares
Weighted-
Average
Remaining
Contractual
Life

Exercisable
Shares
Weighted-
Average
Remaining
Contractual
Life

September 30, 2014

124,958

8.99

7.65

The Company has also issued stock options to non-employees at various grant dates from inception. In determining the expense associated with their vesting, those non-employee stock options were valued using the Black-Scholes option-pricing model using the fair value of the common stock and the following assumptions:


	September 30, 2014
Expected dividend yield		0	%
Anticipated volatility		88.57	%
Estimated stock price	$	5.92
Exercise price	$	0.552
Expected life (years)		8.942
Risk free interest rate		2.52	%

There were no options granted to consultants during the nine month period ended September 30, 2014. The stock-based compensation is subject to remeasurement and is being expensed over the related service term.

Stock-based compensation is recognized for stock options granted to employees and non-employees and has been reported in the Company’s statement of operations as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013

Research and development expenses	$	181,162	$	194,771	$	463,161	$	400,936
General and administrative expenses		276,627		458,880		1,108,734		927,539

Total stock-based compensation expense	$	457,789	$	653,651	$	1,571,895	$	1,328,475

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References+ Details

Contributed Services

9 Months Ended

Sep. 30, 2014

Compensation and Retirement Disclosure [Abstract]

Contributed Services

9.	CONTRIBUTED SERVICES

The Company’s President and Chief Executive Officer (CEO) was hired on January 6, 2012 on a half-time basis and on April 15, 2013, he began working full-time for the Company. During the period from January 6, 2012 through October 14, 2013, he was not paid a salary by the Company and was an employee and paid a salary by Domain Associates, LLC (Domain), a related party. The value of his services has been reflected in the statement of operations as an expense and recorded as a contribution of capital. For the three and nine month period ended September 30, 2013, the value of his services was $85,000 and $205,000, respectively. There were no contributed services for the three or nine month period ended September 30, 2014.

Redeemable Convertible Preferred Stock

9 Months Ended

Sep. 30, 2014

Equity [Abstract]

Redeemable Convertible Preferred Stock

10.

REDEEMABLE CONVERTIBLE PREFERRED STOCK

Series A Preferred Stock and Series B Preferred Stock

On May 7, 2014, the Company closed its Initial Public Offering, in which 1,500,000 shares of common stock were sold at a price to the public of $8.00 per share for an aggregate offering price of $12.0 million. The offer and sale of all of the shares in the Initial Public Offering were registered under the Securities Act of the 1933, as amended, pursuant to a registration statement on Form S-1 (File No. 333-193204), which was declared effective by the SEC on May 1, 2014. The offering commenced as of May 1, 2014 and did not terminate before all of the securities registered in the registration statement were sold. Aegis Capital Corp. acted as the sole manager of the offering and as representative of the underwriters. The Company raised approximately $10 million in net proceeds after deducting underwriting discounts and commissions of $0.8 million, $1.0 million in prepaid offering and printing costs and other offering costs of $0.2 million.

In connection with the Initial Public Offering, holders of at least 67% of the respective outstanding Series A and Series B Preferred Stock (Series A and Series B voting as separate single classes) elected to automatically convert the Series A Preferred Stock and Series B Preferred Stock into 3,642,799 shares of common stock. The remaining unamortized discount was considered a deemed dividend for the nine month period ended September 30, 2014.

Stock Purchase Warrants

9 Months Ended

Sep. 30, 2014

Text Block [Abstract]

Stock Purchase Warrants

11.

STOCK PURCHASE WARRANTS

On April 12, 2012, in connection with the signing of the Credit Facility agreement, the Company granted warrants to purchase 2,042 shares of Series A Preferred Stock (Series A Warrants) at an exercise price of $12.24 per share to Square 1Bank.

On December 20, 2012, in connection with the sale and issuance of Series B Preferred Stock on that date, the Company granted warrants to purchase 96,921 shares of Series B Preferred Stock at an exercise price of $5.16 per share to the Series B Preferred Stock investors.

On August 14, 2013, in connection with the sale and issuance of Series B Preferred Stock on that date, the Company granted warrants to purchase 96,921 shares of Series B Preferred Stock at an exercise price of $5.16 per share to the Series B Preferred Stock investors.

On November 20, 2013, the Company granted a warrant exercisable for 9,692 shares of Series B Preferred Stock at an exercise price of $5.16 to Square 1 Bank in connection with the amendment to the Credit Facility.

