$CARA
Cara Therapeutics, Inc.

2016 Q2 Form 10-Q Financial Statement

#000119312516672042 Filed on August 04, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $79.00K $874.0K
YoY Change -90.96% -8.96%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.600M $1.900M
YoY Change 36.84% 26.67%
% of Gross Profit
Research & Development $10.76M $4.684M
YoY Change 129.72% 46.38%
% of Gross Profit
Depreciation & Amortization $520.0K $200.0K
YoY Change 160.0% 5.26%
% of Gross Profit
Operating Expenses $13.41M $6.606M
YoY Change 102.92% 41.4%
Operating Profit -$13.33M -$5.732M
YoY Change 132.48% 54.42%
Interest Expense $200.0K $13.00K
YoY Change 1438.46% -76.79%
% of Operating Profit
Other Income/Expense, Net $172.0K $13.00K
YoY Change 1223.08%
Pretax Income -$13.15M -$5.719M
YoY Change 130.01% 56.43%
Income Tax -$79.00K -$35.00K
% Of Pretax Income
Net Earnings -$13.08M -$5.684M
YoY Change 130.03% 55.94%
Net Earnings / Revenue -16550.63% -650.34%
Basic Earnings Per Share
Diluted Earnings Per Share -$479.9K -$250.0K
COMMON SHARES
Basic Shares Outstanding 27.28M shares 22.83M shares
Diluted Shares Outstanding 27.28M shares 22.83M shares

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $84.80M $43.20M
YoY Change 96.3% -31.21%
Cash & Equivalents $3.545M $43.19M
Short-Term Investments $81.20M
Other Short-Term Assets $3.400M $600.0K
YoY Change 466.67% -64.71%
Inventory
Prepaid Expenses $3.398M
Receivables
Other Receivables
Total Short-Term Assets $89.14M $44.03M
YoY Change 102.46% -32.32%
LONG-TERM ASSETS
Property, Plant & Equipment $1.433M $1.710M
YoY Change -16.2% -29.89%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.500M $700.0K
YoY Change 114.29% 0.0%
Total Long-Term Assets $2.902M $2.410M
YoY Change 20.41% -23.22%
TOTAL ASSETS
Total Short-Term Assets $89.14M $44.03M
Total Long-Term Assets $2.902M $2.410M
Total Assets $92.05M $46.44M
YoY Change 98.2% -31.9%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.931M $711.0K
YoY Change 312.24% -40.3%
Accrued Expenses $5.200M $2.400M
YoY Change 116.67% 71.43%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $8.168M $3.239M
YoY Change 152.18% -42.34%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.300M $700.0K
YoY Change 85.71% -30.0%
Total Long-Term Liabilities $1.300M $700.0K
YoY Change 85.71% -30.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.168M $3.239M
Total Long-Term Liabilities $1.300M $700.0K
Total Liabilities $9.500M $4.000M
YoY Change 137.5% -39.39%
SHAREHOLDERS EQUITY
Retained Earnings -$128.7M -$90.57M
YoY Change 42.05% 30.35%
Common Stock $211.2M $133.0M
YoY Change 58.75% 578352.17%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $82.59M $42.47M
YoY Change
Total Liabilities & Shareholders Equity $92.05M $46.44M
YoY Change 98.2% -31.9%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income -$13.08M -$5.684M
YoY Change 130.03% 55.94%
Depreciation, Depletion And Amortization $520.0K $200.0K
YoY Change 160.0% 5.26%
Cash From Operating Activities -$11.46M -$4.260M
YoY Change 169.01% 0.47%
INVESTING ACTIVITIES
Capital Expenditures -$150.0K $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $7.230M
YoY Change
Cash From Investing Activities $7.090M $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 30.00K
YoY Change -100.0% 50.0%
NET CHANGE
Cash From Operating Activities -11.46M -4.260M
Cash From Investing Activities 7.090M 0.000
Cash From Financing Activities 0.000 30.00K
Net Change In Cash -4.370M -4.230M
YoY Change 3.31% 0.0%
FREE CASH FLOW
Cash From Operating Activities -$11.46M -$4.260M
Capital Expenditures -$150.0K $0.00
Free Cash Flow -$11.31M -$4.260M
YoY Change 165.49% 0.71%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2016Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
27282863 shares
CY2015Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
43191000
CY2015Q2 us-gaap Stockholders Equity
StockholdersEquity
42470000
CY2016Q2 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
8168000
CY2016Q2 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
49931000
CY2016Q2 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
5000
CY2016Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2016Q2 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
84764000
CY2016Q2 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2016Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
27282863 shares
CY2016Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
27282863 shares
CY2016Q2 us-gaap Assets
Assets
92045000
CY2016Q2 us-gaap Deferred Rent Credit Noncurrent
DeferredRentCreditNoncurrent
1289000
CY2016Q2 us-gaap Assets Current
AssetsCurrent
89143000
CY2016Q2 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Accumulated Loss
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionAccumulatedLoss
5000
CY2016Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000 shares
CY2016Q2 us-gaap Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
211177000
CY2016Q2 us-gaap Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
81147000
CY2016Q2 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionFairValue
11055000
CY2016Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
3545000
