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Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2017	Feb. 28, 2018	Jun. 30, 2017
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2017
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	FY
Trading Symbol	ITCI
Entity Registrant Name	Intra-Cellular Therapies, Inc.
Entity Central Index Key	0001567514
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		54,680,452
Entity Public Float			$ 443

Consolidated Balance Sheets - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 37,790,114	$ 48,642,225
Investment securities, available-for-sale	426,540,921	335,458,459
Accounts receivable		94,339
Prepaid expenses and other current assets	4,884,293	4,005,093
Total current assets	469,215,328	388,200,116
Property and equipment, net	1,137,171	627,614
Long term deferred tax asset, net	1,058,435
Other assets	75,765	75,765
Total assets	471,486,699	388,903,495
Current liabilities:
Accounts payable	6,173,539	3,754,647
Accrued and other current liabilities	6,424,221	5,329,293
Accrued employee benefits	1,611,846	1,448,394
Total current liabilities	14,209,606	10,532,334
Long-term deferred rent	2,840,132	2,868,622
Total liabilities	17,049,738	13,400,956
Stockholders' equity:
Common stock, $.0001 par value: 100,000,000 shares authorized; 54,597,679 and 43,292,906 shares issued and outstanding at December 31, 2017 and 2016, respectively	5,460	4,329
Additional paid-in capital	862,479,505	685,290,815
Accumulated deficit	(407,248,780)	(309,475,366)
Accumulated comprehensive loss	(799,224)	(317,239)
Total stockholders' equity	454,436,961	375,502,539
Total liabilities and stockholders' equity	$ 471,486,699	$ 388,903,495

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	54,597,679	43,292,906
Common stock, shares outstanding	54,597,679	43,292,906

Consolidated Statements of Operations - USD ($)	12 Months Ended
Consolidated Statements of Operations - USD ($)	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenues:
License and collaboration revenue			$ 30,659
Grant revenue	$ 245,837	$ 330,702	60,705
Total revenues	245,837	330,702	91,364
Costs and expenses:
Research and development	79,419,009	93,831,530	87,718,074
General and administrative	23,666,957	24,758,063	18,187,286
Total costs and expenses	103,085,966	118,589,593	105,905,360
Loss from operations	(102,840,129)	(118,258,891)	(105,813,996)
Interest income	(4,005,864)	(2,935,077)	(1,022,455)
Interest expense		36,781
Loss before (benefit) provision for income taxes	(98,834,265)	(115,360,595)	(104,791,541)
Income tax (benefit) expense	(1,060,851)	1,065,673	1,600
Net loss	$ (97,773,414)	$ (116,426,268)	$ (104,793,141)
Net loss per common share:
Basic & Diluted	$ (2.12)	$ (2.69)	$ (2.91)
Weighted average number of common shares:
Basic & Diluted	46,181,926	43,240,188	36,069,237

Consolidated Statements of Comprehensive Loss - USD ($)	12 Months Ended
Consolidated Statements of Comprehensive Loss - USD ($)	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Statement of Comprehensive Income [Abstract]
Net loss	$ (97,773,414)	$ (116,426,268)	$ (104,793,141)
Other comprehensive loss:
Unrealized (loss) gain on investment securities	(481,985)	273,171	(485,777)
Comprehensive loss	$ (98,255,399)	$ (116,153,097)	$ (105,278,918)

Consolidated Statement of Shareholders' Equity - USD ($)	Total	March 11, 2015 [Member]	September 28, 2015 [Member]	October 2017 [Member]	Common Stock [Member]	Common Stock [Member] March 11, 2015 [Member]	Common Stock [Member] September 28, 2015 [Member]	Common Stock [Member] October 2017 [Member]	Additional Paid-in Capital [Member]	Additional Paid-in Capital [Member] March 11, 2015 [Member]	Additional Paid-in Capital [Member] September 28, 2015 [Member]	Additional Paid-in Capital [Member] October 2017 [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Loss [Member]
Balance at Dec. 31, 2014	$ 120,554,705				$ 2,950				$ 208,912,345				$ (88,255,957)	$ (104,633)
Common shares issued		$ 121,804,369	$ 327,436,205			$ 541	$ 793			$ 121,803,828	$ 327,435,412
Balance, shares at Dec. 31, 2014					29,499,059
Common shares issued, shares						5,411,481	7,935,000
Exercise of stock options	653,046				$ 31				653,015
Exercise of stock options, shares					305,005
Stock issued for services	182,599				$ 1				182,598
Stock issued for services, shares					5,330
Share-based compensation	10,890,905								10,890,905
Net loss	(104,793,141)												(104,793,141)
Other comprehensive gain (loss)	(485,777)													(485,777)
Balance at Dec. 31, 2015	476,242,911				$ 4,316				669,878,103				(193,049,098)	(590,410)
Balance, shares at Dec. 31, 2015					43,155,875
Exercise of stock options	477,734				$ 12				477,722
Exercise of stock options, shares					123,745
Restricted Stock issued to employee	0				$ 0				0				0	0
Restricted Stock issued to employee, shares					1,757
Stock issued for services	233,772				$ 1				233,771
Stock issued for services, shares					11,529
Share-based compensation	14,701,219								14,701,219
Net loss	(116,426,268)												(116,426,268)
Other comprehensive gain (loss)	273,171													273,171
Balance at Dec. 31, 2016	375,502,539				$ 4,329				685,290,815				(309,475,366)	(317,239)
Balance, shares at Dec. 31, 2016					43,292,906
Common shares issued				$ 162,072,256				$ 1,113				$ 162,071,143
Common shares issued, shares								11,129,032
Exercise of stock options and issuances of restricted stock	$ 285,160				$ 17				285,143
Exercise of stock options, shares	135,999
Exercise of stock options and issuances of restricted stock, shares					162,642
Stock issued for services	$ 190,885				$ 1				190,884
Stock issued for services, shares					13,099
Share-based compensation	14,641,520								14,641,520
Net loss	(97,773,414)												(97,773,414)
Other comprehensive gain (loss)	(481,985)													(481,985)
Balance at Dec. 31, 2017	$ 454,436,961				$ 5,460				$ 862,479,505				$ (407,248,780)	$ (799,224)
Balance, shares at Dec. 31, 2017					54,597,679

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Operating activities
Net loss	$ (97,773,414)	$ (116,426,268)	$ (104,793,141)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	213,872	196,872	139,626
Share-based compensation expense	14,641,520	14,701,219	10,890,905
Issuance of stock for services	190,885	233,772	182,599
Amortization of premiums on investment activities	429,839	544,354	712,675
Changes in operating assets and liabilities:
Accounts receivable	94,339	(63,679)	20,943
Prepaid expenses and other assets	(879,200)	4,016,164	(6,737,125)
Long term deferred tax asset, net	(1,058,435)
Accounts payable	2,418,892	2,121,742	(419,860)
Accrued liabilities and employee benefits	1,211,103	2,147,080	(3,873,692)
Deferred rent	18,787	1,271,517	1,597,105
Net cash used in operating activities	(80,491,812)	(91,257,227)	(102,279,965)
Investing activities
Purchases of investments	(520,926,824)	(395,757,168)	(514,308,249)
Maturities of investments	428,932,538	488,068,547	153,389,448
Purchases of property and equipment	(723,429)	(48,964)	(860,595)
Net cash (used in) provided by investing activities	(92,717,715)	92,262,415	(361,779,396)
Financing activities
Proceeds from line of credit		125,000,000
Repayment of line of credit		(125,000,000)
Proceeds from stock option exercises	285,160	477,734	653,046
Proceeds of public offerings	162,149,996		449,996,887
Payment of costs of public offerings	(77,740)		(756,313)
Net cash provided by financing activities	162,357,416	477,734	449,893,620
Net (decrease) increase in cash and cash equivalents	(10,852,111)	1,482,922	(14,165,741)
Cash and cash equivalents at beginning of period	48,642,225	47,159,303	61,325,044
Cash and cash equivalents at end of period	$ 37,790,114	48,642,225	$ 47,159,303
Cash paid for interest		36,781
Cash paid for taxes		$ 1,000,000

Organization	12 Months Ended
Organization	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	1. Organization Intra-Cellular Therapies, Inc. (the “Company”), through its wholly-owned operating subsidiaries, ITI, Inc. (“ITI”) and ITI Limited, is a biopharmaceutical company focused on the discovery and clinical development of innovative, small molecule drugs that address underserved medical needs in neuropsychiatric and neurological disorders by targeting intracellular signaling mechanisms within the central nervous system (“CNS”). The Company’s lead product candidate, lumateperone, is in Phase 3 clinical development as a novel treatment for schizophrenia, bipolar depression and agitation associated with dementia, including Alzheimer’s disease. The Company was originally incorporated in the State of Delaware in August 2012 under the name “Oneida Resources Corp.” Prior to a reverse merger that occurred on August 29, 2013 (the “Merger”), Oneida Resources Corp. was a “shell” company registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), with no specific business plan or purpose until it began operating the business of ITI, through the Merger transaction on August 29, 2013. ITI was incorporated in Delaware in May 2001 to focus primarily on the development of novel drugs for the treatment of neuropsychiatric and neurologic diseases and other disorders of the CNS. Effective upon the Merger, a wholly-owned subsidiary of the Company merged with and into ITI, and ITI continues as the operating subsidiary of the Company. In September 2016, the Company licensed certain intellectual property rights to its wholly-owned subsidiary, ITI Limited, which was formed in the third quarter of 2016. Although the license of intellectual property rights did not result in any gain or loss in the consolidated statements of operations, the $125 million of gain related to the transaction helped generate net taxable income for tax purposes in the U.S. and the Company utilized a portion of its available federal and state net operating loss carryforwards to offset the majority of this gain. Any taxes incurred related to intercompany transactions were treated as tax expense in the Company’s consolidated statement of operations. In addition to the license, the Company also entered into a research and development agreement with ITI Limited pursuant to which the Company will conduct research and development services related to the license agreement and charge ITI Limited for these services. On October 2, 2017 and October 5, 2017, the Company completed a public offering of common stock in which the Company sold 11,129,032 shares of common stock, which included the exercise of the underwriters’ option to purchase an additional 1,451,613 shares, at an offering price of $15.50 per share for aggregate gross proceeds of approximately $172 million. After deducting underwriting discounts, commissions and offering expenses, the net proceeds to the Company were approximately $162 million. In order to further its research projects and support its collaborations, the Company will require additional financing until such time, if ever, that revenue streams are sufficient to generate consistent positive cash flow from operations. Possible sources of funds include public or private sales of the Company’s equity securities, sales of debt securities, the incurrence of debt from commercial lenders, strategic collaborations, licensing a portion or all of the Company’s product candidates and technology and, to a lesser extent, grant funding. On September 2, 2016, the Company filed a universal shelf registration statement on Form S-3, which was declared effective by the Securities and Exchange Commission (the “SEC”) on September 14, 2016, on which the Company registered for sale up to $350 million of any combination of its common stock, preferred stock, debt securities, warrants, rights, purchase contracts and/or units from time to time and at prices and on terms that the Company may determine. After the public offering in October 2017, approximately $178 million of securities remain available for issuance under this shelf registration statement. This registration statement will remain in effect for up to three years from the initial effective date.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2017

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying consolidated financial statements of Intra-Cellular Therapies, Inc. and its wholly own subsidiaries have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative United States generally accepted accounting principles set forth in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). All intercompany accounts and transactions have been eliminated in consolidation. The Company currently operates in one operating segment. Operating segments are defined as components of an enterprise about which separate discrete information is available for the chief operating decision maker, or decision making group, in deciding how to allocate resources and assessing performance. The Company views its operations and manages its business in one segment, which is discovering and developing drugs for the treatment of neurological and psychiatric disorders.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Although actual results could differ from those estimates, management does not believe that such differences would be material.