In connection with the Initial Public Offering, the holders of the outstanding Series A and Series B Preferred Stock Warrants elected to net exercise the warrants and the shares of Series A Preferred Stock and Series B Preferred Stock issued upon such net exercise were automatically converted into 74,001 shares of common stock.

Also in connection with the Initial Public Offering, the Company issued the underwriters of the offering warrants to purchase up to 60,000 shares of common stock. The warrants are exercisable beginning on May 1, 2015 for cash or on a cashless basis at a per share price of $10.00. The warrants will expire on May 1, 2019 and are outstanding at September 30, 2014.

Related Party Transactions

9 Months Ended

Sep. 30, 2014

Related Party Transactions

12.

RELATED PARTY TRANSACTIONS

The Company entered into certain letter agreements with each of its CEO, Chief Operating Officer (COO) and Chief Financial Officer (CFO) Pursuant to these letter agreements, if the Company terminates the employment of its CEO, COO or CFO without cause or if such executive resigns for good reason, then he will be eligible to receive: continued payment of base salary for a certain period of time; a lump-sum cash payment;; payment by the Company of the monthly premiums under COBRA for such executive and their eligible dependents for a period of time; and accelerated vesting and exercisability with respect to all equity or equity-based awards held by such executive officer as if such executive officer has completed an additional 12 months of service with the Company, and up to 12 months following such termination to exercise any then-outstanding stock options or stock appreciation rights. Such payments are contingent on the officer’s executing and not revoking a release of claims against the Company. As of September 30, 2014 and December 31, 2013, the Company assessed the likelihood for these events to occur and has determined that a liability related to these agreements is not likely to occur and therefore has not been recorded.

Convertible Promissory Note – In October 2013, the Company issued a convertible promissory note to Domain Partners VI, L.P., in a principal amount of $170,000, which was amended in February 2014 to extend its maturity date.

The note accrued interest at a rate of 6% per annum, and would have become due and payable in June 2014 unless it converted into shares of the Company’s capital stock prior to such time pursuant to its terms.

Upon the Company’s Initial Public Offering in May 2014, the note automatically converted into 21,250 shares of the Company’s common stock.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References+ Details

Commitments and Contingencies

9 Months Ended

Sep. 30, 2014

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

13.

COMMITMENTS AND CONTINGENCIES

Guarantees and Indemnifications – As permitted under Delaware law, the Company indemnifies its officers and directors for certain events or occurrences while the officer or director is, or was, serving at the Company’s request in such capacity. The term of the indemnification is for the officer’s or director’s lifetime. Through September 30, 2014, the Company had not experienced any losses related to these indemnification obligations and no material claims were outstanding. The Company does not expect significant claims related to these indemnification obligations, and consequently, concluded that the fair value of these obligations is negligible, and no related reserves were established.

Other Contractual Arrangements – In February 2010, the Company entered into a license and supply agreement providing the Company with an exclusive license to certain technology and access to purchase materials at certain costs. Under the terms of the license and supply agreement, the Company is obligated to make milestone payments up to an aggregate of $2.15 million upon reaching certain development and regulatory milestones in the development of the Company’s product. Upon commercialization of the Company’s product containing the licensed technology, the Company would be obligated to pay royalties based on net sales subject to an annual cap. The license and supply agreement runs through the 7th anniversary of the expiration of all patents licensed under the agreement, which the Company estimates to be April 2036, unless terminated earlier.

During the three months ended September 30, 2014, the Company entered into a lease agreement for a certain commercial office space. The thirty-seven month lease which began on or about September 12, 2014, provides the Company with approximately 3,700 square feet of space in Lexington, Massachusetts. Base annual rent is initially set at $5,604 per month. Total base rent payable over the lease period is approximately $205,000. The Company’s minimum annual lease payments under the lease are approximately $17,000 in 2014; $68,000 in 2015; $69,000 in 2016 and $51,000 in 2017.

- Definition

The entire disclosure for commitments and contingencies.

+ References+ Details

Subsequent Event

9 Months Ended

Sep. 30, 2014

Subsequent Events [Abstract]

Subsequent Event

14.