CY2016Q2 us-gaap Common Stock Value
CommonStockValue
27000
CY2016Q2 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or Longer Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue
0
CY2016Q2 us-gaap Available For Sale Securities In Unrealized Loss Positions Qualitative Disclosure Number Of Positions Less Than One Year
AvailableForSaleSecuritiesInUnrealizedLossPositionsQualitativeDisclosureNumberOfPositionsLessThanOneYear
13 Position
CY2016Q2 us-gaap Accounts Payable Current
AccountsPayableCurrent
2931000
CY2016Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
342000
CY2016Q2 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
835000
CY2016Q2 us-gaap Available For Sale Securities Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
AvailableForSaleSecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
0
CY2016Q2 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
41000
CY2016Q2 us-gaap Available For Sale Securities
AvailableForSaleSecurities
81219000
CY2016Q2 us-gaap Available For Sale Securities Debt Maturities Within One Year Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearAmortizedCost
49921000
CY2016Q2 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Less Than Twelve Months Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue
11055000
CY2016Q2 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
9467000
CY2016Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2016Q2 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
64000
CY2016Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2016Q2 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
1241000
CY2016Q2 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
1217000
CY2016Q2 us-gaap Prepaid Insurance
PrepaidInsurance
460000
CY2016Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2016Q2 us-gaap Marketable Securities Current
MarketableSecuritiesCurrent
81219000
CY2016Q2 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
92045000
CY2016Q2 us-gaap Liabilities Current
LiabilitiesCurrent
8168000
CY2016Q2 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
3650000
CY2016Q2 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
3398000
CY2016Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
49000
CY2016Q2 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
651000
CY2016Q2 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
1093000
CY2016Q2 us-gaap Income Taxes Receivable
IncomeTaxesReceivable
608000
CY2016Q2 us-gaap Preferred Stock Value
PreferredStockValue
CY2016Q2 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
1615000
CY2016Q2 us-gaap Other Receivables
OtherReceivables
373000
CY2016Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1433000
CY2016Q2 us-gaap Stockholders Equity
StockholdersEquity
82588000
CY2016Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2016Q2 cara Prepaid Research And Development Expenses
PrepaidResearchAndDevelopmentExpenses
2874000
CY2016Q2 cara Accrued Research Projects
AccruedResearchProjects
2779000
CY2016Q2 cara Available For Sale Securities Qualitative Disclosure Number Of Positions
AvailableForSaleSecuritiesQualitativeDisclosureNumberOfPositions
38 Position
CY2016Q2 us-gaap Restricted Cash And Investments Noncurrent
RestrictedCashAndInvestmentsNoncurrent
1469000
CY2016Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-128657000
CY2014Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
52663000
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
51662000
CY2015Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
5268000
CY2015Q4 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
49653000
CY2015Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
40000
CY2015Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2015Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2015Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
27254863 shares
CY2015Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
27254863 shares
CY2015Q4 us-gaap Assets
Assets
110897000
CY2015Q4 us-gaap Deferred Rent Credit Noncurrent
DeferredRentCreditNoncurrent
585000
CY2015Q4 us-gaap Assets Current
AssetsCurrent
108934000
CY2015Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Accumulated Loss
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionAccumulatedLoss
40000
CY2015Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000 shares
CY2015Q4 us-gaap Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
209943000
CY2015Q4 us-gaap Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
91675000
CY2015Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionFairValue
57132000
CY2015Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
15101000
CY2015Q4 us-gaap Common Stock Value
CommonStockValue
27000
CY2015Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or Longer Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue
0
CY2015Q4 us-gaap Available For Sale Securities In Unrealized Loss Positions Qualitative Disclosure Number Of Positions Less Than One Year
AvailableForSaleSecuritiesInUnrealizedLossPositionsQualitativeDisclosureNumberOfPositionsLessThanOneYear
15 Position
CY2015Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
1965000
