$CARA
Cara Therapeutics, Inc.

2018 Q3 Form 10-Q Financial Statement

#000156459018027483 Filed on November 06, 2018

View on sec.gov

Income Statement

Concept 2018 Q3 2017 Q4 2017 Q3
Revenue $5.062M $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.200M $3.000M $3.800M
YoY Change -15.79% 50.0% 80.95%
% of Gross Profit
Research & Development $22.20M $11.50M $9.151M
YoY Change 142.6% -43.35% -5.38%
% of Gross Profit
Depreciation & Amortization $80.00K $130.0K $120.0K
YoY Change -33.33% 8.33% 20.0%
% of Gross Profit
Operating Expenses $25.53M $14.60M $12.96M
YoY Change 97.05% -34.53% 10.05%
Operating Profit -$20.47M -$12.96M
YoY Change 57.98% 10.05%
Interest Expense $1.000M $400.0K $400.0K
YoY Change 150.0% 100.0% 100.0%
% of Operating Profit
Other Income/Expense, Net $1.002M $367.0K
YoY Change 173.02% 108.52%
Pretax Income -$19.47M -$14.20M -$12.59M
YoY Change 54.63% -36.04% 8.55%
Income Tax -$66.00K -$25.90M -$145.0K
% Of Pretax Income
Net Earnings -$19.40M -$14.18M -$12.44M
YoY Change 55.9% -35.47% 7.81%
Net Earnings / Revenue -383.25%
Basic Earnings Per Share
Diluted Earnings Per Share -$510.5K -$435.6K -$380.4K
COMMON SHARES
Basic Shares Outstanding 38.03M 32.61M shares 32.59M
Diluted Shares Outstanding 38.03M 32.59M

Balance Sheet

Concept 2018 Q3 2017 Q4 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $206.1M $92.57M $103.0M
YoY Change 100.07% 58.85% 44.26%
Cash & Equivalents $96.73M $9.388M $11.79M
Short-Term Investments $109.3M $83.18M $91.20M
Other Short-Term Assets $4.600M $1.600M $2.200M
YoY Change 109.09% -27.27% -54.17%
Inventory
Prepaid Expenses $4.218M $1.635M $1.492M
Receivables
Other Receivables $193.0K $123.0K
Total Short-Term Assets $211.4M $95.06M $106.0M
YoY Change 99.47% 54.7% 37.6%
LONG-TERM ASSETS
Property, Plant & Equipment $908.0K $1.177M $1.302M
YoY Change -30.26% -27.08% -21.8%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $400.0K $800.0K $800.0K
YoY Change -50.0% 0.0% -46.67%
Total Long-Term Assets $1.316M $1.946M $2.071M
YoY Change -36.46% -18.34% -33.92%
TOTAL ASSETS
Total Short-Term Assets $211.4M $95.06M $106.0M
Total Long-Term Assets $1.316M $1.946M $2.071M
Total Assets $212.7M $97.00M $108.0M
YoY Change 96.86% 51.98% 34.8%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.638M $3.829M $1.187M
YoY Change 122.24% -19.19% -50.27%
Accrued Expenses $11.40M $4.700M $6.100M
YoY Change 86.89% -30.88% 38.64%
Deferred Revenue $29.24M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $43.20M $8.506M $7.272M
YoY Change 494.06% -26.25% 6.55%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $19.90M $1.700M $1.700M
YoY Change 1070.59% 6.25% 13.33%
Total Long-Term Liabilities $19.90M $1.700M $1.700M
YoY Change 1070.59% 6.25% 13.33%
TOTAL LIABILITIES
Total Short-Term Liabilities $43.20M $8.506M $7.272M
Total Long-Term Liabilities $19.90M $1.700M $1.700M
Total Liabilities $63.20M $10.20M $9.000M
YoY Change 602.22% -22.14% 7.14%
SHAREHOLDERS EQUITY
Retained Earnings -$220.3M -$206.2M
YoY Change 35.87% 47.05%
Common Stock $307.2M $305.2M
YoY Change 44.29% 43.97%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $149.5M $86.78M $99.07M
YoY Change
Total Liabilities & Shareholders Equity $212.7M $97.00M $108.0M
YoY Change 96.86% 51.98% 34.8%

Cashflow Statement

Concept 2018 Q3 2017 Q4 2017 Q3
OPERATING ACTIVITIES
Net Income -$19.40M -$14.18M -$12.44M
YoY Change 55.9% -35.47% 7.81%
Depreciation, Depletion And Amortization $80.00K $130.0K $120.0K
YoY Change -33.33% 8.33% 20.0%
Cash From Operating Activities -$20.49M -$11.42M -$9.850M
YoY Change 108.02% -13.42% -23.64%
INVESTING ACTIVITIES
Capital Expenditures -$30.00K $0.00 -$30.00K
YoY Change 0.0% -100.0% -93.88%
Acquisitions
YoY Change
Other Investing Activities $5.480M $8.130M $12.10M
YoY Change -54.71% -60.55% -20.81%
Cash From Investing Activities $5.450M $8.130M $12.07M
YoY Change -54.85% -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 93.97M 180.0K 150.0K
YoY Change 62546.67% 125.0%
NET CHANGE
Cash From Operating Activities -20.49M -11.42M -9.850M
Cash From Investing Activities 5.450M 8.130M 12.07M
Cash From Financing Activities 93.97M 180.0K 150.0K
Net Change In Cash 78.93M -3.110M 2.370M
YoY Change 3230.38% -141.86% 26.06%
FREE CASH FLOW
Cash From Operating Activities -$20.49M -$11.42M -$9.850M
Capital Expenditures -$30.00K $0.00 -$30.00K
Free Cash Flow -$20.46M -$11.42M -$9.820M
YoY Change 108.35% -12.96% -20.87%

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us-gaap Net Cash Provided By Used In Operating Activities