SUBSEQUENT EVENT

On November 10, 2014, the Company amended its Credit Facility with Square 1 Bank. Pursuant to the amended Credit Facility, Square 1 Bank agreed to make term loans in a principal amount of up to $5,000,000 available to the Company with proceeds to be used first to refinance outstanding loans from Square 1Bank, second to fund expenses related to the Company’s clinical trials, and the remainder for general working capital purposes. The term loans are to be made available to the Company upon the following terms: (i) $2,000,000 was made available on November 10, 2014; and (ii) $3,000,000 (the “Tranche B Loan”) is to be made available to the Company following the satisfaction of certain conditions, including receipt of positive phase 2 data in either Sjögren-Larsson Syndrome (SLS) or acute anterior uveitis Each term loan accrues interest from its date of issue at a variable annual interest rate equal to the greater of 2.0% plus prime or 5.25% per annum. Any term loan the Company draws is payable as interest-only prior to November 2015 and thereafter is payable in monthly installments of principal plus accrued interest over 36 months. At the Company’s option, it may prepay the outstanding principal balance of the term loans before November 2018 without penalty or premium. In connection with the funding of the Tranche B Loan, the Company will issue to Square 1 Bank a warrant to purchase up to the number of shares of the Company’s common stock, equal to 3% of the principal amounts made available under the Tranche B Loan divided by the lesser of the: (i) average of the closing bid and ask prices for the 10 business day period preceding the issue date or (ii) average closing price of the Company’s common stock for the 10 business day period preceding the issue date.

Basis of Presentation (Policies)	9 Months Ended
Basis of Presentation (Policies)	Sep. 30, 2014
Accounting Policies [Abstract]
Use of estimates	*Use of estimates* The preparation of financial statements in conformity with GAAP requires management to make estimates that affect the reported amounts of assets and liabilities at the date of the financial statements, disclosure of contingent assets and liabilities, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Reverse stock split	*Reverse stock split* On January 23, 2014, the Company’s board of directors and stockholders approved an amendment to the restated certificate of incorporation to effect a one-for-twelve reverse stock split of the Company’s common stock, options for common stock, convertible preferred stock, and warrants for convertible preferred stock which became effective on May 1, 2014, prior to the effectiveness of the Registration Statement (the Reverse Stock Split). The par value and the authorized shares of the common and convertible preferred stock were not adjusted as a result of the Reverse Stock Split. All issued and outstanding common stock, options for common stock, convertible preferred stock, and rights and warrants for convertible preferred stock, as well as the exercise price of each option for common stock, each right and each warrant for convertible preferred stock, and each right for warrants for convertible preferred stock and the conversion price for convertible preferred stock, have been retroactively adjusted to reflect the Reverse Stock Split for all periods presented. All of the share and per share amounts have been adjusted, on a retroactive basis, to reflect the Reverse Stock Split.
New accounting pronouncements	*New accounting pronouncements* Accounting Standards Update (ASU) No. 2014-10 – Development Stage Entities (Topic 915); Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities, Guidance in Topic 810, Consolidation (ASU 2014-10). In June 2014, the Financial Accounting Standards Board (FASB) amended its guidance on development stage entities. The amendment removed all incremental financial reporting requirements from GAAP for development stage entities. This guidance is effective for interim and annual periods beginning after December 15, 2014, with early adoption permitted. The Company adopted this guidance in the quarterly period ended June 30, 2014. Prior to the Company’s adoption of this guidance, the Company was a development stage entity because it devoted substantially all of its efforts to research and development of products to treat diseases for which planned principal operations have not commenced. The adoption of this guidance did not have a material impact on the Company’s financial position, results of operations or cash flows other than the removal of inception-to-date information about income statement line items, cash flows, and equity transactions. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (ASU 2014-09). The amendments in ASU 2014-09 provide for a single, principles-based model for revenue recognition that replaces the existing revenue recognition guidance. ASU 2014-09 is effective for annual and interim periods beginning on or after December 15, 2016 and will replace most existing revenue recognition guidance under GAAP when it becomes effective. It permits the use of either a retrospective or cumulative effect transition method and early adoption is not permitted. As the Company has not generated revenues, the Company has not yet selected a transition method and is in the process of evaluating the effect this standard will have on its financial statements and related disclosures.
Fair Value Measurements	Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value are performed in a manner to maximize the use of observable inputs and minimize the use of unobservable inputs. ASC 820, Fair Value Measurements, establishes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value, which are the following: Level 1 – Quoted prices in active markets that are accessible at the market date for identical unrestricted assets or liabilities. Level 2 – Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs for which all significant inputs are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

Net Income (Loss) Attributable to Common Stockholders (Tables)

9 Months Ended

Sep. 30, 2014

Earnings Per Share [Abstract]

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

The following table summarizes the computation of basic and diluted net income (loss) per share attributable to common stockholders of the Company:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
	(unaudited)			(unaudited)			(unaudited)			(unaudited)
Numerator:
Basic
Net income (loss) and comprehensive income (loss)	$	(2,009,206	)	$	9,308,983		$	(2,742,580	)	$	3,765,266
Accretion of preferred stock		—			(189,792	)		(333,082	)		(463,046	)
Allocation of undistributed earnings to preferred stockholders		—			(8,241,671	)		—			(2,986,631	)
Deemed dividend		—			—			(4,053,570	)		—

