Document and Entity Information	6 Months Ended
Document and Entity Information	Jun. 30, 2014	Aug. 13, 2014
Document and Entity Information
Entity Registrant Name	AGILE THERAPEUTICS INC
Entity Central Index Key	0001261249
Document Type	10-Q
Document Period End Date	Jun. 30, 2014
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		18,592,968
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	Q2

Balance Sheets (USD $)	Jun. 30, 2014	Dec. 31, 2013
Current assets:
Cash and cash equivalents	$ 53,494,022	$ 2,119,646
Prepaid expenses and other current assets	661,218	146,704
Total current assets	54,155,240	2,266,350
Property and equipment, net of accumulated depreciation of $273,092 in 2013 and $278,135 in 2014	11,964,777	11,963,079
Deferred financing costs, net	132,985	157,499
Other assets	18,208	18,208
Total assets	66,271,210	14,405,136
Current liabilities:
Accounts payable	2,325,664	715,454
Accrued expenses	373,270	379,164
Loan payable, current portion	2,151,653	5,105,407
Warrant liability	452,157	644,478
Total current liabilities	5,302,744	6,844,503
Loan payable, long-term	12,619,816	9,769,528
Commitment and contingencies
Stockholders' (deficit) equity:
Preferred stock, $.0001 par value, authorized 10,000,000 shares; issued 0 shares outstanding at December 31, 2013 and June 30, 2014
Common stock, $.0001 par value, authorized 150,000,000 shares; issued 109,321 and outstanding 103,536 shares at December 31, 2013 and issued 18,598,754 and outstanding 18,592,968 shares at June 30, 2014	1,860	88
Additional paid-in capital	169,540,281	46,872,723
Accumulated deficit	(121,193,491)	(118,314,383)
Total stockholders' (deficit) equity	48,348,650	(71,441,572)
Total liabilities, convertible preferred stock and stockholders' (deficit) equity	66,271,210	14,405,136
Series A 1, 8%, non cumulative convertible preferred stock
Current liabilities:
Convertible preferred stock		898,305
Series A 2 convertible preferred stock
Current liabilities:
Convertible preferred stock		543,623
Series B, 8% non cumulative, convertible preferred stock
Current liabilities:
Convertible preferred stock		44,928,382
Series C, 12% non cumulative, convertible preferred stock
Current liabilities:
Convertible preferred stock		22,862,367
Warrant
Current liabilities:
Warrant liability		$ 644,478

Balance Sheets (Parenthetical) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Accumulated depreciation	$ 278,135	$ 273,092
Preferred stock, par value (in dollars per share)	$ 0.0001
Preferred stock, authorized	10,000,000
Preferred stock, issued	0
Preferred stock, outstanding	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, authorized	150,000,000
Common stock, issued	18,598,754	109,321
Common stock, outstanding	18,592,968	103,536
Series A 1, 8%, non cumulative convertible preferred stock
Convertible preferred stock, par value (in dollars per share)		$ 0.0001
Convertible preferred stock, authorized		284,743
Convertible preferred stock, issued	0	137,787
Convertible preferred stock, outstanding	0	137,787
Series A 2 convertible preferred stock
Convertible preferred stock, par value (in dollars per share)		$ 0.0001
Convertible preferred stock, authorized		99,178
Convertible preferred stock, issued	0	66,116
Convertible preferred stock, outstanding	0	66,116
Series B, 8% non cumulative, convertible preferred stock
Convertible preferred stock, par value (in dollars per share)		$ 0.0001
Convertible preferred stock, authorized		4,510,066
Convertible preferred stock, issued	0	4,510,066
Convertible preferred stock, outstanding	0	4,510,066
Series C, 12% non cumulative, convertible preferred stock
Convertible preferred stock, par value (in dollars per share)		$ 0.0001
Convertible preferred stock, authorized		2,711,734
Convertible preferred stock, issued	0	1,578,400
Convertible preferred stock, outstanding	0	1,578,400

Statements of Operations (USD $)	3 Months Ended		6 Months Ended
Statements of Operations (USD $)	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Operating expenses:
Research and development	$ 2,390,857	$ 2,425,741	$ 3,785,180	$ 5,497,454
General and administrative	1,103,853	823,329	2,157,157	1,979,977
Total operating expenses	3,494,710	3,249,070	5,942,337	7,477,431
Loss from operations	(3,494,710)	(3,249,070)	(5,942,337)	(7,477,431)
Other income (expense)
Interest expense	(403,488)	(378,228)	(781,714)	(756,456)
Interest income	82	259	137	1,432
Change in fair value of warrants	179,715	7,160	192,321	16,346
Loss before benefit from income taxes	(3,718,401)	(3,619,879)	(6,531,593)	(8,216,109)
Benefit from income taxes			3,652,485
Net loss	$ (3,718,401)	$ (3,619,879)	$ (2,879,108)	$ (8,216,109)
Net loss per common share:
Basic and Diluted (in dollars per share)	$ (0.46)	$ (70.29)	$ (0.71)	$ (175.31)
Weighted-average shares outstanding:
Basic and Diluted (in shares)	8,000,092	51,499	4,074,734	46,865

