$CARA
Cara Therapeutics, Inc.

2019 Q2 Form 10-Q Financial Statement

#000156459019030186 Filed on August 07, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q4 2018 Q2
Revenue $5.208M $5.533M $2.874M
YoY Change 81.21%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $5.000M $4.700M $3.700M
YoY Change 35.14% 56.67% 37.04%
% of Gross Profit
Research & Development $24.36M $22.80M $17.00M
YoY Change 43.25% 98.26% 144.25%
% of Gross Profit
Depreciation & Amortization $50.00K $50.00K $110.0K
YoY Change -54.55% -61.54% -15.38%
% of Gross Profit
Operating Expenses $29.35M $27.50M $20.69M
YoY Change 41.88% 88.36% 114.75%
Operating Profit -$24.14M -$17.81M
YoY Change 35.53% 84.92%
Interest Expense $900.0K $1.200M $500.0K
YoY Change 80.0% 200.0% 66.67%
% of Operating Profit
Other Income/Expense, Net $947.0K $467.0K
YoY Change 102.78% 41.09%
Pretax Income -$23.20M -$20.80M -$17.35M
YoY Change 33.72% 46.48% 86.48%
Income Tax -$235.0K -$100.0K -$152.0K
% Of Pretax Income
Net Earnings -$22.96M -$20.65M -$17.19M
YoY Change 33.53% 45.67% 84.88%
Net Earnings / Revenue -440.86% -373.25% -598.26%
Basic Earnings Per Share
Diluted Earnings Per Share -$577.9K -$524.1K -$516.5K
COMMON SHARES
Basic Shares Outstanding 39.82M 33.32M
Diluted Shares Outstanding 39.82M 33.32M

Balance Sheet

Concept 2019 Q2 2018 Q4 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $115.3M $161.4M $132.0M
YoY Change -12.64% 74.34% 17.44%
Cash & Equivalents $18.49M $15.08M $18.57M
Short-Term Investments $96.82M $146.3M $114.2M
Other Short-Term Assets $7.900M $5.200M $6.000M
YoY Change 31.67% 225.0% 130.77%
Inventory
Prepaid Expenses $7.512M $4.805M
Receivables
Other Receivables $605.0K $926.0K
Total Short-Term Assets $124.8M $168.1M $138.5M
YoY Change -9.91% 76.88% 19.6%
LONG-TERM ASSETS
Property, Plant & Equipment $798.0K $880.0K $1.000M
YoY Change -20.2% -25.23% -28.52%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $20.30M $21.40M
YoY Change
Other Assets $400.0K $400.0K $400.0K
YoY Change 0.0% -50.0% -50.0%
Total Long-Term Assets $24.87M $22.68M $1.400M
YoY Change 1676.43% 1065.67% -35.42%
TOTAL ASSETS
Total Short-Term Assets $124.8M $168.1M $138.5M
Total Long-Term Assets $24.87M $22.68M $1.400M
Total Assets $149.6M $190.8M $139.9M
YoY Change 6.96% 96.72% 18.59%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.485M $4.371M $3.692M
YoY Change -32.69% 14.16% 97.96%
Accrued Expenses $11.20M $9.300M $8.900M
YoY Change 25.84% 97.87% 67.92%
Deferred Revenue $26.47M $26.83M $22.27M
YoY Change 18.87%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $40.16M $40.45M $34.82M
YoY Change 15.33% 375.51% 384.33%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $9.900M $16.70M $32.00M
YoY Change -69.06% 882.35% 1900.0%
Total Long-Term Liabilities $9.900M $16.70M $32.00M
YoY Change -69.06% 882.35% 1900.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $40.16M $40.45M $34.82M
Total Long-Term Liabilities $9.900M $16.70M $32.00M
Total Liabilities $50.10M $57.20M $66.80M
YoY Change -25.0% 460.78% 659.09%
SHAREHOLDERS EQUITY
Retained Earnings -$339.3M -$294.4M -$254.3M
YoY Change 33.41% 33.59% 31.27%
Common Stock $438.7M $428.1M $327.4M
YoY Change 33.97% 39.36% 8.08%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $99.55M $133.6M $73.08M
YoY Change
Total Liabilities & Shareholders Equity $149.6M $190.8M $139.9M
YoY Change 6.97% 96.72% 18.58%