CY2015Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
371000
CY2015Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
1204000
CY2015Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
AvailableForSaleSecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
0
CY2015Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-35000
CY2015Q4 us-gaap Available For Sale Securities
AvailableForSaleSecurities
91640000
CY2015Q4 us-gaap Available For Sale Securities Debt Maturities Within One Year Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearAmortizedCost
49657000
CY2015Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Less Than Twelve Months Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue
57132000
CY2015Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2015Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
35000
CY2015Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2015Q4 us-gaap Prepaid Rent
PrepaidRent
96000
CY2015Q4 us-gaap Prepaid Insurance
PrepaidInsurance
98000
CY2015Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2015Q4 us-gaap Marketable Securities Current
MarketableSecuritiesCurrent
91640000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00 pure
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
22818601 shares
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
35000
CY2015Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
110897000
CY2015Q4 us-gaap Liabilities Current
LiabilitiesCurrent
5268000
CY2015Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
1729000
CY2015Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
186000
CY2015Q4 us-gaap Income Taxes Receivable
IncomeTaxesReceivable
384000
CY2015Q4 us-gaap Preferred Stock Value
PreferredStockValue
CY2015Q4 us-gaap Other Receivables
OtherReceivables
80000
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1263000
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
105044000
CY2015Q4 us-gaap Restricted Cash And Investments Noncurrent
RestrictedCashAndInvestmentsNoncurrent
700000
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-104891000
CY2015Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2015Q4 cara Prepaid Research And Development Expenses
PrepaidResearchAndDevelopmentExpenses
1500000
CY2015Q4 cara Accrued Research Projects
AccruedResearchProjects
1542000
CY2015Q4 cara Available For Sale Securities Qualitative Disclosure Number Of Positions
AvailableForSaleSecuritiesQualitativeDisclosureNumberOfPositions
23 Position
CY2016Q2 cara Aggregate Net Proceeds From Equity Financing And Issuance Of Debt
AggregateNetProceedsFromEquityFinancingAndIssuanceOfDebt
204800000
CY2016Q2 cara Upfront And Milestone Payments Earned In Connection With License Agreements
UpfrontAndMilestonePaymentsEarnedInConnectionWithLicenseAgreements
32500000
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
0
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1146000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-9472000
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.45
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
3744000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
386000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-10373000
us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
0
us-gaap Revenues
Revenues
1363000
us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
0
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
27000
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
303000
us-gaap Operating Expenses
OperatingExpenses
11813000
us-gaap Net Income Loss
NetIncomeLoss
-10373000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-10423000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-12000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
us-gaap Operating Income Loss
OperatingIncomeLoss
-10450000
us-gaap Increase Decrease In Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesReceivable
50000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
35000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
1204000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-1363000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-50000
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-9495000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
12000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0189 pure
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
22818601 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.670 pure
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
8069000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
35000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0143 pure
us-gaap Share Based Compensation
ShareBasedCompensation
1146000
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
1146000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.640 pure
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
22818601 shares
cara Collaborative Revenue
CollaborativeRevenue
1363000
cara Deferred Rent Liability Expense Benefit
DeferredRentLiabilityExpenseBenefit
142000
us-gaap Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
126000
dei Entity Registrant Name
EntityRegistrantName
Cara Therapeutics, Inc.