Statements of Cash Flows (USD $)	6 Months Ended
Statements of Cash Flows (USD $)	Jun. 30, 2014	Jun. 30, 2013
Cash flows from operating activities
Net loss	$ (2,879,108)	$ (8,216,109)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	5,043	6,159
Noncash stock bonus	80,000	79,509
Noncash stock based compensation	592,345	836,158
Noncash interest	91,715	46,164
Change in fair value of warrants	(192,321)	(16,346)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(514,514)	20,700
Accounts payable and accrued expenses	1,604,316	56,515
Net cash (used in) operating activities	(1,212,524)	(7,187,250)
Cash flows from investing activities
Acquisition of property and equipment	(6,741)	(4,633,503)
Net cash used in investing activities	(6,741)	(4,633,503)
Cash flows from financing activities
Proceeds from convertible bridge notes	3,000,000
Cash paid for financing costs	(150,000)
Proceeds from issuance of common stock in initial public offering, net of offering costs	49,743,641
Net cash provided by financing activities	52,593,641
Net increase (decrease) in cash and cash equivalents	51,374,376	(11,820,753)
Cash and cash equivalents, beginning of period	2,119,646	20,013,754
Cash and cash equivalents, end of period	53,494,022	8,193,001
Supplemental disclosure of noncash financing activities
Conversion of preferred stock into common stock	69,232,677
Conversion of notes payable and interest into common stock	3,020,667
Supplemental cash flow information
Interest paid	$ 690,000	$ 690,000

Organization and Basis of Presentation	6 Months Ended
Organization and Basis of Presentation	Jun. 30, 2014
Organization and Basis of Presentation
Organization and Basis of Presentation	1. Organization and Basis of Presentation Nature of Operations Agile Therapeutics, Inc. (the “Company”) was incorporated in Delaware on December 22, 1997. The Company is engaged in research and development of transdermal patch technology for use in contraception. The Company’s activities since inception have consisted principally of raising capital, and performing research and development. The Company is headquartered in Princeton, New Jersey. The Company is devoting substantially all of its efforts toward research and development of its transdermal patch for use in contraception, and raising capital. The Company has not generated product revenue to date and is subject to a number of risks similar to those of other early stage companies, including dependence on key individuals, the difficulties inherent in the development of commercially usable products, the potential need to obtain additional capital necessary to fund the development of its products, and competition from larger companies. The Company has incurred losses each year since inception. As of June 30, 2014, the Company had an accumulated deficit of approximately $121.2 million. The Company has financed its operations to date primarily through the issuance and sale of its common stock in its initial public offering (see Note 8), private placements of its convertible preferred stock, venture loans, and non-dilutive grant funding. The Company expects to continue to incur net losses into the foreseeable future. Basis of Presentation The accompanying unaudited interim condensed financial statements have been prepared by the Company, without audit, in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim information and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for reporting on Form 10-Q. Accordingly, certain information and footnote disclosure normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. It is recommended that these interim condensed financial statements be read in conjunction with the financial statements and related notes that appear in the Company’s final prospectus filed with the SEC on May 22, 2014, relating to the Company’s Registration Statements on Form S-1 (File No. 333-194621) for the Company’s initial public offering. In the opinion of management, the unaudited interim condensed financial statements reflects all adjustments, which are normal recurring adjustments, necessary for the fair presentation of the financial information for the interim periods have been made. The results of operations for the three and six months ended June 30, 2014 are not necessarily indicative of the operating results for the full fiscal year or any future period.

- Definition

The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.

+ References+ Details

Summary of Significant Accounting Polices

6 Months Ended

Jun. 30, 2014

Summary of Significant Accounting Polices

Summary of Significant Accounting Polices

2. Summary of Significant Accounting Polices

The Company’s complete listing of significant accounting policies are described in Note 2 to the Company’s audited financial statements as of December 31, 2013 included in the Prospectus that forms a part of the Company’s Registration Statement on Form S-1 dated May 22, 2014.

Use of Estimates

The preparation of the Company’s financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The Company bases its estimates and judgments on historical experience and various other assumptions that it believes are reasonable under the circumstances.

The amounts of assets and liabilities reported in the Company’s balance sheets and the amounts of expenses reported for each of the periods presented are affected by estimates and assumptions, which are used for, but not limited to, the accounting for preferred stock warrants, stock-based compensation, income taxes, and accounting for research and development costs. Actual results could differ from those estimates.

Stock Split

On May 5, 2014, the Company effected a 1.4-for-1 stock split of the Company’s common stock. All share and per share amounts of common stock contained in the Company’s financial statements have been restated for all periods to give retroactive effect to the stock split. The shares of common stock retained a par value of $0.0001 per share. Accordingly, the stockholders’ deficit reflects the stock split by reclassifying from “Additional paid-in Capital” to “Common Stock” in an amount equal to the par value of the increased shares resulting from the stock split.

Fair Value of Financial Instruments

In accordance with ASC 825, Financial Instruments, disclosures of fair value information about financial instruments are required, whether or not recognized in the balance sheet, for which it is practicable to estimate that value. Cash and cash equivalents are carried at fair value (see Note 3).

Financial instruments, including accounts payable and accrued liabilities, are carried at cost, which approximates fair value given their short-term nature.

