2017 Q2 Form 10-Q Financial Statement
#000119312517247600 Filed on August 03, 2017
Income Statement
| Concept | 2017 Q2 | 2016 Q2 |
|---|---|---|
| Revenue | $0.00 | $79.00K |
| YoY Change | -100.0% | -90.96% |
| Cost Of Revenue | ||
| YoY Change | ||
| Gross Profit | ||
| YoY Change | ||
| Gross Profit Margin | ||
| Selling, General & Admin | $2.700M | $2.600M |
| YoY Change | 3.85% | 36.84% |
| % of Gross Profit | ||
| Research & Development | $6.961M | $10.76M |
| YoY Change | -35.31% | 129.72% |
| % of Gross Profit | ||
| Depreciation & Amortization | $130.0K | $520.0K |
| YoY Change | -75.0% | 160.0% |
| % of Gross Profit | ||
| Operating Expenses | $9.633M | $13.41M |
| YoY Change | -28.14% | 102.92% |
| Operating Profit | -$9.633M | -$13.33M |
| YoY Change | -27.71% | 132.48% |
| Interest Expense | $300.0K | $200.0K |
| YoY Change | 50.0% | 1438.46% |
| % of Operating Profit | ||
| Other Income/Expense, Net | $331.0K | $172.0K |
| YoY Change | 92.44% | 1223.08% |
| Pretax Income | -$9.302M | -$13.15M |
| YoY Change | -29.28% | 130.01% |
| Income Tax | -$2.000K | -$79.00K |
| % Of Pretax Income | ||
| Net Earnings | -$9.300M | -$13.08M |
| YoY Change | -28.87% | 130.03% |
| Net Earnings / Revenue | -16550.63% | |
| Basic Earnings Per Share | ||
| Diluted Earnings Per Share | -$288.8K | -$479.9K |
| COMMON SHARES | ||
| Basic Shares Outstanding | 32.24M | 27.28M shares |
| Diluted Shares Outstanding | 32.24M | 27.28M shares |
Balance Sheet
| Concept | 2017 Q2 | 2016 Q2 |
|---|---|---|
| SHORT-TERM ASSETS | ||
| Cash & Short-Term Investments | $112.4M | $84.80M |
| YoY Change | 32.55% | 96.3% |
| Cash & Equivalents | $9.416M | $3.545M |
| Short-Term Investments | $103.0M | $81.20M |
| Other Short-Term Assets | $2.600M | $3.400M |
| YoY Change | -23.53% | 466.67% |
| Inventory | ||
| Prepaid Expenses | $1.934M | $3.398M |
| Receivables | ||
| Other Receivables | ||
| Total Short-Term Assets | $115.8M | $89.14M |
| YoY Change | 29.91% | 102.46% |
| LONG-TERM ASSETS | ||
| Property, Plant & Equipment | $1.399M | $1.433M |
| YoY Change | -2.37% | -16.2% |
| Goodwill | ||
| YoY Change | ||
| Intangibles | ||
| YoY Change | ||
| Long-Term Investments | ||
| YoY Change | ||
| Other Assets | $800.0K | $1.500M |
| YoY Change | -46.67% | 114.29% |
| Total Long-Term Assets | $2.168M | $2.902M |
| YoY Change | -25.29% | 20.41% |
| TOTAL ASSETS | ||
| Total Short-Term Assets | $115.8M | $89.14M |
| Total Long-Term Assets | $2.168M | $2.902M |
| Total Assets | $118.0M | $92.05M |
| YoY Change | 28.17% | 98.2% |
| SHORT-TERM LIABILITIES | ||
| YoY Change | ||
| Accounts Payable | $1.865M | $2.931M |
| YoY Change | -36.37% | 312.24% |
| Accrued Expenses | $5.300M | $5.200M |
| YoY Change | 1.92% | 116.67% |
| Deferred Revenue | ||
| YoY Change | ||
| Short-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Long-Term Debt Due | ||
| YoY Change | ||
| Total Short-Term Liabilities | $7.190M | $8.168M |
| YoY Change | -11.97% | 152.18% |
| LONG-TERM LIABILITIES | ||
| Long-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Other Long-Term Liabilities | $1.600M | $1.300M |
| YoY Change | 23.08% | 85.71% |
| Total Long-Term Liabilities | $1.600M | $1.300M |
| YoY Change | 23.08% | 85.71% |
| TOTAL LIABILITIES | ||
| Total Short-Term Liabilities | $7.190M | $8.168M |
| Total Long-Term Liabilities | $1.600M | $1.300M |
| Total Liabilities | $8.800M | $9.500M |
| YoY Change | -7.37% | 137.5% |
| SHAREHOLDERS EQUITY | ||
| Retained Earnings | -$193.7M | -$128.7M |
| YoY Change | 50.57% | 42.05% |
| Common Stock | $303.0M | $211.2M |
| YoY Change | 43.44% | 58.75% |
| Preferred Stock | ||
| YoY Change | ||
| Treasury Stock (at cost) | ||
| YoY Change | ||
| Treasury Stock Shares | ||
| Shareholders Equity | $109.2M | $82.59M |
| YoY Change | ||
| Total Liabilities & Shareholders Equity | $118.0M | $92.05M |
| YoY Change | 28.17% | 98.2% |
Cashflow Statement
| Concept | 2017 Q2 | 2016 Q2 |
|---|---|---|
| OPERATING ACTIVITIES | ||
| Net Income | -$9.300M | -$13.08M |
| YoY Change | -28.87% | 130.03% |
| Depreciation, Depletion And Amortization | $130.0K | $520.0K |
| YoY Change | -75.0% | 160.0% |
| Cash From Operating Activities | -$11.92M | -$11.46M |
| YoY Change | 4.01% | 169.01% |
| INVESTING ACTIVITIES | ||
| Capital Expenditures | -$20.00K | -$150.0K |
| YoY Change | -86.67% | |
| Acquisitions | ||
| YoY Change | ||
| Other Investing Activities | -$71.38M | $7.230M |
| YoY Change | -1087.28% | |
| Cash From Investing Activities | -$71.40M | $7.090M |
| YoY Change | -1107.05% | |
| FINANCING ACTIVITIES | ||
| Cash Dividend Paid | ||
| YoY Change | ||
| Common Stock Issuance & Retirement, Net | ||
| YoY Change | ||
| Debt Paid & Issued, Net | ||
| YoY Change | ||
| Cash From Financing Activities | 87.44M | 0.000 |
| YoY Change | -100.0% | |
| NET CHANGE | ||
| Cash From Operating Activities | -11.92M | -11.46M |
| Cash From Investing Activities | -71.40M | 7.090M |
| Cash From Financing Activities | 87.44M | 0.000 |
| Net Change In Cash | 4.120M | -4.370M |
| YoY Change | -194.28% | 3.31% |
| FREE CASH FLOW | ||
| Cash From Operating Activities | -$11.92M | -$11.46M |
| Capital Expenditures | -$20.00K | -$150.0K |
| Free Cash Flow | -$11.90M | -$11.31M |
| YoY Change | 5.22% | 165.49% |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| CY2017Q2 | us-gaap |
Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
|
1119000 | |
| CY2017Q2 | us-gaap |
Assets Current
AssetsCurrent
|
115805000 | |
| CY2017Q2 | us-gaap |
Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
|
323000 | |
| CY2017Q2 | us-gaap |
Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
|
302920000 | |
| CY2017Q2 | us-gaap |
