2017 Q4 Form 10-Q Financial Statement

#000119312517331251 Filed on November 02, 2017

View on sec.gov

Income Statement

Concept 2017 Q4 2017 Q3 2016 Q3
Revenue $0.00 $0.00 $0.00
YoY Change -100.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.000M $3.800M $2.100M
YoY Change 50.0% 80.95% 10.53%
% of Gross Profit
Research & Development $11.50M $9.151M $9.671M
YoY Change -43.35% -5.38% 73.19%
% of Gross Profit
Depreciation & Amortization $130.0K $120.0K $100.0K
YoY Change 8.33% 20.0% -47.37%
% of Gross Profit
Operating Expenses $14.60M $12.96M $11.77M
YoY Change -34.53% 10.05% 58.05%
Operating Profit -$12.96M -$11.77M
YoY Change 10.05% 135.04%
Interest Expense $400.0K $400.0K $200.0K
YoY Change 100.0% 100.0% 809.09%
% of Operating Profit
Other Income/Expense, Net $367.0K $176.0K
YoY Change 108.52% 700.0%
Pretax Income -$14.20M -$12.59M -$11.60M
YoY Change -36.04% 8.55% 132.54%
Income Tax -$25.90M -$145.0K -$55.00K
% Of Pretax Income
Net Earnings -$14.18M -$12.44M -$11.54M
YoY Change -35.47% 7.81% 141.11%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$435.6K -$380.4K -$421.2K
COMMON SHARES
Basic Shares Outstanding 32.61M shares 32.59M 27.28M shares
Diluted Shares Outstanding 32.59M 27.28M shares

Balance Sheet

Concept 2017 Q4 2017 Q3 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $92.57M $103.0M $71.40M
YoY Change 58.85% 44.26% -35.73%
Cash & Equivalents $9.388M $11.79M $5.426M
Short-Term Investments $83.18M $91.20M $66.00M
Other Short-Term Assets $1.600M $2.200M $4.800M
YoY Change -27.27% -54.17% 140.0%
Inventory
Prepaid Expenses $1.635M $1.492M $4.820M
Receivables
Other Receivables $123.0K
Total Short-Term Assets $95.06M $106.0M $77.02M
YoY Change 54.7% 37.6% -33.42%
LONG-TERM ASSETS
Property, Plant & Equipment $1.177M $1.302M $1.665M
YoY Change -27.08% -21.8% 9.76%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $800.0K $800.0K $1.500M
YoY Change 0.0% -46.67% 114.29%
Total Long-Term Assets $1.946M $2.071M $3.134M
YoY Change -18.34% -33.92% 41.36%
TOTAL ASSETS
Total Short-Term Assets $95.06M $106.0M $77.02M
Total Long-Term Assets $1.946M $2.071M $3.134M
Total Assets $97.00M $108.0M $80.15M
YoY Change 51.98% 34.8% -32.02%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.829M $1.187M $2.387M
YoY Change -19.19% -50.27% 88.99%
Accrued Expenses $4.700M $6.100M $4.400M
YoY Change -30.88% 38.64% 109.52%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $8.506M $7.272M $6.825M
YoY Change -26.25% 6.55% 102.28%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.700M $1.700M $1.500M
YoY Change 6.25% 13.33% 114.29%
Total Long-Term Liabilities $1.700M $1.700M $1.500M
YoY Change 6.25% 13.33% 114.29%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.506M $7.272M $6.825M
Total Long-Term Liabilities $1.700M $1.700M $1.500M
Total Liabilities $10.20M $9.000M $8.400M
YoY Change -22.14% 7.14% 110.0%
SHAREHOLDERS EQUITY
Retained Earnings -$220.3M -$206.2M -$140.2M
YoY Change 35.87% 47.05% 47.02%
Common Stock $307.2M $305.2M $212.0M
YoY Change 44.29% 43.97% 1.32%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $86.78M $99.07M $71.80M
YoY Change
Total Liabilities & Shareholders Equity $97.00M $108.0M $80.15M
YoY Change 51.98% 34.8% -32.02%