Warrants

The Company accounts for its warrants to purchase redeemable convertible stock in accordance with ASC 480, Distinguishing Liabilities from Equity. ASC 480 requires that a financial instrument, other than outstanding share, that, at inception, is indexed to an obligation to repurchase the issuer’s equity shares, regardless of the timing or the probability of the redemption feature, and may require the issuer to settle the obligation by transferring assets be classified as a liability. The Company measures the fair value of its warrant liability using an option pricing model with changes in fair value recognized as increases or reductions to other income (expense) in the statement of operations.

In connection with the completion of the Company’s initial public offering in May 2014, the warrants to purchase shares of Series A-1 and Series A-2 preferred stock expired unexercised and the warrants to purchase shares of Series C preferred stock automatically converted into warrants to purchase shares of common stock. Warrants with non-standard anti-dilution provisions (referred to as down round protection) are classified as liabilities and re-measured each reporting period.

Stock-Based Compensation

The Company accounts for stock-based compensation in accordance with ASC 718, Compensation-Stock Compensation. The Company grants stock options for a fixed number of shares to employees and non-employees with an exercise price equal to the fair value of the shares at grant date. Compensation cost is recognized for all share-based payments granted and is based on the grant- date fair value estimated using the weighted-average assumption of the Black- Scholes option pricing model based on key assumptions such as stock price, expected volatility and expected term. The equity instrument is not considered to be issued until the instrument vests. As a result, compensation cost is recognized over the requisite service period with an offsetting credit to additional paid-in capital.

Awards for consultants are accounted for under ASC 505-50, Equity Based Payments to Non-Employees. Any compensation expense related to consultants is marked-to-market over the applicable vesting period as they vest.

Net Loss Per Share

Basic net loss per share is calculated by dividing the net loss attributable to common stockholders by the weighted average number of common shares outstanding for the period, without consideration for common stock equivalents. Diluted net loss per share is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding plus the effect of dilutive potential common shares outstanding during the period determined using the treasury-stock and if-converted methods. For purposes of diluted net loss per share calculation, convertible preferred stock, convertible preferred stock warrants, common stock warrants and stock options are considered to be potentially dilutive securities but are excluded from the calculation of diluted net loss per share because their effect would be anti-dilutive and therefore, basic and diluted net loss per share were the same for all periods presented.

The following table sets forth the outstanding potentially dilutive securities that have been excluded from the calculation of diluted net loss per share because to do so would be anti-dilutive (in common equivalent shares):

	June 30
	2013	2014
Convertible preferred stock	8,809,325	—
Convertible preferred stock warrants	287,028	—
Common stock warrants	—	62,505
Common stock options	1,341,731	1,750,120
Total	10,438,084	1,812,625

The following tables summarizes the Company’s computation of basic and diluted net loss per share for common stockholders:

	Three Months Ended June 30
	2013			2014
Numerator
Net loss	$	(3,619,879	)	$	(3,718,401	)
Denominator
Denominator for basic and diluted net loss per share	51,499			8,000,092
Net loss per share, basic and diluted	$	(70.29	)	$	(0.46	)

	Six Months Ended June 30
	2013			2014
Numerator
Net loss	$	(8,216,109	)	$	(2,879,108	)
Denominator
Denominator for basic and diluted net loss per share	46,865			4,074,734
Net loss per share, basic and diluted	$	(175.31	)	$	(0.71	)

Recent Accounting Pronouncements

In June 2014, the Financial Accounting Standards Board (FASB) issued ASU No. 2014-10, which eliminates the concept of a development stage entity, or DSE, in its entirety from GAAP. Under current guidance, DSEs are required to report incremental information, including inception-to-date financial information, in their financial statements. A DSE is an entity devoting substantially all of its efforts to establishing a new business and for which either planned principal operations have not yet commenced or have commenced but there has been no significant revenue generated from that business. Entities classified as DSEs will no longer be subject to these incremental reporting requirements after adopting ASU No. 2014-10. ASU No. 2014 is effective for fiscal years beginning after December 15, 2014, with early adoption permitted. Retrospective application is required for the elimination of incremental DSE disclosures. Prior to the issuance of ASU No. 2014-10, the Company had met the definition of a DSE since its inception. The Company elected to adopt this ASU early, and therefore it has eliminated the incremental disclosures previously required of DSEs, beginning with this Quarterly Report on Form 10-Q.

- Definition

The entire disclosure for all significant accounting policies of the reporting entity.

+ References+ Details

Fair Value Measurements

6 Months Ended

Jun. 30, 2014

Fair Value Measurements

Fair Value Measurements

3. Fair Value Measurements

ASC 820, Fair Value Measurements and Disclosures, describes the fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value.

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Assets and liabilities that are measured at fair value are reported using a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy maximizes the use of observable inputs and minimizes the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:

· Level 1 — Quotes prices in active markets for identical assets and liabilities. The Company’s Level 1 assets and liabilities consist of cash and cash equivalents.

· Level 2 — Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted market prices for similar assets or liabilities in active markets or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets and liabilities. The Company has no Level 2 assets or liabilities.

· Level 3 — Unobservable inputs that are supported by little or no market data and which require internal development of assumptions about how market participant price the fair value of the assets or liabilities. The Company’s Level 3 liabilities consist of the warrant liability.