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<div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:3.57%;white-space:nowrap"> <p style="margin-bottom:0pt;margin-top:0pt;font-size:10pt;font-weight:bold;">1.</p></td> <td valign="top"> <p style="margin-bottom:0pt;margin-top:0pt;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Business </p></td></tr></table></div> <p style="margin-top:10pt;margin-bottom:0pt;text-indent:3.57%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Cara Therapeutics, Inc., or the Company, is a clinical-stage biopharmaceutical corporation formed on July&#160;2, 2004. The Company is focused on developing and commercializing new chemical entities designed to alleviate pruritus and pain by selectively targeting kappa opioid receptors. The Company&#8217;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/difelikefalin-based product candidates and raising capital.</p> <p style="margin-top:10pt;margin-bottom:0pt;text-indent:3.57%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As of September 30, 2018, the Company had raised aggregate net proceeds of approximately $383,200 from several rounds of equity financing, including its initial public offering, or IPO, which closed in February 2014 and three follow-on public offerings of common stock, which closed in July 2018, April 2017 and August 2015, and the issuance of convertible preferred stock and debt prior to the IPO. The Company had also received approximately $88,900 under its license agreements for CR845/difelikefalin, primarily with Vifor Fresenius Medical Care Renal Pharma Ltd., or VFMCRP, 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. Additionally, in May 2018, the Company received net proceeds of $14,556 from the issuance and sale of 1,174,827 shares of the Company&#8217;s common stock to Vifor (International) Ltd., or Vifor, in connection with the Company&#8217;s license agreement with VFMCRP (see Note 10, <font style="font-style:italic;">Collaborations and Licensing Agreements</font>). </p> <p style="margin-top:10pt;margin-bottom:0pt;text-indent:3.57%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As of September 30, 2018, the Company had unrestricted cash and cash equivalents and marketable securities of $206,077 and an accumulated deficit of $273,702. 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 $19,400 and $12,444 for the three months ended September 30, 2018 and 2017, respectively, and $53,361 and $43,948 for the nine months ended September 30, 2018 and 2017, respectively, and had net cash provided by (used in) operating activities of $2,060 and $(43,414) for the nine months ended September 30, 2018 and 2017, respectively. </p> <p style="margin-top:10pt;margin-bottom:0pt;text-indent:3.57%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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.&nbsp;&nbsp;If the Company does not successfully commercialize any of its product candidates, it will be unable to generate recurring product revenue or achieve profitability.&nbsp;&nbsp;</p></div>
us-gaap Basis Of Accounting
BasisOfAccounting
<div> <p style="margin-top:10pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2. Basis of Presentation </p> <p style="margin-bottom:0pt;margin-top:10pt;text-indent:3.57%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The unaudited interim condensed financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission, or SEC. Accordingly, they do not include all information and disclosures necessary for a presentation of the Company&#8217;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. Certain amounts in the prior year&#8217;s condensed financial statements have been reclassified to conform to the current-year presentation due to the adoption of certain accounting standards (see Note 2, <font style="font-style:italic;">Accounting Pronouncements Recently Adopted: ASU 2016-18, Statement of Cash Flows (Topic 230), Restricted Cash</font>)<font style="font-style:italic;">. </font>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, 2017 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&#8217;s Annual Report on Form 10-K for the year ended December 31, 2017.&nbsp;&nbsp;</p> <p style="margin-top:10pt;margin-bottom:0pt;text-indent:3.57%;font-style:italic;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-top:10pt;margin-bottom:0pt;text-indent:3.57%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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&#8217;s estimates and assumptions. Significant estimates include the fair value of marketable securities that are classified as level 2 of the fair value hierarchy, useful lives of fixed assets, the periods over which certain revenues will be recognized, including licensing and collaborative revenue recognized from non-refundable up-front and milestone payments, the determination of prepaid research and development, or R&amp;D, clinical costs and accrued research projects, the amount of non-cash compensation costs related to share-based payments to employees and non-employees and the periods over which those costs are expensed and the likelihood of realization of deferred tax assets. </p> <p style="margin-top:10pt;margin-bottom:0pt;text-indent:3.57%;font-style:italic;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Significant Accounting Policies</p> <p style="margin-top:10pt;margin-bottom:0pt;text-indent:3.57%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">There have been no material changes to the significant accounting policies previously disclosed in Note 2 to the Financial Statements in the Company&#8217;s Annual Report on Form 10-K for the year ended December 31, 2017, except for the recent adoption of new accounting pronouncements as disclosed below.