Accounts Payable And Accrued Liabilities Current
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|
7190000 | |
| CY2017Q2 | us-gaap |
Accounts Payable Current
AccountsPayableCurrent
|
1865000 | |
| CY2017Q2 | us-gaap |
Accumulated Other Comprehensive Income Loss Net Of Tax
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|
-13000 | |
| CY2017Q2 | us-gaap |
Assets
Assets
|
117973000 | |
| CY2017Q2 | us-gaap |
Available For Sale Securities Accumulated Gross Unrealized Gain Before Tax
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|
7000 | |
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Available For Sale Securities Continuous Unrealized Loss Position Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionFairValue
|
51044000 | |
| CY2017Q2 | us-gaap |
Available For Sale Securities Current
AvailableForSaleSecuritiesCurrent
|
103020000 | |
| CY2017Q2 | us-gaap |
Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
|
20000 | |
| CY2017Q2 | us-gaap |
Available For Sale Securities Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
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0 | |
| CY2017Q2 | us-gaap |
Available For Sale Securities Continuous Unrealized Loss Position Accumulated Loss
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20000 | |
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51044000 | |
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Available For Sale Securities Debt Maturities Within One Year Amortized Cost
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Available For Sale Securities Amortized Cost
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Cash And Cash Equivalents At Carrying Value
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Commitments And Contingencies
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Cash Cash Equivalents And Short Term Investments
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Income Taxes Receivable
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Liabilities Current
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7190000 | |
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Operating Leases Future Minimum Payments Due Thereafter
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Preferred Stock Par Or Stated Value Per Share
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Restricted Cash And Cash Equivalents Noncurrent
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Retained Earnings Accumulated Deficit
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109220000 | |
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Upfront And Milestone Payments Earned In Connection With License Agreements
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33500000 | |
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Prepaid Research And Development Expenses
PrepaidResearchAndDevelopmentExpenses
|
1321000 | |
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AccruedResearchProjects
|
3531000 | |
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Available For Sale Securities Qualitative Disclosure Number Of Positions
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33 | Position |
| CY2017Q3 | dei |
Entity Common Stock Shares Outstanding
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Cash And Cash Equivalents At Carrying Value
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3545000 | |
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Fair Value Assets Level1 To Level2 Transfers Amount
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Stockholders Equity
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82588000 | |
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Accumulated Other Comprehensive Income Loss Net Of Tax
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Cash And Cash Equivalents At Carrying Value
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15101000 | |
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Stockholders Equity
StockholdersEquity
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105044000 | |
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1514000 | |
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3000 | |
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9000 | |
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|
17668000 | |
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37913000 | |
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Available For Sale Securities Debt Maturities Within One Year Fair Value
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37908000 | |
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46181000 | |
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|
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Common Stock Shares Authorized
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766000 | |
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162000 | |
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87000 | |
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Prepaid Insurance
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|
112000 | |
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Property Plant And Equipment Net
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1614000 | |
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Retained Earnings Accumulated Deficit
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50725000 | |
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Prepaid Research And Development Expenses
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|
1256000 | |
| CY2016Q4 | cara |
Accrued Research Projects
AccruedResearchProjects
|
4352000 | |