The Company is required to mark the value of its warrant liability to market and recognize the change in valuation in its statements of operations each reporting period.

The following table sets forth the Company’s financial instruments measured at fair value by level within the fair value hierarchy as of December 31, 2013 and June 30, 2014.

	Level 1		Level 2		Level 3
December 31, 2013
Assets:
Cash and cash equivalents	$	2,066,156	$	—	$	—
Total assets at fair value	$	2,066,156	$	—	$	—
Liabilities:
Series A-1 warrants	$	—	$	—	$	438,978
Series A-2 warrants	—		—		64,537
Series C warrants	—		—		140,963
Total liabilities at fair value	$	—	$	—	$	644,478

The significant assumptions used in preparing the option pricing model for valuing the Company’s warrants as of December 31, 2013 include (i) volatility (104.8%), (ii) risk free interest rate of 1.94% (estimated using treasury bonds with a 6 year life), (iii) strike price ($10.00) for the Series A-1 and Series A-2 warrants and $15.00 for the Series C warrants, (iv) fair value of Series A-1 preferred stock ($4.17), Series A-2 preferred stock ($2.91) and Series C preferred stock ($7.63) and (v) expected life (six years).

The following is a rollforward of the fair value of Level 3 warrants:

Beginning balance at December 31, 2013	$	644,478
Expiration of Series A-1 and Series A-2 warrants	(493,361		)
Change in fair value	301,040
Ending balance at June 30, 2014	$	452,157

	Level 1		Level 2		Level 3
June 30, 2014
Assets:
Cash and cash equivalents	$	53,397,077	$	—	$	—
Total assets at fair value	$	53,397,077	$	—	$	—
Liabilities:
Common stock warrants	—		—		452,157
Total liabilities at fair value	$	—	$	—	$	452,157

The significant assumptions used in preparing the option pricing model for valuing the Company’s warrants as of June 30, 2014 include (i) volatility (104.8%), (ii) risk free interest rate of 1.94% (estimated using treasury bonds with a 5.5 year life), (iii) strike price ($6.00) for the common stock warrants, (iv) fair value of common stock ($8.72) and (v) expected life (5.5 years).

There were no transfers between Level 1, 2 or 3 during 2013 or 2014. If the Company’s estimates regarding the fair value of its warrants are inaccurate, a future adjustment to these estimated fair values may be required. Additionally, these estimated fair values could change significantly.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References+ Details

Prepaid Expenses and Other Current Assets

6 Months Ended

Jun. 30, 2014

Prepaid Expenses and Other Current Assets

Prepaid Expenses and Other Current Assets

4. Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following:

	December 31, 2013		June 30, 2014
Prepaid insurance	$	48,055	$	604,320
Other	98,649		56,898
Total prepaid expenses and other current assets	$	146,704	$	661,218

Accrued Liabilities

6 Months Ended

Jun. 30, 2014

Accrued Liabilities

Accrued Liabilities

5. Accrued Liabilities

Accrued liabilities consist of the following:

	December 31, 2013		June 30, 2014
Employee bonuses	$	238,941	$	254,135
Other	140,223		119,135
Total accrued liabilities	$	379,164	$	373,270

Convertible Note Financing (Convertible Notes)	6 Months Ended
Convertible Note Financing (Convertible Notes)	Jun. 30, 2014
Convertible Notes
Debt
Convertible Note Financing	6. Convertible Note Financing On April 28, 2014, the Company and certain of the Company’s existing preferred stockholders, all of whom qualify as accredited institutional investors, entered into a Convertible Subordinated Note Purchase Agreement pursuant to which such holders agreed to loan the Company an aggregate of $3.0 million. The Company issued Convertible Promissory Notes (the “Notes”) to evidence its payment obligations with respect to the $3.0 million. The Notes had an interest rate of 8%, accruing daily and compounding annually. The Notes are convertible into unregistered equity securities of the Company upon the occurrence of events stated therein. The Notes and accrued interest automatically converted into 503,450 shares of common stock at $6.00 per share which was equal to the purchase price at which shares were sold to the public in an underwritten public offering (see Note 8). The Notes were subordinate to the Company’s term loan with Oxford Finance LLC.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References+ Details

Term Loan Amendment (Term loan)	6 Months Ended
Term Loan Amendment (Term loan)	Jun. 30, 2014
Term loan
Debt
Term Loan Amendment	7. Term Loan Amendment In January 2014 the Company amended its Loan Agreement with Oxford Finance whereby the interest only period was extended for three months (through April 1, 2014). The interest only period was extended for an additional three months (through July 1, 2014) as a result of the Company’s $3.0 million convertible note financing in which was completed in April 2014 (see Note 6). The interest only period was further extended for an additional six months (through January 1, 2015) and the maturity date of the loan was extended to July 1, 2017 as a result of the completion of the Company’s initial public offering (see Note 8). In connection with the amendment to the Loan Agreement the Company has paid Oxford Finance a total of $150,000. The $150,000 has been offset against the amount of the loan and is being amortized to interest expense. At June 30, 2014, the Company believes it is in compliance with the Loan Agreement.