Net income (loss) attributable to common stockholders – basic	$	(2,009,206	)	$	877,520		$	(7,129,232	)	$	315,589

Diluted
Net income (loss) attributable to common stockholders – basic		(2,009,206	)		877,520			(7,129,232	)		315,589
Add back: accretion of preferred stock		—			—			—			—
Add back: allocation of undistributed earnings to preferred stockholders		—			—			—			—
Less: change in fair value of derivative liabilities		—			(10,491,886	)		(2,327,502	)		(6,256,086	)

Net income (loss) available to common stockholders – diluted	$	(2,009,206	)	$	(9,614,366	)	$	(9,456,734	)	$	(5,940,497	)

Denominator:
Basic
Weighted-average number of common shares – basic		5,565,413			317,375			3,229,338			314,972

Diluted
Weighted-average number of common shares – basic		5,565,413			317,375			3,229,338			314,972
Rights (treasury stock)		—			456,232			—			572,885
Warrants (treasury stock)		—			92,170			43,392			74,952
Warrants purchase rights (treasury stock)		—			114,060			—			143,222

Total weighted average number of common shares – diluted		5,565,413			979,837			3,272,730			1,106,031


Net income (loss) per share:
Basic	$	(0.36	)	$	2.76		$	(2.21	)	$	1.00

Diluted	$	(0.36	)	$	(9.81	)	$	(2.89	)	$	(5.37	)

Computation of Diluted Weighted-Average Shares Outstanding


	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013

Options to purchase common stock		62,409		67,232		110,538		513,807
Warrants to purchase Preferred Stock		—		—		—		—
Preferred Stock		—		2,980,797		1,614,577		2,497,788
Convertible note payable-related parties		—		—		9,885		—
Rights to receive warrants for Preferred Stock		—		—		—		—
Investor rights to purchase Preferred Stock		—		—		—		—

Total of common stock equivalents		62,409		3,048,029		1,735,000		3,011,595

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2014

Schedule of Liabilities Measured at Fair Value on Recurring Basis

There were no assets or liabilities measured at fair value at September 30, 2014. Liabilities measured at fair value on a recurring basis as of December 31, 2013 are as follows:


	Level 1		Level 2		Level 3		Total
December 31, 2013:
Liabilities:
Preferred Stock Warrant Liability – Series B Preferred Stock	$	—	$	—	$	3,439,059	$	3,439,059
Preferred Stock Warrant Liability – Series A Preferred Stock		—		—		79,808		79,808

Total	$	—	$	—	$	3,518,867	$	3,518,867

Schedule of Inputs Used by Instrument to Determine the Fair Value Measurements

The table below shows the inputs used by instrument to determine the fair value measurements at December 31, 2013:


		December 31, 2013
*Preferred stock warrant liability – Series A*
Expected dividend yield		0%
Anticipated volatility		88.57%
Estimated stock price		$45.20
Exercise price		$12.24
Expected life (years)		5.28
Risk free interest rate		1.75%
*Preferred stock warrant liabilities – Series B*
Expected dividend yield		0%
Anticipated volatility		88.57%
Estimated stock price		$19.92
Exercise price		$5.16
Expected life (years)		3.97 – 6.89
Risk free interest rate		0.78% – 2.45%

Level 3 [Member]

Schedule of Reconciliation of Liabilities Measured at Fair Value on Recurring Basis

The reconciliation of the Company’s liabilities measured at fair value on a recurring basis using unobservable inputs (Level 3) is as follows:

Preferred stock warrant liability – Series A Preferred Stock:


	Nine-months Ended September 30, 2014			Year Ended December 31, 2013
Balance at beginning of period	$	79,808		$	87,600
Net exercise of Series A Warrants		(29,247	)		—
Change in fair value		(50,561	)		(7,792	)

Balance at end of period	$	—		$	79,808

Preferred stock warrant liability – Series B Preferred Stock:


	Nine-months Ended September 30, 2014			Year Ended December 31, 2013
Balance at beginning of period	$	3,439,059		$	2,180,500
Net exercise of Series B Warrants		(1,162,118	)		—
Exercise of warrants purchase rights into Series B Warrants		—			1,793,600
Warrant liability – Series B		—			177,952
Change in fair value		(2,276,941	)		(712,993	)