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Available For Sale Securities Qualitative Disclosure Number Of Positions
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|
34 | Position |
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Amendment Flag
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Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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2426000 | ||
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|
163000 | ||
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3000 | ||
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BasisOfAccounting
|
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>2. Basis of Presentation</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> The unaudited interim condensed financial statements included herein have been prepared pursuant to the rules and regulations of the SEC. Accordingly, they do not include all information and disclosures necessary for a presentation of the Company’s financial position, results of operations and cash flows in conformity with generally accepted accounting principles in the United States of America, 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 31, 2016 were derived from audited financial statements, but do not include all disclosures required by GAAP. These unaudited interim condensed financial statements should be read in conjunction with the audited financial statements and accompanying notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016.</p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 1px; MARGIN-TOP: 18px">  </p> <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’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&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; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> During the three months ended June 30, 2017, the Company recognized a reduction of the estimate of accrued clinical trial costs, within R&D expense, that had been recorded in the first quarter of 2017, by approximately $1,500.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 18pt"> <i>Significant Accounting Policies</i></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> There have been no material changes to the significant accounting policies previously disclosed in Note 2 to the Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 18pt"> <i>Accounting Pronouncements Recently Adopted</i></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> As of January 1, 2017, the Company adopted Accounting Standards Update, or ASU, No. 2016-09, <i>Improvements to Employee Share-Based Payment Accounting</i>, or ASU 2016-09, which amends Accounting Standards Codification, or ASC, <i>Topic 718</i>, <i>Compensation – 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. Certain of the amendments were applied using a modified retrospective transition method by means of a cumulative-effect adjustment to equity as of January 1, 2017, while other amendments were applied retrospectively, prospectively or using either a prospective or a retrospective transition method. Upon adoption, the Company began to account for forfeitures as they occur rather than estimate forfeiture rates for stock option awards. As a result, the Company recorded a cumulative-effect adjustment to stockholders’ equity of $45 on the date of initial adoption for all stock option awards that were unvested as of that date. In periods subsequent to adoption, a higher expense will be recognized earlier during the respective vesting periods of 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 against its deferred tax assets.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 18pt"> <i>Recent Accounting Pronouncements Not Yet Adopted</i></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> In May 2017, the Financial Accounting Standards Board, or FASB, issued ASU No. 2017-09, <i>Compensation – Stock Compensation (Topic 718) - Scope of Modification Accounting</i>, or ASU 2017-09, which clarifies that a change to the terms or conditions of a share-based payment award should be accounted for as a modification only if the fair value, vesting conditions or classification (as equity or liability) of the award changes as a result of the change in terms or conditions. Modification of a share-based payment award may result in the Company recognizing additional compensation expense. ASU 2017-09 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. The Company does not expect that the adoption of ASU 2017-09 will have a material effect on its financial position, results of operations or cash flows since it has not had a history of modifying, and does not expect to modify, the fair value, vesting conditions or classification of its share-based payment awards.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> In January 2017, the FASB issued ASU No. 2017-01, <i>Business Combinations (Topic 805), Clarifying the Definition of a Business,</i> or ASU 2017-01<i>,</i> that clarifies the definition of a business to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. ASU 2017-01 requires an entity to evaluate if substantially all of the fair value of the gross assets acquired or disposed of is concentrated in a single identifiable asset or a group of similar identifiable assets; if so, the set of transferred assets and activities is not a business. ASU 2017-01 also requires a business to include at least an input and one substantive process that together significantly contribute to the ability to create output and removes the evaluation of whether a market participant could replace missing elements. ASU 2017-01 will be applied prospectively and is effective for annual periods beginning after December 15, 2017 and interim periods within those annual periods. The Company does not expect that the adoption of ASU 2017-01 will have a material effect on its financial position, results of operations or cash flows since it has not and does not expect to acquire or dispose of assets for which the fair value is divided among diverse identifiable assets.