- Definition

+ References+ Details

Stockholders' Equity

6 Months Ended

Jun. 30, 2014

Stockholders' Equity

Stockholders' Equity

8. Stockholders’ Equity

Initial Public Offering and Related Transactions

On May 23, 2014, the Company completed its initial public offering selling 9,166,667 shares of common stock at $6.00 per share. Proceeds from the Company’s initial public offering, net of underwriting discounts and commissions and other offering costs were $49.7 million.

In addition, each of the following occurred in connection with the completion of the Company’s IPO on May 23, 2014:

· the conversion of all outstanding shares of convertible preferred stock into 8,809,325 shares of the Company’s common stock

· the conversion of the aggregate principal amount of $3.0 million and accrued interest under the Company’s outstanding convertible subordinated promissory notes into 503,450 shares of the Company’s common stock.

On May 7, 2014, the Company filed an amendment to its amended and restated certificate of incorporation which, among other things, revised the automatic conversion provision relating to the Series C Preferred Stock, Series B Preferred Stock, Series A-1 Preferred Stock and Series A-2 Preferred Stock. Following such amendment, the Series C, the Series B, the Series A-1 and A-2 Preferred Stock now automatically convert into shares of common stock at the then effective conversion price upon:

(i) the closing of an underwritten public offering pursuant to an effective registration statement under the Securities Act of 1933, covering the offer and sale of common stock from which the Company receives gross proceeds of at least $45,000,000 or (ii) the affirmative vote of the holders of at least a majority of the voting power the Series C Preferred Stock, the Series B Preferred Stock and the Series A-1 Preferred Stock, respectively, after first giving effect, if in conjunction with a public offering which does not meet the standards set forth in clause (i) above, to any adjustment of the conversion price for each series of preferred stock to which it would otherwise be entitled by virtue of such public offering.

On May 29, 2014, the Company filed an amended and restated certificate of incorporation (the “Restated Certificate”) with the Secretary of State of the State of Delaware in connection with the closing of the Company’s initial public offering of shares of its common stock. The Company’s board of directors (the “Board”) and stockholders previously approved the Restated Certificate effective as of and contingent upon the closing of the Company’s initial public offering.

The Restated Certificate amends and restates in its entirety the Company’s second amended and restated certificate of incorporation, as amended. The Restated Certificate, among other things: (i) authorizes 150,000,000 shares of common stock; (ii) eliminates all references to the previously existing series of preferred stock; (iii) authorizes 10,000,000 shares of undesignated preferred stock that may be issued from time to time by the Board in one or more series; (iv) provides that the Board be divided into three classes with staggered three-year terms, with one class of directors to be elected at each annual meeting of the Company’s stockholders; (v) provides that directors may only be removed with cause and only upon the affirmative vote of holders of at least 75% of the voting power of all then-outstanding shares of capital stock of the Company entitled to vote generally in the election of directors; (vi) provides that only the Board, the chairman of the Board, if one is appointed, or the chief executive officer may call a special meeting of stockholders; and (vii) requires that any action instituted against the Company’s officers or directors in connection with their service to the Company be brought in the State of Delaware.

Convertible Preferred Stock

Prior to its conversion in the IPO, the Company’s convertible preferred stock was classified as temporary equity on its balance sheets instead of stockholders’ (deficit) in accordance with authoritative guidance for the classification and measurement or redeemable securities. Upon certain change in control events that were outside of the Company’s control, including liquidation, sale or transfer of control of the Company, holders of the convertible preferred stock could cause its redemption.

Stock-Based Compensation Expense

Stock-based compensation expense related to stock options was allocated as follows:

	Three Months Ended June 30
	2013		2014

Research and development	$	292,263	$	208,908
General and administrative	125,714		155,331
Total stock-based compensation expense	$	417,977	$	364,239

	Six Months Ended June 30
	2013		2014

Research and development	$	584,732	$	335,433
General and administrative	251,426		256,912
Total stock-based compensation expense	$	836,158	$	592,345

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.29-31)

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+ Details

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2014
Income Taxes
Income Taxes	9. Income Taxes Sale of New Jersey Net Operating Losses The Company received approval to sell a portion of the Company’s New Jersey net operating losses (NOLs) as part of the Technology Business Tax Certificate Program sponsored by The New Jersey Economic Development Authority. Under the program, emerging biotechnology companies with unused NOLs and unused research and development credits are allowed to sell these benefits to other companies. On February 27, 2014, the Company completed the sale of NOLs totaling approximately $39.1 million for net proceeds of approximately $3.6 million. Such proceeds are reflected as a tax benefit for six months ended June 30, 2014.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References+ Details

Related Party Transactions	6 Months Ended
Related Party Transactions	Jun. 30, 2014
Related Party Transactions
Related Party Transactions	10. Related Party Transactions Effective March 17, 2014, one of the Managing Partners of SmartPharma LLC or SmartPharma, an entity which provides commercial and business development consulting services to the Company was appointed Chief Commercial Officer. In connection with the appointment of this individual as Chief Commercial Officer, the Company amended its consulting agreement with SmartPharma to remove this individual from the list of persons providing service under the consulting agreement. SmartPharma invoiced the Company $3,250 and $74,300 of fees for the three and six months ended June 30, 2014.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References+ Details

Summary of Significant Accounting Polices (Polices)

6 Months Ended

Jun. 30, 2014

Summary of Significant Accounting Polices

Use of Estimates

Use of Estimates

Stock Split

Stock Split

Fair Value of Financial Instruments

Fair Value of Financial Instruments

Financial instruments, including accounts payable and accrued liabilities, are carried at cost, which approximates fair value given their short-term nature.