</p> <p style="margin-top:10pt;margin-bottom:0pt;text-indent:3.57%;font-style:italic;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Accounting Pronouncements Recently Adopted</p> <p style="margin-top:10pt;margin-bottom:0pt;text-indent:3.57%;font-style:italic;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Revenue Recognition</p> <p style="margin-top:10pt;margin-bottom:0pt;text-indent:3.57%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On January 1, 2018, the Company adopted Accounting Standards Update, or ASU, 2014-09, <font style="font-style:italic;">Revenue from Contracts with Customers (Topic 606)</font>, or ASC 606, as amended by ASU 2016-08, 2016-10, 2016-12 and 2016-20 using the full retrospective method. Under ASC 606, the Company recognizes 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. To determine revenue recognition for contracts with customers that are within the scope of ASC 606, the Company performs the following steps: (1) identifies the contract with the customer, (2) identifies the performance obligations in the contract, (3) determines the transaction price, (4) allocates the transaction price to the performance obligations in the contract, and (5) recognizes revenue when (or as) the entity satisfies a performance obligation. The Company has concluded that upon adoption of ASC 606, as amended, there was no impact on its results of operations, financial position or cash flows for any period presented from its only two revenue-related contracts, which were in effect at that time: the CKDP Agreement or the Maruishi Agreement (see Note 10, <font style="font-style:italic;">Collaboration and Licensing Agreements</font> and Note 11, <font style="font-style:italic;">Revenue Recognition)</font>.</p> <p style="margin-top:10pt;margin-bottom:0pt;text-indent:3.57%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company has entered into agreements to license its intellectual property, or IP, related to CR845/difelikefalin to develop, manufacture and/or commercialize drug products. These agreements typically contain multiple performance obligations, including licenses of IP and R&amp;D services. Payments to the Company under these agreements may include nonrefundable license fees, payments for research activities, payments based upon the achievement of certain milestones and royalties on any resulting net product sales.</p> <p style="margin-top:10pt;margin-bottom:0pt;text-indent:3.57%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company identifies agreements as contracts that create enforceable rights and obligations when the agreement is approved by the parties, identifies the rights of the parties and the payment terms, has commercial substance and it is probable that the Company will collect the consideration to which it will be entitled in exchange for the goods and services that will be transferred to the customer. The counterparty is considered to be a customer when it has contracted with the Company to obtain goods and services that are the output of the Company&#8217;s ordinary activities (i.e., development of pharmaceutical products) in exchange for consideration.</p> <p style="margin-top:10pt;margin-bottom:0pt;text-indent:3.57%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">A performance obligation is a promise to transfer distinct goods or services to a customer. Performance obligations that are both capable of being distinct and distinct within the context of the contract are considered to be separate performance obligations. Performance obligations are capable of being distinct if the counterparty is able to benefit from the good or service on its own or together with other resources that are readily available to it. Performance obligations are distinct within the context of the contract when each performance obligation is separately identifiable from each other; i.e., the Company is not using the goods or services as inputs to produce or deliver the combined output or outputs specified by the customer; one or more of the goods or services does not significantly modify or customize one of the other goods or services in the contract; and goods or services are not highly interdependent or not highly interrelated. Performance obligations that are not distinct are accounted for as a single performance obligation over the period that goods or services are transferred to the customer. The determination of whether performance obligations in a contract are distinct may require significant judgment.