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> In February 2016, the FASB issued ASU No. 2016-02, <i>Leases (Topic 842)</i>, or ASU 2016-02, which amends the current guidance for the accounting and disclosure of leases (ASC 840) for both lessees and lessors. ASU 2016-02 requires a lessee to recognize in its balance sheet a liability to make lease payments and a right-of-use asset representing its right to use the underlying asset for the lease term. The lease liability will be equal to the present value of lease payments and the right-of-use asset will be based on the lease liability, subject to adjustment such as for initial direct costs. For income statement purposes, the new standard retains a dual model similar to ASC 840, requiring leases to be classified as either operating leases or capital leases. For lessees, operating leases will result in straight-line expense (similar to current accounting by lessees for operating leases under ASC 840) while capital leases will result in a front-loaded expense pattern (similar to current accounting by lessees for capital leases under ASC 840). Lessees and lessors will adopt ASU 2016-02 by using a modified retrospective transition approach. ASU 2016-02 also requires a lessee to disclose qualitative and quantitative information about its leasing arrangements. ASU 2016-02 is effective for interim and annual periods beginning after December 31, 2018, and may be adopted earlier. The Company is continuing to evaluate the impact that ASU 2016-02 will have on its financial statements.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> In May 2014, the FASB issued ASU 2014-09, <i>Revenue from Contracts with Customers (Topic 606)</i>, or 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. Topic 606 defines a five-step process to achieve this core principle: (1) identify the contract with the customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when (or as) the entity satisfies a performance obligation.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> The Company currently recognizes revenue only from a license agreement with Maruishi, or the Maruishi Agreement, and a license agreement with CKDP, or the CKDP Agreement. Under each of these agreements, the Company has recognized revenue from upfront and milestone payments and may earn additional future milestone payments upon the achievement of defined clinical and regulatory events. The Company has also recognized revenue from a sub-license fee under the Maruishi Agreement. The Company is continuing to monitor the timing of achievement of the milestones under each agreement. 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.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> The Company is currently accounting for the Maruishi Agreement and the CKDP Agreement under ASC 605-25, <i>Multiple-Element Arrangements</i>, or ASC 605-25, and ASC 605-28, <i>Milestone Method</i>, or ASC 605-28. The Company has analyzed the terms and conditions of each of these contracts in light of the guidance under ASC 606, including amendments under ASU 2016-08, 2016-10, 2016-12 and 2016-20, and has concluded that, due to the similarity of the application of the guidance under ASC 605-25 and ASC 605-28 and under ASC 606, as amended, as it relates to revenue recognition for licenses of intellectual property, or IP, as applied to each of these contracts, the distinct performance obligations, transaction prices, amount of the transaction price allocated to the performance obligations and timing and amount of revenue recognition under ASC 606, as amended, will be the same as under ASC 605-25 and ASC 605-28.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> In particular, the following aspects of ASC 606, as amended, are the same as those under ASC 605-25 and ASC 605-28 in respect of the Maruishi Agreement and the CKDP Agreement. The Maruishi Agreement has two distinct performance obligations, granting of the license and the R&D services and the CKDP Agreement has one distinct performance obligation, granting of the license. The methodology for determining the relative standalone selling price of the performance obligations and the allocation of the transaction price to the performance obligations is the same under both standards. The licenses granted to the counterparties under these two contracts are deemed to be functional IP for which revenue is recognized at a point in time, which has been determined to be inception of the respective license agreements, the same as under ASC 605. The R&D services under the Maruishi Agreement were performed from inception of the agreement in 2013 through the third quarter of 2015. Accordingly, under ASC 606, as amended, revenue related to the R&D services under the Maruishi Agreement would be recognized proportionately as those services were performed, as it was under ASC 605-25.