Cashflow Statement

Concept 2017 Q4 2017 Q3 2016 Q3
OPERATING ACTIVITIES
Net Income -$14.18M -$12.44M -$11.54M
YoY Change -35.47% 7.81% 141.11%
Depreciation, Depletion And Amortization $130.0K $120.0K $100.0K
YoY Change 8.33% 20.0% -47.37%
Cash From Operating Activities -$11.42M -$9.850M -$12.90M
YoY Change -13.42% -23.64% 65.17%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$30.00K -$490.0K
YoY Change -100.0% -93.88%
Acquisitions
YoY Change
Other Investing Activities $8.130M $12.10M $15.28M
YoY Change -60.55% -20.81%
Cash From Investing Activities $8.130M $12.07M $14.78M
YoY Change -60.42% -18.34%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 180.0K 150.0K 0.000
YoY Change 125.0% -100.0%
NET CHANGE
Cash From Operating Activities -11.42M -9.850M -12.90M
Cash From Investing Activities 8.130M 12.07M 14.78M
Cash From Financing Activities 180.0K 150.0K 0.000
Net Change In Cash -3.110M 2.370M 1.880M
YoY Change -141.86% 26.06% -97.23%
FREE CASH FLOW
Cash From Operating Activities -$11.42M -$9.850M -$12.90M
Capital Expenditures $0.00 -$30.00K -$490.0K
Free Cash Flow -$11.42M -$9.820M -$12.41M
YoY Change -12.96% -20.87% 58.9%