Balance at end of period	$	—		$	3,439,059

- Definition

Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

+ References+ Details

Stock Incentive Plan (Tables)

9 Months Ended

Sep. 30, 2014

Summary of Stock Options Exercisable

The following table summarizes information about stock options exercisable at September 30, 2014:

Period Ending

Number
Exercisable

Outstanding
Shares
Weighted-
Average
Remaining
Contractual
Life

Exercisable
Shares
Weighted-
Average
Remaining
Contractual
Life

September 30, 2014

124,958

8.99

7.65

Schedule of Stock-Based Compensation Expense

Stock-based compensation is recognized for stock options granted to employees and non-employees and has been reported in the Company’s statement of operations as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013

Research and development expenses	$	181,162	$	194,771	$	463,161	$	400,936
General and administrative expenses		276,627		458,880		1,108,734		927,539

Total stock-based compensation expense	$	457,789	$	653,651	$	1,571,895	$	1,328,475

Non-Employee Stock Options [Member]

Schedule of Fair Value of Stock Option Assumptions

In determining the expense associated with their vesting, those non-employee stock options were valued using the Black-Scholes option-pricing model using the fair value of the common stock and the following assumptions:


	September 30, 2014
Expected dividend yield		0	%
Anticipated volatility		88.57	%
Estimated stock price	$	5.92
Exercise price	$	0.552
Expected life (years)		8.942
Risk free interest rate		2.52	%

Basis of Presentation - Additional Information (Detail)	9 Months Ended
Basis of Presentation - Additional Information (Detail)	Sep. 30, 2014
Equity [Abstract]
Initial public offering completion date	May 07, 2014
Reverse stock split ratio	One-for-twelve

Net Income (Loss) Attributable to Common Stockholders - Computation of Basic and Diluted Net Income (Loss) per Share Attributable to Common Stockholders (Detail) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Basic
Net income (loss) and comprehensive income (loss)	$ (2,009,206)	$ 9,308,983	$ (2,742,580)	$ 3,765,266
Accretion of preferred stock		(189,792)	(333,082)	(463,046)
Allocation of undistributed earnings to preferred stockholders		(8,241,671)		(2,986,631)
Deemed dividend			(4,053,570)
Net income (loss) attributable to common stockholders - basic	(2,009,206)	877,520	(7,129,232)	315,589
Diluted
Net income (loss) attributable to common stockholders - basic	(2,009,206)	877,520	(7,129,232)	315,589
Add back: accretion of preferred stock		189,792	333,082	463,046
Add back: allocation of undistributed earnings to preferred stockholders		8,241,671		2,986,631
Less: change in fair value of derivative liabilities		(10,491,886)	(2,327,502)	(6,256,086)
Net income (loss) available to common stockholders - diluted	$ (2,009,206)	$ (9,614,366)	$ (9,456,734)	$ (5,940,497)
Basic
Weighted-average number of common shares - basic	5,565,413	317,375	3,229,338	314,972
Diluted
Weighted-average number of common shares - basic	5,565,413	317,375	3,229,338	314,972
Rights (treasury stock)		456,232		572,885
Warrants (treasury stock)		92,170	43,392	74,952
Warrants purchase rights (treasury stock)		114,060		143,222
Total weighted average number of common shares - diluted	5,565,413	979,837	3,272,730	1,106,031
Net income (loss) per share:
Basic	$ (0.36)	$ 2.76	$ (2.21)	$ 1.00
Diluted	$ (0.36)	$ (9.81)	$ (2.89)	$ (5.37)

Net Income (Loss) Attributable to Common Stockholders - Additional Information (Detail) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Net Income Loss Per Common Share [Line Items]
Net income (loss) available to common stockholders, diluted	$ (2,009,206)	$ (9,614,366)	$ (9,456,734)	$ (5,940,497)
Net income (loss) available to common stockholders, diluted per share	$ (0.36)	$ (9.81)	$ (2.89)	$ (5.37)
Weighted average number of diluted shares	5,565,413	979,837	3,272,730	1,106,031
Scenario, Previously Reported [Member]
Net Income Loss Per Common Share [Line Items]
Net income (loss) available to common stockholders, diluted				$ (2,490,820)
Net income (loss) available to common stockholders, diluted per share				$ (0.16)
Weighted average number of diluted shares				340,529

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References+ Details

Net Income (Loss) Attributable to Common Stockholders - Computation of Diluted Weighted-Average Shares Outstanding (Detail)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total of common stock equivalents	62,409	3,048,029	1,735,000	3,011,595
Options to Purchase Common Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total of common stock equivalents	62,409	67,232	110,538	513,807
Warrants to Purchase Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total of common stock equivalents
Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total of common stock equivalents		2,980,797	1,614,577	2,497,788
Convertible Note Payable-Related Parties [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total of common stock equivalents			9,885
Rights to Receive Warrants for Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total of common stock equivalents
Investor Rights to Purchase Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total of common stock equivalents

- Definition

Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented.