Cash and Cash Equivalents

The Company considers all highly liquid investments with a maturity of three months or less from the date of purchase to be cash equivalents. Cash and cash equivalents consist of checking accounts, money market accounts, money market mutual funds, and certificates of deposit with a maturity date of three months or less. The carrying values of cash and cash equivalents approximate the fair market value. Certificates of deposit, commercial paper, corporate notes and corporate bonds with a maturity date of more than three months are classified separately on the balance sheet.

Investment Securities

Investment securities may consist of investments in U.S. Treasuries, various U.S. governmental agency debt securities, corporate bonds, certificates of deposit, and other fixed income securities with an average maturity of twelve months or less. Management classifies the Company’s investments as available-for-sale. Such securities are carried at estimated fair value, with any unrealized holding gains or losses reported, net of any tax effects reported, as accumulated other comprehensive income, which is a separate component of stockholders’ equity. Realized gains and losses, and declines in value judged to be other-than-temporary, if any, are included in consolidated results of operations. A decline in the market value of any available-for-sale security below cost that is deemed to be other-than-temporary results in a reduction in fair value, which is charged to earnings in that period, and a new cost basis for the security is established. Dividend and interest income is recognized as interest income when earned. The cost of securities sold is calculated using the specific identification method.

Investment securities consisted of the following (in thousands):


	December 31, 2017
	Amortized Cost		Unrealized Gains		Unrealized (Losses)			Estimated Fair Value
U.S. government agency securities	$	126,330	$	—	$	(348	)	$	125,982
FDIC certificates of deposit (1)		8,306		—		—			8,306
Certificates of deposit		103,500		—		—			103,500
Commercial paper		51,414		—		(61	)		51,353
Corporate bonds/notes		137,790		—		(390	)		137,400

	$	427,340	$	—	$	(799	)	$	426,541


	December 31, 2016
	Amortized Cost		Unrealized Gains		Unrealized (Losses)			Estimated Fair Value
U.S. government agency securities	$	67,199	$	1	$	(74	)	$	67,126
FDIC certificates of deposit (1)		20,740		1		—			20,741
Certificates of deposit		64,500		—		—			64,500
Commercial paper		67,352		11		(52	)		67,311
Corporate bonds/notes		115,985		—		(205	)		115,780

	$	335,776	$	13	$	(331	)	$	335,458

(1)	“FDIC certificates of deposit” consist of deposits that are $250,000 or less.

The Company has classified all of its investment securities available-for-sale, including those with maturities beyond one year, as current assets on the consolidated balance sheets based on the highly liquid nature of the investment securities and because these investment securities are considered available for use in current operations. As of December 31, 2017 and 2016, the Company held $93.3 million and $47.9 million, respectively, of available-for-sale investment securities with contractual maturity dates more than one year and less than two years.

The Company monitors its investment portfolio for impairment quarterly or more frequently if circumstances warrant. In the event that the carrying value of an investment exceeds its fair value and the decline in value is determined to be other-than-temporary, the Company records an impairment charge within earnings attributable to the estimated credit loss. In determining whether a decline in the value of an investment is other-than-temporary, the Company evaluates currently available factors that may include, among others: (1) general market conditions; (2) the duration and extent to which fair value has been less than the carrying value; (3) the investment issuer’s financial condition and business outlook; and (4) the Company’s assessment as to whether it is more likely than not that the Company will be required to sell a security prior to recovery of its amortized cost basis. As of December 31, 2017, the Company had $37.3 million of investments that had been held for greater than one year that have a temporary impairment of approximately $42,000. As of December 31, 2016, the Company had approximately $25.5 million of investments that have been held for greater than one year which had a temporary impairment of approximately $25,000.

The Company attributes the unrealized losses on the available-for-sale securities as of December 31, 2017 and 2016 to the rise in related market interest rates. The Company does not intend to sell these securities, nor is it more likely than not that the Company will be required to sell them prior to the end of their contractual terms. Furthermore, the Company does not believe that these securities expose the Company to undue market risk or counterparty credit risk. As such, the Company does not consider these securities to be other-than-temporarily impaired.

Fair Value Measurements

The Company applies the fair value method under ASC Topic 820, Fair Value Measurements and Disclosures. ASC Topic 820 defines fair value, establishes a fair value hierarchy for assets and liabilities measured at fair value and requires expanded disclosures about fair value measurements. The ASC Topic 820 hierarchy ranks the quality and reliability of inputs, or assumptions, used in the determination of fair value and requires assets and liabilities carried at fair value to be classified and disclosed in one of the following categories based on the lowest level input used that is significant to a particular fair value measurement:

•

Level 1—Fair value is determined by using unadjusted quoted prices that are available in active markets for identical assets and liabilities.

•

Level 2—Fair value is determined by using inputs other than Level 1 quoted prices that are directly or indirectly observable. Inputs can include quoted prices for similar assets and liabilities in active markets or quoted prices for identical assets and liabilities in inactive markets. Related inputs can also include those used in valuation or other pricing models, such as interest rates and yield curves that can be corroborated by observable market data.

•

Level 3—Fair value is determined by inputs that are unobservable and not corroborated by market data. Use of these inputs involves significant and subjective judgments to be made by a reporting entity—e.g., determining an appropriate adjustment to a discount factor for illiquidity associated with a given security.

The Company evaluates financial assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level at which to classify them each reporting period. This determination requires the Company to make subjective judgments as to the significance of inputs used in determining fair value and where such inputs lie within the ASC Topic 820 hierarchy.

The Company has no assets or liabilities that were measured using quoted prices for significant unobservable inputs (Level 3 assets and liabilities) as of December 31, 2017 and December 31, 2016. The carrying value of cash held in money market funds of approximately $26.2 million as of December 31, 2017 and $10.7 million as of December 31, 2016 is included in cash and cash equivalents and approximates market value based on quoted market price or Level 1 inputs.

The fair value measurements of the Company’s cash equivalents and available-for-sale investment securities are identified in the following tables (in thousands):


			Fair Value Measurements at Reporting Date Using
	December 31, 2017		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Money market funds	$	26,181	$	26,181	$	—	$	—
U.S. government agency securities		125,982		—		125,982		—
FDIC certificates of deposit		8,306		—		8,306		—
Certificates of deposit		103,500		—		103,500		—
Commercial paper		51,353		—		51,353		—
Corporate bonds/notes		137,400		—		137,400		—

	$	452,722	$	26,181	$	426,541	$	—


			Fair Value Measurements at Reporting Date Using
	December 31, 2016		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Money market funds	$	10,724	$	10,724	$	—	$	—
U.S. government agency securities		67,126		—		67,126		—
FDIC certificates of deposit		20,741		—		20,741		—
Certificates of deposit		64,500		—		64,500		—
Commercial paper		67,311		—		67,311		—
Corporate bonds/notes		115,780		—		115,780		—

	$	346,182	$	10,724	$	335,458	$	—

Financial Instruments

The Company considers the recorded costs of its financial assets and liabilities, which consist of cash equivalents, accounts receivable, prepaid expenses, accounts payable and accrued liabilities, to approximate their fair value because of their relatively short maturities at December 31, 2017 and December 31, 2016. Management believes that the risks associated with its financial instruments are minimal as the counterparties are various corporations, financial institutions and government agencies of high credit standing.

Concentration of Credit Risk

Cash equivalents are held with major financial institutions in the United States. Certificates of deposit, cash and cash equivalents held with banks may exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed upon demand and, therefore, bear minimal risk.

Accounts Receivable

Accounts receivable that management has the intent and ability to collect are reported in the balance sheets at outstanding amounts, less an allowance for doubtful accounts. The Company writes off uncollectible receivables when the likelihood of collection is not probable.

The Company evaluates the collectability of accounts receivable on a regular basis. The allowance, if any, is based upon various factors including the financial condition and payment history of customers, an overall review of collections experience on other accounts and economic factors or events expected to affect future collections experience. No allowance was recorded as of December 31, 2017 and 2016, as the Company has a history of collecting on all its accounts including government agencies and collaborations funding its research.

Property and Equipment

Property and equipment is stated at cost and depreciated on a straight-line basis over estimated useful lives ranging from three to five years. Leasehold improvements are amortized using the straight-line method over the shorter of the estimated useful life of the assets or the term of the related lease. Expenditures for maintenance and repairs are charged to operations as incurred.

When indicators of possible impairment are identified, the Company evaluates the recoverability of the carrying value of its long-lived assets based on the criteria established in ASC 360, Property, Plant and Equipment. The Company considers historical performance and anticipated future results in its evaluation of potential impairment. The Company evaluates the carrying value of those assets in relation to the operating performance of the business and undiscounted cash flows expected to result from the use of those assets. Impairment losses are recognized when carrying value exceeds the undiscounted cash flows, in which case management must determine the fair value of the underlying asset. No such impairment losses have been recognized to date.

Research and Development

Except for payments made in advance of services, the Company expenses its research and development costs as incurred. For payments made in advance, the Company recognizes research and development expense as the services are rendered. Research and development costs primarily consist of salaries and related expenses for personnel and resources and the costs of clinical trials. Other research and development expenses include preclinical analytical testing, manufacturing of drug product, outside services, providers, materials and consulting fees.

Costs for certain development activities, such as clinical trials, are recognized based on an evaluation of the progress to completion of specific tasks using data such as subject enrollment, clinical site activations or information provided to the Company by its vendors with respect to their actual costs incurred. Payments for these activities are based on the terms of the individual arrangements, which may differ from the pattern of costs incurred, and are reflected in the financial statements as prepaid or accrued research and development expense, as the case may be.