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
0
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0001346830
dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2004-07-02
us-gaap Basis Of Accounting
BasisOfAccounting
<div> <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%" align="left"><b>2.</b></td> <td valign="top" align="left"><b>Basis of Presentation</b></td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> The unaudited interim condensed financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission, or the SEC. Accordingly, they do not include all information and disclosures necessary for a presentation of the Company&#x2019;s financial position, results of operations and cash flows in conformity with generally accepted accounting principles in the United States of America, or GAAP. In the opinion of management, these unaudited interim financial statements reflect all adjustments, consisting primarily of normal recurring accruals, necessary for a fair presentation of results for the periods presented. The results of operations for interim periods are not necessarily indicative of the results for the full year. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted from this report, as is permitted by SEC rules and regulations; however, the Company believes that the disclosures are adequate to make the information presented not misleading. The condensed balance sheet data for the year ended December&#xA0;31, 2015 were derived from audited financial statements, but do not include all disclosures required by GAAP. These unaudited interim condensed financial statements should be read in conjunction with the audited financial statements and accompanying notes thereto included in the Company&#x2019;s Annual Report on Form 10-K for the year ended December&#xA0;31, 2015.</p> <p style="MARGIN-BOTTOM: 0px; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: 1px 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 18px; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> &#xA0;</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; MARGIN-LEFT: 56px; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <i>Use of Estimates</i></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> The preparation of financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, as of the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from the Company&#x2019;s estimates and assumptions. Significant estimates include the fair value of marketable securities that are classified as level 2 of the fair value hierarchy, useful lives of fixed assets, the periods over which certain revenues will be recognized, including licensing and collaborative revenue recognized from non-refundable up-front and milestone payments, the determination of prepaid research and development, or R&amp;D, clinical costs and accrued research projects, the amount of non-cash compensation costs related to share-based payments to employees and non-employees and the periods over which those costs are expensed and the likelihood of realization of deferred tax assets.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; MARGIN-LEFT: 56px; WIDOWS: 1; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <i>Significant Accounting Policies</i></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> There have been no material changes to the significant accounting policies previously disclosed in Note 2 to the Financial Statements in the Company&#x2019;s Annual Report on Form 10-K for the year ended December&#xA0;31, 2015.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; MARGIN-LEFT: 56px; WIDOWS: 1; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <i>Recent Accounting Pronouncements</i></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> In June 2016, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, No.&#xA0;2016-13,&#xA0;<i>Financial Instruments&#x2014;Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments</i>, or ASU 2016-13, which replaces the incurred loss impairment methodology in current GAAP, that delays recognition of a credit loss until it is probable that such loss has been incurred, with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. ASU 2016-13 modifies the other-than-temporary impairment model for available-for-sale debt securities by requiring (1)&#xA0;estimating expected credit losses only when the fair value is below the amortized cost of the asset; (2)&#xA0;recording a credit loss without regard to the length of time a security has been in an unrealized loss position; (3)&#xA0;limiting the measurement of the credit loss to the difference between the security&#x2019;s amortized cost basis and its fair value and (4)&#xA0;presenting credit losses as an allowance rather than as a write-down, which will allow the Company to record reversals of credit losses in current period net income, a practice that is currently prohibited. ASU 2016-13 will be effective for fiscal years beginning after December&#xA0;15, 2019, including interim periods within those fiscal years. The Company is currently evaluating the effect that adoption of ASU 2016-13 will have on its results of operations, financial position and cash flows.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> In May 2016, the FASB, issued ASU No.