+ References+ Details

Fair Value Measurements - Additional Information (Detail) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Fair Value Disclosures [Abstract]
Liabilities measured at fair value on a recurring basis	$ 0	$ 3,518,867
Assets measured at fair value on a recurring basis	$ 0

Fair Value Measurements - Schedule of Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Liabilities:
Liabilities measured at fair value on a recurring basis	$ 0	$ 3,518,867
Warrant [Member] \| Series B Preferred Stock [Member]
Liabilities:
Liabilities measured at fair value on a recurring basis		3,439,059
Warrant [Member] \| Series A Preferred Stock [Member]
Liabilities:
Liabilities measured at fair value on a recurring basis		79,808
Level 1 [Member]
Liabilities:
Liabilities measured at fair value on a recurring basis
Level 1 [Member] \| Warrant [Member] \| Series B Preferred Stock [Member]
Liabilities:
Liabilities measured at fair value on a recurring basis
Level 1 [Member] \| Warrant [Member] \| Series A Preferred Stock [Member]
Liabilities:
Liabilities measured at fair value on a recurring basis
Level 2 [Member]
Liabilities:
Liabilities measured at fair value on a recurring basis
Level 2 [Member] \| Warrant [Member] \| Series B Preferred Stock [Member]
Liabilities:
Liabilities measured at fair value on a recurring basis
Level 2 [Member] \| Warrant [Member] \| Series A Preferred Stock [Member]
Liabilities:
Liabilities measured at fair value on a recurring basis
Level 3 [Member]
Liabilities:
Liabilities measured at fair value on a recurring basis		3,518,867
Level 3 [Member] \| Warrant [Member] \| Series B Preferred Stock [Member]
Liabilities:
Liabilities measured at fair value on a recurring basis		3,439,059
Level 3 [Member] \| Warrant [Member] \| Series A Preferred Stock [Member]
Liabilities:
Liabilities measured at fair value on a recurring basis		$ 79,808

Fair Value Measurements - Schedule of Reconciliation of Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $)	3 Months Ended	9 Months Ended			12 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014 Warrant [Member] Series A Preferred Stock [Member]	Dec. 31, 2013 Warrant [Member] Series A Preferred Stock [Member]	Sep. 30, 2014 Warrant [Member] Series B Preferred Stock [Member]	Dec. 31, 2013 Warrant [Member] Series B Preferred Stock [Member]
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
Balance at beginning of period		$ 3,518,867		$ 79,808	$ 87,600	$ 3,439,059	$ 2,180,500
Net exercise of Series A and B Warrants				(29,247)		(1,162,118)
Exercise of warrants purchase rights into Series B Warrants						0	1,793,600
Warrant liability - Series B						0	177,952
Change in fair value	940,700	2,327,502	627,100	(50,561)	(7,792)	(2,276,941)	(712,993)
Balance at end of period		$ 0		$ 0	$ 79,808	$ 0	$ 3,439,059

Fair Value Measurements - Schedule of Inputs Used by Instrument to Determine the Fair Value Measurements (Detail) (USD $)	12 Months Ended
	Dec. 31, 2013
Series A Preferred Stock [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Preferred stock warrant liability, Expected dividend yield	0.00%
Preferred stock warrant liability, Anticipated volatility	88.57%
Preferred stock warrant liability, Estimated stock price	$ 45.20
Preferred stock warrant liability, Exercise price	$ 12.24
Preferred stock warrant liability, Expected life (years)	5 years 3 months 11 days
Preferred stock warrant liability, Risk free interest rate	1.75%
Series B Preferred Stock [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Preferred stock warrant liability, Expected dividend yield	0.00%
Preferred stock warrant liability, Anticipated volatility	88.57%
Preferred stock warrant liability, Estimated stock price	$ 19.92
Preferred stock warrant liability, Exercise price	$ 5.16
Minimum [Member] \| Series B Preferred Stock [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Preferred stock warrant liability, Expected life (years)	3 years 11 months 19 days
Preferred stock warrant liability, Risk free interest rate	0.78%
Maximum [Member] \| Series B Preferred Stock [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Preferred stock warrant liability, Expected life (years)	6 years 10 months 21 days
Preferred stock warrant liability, Risk free interest rate	2.45%