</p> <p style="margin-top:10pt;margin-bottom:0pt;text-indent:3.57%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The transaction price is the amount of consideration that the Company expects to be entitled to in exchange for transferring promised goods or services to the customer based on the contract terms at inception of a contract. There is a constraint on inclusion of variable consideration related to licenses of IP, such as milestone payments or sales-based royalty payments, in the transaction price if there is uncertainty at inception of the contract as to whether such consideration will be recognized in the future because it is probable that there will be a significant reversal of revenue in the future when the uncertainty is resolved. The determination of whether or not it is probable that a significant reversal of revenue will occur in the future depends on the likelihood and magnitude of the reversal.&nbsp;&nbsp;Factors that could increase the likelihood or magnitude of a reversal of revenue include (a) the susceptibility of the amount of consideration to factors outside the entity&#8217;s influence, such as the outcome of clinical trials, the timing of initiation of clinical trials by the counterparty and the approval of drug product candidates by regulatory agencies, (b) situations in which the uncertainty is not expected to be resolved for a long period of time, and (c) level of the Company&#8217;s experience in the field. When it becomes probable that events will occur, for which variable consideration was constrained at inception of the contract, the Company allocates the related consideration to the separate performance obligations in the same manner as described below.&nbsp;&nbsp;</p> <p style="margin-top:10pt;margin-bottom:0pt;text-indent:3.57%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">At inception of a contract, the Company allocates the transaction price to the distinct performance obligations based upon their relative standalone selling prices. Standalone selling price is the price at which an entity would sell a promised good or service separately to a customer. The best evidence of standalone selling price is an observable price of a good or service when sold separately by an entity in similar circumstances to similar customers. Since the Company typically does not have such evidence, it estimates standalone selling price so that the amount that is allocated to each performance obligation equals the amount that the Company expects to receive for transferring goods or services. The methods that the Company uses to make such estimates include (1) the adjusted market assessment approach, under which the Company forecasts and analyzes CR845/difelikefalin in the appropriate market, the phase of clinical development as well as considering recent similar license arrangements within the same phase of clinical development, therapeutic area, type of agreement, etc. and (2) the expected cost of satisfying the performance obligations plus a margin, or the expected cost plus a margin approach. </p> <p style="margin-top:10pt;margin-bottom:0pt;text-indent:3.57%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company recognizes revenue when, or as, it satisfies a performance obligation by transferring a promised good or service to a customer and the customer obtains control of the good or service. Revenue related to the grant of a license that is a distinct performance obligation and that is deemed to be functional IP is recognized at the point in time that the Company has the right to payment for the license, the customer has legal title to the license and can direct the use of the license (for example, to grant sublicenses), the customer has the significant risks and rewards of ownership of the license and the customer has accepted the asset (license) by signing the license agreement.</p> <p style="margin-top:10pt;margin-bottom:0pt;text-indent:3.57%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Recognition of revenue related to R&amp;D services that are a distinct performance obligation or that are combined with granting of a license as a single performance obligation is deferred at inception of a contract and is recognized as those services are performed based on the costs incurred as a percentage of the estimated total costs to be incurred to complete the performance obligation. </p> <p style="margin-top:10pt;margin-bottom:0pt;text-indent:3.57%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Milestone payments are considered to be variable consideration and are not included in the transaction price at inception of the contract if it is uncertain that the milestone will be achieved. Rather, when it becomes probable that the milestone will be achieved and, therefore, there will not be a significant reversal of revenue in future periods, the respective amount to be earned is included in the transaction price, allocated to the distinct performance obligations based on their relative standalone selling price and recognized as revenue, as described above.