Facts In Submission

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<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&#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, 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&#x2019;s Annual Report on Form <font style="WHITE-SPACE: nowrap">10-K</font> for the year ended December&#xA0;31, 2016.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 18pt"> <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 <font style="WHITE-SPACE: nowrap">non-refundable</font> <font style="WHITE-SPACE: nowrap">up-front</font> and milestone payments, the determination of prepaid research and development, or R&amp;D, clinical costs and accrued research projects, the amount of <font style="WHITE-SPACE: nowrap">non-cash</font> compensation costs related to share-based payments to employees and <font style="WHITE-SPACE: nowrap">non-employees</font> 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-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&#x2019;s Annual Report on Form <font style="WHITE-SPACE: nowrap">10-K</font> for the year ended December&#xA0;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&#xA0;1, 2017, the Company adopted Accounting Standards Update, or ASU, <font style="WHITE-SPACE: nowrap">No.&#xA0;2016-09,</font> <i>Improvements to Employee Share-Based Payment Accounting</i>, or ASU <font style="WHITE-SPACE: nowrap">2016-09,</font> which amends Accounting Standards Codification, or ASC, <i>Topic 718</i>,<i>&#xA0;Compensation &#x2013; Stock Compensation</i>.&#xA0;ASU <font style="WHITE-SPACE: nowrap">2016-09</font> 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&#xA0;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&#x2019; 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 <font style="WHITE-SPACE: nowrap">2016-09</font> 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 <font style="WHITE-SPACE: nowrap">No.&#xA0;2017-09,</font> <i>Compensation &#x2013; Stock Compensation (Topic 718) &#x2013; Scope of Modification Accounting</i>, or ASU <font style="WHITE-SPACE: nowrap">2017-09,</font> 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 <font style="WHITE-SPACE: nowrap">2017-09</font> is effective for annual periods, and interim periods within those annual periods, beginning after December&#xA0;15, 2017. The Company generally has not modified, and does not expect to frequently modify, the fair value, vesting conditions or classification of its share-based payment awards. As a result, for reporting periods following the adoption of ASU <font style="WHITE-SPACE: nowrap">2017-09,</font> the Company generally does not expect this guidance to have a material effect on its financial position, results of operations or cash flows. However, if and when modifications occur, their effect could be material to the Company&#x2019;s financial position, results of operations or cash flows (see Note 12, <i>Stock-based Compensation</i>).</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 <font style="WHITE-SPACE: nowrap">No.&#xA0;2017-01,</font> <i>Business Combinations (Topic 805), Clarifying the Definition of a Business,</i> or ASU <font style="WHITE-SPACE: nowrap">2017-01</font><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 <font style="WHITE-SPACE: nowrap">2017-01</font> 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 <font style="WHITE-SPACE: nowrap">2017-01</font> 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 <font style="WHITE-SPACE: nowrap">2017-01</font> will be applied prospectively and is effective for annual periods beginning after December&#xA0;15, 2017 and interim periods within those annual periods. The Company does not expect that the adoption of ASU <font style="WHITE-SPACE: nowrap">2017-01</font> will have a material effect on its financial position, results of operations or cash flows since it has not and does not expect in the future 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: 12pt; MARGIN-TOP: 0pt"> &#xA0;</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt"> &#xA0;</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt; TEXT-INDENT: 4%"> In February 2016, the FASB issued ASU <font style="WHITE-SPACE: nowrap">No.&#xA0;2016-02,</font> <i>Leases (Topic 842)</i>, or ASU <font style="WHITE-SPACE: nowrap">2016-02,</font> which amends the current guidance for the accounting and disclosure of leases (ASC 840) for both lessees and lessors. ASU <font style="WHITE-SPACE: nowrap">2016-02</font> requires a lessee to recognize in its balance sheet a liability to make lease payments and a <font style="WHITE-SPACE: nowrap"><font style="WHITE-SPACE: nowrap">right-of-use</font></font> 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 <font style="WHITE-SPACE: nowrap"><font style="WHITE-SPACE: nowrap">right-of-use</font></font> 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&#xA0;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 <font style="WHITE-SPACE: nowrap">2016-02</font> by using a modified retrospective transition approach. ASU <font style="WHITE-SPACE: nowrap">2016-02</font> also requires a lessee to disclose qualitative and quantitative information about its leasing arrangements. ASU <font style="WHITE-SPACE: nowrap">2016-02</font> is effective for interim and annual periods beginning after December&#xA0;31, 2018, and may be adopted earlier. The Company is continuing to evaluate the impact that ASU <font style="WHITE-SPACE: nowrap">2016-02</font> 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 <font style="WHITE-SPACE: nowrap">2014-09,</font> <i>Revenue from Contracts with Customers (Topic 606)</i>, or ASU <font style="WHITE-SPACE: nowrap">2014-09,</font> 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)&#xA0;identify the contract with the customer, (2)&#xA0;identify the performance obligations in the contract, (3)&#xA0;determine the transaction price, (4)&#xA0;allocate the transaction price to the performance obligations in the contract, and (5)&#xA0;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 <font style="WHITE-SPACE: nowrap">sub-license</font> fee under the Maruishi Agreement. Since all defined milestones will not have been achieved and the related revenue will not have been recognized under current GAAP as of the date of adoption of ASU <font style="WHITE-SPACE: nowrap">2014-09,</font> those contracts will be included within the scope of ASU <font style="WHITE-SPACE: nowrap">2014-09.</font></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 <font style="WHITE-SPACE: nowrap">605-25,</font> <i>Multiple-Element Arrangements</i>, or ASC <font style="WHITE-SPACE: nowrap">605-25,</font> and ASC <font style="WHITE-SPACE: nowrap">605-28,</font> <i>Milestone Method</i>, or ASC <font style="WHITE-SPACE: nowrap">605-28.</font> 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 <font style="WHITE-SPACE: nowrap">2016-08,</font> <font style="WHITE-SPACE: nowrap">2016-10,</font> <font style="WHITE-SPACE: nowrap">2016-12</font> and <font style="WHITE-SPACE: nowrap">2016-20,</font> and has concluded that, due to the similarity of the application of the guidance under ASC <font style="WHITE-SPACE: nowrap">605-25</font> and ASC <font style="WHITE-SPACE: nowrap">605-28</font> 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 <font style="WHITE-SPACE: nowrap">605-25</font> and ASC <font style="WHITE-SPACE: nowrap">605-28.</font></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 <font style="WHITE-SPACE: nowrap">605-25</font> and ASC <font style="WHITE-SPACE: nowrap">605-28</font> 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&amp;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&amp;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&amp;D services under the Maruishi Agreement would be recognized proportionately as those services were performed, as it was under ASC <font style="WHITE-SPACE: nowrap">605-25.</font></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt"> &#xA0;</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 <font style="WHITE-SPACE: nowrap">605-28</font> 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 <font style="WHITE-SPACE: nowrap">2014-09,</font> as amended by ASU <font style="WHITE-SPACE: nowrap">2015-14,</font> is effective for annual reporting periods beginning after December&#xA0;15, 2017, and interim periods within those annual reporting periods. ASU <font style="WHITE-SPACE: nowrap">2014-09</font> 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 <font style="WHITE-SPACE: nowrap">2014-09</font> recognized as an adjustment to the opening balance of retained earnings at the date of initial adoption. The Company will adopt ASU <font style="WHITE-SPACE: nowrap">2014-09</font> using the full retrospective method on January&#xA0;1, 2018.</p> </div>
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dei Current Fiscal Year End Date
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dei Document Type
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10-Q
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2017-09-30
dei Entity Registrant Name