&#xA0;2016-12<i>, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients</i>, or ASU 2016-12, which amends guidance in the new revenue standard, ASU No.&#xA0;2014-09<i>Revenue from Contracts with Customers (Topic 606)</i>, or ASU 2014-09, on collectability, noncash consideration, presentation of sales tax and transition. The amendments in ASU 2016-12 are effective for annual reporting periods beginning after December&#xA0;15, 2017 (i.e., January&#xA0;1, 2018), including interim periods within those reporting periods, which is the same as for ASU 2014-09, as amended by ASU No.&#xA0;2015-14,&#xA0;<i>Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date</i>, or ASU 2015-14<i>.&#xA0;</i>The Company is currently evaluating the effect that adoption of ASU 2016-12 will have on its financial statements.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> In April 2016, the FASB issued ASU No.&#xA0;2016-10,&#xA0;<i>Revenue from Contracts with Customers (Topic 606), Identifying Performance Obligations and Licensing</i>, or ASU 2016-10<i>,</i>&#xA0;which clarifies the principle for determining whether a good or service is &#x201C;separately identifiable&#x201D; from other promises in the contract and, therefore, should be accounted for as a separate performance obligation. In that regard, ASU 2016-10 requires that an entity determine whether its promise is to transfer individual goods or services to the customer, or a combined item (or items) to which the individual goods and services are inputs. In addition, ASU 2016-10 categorizes intellectual property, or IP, into two categories: &#x201C;functional&#x201D; and &#x201C;symbolic.&#x201D; Functional IP has significant standalone functionality. All other IP is considered symbolic IP. Revenue from licenses of functional IP is generally recognized at a point in time, while revenue from licenses of symbolic IP is recognized over time. ASU 2016-10 has the same effective date and transition requirements as ASU 2014-09, as amended by ASU 2015-14. The Company is currently evaluating the effect that adoption of ASU 2016-10 will have on its financial statements.</p> <p style="MARGIN-BOTTOM: 0px; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: 1px 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12px; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> &#xA0;</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> In March 2016, the FASB, issued ASU No.&#xA0;2016-08,&#xA0;<i>Revenue from Contracts with Customers (Topic 606), Principal versus Agent Considerations (Reporting Revenue Gross versus Net)</i>, or ASU 2016-08, which clarifies the implementation guidance on principal versus agent considerations contained in ASU 2014-09 by specifying that the determination as to whether an entity that is involved in providing a good or a service to a customer is a principal or an agent is based upon whether the entity controls the good or the service before it is transferred to the customer. ASU 2016-08 has the same effective date and transition requirements as ASU&#xA0;2014-09, as amended by ASU 2015-14. The Company is currently evaluating the effect that adoption of ASU 2016-08 will have on its financial statements.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> In March 2016, the FASB issued ASU No.&#xA0;2016-09,&#xA0;<i>Improvements to Employee Share-Based Payment Accounting</i>, or ASU 2016-09, which amends Accounting Standards Codification, or ASC,&#xA0;<i>Topic 718</i>,&#xA0;<i>Compensation &#x2013; Stock Compensation</i>. ASU 2016-09 simplifies several aspects of the accounting for share-based payment transactions, including the accounting for forfeitures, income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. ASU 2016-09&#xA0;is effective for fiscal years beginning after December&#xA0;15, 2016, and interim periods within those fiscal years and early adoption is permitted. Certain of the amendments will be applied using a modified retrospective transition method by means of a cumulative-effect adjustment to equity as of the beginning of the period in which ASU 2016-09 is adopted, while other amendments will be applied retrospectively, prospectively or using either a prospective or a retrospective transition method. Upon adoption on January&#xA0;1, 2017, the Company will account for forfeitures as they occur rather than estimate a forfeiture rate and will record a cumulative-effect adjustment in equity on the date of initial adoption. In periods subsequent to adoption, a higher expense will be recognized related to stock-based awards that are not forfeited. The Company expects that the income tax amendments within ASU 2016-09 will have no impact on its results of operations or cash flows because it is in a net operating loss position with a full valuation allowance.