As part of the process of preparing its financial statements, the Company is required to estimate its expenses resulting from its obligations under contracts with vendors, clinical research organizations and consultants and under clinical site agreements in connection with conducting clinical trials. The financial terms of these contracts are subject to negotiations, which vary from contract to contract and may result in payment flows that do not match the periods over which materials or services are provided under such contracts. The Company’s objective is to reflect the appropriate clinical trial expenses in its financial statements by matching those expenses with the period in which services are performed and efforts are expended. The Company accounts for these expenses according to the progress of the clinical trial as measured by subject progression and the timing of various aspects of the trial. The Company determines accrual estimates through financial models taking into account discussion with applicable personnel and outside service providers as to the progress or state of consummation of trials, or the services completed. During the course of a clinical trial, the Company adjusts its clinical expense recognition if actual results differ from its estimates. The Company makes estimates of its accrued expenses as of each balance sheet date based on the facts and circumstances known to it at that time. The Company’s clinical trial accruals are dependent upon the timely and accurate reporting of contract research organizations, clinical sites and other third-party vendors. Although the Company does not expect its estimates to be materially different from amounts actually incurred, its understanding of the status and timing of services performed relative to the actual status and timing of services performed may vary and may result in it reporting amounts that are too high or too low for any particular period. For the years ended December 31, 2017 and 2016, there were no material adjustments to the Company’s prior period estimates of accrued expenses for clinical trials.

Income Taxes

Income taxes are accounted for using the liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which those temporary differences are expected to be recovered or settled.

The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established when necessary to reduce net deferred tax assets to the amount expected to be realized. Income tax expense is the tax payable for the period and the change during the period in deferred tax assets and liabilities. The Company accounts for uncertain tax positions pursuant to ASC Topic 740 (previously included in FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109). Financial statement recognition of a tax position taken or expected to be taken in a tax return is determined based on a more-likely-than-not threshold of that position being sustained. If the tax position meets this threshold, the benefit to be recognized is measured as the tax benefit having the highest likelihood of being realized upon ultimate settlement with the taxing authority. The Company recognizes interest accrued related to unrecognized tax benefits and penalties in the provision for income taxes.

Comprehensive Income (Loss)

All components of comprehensive income (loss), including net income (loss), are reported in the financial statements in the period in which they are incurred. Comprehensive income (loss) is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. In accordance with accounting guidance, the Company presents the impact of any unrealized gains or (losses) on its investment securities in a separate statement of comprehensive income (loss) for each period.

Share-Based Compensation

Share-based payments are accounted for in accordance with the provisions of ASC Topic 718, Compensation—Stock Compensation. The fair value of share-based payments is estimated, on the date of grant, using the Black-Scholes-Merton option-pricing model (the “Black-Scholes Model”). The resulting fair value is recognized ratably over the requisite service period, which is generally the vesting period of the option.

For all awards granted with time-based vesting conditions, expense is amortized using the straight-line attribution method. Share-based compensation expense recognized in the statements of operations for the years ended December 31, 2017, 2016 and 2015 is based on share-based awards ultimately expected to vest.

The Company utilizes the Black-Scholes Model for estimating fair value of its stock options granted. Option valuation models, including the Black-Scholes Model, require the input of subjective assumptions, and changes in the assumptions used can materially affect the grant date fair value of an award. These assumptions include the risk-free rate of interest, expected dividend yield, expected volatility and the expected life of the award.

Expected volatility rates are based on a combination of the historical volatility of the common stock of comparable publicly traded entities and the limited historical information about the Company’s common stock. The expected life of stock options is the period of time for which the stock options are expected to be outstanding. Given the limited historical exercise data, the expected life is determined using the “simplified method,” which defines expected life as the midpoint between the vesting date and the end of the contractual term.

The risk-free interest rates are based on the U.S. Treasury yield for a period consistent with the expected term of the option in effect at the time of the grant. The Company has not paid dividends to its stockholders since its inception and does not plan to pay cash dividends in the foreseeable future. Therefore, the Company has assumed an expected dividend rate of zero.

Prior to January 1, 2014, at which time there was no active market for the Company’s common stock, the exercise price of the stock options on the date of grant was determined and approved by the board of directors using several factors, including progress and milestones achieved in the Company’s business development and performance, the price per share of its convertible preferred stock offerings, and general industry and economic trends. In establishing the estimated fair value of the common stock, the Company considered the guidance set forth in American Institute of Certified Public Accountants Practice Guide, Valuation of Privately-Held-Company Equity Securities Issued as Compensation. For stock options granted on or after January 1, 2014, the exercise price was determined by using the closing market price of the Company’s common stock on the date of grant.

A restricted stock unit (“RSU”) is a stock award that entitles the holder to receive shares of the Company’s common stock as the award vests. The fair value of each RSU is based on the fair market value of the Company’s common stock on the date of grant. The Company has granted RSUs that vest in three equal annual installments provided that the employee remains employed with the Company.

Beginning in the first quarter of 2016, the Company granted time based RSUs that vest in three equal annual installments. In the first quarter of 2017, the Company granted additional time-based RSUs as well as performance-based RSUs, which vest based on the achievement of certain milestones that include (i) the submission of a new drug application (“NDA”) with the U.S. Food and Drug Administration (the “FDA”), (ii) the approval of the NDA by the FDA (the “Milestone RSU grants”) and (iii) the achievement of certain comparative shareholder returns against the Company’s peers (the “TSR RSU grants”). The Milestone RSU grants were valued at the closing price on March 8, 2017. The RSUs that vest upon the NDA submission will be amortized through December 31, 2018 based on the probable vesting date. The amortization of the expenses for RSUs related to the approval of the NDA will commence if and when the NDA filing has been approved through the last day of the calendar year in which the milestone is achieved. The TSR RSU grants were valued using the Monte Carlo Simulation method and will be amortized over the life of the RSU agreements which ends December 31, 2019. The Milestone RSU grants and TSR RSU grants are target based and the ultimate awards, if attained, could be the target amount or higher or lower than the target amount, depending on the timing or achievement of the goal. The expense recognition related to these equity grants is based on the Company’s best estimate.

Under ASC Topic 718, the cumulative amount of compensation cost recognized for instruments classified as equity that ordinarily would result in a future tax deduction under existing tax law shall be considered to be a deductible difference in applying ASC Topic 740, Income Taxes. The deductible temporary difference is based on the compensation cost recognized for financial reporting purposes; however, these provisions currently do not impact the Company, as all the deferred tax assets have a full valuation allowance.

Since the Company had net operating loss carryforwards as of December 31, 2017, 2016 and 2015, no excess tax benefits for the tax deductions related to share-based awards were recognized in the statements of operations. In March 2016, the FASB issued ASU No. 2016-09, Compensation—Stock Compensation (“ASU 2016-09”). ASU 2016-09simplifies several areas of accounting for stock compensation, including simplification of the accounting for income taxes, classification of excess tax benefits on the Statement of Cash Flows and forfeitures. As of January 1, 2017, the Company adopted ASU 2016-09 for the quarter ended March 31, 2017. Accordingly, the Company recognized previously unrecognized excess tax benefits of $9.7 million recorded as deferred tax assets with a corresponding offsetting full valuation allowance at the beginning of 2017, which yielded no tax impact.

Equity instruments issued to non-employees for services are accounted for under the provisions of ASC Topic 718 and ASC Topic 505-50, Equity/Equity-Based Payments to Non-Employees. Accordingly, the estimated fair value of the equity instrument is recorded on the earlier of the performance commitment date or the date the required services are completed and are marked to market during the service period.

Loss Per Share

Basic net loss per common share is determined by dividing the net loss by the weighted-average number of common shares outstanding during the period, without consideration of common stock equivalents. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of common stock equivalents outstanding for the period. The treasury stock method is used to determine the dilutive effect of the Company’s stock option grants and RSUs.

The following common stock equivalents were excluded in the calculation of diluted loss per share because their effect would be anti-dilutive as applied to the net loss for the years ended December 31, 2017, 2016 and 2015:


	Year Ended December 31,
	2017		2016		2015
Common Stock Equivalents		476,252		1,225,614		1,322,311
RSUs		87,988		32,781		—
TSR RSUs		65,852		—		—

Recently Issued Accounting Standards

In May 2014, the FASB issued ASC Update No. 2014-09, Revenue from Contracts with Customers (Topic 606), which has been subsequently updated (as updated, “ASC Topic 606”). The purpose of ASC Topic 606 is to provide enhancements to the quality and consistency of how revenue is reported while also improving comparability in the financial statements of companies using U.S. GAAP and International Financial Reporting Standards. The core principle requires entities to recognize revenue in a manner that depicts the transfer of goods or services to customers in amounts that reflect the consideration to which an entity expects to be entitled in exchange for those goods or services. ASC Topic 606 becomes effective for annual periods beginning after December 15, 2017, at which point the Company plans to adopt the standard. The Company currently plans to adopt the standard using the “modified retrospective method.” Under that method, the Company will apply the standard to contracts whose performance has not been completed as of January 1, 2018, and recognize the cumulative effect of initially applying the standard as an adjustment to the opening balance of retained earnings.

The Company does not expect the adoption of this standard to result in a material impact to its financial statements. Upon adopting FASB ASC Topic 606, the Company will provide additional disclosures in the notes to the consolidated financial statements related to the relevant aspects of any revenue generating contracts that the Company has or into which the Company expects to enter.

In 2018, the Company is implementing new internal controls as part of its efforts to adopt the new revenue recognition standard. These internal controls include providing training to the Company’s finance team and holding regular meetings with the Company’s management and the Audit Committee of the Company’s Board of Directors to review and approve key decisions. Upon adoption, the Company expects to implement new internal controls related to its accounting policies and procedures. The Company will require new internal controls to address risks associated with applying the five-step model. Additionally, the Company will establish monitoring controls to identify sales arrangements and changes in the Company’s business environment that could impact its current accounting assessment. The Company expects to finalize its impact assessment and redesign impacted processes, policies and controls prior to commercializing its products.

In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”). ASU 2016-01 eliminates the requirement to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet. The standard also clarifies the need to evaluate a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the Company’s other deferred tax assets. ASU 2016-01 is effective for annual reporting periods beginning after December 15, 2017. The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements.

In February 2016, the FASB issued ASU No. 2016-02, Leases (“ASU 2016-02”). ASU 2016-02 allows the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under previous GAAP. The classification criteria for distinguishing between finance leases and operating leases are substantially similar to the classification criteria for distinguishing between capital leases and operating leases in the previous leases guidance. ASU 2016-02 is effective for annual reporting periods beginning after December 15, 2018 and early adoption is permitted. The Company is currently analyzing the impact of ASU 2016-02 and, at this time, has not yet determined the impact of the new standard, if any, on the Company’s consolidated financial statements.

Property and Equipment

12 Months Ended

Dec. 31, 2017

Property, Plant and Equipment [Abstract]

Property and Equipment

3. Property and Equipment

Property and equipment consist of the following:


	December 31,
	2017			2016
Computer equipment	$	33,584		$	39,095
Furniture and fixtures		301,509			292,423
Scientific equipment		3,494,866			2,844,865

		3,829,959			3,176,383
Less accumulated depreciation		(2,692,788	)		(2,548,769	)

	$	1,137,171		$	627,614

Depreciation expense for the years ended December 31, 2017, 2016 and 2015 was $213,872, $196,872 and $139,626, respectively.