&nbsp;&nbsp;Sales milestones and sales-based royalty payments related to a license of IP are recognized as revenue when the respective sales occur.</p> <p style="margin-bottom:0pt;margin-top:10pt;text-indent:3.57%;font-style:italic;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Other Accounting Pronouncements Recently Adopted</p> <p style="margin-top:10pt;margin-bottom:0pt;text-indent:3.57%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In August 2018, the SEC adopted amendments to certain disclosure requirements in Securities Act Release No. 33-10532, <font style="font-style:italic;">Disclosure Update and Simplification</font>. These amendments eliminate, modify, or integrate into other SEC requirements certain disclosure rules. Among the amendments is the requirement to present an analysis of changes in stockholders&#8217; equity in the interim financial statements included in quarterly reports on Form 10-Q. The analysis, which can be presented as a footnote or separate statement, is required for the current and comparative quarter and year-to-date interim periods. The amendments are effective for all filings made on or after November 5, 2018. In light of the anticipated timing of effectiveness of the amendments and expected proximity of effectiveness to the filing date for most filers&#8217; quarterly reports, the SEC&#8217;s Division of Corporate Finance issued a Compliance and Disclosure Interpretation related to Exchange Act Forms, or CDI &#8211; Question 105.09, that provides transition guidance related to this disclosure requirement. CDI &#8211; Question 105.09 states that the SEC would not object if the filer&#8217;s first presentation of the changes in shareholders&#8217; equity is included in its Form 10-Q for the quarter that begins after the effective date of the amendments. As such, the Company adopted these SEC amendments on November 5, 2018 and will present the analysis of changes in stockholders&#8217; equity in its interim financial statements in the Company&#8217;s Quarterly Report on Form 10-Q for the quarter ending March 31, 2019. The Company does not anticipate that the adoption of these SEC amendments will have a material effect on the Company&#8217;s financial position, results of operations, cash flows or shareholders&#8217; equity. </p> <p style="margin-bottom:0pt;margin-top:10pt;text-indent:3.57%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As of January 1, 2018, the Company adopted ASU No. 2017-09, <font style="font-style:italic;">Compensation &#8211; Stock Compensation (Topic 718) - Scope of Modification Accounting</font>, 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. 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.&nbsp;&nbsp;The Company 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&#8217;s financial position, results of operations or cash flows (see Note 13, <font style="font-style:italic;">Stock-based Compensation</font>).&nbsp;&nbsp;</p> <p style="margin-top:10pt;margin-bottom:0pt;text-indent:3.57%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As of January 1, 2018, the Company adopted<font style="color:#000000;"> ASU </font>No. 2017-01, <font style="font-style:italic;">Business Combinations (Topic 805), Clarifying the Definition of a Business, </font>or ASU 2017-01<font style="font-style:italic;">, </font>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. The adoption of ASU 2017-01 did not have a material effect on the Company&#8217;s financial position, results of operations or cash flows. </p> <p style="margin-top:10pt;margin-bottom:0pt;text-indent:3.57%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As of January 1, 2018, the Company adopted ASU No. 2016-18, <font style="font-style:italic;">Statement of Cash Flows (Topic 230), Restricted Cash </font>(a consensus of the Emerging Issues Task Force), or ASU 2016-18, which changes the presentation of the cash flow statement to include amounts generally described as restricted cash or restricted cash equivalents, together with cash and cash equivalents, when reconciling the beginning-of-period and end-of-period amounts shown on the statement of cash flows. ASU 2016-18 also requires additional disclosures concerning the nature of the restrictions on cash and cash equivalents and a reconciliation between amounts of cash, cash equivalents and restricted cash on the balance sheet and statement of cash flows for each period presented. Upon adoption, ASU 2016-18 was applied retrospectively to all periods presented. The Company historically presented changes in restricted cash as an investing activity in the statement of cash flows. Upon adoption of ASU 2016-18, such changes are reflected in the beginning and ending balances of cash, cash equivalents and restricted cash for all periods presented (see Note 6, <font style="font-style:italic;">Restricted Cash</font>).