Cashflow Statement

Concept 2019 Q2 2018 Q4 2018 Q2
OPERATING ACTIVITIES
Net Income -$22.96M -$20.65M -$17.19M
YoY Change 33.53% 45.67% 84.88%
Depreciation, Depletion And Amortization $50.00K $50.00K $110.0K
YoY Change -54.55% -61.54% -15.38%
Cash From Operating Activities -$24.89M -$24.36M $41.02M
YoY Change -160.68% 113.31% -444.13%
INVESTING ACTIVITIES
Capital Expenditures -$10.00K -$20.00K -$20.00K
YoY Change -50.0% 0.0%
Acquisitions
YoY Change
Other Investing Activities $25.24M -$57.81M -$51.12M
YoY Change -149.37% -811.07% -28.38%
Cash From Investing Activities $25.23M -$57.83M -$51.13M
YoY Change -149.34% -811.32% -28.39%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.980M 540.0K 16.04M
YoY Change -75.19% 200.0% -81.66%
NET CHANGE
Cash From Operating Activities -24.89M -24.36M 41.02M
Cash From Investing Activities 25.23M -57.83M -51.13M
Cash From Financing Activities 3.980M 540.0K 16.04M
Net Change In Cash 4.320M -81.65M 5.930M
YoY Change -27.15% 2525.4% 43.93%
FREE CASH FLOW
Cash From Operating Activities -$24.89M -$24.36M $41.02M
Capital Expenditures -$10.00K -$20.00K -$20.00K
Free Cash Flow -$24.88M -$24.34M $41.04M
YoY Change -160.62% 113.13% -444.87%