Share-Based Compensation

12 Months Ended

Dec. 31, 2017

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Share-Based Compensation

4. Share-Based Compensation

The Company’s Amended and Restated 2013 Equity Incentive Plan (the “Plan”) provides for the granting of stock-based awards, such as stock options, restricted common stock, RSUs and stock appreciation rights to employees, directors and consultants as determined by the Board of Directors. As of December 31, 2017, there were options to purchase 3,755,736 shares of common stock outstanding under the Plan. On June 16, 2015, the stockholders of the Company approved, at the Company’s 2015 Annual Meeting of Stockholders, an amendment to the Plan to increase the number of shares of common stock available for issuance under the Plan by 3,100,000 shares, to increase by 100,000 shares the maximum number of shares available for the issuance of options, stock appreciation rights and other similar awards to any one participant in any calendar year for purposes of meeting the requirements for qualified performance-based compensation under Section 162(m) of the Internal Revenue Code of 1986, as amended in 2017 (the “Code”), and to eliminate the evergreen provisions of the Plan under which 800,000 shares were automatically added to the plan on each of January 1, 2014 and 2015. Stock options granted under the Plan may be either incentive stock options (“ISOs”) as defined by the Code, or non-qualified stock options. The Board of Directors determines who will receive options, the vesting periods (which are generally two to three years) and the exercise prices of such options. Options have a maximum term of 10 years. The exercise price of ISOs granted under the Plan must be at least equal to the fair market value of the common stock on the date of grant.

Total stock-based compensation expense related to all of the Company’s share-based awards, including stock options and RSUs granted to employees, directors and consultants recognized during the years ended December 31, 2017, 2016 and 2015, was comprised of the following:


	Years Ended December 31,
	2017		2016		2015
Research and development	$	5,082,823	$	4,472,658	$	4,768,131
General and administrative		9,558,697		10,228,561		6,122,774

Total share-based compensation expense	$	14,641,520	$	14,701,219	$	10,890,905

The following table describes the assumptions used for calculating the value of options granted during the years ended December 31, 2017, 2016 and 2015:


	2017			2016			2015
Dividend yield		0	%		0	%		0	%
Expected volatility		87.4%-90.4	%		80.0%-90.0	%		80.0	%
Weighted-average risk-free interest rate		2.1	%		1.7	%		1.8	%
Expected term (in years)		6.0			5.9			5.9

Information regarding the stock options activity, including with respect to grants to employees, directors and consultants as of December 31, 2017, and changes during the period then ended, are summarized as follows:


	Number of Shares			Weighted- Average Exercise Price		Aggregate Intrinsic Value		Weighted- Average Contractual Life
Outstanding at December 31, 2016		3,101,032		$	19.63	$	9,351,908		7.18 years
Options granted		982,993		$	15.08				9.29 years
Options exercised		(135,999	)	$	2.27				2.28 years
Options canceled or expired		(192,290	)	$	25.79				7.91 years

Outstanding at December 31, 2017		3,755,736		$	18.75	$	7,450,293		7.04 years

Vested or expected to vest at December 31, 2017		3,755,736		$	18.75

Exercisable at December 31, 2017		2,362,595		$	16.86	$	7,212,195		6.19 years

The weighted-average grant date fair value for awards granted during the years ended December 31, 2017, 2016 and 2015 was $15.08, $48.85 and $21.00 per share, respectively. Total intrinsic value of the options exercised during the years ended December 31, 2017, 2016 and 2015 was approximately $1,609,268, $2,984,283 and $10,951,057, respectively. The total fair value of shares vested in the years ended December 31, 2017, 2016 and 2015 was approximately $7,212,195, $9,310,898 and $5,207,073, respectively.

During 2017, 2016 and 2015, the Company granted options to certain scientific advisory board members of the Company to purchase 0, 5,000 and 45,571 shares of common stock, respectively, at an average exercise price per share of $0, $53.63 and $17.57, respectively. The options vest ratably over a period of 1 to 2 years. Stock compensation related to these grants will fluctuate with any changes in the underlying value of the Company’s common stock.

As of December 31, 2017 and 2016, there were $2,866,164 and $3,022,843, respectively, of unrecognized compensation costs related to unvested time based RSUs which will be recognized over a weighted-average period 1.5 years. The unrecognized share-based compensation expense related to stock option awards at December 31, 2017 is $12,322,422 and will be recognized over a weighted-average period of 1.8 years.

The fair value of an RSU is based on the closing price of the Company’s common stock on the date of grant. Information regarding RSU activity, including with respect to grants to employees as of December 31, 2017, and changes during the year then ended, is summarized as follows:


	Number of Shares			Weighted- Average Grant Date Fair Value
Outstanding at December 31, 2016		82,321		$	53.77
RSU’s granted in 2017		154,922		$	15.73
RSU’s vested in 2017		(28,013	)	$	53.84
RSU’s cancelled in 2017		(18,297	)	$	26.80

Outstanding at December 31, 2017		190,933		$	25.48

The Company recognized non-cash stock-based compensation expense related to RSU’s for the years ended December 31, 2017 and 2016 of approximately $2.1 million and $1.5 million, respectively.

Information related to the Company’s Milestone RSU grants and the TSR RSU grants during the year ended December 31, 2017 are summarized as follows:


	Number of Shares			Weighted- Average Grant Date Fair Value Per Share
Outstanding at December 31, 2016		—		$	—
RSU’s granted in 2017		379,629		$	15.35
RSU’s cancelled in 2017		(32,430	)	$	15.35

Outstanding at December 31, 2017		347,199		$	15.35

The weighted average estimated fair value per share of the TSR RSUs granted in the year ended December 31, 2017 was $17.08, which was derived from a Monte Carlo simulation. Significant assumptions utilized in estimating the value of the awards granted include an expected dividend yield of 0%, a risk free rate of 1.6%, and expected volatility of 95.4%. The TSR RSUs granted in the year ended December 31, 2017 will entitle the grantee to receive a number of shares of the Company’s common stock determined over a three-year performance period ending and vesting on December 31, 2019, provided the grantee remains in the service of the Company on the settlement date. The Company expenses the cost of these awards ratably over the requisite service period. The number of shares for which the TSR RSUs will be settled will be a percentage of shares for which the award is targeted and will depend on the Company’s total shareholder return (as defined below), expressed as a percentile ranking of the Company’s total shareholder return as compared to the Company’s peer group (as defined below). The number of shares for which the TSR RSUs will be settled vary depending on the level of achievement of the goal. Total shareholder return is determined by dividing the average share price of the Company’s common stock over the 30 calendar days preceding January 1, 2020 by the average share price of the Company’s common stock on March 8, 2017, with a deemed reinvestment of any dividends declared during the performance period. The Company’s peer group includes the companies which comprise the Nasdaq Biotechnology Index, which was selected by the Compensation Committee of the Company’s Board of Directors and includes a range of biotechnology companies operating in several business segments.

As of December 31, 2017 and 2016 there were $4,177,362 and $0 respectively of unrecognized compensation costs related to unvested Milestone RSU grants and TSR RSU grants which will be recognized over a weighted average period of 1.9 years.

Line of Credit	12 Months Ended
Line of Credit	Dec. 31, 2017
Debt Disclosure [Abstract]
Line of Credit	5. Line of Credit On September 30, 2016, the Company entered into a secured line of credit with a lender for an amount not to exceed $150.8 million. This line of credit was secured by approximately $150.8 million of collateral held by the lender. The interest on advances under this line of credit was fixed at LIBOR plus 2.991% on the date of advance. The Company borrowed $125.0 million on September 30, 2016 and repaid the entire amount on October 3, 2016. Interest expense under this secured line of credit was $36,781 for the year ended December 31, 2016. On October 6, 2016, the line of credit was terminated by the Company.

Income Taxes

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Income Taxes

6. Income Taxes

On December 22, 2017, President Trump signed into law the “Tax Cuts and Jobs Act,” or TCJA, that significantly reforms the Internal Revenue Code of 1986, as amended. The TCJA, among other things, includes changes to U.S. federal tax rates, imposes significant additional limitations on the deductibility of interest and net operating loss carryforwards, allows for the expensing of capital expenditures, and puts into effect the migration from a “worldwide” system of taxation to a territorial system. As a result of the reduction in the U.S. corporate income tax rate from 35% to 21% under TCJA the Company revalued its ending net deferred tax assets at December 31, 2017 and given we are still subject to a valuation allowance did not recognize any tax expense (related to such reduced tax rate) in the Company’s consolidated statement of income for the year ended December 31, 2017. However, the Company did provisionally recognize a $1.1 million tax benefit due to the release of the valuation allowance on its alternative minimum tax credit deferred tax asset as part of the TCJA. The TCJA repealed the corporate alternative minimum tax (AMT). Companies with AMT credit carryovers can generally use the credits to offset regular tax liability for any taxable year beginning in 2018. In addition, the AMT credit is refundable, subject to certain limitations, in any taxable year beginning after 2017. Lastly, any remaining AMT credit carryforward is fully refundable by 2022.

While the TCJA provide for a territorial tax system, beginning in 2018, it includes two new U.S. tax base erosion provisions, the global intangible low-taxed income (“GILTI”) provisions and the base-erosion and anti-abuse tax (“BEAT”) provisions.

The GILTI provisions require the Company to include in its U.S. income tax return foreign subsidiary earnings in excess of an allowable return on the foreign subsidiary’s tangible assets. The Company may be subject to incremental U.S. tax on GILTI income in the future. The Company has elected to account for any GILTI tax in the period in which it is incurred, and therefore has not provided any deferred tax impacts of GILTI in its consolidated financial statements for the year ended December 31, 2017.

The BEAT provisions eliminates the deduction of certain base-erosion payments made to related foreign corporations, and impose a minimum tax if greater than regular tax. The Company does not expect it will be subject to this tax in 2018, but will continue to monitor. Therefore, the Company has not included any tax impacts of BEAT in its consolidated financial statements for the year ended December 31, 2017.

The SEC staff issued Staff Accounting Bulletin No. 118 (“SAB 118”) to address the application of U.S. GAAP in situations when a registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the TCJA. The Company has recognized the provisional tax impacts related to the release of the valuation allowance with respect to AMT credits and the revaluation of deferred tax assets and liabilities and included these amounts in its consolidated financial statements for the year ended December 31, 2017. We continue to evaluate the effects of the TCJA and consider the amounts recorded to be provisional. Additional time is needed to ensure that we have fully analyzed and computed the tax effects of the 2017 Tax Act on our tax accounts. We will complete our accounting during the measurement period provided under SAB 118 as we obtain further clarity on the application of the TCJA to our particular facts and report appropriately in 2018.