Warrants

Warrants

Stock-Based Compensation

Stock-Based Compensation

Net Loss Per Share

Net Loss Per Share

	June 30
	2013	2014
Convertible preferred stock	8,809,325	—
Convertible preferred stock warrants	287,028	—
Common stock warrants	—	62,505
Common stock options	1,341,731	1,750,120
Total	10,438,084	1,812,625

The following tables summarizes the Company’s computation of basic and diluted net loss per share for common stockholders:

	Three Months Ended June 30
	2013			2014
Numerator
Net loss	$	(3,619,879	)	$	(3,718,401	)
Denominator
Denominator for basic and diluted net loss per share	51,499			8,000,092
Net loss per share, basic and diluted	$	(70.29	)	$	(0.46	)

	Six Months Ended June 30
	2013			2014
Numerator
Net loss	$	(8,216,109	)	$	(2,879,108	)
Denominator
Denominator for basic and diluted net loss per share	46,865			4,074,734
Net loss per share, basic and diluted	$	(175.31	)	$	(0.71	)

Recent Accounting Pronouncements

Recent Accounting Pronouncements

- Definition

Disclosure of accounting policy for computing basic and diluted earnings or loss per share for each class of common stock and participating security. Addresses all significant policy factors, including any antidilutive items that have been excluded from the computation and takes into account stock dividends, splits and reverse splits that occur after the balance sheet date of the latest reporting period but before the issuance of the financial statements.

+ References+ Details

Summary of Significant Accounting Polices (Tables)

6 Months Ended

Jun. 30, 2014

Summary of Significant Accounting Polices

Schedule of outstanding potentially dilutive securities that have been excluded from the calculation of diluted net loss per share because to do so would be anti-dilutive

	June 30
	2013	2014
Convertible preferred stock	8,809,325	—
Convertible preferred stock warrants	287,028	—
Common stock warrants	—	62,505
Common stock options	1,341,731	1,750,120
Total	10,438,084	1,812,625

Summary of computation of basic and diluted net loss per share for common stockholders

	Three Months Ended June 30
	2013			2014
Numerator
Net loss	$	(3,619,879	)	$	(3,718,401	)
Denominator
Denominator for basic and diluted net loss per share	51,499			8,000,092
Net loss per share, basic and diluted	$	(70.29	)	$	(0.46	)

	Six Months Ended June 30
	2013			2014
Numerator
Net loss	$	(8,216,109	)	$	(2,879,108	)
Denominator
Denominator for basic and diluted net loss per share	46,865			4,074,734
Net loss per share, basic and diluted	$	(175.31	)	$	(0.71	)

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2014

Fair Value Measurements

Schedule of the Company's financial instruments measured at fair value by level within the fair value hierarchy

	Level 1		Level 2		Level 3
December 31, 2013
Assets:
Cash and cash equivalents	$	2,066,156	$	—	$	—
Total assets at fair value	$	2,066,156	$	—	$	—
Liabilities:
Series A-1 warrants	$	—	$	—	$	438,978
Series A-2 warrants	—		—		64,537
Series C warrants	—		—		140,963
Total liabilities at fair value	$	—	$	—	$	644,478

Schedule of rollforward of the fair value of Level 3 warrants

Beginning balance at December 31, 2013	$	644,478
Expiration of Series A-1 and Series A-2 warrants	(493,361		)
Change in fair value	301,040
Ending balance at June 30, 2014	$	452,157

	Level 1		Level 2		Level 3
June 30, 2014
Assets:
Cash and cash equivalents	$	53,397,077	$	—	$	—
Total assets at fair value	$	53,397,077	$	—	$	—
Liabilities:
Common stock warrants	—		—		452,157
Total liabilities at fair value	$	—	$	—	$	452,157

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References+ Details

- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References+ Details

Prepaid Expenses and Other Current Assets (Tables)

6 Months Ended

Jun. 30, 2014

Prepaid Expenses and Other Current Assets

Schedule of prepaid expenses and other current assets

	December 31, 2013		June 30, 2014
Prepaid insurance	$	48,055	$	604,320
Other	98,649		56,898
Total prepaid expenses and other current assets	$	146,704	$	661,218

Accrued Liabilities (Tables)

6 Months Ended

Jun. 30, 2014

Accrued Liabilities

Schedule of accrued liabilities

	December 31, 2013		June 30, 2014
Employee bonuses	$	238,941	$	254,135
Other	140,223		119,135
Total accrued liabilities	$	379,164	$	373,270

Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2014

Stockholders' Equity

Schedule of stock-based compensation expense related to stock options

	Three Months Ended June 30
	2013		2014

Research and development	$	292,263	$	208,908
General and administrative	125,714		155,331
Total stock-based compensation expense	$	417,977	$	364,239

	Six Months Ended June 30
	2013		2014

Research and development	$	584,732	$	335,433
General and administrative	251,426		256,912
Total stock-based compensation expense	$	836,158	$	592,345