Convertible Notes Payable - Related Parties - Additional Information (Detail) (USD $)	1 Months Ended		9 Months Ended
	May 31, 2014	Oct. 31, 2013	Sep. 30, 2014
Short-term Debt [Line Items]
Due and payable date of convertible note		2014-06
Convertible Note Payable-Related Parties [Member]
Short-term Debt [Line Items]
Convertible promissory note		$ 170,000
Convertible note interest rate		6.00%
Convertible note maturity extended date		Feb. 28, 2014
Initial public offering			May 2014
Converted into common stock	21,250		21,250

Credit Facility - Additional Information (Detail) (USD $)	0 Months Ended	9 Months Ended	12 Months Ended
	Nov. 20, 2013	Sep. 30, 2014	Dec. 31, 2012 Payments	Apr. 12, 2014
Line of Credit Facility [Line Items]
Amount borrowing under credit facility				$ 500,000
Maximum borrowings under credit facility			500,000
Number of advance payments received			2
Monthly interest payments end date			Apr. 12, 2013
Monthly principal payments			20,833
Interest rate per annum	6.50%
Credit Facility, period of interest only payments		November 2013 through November 2014
Net of debt discount amount		155,004
Line of credit facility maturity date		2016-11
Credit Facility [Member]
Line of Credit Facility [Line Items]
Advance payment received in November 2013 through term loan	$ 1,000,000

Income Taxes - Additional Information (Detail) (USD $)	9 Months Ended
Income Taxes - Additional Information (Detail) (USD $)	Sep. 30, 2014
Income Tax Disclosure [Abstract]
Provision for income tax benefit	$ 0
Deferred tax assets valuation allowance	100.00%

Stock Incentive Plan - Additional Information (Detail) (USD $)	3 Months Ended	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2014 Incentive_Plan	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of incentive plans		3
Number of stock options outstanding	874,032	874,032	609,842
Exercise price per share of common stock	$ 2.99	$ 2.99	$ 1.48
Options exercisable	124,958	124,958
Expense relating to options	$ 0	$ 340,372
Number of options granted	109,042
Average exercise price of stock options granted	$ 5.19
Consultants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options granted		0
2004 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock incentive plans, contractual term		Seven years
Stock incentive plan, termination date		August 2010
Number of stock options outstanding	23,954	23,954
Exercise price per share of common stock	$ 3.24	$ 3.24
2013 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for issuance	360,810	360,810
Issuance of common stock authorized	625,000	625,000
Percentage of increase in common shares outstanding		4.00%
Increase in common stock outstanding	$ 333,333	$ 333,333
Two Grants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options exercisable			32,014
2010 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares of common stock issued		681,788
Shares available for issuance	0	0

Stock Incentive Plan - Summary of Stock Options Exercisable (Detail)	9 Months Ended
	Sep. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Number Exercisable	124,958
Outstanding Shares Weighted- Average Remaining Contractual Life	8 years 11 months 27 days
Exercisable Shares Weighted- Average Remaining Contractual Life	7 years 7 months 24 days

Stock Incentive Plan - Schedule of Fair Value of Stock Option Assumptions (Detail) (Non-Employee Stock Options [Member], USD $)	9 Months Ended
	Sep. 30, 2014
Non-Employee Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield	0.00%
Expected volatility	88.57%
Estimated stock price	$ 5.92
Exercise price	$ 0.552
Expected life (years)	8 years 11 months 9 days
Risk free interest rate	2.52%

Stock Incentive Plan - Schedule of Stock-Based Compensation Expense (Detail) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	$ 457,789	$ 653,651	$ 1,571,895	$ 1,328,475
Research and Development Expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	181,162	194,771	463,161	400,936
General and Administrative Expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	$ 276,627	$ 458,880	$ 1,108,734	$ 927,539

Contributed Services - Additional Information (Detail) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Commitments and Contingencies Disclosure [Abstract]
Contributed services description			During the period from January 6, 2012 through October 14, 2013, he was not paid a salary by the Company and was an employee and paid a salary by Domain Associates, LLC (Domain), a related party. The value of his services has been reflected in the statement of operations as an expense and recorded as a contribution of capital.
Contributed services fee to President and Chief Executive Officer	$ 0	$ 85,000	$ 0	$ 205,000