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 8%; -webkit-text-stroke-width: 0px"> In May 2014, the FASB issued ASU 2014-09, which changes the principle under which the Company will recognize revenue from contracts with customers from one which requires the Company to satisfy specific criteria before recognizing revenue to one which requires the Company to recognize revenue in an amount that reflects the consideration to which it expects to be entitled in exchange for the transfer of promised goods or services to customers. ASU 2014-09, as amended by ASU 2015-14, is effective for annual reporting periods beginning after December&#xA0;15, 2017 (i.e., January&#xA0;1, 2018), including interim periods within those reporting periods. The standard allows for two transition methods: (1)&#xA0;retrospectively to each prior reporting period presented, or (2)&#xA0;using a modified retrospective approach, with the cumulative effect of initially applying ASU 2014-09 recognized as an adjustment to the opening balance of retained earnings at the date of initial adoption. The Company is currently in the process of deciding which method of transition it will use and the effect of adoption of ASU 2014-09 on its results of operations, financial position and cash flows. The Company currently recognizes revenue only from contracts with Maruishi and CKD, under both of which the Company may earn future milestone payments upon the achievement of defined clinical and regulatory events. The Company is continuing to monitor the timing of achievement of such milestones. To the extent that all defined milestones have not been achieved and the related revenue recognized under current GAAP prior to the adoption of ASU 2014-09, those contracts will be included within the scope of ASU 2014-09. However, since the current accounting for those contracts, as multiple element arrangements with milestone revenue recognized using the milestone method, is similar to ASU 2014-09, the Company does not expect a material effect on its financial statements from the adoption of ASU 2014-09.</p> </div>
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Purchases
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases
0
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1194000
dei Document Period End Date
DocumentPeriodEndDate
2016-06-30
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-11556000
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.87
us-gaap Available For Sale Securities Gross Unrealized Gains
AvailableForSaleSecuritiesGrossUnrealizedGains
77000
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2016
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
5092000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1249000
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-23690000
dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Sales
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSales
0
us-gaap Available For Sale Securities Gross Unrealized Loss
AvailableForSaleSecuritiesGrossUnrealizedLoss
5000
us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
0
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Settlements
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSettlements
0
us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
76000
us-gaap Revenues
Revenues
86000
us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
0
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
321000
us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
42400000
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
1669000
us-gaap Payments For Tenant Improvements
PaymentsForTenantImprovements
1094000
us-gaap Operating Expenses
OperatingExpenses
24397000
us-gaap Net Income Loss
NetIncomeLoss
-23766000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-23990000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
9696000
us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
76000
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
76000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
us-gaap Operating Income Loss
OperatingIncomeLoss
-24311000
us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
42677000
us-gaap Increase Decrease In Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesReceivable
224000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
40000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
2616000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-224000
us-gaap Nature Of Operations
NatureOfOperations
<div> <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%" align="left"><b>1.</b></td> <td valign="top" align="left"><b>Business</b></td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> Cara Therapeutics, Inc. (the &#x201C;Company&#x201D;, &#x201C;we&#x201D;, &#x201C;our&#x201D; or &#x201C;us&#x201D;) is a clinical-stage biopharmaceutical corporation formed on July&#xA0;2, 2004. The Company is focused on developing and commercializing new chemical entities designed to alleviate pain and pruritus by selectively targeting peripheral kappa opioid receptors. The Company&#x2019;s primary activities to date have been organizing and staffing the company, developing its product candidates, including conducting preclinical studies and clinical trials of CR845-based product candidates and raising capital.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> As of June&#xA0;30, 2016, the Company has raised aggregate net proceeds of approximately $204,800 from several rounds of equity financing, including its initial public offering, which closed in February 2014 and its follow-on offering, which closed in August 2015, and the issuance of debt. In addition, the Company received approximately $32,500 under its license agreements for CR845, primarily with Maruishi Pharmaceutical Co. Ltd., or Maruishi, and Chong Kun Dang Pharmaceutical Corp., or CKD, and an earlier product candidate for which development efforts ceased in 2007.