</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:3.57%;font-style:italic;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Accounting Pronouncements Not Yet Adopted</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:3.57%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In August 2018, the FASB issued ASU No. 2018-13, <font style="font-style:italic;">Fair Value Measurement (Topic 820): Disclosure Framework &#8211; Changes to the Disclosure Requirements for Fair Value Measurement</font>, or ASU 2018-13, which modifies the disclosure requirements on fair value measurements in Topic 820 to remove the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for timing of transfers between levels, and the valuation processes for Level 3 fair value measurements. ASU 2018-13 also amends Topic 820 to clarify that the measurement uncertainty disclosure is to communicate information about the uncertainty in measurement as of the reporting date. ASU 2018-13 also requires additional disclosure for changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period as well as the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. ASU 2018-13 is effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. Early adoption is permitted upon issuance of ASU 2018-13. The Company will adopt ASU 2018-13, as applicable, on January 1, 2020. The Company does not expect that the adoption of ASU 2018-13 will have a material effect on its results of operations, financial position, cash flows or footnote disclosures.&nbsp;&nbsp;</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:3.57%;font-size:10pt;">&nbsp;</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:3.57%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In June 2018, the FASB issued ASU No. 2018-07, <font style="font-style:italic;">Compensation&#8212;Stock Compensation (Topic 718)</font>,<font style="font-style:italic;"> Improvements to Nonemployee Share-Based Payment Accounting</font>, or ASU 2018-07, which expands the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. ASU 2018-07 applies to all share-based payment transactions in which a grantor acquires goods or services to be used or consumed in a grantor&#8217;s own operations by issuing share-based payment awards. Accordingly, under ASU 2018-07, the fair value of stock options granted to nonemployees will be measured only on the grant date, the amount of which will be recognized as compensation expense over the nonemployee&#8217;s service (vesting) period in the same period(s) and in the same manner as if the Company had paid cash for the goods or services instead of paying with or using share-based payment awards. On an award-by-award basis, the Company may elect to use the contractual term as the expected term when estimating the fair value of a nonemployee award to satisfy the measurement objective. Prior guidance under Subtopic 505-50 required the fair value of nonemployee stock options to be marked to market at each reporting period during the service period, which resulted in volatility of compensation expense during that period. ASU 2018-07 is effective for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. Early adoption is permitted, but no earlier than an entity&#8217;s adoption date of Topic 606. The Company will adopt ASU 2018-07 on January 1, 2019 on a modified retrospective basis through a cumulative-effect adjustment to equity by remeasuring, on that date, the fair value of all outstanding unvested stock options that had been granted to nonemployees. The Company expects that the adoption of ASU 2018-07 will not have a material effect on its results of operations, financial position or cash flows because grants of stock options to nonemployees have been insignificant.&nbsp;&nbsp;</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:3.57%;font-size:10pt;">&nbsp;</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:3.57%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In February 2016, the FASB issued ASU No. 2016-02, <font style="font-style:italic;">Leases (Topic 842)</font>, or ASU 2016-02, which amends the current guidance for the accounting and disclosure of leases (ASC 840) for both lessees and lessors. The Company has completed its preliminary review of existing contracts and has identified one material contract that contains a lease. The primary effect of adoption will be the requirement to record a right-of-use asset and a corresponding lease obligation for the Stamford operating lease (see Note 15, <font style="font-style:italic;">Commitments and Contingencies</font>). ASU 2016-02 is effective for interim and annual periods beginning after December 31, 2018 but