Facts In Submission

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cara Proceeds From Sale Of Common Stock Under License Agreement
ProceedsFromSaleOfCommonStockUnderLicenseAgreement
14556000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
4208000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1748000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
4208000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
16304000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
3413000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
8414000
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
15850000
CY2017Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
10157000
CY2019Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
19263000
CY2018Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
18571000
us-gaap Stock Issued1
StockIssued1
197000
us-gaap Nature Of Operations
NatureOfOperations
<p style="margin-bottom:0pt;margin-top: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;">1. Business </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;">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 by selectively targeting peripheral kappa opioid receptors. The Company&#8217;s primary activities to date have been organizing and staffing the Company, developing its 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 June 30, 2019, 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 $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;">Collaboration 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 June 30, 2019, the Company had unrestricted cash and cash equivalents and marketable securities of $135,629 and an accumulated deficit of $339,274. 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 $22,960 and $17,194 for the three months ended June 30, 2019 and 2018, respectively, and $44,920 and $33,961 for the six months ended June 30, 2019 and 2018, respectively, and had net cash (used in) provided by operating activities of $(52,422) and $22,552 for the six months ended June 30, 2019 and 2018, 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;">In July 2019, the Company received net proceeds of approximately $136,446 from the issuance and sale of 6,325,000 shares of its common stock in a follow-on public offering, which includes the full exercise of the underwriters&#8217; option to purchase 825,000 additional shares of its common stock (see Note 16, <font style="font-style:italic;">Subsequent Events</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 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>
us-gaap Basis Of Accounting
BasisOfAccounting
<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. 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 as of December 31, 2018 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, 2018.&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:10pt;text-indent:3.57%;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;">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, the incremental borrowing rate used in lease calculations 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, 2018, 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;">Leases</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;">On January 1, 2019, <font style="color:#000000;">the Company adopted ASC 842, </font><font style="font-style:italic;color:#000000;">Leases</font><font style="color:#000000;">, under which it elected not to adjust prior comparative periods, which are reported under ASC 840. In addition, the Company elected to adopt both the practical expedient to use hindsight when determining the lease term and the package of practical expedients available under ASC 842, including:</font></p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:6pt;">&nbsp;</p> <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-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="top" style="width:3.57%;white-space:nowrap"> <p style="margin-bottom:0pt;margin-top:0pt;font-family:'Times New Roman';font-size:15pt;line-height:11pt;">&#x2022;</p></td> <td valign="top"> <p style="margin-bottom:0pt;margin-top:0pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">No re-evaluation of whether a contract is or contains a lease (embedded lease);</p></td></tr></table></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-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="top" style="width:3.57%;white-space:nowrap"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:'Times New Roman';font-size:15pt;line-height:11pt;">&#x2022;</p></td> <td valign="top"> <p style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Lease classification is grandfathered</p></td></tr></table></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-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="top" style="width:3.57%;white-space:nowrap"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:'Times New Roman';font-size:15pt;line-height:11pt;">&#x2022;</p></td> <td valign="top"> <p style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">No reassessment of initial direct costs</p></td></tr></table></div> <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%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Upon adoption of ASC 842, the Company had only one lease, the Stamford Lease (see Note 15, <font style="font-style:italic;">Commitments and Contingencies: Leases</font>), which is included in operating lease right-of-use asset, or ROU asset, operating lease liability &#8211; current and operating lease liability &#8211; non-current in the Company&#8217;s Condensed Balance Sheets. </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%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In general, the Company determines if a contract, at its inception, is a lease or contains a lease based on whether the contract conveys the right to control the use of identified property, plant, or equipment (an identified asset) for a period of time in exchange for consideration. To determine whether a contract conveys the right to control the use of an identified asset for a period of time, the Company assesses whether, throughout the period of use, it has both the right to obtain substantially all of the economic benefits from use of the identified asset, and the right to direct the use of the identified asset. Both of these criteria are met by the Stamford Lease. </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-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Under ASC 842, the Company determines the amount of the operating lease liability based on the present value of the future minimum lease payments over the remaining lease term. The amount of the operating lease ROU asset is equal to the amount of the lease liability, less accrued rent and lease incentives received from the landlord. Initial direct costs were deemed to be immaterial. </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%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Since the Stamford Lease does not provide an implicit interest rate, the Company used an annual incremental borrowing rate of 7% based on the information available at the date of adoption for the purpose of determining the lease liability during the term of the lease.