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> In connection with the license of rights to CR845 in Japan to Maruishi, and as part of the payments described above, in April 2013, the Company received an upfront payment of $15,000, and in August 2014 and September 2015, the Company received additional milestone payments of $480 and $1,725 (net of contractual foreign currency exchange adjustments), respectively. In connection with the license of rights to CR845 in South Korea to CKD, and as part of the payments described above, in 2012, the Company received aggregate upfront and milestone payments of $1,190, and in August 2015 and October 2015, the Company received additional milestone payments of $209 and $417 (net of South Korean withholding taxes), respectively.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 8%; -webkit-text-stroke-width: 0px"> As of June&#xA0;30, 2016, the Company had unrestricted cash and cash equivalents and marketable securities of $84,764 and an accumulated deficit of $128,657. The Company has incurred substantial net losses and negative cash flows from operating activities in nearly every fiscal period since inception and expects this trend to continue for the foreseeable future. The Company recognized net losses of $23,766 and $10,373 and had net cash used in operating activities of $21,292 and $9,495 for the six months ended June&#xA0;30, 2016 and 2015, respectively. The Company expects that cash and cash equivalents and marketable securities as of June&#xA0;30, 2016 will be sufficient to fund its operations beyond one year.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 8%; -webkit-text-stroke-width: 0px"> The Company is subject to risks common to other life science companies including, but not limited to, uncertainty of product development and commercialization, lack of marketing and sales history, development by its competitors of new technological innovations, dependence on key personnel, market acceptance of products, product liability protection of proprietary technology, ability to raise additional financing, and compliance with Food and Drug Administration, or FDA, and other government regulations. If the Company does not successfully commercialize any of its product candidates, it will be unable to generate recurring product revenue or achieve profitability.</p> </div>
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-21292000
us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
10900000
us-gaap Marketable Securities Realized Gain Loss
MarketableSecuritiesRealizedGainLoss
0
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
158000
us-gaap Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
171000
us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
769000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0179 pure
us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 0pt"> <i>Use of Estimates</i></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> The preparation of financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, as of the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from the Company&#x2019;s estimates and assumptions. Significant estimates include the fair value of marketable securities that are classified as level 2 of the fair value hierarchy, useful lives of fixed assets, the periods over which certain revenues will be recognized, including licensing and collaborative revenue recognized from non-refundable up-front and milestone payments, the determination of prepaid research and development, or R&amp;D, clinical costs and accrued research projects, the amount of non-cash compensation costs related to share-based payments to employees and non-employees and the periods over which those costs are expensed and the likelihood of realization of deferred tax assets.</p> </div>
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
27271226 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.726 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00 pure
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
0
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
27271226 shares
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
40000
dei Trading Symbol
TradingSymbol
CARA
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
19305000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
40000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0123 pure
us-gaap Share Based Compensation
ShareBasedCompensation
1194000
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
1194000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.678 pure
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
27271226 shares
cara Fair Value Transfers Between Levels One Two And Three
FairValueTransfersBetweenLevelsOneTwoAndThree
0 Securities
cara Percentage Of Research And Development Tax Credits Exchanged For Cash
PercentageOfResearchAndDevelopmentTaxCreditsExchangedForCash
0.65 pure
cara Clinical Compound Revenue
ClinicalCompoundRevenue
86000
cara Deferred Rent Liability Expense Benefit
DeferredRentLiabilityExpenseBenefit
395000
CY2015 us-gaap Available For Sale Securities Gross Unrealized Gains