may be adopted earlier. ASU 2016-02 requires modified retrospective adoption. However, the FASB issued ASU 2018-11, <font style="font-style:italic;">Leases (Topic 842): Targeted Improvements</font>, or ASU 2018-11, which allows entities to elect an optional transition method by continuing to apply the guidance in ASC 840, including its disclosure requirements, in the comparative periods presented in the year that they adopt the new leases guidance in ASC 842. Entities that elect this optional transition method would record the cumulative effect of adoption on the effective date rather than at the beginning of the earliest comparative period presented. The Company will adopt ASU 2016-02 and ASU 2018-11 on January 1, 2019 using the optional transition method from ASU 2018-11. The Company does not expect that ASU 2016-02 or ASU 2018-11 will have a material impact on its Condensed Statements of Comprehensive Loss or its Condensed Statements of Cash Flows, but it does expect that upon adoption, it will have a material impact on the assets and liabilities on the Condensed Balance Sheets.&nbsp;&nbsp;&nbsp;&nbsp; </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p></div>
us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="margin-top:10pt;margin-bottom:0pt;font-style:italic;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;text-indent:3.57%;">Use of Estimates</p> <p style="margin-top:10pt;margin-bottom:0pt;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:3.57%;">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&#8217;s estimates and assumptions. Significant estimates include the fair value of marketable securities that are classified as level 2 of the fair value hierarchy, useful lives of fixed assets, the periods over which certain revenues will be recognized, including licensing and collaborative revenue recognized from non-refundable up-front and milestone payments, the determination of prepaid research and development, or R&amp;D, clinical costs and accrued research projects, the amount of non-cash compensation costs related to share-based payments to employees and non-employees and the periods over which those costs are expensed and the likelihood of realization of deferred tax assets. </p></div>
dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2004-07-02
CY2018Q3 cara Aggregate Net Proceeds From Equity Financing And Issuance Of Debt
AggregateNetProceedsFromEquityFinancingAndIssuanceOfDebt
383200000
CY2018Q3 cara Upfront And Milestone Payments Earned In Connection With License Agreements
UpfrontAndMilestonePaymentsEarnedInConnectionWithLicenseAgreements
88900000
CY2018Q3 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
206077000
CY2018Q3 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
109335000
CY2018Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
29000
CY2017Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
83251000
CY2017Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
70000
CY2018Q3 us-gaap Available For Sale Securities Debt Maturities Within One Year Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearAmortizedCost
57907000
CY2018Q3 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
57893000
CY2017Q4 us-gaap Available For Sale Securities Debt Maturities Within One Year Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearAmortizedCost
43263000
CY2017Q4 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
43230000
CY2018Q3 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Less Than Twelve Months Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue
52305000
CY2018Q3 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
16000
CY2018Q3 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionFairValue
52305000
CY2018Q3 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Accumulated Loss
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionAccumulatedLoss
16000
CY2017Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Less Than Twelve Months Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue
82683000
CY2017Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
70000
CY2017Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionFairValue
82683000
CY2017Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Accumulated Loss
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionAccumulatedLoss
70000
CY2018Q3 us-gaap Debt Securities Available For Sale Unrealized Loss Position Number Of Positions
DebtSecuritiesAvailableForSaleUnrealizedLossPositionNumberOfPositions
26
CY2017Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position Number Of Positions
DebtSecuritiesAvailableForSaleUnrealizedLossPositionNumberOfPositions
30
CY2018Q3 cara Available For Sale Securities Qualitative Disclosure Number Of Positions
AvailableForSaleSecuritiesQualitativeDisclosureNumberOfPositions
31
CY2017Q4 cara Available For Sale Securities Qualitative Disclosure Number Of Positions