</p> <p style="margin-top:10pt;margin-bottom:0pt;text-indent:3.57%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As noted above, upon adoption of ASC 842, the Company used hindsight in determining the term of the Stamford Lease. Although the Stamford Lease is renewable for one five-year term, upon inception of the lease the renewal term was not included in the lease term since it was not reasonably certain that the Company will exercise that option. Accordingly, the lease term of the Stamford Lease was not adjusted upon adoption of ASC 842 to determine the operating lease ROU asset and operating lease liability.</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%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Stamford Lease contains both a lease and non-lease component which are accounted for separately. The Company allocates the consideration to the lease and the non-lease component on a relative standalone price basis. Lease expense under ASC 842 is recognized on a straight-line basis over the lease term in the Condensed Statements of Comprehensive Loss. </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%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">There was no cumulative effect adjustment as a result of the adoption of ASC 842 on January 1, 2019, which reflects the difference between the amount of lease expense under ASC 842 that would have been recognized from inception of the Stamford Lease through December 31, 2018 and the amount of rent expense actually recognized under ASC 840 during that same period.</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-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 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. The Company adopted ASU 2018-07 on January 1, 2019 on a modified retrospective basis and remeasured, on that date, the fair value of all outstanding unvested stock options that had been granted to nonemployees. The adoption of ASU 2018-07 did 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.</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%;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-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 November 2018, the FASB issued ASU No. 2018-18, <font style="font-style:italic;">Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606</font>, or ASU 2018-18, which clarifies the interaction between Topic 808 and Topic 606 by (1) clarifying that certain transactions between collaborative arrangement participants should be accounted for under Topic 606; (2) adding unit-of-account guidance in Topic 808 to align with the guidance in Topic 606; and (3) clarifying presentation guidance for transactions with a collaborative arrangement participant that are not accounted for under Topic 606. ASU 2018-18 is effective for public business entities for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted, including adoption in any interim period. The Company has determined that ASU 2018-18 will not have any effect on its financial position, results of operations or cash flows since all three of its collaboration and licensing agreements are accounted for under Topic 606 (see Note 10, <font style="font-style:italic;">Collaboration and Licensing Agreements </font>and<font style="font-style:italic;"> </font>Note 11, <font style="font-style:italic;">Revenue Recognition</font>)<font style="font-style:italic;">.</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;">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 or cash flows. </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-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In June 2016, the FASB issued ASU No. 2016-13, <font style="font-style:italic;">Financial Instruments&#8212;Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments</font>, or ASU 2016-13, which replaces the incurred loss impairment methodology in current GAAP, that delays recognition of a credit loss until it is probable that such loss has been incurred, with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. ASU 2016-13 modifies the other-than-temporary impairment model for available-for-sale debt securities by requiring (1) estimating expected credit losses only when the fair value is below the amortized cost of the asset; (2) recording a credit loss without regard to the length of time a security has been in an unrealized loss position; (3) limiting the measurement of the credit loss to the difference between the security&#8217;s amortized cost basis and its fair value and (4) presenting credit losses as an allowance rather than as a write-down, which will allow the Company to record reversals of credit losses in current period net income, a practice that is currently prohibited. In April 2019, codification improvements were issued to help clarify and correct certain portions of ASU 2016-13. ASU 2016-13 will be effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. As such, the Company expects to adopt ASU 2016-13 on January 1, 2020 and is currently evaluating the effect it will have on its results of operations, financial position and cash flows. <font style="color:#000000;">&nbsp;&nbsp;&nbsp;&nbsp; </font></p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
us-gaap Use Of Estimates
UseOfEstimates
<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;">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, the incremental borrowing rate used in lease calculations and the likelihood of realization of deferred tax assets. </p>
dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2004-07-02
CY2019Q2 cara Aggregate Net Proceeds From Equity Financing And Issuance Of Debt
AggregateNetProceedsFromEquityFinancingAndIssuanceOfDebt
383200000
CY2019Q2 cara Upfront And Milestone Payments Earned In Connection With License Agreements
UpfrontAndMilestonePaymentsEarnedInConnectionWithLicenseAgreements
88900000
CY2019Q2 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
135629000
CY2019Q2 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
116970000
CY2019Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
171000
CY2019Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
6000
CY2019Q2 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
117135000
CY2018Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
167812000
CY2018Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
5000
CY2018Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
119000
CY2018Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
167698000
CY2019Q2 us-gaap Available For Sale Securities Debt Maturities Within One Year Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearAmortizedCost
96712000
CY2018Q4 us-gaap Available For Sale Securities Debt Maturities Within One Year Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearAmortizedCost
146363000
CY2019Q2 us-gaap Available For Sale Securities Debt Maturities Rolling Year Two Through Five Amortized Cost Basis
AvailableForSaleSecuritiesDebtMaturitiesRollingYearTwoThroughFiveAmortizedCostBasis
20258000