Summary of Significant Accounting Polices (Details) (USD $)	0 Months Ended
	May 05, 2014	Jun. 30, 2014	Dec. 31, 2013
Common stock
Stock split conversion ratio	1.4
Par value of common stock (in dollars per share)	$ 0.0001	$ 0.0001	$ 0.0001

Summary of Significant Accounting Polices (Details 2)	6 Months Ended
Summary of Significant Accounting Polices (Details 2)	Jun. 30, 2014	Jun. 30, 2013
Net loss per share
Anti-dilutive securities excluded from the calculation of diluted net loss per share (in shares)	1,812,625	10,438,084
Convertible preferred stock
Net loss per share
Anti-dilutive securities excluded from the calculation of diluted net loss per share (in shares)		8,809,325
Common stock options
Net loss per share
Anti-dilutive securities excluded from the calculation of diluted net loss per share (in shares)	1,750,120	1,341,731
Common stock \| Warrants
Net loss per share
Anti-dilutive securities excluded from the calculation of diluted net loss per share (in shares)	62,505
Convertible preferred stock \| Warrants
Net loss per share
Anti-dilutive securities excluded from the calculation of diluted net loss per share (in shares)		287,028

- Definition

Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented.

+ References+ Details

Summary of Significant Accounting Polices (Details 3) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Numerator
Net loss	$ (3,718,401)	$ (3,619,879)	$ (2,879,108)	$ (8,216,109)
Denominator
Denominator for basic and diluted net loss per share	8,000,092	51,499	4,074,734	46,865
Net loss per share, basic and diluted (in dollars per share)	$ (0.46)	$ (70.29)	$ (0.71)	$ (175.31)

Fair Value Measurements (Details) (USD $)	6 Months Ended	12 Months Ended
Fair Value Measurements (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Liabilities:
Liability	$ 452,157	$ 644,478
Warrants
Liabilities:
Liability		644,478
Level 3 \| Warrants
Significant assumptions used in preparing the option pricing model for valuing the Company's warrants
Volatility (as a percent)	104.80%	104.80%
Risk free interest rate (as a percent)	1.94%	1.94%
Life of treasury bonds	5 years 6 months	6 years
Expected life	5 years 6 months	6 years
Level 3 \| Warrants \| Common stock
Significant assumptions used in preparing the option pricing model for valuing the Company's warrants
Strike price (in dollars per share)	$ 6.00
Stock fair value (in dollars per share)	$ 8.72
Level 3 \| Warrants \| Series A-1 warrants
Significant assumptions used in preparing the option pricing model for valuing the Company's warrants
Strike price (in dollars per share)		$ 10.00
Level 3 \| Warrants \| Series A-1 warrants \| Series A-1 Preferred Stock
Significant assumptions used in preparing the option pricing model for valuing the Company's warrants
Stock fair value (in dollars per share)		$ 4.17
Level 3 \| Warrants \| Series A-2 warrants
Significant assumptions used in preparing the option pricing model for valuing the Company's warrants
Strike price (in dollars per share)		$ 10.00
Level 3 \| Warrants \| Series A-2 warrants \| Series A-2 Preferred Stock
Significant assumptions used in preparing the option pricing model for valuing the Company's warrants
Stock fair value (in dollars per share)		$ 2.91
Level 3 \| Warrants \| Series C warrants
Significant assumptions used in preparing the option pricing model for valuing the Company's warrants
Strike price (in dollars per share)		$ 15.00
Level 3 \| Warrants \| Series C warrants \| Series C Preferred Stock
Significant assumptions used in preparing the option pricing model for valuing the Company's warrants
Stock fair value (in dollars per share)		$ 7.63
Recurring \| Measured at fair value \| Level 1
Assets:
Cash and cash equivalents	53,397,077	2,066,156
Total assets at fair value	53,397,077	2,066,156
Recurring \| Measured at fair value \| Level 3
Liabilities:
Total liabilities at fair value	452,157	644,478
Recurring \| Measured at fair value \| Level 3 \| Warrants \| Common stock
Liabilities:
Liability	452,157
Recurring \| Measured at fair value \| Level 3 \| Warrants \| Series A-1 warrants
Liabilities:
Liability		438,978
Recurring \| Measured at fair value \| Level 3 \| Warrants \| Series A-2 warrants
Liabilities:
Liability		64,537
Recurring \| Measured at fair value \| Level 3 \| Warrants \| Series C warrants
Liabilities:
Liability		$ 140,963

Fair Value Measurements (Details 2) (USD $)	6 Months Ended	12 Months Ended
Fair Value Measurements (Details 2) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Fair value measurements
Asset transfers out of Level 1 into Level 2	$ 0	$ 0
Asset transfers out of Level 2 into Level 1	0	0
Asset transfers into (out of) Level 3	0	0
Liability transfers out of Level 1 into Level 2	0	0
Liability transfers out of Level 2 into Level 1	0	0
Liability transfers into (out of) Level 3	0	0
Liabilities \| Warrants
Rollforward of the fair value of Level 3 warrants
Balance at the beginning of the period	644,478
Expiration of Series A-1 and Series A-2 warrants	(493,361)
Change in fair value	301,040
Balance at the end of the period	$ 452,157

Prepaid Expenses and Other Current Assets (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Prepaid Expenses and Other Current Assets
Prepaid insurance	$ 604,320	$ 48,055
Other	56,898	98,649
Total prepaid expenses and other current assets	$ 661,218	$ 146,704

- Definition

Amount of asset related to consideration paid in advance for insurance that provides economic benefits within a future period of one year or the normal operating cycle, if longer.