Income (loss) before income taxes is as follows:


	2017			2016			2015
U.S.	$	(20,486,935	)	$	(86,965,860	)	$	(104,791,541	)
Non-U.S.		(78,347,330	)		(28,394,735	)		—

Total loss before taxes		(98,834,265	)		(115,360,595	)	$	(104,791,541	)

Total income tax (benefit) expense for the years ended December 31, 2017, 2016 and 2015 is allocated as follows:


	2017			2016			2015
Current	$	(2,416	)	$	1,065,673		$	1,600
Deferred		13,713,987			19,605,520			51,165,859
Valuation allowance		(14,772,422	)		(19,605,520	)		(51,165,859	)

(Benefit) provision for income taxes	$	(1,060,851	)	$	1,065,673		$	1,600

A reconciliation of the difference between the statutory federal income tax rate and the effective income tax rate for the years ended December 31, 2017, 2016 and 2015 is as follows:


	December 31,
	2017			2016			2015
Income tax benefit at statutory federal rate		35.00	%		35.00	%		35.00	%
Royalty Income		0.00			(37.93	)		0.00
Other Permanent differences		(0.43	)		(0.78	)		(0.56	)
Foreign rate differential		(27.75	)		(8.61	)		0.00
2017 US Tax Reform impact		(21.89	)		(0.03	)		0.00
R&D Credit		(0.05	)		2.11			4.19
Change in effective state tax rates		0.84			(6.98	)		(0.05	)
State income tax expense		0.40			(0.70	)		10.24
Change in valuation allowance		14.95			16.99			(48.82	)

Benefit (provision) for income taxes		1.07	%		(0.93	)%		(0.00	)%

Deferred income taxes reflect the net tax effect of temporary differences that exist between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, using enacted tax rates in effect for the year in which the differences are expected to reverse. As of December 31, 2017, the Company had $131.1 million of federal net operating loss carryforwards, which expire at various dates through 2035. The gross amount of the state net operating loss carryforwards is equal to or less than the federal net operating loss carryforwards and expires over various periods based on individual state tax law. In general, businesses with U.S. net operating losses (“NOLs”) are considered loss corporations for U.S. federal income tax purposes. Pursuant to Section 382 of the Code, loss corporations that undergo an ownership change, as defined under the Code, may be subject to an annual limitation on the amount of NOLs (and certain other tax attributes) available to offset taxable income earned after such ownership change. For the year ended December 31, 2017, the Company performed a Section 382 ownership analysis and determined that an ownership change occurred (within the meaning of Section 382 of the Code) in 2015 but not in subsequent periods. Based on the analysis performed, however, the Company does not believe that the Section 382 annual limitation will impact the Company’s ability to utilize the tax attributes that existed as of the date of the ownership change in a material manner. If the Company experiences an ownership change in the future, the tax benefits related to the NOLs and tax credit carryforwards may be further limited or lost.

In September 2016, the Company licensed certain intellectual property rights to its wholly-owned subsidiary, ITI Limited, which was formed in the third quarter of 2016. The costs to develop, test, manufacture and perform other activities related to the lumateperone (also known as ITI-007)program will be the responsibility of ITI Limited and will be incurred outside of the United States. Therefore, the majority of expected losses incurred by the Company during the next several years will not result in additional NOLs to be carried forward and used against future net income in the U.S. The following summarizes the significant components of the Company’s deferred tax assets and liabilities as of December 31, 2017 and 2016, respectively:


	December 31,
	2017			2016
Deferred tax assets:
Net operating loss carryforwards	$	40,746,589		$	49,627,652
Accrued employee benefits		378,058			535,158
Research and development credit		9,321,214			9,367,227
Stock compensation		8,711,721			9,360,025
Federal AMT credit		1,058,435			1,062,451
Deferred rent		699,560			1,095,220
Unrealized comprehensive loss		187,714			—

Deferred tax liabilities:
Depreciation		(31,796	)		(44,732	)

Net deferred tax asset		61,071,495			71,003,001
Valuation allowance		(60,013,060	)		(71,003,001	)

Net deferred tax asset	$	1,058,435		$	—

Based upon the Company’s historical operating performance and the reported cumulative net losses to date, the Company presently does not have sufficient objective evidence to support the recovery of its net deferred tax assets. Accordingly, the Company has established a full valuation allowance against its net deferred tax assets, excluding the refundable alternative minimum tax credit in 2017, for financial reporting purposes because it is not more likely than not that these deferred tax assets will be realized.

The total amount of unrecognized tax benefits as of December 31, 2017 and December 31, 2016 were $1.7 million and $1.7 million, respectively. If recognized none of these tax benefits would affect the effective tax rate due to valuation allowances.

The following summarizes the significant components of gross unrecognized tax benefits as of December 31, 2017 and 2016, respectively:


	December 31,
	2017		2016
Balance at January 1,	$	1,738,815	$	1,720,912
Current Year Uncertain Tax Positions:
Gross Increases		—		17,903

Balance at December 31,	$	1,738,815	$	1,738,815

Collaborations and License Agreements	12 Months Ended
Collaborations and License Agreements	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Collaborations and License Agreements	7. Collaborations and License Agreements The Bristol-Myers Squibb License Agreement On May 31, 2005, the Company entered into a worldwide, exclusive License Agreement with Bristol-Myers Squibb Company (“BMS”), pursuant to which the Company holds a license to certain patents and know-how of BMS relating to lumateperone and other specified compounds. The agreement was amended on November 3, 2010. The licensed rights are exclusive, except BMS retains rights in specified compounds in the fields of obesity, diabetes, metabolic syndrome and cardiovascular disease. However, BMS has no right to use, develop or commercialize lumateperone and other specified compounds in any field of use. The Company has the right to grant sublicenses of the rights conveyed by BMS. The Company is obliged under the license to use commercially reasonable efforts to develop and commercialize the licensed technology. The Company is also prohibited from engaging in the clinical development or commercialization of specified competitive compounds. Under the agreement, the Company made an upfront payment of $1.0 million to BMS, a milestone payment of $1.25 million in December 2013, and a milestone payment of $1.5 million in December 2014 following the initiation of the Company’s first Phase 3 clinical trial for lumateperone for patients with exacerbated schizophrenia. Possible milestone payments remaining total $12.0 million. Under the agreement, the Company may be obliged to make other milestone payments to BMS for each licensed product of up to an aggregate of approximately $14.75 million. The Company is also obliged to make tiered single digit percentage royalty payments on sales of licensed products. The Company is obliged to pay to BMS a percentage of non-royalty payments made in consideration of any sublicense. The agreement extends, and royalties are payable, on a country-by-country and product-by-product basis, through the later of ten years after first commercial sale of a licensed product in such country, expiration of the last licensed patent covering a licensed product, its method of manufacture or use, or the expiration of other government grants providing market exclusivity, subject to certain rights of the parties to terminate the agreement on the occurrence of certain events. On termination of the agreement, the Company may be obliged to convey to BMS rights in developments relating to a licensed compound or licensed product, including regulatory filings, research results and other intellectual property rights. In September 2016, the Company transferred certain of its rights under the BMS Agreement to its wholly owned subsidiary, ITI Limited. In connection with the transfer, the Company guaranteed ITI Limited’s performance of its obligations under the BMS Agreement.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2017

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

8. Commitments and Contingencies

The Company currently has an operating lease agreement with a commitment for $14,956,082 for laboratory and office facilities through 2027.

At December 31, 2017, future minimum lease payments under leases having an initial or remaining non-cancellable lease term in excess of one year are set forth in the table below:


Year
2018		1,457,008
2019		1,500,718
2020		1,545,740
2021		1,592,112
2022		1,639,876
Thereafter		7,220,628

	$	14,956,082

Rent expense for the years ended December 31, 2017, 2016 and 2015 was $1,427,716, $1,419,940 and $1,385,207, respectively.

Employee Benefit Plan	12 Months Ended
Employee Benefit Plan	Dec. 31, 2017
Retirement Benefits [Abstract]
Employee Benefit Plan	9. Employee Benefit Plan The Company sponsors a defined contribution 401(k) plan covering all full-time employees. Participants may elect to contribute their annual pre-tax earnings up to the federally allowed maximum limits. The Company made a matching contribution of 100% on the first 6% of contributions made by participants in the year ended December 31, 2017 and a matching contribution of 50% on the first 6% of contributions in prior years. Participant and Company contributions vest immediately. During the years ended December 31, 2017, 2016 and 2015, the Company recorded matching contribution expense of $378,233, $157,244 and $109,963, respectively.

Related Parties	12 Months Ended
Related Parties	Dec. 31, 2017
Related Party Transactions [Abstract]
Related Parties	10. Related Parties In the first quarter of 2015, the Company moved its headquarters to 430 East 29th Street, New York, New York 10016. The Company has entered into a long-term lease for approximately 16,753 square feet of useable laboratory and office space. The lease has a term of 12 years. The deferred rent balance began to decrease in the first quarter of 2017. A member of the Company’s board of directors is the Chairman of the board of directors, Chief Executive Officer and President of the parent company to the landlord under this lease.

Unaudited Quarterly Financial Information

12 Months Ended

Dec. 31, 2017

Quarterly Financial Information Disclosure [Abstract]

Unaudited Quarterly Financial Information

11. Unaudited Quarterly Financial Information

The tables herein set forth the Company’s unaudited condensed consolidated 2017 and 2016 quarterly statements of operations.

The following table sets for the Company’s unaudited condensed consolidated statements of operations for the 2017 quarters ended:


2017 Quarter Ended	December 31,			September 30,			June 30,			March 31,
Revenue	$	5,055		$	30,754		$	114,741		$	95,287
Net loss		(30,208,712	)		(22,870,416	)		(17,760,704	)		(26,933,582	)
Basic and diluted net loss per share	$	(0.56	)	$	(0.53	)	$	(0.41	)	$	(0.62	)

The following table sets for the Company’s unaudited condensed consolidated statements of operations for the 2016 quarters ended:


2016 Quarter Ended	December 31,			September 30,			June 30,			March 31,
Revenue	$	97,895		$	4,362		$	228,445		$	—
Net loss		(27,485,039	)		(30,265,327	)		(30,834,454	)		(27,841,449	)
Basic and diluted net loss per share	$	(0.64	)	$	(0.70	)	$	(0.71	)	$	(0.64	)

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2017

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

Use of Estimates

Use of Estimates

Cash and Cash Equivalents

Cash and Cash Equivalents

Investment Securities

Investment Securities

Investment securities consisted of the following (in thousands):


	December 31, 2017
	Amortized Cost		Unrealized Gains		Unrealized (Losses)			Estimated Fair Value
U.S. government agency securities	$	126,330	$	—	$	(348	)	$	125,982
FDIC certificates of deposit (1)		8,306		—		—			8,306
Certificates of deposit		103,500		—		—			103,500
Commercial paper		51,414		—		(61	)		51,353
Corporate bonds/notes		137,790		—		(390	)		137,400

	$	427,340	$	—	$	(799	)	$	426,541


	December 31, 2016
	Amortized Cost		Unrealized Gains		Unrealized (Losses)			Estimated Fair Value
U.S. government agency securities	$	67,199	$	1	$	(74	)	$	67,126
FDIC certificates of deposit (1)		20,740		1		—			20,741
Certificates of deposit		64,500		—		—			64,500
Commercial paper		67,352		11		(52	)		67,311
Corporate bonds/notes		115,985		—		(205	)		115,780

	$	335,776	$	13	$	(331	)	$	335,458

(1)	“FDIC certificates of deposit” consist of deposits that are $250,000 or less.