AvailableForSaleSecuritiesQualitativeDisclosureNumberOfPositions
31
us-gaap Debt Securities Available For Sale Realized Loss Excluding Other Than Temporary Impairment
DebtSecuritiesAvailableForSaleRealizedLossExcludingOtherThanTemporaryImpairment
0
CY2017 us-gaap Debt Securities Available For Sale Realized Loss Excluding Other Than Temporary Impairment
DebtSecuritiesAvailableForSaleRealizedLossExcludingOtherThanTemporaryImpairment
0
us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
51000
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-32000
us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
41000
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
4000
CY2018Q3 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-17000
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 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
CY2018Q3 us-gaap Fair Value Assets Level2 To Level1 Transfers Amount
FairValueAssetsLevel2ToLevel1TransfersAmount
0
CY2018Q3 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2018Q3 cara Prepaid Research And Development Expenses
PrepaidResearchAndDevelopmentExpenses
3466000
CY2017Q4 cara Prepaid Research And Development Expenses
PrepaidResearchAndDevelopmentExpenses
1287000
CY2018Q3 us-gaap Prepaid Insurance
PrepaidInsurance
505000
CY2017Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
224000
CY2018Q3 us-gaap Accounts Payable Current
AccountsPayableCurrent
2638000
CY2017Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
3829000
CY2018Q3 cara Accrued Research Projects
AccruedResearchProjects
8978000
CY2017Q4 us-gaap Prepaid Insurance
PrepaidInsurance
124000
CY2018Q3 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
247000
CY2017Q4 cara Accrued Research Projects
AccruedResearchProjects
2356000
CY2018Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
253000
CY2017Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
384000
CY2018Q3 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
2011000
CY2017Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
1864000
CY2018Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
123000
CY2017Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
73000
CY2018Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
0
cara Number Of Milestone Event Probable Of Occurrence Or Achieved
NumberOfMilestoneEventProbableOfOccurrenceOrAchieved
0
cara Number Of Milestone Event Probable Of Occurrence Or Achieved
NumberOfMilestoneEventProbableOfOccurrenceOrAchieved
0
CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
38034216
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
32591550
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
34696835
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
30729752
CY2018Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0
CY2017Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0
CY2018Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
38034216
CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32591550
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
34696835
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
30729752
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0273
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0187
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0251
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0185
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0299
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0197
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0299
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0257
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.826
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.814
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.826
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.753
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.876
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.817
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.928
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.833
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
14.51
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
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
11.25
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
11.61
CY2018Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1819000
CY2017Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2094000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5759000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4520000
us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
0
us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
0
cara Percentage Of Research And Development Tax Credits Exchanged For Cash
PercentageOfResearchAndDevelopmentTaxCreditsExchangedForCash
0.65
CY2017 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21

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