CY2018Q4 us-gaap Available For Sale Securities Debt Maturities Rolling Year Two Through Five Amortized Cost Basis
AvailableForSaleSecuritiesDebtMaturitiesRollingYearTwoThroughFiveAmortizedCostBasis
21449000
CY2019Q2 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
96815000
CY2018Q4 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
146302000
CY2019Q2 us-gaap Available For Sale Securities Debt Maturities Rolling Year Two Through Five Fair Value
AvailableForSaleSecuritiesDebtMaturitiesRollingYearTwoThroughFiveFairValue
20320000
CY2018Q4 us-gaap Available For Sale Securities Debt Maturities Rolling Year Two Through Five Fair Value
AvailableForSaleSecuritiesDebtMaturitiesRollingYearTwoThroughFiveFairValue
21396000
CY2019Q2 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
4756000
CY2019Q2 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
6000
CY2019Q2 us-gaap Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
4756000
CY2019Q2 us-gaap Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss
6000
CY2018Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
132755000
CY2018Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
119000
CY2018Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
132755000
CY2018Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss
119000
CY2019Q2 us-gaap Debt Securities Available For Sale Unrealized Loss Position Number Of Positions
DebtSecuritiesAvailableForSaleUnrealizedLossPositionNumberOfPositions
6
CY2018Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position Number Of Positions
DebtSecuritiesAvailableForSaleUnrealizedLossPositionNumberOfPositions
69
CY2019Q2 cara Available For Sale Securities Qualitative Disclosure Number Of Positions
AvailableForSaleSecuritiesQualitativeDisclosureNumberOfPositions
58
CY2018Q4 cara Available For Sale Securities Qualitative Disclosure Number Of Positions
AvailableForSaleSecuritiesQualitativeDisclosureNumberOfPositions
84
us-gaap Debt Securities Available For Sale Realized Loss Excluding Other Than Temporary Impairment
DebtSecuritiesAvailableForSaleRealizedLossExcludingOtherThanTemporaryImpairment
0
CY2018 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
279000
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
279000
us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
-2000
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-15000
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
13000
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
CY2019Q2 us-gaap Fair Value Assets Level2 To Level1 Transfers Amount
FairValueAssetsLevel2ToLevel1TransfersAmount
0
CY2019Q2 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2019Q2 cara Prepaid Research And Development Expenses
PrepaidResearchAndDevelopmentExpenses
6461000
CY2018Q4 cara Prepaid Research And Development Expenses
PrepaidResearchAndDevelopmentExpenses
4377000
CY2019Q2 us-gaap Prepaid Insurance
PrepaidInsurance
671000
CY2018Q4 us-gaap Prepaid Insurance
PrepaidInsurance
245000
CY2019Q2 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
380000
CY2018Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
183000
CY2019Q2 us-gaap Accounts Payable Current
AccountsPayableCurrent
2485000
CY2018Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
4371000
CY2019Q2 cara Accrued Research Projects
AccruedResearchProjects
7795000
CY2018Q4 cara Accrued Research Projects
AccruedResearchProjects
6079000
CY2019Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
527000
CY2018Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
802000
CY2019Q2 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
1959000
CY2018Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
2370000
CY2019Q2 us-gaap Stock Issued During Period Shares Restricted Stock Award Gross
StockIssuedDuringPeriodSharesRestrictedStockAwardGross
74166
CY2019Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
74166
CY2019Q1 us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
10195
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0195
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0285
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0195
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0236
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0294
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.7306
CY2019Q1 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
19.37
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Requisite Service Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardRequisiteServicePeriod1
P6M
CY2019Q1 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
197000
cara Number Of Milestone Event Probable Of Occurrence Or Achieved
NumberOfMilestoneEventProbableOfOccurrenceOrAchieved
0
cara Number Of Milestone Event Probable Of Occurrence Or Achieved
NumberOfMilestoneEventProbableOfOccurrenceOrAchieved
0
CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
39818162
CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
33315809
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
39685954
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
33000487
CY2019Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0
CY2018Q2 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
CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
39818162
CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
33315809
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
39685954
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
33000487
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 Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0262
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0294
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.857
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.7306
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.857
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.7378
CY2018Q2 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
0.7519
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.928
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00
CY2018Q2 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
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
13.07
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
10.49
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
11.28
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
10.51
CY2019Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2681000
CY2018Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2069000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4915000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3940000
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
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
613000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1239000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1264000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1288000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
1164000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
5568000
CY2019Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
796000
CY2019Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
4772000

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