Redeemable Convertible Preferred Stock - Additional Information (Detail) (USD $) In Millions, except Share data, unless otherwise specified	9 Months Ended
	Sep. 30, 2014	May 07, 2014 Initial Public Offering [Member]
Temporary Equity [Line Items]
Initial public offering completion date	May 07, 2014
Common stock issued in initial public offering		1,500,000
Common stock issued price per share		$ 8.00
Aggregate offering price		$ 12.0
Proceeds from initial public offering net of underwriting discounts, commissions and offering costs	10
Underwriting discounts and commissions	0.8
Prepaid offering and printing costs	1.0
Offering costs	$ 0.2
Voting rights interest	67.00%
Conversion of preferred stock into common stock	3,642,799

Stock Purchase Warrants - Additional Information (Detail) (USD $)	9 Months Ended					9 Months Ended
	Sep. 30, 2014 Warrant [Member]	Sep. 30, 2014 Series B Preferred Stock [Member]	Nov. 20, 2013 Series B Preferred Stock [Member]	Aug. 14, 2013 Series B Preferred Stock [Member]	Dec. 20, 2012 Series B Preferred Stock [Member]	Sep. 30, 2014 Series A and Series B Preferred Stock [Member]	Sep. 30, 2014 Series A Preferred Stock [Member]	Apr. 12, 2012 Series A Preferred Stock [Member]
Class of Warrant or Right [Line Items]
Warrants to purchase shares	60,000		9,692	96,921	96,921			2,042
Exercise price of warrants per share	$ 10.00		$ 5.16	$ 5.16	$ 5.16			$ 12.24
Conversion of preferred stock into common stock		(1,316,681)				74,001	(980,391)
Warrants exercisable date	May 01, 2015
Warrants expiration date	May 01, 2019

Related Party Transactions - Additional Information (Detail) (Convertible Note Payable-Related Parties [Member], USD $)	1 Months Ended	9 Months Ended
	May 31, 2014	Sep. 30, 2014	Oct. 31, 2013
Convertible Note Payable-Related Parties [Member]
Related Party Transaction [Line Items]
Convertible promissory note principal amount			$ 170,000
Convertible promissory note interest rate			6.00%
Debt converted to common stock	21,250	21,250

Commitments and Contingencies - Additional Information (Detail) (USD $)	3 Months Ended	9 Months Ended
	Sep. 30, 2014 sqft	Sep. 30, 2014	Feb. 28, 2010
Commitments and Contingencies Disclosure [Abstract]
Outstanding material claims	$ 0	$ 0
Reserve for indemnification	0	0
Milestone payments upon reaching development and regulatory milestone			2,150,000
License and supply agreement termination description		The license and supply agreement runs through the 7th anniversary of the expiration of all patents licensed under the agreement, which the Company estimates to be April 2036, unless terminated earlier.
Lease agreement period	37 months
Lease agreement area of office space	3,700
Initial base annual rent	5,604
Total base rent payable	205,000	205,000
Minimum annual lease payments in 2014	17,000	17,000
Minimum annual lease payments in 2015	68,000	68,000
Minimum annual lease payments in 2016	69,000	69,000
Minimum annual lease payments in 2017	$ 51,000	$ 51,000

Subsequent Event - Additional Information (Detail) (USD $)	0 Months Ended	9 Months Ended		9 Months Ended	0 Months Ended		0 Months Ended
	Nov. 20, 2013	Sep. 30, 2014	Apr. 12, 2014	Sep. 30, 2014 Square One Bank [Member]	Nov. 10, 2014 Square One Bank [Member] Subsequent Event [Member]	Nov. 10, 2014 Square One Bank [Member] Subsequent Event [Member] Term Loan [Member]	Nov. 10, 2014 Square One Bank [Member] Subsequent Event [Member] Tranche B Loans [Member]	Nov. 10, 2014 Square One Bank [Member] Prime Rate [Member] Subsequent Event [Member]
Subsequent Event [Line Items]
Credit facility amount			$ 500,000			$ 5,000,000
Proceeds from credit facility					$ 2,000,000		$ 3,000,000
Debt instrument variable annual interest rate								2.00%
Debt instrument annual interest rate	6.50%				5.25%
Loan repayment period				36 months
Credit facility maturity period		2016-11		2018-11
Common stock issuance to bank, percentage							3.00%
Line of credit facility description				In connection with the funding of the Tranche B Loan, the Company will issue to Square 1 Bank a warrant to purchase up to the number of shares of the Company's common stock, equal to 3% of the principal amounts made available under the Tranche B Loan divided by the lesser of the (i) average of the closing bid and ask prices for the 10 business day period preceding the issue date or (ii) average closing price of the Company's common stock for the 10 business day period preceding the issue date.
Number of business days preceding the issue date of warrant				10 days