Fair Value Measurements

Fair Value Measurements

•

Level 1—Fair value is determined by using unadjusted quoted prices that are available in active markets for identical assets and liabilities.

•

The fair value measurements of the Company’s cash equivalents and available-for-sale investment securities are identified in the following tables (in thousands):


			Fair Value Measurements at Reporting Date Using
	December 31, 2017		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Money market funds	$	26,181	$	26,181	$	—	$	—
U.S. government agency securities		125,982		—		125,982		—
FDIC certificates of deposit		8,306		—		8,306		—
Certificates of deposit		103,500		—		103,500		—
Commercial paper		51,353		—		51,353		—
Corporate bonds/notes		137,400		—		137,400		—

	$	452,722	$	26,181	$	426,541	$	—


			Fair Value Measurements at Reporting Date Using
	December 31, 2016		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Money market funds	$	10,724	$	10,724	$	—	$	—
U.S. government agency securities		67,126		—		67,126		—
FDIC certificates of deposit		20,741		—		20,741		—
Certificates of deposit		64,500		—		64,500		—
Commercial paper		67,311		—		67,311		—
Corporate bonds/notes		115,780		—		115,780		—

	$	346,182	$	10,724	$	335,458	$	—

Financial Instruments

Financial Instruments

Concentration of Credit Risk

Concentration of Credit Risk

Accounts Receivable

Accounts Receivable

Property and Equipment

Property and Equipment

Research and Development

Research and Development

Income Taxes

Income Taxes

Comprehensive Income (Loss)

Comprehensive Income (Loss)

Share-Based Compensation

Share-Based Compensation

Since the Company had net operating loss carryforwards as of December 31, 2017, 2016 and 2015, no excess tax benefits for the tax deductions related to share-based awards were recognized in the statements of operations. In March 2016, the FASB issued ASU No. 2016-09, Compensation—Stock Compensation (“ASU 2016-09”). ASU 2016-09 simplifies several areas of accounting for stock compensation, including simplification of the accounting for income taxes, classification of excess tax benefits on the Statement of Cash Flows and forfeitures. As of January 1, 2017, the Company adopted ASU 2016-09 for the quarter ended March 31, 2017. Accordingly, the Company recognized previously unrecognized excess tax benefits of $9.7 million recorded as deferred tax assets with a corresponding offsetting full valuation allowance at the beginning of 2017, which yielded no tax impact.

Loss Per Share

Loss Per Share


	Year Ended December 31,
	2017		2016		2015
Common Stock Equivalents		476,252		1,225,614		1,322,311
RSUs		87,988		32,781		—
TSR RSUs		65,852		—		—

Recently Issued Accounting Standards

Recently Issued Accounting Standards

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2017

Accounting Policies [Abstract]

Schedule of Investment Securities

Investment securities consisted of the following (in thousands):


	December 31, 2017
	Amortized Cost		Unrealized Gains		Unrealized (Losses)			Estimated Fair Value
U.S. government agency securities	$	126,330	$	—	$	(348	)	$	125,982
FDIC certificates of deposit (1)		8,306		—		—			8,306
Certificates of deposit		103,500		—		—			103,500
Commercial paper		51,414		—		(61	)		51,353
Corporate bonds/notes		137,790		—		(390	)		137,400

	$	427,340	$	—	$	(799	)	$	426,541


	December 31, 2016
	Amortized Cost		Unrealized Gains		Unrealized (Losses)			Estimated Fair Value
U.S. government agency securities	$	67,199	$	1	$	(74	)	$	67,126
FDIC certificates of deposit (1)		20,740		1		—			20,741
Certificates of deposit		64,500		—		—			64,500
Commercial paper		67,352		11		(52	)		67,311
Corporate bonds/notes		115,985		—		(205	)		115,780

	$	335,776	$	13	$	(331	)	$	335,458

(1)	“FDIC certificates of deposit” consist of deposits that are $250,000 or less.

Schedule of Fair Value Measurements of Cash Equivalents and Available-for-Sale Investment Securities

The fair value measurements of the Company’s cash equivalents and available-for-sale investment securities are identified in the following tables (in thousands):


			Fair Value Measurements at Reporting Date Using
	December 31, 2017		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Money market funds	$	26,181	$	26,181	$	—	$	—
U.S. government agency securities		125,982		—		125,982		—
FDIC certificates of deposit		8,306		—		8,306		—
Certificates of deposit		103,500		—		103,500		—
Commercial paper		51,353		—		51,353		—
Corporate bonds/notes		137,400		—		137,400		—

	$	452,722	$	26,181	$	426,541	$	—


			Fair Value Measurements at Reporting Date Using
	December 31, 2016		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Money market funds	$	10,724	$	10,724	$	—	$	—
U.S. government agency securities		67,126		—		67,126		—
FDIC certificates of deposit		20,741		—		20,741		—
Certificates of deposit		64,500		—		64,500		—
Commercial paper		67,311		—		67,311		—
Corporate bonds/notes		115,780		—		115,780		—

	$	346,182	$	10,724	$	335,458	$	—

Common Stock Equivalents Excluded in Calculation of Diluted Loss Per Share


	Year Ended December 31,
	2017		2016		2015
Common Stock Equivalents		476,252		1,225,614		1,322,311
RSUs		87,988		32,781		—
TSR RSUs		65,852		—		—

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

+ References + Details

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2017

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment consist of the following:


	December 31,
	2017			2016
Computer equipment	$	33,584		$	39,095
Furniture and fixtures		301,509			292,423
Scientific equipment		3,494,866			2,844,865

		3,829,959			3,176,383
Less accumulated depreciation		(2,692,788	)		(2,548,769	)

	$	1,137,171		$	627,614

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2017

Total Stock-Based Compensation Expense


	Years Ended December 31,
	2017		2016		2015
Research and development	$	5,082,823	$	4,472,658	$	4,768,131
General and administrative		9,558,697		10,228,561		6,122,774

Total share-based compensation expense	$	14,641,520	$	14,701,219	$	10,890,905

Assumptions Used for Calculating Value of Options Granted

The following table describes the assumptions used for calculating the value of options granted during the years ended December 31, 2017, 2016 and 2015:


	2017			2016			2015
Dividend yield		0	%		0	%		0	%
Expected volatility		87.4%-90.4	%		80.0%-90.0	%		80.0	%
Weighted-average risk-free interest rate		2.1	%		1.7	%		1.8	%
Expected term (in years)		6.0			5.9			5.9

Stock Option Activity


	Number of Shares			Weighted- Average Exercise Price		Aggregate Intrinsic Value		Weighted- Average Contractual Life
Outstanding at December 31, 2016		3,101,032		$	19.63	$	9,351,908		7.18 years
Options granted		982,993		$	15.08				9.29 years
Options exercised		(135,999	)	$	2.27				2.28 years
Options canceled or expired		(192,290	)	$	25.79				7.91 years

Outstanding at December 31, 2017		3,755,736		$	18.75	$	7,450,293		7.04 years

Vested or expected to vest at December 31, 2017		3,755,736		$	18.75

Exercisable at December 31, 2017		2,362,595		$	16.86	$	7,212,195		6.19 years

RSUs [Member]

Summary of Information Regarding RSU Activity


	Number of Shares			Weighted- Average Grant Date Fair Value
Outstanding at December 31, 2016		82,321		$	53.77
RSU’s granted in 2017		154,922		$	15.73
RSU’s vested in 2017		(28,013	)	$	53.84
RSU’s cancelled in 2017		(18,297	)	$	26.80

Outstanding at December 31, 2017		190,933		$	25.48

Milestone and Total Shareholder Return Restricted Stock Units [Member]

Summary of Information Regarding RSU Activity

Information related to the Company’s Milestone RSU grants and the TSR RSU grants during the year ended December 31, 2017 are summarized as follows:


	Number of Shares			Weighted- Average Grant Date Fair Value Per Share
Outstanding at December 31, 2016		—		$	—
RSU’s granted in 2017		379,629		$	15.35
RSU’s cancelled in 2017		(32,430	)	$	15.35

Outstanding at December 31, 2017		347,199		$	15.35

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Summary of Income (loss) before Income Taxes

Income (loss) before income taxes is as follows:


	2017			2016			2015
U.S.	$	(20,486,935	)	$	(86,965,860	)	$	(104,791,541	)
Non-U.S.		(78,347,330	)		(28,394,735	)		—

Total loss before taxes		(98,834,265	)		(115,360,595	)	$	(104,791,541	)

Total Income Tax (Benefit) Expense

Total income tax (benefit) expense for the years ended December 31, 2017, 2016 and 2015 is allocated as follows:


	2017			2016			2015
Current	$	(2,416	)	$	1,065,673		$	1,600
Deferred		13,713,987			19,605,520			51,165,859
Valuation allowance		(14,772,422	)		(19,605,520	)		(51,165,859	)

(Benefit) provision for income taxes	$	(1,060,851	)	$	1,065,673		$	1,600

Reconciliation of Statutory Federal Income Tax Rate and the Effective Income Tax Rate

A reconciliation of the difference between the statutory federal income tax rate and the effective income tax rate for the years ended December 31, 2017, 2016 and 2015 is as follows:


	December 31,
	2017			2016			2015
Income tax benefit at statutory federal rate		35.00	%		35.00	%		35.00	%
Royalty Income		0.00			(37.93	)		0.00
Other Permanent differences		(0.43	)		(0.78	)		(0.56	)
Foreign rate differential		(27.75	)		(8.61	)		0.00
2017 US Tax Reform impact		(21.89	)		(0.03	)		0.00
R&D Credit		(0.05	)		2.11			4.19
Change in effective state tax rates		0.84			(6.98	)		(0.05	)
State income tax expense		0.40			(0.70	)		10.24
Change in valuation allowance		14.95			16.99			(48.82	)

Benefit (provision) for income taxes		1.07	%		(0.93	)%		(0.00	)%

Deferred Tax Assets and Liabilities

The following summarizes the significant components of the Company’s deferred tax assets and liabilities as of December 31, 2017 and 2016, respectively:


	December 31,
	2017			2016
Deferred tax assets:
Net operating loss carryforwards	$	40,746,589		$	49,627,652
Accrued employee benefits		378,058			535,158
Research and development credit		9,321,214			9,367,227
Stock compensation		8,711,721			9,360,025
Federal AMT credit		1,058,435			1,062,451
Deferred rent		699,560			1,095,220
Unrealized comprehensive loss		187,714			—

Deferred tax liabilities:
Depreciation		(31,796	)		(44,732	)

Net deferred tax asset		61,071,495			71,003,001
Valuation allowance		(60,013,060	)		(71,003,001	)