+ References+ Details

Accrued Liabilities (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Accrued Liabilities
Employee bonuses	$ 254,135	$ 238,941
Other	119,135	140,223
Total accrued liabilities	$ 373,270	$ 379,164

- Definition

Carrying value as of the balance sheet date of obligations incurred and payable for incentive compensation awarded to employees and directors or earned by them based on the terms of one or more relevant arrangements. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

+ References+ Details

- Definition

Carrying value as of the balance sheet date of obligations incurred through that date and payable arising from transactions not otherwise specified in the taxonomy. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

+ References+ Details

Convertible Note Financing (Details) (USD $) In Millions, except Share data, unless otherwise specified	0 Months Ended
	May 23, 2014 Convertible Notes Common stock	Apr. 28, 2014 Convertible Notes
Convertible note financing
Aggregate amount of loan borrowed		$ 3.0
Interest rate (as a percent)		8.00%
Number of common shares into which convertible promissory notes and accrued interest converted	503,450
Share price (in dollars per share)	$ 6.00

Term Loan Amendment (Details) (USD $)		0 Months Ended	1 Months Ended		6 Months Ended
Term Loan Amendment (Details) (USD $)	Apr. 28, 2014 Convertible Notes	May 23, 2014 Term loan	Apr. 30, 2014 Term loan	Jan. 31, 2014 Term loan	Jun. 30, 2014 Term loan
Term loan amendment
Extended interest only period through April 1, 2014				3 months
Extended interest only period through July 1, 2014			3 months
Face amount of notes	$ 3,000,000
Extended interest only period through January 1, 2015		6 months
Total amount paid to Oxford finance					150,000
Amount offset against loan to be amortized to interest expense					$ 150,000

Stockholders' Equity (Details) (USD $)	0 Months Ended	6 Months Ended		0 Months Ended
Stockholders' Equity (Details) (USD $)	May 29, 2014 class	Jun. 30, 2014	May 29, 2014	May 29, 2014 Minimum series	May 07, 2014 Series C Preferred Stock Automatic conversion, closing of an underwritten public offering Minimum	May 07, 2014 Series B Preferred Stock Automatic conversion, closing of an underwritten public offering Minimum	May 07, 2014 Series A-1 Preferred Stock Automatic conversion, closing of an underwritten public offering Minimum	May 07, 2014 Series A-2 Preferred Stock Automatic conversion, closing of an underwritten public offering Minimum	May 23, 2014 Convertible subordinated promissory notes	May 23, 2014 Convertible subordinated promissory notes Common stock	May 23, 2014 Convertible preferred stock Common stock	May 23, 2014 Initial public offering Common stock
Stockholders' equity
Number of shares issued												9,166,667
Share price (in dollars per share)										$ 6.00		$ 6.00
Proceeds from initial public offering, net of underwriting discounts and commissions and other offering costs												$ 49,700,000
Number of common shares into which convertible promissory notes were converted										503,450
Number of common shares into which convertible preferred stock was converted											8,809,325
Aggregate principal amount converted									3,000,000
Gross proceeds from underwritten public offering		$ 49,743,641			$ 45,000,000	$ 45,000,000	$ 45,000,000	$ 45,000,000
Authorized shares of preferred stock		10,000,000	10,000,000
Authorized shares of common stock		150,000,000	150,000,000
Number of series of preferred stock that may be issued				1
Number of classes of Board	3
Term of Board member	3 years
Number of classes elected at each annual meeting	1
Affirmative vote of all then-outstanding shares of capital stock for removal of directors (as a percent)				75.00%

Stockholders' Equity (Details 2) (Stock options, USD $)	3 Months Ended		6 Months Ended
Stockholders' Equity (Details 2) (Stock options, USD $)	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Stock-Based Compensation Expense
Total stock-based compensation expense	$ 364,239	$ 417,977	$ 592,345	$ 836,158
Research and development
Stock-Based Compensation Expense
Total stock-based compensation expense	208,908	292,263	335,433	584,732
General and administrative
Stock-Based Compensation Expense
Total stock-based compensation expense	$ 155,331	$ 125,714	$ 256,912	$ 251,426

Income Taxes (Details) (State, New Jersey, Sale of unused NOLs, USD $) In Millions, unless otherwise specified	0 Months Ended
	Feb. 27, 2014	Feb. 27, 2014
State \| New Jersey \| Sale of unused NOLs
Net operating losses
NOLs sold		$ 39.1
Net proceeds from sale	$ 3.6

Related Party Transactions (Details) (SmartPharma, Commercial and business development consulting services, USD $)	3 Months Ended	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2014
SmartPharma \| Commercial and business development consulting services
Related party transactions
Fees invoiced by the related party	$ 3,250	$ 74,300

Organization and Basis of Presentation (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Organization and Basis of Presentation
Accumulated deficit	$ 121,193,491	$ 118,314,383