</p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 1px; MARGIN-TOP: 12px">  </p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt; TEXT-INDENT: 4%"> Although the milestone method guidance under ASC 605-28 no longer applies under ASC 606, as amended, the guidance under ASC 606, as amended, for milestones and sales-based royalties related to licenses of IP is effectively the same as pertains to milestones achieved by the Company and those achieved by the counterparty to each license agreement. In addition, due to the probability, at inception of each of the two license agreements, that revenue recognized related to the achievement of milestones and sales-based royalty payments will be reversed in the future, the constraint on including those potential payments in the transaction price at that time applies under ASC 606, as amended. Under ASC 606, as amended, recognition of revenue for achievement of any milestone and sales-based royalty payment will occur at the time that it becomes probable that those events will be achieved. Application of the guidance under ASC 606, as amended, to the milestones achieved under the Maruishi Agreement and the CKDP Agreement prior to adoption of that standard will not change the amount or timing of revenue recognized under ASC 605 for any reporting period presented at or after the date of adoption of ASC 606, as amended. As a result of the foregoing considerations, the Company has concluded that upon adoption of ASC 606, as amended, there will be no impact on its results of operations, financial position or cash flows for any period presented.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> ASU 2014-09, as amended by ASU 2015-14, is effective for annual reporting periods beginning after December 15, 2017, and interim periods within those annual reporting periods. ASU 2014-09 allows for two transition methods: (1) retrospectively to each prior reporting period presented, or (2) 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 will adopt ASU 2014-09 using the full retrospective method on January 1, 2018.</p> </div> | ||
| us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
-2676000 | ||
| us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
-31520000 | ||
| dei |
Current Fiscal Year End Date
CurrentFiscalYearEndDate
|
--12-31 | ||
| us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
245000 | ||
| us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-1.06 | ||
| dei |
Document Fiscal Period Focus
DocumentFiscalPeriodFocus
|
Q2 | ||
| dei |
Document Fiscal Year Focus
DocumentFiscalYearFocus
|
2017 | ||
| dei |
Document Type
DocumentType
|
10-Q | ||
| dei |
Document Period End Date
DocumentPeriodEndDate
|
2017-06-30 | ||
| dei |
Entity Registrant Name
EntityRegistrantName
|
Cara Therapeutics, Inc. | ||
| dei |
Entity Central Index Key
EntityCentralIndexKey
|
0001346830 | ||
| dei |
Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
|
2004-07-02 | ||
| us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Settlements
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSettlements
|
0 | ||
| dei |
Entity Filer Category
EntityFilerCategory
|
Accelerated Filer | ||
| us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersNet
|
0 | ||
| us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Purchases
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases
|
0 | ||
| us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Sales
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSales
|
0 | ||
| us-gaap |
Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
|
13000 | ||
| us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
5072000 | ||
| us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
-31537000 | ||
| us-gaap |
Increase Decrease In Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesReceivable
|
-292000 | ||
| us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
-4343000 | ||
| us-gaap |
Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
|
405000 | ||
| us-gaap |
Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
|
0 | shares | |
| us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
-33000 | ||
| us-gaap |
Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
|
88000 | ||
| us-gaap |
Nature Of Operations
NatureOfOperations
|
<div> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> <b>1. Business</b></p> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> Cara Therapeutics, Inc. (the “Company”, “we”, “our” or “us”) is a clinical-stage biopharmaceutical corporation formed on July 2, 2004. The Company is focused on developing and commercializing new chemical entities designed to alleviate pain and pruritus by selectively targeting peripheral kappa opioid receptors. The Company’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-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> As of June 30, 2017, the Company has raised aggregate net proceeds of approximately $291,100 from several rounds of equity financing, including its initial public offering, which closed in February 2014 and two follow-on public offerings of common stock, which closed in April 2017 and August 2015, respectively, and the issuance of debt. In addition, the Company received approximately $33,500 under its license agreements for CR845, primarily with Maruishi Pharmaceutical Co. Ltd., or Maruishi, and Chong Kun Dang Pharmaceutical Corp., or CKDP, and an earlier product candidate for which development efforts ceased in 2007 (see Note 10, <i>Collaborations</i>).</p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> On April 5, 2017, the Company completed its second follow-on public offering, raising aggregate proceeds of approximately $86,224, net of underwriting discounts and commissions and offering expenses paid by the Company. The offering was conducted pursuant to a shelf registration statement on Form S-3, which was filed on March 13, 2017 and declared effective by the Securities and Exchange Commission, or the SEC, on March 24, 2017 (see Note 9, <i>Stockholders’ Equity</i>).</p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> As of June 30, 2017, the Company had unrestricted cash and cash equivalents and marketable securities of $112,436 and an accumulated deficit of $193,720. 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 $31,504 and $23,766 and had net cash used in operating activities of $33,563 and $21,292 for the six months ended June 30, 2017 and 2016, respectively.</p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> 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 Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