Net deferred tax asset	$	1,058,435		$	—

Summary of Gross Unrecognized Tax Benefits

The following summarizes the significant components of gross unrecognized tax benefits as of December 31, 2017 and 2016, respectively:


	December 31,
	2017		2016
Balance at January 1,	$	1,738,815	$	1,720,912
Current Year Uncertain Tax Positions:
Gross Increases		—		17,903

Balance at December 31,	$	1,738,815	$	1,738,815

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2017

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Minimum Lease Payments having Initial or Remaining Non Cancellable Lease Term

At December 31, 2017, future minimum lease payments under leases having an initial or remaining non-cancellable lease term in excess of one year are set forth in the table below:


Year
2018		1,457,008
2019		1,500,718
2020		1,545,740
2021		1,592,112
2022		1,639,876
Thereafter		7,220,628

	$	14,956,082

Unaudited Quarterly Financial Information (Tables)

12 Months Ended

Dec. 31, 2017

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information

The following table sets for the Company’s unaudited condensed consolidated statements of operations for the 2017 quarters ended:


2017 Quarter Ended	December 31,			September 30,			June 30,			March 31,
Revenue	$	5,055		$	30,754		$	114,741		$	95,287
Net loss		(30,208,712	)		(22,870,416	)		(17,760,704	)		(26,933,582	)
Basic and diluted net loss per share	$	(0.56	)	$	(0.53	)	$	(0.41	)	$	(0.62	)

The following table sets for the Company’s unaudited condensed consolidated statements of operations for the 2016 quarters ended:


2016 Quarter Ended	December 31,			September 30,			June 30,			March 31,
Revenue	$	97,895		$	4,362		$	228,445		$	—
Net loss		(27,485,039	)		(30,265,327	)		(30,834,454	)		(27,841,449	)
Basic and diluted net loss per share	$	(0.64	)	$	(0.70	)	$	(0.71	)	$	(0.64	)

Organization - Additional Information (Detail) - USD ($)		12 Months Ended
	Oct. 05, 2017	Dec. 31, 2017	Oct. 30, 2017	Sep. 14, 2016
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Securities remained available for issuance under the Company's shelf registration			$ 178,000,000
IPO [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Initial public offering, Number of shares	11,129,032
Initial public offering, Price per share	$ 15.50
Initial public offering, Gross proceeds	$ 172,000,000
Initial public offering, Net proceeds	$ 162,000,000
Over-Allotment Option [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Initial public offering, Number of shares	1,451,613
ITI Limited [Member] \| Intellectual Property [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Finite lived intangible assets transactional gain		$ 125,000,000
Maximum [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Universal shelf registration statement, effective date value				$ 350,000,000

Summary of Significant Accounting Policies - Additional Information (Detail)	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2017 USD ($) Segment	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)
Significant Accounting Policies [Line Items]
Number of operating segments \| Segment		1
Maturity of highly liquid investments		3 months
Maturity of certificates of deposit, commercial paper, corporate notes and corporate bonds		More than three months
Investment securities, available-for-sale		$ 426,540,921	$ 335,458,459
Investment securities, available for sale noncurrent		37,300,000	25,500,000
Investment securities, unrealized loss		42,000	25,000
Carrying value of cash held in money market funds		26,200,000	$ 10,700,000
Impairment losses recognized		$ 0
Assumed expected dividend rate		0.00%	0.00%	0.00%
Excess tax benefits for tax deductions		$ 0	$ 0	$ 0
Significant Unobservable Inputs (Level 3) [Member]
Significant Accounting Policies [Line Items]
Assets measured using quoted prices		0	0
Liabilities measured using quoted prices		0	0
Adjustments for New Accounting Pronouncement [Member]
Significant Accounting Policies [Line Items]
Deferred tax assets		9,700,000
Contractual Maturity Dates More Than One Year and Less Than Two Years [Member]
Significant Accounting Policies [Line Items]
Investment securities, available-for-sale		$ 93,300,000	$ 47,900,000
RSUs [Member]
Significant Accounting Policies [Line Items]
Service period for granted RSUs, vest in annual installment	3 years	3 years
Minimum [Member]
Significant Accounting Policies [Line Items]
Property and equipment, estimated useful life		3 years
Maximum [Member]
Significant Accounting Policies [Line Items]
Property and equipment, estimated useful life		5 years

Summary of Significant Accounting Policies - Schedule of Investment Securities (Detail) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 427,340,000	$ 335,776,000
Unrealized Gains		13,000
Unrealized (Losses)	(799,000)	(331,000)
Estimated Fair Value	426,540,921	335,458,459
FDIC Certificates of Deposit [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	8,306,000	20,740,000
Unrealized Gains		1,000
Estimated Fair Value	8,306,000	20,741,000
U.S. Government Agency Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	126,330,000	67,199,000
Unrealized Gains		1,000
Unrealized (Losses)	(348,000)	(74,000)
Estimated Fair Value	125,982,000	67,126,000
Certificates of Deposit [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	103,500,000	64,500,000
Estimated Fair Value	103,500,000	64,500,000
Commercial Paper [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	51,414,000	67,352,000
Unrealized Gains		11,000
Unrealized (Losses)	(61,000)	(52,000)
Estimated Fair Value	51,353,000	67,311,000
Corporate Notes/Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	137,790,000	115,985,000
Unrealized (Losses)	(390,000)	(205,000)
Estimated Fair Value	$ 137,400,000	$ 115,780,000

Summary of Significant Accounting Policies - Schedule of Investment Securities (Parenthetical) (Detail) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
FDIC Certificates of Deposit [Member] \| Maximum [Member]
Schedule of Available-for-sale Securities [Line Items]
Deposits under FDIC Certificates of Deposit	$ 250,000	$ 250,000

Summary of Significant Accounting Policies - Schedule of Fair Value Measurements of Cash Equivalents and Available-for-Sale Investment Securities (Detail) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
Available-for-sale investment securities	$ 452,722	$ 346,182
Money Market Funds [Member]
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
Available-for-sale investment securities	26,181	10,724
U.S. Government Agency Securities [Member]
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
Available-for-sale investment securities	125,982	67,126
FDIC Certificates of Deposit [Member]
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
Available-for-sale investment securities	8,306	20,741
Certificates of Deposit [Member]
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
Available-for-sale investment securities	103,500	64,500
Commercial Paper [Member]
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
Available-for-sale investment securities	51,353	67,311
Corporate Notes/Bonds [Member]
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
Available-for-sale investment securities	137,400	115,780
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
Available-for-sale investment securities	26,181	10,724
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] \| Money Market Funds [Member]
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
Available-for-sale investment securities	26,181	10,724
Significant Other Observable Inputs (Level 2) [Member]
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
Available-for-sale investment securities	426,541	335,458
Significant Other Observable Inputs (Level 2) [Member] \| U.S. Government Agency Securities [Member]
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
Available-for-sale investment securities	125,982	67,126
Significant Other Observable Inputs (Level 2) [Member] \| FDIC Certificates of Deposit [Member]
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
Available-for-sale investment securities	8,306	20,741
Significant Other Observable Inputs (Level 2) [Member] \| Certificates of Deposit [Member]
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
Available-for-sale investment securities	103,500	64,500
Significant Other Observable Inputs (Level 2) [Member] \| Commercial Paper [Member]
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
Available-for-sale investment securities	51,353	67,311
Significant Other Observable Inputs (Level 2) [Member] \| Corporate Notes/Bonds [Member]
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items]
Available-for-sale investment securities	$ 137,400	$ 115,780

Summary of Significant Accounting Policies - Common Stock Equivalents Excluded in Calculation of Diluted Loss Per Share (Detail) - shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of anti-dilutive securities excluded from computation of earnings per share	476,252	1,225,614	1,322,311
RSUs [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of anti-dilutive securities excluded from computation of earnings per share	87,988	32,781
Total Shareholder Return Restricted Stock Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of anti-dilutive securities excluded from computation of earnings per share	65,852

Property and Equipment - Property and Equipment (Detail) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Property, Plant and Equipment [Line Items]
Property plant and equipment, gross	$ 3,829,959	$ 3,176,383
Less accumulated depreciation	(2,692,788)	(2,548,769)
Property Plant and Equipment Net	1,137,171	627,614
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment, gross	33,584	39,095
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment, gross	301,509	292,423
Scientific Equipment [Member]
Property, Plant and Equipment [Line Items]
Property plant and equipment, gross	$ 3,494,866	$ 2,844,865

Property and Equipment - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 213,872	$ 196,872	$ 139,626

Share-Based Compensation - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock options outstanding	3,755,736	3,101,032
Weighted average grant date fair value of stock options granted	$ 15.08	$ 48.85	$ 21.00
Total intrinsic value of the options exercised	$ 1,609,268	$ 2,984,283	$ 10,951,057
Total fair value of shares vested	$ 7,212,195	9,310,898	$ 5,207,073
Options granted, Number of Shares	982,993
Options granted, exercise price	$ 15.08
Unrecognized compensation costs related to unvested RSUs	$ 2,866,164	$ 3,022,843
Unrecognized share-based compensation expense related to employee stock option awards	$ 12,322,422
Expected dividend yield	0.00%	0.00%	0.00%
Risk free interest rate	2.10%	1.70%	1.80%
Expected volatility			80.00%
Scientific Advisory Board Members [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted, Number of Shares	0	5,000	45,571
Options granted, exercise price	$ 0.00	$ 53.63	$ 17.57
Minimum [Member] \| Scientific Advisory Board Members [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incentive stock options (ISOs), vesting period	1 year
Maximum [Member] \| Scientific Advisory Board Members [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incentive stock options (ISOs), vesting period	2 years
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options, maximum term	10 years
Unrecognized share-based compensation expense, weighted-average recognition period	1 year 9 months 18 days
Stock Options [Member] \| Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incentive stock options (ISOs), vesting period	2 years
Stock Options [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incentive stock options (ISOs), vesting period	3 years
Total Shareholder Return Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incentive stock options (ISOs), vesting period	3 years
Weighted average grant date fair value of stock options granted	$ 17.08
Unrecognized compensation costs related to unvested RSUs		$ 0
Unrecognized share-based compensation expense, weighted-average recognition period		1 year 10 months 25 days
Expected dividend yield	0.00%
Risk free interest rate	1.60%
Expected volatility	95.40%
Vesting date	Dec. 31, 2019
Terms of award	Total shareholder return is determined by dividing the average share price of the Company’s common stock over the 30 calendar days preceding January 1, 2020 by the average share price of the Company’s common stock on March 8, 2017, with a deemed reinvestment of any dividends declared during the performance period.
RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-cash stock-based compensation expense recognized	$ 2,100,000	$ 1,500,000
Time Based Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share-based compensation expense, weighted-average recognition period	1 year 6 months	1 year 6 months
Milestone Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs related to unvested RSUs	$ 4,177,362	$ 0
Unrecognized share-based compensation expense, weighted-average recognition period	1 year 10 months 25 days
2013 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock options outstanding	3,755,736
Number of shares of common stock available for issuance under the plan	3,100,000
Increase in maximum number of shares available for issuance of options, stock appreciation rights and other similar awards	100,000