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Cara Therapeutics, Inc.
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0001346830
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> <b>1. Business</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> 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; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> As of September&#xA0;30, 2017, the Company has raised aggregate net proceeds of approximately $291,100 from several rounds of equity financing, including its initial public offering, or IPO, which closed in February 2014 and two&#xA0;<font style="WHITE-SPACE: nowrap">follow-on</font>&#xA0;public offerings of common stock, which closed in April 2017 and August 2015, respectively, and the issuance of convertible preferred stock and debt prior to the IPO. 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,&#xA0;<i>Collaborations</i>).</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> On April&#xA0;5, 2017, the Company completed its second&#xA0;<font style="WHITE-SPACE: nowrap">follow-on</font>&#xA0;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&#xA0;<font style="WHITE-SPACE: nowrap">S-3,</font>&#xA0;which was filed on March&#xA0;13, 2017 and declared effective by the Securities and Exchange Commission, or the SEC, on March&#xA0;24, 2017 (see Note 9,&#xA0;<i>Stockholders&#x2019; Equity</i>).</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> As of September&#xA0;30, 2017, the Company had unrestricted cash and cash equivalents and marketable securities of $102,982 and an accumulated deficit of $206,164. 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 $43,948 and $35,308 and had net cash used in operating activities of $43,414 and $34,193 for the nine months ended September&#xA0;30, 2017 and 2016, respectively.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> 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>
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
11.61
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
1516000
dei Trading Symbol
TradingSymbol
CARA
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
30729752 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
30729752 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: 18pt"> <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 <font style="WHITE-SPACE: nowrap">non-refundable</font> <font style="WHITE-SPACE: nowrap">up-front</font> and milestone payments, the determination of prepaid research and development, or R&amp;D, clinical costs and accrued research projects, the amount of <font style="WHITE-SPACE: nowrap">non-cash</font> compensation costs related to share-based payments to employees and <font style="WHITE-SPACE: nowrap">non-employees</font> 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
30729752 shares
cara Deferred Rent Liability Expense Benefit
DeferredRentLiabilityExpenseBenefit
-131000
cara Clinical Compound Revenue
ClinicalCompoundRevenue
68000
cara Adjustments To Additional Paid In Capital Modification Of Equity Awards
AdjustmentsToAdditionalPaidInCapitalModificationOfEquityAwards
474000
cara Modification Of Equity Awards
ModificationOfEquityAwards
-474000
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1971000
us-gaap Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
183000
us-gaap Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
12000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-9675000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-35253000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1346000
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.29
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
7195000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-35587000
us-gaap Increase Decrease In Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesReceivable
279000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
1556000
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
3091000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-279000
us-gaap Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
35000
us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
769000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
24478000
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-34193000
us-gaap Operating Expenses
OperatingExpenses
36171000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
40000
us-gaap Net Income Loss
NetIncomeLoss
-35308000
us-gaap Operating Income Loss
OperatingIncomeLoss
-36085000
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
55000
us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
55000
us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
67000
us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
0
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
498000
us-gaap Payments For Tenant Improvements
PaymentsForTenantImprovements
1094000
us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
57123000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
648000
us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
23368000
us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
59650000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
40000
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
12000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
28976000
us-gaap Revenues
Revenues
86000
us-gaap Share Based Compensation
ShareBasedCompensation
1971000
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
1971000
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
0.0119 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
3.81
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
27275133 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
27275133 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
27275133 shares
cara Deferred Rent Liability Expense Benefit
DeferredRentLiabilityExpenseBenefit
158000
cara Clinical Compound Revenue
ClinicalCompoundRevenue
86000
CY2016Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-11563000
CY2016Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.42
CY2016Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2102000
CY2016Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-11597000
CY2016Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
CY2016Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-55000
CY2016Q3 us-gaap Operating Expenses
OperatingExpenses
11773000
CY2016Q3 us-gaap Net Income Loss
NetIncomeLoss
-11542000
CY2016Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-11773000
CY2016Q3 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
-21000
CY2016Q3 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
0
CY2016Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
176000
CY2016Q3 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
12000
CY2016Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
9671000
CY2016Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
777000
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.719 pure
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00 pure
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
3.92
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0119 pure
CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
27282863 shares
CY2016Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
27282863 shares
CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
27282863 shares
CY2017Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-12391000
CY2017Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.38
CY2017Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
3805000
CY2017Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-12589000
CY2017Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
CY2017Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-145000
CY2017Q3 us-gaap Operating Expenses
OperatingExpenses
12956000
CY2017Q3 us-gaap Net Income Loss
NetIncomeLoss
-12444000
CY2017Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-12956000
CY2017Q3 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
53000
CY2017Q3 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
0
CY2017Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
367000
CY2017Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
9151000
CY2017Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
2094000
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.817 pure
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00 pure
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.814 pure
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0187 pure
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
10.00
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0197 pure
CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32591550 shares
CY2017Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
32591550 shares
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
32591550 shares
CY2017Q3 cara Percentage Of Research And Development Tax Credits Exchanged For Cash
PercentageOfResearchAndDevelopmentTaxCreditsExchangedForCash
0.65 pure

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