|
-56702000 | ||
| us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
-33563000 | ||
| us-gaap |
Operating Expenses
OperatingExpenses
|
32869000 | ||
| us-gaap |
Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
87589000 | ||
| us-gaap |
Net Income Loss
NetIncomeLoss
|
-31504000 | ||
| us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-31958000 | ||
| us-gaap |
Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
|
-16000 | ||
| us-gaap |
Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
|
-16000 | ||
| us-gaap |
Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
|
-13000 | ||
| us-gaap |
Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
|
0 | ||
| us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
421000 | ||
| us-gaap |
Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
|
98021000 | ||
| us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
30000 | ||
| us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
86224000 | ||
| us-gaap |
Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
|
5430000 | ||
| us-gaap |
Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
|
13000 | ||
| us-gaap |
Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
|
35906000 | ||
| us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
1365000 | ||
| us-gaap |
Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
|
3000 | ||
| us-gaap |
Research And Development Arrangement Contract To Perform For Others Compensation Earned
ResearchAndDevelopmentArrangementContractToPerformForOthersCompensationEarned
|
313000 | ||
| us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
27797000 | ||
| us-gaap |
Revenue Recognition Milestone Method Revenue Recognized
RevenueRecognitionMilestoneMethodRevenueRecognized
|
530000 | ||
| us-gaap |
Revenues
Revenues
|
911000 | ||
| us-gaap |
Share Based Compensation
ShareBasedCompensation
|
2426000 | ||
| us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
|
2426000 | ||
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
|
0.833 | pure | |
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
|
0.00 | pure | |
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
|
0.753 | pure | |
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
|
0.0185 | pure | |
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
|
12.41 | ||
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
|
0.0257 | pure | |
| us-gaap |
Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
|
1365000 | ||
| dei |
Trading Symbol
TradingSymbol
|
CARA | ||
| us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
29783424 | shares | |
| us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
29783424 | shares | |
| 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’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&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 Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
29783424 | shares | |
| cara |
Deferred Rent Liability Expense Benefit
DeferredRentLiabilityExpenseBenefit
|
7000 | ||
| cara |
Clinical Compound Revenue
ClinicalCompoundRevenue
|
68000 | ||
| us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
1194000 | ||
| us-gaap |
Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
|
126000 | ||
| us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
-11556000 | ||
| us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
-23690000 | ||
| us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
1249000 | ||
| us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-0.87 | ||
| us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Settlements
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSettlements
|
0 | ||
| us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersNet
|
0 | ||
| us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Purchases
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases
|
0 | ||
| us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Sales
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSales
|
0 | ||
| us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
5092000 | ||
| us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
-23990000 | ||
| CY2017Q2 | us-gaap |
Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
|
0 | shares |
| us-gaap |
Increase Decrease In Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesReceivable
|
224000 | ||
| us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
2616000 | ||
| us-gaap |
Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
|
1669000 | ||
| us-gaap |
Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
|
0 | shares | |
| us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
-224000 | ||
| us-gaap |
Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
|
171000 | ||
| us-gaap |
Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
|
769000 | ||
| us-gaap |
Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
|
9696000 | ||
| us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
-21292000 | ||
| us-gaap |
Operating Expenses
OperatingExpenses
|
24397000 | ||
| us-gaap |
Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
40000 | ||
| us-gaap |
Net Income Loss
NetIncomeLoss
|
-23766000 | ||
| us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-24311000 | ||
| us-gaap |
Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
|
76000 | ||
| us-gaap |
Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
|
76000 | ||
| us-gaap |
Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
|
76000 | ||
| us-gaap |
Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
|
0 | ||
| us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
321000 | ||
| us-gaap |
Payments For Tenant Improvements
PaymentsForTenantImprovements
|
1094000 | ||
| us-gaap |
Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
|
42677000 | ||
| us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
158000 | ||
| us-gaap |
Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
|
10900000 | ||
| us-gaap |
Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
|
42400000 | ||
| us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
40000 | ||
| us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
19305000 | ||
| us-gaap |
Revenues
Revenues
|
86000 | ||
| 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 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 |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
|
0.678 | pure | |
| 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 Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
|
3.80 | ||
| 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 |
Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
|
40000 | ||
| us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
27271226 | shares | |
| us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
27271226 | shares | |
| us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
27271226 | shares | |
| cara |
Deferred Rent Liability Expense Benefit
DeferredRentLiabilityExpenseBenefit
|
395000 | ||
| cara |
Clinical Compound Revenue
ClinicalCompoundRevenue
|
86000 | ||
| CY2017Q2 | us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
-9337000 | |
| CY2017Q2 | us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-0.29 | |
| CY2017Q2 | us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
2672000 | |
| CY2017Q2 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
-9302000 | |
| CY2017Q2 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
-2000 | |
| CY2017Q2 | us-gaap |
Operating Expenses
OperatingExpenses
|
9633000 | |
| CY2017Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-9300000 | |
| CY2017Q2 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-9633000 | |
| CY2017Q2 | us-gaap |
Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
|
-37000 | |
| CY2017Q2 | us-gaap |
Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
|
0 | |
| CY2017Q2 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
331000 | |
| CY2017Q2 | us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
6961000 | |
| CY2017Q2 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
|
1318000 | |
| CY2017Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
|
0.833 | pure |
| CY2017Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
|
0.00 | pure |
| CY2017Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
|
0.0185 | pure |
| CY2017Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
|
13.53 | |
| CY2017Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
|
0.0188 | pure |
| CY2017Q2 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
32239877 | shares |
| CY2017Q2 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
32239877 | shares |
| CY2017Q2 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
32239877 | shares |
| CY2017Q2 | cara |
Increase Decrease In Accrued Clinical Trial Expenses
IncreaseDecreaseInAccruedClinicalTrialExpenses
|
-1500000 | |
| CY2017Q2 | cara |
Percentage Of Research And Development Tax Credits Exchanged For Cash
PercentageOfResearchAndDevelopmentTaxCreditsExchangedForCash
|
0.65 | pure |
| CY2016Q2 | us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
-13038000 | |
| CY2016Q2 | us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-0.48 | |
| CY2016Q2 | us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
2645000 | |
| CY2016Q2 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
-13154000 | |
| CY2016Q2 | us-gaap |
Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
|
0 | shares |
| CY2016Q2 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
-79000 | |
| CY2016Q2 | us-gaap |
Operating Expenses
OperatingExpenses
|
13405000 | |
| CY2016Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-13075000 | |
| CY2016Q2 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-13326000 | |
| CY2016Q2 | us-gaap |
Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
|
37000 | |
| CY2016Q2 | us-gaap |
Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
|
0 | |
| CY2016Q2 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
172000 | |
| CY2016Q2 | us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
10760000 | |
| CY2016Q2 | us-gaap |
Revenues
Revenues
|
79000 | |
| 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 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 |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
|
0.693 | pure |
| 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 |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
|
3.55 | |
| 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 |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
27282863 | shares |
| CY2016Q2 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
27282863 | shares |
| CY2016Q2 | cara |
Clinical Compound Revenue
ClinicalCompoundRevenue
|
79000 |