Share-Based Compensation - Total Stock-Based Compensation Expense (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total share-based compensation expense	$ 14,641,520	$ 14,701,219	$ 10,890,905
Research and Development [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total share-based compensation expense	5,082,823	4,472,658	4,768,131
General and Administrative [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total share-based compensation expense	$ 9,558,697	$ 10,228,561	$ 6,122,774

Share-Based Compensation - Assumptions Used for Calculating Value of Options Granted (Detail)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Dividend yield	0.00%	0.00%	0.00%
Expected volatility			80.00%
Expected volatility, minimum	87.40%	80.00%
Expected volatility, maximum	90.40%	90.00%
Weighted-average risk-free interest rate	2.10%	1.70%	1.80%
Expected term	6 years	5 years 10 months 25 days	5 years 10 months 25 days

Share-Based Compensation - Stock Options Activity (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Outstanding at beginning of period, Number of Shares	3,101,032
Outstanding at beginning of period, Weighted-Average Exercise Price	$ 19.63
Options granted, Number of Shares	982,993
Outstanding at end of period, Aggregate Intrinsic Value	$ 7,450,293	$ 9,351,908
Options exercised, Number of Shares	(135,999)
Exercisable at end of period, Aggregate Intrinsic Value	$ 7,212,195
Options canceled or expired, Number of Shares	(192,290)
Options granted, Weighted-Average Contractual Life	9 years 3 months 15 days
Outstanding at end of period, Number of Shares	3,755,736	3,101,032
Options exercised, Weighted-Average Contractual Life	2 years 3 months 11 days
Vested or expected to vest at end of period, Number of Shares	3,755,736
Options canceled or expired, Weighted-Average Contractual Life	7 years 10 months 28 days
Exercisable at end of period, Number of Shares	2,362,595
Outstanding at end of period, Weighted-Average Contractual Life	7 years 15 days	7 years 2 months 5 days
Options granted, Weighted-Average Exercise Price	$ 15.08
Exercisable at end of period, Weighted-Average Contractual Life	6 years 2 months 8 days
Options exercised, Weighted-Average Exercise Price	$ 2.27
Options canceled or expired, Weighted-Average Exercise Price	25.79
Outstanding at end of period, Weighted-Average Exercise Price	18.75	$ 19.63
Vested or expected to vest at end of period, Weighted-Average Exercise Price	18.75
Exercisable at end of period, Weighted-Average Exercise Price	$ 16.86

Share-Based Compensation - Summary of Information Regarding RSU Activity (Detail) - RSUs [Member]	12 Months Ended
	Dec. 31, 2017 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding at beginning of period, Number of Shares \| shares	82,321
RSU's granted, Number of Shares \| shares	154,922
RSU's vested, Number of Shares \| shares	(28,013)
RSU's cancelled, Number of Shares \| shares	(18,297)
Outstanding at end of period, Number of Shares \| shares	190,933
Outstanding at beginning of period, Weighted-Average Grant Date Fair Value \| $ / shares	$ 53.77
RSU's granted, Weighted-Average Grant Date Fair Value \| $ / shares	15.73
RSU's vested, Weighted-Average Grant Date Fair Value \| $ / shares	53.84
RSU's cancelled, Weighted-Average Grant Date Fair Value \| $ / shares	26.80
Outstanding at end of period, Weighted-Average Grant Date Fair Value \| $ / shares	$ 25.48

Share-Based Compensation - Summary of Information Regarding Milestone RSU grants and TSR RSU grants (Detail) - Milestone and Total Shareholder Return Restricted Stock Units [Member]	12 Months Ended
	Dec. 31, 2017 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSU's granted, Number of Shares \| shares	379,629
RSU's cancelled, Number of Shares \| shares	(32,430)
Outstanding at end of period, Number of Shares \| shares	347,199
RSU's granted, Weighted-Average Grant Date Fair Value \| $ / shares	$ 15.35
RSU's cancelled, Weighted-Average Grant Date Fair Value \| $ / shares	15.35
Outstanding at end of period, Weighted-Average Grant Date Fair Value \| $ / shares	$ 15.35

Line of Credit - Additional Information (Detail) - USD ($)			12 Months Ended
	Oct. 03, 2016	Sep. 30, 2016	Dec. 31, 2016
Line of Credit Facility [Line Items]
Repayment of line of credit			$ 125,000,000
Interest expense			36,781
Secured Line of Credit [Member]
Line of Credit Facility [Line Items]
Line of credit maximum amount		$ 150,800,000
Line of credit, collateral amount held by the lender		150,800,000
Line of credit borrowed amount		$ 125,000,000
Repayment of line of credit	$ 125,000,000
Description of variable rate basis		LIBOR plus 2.991%
Interest expense			$ 36,781
Secured Line of Credit [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Line of Credit Facility [Line Items]
Variable interest rate		2.991%

Income Taxes - Additional Information (Detail)	12 Months Ended
Income Taxes - Additional Information (Detail)	Dec. 31, 2018	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)
Income Tax [Line Items]
U.S. corporate income tax rate		35.00%	35.00%	35.00%
Tax benefit due to release of valuation allowance on alternative minimum tax credit deferred tax asset		$ 1,058,435	$ 1,062,451
AMT credit carryovers offset regular tax liability start year		2018
AMT credit carryovers offset regular tax liability closing year		2022
Number of new U.S. tax base erosion provisions		2
Federal net operating loss carryforwards		$ 131,100,000
Federal net operating loss carryforwards expiration year		2035
Unrecognized tax benefits		$ 1,738,815	$ 1,738,815	$ 1,720,912
Scenario, Forecast [Member]
Income Tax [Line Items]
U.S. corporate income tax rate	21.00%

Income Taxes - Income (Loss) before Income Taxes (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Tax Disclosure [Abstract]
U.S.	$ (20,486,935)	$ (86,965,860)	$ (104,791,541)
Non-U.S.	(78,347,330)	(28,394,735)
Loss before (benefit) provision for income taxes	$ (98,834,265)	$ (115,360,595)	$ (104,791,541)

Income Taxes - Total Income Tax (Benefit) Expense (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Current	$ (2,416)	$ 1,065,673	$ 1,600
Deferred	13,713,987	19,605,520	51,165,859
Valuation allowance	(14,772,422)	(19,605,520)	(51,165,859)
(Benefit) provision for income taxes	$ (1,060,851)	$ 1,065,673	$ 1,600

Income Taxes - Reconciliation of Statutory Federal Income Tax Rate and the Effective Income Tax Rate (Detail)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Income tax benefit at statutory federal rate	35.00%	35.00%	35.00%
Royalty Income	0.00%	(37.93%)	0.00%
Other Permanent differences	(0.43%)	(0.78%)	(0.56%)
Foreign rate differential	(27.75%)	(8.61%)	0.00%
2017 US Tax Reform impact	(21.89%)	(0.03%)	0.00%
R&D Credit	(0.05%)	2.11%	4.19%
Change in effective state tax rates	0.84%	(6.98%)	(0.05%)
State income tax expense	0.40%	(0.70%)	10.24%
Change in valuation allowance	14.95%	16.99%	(48.82%)
Benefit (provision) for income taxes	1.07%	(0.93%)	0.00%

Income Taxes - Deferred Tax Assets and Liabilities (Detail) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Deferred tax assets:
Net operating loss carryforwards	$ 40,746,589	$ 49,627,652
Accrued employee benefits	378,058	535,158
Research and development credit	9,321,214	9,367,227
Stock compensation	8,711,721	9,360,025
Federal AMT credit	1,058,435	1,062,451
Deferred rent	699,560	1,095,220
Unrealized comprehensive loss	187,714
Deferred tax liabilities:
Depreciation	(31,796)	(44,732)
Net deferred tax asset	61,071,495	71,003,001
Valuation allowance	(60,013,060)	$ (71,003,001)
Net deferred tax asset	$ 1,058,435

Income Taxes - Summary of Gross Unrecognized Tax Benefits (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Reconciliation Of Unrecognized Tax Benefits Excluding Amounts Pertaining To Examined Tax Returns [Abstract]
Balance at January 1,	$ 1,738,815	$ 1,720,912
Current Year Uncertain Tax Positions:
Gross Increases	0	17,903
Balance at December 31,	$ 1,738,815	$ 1,738,815

Collaborations and License Agreements - Additional Information (Detail) - Collaborative Arrangement, Product [Member] - Bristol-Myers Squibb Company [Member] - USD ($)		1 Months Ended		12 Months Ended
	May 31, 2005	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2017
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Company made an upfront payment	$ 1,000,000
Company made milestone payment		$ 1,500,000	$ 1,250,000
Company remaining milestone payment				$ 12,000,000
Obliged to make milestone payments				$ 14,750,000
License expiration period				Through the later of ten years after first commercial sale of a licensed product in such country, expiration of the last licensed patent covering a licensed product

Commitments and Contingencies - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Other Commitments [Line Items]
Operating lease agreements with commitment through 2027	$ 14,956,082
Rent expense	1,427,716	$ 1,419,940	$ 1,385,207
Laboratory and Office Facilities [Member]
Other Commitments [Line Items]
Operating lease agreements with commitment through 2027	$ 14,956,082

Commitments and Contingencies - Schedule of Future Minimum Lease Payments having Initial or Remaining Non Cancellable Lease Term (Detail)	Dec. 31, 2017 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2018	$ 1,457,008
2019	1,500,718
2020	1,545,740
2021	1,592,112
2022	1,639,876
Thereafter	7,220,628
Total	$ 14,956,082

Employee Benefit Plan - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Retirement Benefits [Abstract]
Employer matching contribution	100.00%
Contributions made by participants for which the company makes matching contribution	6.00%
Contribution expense	$ 378,233	$ 157,244	$ 109,963

Related Party - Additional Information (Detail)	3 Months Ended
Related Party - Additional Information (Detail)	Mar. 31, 2015 ft²
Related Party Transactions [Abstract]
Area of useable laboratory and office space	16,753
Term of long term lease	12 years

Unaudited Quarterly Financial Information - Schedule of Quarterly Financial Information (Detail) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Revenue	$ 5,055	$ 30,754	$ 114,741	$ 95,287	$ 97,895	$ 4,362	$ 228,445		$ 245,837	$ 330,702	$ 91,364
Net loss	$ (30,208,712)	$ (22,870,416)	$ (17,760,704)	$ (26,933,582)	$ (27,485,039)	$ (30,265,327)	$ (30,834,454)	$ (27,841,449)	$ (97,773,414)	$ (116,426,268)	$ (104,793,141)
Basic and diluted net loss per share	$ (0.56)	$ (0.53)	$ (0.41)	$ (0.62)	$ (0.64)	$ (0.70)	$ (0.71)	$ (0.64)	$ (2.12)	$ (2.69)	$ (2.91)