AvailableForSaleSecuritiesGrossUnrealizedGains
5000
CY2015 us-gaap Available For Sale Securities Gross Unrealized Loss
AvailableForSaleSecuritiesGrossUnrealizedLoss
40000
CY2015Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.25
CY2015Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1922000
CY2015Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-5684000
CY2015Q2 us-gaap Revenues
Revenues
874000
CY2015Q2 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
0
CY2015Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
13000
CY2015Q2 us-gaap Operating Expenses
OperatingExpenses
6606000
CY2015Q2 us-gaap Net Income Loss
NetIncomeLoss
-5684000
CY2015Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-5719000
CY2015Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
CY2015Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-5732000
CY2015Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-35000
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0189 pure
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
22828612 shares
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00 pure
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
22828612 shares
CY2015Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4684000
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.64 pure
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0187 pure
CY2015Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
700000
CY2015Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
22828612 shares
CY2015Q2 cara Collaborative Revenue
CollaborativeRevenue
874000
CY2016Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.48
CY2016Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2645000
CY2016Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-13038000
CY2016Q2 us-gaap Revenues
Revenues
79000
CY2016Q2 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
0
CY2016Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
172000
CY2016Q2 us-gaap Operating Expenses
OperatingExpenses
13405000
CY2016Q2 us-gaap Net Income Loss
NetIncomeLoss
-13075000
CY2016Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-13154000
CY2016Q2 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
37000
CY2016Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
CY2016Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-13326000
CY2016Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-79000
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0179 pure
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
27282863 shares
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.726 pure
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00 pure
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
27282863 shares
CY2016Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
10760000
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0123 pure
CY2016Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
697000
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.693 pure
CY2016Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
27282863 shares
CY2016Q2 cara Clinical Compound Revenue
ClinicalCompoundRevenue
79000

Files In Submission

Name View Source Status
0001193125-16-672042-index-headers.html Edgar Link pending
0001193125-16-672042-index.html Edgar Link pending
0001193125-16-672042.txt Edgar Link pending
0001193125-16-672042-xbrl.zip Edgar Link pending
cara-20160630.xml Edgar Link completed
cara-20160630.xsd Edgar Link pending
cara-20160630_cal.xml Edgar Link unprocessable
cara-20160630_def.xml Edgar Link unprocessable
cara-20160630_lab.xml Edgar Link unprocessable
cara-20160630_pre.xml Edgar Link unprocessable
d201221d10q.htm Edgar Link pending
d201221dex101.htm Edgar Link pending
d201221dex311.htm Edgar Link pending
d201221dex312.htm Edgar Link pending
d201221dex321.htm Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xlsx Edgar Link pending
g201221g0728110215928.jpg Edgar Link pending
R1.htm Edgar Link pending
R10.htm Edgar Link pending
R11.htm Edgar Link pending
R12.htm Edgar Link pending
R13.htm Edgar Link pending
R14.htm Edgar Link pending
R15.htm Edgar Link pending
R16.htm Edgar Link pending
R17.htm Edgar Link pending
R18.htm Edgar Link pending
R19.htm Edgar Link pending
R2.htm Edgar Link pending
R20.htm Edgar Link pending
R21.htm Edgar Link pending
R22.htm Edgar Link pending
R23.htm Edgar Link pending
R24.htm Edgar Link pending
R25.htm Edgar Link pending
R26.htm Edgar Link pending
R27.htm Edgar Link pending
R28.htm Edgar Link pending
R29.htm Edgar Link pending
R3.htm Edgar Link pending
R30.htm Edgar Link pending
R31.htm Edgar Link pending
R32.htm Edgar Link pending
R33.htm Edgar Link pending
R34.htm Edgar Link pending
R35.htm Edgar Link pending
R36.htm Edgar Link pending
R37.htm Edgar Link pending
R38.htm Edgar Link pending
R39.htm Edgar Link pending
R4.htm Edgar Link pending
R40.htm Edgar Link pending
R41.htm Edgar Link pending
R42.htm Edgar Link pending
R43.htm Edgar Link pending
R44.htm Edgar Link pending
R45.htm Edgar Link pending
R46.htm Edgar Link pending
R47.htm Edgar Link pending
R48.htm Edgar Link pending
R49.htm Edgar Link pending
R5.htm Edgar Link pending
R6.htm Edgar Link pending
R7.htm Edgar Link pending
R8.htm Edgar Link pending
R9.htm Edgar Link pending
report.css Edgar Link pending
Show.js Edgar Link pending